Dundee Precious Metals Announces CEO Succession Plan
Dundee Precious Metals Announces CEO Succession Plan
Toronto, Ontario, December 16, 2019 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
the “Company”) announces that, as part of its executive success ion planning process, Rick
Howes will be stepping down as President and Chief Executive Of ficer (“CEO”) at the annual
general meeting (“AGM”) of shareholders on May 7, 2020 and will not stand for re-election as
director. David Rae, DPM’s Chief Operating Officer (“COO”) sinc e 2014, has been appointed as
a director effective January 1, 2020 and will assume the role o f President and CEO on May 7,
2020.
“We would like to thank Rick for his leadership as CEO since 20 13 and in other senior operating
roles since 2009”, said Jonathan Goodman, Chairman of the Board . “Rick was instrumental in
leading the Company through a transformational period in our hi story, culminating in the recent
transition to a mid-tier gold producer. He leaves the Company i n solid financial condition, with a
promising future. The Board is extremely confident in David’s a bility to assume the role of
President and CEO, having played an important role in the succe ss of the Company during this
same period.”
Rick Howes added, “With the successful ramp-up of Ada Tepe and our multi-year capital
investment program demonstrating improved performance at Chelop ech and Tsumeb, this is a
logical time for me to step down. David has played a critical r ole in delivering on much of this
success and is extremely well suited to take the Company forwar d by continuing to execute on
our strategy of optimising existing assets, building further fi nancial strength, and balancing the
return of capital to shareholders with disciplined growth.”
In line with this planned succession, an orderly transition wil l occur over the next 6 months to
assist Mr. Rae in assuming his new responsibilities.
David Rae holds a Bachelor of Science in Physical Metallurgy from Leeds University in Yorkshire,
England. Mr. Rae is a seasoned international mining and smeltin g executive with extensive
experience in Africa, Europe and Canada and has held increasing ly senior operating and
executive roles with international mining companies including Falconbridge and Xstrata. He joined
the Company as Senior Vice President, Operations in November 20 12 and was appointed
Executive Vice President and Chief Operating Officer in May 2014.
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged
in the acquisition of mineral properties, exploration, developm ent, mining and processing of
precious metals. The Company's operating assets include the Che lopech operation, which
produces a gold-copper concentrate containing gold, copper and silver and a pyrite concentrate
containing gold, located east of Sofia, Bulgaria; the Ada Tepe operation, which produces a gold
concentrate containing gold and silver, located in southern Bul garia; and the Tsumeb smelter, a
complex copper concentrate processing facility located in Namibia. DPM also holds interests in a
number of developing gold and exploration properties located in Canada and Serbia, and its
10.3% interest in Sabina Gold & Silver Corp.
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Cautionary Note Regarding Forward Looking Statements
Certain statements and other information included in this press release and our other disclosure
documents constitute “forward looking statements” or “forward l ooking information” within the
meaning of applicable securities legislation, which we refer to collectively hereinafter as “Forward
Looking Statements”. Forward Looking Statements are statements that are not historical facts
and are generally, but not always, identified by the use of fo rward looking terminology such as
“plans”, “expects”, or “does not expect”, “is expected”, “budge t”, “scheduled”, “estimates”,
“forecasts”, “outlook”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations
of such words and phrases or that state that certain actions, e vents or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved. The Forward looking statements in this
press release relate to, among other things: certain statements with respect to the timing of
maintenance activities at Tsumeb; concentrate sales; and the ti ming and amount of estimated
future production and output. Forward Looking Statements are based on certain key assumptions
and the opinions and estimates of management and Qualified Pers ons (in the case of technical
and scientific information), as of the date such statements are made, and they involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any other future results,
performance or achievements expressed or implied by the Forward Looking Statements. In
addition to factors already discussed in this document, such fa ctors include, among others: any
prolonged downtime or shutdowns at the Company’s mining and processing facilities which could
have a material adverse impact on the Company’s business, finan cial condition and results of
operations; the uncertainties with respect to the actual results of current exploration activities and
optimization work; actual results of current reclamation activi ties; conclusions of economic
evaluations and economic studies; changes in project parameters as plans continue to be refined;
possible variations in ore grade or recovery rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other ri sks of the mining industry;
uncertainties and risks inherent to developing and commissionin g new mines into production,
which may be subject to unforeseen delays, costs or other issue s; delays in obtaining
governmental approvals or financing or in the completion of dev elopment or construction
activities; uncertainties inherent with conducting business in foreign jurisdictions where
corruption, civil unrest, political instability and uncertainti es with the rule of law may impact the
Company’s activities; social and non-governmental organizations opposition to mining projects;
fluctuations in metal and acid prices, toll rates and foreign e xchange rates; unanticipated title
disputes; claims or litigation; limitation on insurance coverag e; cyber-attacks; risks related to the
implementation, cost and realization of benefits from digital i nitiatives; failure to realize projected
financial results from MineRP Holdings Inc.; risks related to o perating a technology business
reliant on the ownership, protection and ongoing development of key intellectual properties; as
well as those risk factors discussed or referred to in any othe r documents (including without
limitation the Company’s most recent Annual Information Form) f iled from time to time with the
securities regulatory authorities in all provinces and territories of Canada and available on SEDAR
at www.sedar.com. The reader has been cautioned that the forego ing list is not exhaustive of all
factors which may have been used. Although the Company has atte mpted to identify important
factors that could cause actual actions, events or results to differ materially from those described
in Forward Looking Statements, there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no assurance that Forward Looking
Statements will prove to be accurate, as actual results and fut ure events could differ materially
from those anticipated in such statements. The Company’s Forwar d Looking Statements reflect
current expectations regarding future events and speak only as of the date hereof. Unless
required by securities laws, the Company undertakes no obligati on to update Forward Looking
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Statements if circumstances or management’s estimates or opinions should change. Accordingly,
readers are cautioned not to place undue reliance on Forward Looking Statements.
For further information, please contact:
DUNDEE PRECIOUS METALS INC.
Rick Howes
President and
Chief Executive Officer
Tel: (416) 365-2836
Michael Dorfman
EVP, Corporate Development
Tel: (416) 365-5090