Dundee Precious Metals Announces First Quarter 2025 Production Results
1
Dundee Precious Metals Announces First Quarter 2025 Production Results
Toronto, April 7, 2025 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”)
announced preliminary production results from both of its mines for the quarter ended March 31, 2025.
“With solid gold production in the first quarter, we are on track to meet our guidance for 2025, with higher
production planned for the second half of the year ,” said David Rae, President and Chief Executive
Officer. “We also continued our peer -leading capital returns program, repurchasing approximately $83
million shares during the first quarter.”
Production Highlights
Preliminary results from continuing operations for the first quarter are provided in the table below:
Ore
processed
Metals contained in
concentrate produced
Payable metals in
concentrate sold
(Kt) Gold (Koz.) Copper (Mlbs.) Gold (Koz.) Copper (Mlbs.)
Q1 2025
Chelopech 532.8 37.4 5.9 32.4 5.2
Ada Tepe 147.3 12.5 – 12.4 –
Consolidated 680.2 49.9 5.9 44.8 5.2
2025 full-year
guidance1
Chelopech 2,090 – 2,200 160 – 185 28 – 33 141 – 162 25 – 29
Ada Tepe 610 – 700 65 – 80 – 64 – 78 –
Consolidated 2,700 – 2,900 225 – 265 28 – 33 205 – 240 25 – 29
1. As disclosed in Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2024, issued on February
13, 2025 and available at www.sedarplus.ca and at www.dundeeprecious.com.
2
Operating Highlights
Chelopech produced approximately 37,400 ounces of gold and 5.9 million pounds of copper during the
first quarter, in line with the mine plan. With gold and copper grades expected to increase in the second
quarter, Chelopech is on-track to achieve its production guidance for 2025.
Ada Tepe produced approximately 12,500 ounces of gold in the first quarter , in line with expectations.
As previously disclosed in February 2025, gold production at Ada Tepe is forecast to be approximately
50% lower in the first half of 2025 as compared to the second half of the year due to the cell sequencing
of its integrated mine waste facility. Ada Tepe is on track to achieve its gold production guidance for the
year.
Returning Capital to Shareholders
During the first quarter of 2025, DPM repurchased approximately 7,551,023 common shares at an
average price of US$11.04 (Cdn$15.86) per share for a total cost of approximately US$83 million under
the Normal Course Issuer Bid (“NCIB”).
As previously announced in February 2025, DPM will pay a quarterly dividend of US$0.04 per share on
April 15, 2025, to shareholders of record on March 31, 2025.
Timing of First Quarter 2025 Operating and Financial Results
The Company plans to release its first quarter 202 5 operating and financial results after market close
on Tuesday, May 6, 202 5. The news release, MD&A and condensed interim consolidated financial
statements will be posted on SEDAR + at www.sedarplus.ca and on the Company’s website at
www.dundeeprecious.com.
On Wednesday, May 7, 2025, at 9 AM EDT, DPM will host a conference call and audio webcast to
discuss the results, followed by a question -and-answer session. To participate via conference call,
register in advance at the link below to receive the dial -in information as well as a personalized PIN
code to access the call.
Conference call
date and time
Wednesday, May 7, 2025
9 AM EDT
Call registration https://register-conf.media-server.com/register/BI781d7af5627a4ad89acfeb8dd323c65c
Webcast link https://edge.media-server.com/mmc/p/g7gy6zts
Replay Archive will be available on www.dundeeprecious.com
3
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canadian -based international gold mining company with operations
and projects located in Bulgaria, Serbia and Ecuador. Our strategic objective is to become a mid -tier
precious metals company, which is based on sustainable, responsible and efficient gold production from
our portfolio, the development of quality assets, and maintaining a strong financial position to support
growth in mineral reserves and production through disciplined strategic transactions. This strategy
creates a platform for robust growth to deliver above -average returns for our shareholders. DPM’s
shares are traded on the Toronto Stock Exchange (symbol: DPM).
For further information please contact:
Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward looking statements” or “forward looking information” (collectively,
“Forward-Looking Statements”) that involve a number of risks and uncertainties. Forward -Looking
Statements are statements that are not historical facts and are generally, but not always, identified by
the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and
phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” b e
taken, occur or be achieved, or the negative of any of these terms or similar expressions. The Forward-
Looking Statements in this press release relate to, among other things: expected rates of production at
the Company’s operating properties; the Company’s future business plans, objectives, and strategy,
including, without limitation, meeting its targeted a nnual rates of production; the estimation of Mineral
Reserves and Mineral Resources and the realization of such mineral estimates; the price of gold,
copper, and silver; estimated capital costs, all -in sustaining costs, operating costs and other financial
metrics, including those set out in the outlook and guidance provided by the Company; the expected
timing for payment of previously announced dividends payable to holders of common shares as of March
31, 2025; and the anticipated timing for the release of the Company’s financial and operational results
for the first quarter of 2025. Forward -Looking Statements are based on certain key assumptions and
the opinions and estimates of management, 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 differe nt from any other future results,
performance or achievements expressed or implied by the Forward -Looking Statements. In addition to
factors already discussed in this news release, such factors include, among others, fluctuations in metal
prices; risks ari sing from the current inflationary environment and the impact on operating costs and
other financial metrics, including risks of recession; the commencement, continuation or escalation of
geopolitical crises and armed conflicts, and their direct and indire ct effects on the operations of the
Company; changes in tax, tariff and royalty regimes in the jurisdictions in which the Company operates
or which are otherwise applicable to the Company’s business, operations, or financial condition;
operational risks in herent in the mining industry; the speculative nature of mineral exploration,
development and production, including changes in mineral production performance, exploitation and
exploration results; the Company’s dependence on continually developing, replacing and expanding its
Mineral Reserves; the Company’s dependence on its operations at the Chelopech mine and Ada Tepe
mine; risks related to the possibility that future exploration results will not be consistent with the
4
Company’s expectations, that quantities or grades of reserves will be diminished, and that resources
may not be converted to reserves; competition in the mining industry; risks related to the financial results
of operations, changes in interest rates, and the Company's ability to finance its operations; risks related
to the Company's ability to manage environmental and social matters, including risks and obligations
related to closure of the Company's mining properties; fluctuations in foreign exchange rate s; risks
associated with the fact that certain of the Company's initiatives are still in the early stages and the
anticipated benefits thereof may not materialize; ability to successfully execute on the Company's
strategic goals; ability to successfully in tegrate acquisitions or complete divestitures; risks arising from
counterparties being unable to or unwilling to fulfill their contractual obligations to the Company; possible
inaccurate estimates relating to future production, operating costs and other co sts for operations;
uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest,
political instability and uncertainties with the rule of law may impact the Company’s activities; risks
related to climate change, including extreme weather events, resource shortages, emerging policies
and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting
of risks; land reclamation and mine closure requirements, and costs associated ther ewith; the
Company's controls over financial reporting; risks related to stakeholder engagement and the
maintenance of social license to operate; opposition by social and non -governmental organizations to
mining projects; risks related to information techn ology and cybersecurity, including cyber -attacks;
exercising judgment when undertaking impairment assessments; risks related to holding assets in
foreign jurisdictions; limitations on insurance coverage; changes in laws and regulations and the
Company's ability to successfully obtain all necessary permits and other approvals required to conduct
its operations; employee relations, including unionized and non -union employees; unanticipated title
disputes; volatility in the price of the common shares of the Co mpany; damage to the Company’s
reputation due to the actual or perceived occurrence of any number of events, including negative
publicity with respect to the Company’s handling of environmental matters or dealings with community
groups, whether true or not ; ability to repatriate funds from foreign subsidiaries; the Company's ability
to retain key personnel and attract other highly skilled employees; risks related to litigation and legal
disputes; risks related to shareholder activism; conflicts of interest between the Company and its
directors and officers; potential dilution to the common shares of the Company; the Company's
obligations as a public company; the timing and amounts of dividends; as well as those risk factors
discussed or referred to in any other documents (including without limitation the Company’s most recent
Annual Information Form) filed from time to time with the securities regulatory authorities in all provinces
and territories of Canada and available on SEDAR+ at www.sedarplus.ca. The r eader has been
cautioned that the foregoing list is not exhaustive of all factors which may have been used. Although the
Company has attempted 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 future events could
differ materially from those anticipated in such statements. The Company’s Forward -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 obligation to update Forward -Looking
Statements if circumstances or management’s estimates or opinions should change. Accordingly,
readers are cautioned not to place undue reliance on Forward-Looking Statements.