Dundee Precious Metals Announces Preliminary Second Quarter Production Results and Timing of Second Quarter Financial Results
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Dundee Precious Metals Announces Preliminary Second Quarter Production Results
and Timing of Second Quarter Financial Results
Toronto, July 8, 2024 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) today
announced preliminary production results for the three and six months ended June 30, 2024.
“We continue to deliver strong, consistent results from our operations, with gold and copper production
increasing in the second quarter as planned, ” said David Rae, President and C hief Executive Officer.
“With both mines on track to achieve our 2024 guidance targets, we are well-positioned to continue our
strong operating track record.”
Production Highlights
Preliminary results for the second quarter and first half of 2024 are provided in the table below:
Ore
processed
Metals contained in concentrate
produced
Payable metals in concentrate
sold
(Kt)
Gold
(K oz.)
Copper
(Mlbs.)
Gold
(K oz.)
Copper
(Mlbs.)
Q2 2024
Chelopech 559.0 43.7 7.9 37.8 6.4
Ada Tepe 196.5 23.9 – 23.0 –
Consolidated 755.5 67.6 7.9 60.8 6.4
YTD 2024
Chelopech 1,080.1 81.2 14.6 67.4 11.9
Ada Tepe 376.6 49.1 – 48.6 –
Consolidated 1,456.7 130.3 14.6 116.0 11.9
2024 full-year
guidance(1)
Chelopech 2,090 – 2,200 155 – 175 29 – 34 130 – 145 23 – 27
Ada Tepe 710 – 800 90 – 110 – 80 – 100 –
Consolidated 2,800 – 3,000 245 – 285 29 – 34 210 – 245 23 – 27
(1) As disclosed in Management’s Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2024, issued on May 7,
2024, and available at www.sedarplus.ca and at www.dundeeprecious.com.
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Operational Highlights
Chelopech produced approximately 43.7 thousand ounces of gold and 7.9 million pounds of copper in
the second quarter. Gold production was slightly higher than expected as a result of better recoveries,
while copper production was slightly below plan due to lower-than-expected copper grades. As per the
mine plan, the Company continues to expect higher grades over the balance of the year, and Chelopech
is on-track to achieve its 2024 guidance targets for gold and copper production.
Ada Tepe produced 23.9 thousand ounces of gold in the second quarter, in-line with expectations.
Discontinued Operations
In March 2024, DPM announced that it had entered into a definitive share purchase agreement with a
subsidiary of Sinomine Resource Group Co. Ltd. for the sale of its interest in the Tsumeb smelter in
Namibia. The transaction is expected to close in the third quarter of 2024.
During the second quarter of 2024, the Tsumeb smelter processed approximately 52.9 thousand tonnes
of complex concentrate.
Return of Capital to Shareholders
DPM continues to return capital to shareholders through a sustainable quarterly dividend and share
repurchases under its normal course issue bid.
During the second quarter, DPM repurchased 2,074,200 common shares at an average price of
US$7.96 (Cdn$10.90) per share for a total of approximately US$16.5 million. Year-to-date, the Company
has repurchased approximately 2,327,011 common shares at an average price of US$7.90 (Cdn$10.80)
per share for a total of approximately US$18.4 million.
As previously announced in May 2024, DPM will pay a quarterly dividend of US$0.04 per share on July
15, 2024, to shareholders of record on June 30, 2024.
Timing of Second Quarter 2024 Financial Results
The Company plans to release its second quarter 2024 operating and financial results after market close
on Thursday, August 1, 2024. 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.
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On Friday, August 2, 2024, 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 in the following table to receive the dial-in information as well as a personalized PIN
code to access the call.
Conference call date
and time
Friday, August 2, 2024
9AM EDT
Call registration https://register.vevent.com/register/BI402a5a6075e34d7fb9d6c79f79329cd9
Webcast link https://edge.media-server.com/mmc/p/osjb3oe7
Replay Archive will be available on www.dundeeprecious.com
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canadian -based international gold mining company with operations
and projects located in Bulgaria, Namibia, Serbia and Ecuador. The Company’s purpose is to unlock
resources and generate value to thrive and grow together. This overall purpose is supported by a
foundation of core values, which guides how the Company conducts its business and informs a set of
complementary strategic pillars and objectives related to ESG, innovation, optimizing our existing
portfolio, and growth. The Company’s resources are allocated in -line with its strategy to ensure that
DPM delivers value for all of its stakeholders. DPM’s shares are traded on the Toronto Stock Exchange
(symbol: DPM).
For further information please contact:
David Rae
President and Chief Executive Officer
Tel: (416) 365-5092
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 g enerally, 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 wo rds and
phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be
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: anticipated results of production
in the second quarter of 2024 at each of the Company’s operating mines, including amounts of ore
processed, metals contained in concentrate produced, payable metals in concentrate sold, and amounts
of gold and copper produced; the Company’s previously announced producti on guidance for 2024 at
each of its operating mines and its ability to achieve such results; the expected timing for payment of
previously announced dividends payable to holders of common shares as of June 30, 2024; the
anticipated timing for the completio n of the proposed sale of the Tsumeb smelter; the intention of the
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Company to continue to re -purchase common shares under the normal course issuer bid ; and the
anticipated timing for the release of the Company’s financial and operational results for the second
quarter of 2024. 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 resu lts, 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. Such factors include, among
others, fluctuations in metal and sulphuric acid prices, toll rates and foreign exchange rates; the
commencement, continuation or escalation of geopolitical and/or intrastate conflicts and crises,
including without limitation, in Ukraine, the Middle East, Ecuador, and other jurisdictions from time to
time, and their direct and indirect effects on the operations of the Company; possible variations in ore
grade and recovery rates; inherent uncertainties in respect of conclusions of economic evaluations,
economic studies and mine plans; the speculative nature of mineral exploration, development and
production, including changes in mineral production performance, exploitation and exploration results ;
possible inaccurate estimates relating to future production, operating costs and other costs for
operations; the ability of the Company to comple te the proposed sale of its interest in the Tsumeb
smelter, including the ability of the parties to obtain all necessary regulatory approvals, certain of which
may be outside of the control of the Company, and the anticipated timing thereof; 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 ; there being no assurance that
the Company will purchase common shares under the NCIB; 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 reader 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 res ults 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.