Dundee Precious Metals Announces Preliminary Third Quarter Production Results and Timing of Third Quarter Financial Results
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Dundee Precious Metals Announces Preliminary Third Quarter Production Results and
Timing of Third Quarter Financial Results
Toronto, October 7, 2024 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”)
today announced preliminary gold and copper production results for the three and nine months ended
September 30, 2024.
“Chelopech continued to deliver strong results, consistent with its long track record. Gold production at
Ada Tepe was impacted by temporary operational challenges during the quarter, which have now been
resolved,” said David Rae, President and Chief Executive Officer. “With strong year-to-date results and
production expected to increase in the fourth quarter , both mines are on track to achieve 2024
guidance.”
Production Highlights
Preliminary results for the third quarter and nine months 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.)
Q3 2024
Chelopech 512.8 43.9 7.3 37.7 6.5
Ada Tepe 198.3 16.2 – 15.5 –
Consolidated 711.1 60.1 7.3 53.2 6.5
First nine
months of 2024
Chelopech 1,592.9 125.1 21.9 105.1 18.4
Ada Tepe 574.9 65.3 – 64.1 –
Consolidated 2,167.8 190.4 21.9 169.2 18.4
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 June 30 2024, issued on August 1,
2024, available at www.sedarplus.ca and at www.dundeeprecious.com.
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Operational Highlights
Chelopech produced approximately 43,900 ounces of gold and 7.3 million pounds of copper in the third
quarter. Gold production was in-line with expectations, while copper production was slightly lower than
planned. Chelopech is on-track to achieve its 2024 guidance targets for gold and copper production.
Ada Tepe produced approximately 16,200 ounces of gold in the third quarter, which was lower than
planned. This was a result of lower than expected grades , recoveries and fleet availability, as well as
low rainfall in the region during the quarter. DPM anticipates increased production in the fourth quarter
as m ining has transitioned to a n area of the pit with higher grades and recoveries , and challenges
affecting fleet availability have been resolved based on root cause analysis and recent performance .
Ada Tepe remains on track to achieve its guidance for gold production.
Return of Capital to Shareholders
DPM continues to return capital to shareholders through a sustainable quarterly dividend and share
repurchases under its normal course issuer bid.
During the third quarter, DPM repurchased 1,072,500 common shares at an average price of US$9.25
(Cdn$12.57) per share for a total of approximately US$9.9 million. Year -to-date, the Company has
repurchased 3,399,511 common shares at an average price of US$8.32 (Cdn$11.36) per share for a
total of approximately US$28.3 million.
As previously announced in August 2024, DPM will pay a quarterly dividend of US$0.04 per share on
October 15, 2024, to shareholders of record as at September 30, 2024.
Timing of Third Quarter 2024 Financial Results
The Company plans to release its third quarter 2024 operating and financial results after market close
on Tuesday, November 5, 2024. The news release, MD&A and condensed interim consolidated financial
statements will be posted on www.sedarplus.ca and www.dundeeprecious.com.
On Wednesday, November 6, 2024, at 9 AM EST, 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.
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Conference call date
and time Wednesday, November 6, 2024 – 9 AM EST
Call registration https://register.vevent.com/register/BIac23bda751e7458f8d6d9286815e87cf
Webcast link https://edge.media-server.com/mmc/p/otfiyh29
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, 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) 365-5191
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 third 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; anticipated results of production at the Company’s operating mines in the
fourth quarter of 2024; the Company’s previously announced production 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 September 30, 2024; the intention of
the 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 third 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 a ny other future results, performance or
achievements expressed or implied by the Forward Looking Statements. Such factors include, among
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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; 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 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.