Dundee Precious Metals Announces Record 2019 Production Results and Timing of Fourth Quarter and Full Year 2019 Financial Results
DUNDEE PRECIOUS METALS ANNOUNCES RECORD 2019 PRODUCTION RESULTS AND
TIMING OF FOURTH QUARTER AND FULL YEAR 2019 FINANCIAL RESULTS
Toronto, Ontario, January 9, 2020 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the
“Company”) announced record gold production along with smelter production for the three and
twelve months ended December 31, 2019, meeting its updated cons olidated guidance for the
year.
“2019 was a pivotal year for DPM as we commissioned our second gold mine and generated
record consolidated gold production. Our Ada Tepe gold producti on was particularly impressive
given that this was achieved primarily over the last two quarte rs following the commissioning in
June of last year.” stated Rick Howes, President and CEO. “We a re extremely excited regarding
our potential going forward as we will now benefit from gold pr oduction at both of our producing
mines and optimized performance at our smelter.”
Production Highlights
Fourth quarter and year end 2019 ore milled and metals produced at Chelopech and Ada Tepe
as well as complex concentrate smelted at the Tsumeb smelter are provided below.
1. As disclosed in Management’s Discussion and Analysis (“MD&A”) for the period ended September 30, 2019, issued on November
7, 2019, that can be found on the Company’s website at www.dundeeprecious.com and available at www.sedar.com.
2. As disclosed in Management’s Discussion and Analysis (“MD&A”) for the period ended December 31, 2018, issued on February 12,
2019, that can be found on the Company’s website at www.dundeeprecious.com and available at www.sedar.com.
Chelopech Ada Tepe Tsumeb Consolidated
2019 Updated
Consolidated
Guidance(1)
2019 Original
Consolidated
Guidance(2)
Q4
2019
Full
Year
2019
Q4
2019
Full
Year
2019
Q4
2019
Full
Year
2019
Q4
2019
Full
Year
2019
Ore milled (‘000s
tonnes) 548 2,203 217 471 - - 765 2,674 2,542 – 2, 662 2,540 – 2,790
Metals contained in concentrate produced
Gold (‘000s ounces) 43.0 173.4 26.5 57.2 - - 69.5 230.6 200 – 247 210- 262
Copper (million
pounds) 10.0 37.2 - - - - 10.0 37.2 33 – 39 33 - 39
Payable metals in concentrate sold
Gold (‘000s ounces) 43.2 152.2 38.9 49.4 - - 82.1 201.6 180 – 221 191 - 237
Copper (million
pounds) 11.4 34.5 - - - - 11.4 34.5 32 – 37 32 - 37
Complex concentrate
smelted (‘000s tonnes) - - - - - - 48.6 215.3 210 – 230 225 - 250
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At Chelopech, gold contained in concentrate produced for the fo urth quarter was slightly above
expectations as a result of mining in higher grade zones and hi gher gold recoveries in pyrite
concentrate. Copper production was also in line with the mine p lan. Chelopech continued its
strong performance and reliable delivery during the year and achieved 2019 guidance.
Ada Tepe gold production during the fourth quarter was slightly higher than expected as a result
of higher gold grades in ore treated, offsetting the planned ma intenance to reline the SAG mill.
Gold recovery in concentrate also continued to perform as expected. As anticipated at the end of
the third quarter, Ada Tepe payable gold in concentrate sold du ring the fourth quarter was
significantly greater than gold contained in concentrate produced. This was due to the sale during
the fourth quarter of excess concentrate in inventory. Treatmen t and payable gold terms for Ada
Tepe concentrate are in line with expectations. Ada Tepe achiev ed the top end of its updated
2019 guidance.
Following the successful completion of the planned annual maint enance shutdown in the fourth
quarter at Tsumeb, the smelter met its updated guidance for com plex concentrate smelted. In
addition to ongoing optimization, the smelter has the potential to improve performance in 2020
with the next planned maintenance shutdown scheduled for 2021.
Fourth Quarter Results and Year End 2019 Results
The Company’s fourth quarter and year end 2019 operating and financial results are expected to
be released after market close on February 13, 2020. The press release, MD&A and consolidated
financial statements will be posted on SEDAR at www.sedar.com and on the Company’s website
at www.dundeeprecious.com.
The Company will hold a call and webcast to discuss its fourth quarter results on February 14,
2020 at 9:00 am EST. The call will be hosted by Rick Howes, Pre sident and Chief Executive
Officer, who will be joined by David Rae, Executive Vice Presid ent and Chief Operating Officer,
Hume Kyle, Executive Vice President and Chief Financial Officer , together with other members
of the executive management team. The call will be accessible v ia a live webcast and by
telephone.
Fourth Quarter 2019 Call and Webcast (Listen/View only)
D a t e : F r i d a y , February 14, 2020
T i m e : 9 : 0 0 a m E S T
Webcast: h t t p s ://edge.media-server.com/mmc/p/wzgittuw
Canada and USA Toll Free: 1-844-264-2104
Outside Canada or USA: 1-270-823-1169
R e p l a y : 1 - 855-859-2056
Replay Passcode: 6439379
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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.
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
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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
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