Dundee Precious Metals Announces Third Quarter Production Results and Timing of Third Quarter 2019 Financial Results
DUNDEE PRECIOUS METALS ANNOUNCES THIRD QUARTER PRODUCTION RESULTS
AND TIMING OF THIRD QUARTER 2019 FINANCIAL RESULTS
Toronto, Ontario, October 9, 2019 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the
“Company”) announced its mine and smelter production results for the three and nine months
ended September 30, 2019 and confirmed the timing of the release of third quarter 2019 operating
and financial results, together with the related conference call and webcast.
“We had a strong quarter of gold production from Ada Tepe , demonstrating that we are now
transitioning to a multi-asset mid-tier gold producer” stated Rick Howes, President and CEO. “We
are on track to meet our most recent consolidated guidance.”
Production Highlights
Third quarter and year-to-date 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 June 30, 2019, issued on July 30, 2019 and
the Company’s press release dated September 20, 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.
As expected, gold production at Chelopech during the quarter was slightly lower than the first two
quarters of 2019 due to lower mill feed grades within the mining sequence combined with a lower
gold recovery. Chelopech remains on track to achieve 2019 guidance.
Production at Ada Tepe was strong during the quarter as a result of treating ore in inventory above
the reserve grade relative to lower mine grades processed during commissioning. During the
Chelopech Ada Tepe Tsumeb Consolidated
2019 Updated
Consolidated
Guidance(1)
2019 Original
Consolidated
Guidance(2)
Q3
2019
YTD
2019
Q3
2019
YTD
2019
Q3
2019
YTD
2019
Q3
2019
YTD
2019
Ore milled (000s
tonnes) 550 1,656 154 253 - - 704 1,909 2,542 – 2,662 2,540 – 2,790
Metals contained in concentrate produced
Gold (‘000s ounces) 40.3 130.4 25.3 30.7 - - 65.6 161.1 200 – 247 210- 262
Copper (million
pounds) 10.1 27.2 - - - - 10.1 27.2 33 – 39 33 - 39
Payable metals in concentrate sold
Gold (‘000s ounces) 28.0 108.9 10.1 10.5 - - 38.1 119.4 180 – 221 191 - 237
Copper (million
pounds) 6.6 23.1 - - - - 6.6 23.1 32 – 37 32 - 37
Complex Concentrate
smelted (‘000s tonnes) - - - - 42.2 166.7 42.2 166.7 210 – 230 225 - 250
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quarter, the Company announced that Ada Tepe had successfully completed ramp-up activities
to the full design tonnage at the mine and processing plant of 2,500 tonnes per day at 85% gold
recovery in concentrate. While treatment rates through the mill were initially limited by the capacity
at the integrated mine waste facility , this was resolved at the end of August allowing a stead y
ramp-up back to plant capacity by mid -September. Ada Tepe remains on track to achieve the
updated 2019 guidance.
Payable metals in concentrate sold for Chelopech and Ada Tepe were lower than metals in
concentrate produced due to the timing of planned concentrate shipments and are anticipated to
increase in the fourth quarter.
Smelter production was impacted by an incident in the Ausmelt furnace and the earlier
implementation of the annual maintenance shutdown, as previously announced in the Company’s
press releases dated September 5, 2019 and September 20, 2019. The maintenance process is
progressing well and is scheduled for completion in mid -October with the next annual shutdown
scheduled for 2021. The smelter is expected to meet the updated guidance for complex
concentrate smelted as set out in the Company’s press release dated September 20, 2019.
Third Quarter Results and Year-to-date 2019 Results
The Company’s third quarter and year-to-date 2019 operating and financial results are expected
to be released after market close on Thursday, November 7, 2019. 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 third quarter results on Friday, November
8, 2019 at 9:00 am EST. The call will be hosted by Rick Howes, President and Chief Executive
Officer, who will be joined by Hume Kyle, Executive Vice President and Chief Financial Officer,
together with other members of the executive management team. The call will be accessible via
a live webcast and by telephone.
Third Quarter 2019 Call and Webcast (Listen/View only)
Date: Friday, November 8, 2019
Time: 9:00 am EST
Webcast: https://edge.media-server.com/mmc/p/4uhxuz26
Canada and USA Toll Free: 1-844-264-2104
Outside Canada or USA: 1-270-823-1169
Replay: 1-855-859-2056
Replay Passcode: 1476869
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged
in the acquisition of mineral properties, exploration, development, mining and processing of
precious metals. The Company's operating assets include the Chelopech op eration, 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 Bulgaria; 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 looking informat ion” 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 forward looking terminology such as
“plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “outlook”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations
of such words and phrases or that state that certa in actions, events 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 timing 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 Persons (in the case of techni cal
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 fr om 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 factors 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, financial 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 activities; 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, equipm ent or processes to
operate as anticipated; accidents, labour disputes and other risks of the mining industry;
uncertainties and risks inherent to developing and commissioning new mines into production,
which may be subject to unforeseen delays, costs or o ther issues; delays in obtaining
governmental approvals or financing or in the completion of development or construction
activities; uncertainties inherent with conducting business in foreign jurisdictions where
corruption, civil unrest, political instabil ity and uncertainties 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 exchange rates; unanticipated title
disputes; claims or litigation; limitation on insurance coverage; cyber-attacks; risks related to the
implementation, cost and realization of benefits from digital initiatives; failure to realize projected
financial results from MineRP Holdings Inc.; risks rela ted to operating 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 other documents (including without
limitation the Company’s m ost 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.sedar.com. 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.
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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
Janet Reid
Manager, Investor Relations
Tel: (416) 365-2549