Dundee Precious Metals Delivers Strong First Quarter Gold Production; Announces Timing of First Quarter Financial Results
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Dundee Precious Metals Delivers Strong First Quarter Gold Production;
Announces Timing of First Quarter Financial Results
Toronto, April 8, 2024 – Dundee Precious Metals Inc. (TSX: DPM) ( “DPM” or “ the Company”)
announced preliminary production results from both of its mines for the three months ended March 31,
2024.
“The first quarter was a solid start to the year, with continued strong performance at Chelopech and Ada
Tepe,” said David Rae, President and Chief Executive Officer. “Gold production was in line with our
expectations and both mines are on track to achieve 2024 guidance.”
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 2024
Chelopech 521.1 37.5 6.7 29.6 5.5
Ada Tepe 180.1 25.2 – 25.6 –
Consolidated 701.2 62.7 6.7 55.2 5.5
2024 full-year
guidance1
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 year ended December 31, 2023, issued on February
14, 2024 and available at www.sedarplus.ca and at www.dundeeprecious.com.
Operating Highlights
Chelopech produced approximately 37.5 Koz. of gold and 6.7 Mlbs. of copper during the first quarter.
Gold production was in line with expectations while copper production was slightly lower than planned
due to lower copper grades. Chelopech is on-track to achieve its production guidance for 2024.
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Ada Tepe produced approximately 25.2 Koz. of gold in the first quarter , in line with expectations. Ada
Tepe is on-track to achieve its production guidance for 2024.
Discontinued Operations
In March 2024, DPM announced that it had entered into a definitive share purchase agreement (“SPA”)
with a subsidiary of Sinomine Resource Group Co. Ltd. for the sale of its interest in the Tsumeb smelter
in Namibia, including all assets and liabilities, for consideration of US$49 million in cash. In addition,
pursuant to the SPA, DPM is entitled to be paid all cash collected from IXM S.A. with respect to a positive
balance in metals exposure outstanding at Tsumeb. The transaction is expected to close in Q3 2024.
During the first quarter of 2024, the Tsumeb smelter processed approximately 54,800 tonnes of complex
concentrate.
Returning Capital to Shareholders
In line with its disciplined capital allocation framework, DPM continues to return capital to shareholders
through a sustainable quarterly dividend and share repurchases under its Normal Course Issuer Bid
(“NCIB”).
As previously announced in February 2024, DPM will pay a quarterly dividend of US$0.04 per share on
April 15, 2024, to shareholders of record on March 31, 2024.
DPM renewed its NCIB in March 2024 and is able to repurchase up to 15.5 million common shares,
representing approximately 9.8% of the public float as of March 6, 2024, over a period of twelve months
which commenced on March 18, 2024, and terminates on March 17, 2025.
During the first quarter of 2024, DPM repurchased approximately 252,800 common shares at an
average price of US$7.37 (Cdn$9.94) per share for a total of approximately US$1.9 million.
Timing of First Quarter 2024 Operating and Financial Results
The Company plans to release its first quarter 202 4 operating and financial results after market close
on Tuesday , May 7, 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.
On Wednesday, May 8, 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 below 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, May 8, 2024
9 AM EDT
Call registration https://register.vevent.com/register/BIa97e3e910a25448498c48dff4e106248
Webcast link https://edge.media-server.com/mmc/p/kkupfbiu
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) 365-5191
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 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” 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 first 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 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 March 31, 2024; the
anticipated timing for the completion of the proposed sale of the Tsumeb smelter; the number common
shares that may be re- purchased under the NCIB; and the anticipated timing for the release of the
Company’s financial and operational results for the first 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 results, performance or achievements of the Company to be materially
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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 news release, 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 complete 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 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.