Dundee Precious Metals Delivers Strong Third Quarter Gold Production; Announces Timing of Third Quarter Financial Results
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Dundee Precious Metals Delivers Strong Third Quarter Gold Production;
Announces Timing of Third Quarter Financial Results
Toronto, October 10, 2023 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”)
announced preliminary production results from both of its mines and smelter for the three and nine
months ended September 30, 2023.
“In the third quarter, we continued our strong operating track record, with Ada Tepe achieving a new
record for quarterly gold production and Chelopech delivering solid production in -line with our
expectations,” said David Rae, President and Chief Executive Officer of Dundee Precious Metals. “We
continue to be well-positioned to achieve our 2023 guidance targets for gold and copper production.”
Production Highlights
Preliminary results for the three and nine months ended September 30, 2023, are provided in the table
below:
Ore
processed
Metals contained in
concentrate produced
Payable metals in
concentrate sold
Complex
concentrate
smelted
(Kt)
Gold
(K oz.)
Copper
(Mlbs.)
Gold
(K oz.)
Copper
(Mlbs.)
(Kt)
Q3 2023
Chelopech 543.3 40.3 7.2 34.7 6.7 -
Ada Tepe 195.4 33.8 - 33.0 - -
Tsumeb - - - - - 21.8
Consolidated 738.7 74.1 7.2 67.7 6.7 21.8
YTD 2023
Chelopech 1,640.3 120.0 22.3 99.6 19.6 -
Ada Tepe 576.9 99.0 - 96.6 - -
Tsumeb - - - - - 120.9
Consolidated 2,217.2 219.0 22.3 196.2 19.6 120.9
2023 full-year
guidance(1) 2,820 – 3,010 270 – 315 30 – 35 245 – 290 26 – 31 200 – 230
(1) As disclosed in Management’s Discussion and Analysis (“MD&A”) for the quarter ended June 30, 2023, issued on August 1,
2023 and available at www.sedarplus.com and at www.dundeeprecious.com.
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Operational Highlights
During the third quarter, Chelopech produced approximately 40.3 K oz. of gold and 7.2 Mlbs. of copper,
in-line with expectations. Chelopech is on track to achieve 2023 production guidance.
Ada Tepe produced a record 33.8 K oz. of gold in the third quarter, in -line with expectations and
reflecting higher grades per the mine plan. Ada Tepe is on track to achieve 2023 production guidance.
The Tsumeb smelter processed approximately 21.8 Kt of complex concentrate, reflecting the planned
Ausmelt maintenance shutdown, which was completed during the quarter . Following the completion of
the maintenance work, Tsumeb resumed operations and ramped up to full production towards the end
of September. While c omplex concentrate smelted is expected to increase in the fourth quarter ,
reflecting improved operating performance as a result of the maintenance work, it is forecast to be below
the guidance range for the year.
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 Issue Bid
(“NCIB”).
During the third quarter, DPM repurchased approximately 3,634,000 common shares at an average
price of US$6.52 (Cdn$8.75) per share for a total of approximately US$ 23.7 million. Year-to-date, the
Company has repurchased approximately 8,432,000 common shares at an average price of US$6.82
(Cdn$9.18) per share for a total of approximately US$57.5 million.
As previously announced in July 2023, DPM will pay a quarterly dividend of US$0.04 per share on
October 16, 2023, to shareholders of record on September 30, 2023.
Timing of Third Quarter 2023 Operating and Financial Results
The Company plans to release its third quarter 2023 operating and financial results after market close
on Tuesday, November 7, 2023. The news release, MD&A and condensed interim consolidated financial
statements will be posted on SEDAR + at www.sedarplus.com and on the Company’s website at
www.dundeeprecious.com.
On Wednesday, November 8, 2023, 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 8, 2023
9AM EST
Call registration https://register.vevent.com/register/BI1ef3267869cc4929b9a5b18b7d32e17a
Webcast link https://edge.media-server.com/mmc/p/wxpsvu35
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, Ecuador and Serbia. 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 t he 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 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 relat e to, among other things: expected cash flows; the price
of gold, copper, silver and sulphuric acid; toll rates, metals exposure and stockpile interest deductions
at Tsumeb; the estimation of Mineral Reserves and Mineral Resources and the realization of su ch
mineral estimates; estimated capital costs, all -in sustaining costs, operating costs and other financial
metrics, including those set out in the outlook and guidance provided by the Company; the timing of the
scheduled maintenance at Tsumeb; the timing and amount of dividends; and the timing and number of
common shares of the Company that may be purchased pursuant to the NCIB. 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 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
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exchange rates; risks arising from the current inflationary environment and the impact on operating costs
and other financial metrics; continuation or escalation of the conflict in Ukraine; risks relating to the
Company’s business generally and the impact of global pandemics, inc luding COVID-19 resulting in
changes to the Company’s supply chain, production shortages, delivery and shipping issues; possible
variations in ore grade and recovery rates; inherent uncertainties in respect of conclusions of economic
evaluations, economic studies and min e plans; failure to achieve certain cost savings or the potential
benefits of any upgrades and/or expansion; 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.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.