Dundee Precious Metals Inc. (TSX: DPM)
(“DPM” or “the Company”) is pleased to announce a mine life
extension, optimized life of mine (“LOM”) plan and updated Mineral
Resource and Mineral Reserve estimates for the Chelopech mine in
Bulgaria.
Highlights
- Mine life extension to
2030: Proven and Probable Mineral Reserves of 1.7 million
ounces (“Moz.”) of gold and 341.9 million pounds (“Mlbs.”) of
copper supports a mine life that now extends to 2030.1 In 2021, DPM
successfully added 3.0 million tonnes (“Mt”) to Mineral Reserves,
which more than offset 2021 production depletion of 2.2 Mt for a
net addition of 0.8 Mt.
- Optimized
life of mine plan with improved recoveries and higher gold and
copper production: The updated LOM plan reflects changes,
relative to the previous mine plan, that includes improved
metallurgical recoveries, concentrate terms and a reduction in the
cut-off value, which maximizes net present value. Production
increased by approximately 286,000 ounces (“oz.”) of gold and 47
Mlbs. of copper between 2022 and 20301, reflecting higher
recoveries for gold and copper.
- Strong
Measured and Indicated Mineral Resource base: Total
Measured and Indicated Mineral Resources, exclusive of Mineral
Reserves, of 1.26 Moz. of gold and 270 Mlbs. of copper add further
potential to extend mine life.
- Additional
potential with in-mine and brownfield exploration:
Significant drilling program planned for 2022, including 44,000
metres of in-mine drilling and 50,000 metres of brownfield drilling
largely focused on Sveta Petka to support a commercial discovery
application.
“The optimized life of mine plan at Chelopech
results in higher gold and copper production and allows us to
extend mine life to 2030,” said David Rae, President and Chief
Executive Officer of Dundee Precious Metals.
“Our updated Mineral Reserve estimate is an
indication of Chelopech’s consistent track record of replacing
Mineral Reserves, and we believe there is strong potential to
continue this trend going forward.”
1 Subject to the extension of the current
concession contract, which expires in July 2029. DPM intends to
submit an extension application when appropriate and expects that
the application will be successful based on previous regulatory
processes.
Updated Mineral Reserve and Resource
Estimate
The updated Mineral Reserves estimate is shown
below and is effective as of December 31, 2021:
Chelopech Proven and Probable Mineral Reserve
Estimate(As at December 31, 2021) |
Ore Type |
Classification |
Tonnes |
Grade |
Metal Content |
|
|
(Mt) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Au (Moz.) |
Ag (Moz.) |
Cu (Mlbs.) |
General |
Proven |
5.8 |
2.72 |
6.8 |
0.85 |
0.51 |
1.27 |
108.9 |
|
Probable |
13.1 |
2.67 |
7.5 |
0.80 |
1.12 |
3.17 |
230.8 |
Block 700 |
Probable |
0.1 |
3.89 |
57.5 |
0.02 |
0.02 |
0.22 |
0.1 |
Block 152 |
Probable |
0.4 |
4.19 |
4.6 |
0.23 |
0.05 |
0.06 |
2.1 |
All |
Proven |
5.8 |
2.72 |
6.8 |
0.85 |
0.51 |
1.27 |
108.9 |
|
Probable |
13.6 |
2.72 |
7.9 |
0.78 |
1.19 |
3.45 |
233.0 |
Total |
|
19.3 |
2.72 |
7.6 |
0.80 |
1.70 |
4.72 |
341.9 |
Footnotes:
- The Mineral
Reserves disclosed herein have been estimated in accordance with
the CIM Definition Standards for Mineral Resources and Mineral
Reserves (the “CIM Definition Standards”, adopted by CIM Council on
May 10, 2014).
- Mineral Resources
are reported exclusive of Mineral Reserves.
- Mineral Reserves
have been depleted for mining as of December 31, 2021.
- The Inferred
Mineral Resources do not contribute to the financial performance of
the project and are treated in the same way as waste.
- The reference point
at which the Mineral Reserves are defined is where the ore is
delivered to the crusher.
- Long term metal
prices assumed for the evaluation of the Mineral Reserves and
Mineral Resources are $1,400/oz. for gold, $17.00/oz. for silver,
and $2.75/lb. for copper.
- Mineral Reserves
are based on a net smelter return-less-costs cut-off value of $0/t.
The total cost applied was approximately $45/t, which is a sum of
the operational cost of approximately $40/t (variable by stope
location) and sustaining capital of $5/t.
- All blocks include
a complex net smelter return (“NSR”) formula that differs for the
three ore types within the Mineral Reserve and Mineral Resource.
The NSR formula utilizes long-term metal prices, metallurgical
recoveries, payability terms, treatment charges, refining charges,
penalty charges (deleterious arsenic), concentrate transport costs,
and royalties. For clarity of understanding of ore value, a
simplified formula is presented here that correlates to the complex
formula to within 1%. The simplified formulas per ore type are:
- Block 700 NSR $/t =
0.00 x Cu% + 0.00 x Ag_g//t + 14.24 x Au_g/t
- Block 152 NSR $/t =
21.08 x Cu% + 0.32 x Ag_g/t + 33.96 x Au_g/t
- General NSR $/t =
16.72 x Cu% + 0.23 x Ag_g/t + 29.18 x Au_g/t
- Mineral Reserves
account for unplanned mining dilution and ore loss that varies by
orebody dimension and experience per mining block area, which on
average were 10.0% for unplanned ore loss and 9.7% for unplanned
dilution.
- Mineral Reserves
account for planned mining dilution and mining recovery through
stope optimization and stope design. The stopes are optimized to
maximize net cash flow within the constraints of dilution and
orebody extractable geometry. The planned dilution and recovery
depend on geotechnical, mineralization continuity controls and ore
zone dimensions.
- All stopes have
been verified that they are profitable after considering the cost
of capital development.
- There is no known
likely value of mining, metallurgical, infrastructure, permitting
or other relevant factors that could materially affect the
estimate. The final one and a half years of operation occurs after
the termination of the mining concession contract ends. It is the
opinion of DPM that the mining permit will be extended.
- The Proven Mineral
Reserve includes broken stocks of 28 kt at 3.30 g/t Au, 5.2 g/t Ag
and 0.91% Cu as well as stockpiles of 13 kt at 3.05 g/t Au, 6.7 g/t
Ag and 0.96% Cu.
- Sum of individual
table values may not equal due to rounding.
The updated Proven and Probable Mineral Reserves
at Chelopech of 1.7 Moz. of gold and 341.9 Mlbs. of copper support
a nine-year mine life that extends to 2030, excluding expected
further conversions of existing Mineral Resources and potential
additional exploration success.
The Mineral Resource estimate has been depleted
by all mining and development work completed as of December 31,
2021 and is reported using a NSR calculation based on assumed
long-term metal prices, current operating costs and metal revenue
to meet the “reasonable prospects for eventual economic extraction”
criteria.
Measured and Indicated Mineral Resources,
exclusive of Mineral Reserves, decreased by 3.6Mt compared with
2020, as a result of conversion to Mineral Reserves, changes to
classification, grade estimation and NSR parameters.
The Mineral Resource estimate is shown below and
is effective as at December 31, 2021:
Chelopech Mineral Resource Estimate, exclusive of Mineral
Reserves(As at December 31, 2021) |
Classification |
Tonnes |
Gold |
Silver |
Copper |
|
(Mt) |
Grade (g/t) |
Moz. |
Grade (g/t) |
Moz. |
Grade (%) |
Mlbs. |
Measured |
7.0 |
2.95 |
0.665 |
9.30 |
2.098 |
0.96 |
148 |
Indicated |
6.8 |
2.73 |
0.593 |
11.88 |
2.581 |
0.82 |
122 |
Total Measured & Indicated |
13.8 |
2.84 |
1.258 |
10.56 |
4.679 |
0.89 |
270 |
Inferred |
2.9 |
2.36 |
0.223 |
9.20 |
0.869 |
0.82 |
53 |
Footnotes:
- The Mineral
Resources disclosed herein have been estimated in accordance with
the CIM Definition Standards for Mineral Resources and Mineral
Reserves (CIM, 2014).
- Mineral Resources
have been estimated using an operating net profit cut-off of US$0/t
in support of reasonable prospects of eventual economic
extraction.
- Tonnages are
rounded to the nearest 0.1 Mt to reflect that this is an
estimate.
- Metal content is
rounded to the nearest 1 thousand ounces (K oz.) or 1 Mlbs. to
reflect that this is an estimate.
- The Mineral
Resources are reported exclusive of Mineral Reserves.
- Mineral Resources
are based on a NSR-less-costs cut-off value of $0/t. The total cost
applied was approximately $45/t, which is a sum of operational
costs of approximately $40/t (variable by stope location) and
sustaining capital of $5/t.
- All blocks include
a complex NSR formula that differs for the three ore types within
the Mineral Reserve and Mineral Resource. The NSR formula utilizes
long term metal prices, metallurgical recoveries, payability terms,
treatment charges, refining charges, penalty charges, concentrate
transport costs, and royalties. For clarity of understanding of ore
value, a simplified formula is presented here that correlates to
the complex formula to within 1%. The simplified formulas per ore
type are:
- Block 700 NSR $/t =
0.00 x Cu% + 0.00 x Ag_g/t + 14.24 x Au_g/t
- Block 152 NSR $/t =
21.08 x Cu% + 0.32 x Ag_g/t + 33.96 x Au_g/t
- General NSR $/t =
16.72 x Cu% + 0.23 x Ag_g/t + 29.18 x Au_g/t
Life of Mine Plan
The table below shows the optimized LOM plan,
reflecting the updated Mineral Reserve estimate. The updated LOM
plan adds approximately 286,000 oz. of gold production and 50 Mlbs.
of copper production between 2022 and 2030, relative to the
previous mine plan outlined in the news release “Dundee Precious
Metals Announces Mine Life Extension and Updated to Mineral
Resource and Mineral Reserve Estimates for the Chelopech Mine”
dated March 30, 2021. The updated LOM plan reflects the additional
tonnage and higher gold recoveries following a strategic review to
optimize the mine plan (the “Strategic Optimization”) completed
with Whittle Consulting in the second half of 2021.
The tables below show the current LOM plan
compared to the previous 2021 LOM plan.
Current 2022 Life of Mine Plan |
|
Unit |
Total / Average |
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
2030 |
Total Ore
Processed |
Mt |
19.3 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
1.71 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
Au |
g/t |
2.72 |
2.97 |
2.73 |
2.94 |
2.94 |
2.63 |
2.71 |
2.56 |
2.53 |
2.47 |
Cu |
% |
0.80 |
0.88 |
0.90 |
0.82 |
0.78 |
0.76 |
0.74 |
0.81 |
0.91 |
0.62 |
Recoveries – Copper Concentrate |
|
|
|
|
|
|
|
|
|
|
|
Au |
% |
54.7 |
57.1 |
55.8 |
57.8 |
58.3 |
55.6 |
56.5 |
50.9 |
55.3 |
40.4 |
Cu |
% |
84.8 |
84.1 |
84.0 |
84.3 |
85.5 |
84.7 |
84.8 |
85.3 |
87.2 |
82.6 |
Recoveries – Pyrite concentrate |
|
|
|
|
|
|
|
|
|
|
|
Au |
% |
24.9 |
24.3 |
25.3 |
25.0 |
24.8 |
25.1 |
24.1 |
25.6 |
25.9 |
24.2 |
Total Au
Production |
K oz. |
1,349 |
171 |
157 |
172 |
173 |
150 |
155 |
138 |
145 |
88 |
Total Cu Production |
Mlbs. |
290 |
34 |
37 |
33 |
32 |
31 |
30 |
34 |
39 |
19 |
Previous 2021 Life of Mine Plan |
|
Unit |
Total / Average |
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
|
Total Ore
Processed |
Mt |
16.4 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.1 |
1.1 |
|
Grade |
|
|
|
|
|
|
|
|
|
|
|
Au |
g/t |
2.87 |
2.96 |
3.01 |
3.19 |
3.04 |
2.84 |
2.92 |
2.45 |
2.12 |
|
Cu |
% |
0.83 |
0.89 |
0.92 |
0.82 |
0.90 |
0.84 |
0.86 |
0.68 |
0.61 |
|
Recoveries – Copper Concentrate |
|
|
|
|
|
|
|
|
|
|
|
Au |
% |
47.7 |
51.3 |
49.9 |
52.0 |
48.1 |
41.9 |
42.0 |
47.3 |
43.3 |
|
Cu |
% |
81.2 |
81.9 |
81.8 |
82.5 |
81.1 |
79.5 |
80.6 |
81.4 |
79.5 |
|
Recoveries – Pyrite concentrate |
|
|
|
|
|
|
|
|
|
|
|
Au |
% |
23.4 |
24.3 |
24.8 |
23.9 |
24.3 |
24.4 |
24.2 |
17.1 |
15.2 |
|
Total Au
Production |
K oz. |
1,063 |
158 |
159 |
172 |
156 |
133 |
135 |
108 |
42 |
|
Total Cu Production |
Mlbs. |
243 |
35 |
36 |
33 |
36 |
33 |
33 |
26 |
11 |
|
Strategic Optimization
The updated Mineral Resource and Mineral Reserve
estimates for the Chelopech mine reflect the conversion of Mineral
Resources to Mineral Reserves and the opportunities identified from
the Strategic Optimization completed in the second half of
2021.
One of the opportunities DPM identified is
continuing to sell Chelopech concentrate to third-party global
smelters going forward due to strong demand. DPM evaluated the
impact of this trend on the Mineral Reserves and LOM for Chelopech
and conducted extensive metallurgical test work during the third
quarter of 2021, which demonstrated the technical and commercial
viability of producing a lower grade concentrate to meet market
specifications. While the concentrate contains lower average gold
and copper grades and is expected to have lower payable metal rates
as well as increased offsite costs associated with higher tonnage,
this is more than offset by improved overall gold recoveries and
commercial terms, resulting in higher expected free cash flow for
DPM as a whole.
While this is expected to reduce the proportion
of Chelopech concentrate that is treated at DPM’s Tsumeb smelter,
the Company is confident sufficient third-party concentrate is
available to fill existing capacity going forward.
The Strategic Optimization also evaluated
multiple mine schedules and commercial scenarios at various cut-off
values, with the primary objectives of optimizing net present value
(“NPV”) and mine life.
From the analysis of cut-off values, it was
determined that a NSR-less-costs cut-off value of $0 per tonne
resulted in the maximum NPV, whereas the prior Mineral Reserve
estimate used a NSR-less-costs cut-off value of $10 per tonne.
Chelopech Mineral Reserves continue to be based on a NSR-less-costs
cut-off value methodology using long-term metal prices of $1,400
per oz. for gold, $17 per oz. for silver, and $2.75 per lb. for
copper.
Three-Year Outlook
The updated Mineral Reserve estimate is in-line
with the Company’s previously issued 2021 guidance and three-year
outlook for Chelopech, as shown below, with all-in sustaining cost
(“AISC”) per ounce of gold sold for 2023 and 2024 expected to trend
toward the lower end of the range as increased volumes of Chelopech
concentrate are processed by third-party smelters.
|
2021 Results |
2022 Guidance |
2023 Outlook |
2024 Outlook |
Metals contained in concentrate produced |
|
|
|
|
Gold (K oz.) |
177 |
169 – 191 |
150 – 170 |
161 – 182 |
Copper (Mlbs.) |
35 |
32 – 37 |
32 – 39 |
30 – 35 |
Cost of sales per tonne of ore processed(1)($/t) |
$59.48 |
N/A |
N/A |
N/A |
Cash cost per tonne of ore processed(1)($/t) |
$47.12 |
48 – 53 |
N/A |
N/A |
Cost of sales per ounce of gold sold(1)($/oz.) |
$876 |
N/A |
N/A |
N/A |
AISC per ounce of gold sold(1)($/oz.) |
$722 |
750 – 890 |
630 – 760 |
720 – 850 |
Sustaining capital expenditures($ millions) |
$19.2 |
24 – 27 |
20 – 22 |
16 – 17 |
- Cost of sales per
tonne of ore processed and cost of sales per ounce of gold sold are
supplementary financial measures, representing Chelopech cost of
sales divided by the volume of ore processed and the payable gold
in concentrate sold, respectively. Cash cost per tonne of ore
processed and AISC per ounce of gold sold are Non-GAAP ratios.
These cash cost and AISC measures have no standardized meanings
under International Financial Reporting Standards (“IFRS”) and may
not be comparable to similar measures presented by other companies.
Refer to the “Non-GAAP Financial Measures” section contained in the
Company’s Management’s Discussion and Analysis (the “MD&A”) for
the year ended December 31, 2021 commencing at page 55, which is
available on the Company’s website at www.dundeeprecious.com and
has been filed on the SEDAR site at www.sedar.com, for a detailed
description, and in the case of historical measures, a
reconciliation of each of these measures to the most directly
comparable measure under IFRS.
For more information regarding the Company’s
2022 guidance and three-year outlook, including key assumptions,
qualifications and risks associated thereto, refer to the MD&A
for the year ended December 31, 2021, issued on February 17, 2022,
available on the Company’s website at www.dundeeprecious.com and on
SEDAR at www.sedar.com.
Further extending mine life through
additional in-mine and brownfield exploration
DPM continues to focus on extending Chelopech’s
mine life through its successful in-mine exploration program and a
growing brownfield exploration program, which for 2022
includes:
-
Approximately 44,000 metres of in-mine drilling for Mineral
Resource development; and
-
Approximately 50,000 metres of brownfield exploration, primarily
concentrated on near mine exploration drilling related to the Sveta
Petka commercial discovery application, as well as drilling at
Sharlo Dere and other near-mine targets in the mining concession
area.
The Company’s application for a one-year
extension to the Sveta Petka exploration licence, which surrounds
the Chelopech mine, was approved in November 2021, allowing DPM to
commence work related to the commercial discovery phase. Permitting
for a 50,000-metre drilling campaign with a focus on Sveta Petka
has been completed. Drilling has commenced and is expected to be
completed in 2022.
In line with the Company’s 2022 guidance,
exploration spending is expected to be $16 to $19 million, of which
approximately 65% has been allocated to support the brownfield
exploration program at Chelopech.
Additional Updates to DPM’s Mineral
Reserve and Mineral Resource Estimates
The Mineral Resource and Mineral Reserve
estimates for DPM’s Ada Tepe mine in Bulgaria, disclosed in DPM’s
2021 Annual Information Form (“AIF”) dated March 31, 2022, have
been depleted to account for production up until December 31, 2021.
An updated Mineral Reserve and Mineral Resource estimate for Ada
Tepe is scheduled to be completed in the second half of 2022.
The Mineral Resource and Mineral Reserve
estimates for the Timok gold project in Serbia and the Loma Larga
gold project in Ecuador remain unchanged from the estimates
previously reported in the technical reports with effective dates
of February 23, 2021, and April 8, 2020 (reissued by DPM on
November 29, 2021), respectively.
For more information, refer to DPM’s AIF which
is available on the Company’s website at www.dundeeprecious.com and
SEDAR at www.sedar.com.
Technical Information and Technical
Report Filing
The Mineral Resource and Mineral Reserve
estimates for the Chelopech mine and other scientific and technical
information which supports this news release was prepared by DPM
with review and guidance at various stages provided by CSA Global
(UK) Ltd. (“CSA Global”). The Qualified Persons (“QP”) are
satisfied as to the appropriateness and quality of the technical
work completed and accept responsibility for the disclosure, in
accordance with Canadian regulatory requirements set out in
National Instrument 43-101 Standards of Disclosure for Mineral
Projects (“NI 43-101”). The QP for the Mineral Resource estimate is
Galen White, BSc, FAusIMM, Partner and Principal Consultant of CSA
Global (UK) Limited, and the QP for the Mineral Reserve estimate is
Andrew Sharp, B.Eng. (Mining), P.Eng. (BC), FAusIMM, Director
Mining Engineering of CSA Global. Both Galen White and Andrew Sharp
are Qualified Persons as defined under NI 43-101, and are
independent of the Company.
Ross Overall, Corporate Mineral Resource
Manager, of the Company, who is a QP, as defined under NI 43-101,
has reviewed and approved the contents of this news release.
Concurrently with this news release, DPM has
filed a technical report entitled “NI 43-101 Technical Report and
Mineral Reserve Update, Chelopech Mine – Chelopech, Bulgaria” with
an effective date of March 31, 2022 (the “Chelopech Technical
Report”).
The Chelopech Technical Report was prepared in
accordance with NI 43-101 and is available on SEDAR at
www.sedar.com. Readers are encouraged to read the Chelopech
Technical Report in its entirety, including all qualifications,
assumptions, exclusions and risks that relate to the Mineral
Resource, Mineral Reserve and LOM. The Chelopech Technical Report
is intended to be read as a whole and sections should not be read
or relied upon out of context.
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
growth 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 RaePresident and Chief
Executive OfficerTel: (416) 365-5092drae@dundeeprecious.com
Jennifer CameronDirector,
Investor RelationsTel: (416)
219-6177jcameron@dundeeprecious.com
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 news release relate to, among other things; the estimation
of Mineral Reserves and Mineral Resources and the realization of
such mineral estimates; the LOM; production, processing and
recoveries forecasts; financial metrics, including those set out in
the three-year outlook provided by the Company; and success of
exploration activities, the price of gold, copper, and silver, and
other commodities; and the Strategic Optimization. Forward Looking
Statements are based on certain key assumptions and the opinions
and estimates of management and the QPs, 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, risks relating to the
Company’s business, including possible variations in ore grade and
recovery rates; uncertainties inherent to the conclusions of
economic evaluations and economic studies; changes in project
parameters, including schedule and budget, as plans continue to be
refined; uncertainties with respect to actual results of current
exploration activities; uncertainties and risks inherent to
developing and commissioning new mines into production, which may
be subject to unforeseen delays; uncertainties inherent to the
estimation of Mineral Reserves and Mineral Resources, which may not
be fully realized; 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; the impact of the conflict in Ukraine and
COVID-19, including resulting changes to the Company’s supply chain
and costs of supplies; product shortages; delivery and shipping
issues; closures and/or failure of plant, equipment or processes to
operate as anticipated; employees and contractors become infected
with COVID-19 or being affected by the conflict; lost work hours;
labour force shortages; fluctuations in metal and acid prices, toll
rates and foreign exchange rates; limitation on insurance coverage;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing or in the
completion of development or construction activities; actual
results of current and planned reclamation activities; opposition
by social and non-government organizations to mining projects and
smelting operations; unanticipated title disputes; claims or
litigation; cyber attacks and other cybersecurity risks; as well as
those risk factors discussed or referred to in any other documents
(including without limitation the Chelopech Technical Report and
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.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.
Cautionary Note to United States
Investors Concerning Estimates of Mineral Reserves and Mineral
Resources
The Mineral Reserve and Mineral Resource
estimates presented in this news release have been prepared in
accordance with the requirements of Canadian securities laws, which
differ from the requirements of United States securities laws.
Canadian reporting requirements for disclosure of mineral
properties are governed by NI 43-101.
The United States Securities and Exchange
Commission (“SEC”) adopted amendments to its disclosure rules to
modernize the mineral property disclosure requirements for issuers
whose securities are registered with the SEC under the Securities
Exchange Act of 1934, as amended. These amendments became effective
February 25, 2019 (the “SEC Modernization Rules”) with compliance
required for the first fiscal year beginning on or after January 1,
2021. The SEC Modernization Rules replace the historical disclosure
requirements for mining issuers that were included in SEC Industry
Guide 7. As a result of the adoption of the SEC Modernization
Rules, the SEC now recognizes estimates of “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources”. In addition, the SEC has amended its definitions of
“proven mineral reserves” and “probable mineral reserves” to be
“substantially similar” to the corresponding Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”) – Definition Standards
adopted by CIM Council on May 10, 2014 (the “CIM Definition
Standards”), incorporated by reference in NI 43-101.
Readers are cautioned that while the above terms
are “substantially similar” to the corresponding CIM Definition
Standards, there are differences in the definitions under the SEC
Modernization Rules and the CIM Definition Standards. Accordingly,
there is no assurance any Mineral Reserves or Mineral Resources
that the Company may report as “proven mineral reserves”, “probable
mineral reserves”, “measured mineral resources”, “indicated mineral
resources” and “inferred mineral resources” under NI 43-101 would
be the same had the Company prepared the reserve or resource
estimates under the standards adopted under the SEC Modernization
Rules.
Readers are also cautioned that while the SEC
will now recognize “measured mineral resources”, “indicated mineral
resources” and “inferred mineral resources”, it should not be
assumed that any part or all of the mineralization in these
categories will ever be converted into a higher category of Mineral
Resources or into Mineral Reserves. Mineralization described using
these terms has a greater amount of uncertainty as to their
existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, readers are cautioned not
to assume that any “measured mineral resources”, “indicated mineral
resources” or “inferred mineral resources” that the Company reports
are or will be economically or legally mineable. Further, “inferred
mineral resources” have a greater amount of uncertainty as to their
existence and as to whether they can be mined legally or
economically. Therefore, readers are also cautioned not to assume
that all or any part of the “inferred mineral resources” exist. In
accordance with Canadian securities laws, estimates of “inferred
mineral resources” cannot form the basis of feasibility or other
economic studies, except in limited circumstances where permitted
under NI 43-101.
For the above reasons, information contained in
this news release containing descriptions of the Company’s mineral
deposits may not be comparable to similar information made public
by United States companies subject to the reporting and disclosure
requirements under the United States federal securities laws and
the rules and regulations thereunder.
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