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.
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 complex 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.
Conference call date and time |
Wednesday, November 8, 20239AM 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 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 press release relate 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 such 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 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, including 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 mine 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.
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