Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
“the Company”) today announced preliminary gold and copper
production results for the three and nine months ended September
30, 2024.
“Chelopech continued to deliver strong results,
consistent with its long track record. Gold production at Ada Tepe
was impacted by temporary operational challenges during the
quarter, which have now been resolved,” said David Rae, President
and Chief Executive Officer. “With strong year-to-date results and
production expected to increase in the fourth quarter, both mines
are on track to achieve 2024 guidance.”
Production Highlights
Preliminary results for the third quarter and
nine months of 2024 are provided in the table below:
|
Ore processed |
Metals contained in concentrate produced |
Payable metals in concentrate sold |
|
(Kt) |
Gold(K oz.) |
Copper(Mlbs.) |
Gold(K oz.) |
Copper(Mlbs.) |
Q3 2024 |
|
|
|
|
|
Chelopech |
512.8 |
43.9 |
7.3 |
37.7 |
6.5 |
Ada Tepe |
198.3 |
16.2 |
– |
15.5 |
– |
Consolidated |
711.1 |
60.1 |
7.3 |
53.2 |
6.5 |
First nine months of 2024 |
|
|
|
|
|
Chelopech |
1,592.9 |
125.1 |
21.9 |
105.1 |
18.4 |
Ada Tepe |
574.9 |
65.3 |
– |
64.1 |
– |
Consolidated |
2,167.8 |
190.4 |
21.9 |
169.2 |
18.4 |
2024 full-year
guidance(1) |
|
|
|
|
|
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 quarter ended June 30
2024, issued on August 1, 2024, available at www.sedarplus.ca and
at www.dundeeprecious.com.
Operational Highlights
Chelopech produced approximately 43,900 ounces
of gold and 7.3 million pounds of copper in the third quarter. Gold
production was in-line with expectations, while copper production
was slightly lower than planned. Chelopech is on-track to achieve
its 2024 guidance targets for gold and copper production.
Ada Tepe produced approximately 16,200 ounces of
gold in the third quarter, which was lower than planned. This was a
result of lower than expected grades, recoveries and fleet
availability, as well as low rainfall in the region during the
quarter. DPM anticipates increased production in the fourth quarter
as mining has transitioned to an area of the pit with higher grades
and recoveries, and challenges affecting fleet availability have
been resolved based on root cause analysis and recent performance.
Ada Tepe remains on track to achieve its guidance for gold
production.
Return of Capital to
Shareholders
DPM continues to return capital to shareholders
through a sustainable quarterly dividend and share repurchases
under its normal course issuer bid.
During the third quarter, DPM repurchased
1,072,500 common shares at an average price of US$9.25 (Cdn$12.57)
per share for a total of approximately US$9.9 million.
Year-to-date, the Company has repurchased 3,399,511 common shares
at an average price of US$8.32 (Cdn$11.36) per share for a total of
approximately US$28.3 million.
As previously announced in August 2024, DPM will
pay a quarterly dividend of US$0.04 per share on October 15, 2024,
to shareholders of record as at September 30, 2024.
Timing of Third Quarter 2024 Financial
Results
The Company plans to release its third quarter
2024 operating and financial results after market close on Tuesday,
November 5, 2024. The news release, MD&A and condensed interim
consolidated financial statements will be posted on
www.sedarplus.ca and www.dundeeprecious.com.
On Wednesday, November 6, 2024, 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 6, 2024 – 9 AM EST |
Call registration |
https://register.vevent.com/register/BIac23bda751e7458f8d6d9286815e87cf |
Webcast link |
https://edge.media-server.com/mmc/p/otfiyh29 |
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, 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 RaePresident and Chief Executive OfficerTel:
(416) 365-5191investor.info@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: anticipated
results of production in the third 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;
anticipated results of production at the Company’s operating mines
in the fourth quarter of 2024; 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 September 30, 2024; the intention of the Company to continue
to re-purchase common shares under the normal course issuer bid;
and the anticipated timing for the release of the Company’s
financial and operational results for the third 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
different from any other future results, performance or
achievements expressed or implied by the Forward Looking
Statements. 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; 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.
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