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Dundee Precious Metals Achieves 2023 Gold Production Guidance; Announces Timing of Q4/23 Financial Results

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Dundee Precious Metals Achieves 2023 Gold Production Guidance; Announces Timing of Q4/23 Financial Results

 

 

 

 

 

Dundee Precious Metals Inc. (TSX: DPM) announced preliminary production results from both of its mines in Bulgaria and the Tsumeb smelter in Namibia for the three and twelve months ended December 31, 2023.

 

“Our mining operations continue to deliver strong results, with Ada Tepe achieving record gold production and Chelopech achieving its annual guidance for gold and copper production,” said David Rae, President and Chief Executive Officer of Dundee Precious Metals. “We also continued our track record of strong sustainability performance, ranking in the 91st percentile among mining and metals companies in the 2023 S&P Global corporate Sustainability Assessment for the third consecutive year.”

 

“In December 2023, we announced the acquisition of Osino Resources, which adds the advanced stage, multi-million ounce Twin Hills project in Namibia to our portfolio, and declared a maiden Mineral Resource estimate at our Čoka Rakita project in Serbia, which further positions DPM as an intermediate gold producer with a growth pipeline supported by two new high-quality gold discoveries.”

 

Preliminary Production Results

 

Preliminary results for the fourth quarter and full-year 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)
Q4 2023            
Chelopech 564.8 41.9 8.2 36.3 7.0
Ada Tepe 170.7 35.2 33.3
Tsumeb 67.9
Consolidated 735.5 77.1 8.2 69.6 7.0 67.9
Full-Year 2023            
Chelopech 2,205.1 161.9 30.5 135.9 26.7
Ada Tepe 747.6 134.2 129.9
Tsumeb 188.8
Consolidated 2,952.7 296.1 30.5 265.8 26.7 188.9
2023 full-year guidance1 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 period ended September 30, 2023, issued on
    November 7, 2023 and available at www.dundeeprecious.com and www.sedarplus.ca.

 

Operating Highlights

 

Ada Tepe continued to deliver impressive operating performance, producing a record 35,200 ounces of gold during the fourth quarter. In 2023, Ada Tepe produced 134,200 ounces of gold, achieving a new record for annual gold production and its annual gold production guidance.

 

In the fourth quarter, Chelopech produced approximately 41,900 ounces of gold and 8.2 million pounds of copper, in-line with expectations. In 2023, Chelopech produced approximately 161,900 ounces of gold and 30.5 million pounds of copper, within its annual guidance for gold and copper production. In November 2023, DPM announced a mine life extension to 2032, an optimized life of mine plan, and updated Mineral Resource and Mineral Reserve estimate for the Chelopech mine. The updated LOM adds approximately 128,000 ounces of recovered gold and 9 million pounds of recovered copper between 2024 and 2032. During this period, LOM gold grade and copper grades increased by 5% and 3%, respectively, and recoveries for gold increased by 5%.1

 

The Tsumeb smelter processed approximately 67,900 tonnes of complex concentrate during the fourth quarter, achieving near record-level performance. Tsumeb’s improved operating performance reflects the successful completion of maintenance activities in the off-gas system, which were undertaken in the third quarter during the Ausmelt furnace shutdown. In 2023, Tsumeb processed approximately 188,800 tonnes of complex concentrate, below the annual guidance range a result of unplanned downtime and the Ausmelt furnace maintenance, which was extended in order to complete repairs to the off-gas system, as previously reported.

 

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.

 

As previously announced in November 2023, DPM will pay a quarterly dividend of US$0.04 per share on January 15, 2024, to shareholders of record as at 5:00 p.m. Toronto local time on December 31, 2023.

 

During the fourth quarter, DPM repurchased approximately 1,306,192 common shares at an average price of US$6.21 (Cdn$8.62) per share for a total of approximately US$8.1 million. In 2023, DPM repurchased a total of 9,738,063 common shares at an average price of US$6.74 (Cdn$9.10) per share for a total value of approximately US$65.6 million.

 

Technical Information

 

The technical and scientific information in this press release has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), Director, Corporate Technical Services of DPM, who is a Qualified Person as defined under National Instrument 43-101, and not independent of the Company.

 

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.

 

Posted January 9, 2024

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