Dundee Precious Metals Inc. (TSX: DPM) announced preliminary production results for the three and six months ended June 30, 2024.

“We continue to deliver strong, consistent results from our operations, with gold and copper production increasing in the second quarter as planned,” said David Rae, President and Chief Executive Officer. “With both mines on track to achieve our 2024 guidance targets, we are well-positioned to continue our strong operating track record.”

Production Highlights

Preliminary results for the second quarter and first half of 2024 are provided in the table below:

Operational Highlights

Chelopech produced approximately 43.7 thousand ounces of gold and 7.9 million pounds of copper in the second quarter. Gold production was slightly higher than expected as a result of better recoveries, while copper production was slightly below plan due to lower-than-expected copper grades. As per the mine plan, the Company continues to expect higher grades over the balance of the year, and Chelopech is on-track to achieve its 2024 guidance targets for gold and copper production.

Ada Tepe produced 23.9 thousand ounces of gold in the second quarter, in-line with expectations.

Discontinued Operations

In March 2024, DPM announced that it had entered into a definitive share purchase agreement with a subsidiary of Sinomine Resource Group Co. Ltd. for the sale of its interest in the Tsumeb smelter in Namibia. The transaction is expected to close in the third quarter of 2024.

During the second quarter of 2024, the Tsumeb smelter processed approximately 52.9 thousand tonnes of complex concentrate.

Return of Capital to Shareholders

DPM continues to return capital to shareholders through a sustainable quarterly dividend and share repurchases under its normal course issue bid.

During the second quarter, DPM repurchased 2,074,200 common shares at an average price of US$7.96 (Cdn$10.90) per share for a total of approximately US$16.5 million. Year-to-date, the Company has repurchased approximately 2,327,011 common shares at an average price of US$7.90 (Cdn$10.80) per share for a total of approximately US$18.4 million.

As previously announced in May 2024, DPM will pay a quarterly dividend of US$0.04 per share on July 15, 2024, to shareholders of record on June 30, 2024.

Timing of Second Quarter 2024 Financial Results

The Company plans to release its second quarter 2024 operating and financial results after market close on Thursday, August 1, 2024. The news release, MD&A and condensed interim consolidated financial statements will be posted on SEDAR at www.sedarplus.ca and on the Company’s website at 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, 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.