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Dundee Precious Metals Delivers Strong First Quarter Gold Production; Announces Timing of First Quarter Financial Results

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Dundee Precious Metals Delivers Strong First Quarter Gold Production; Announces Timing of First Quarter Financial Results

 

 

 

 

 

Dundee Precious Metals Inc. (TSX: DPM) announced preliminary production results from both of its mines for the three months ended March 31, 2024.

 

“The first quarter was a solid start to the year, with continued strong performance at Chelopech and Ada Tepe,” said David Rae, President and Chief Executive Officer. “Gold production was in line with our expectations and both mines are on track to achieve 2024 guidance.”

 

Production Highlights

 

Preliminary results from continuing operations for the first quarter are provided in the table below:

 

  Ore processed Metals contained in concentrate produced Payable metals in concentrate sold
  (Kt) Gold (Koz.) Copper (Mlbs.) Gold (Koz.) Copper (Mlbs.)
Q1 2024          
Chelopech 521.1 37.5 6.7 29.6 5.5
Ada Tepe 180.1 25.2 25.6
Consolidated 701.2 62.7 6.7 55.2 5.5
2024 full-year guidance1          
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 year ended December 31, 2023, issued on February 14, 2024 and available at www.sedarplus.ca and at www.dundeeprecious.com.

 

Operating Highlights

 

Chelopech produced approximately 37.5 Koz. of gold and 6.7 Mlbs. of copper during the first quarter. Gold production was in line with expectations while copper production was slightly lower than planned due to lower copper grades. Chelopech is on-track to achieve its production guidance for 2024.

 

Ada Tepe produced approximately 25.2 Koz. of gold in the first quarter, in line with expectations. Ada Tepe is on-track to achieve its production guidance for 2024.

 

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, including all assets and liabilities, for consideration of US$49 million in cash. In addition, pursuant to the SPA, DPM is entitled to be paid all cash collected from IXM S.A. with respect to a positive balance in metals exposure outstanding at Tsumeb. The transaction is expected to close in Q3 2024.

 

During the first quarter of 2024, the Tsumeb smelter processed approximately 54,800 tonnes of complex concentrate.

 

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 February 2024, DPM will pay a quarterly dividend of US$0.04 per share on April 15, 2024, to shareholders of record on March 31, 2024.

 

DPM renewed its NCIB in March 2024 and is able to repurchase up to 15.5 million common shares, representing approximately 9.8% of the public float as of March 6, 2024, over a period of twelve months which commenced on March 18, 2024, and terminates on March 17, 2025.

 

During the first quarter of 2024, DPM repurchased approximately 252,800 common shares at an average price of US$7.37 (Cdn$9.94) per share for a total of approximately US$1.9 million.

 

Timing of First Quarter 2024 Operating and Financial Results

 

The Company plans to release its first quarter 2024 operating and financial results after market close on Tuesday, May 7, 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.

 

Posted April 9, 2024

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