Dundee Precious Metals Inc. (TSX: DPM) 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:

(1)   As disclosed in Management’s Discussion and Analysis 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

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.

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.