Toronto, October 9, 2020 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) announced preliminary production results from both of its mines in Bulgaria and the Tsumeb smelter for the three and nine months ended September 30, 2020. As a result of strong operational performance year-to-date, DPM remains on track to meet its previously issued guidance for 2020 at each of its operations and is tracking to the higher end of its 2020 guidance for gold production.
“Our operations continue to perform extremely well and delivered another strong quarter of production in the third quarter,” said David Rae, President and CEO. “Our impressive performance year-to-date reflects outstanding efforts at all of our sites to proactively manage the challenges of the COVID-19 pandemic.”
Preliminary Production Results
Preliminary results for the third quarter and first nine months of 2020 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)
Chelopech 558.4 49.8 9.2 37.9 7.6 -
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Ada Tepe continues to deliver impressive performance, producing 30,000 gold ounces in the third quarter. Production was higher than planned as a result of higher gold grade and higher volumes of ore treated.
Chelopech continued its consistent track record in the third quarter, producing approximately 49,800 ounces of gold and 9.2 million pounds of copper. Gold production was as expected with higher recoveries to pyrite concentrate and copper production was in-line with plan.
As a result of strong operational performance year-to-date at both operations, DPM is on track to achieve the higher end of its 2020 guidance for gold production.
The Tsumeb smelter processed 55,900 tonnes of complex concentrate smelted in the third quarter. This reflects 15 days of scheduled maintenance during the quarter, which was primarily related to the replacement of certain equipment in the offgas system. No additional significant maintenance is planned prior to the Ausmelt furnace reline, which is currently scheduled to occur in the first quarter of 2021. Complex concentrate smelted for the year is expected to be in-line with previously issued 2020 guidance.
To date, DPM has not experienced any material disruptions to its operations as a result of the COVID-19 pandemic. The Company continues to effectively manage the COVID-19 pandemic, prioritizing the health and safety of its workforce and host communities and ensuring security of its inbound and outbound supply chains.
As previously announced in July 2020, DPM will pay a quarterly dividend of US$0.02 per share on October 15, 2020 to shareholders of record as at 5:00 p.m. Toronto local time on September 30, 2020.
Third Quarter 2020 Operating and Financial Results
The Company plans to release its third quarter 2020 operating and financial results after market close on Thursday, November 12, 2020. The news release, MD&A and consolidated financial statements will be posted on SEDAR at www.sedar.com and on the Company’s website at www.dundeeprecious.com.
On Friday, November 13, 2020 at 9:00 a.m. Toronto local time, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. Participants are encouraged to dial into the call 15 minutes before its scheduled start time or to join via the audio webcast to reduce hold time in advance of the call.
The call-in numbers and webcast details are as follows: Date and Time
Friday, November 13, 2020
9:00 Toronto local time Webcast link