(All monetary figures are expressed in U.S. dollars unless otherwise stated)

TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) today announced its operating and financial results for the fourth quarter and twelve months ending December 31, 2020.

Annual Financial and Operating Highlights:
Record gold production – Strong operating performance continued in the fourth quarter and contributed to record gold annual production of 298,289 ounces, at the top end of 2020 guidance. Copper production of 35.6 million pounds was in line with 2020 guidance;
Solid smelter performance – Achieved throughput of 231,890 tonnes at Tsumeb, in line with 2020 guidance;
Strong cost performance at all operations – Cost of sales of $330.9 million, up $36.4 million from 2019 reflecting a full year of operation at Ada Tepe. Reported an all-in sustaining cost per ounce of gold(1) of $654, below the original 2020 guidance, and a cash cost per tonne of complex concentrate smelted(1) of $377, at the lower end of 2020 guidance;
Strong cash flow generation – Generated $197.0 million in cash flow from operating activities and a record $211.4 million of free cash flow(1);
Growing earnings – Reported record net earnings attributable to common shareholders from continuing operations of $199.1 million, reflecting strong gold production combined with higher gold prices. Reported record adjusted net earnings(1) of $193.4 million or $1.07 per share;
Increased dividend by 50% – Quarterly dividend was increased to $0.03 per share in December 2020, reflecting strong free cash flow generation. 2020 declared dividends totalled $0.09 per share;
Strengthened financial position – Ended the year with $149.5 million in cash, an investment portfolio of $106.6 million and no debt; and
Optimized 2021 guidance and three-year outlook – Detailed 2021 guidance and updated three-year outlook highlight the Company’s strong gold production profile, attractive all-in sustaining costs, and sustaining capital expenditures that are trending lower.

“In 2020, DPM’s continued strong operational performance delivered record gold production and generated $211 million of free cash flow. I am particularly proud of our accomplishments this year as we delivered exceptional results while adapting to the challenges of the COVID-19 pandemic and prioritizing the health and safety of our workforce and local communities,” said David Rae, President and Chief Executive Officer.

“Tragically, as previously reported, there was a fatality at Tsumeb in November, which overshadows what was otherwise an exceptional year. The safety and well-being of our people is our highest priority, and we are focused on applying what we have learned from this incident across the organization to ensure every employee arrives home safely each day.

“Our solid three-year outlook for gold production and attractive all-in sustaining costs, combined with our financial strength and significant free cash flow generation, position us well to continue delivering strong returns for our shareholders. Free cash flow in 2021 is expected to be positively impacted following the 2020 delivery of all remaining ounces under our prepaid forward gold sales arrangement.”

Key Financial and Operational Highlights
$ millions, except where noted Ended December 31, Three Months Twelve Months 2020 2019 2020 2019
Revenue(1) 151.8 135.4 609.6 404.4
Cost of sales(1) 81.1 95.2 330.9 294.5
Earnings (loss) before income taxes(1) 52.6 (85.6 ) 217.9 (53.6 )
Net earnings (loss) attributable to common shareholders from continuing operations 50.2 (90.4 ) 199.1 (66.6 )
Net earnings (loss) attributable to common shareholders 50.3 (92.7 ) 196.0 (70.9 )
Basic earnings (loss) per share from continuing operations 0.28 (0.51 ) 1.10 (0.38 )
Basic earnings (loss) per share 0.28 (0.52 ) 1.08 (0.40 )
Adjusted EBITDA(1),(2) 74.8 54.5 319.3 140.4
Adjusted net earnings(1),(2) 47.0 16.2 193.4 36.5
Adjusted basic earnings per share(1),(2) 0.26 0.09 1.07 0.20
Cash provided from operating activities(1) 70.5 50.7 197.0 96.9
Free cash flow(1),(2) 39.3 11.7 211.4 69.6
Metals contained in concentrate produced:
Gold
(ounces)

Chelopech 38,020 42,963 179,562 173,399
Ada Tepe 26,097 26,528 118,727 57,193
Total gold in concentrate produced 64,117 69,491 298,289 230,592
Copper
(‘000s pounds)
7,659 10,031 35,642 37,250
Silver
(ounces
) 48,098 57,783 204,657 180,370
Payable metals in concentrate sold:

Gold
(ounces)

Chelopech 37,399 40,168 150,764 149,205
Ada Tepe 25,169 38,941 120,070 49,035
Total payable gold in concentrate sold 62,568 79,109 270,834 198,240
Copper
(‘000s pounds)
7,766 11,060 33,389 34,131
Silver
(ounces)
45,542 64,212 186,056 156,159
Cash cost per tonne of ore processed(2):
Chelopech 41.78 39.88 38.42 36.30
Ada Tepe 42.17 49.04 40.07 49.29
All-in sustaining cost per ounce of gold(2) 651 679 654 725
Complex concentrate smelted at Tsumeb
(tonnes)
52,484 48,614 231,890 215,289
Cash cost per tonne of complex concentrate smelted at Tsumeb(2) 406 465 377 421


1)
Information relates to continuing operations.

2)
Adjusted EBITDA; adjusted net earnings; adjusted basic earnings per share; free cash flow; cash cost per tonne of ore processed; all-in sustaining cost per ounce of gold; and cash cost per tonne of complex concentrate smelted at Tsumeb are not defined measures under International Financial Reporting Standards (“IFRS”). Refer to the “Non-GAAP Financial Measures” section of the Management’s Discussion and Analysis for the three and twelve months ended December 31, 2020 (the “MD&A”) for more details, including reconciliations to IFRS measures.


Fourth Quarter and Annual Operating Highlights

In the fourth quarter of 2020, Ada Tepe delivered impressive performance, while Chelopech continued its consistent track record, with both operations producing in-line with plan. Tsumeb’s performance reflects a 4-day interruption due to a fatality in the fourth quarter of 2020 as well as maintenance activities in the converter area of the facility.

For the full year, DPM met or exceeded production guidance at each of its operations, with total gold production for the year being at the high end of the Company’s 2020 guidance range. DPM also achieved record earnings and cash flow in 2020, reflecting strong operating performance at all operations combined with higher gold prices.

Net Earnings and Adjusted Net Earnings

Net earnings attributable to common shareholders were $50.3 million ($0.28 per share) and $196.0 million ($1.08 per share) for the fourth quarter and twelve months of 2020, respectively, compared to a net loss attributable to common shareholders of $92.7 million ($0.52 per share) and $70.9 million ($0.40 per share) for the same periods in 2019, which were impacted by a $107.0 million impairment charge at Tsumeb taken in the fourth quarter of 2019.

Net earnings attributable to common shareholders from continuing operations in the fourth quarter and twelve months of 2020 were $50.2 million ($0.28 per share) and $199.1 million ($1.10 per share), respectively, compared to a net loss attributable to common shareholders from continuing operations of $90.4 million ($0.51 per share) and $66.6 million ($0.38 per share) in the corresponding periods in 2019.

Net earnings (loss) attributable to common shareholders in the fourth quarter and twelve months of 2020 and 2019 were impacted by several items not reflective of the Company’s underlying operating performance, most notably an impairment charge of $107.0 million in respect of Tsumeb, which was taken in the fourth quarter of 2019, and net gains on Sabina Gold and Silver Corp. (“Sabina”) special warrants in 2020 and 2019, which are excluded from adjusted net earnings from continuing operations.

Adjusted net earnings from continuing operations in the fourth quarter of 2020 were $47.0 million ($0.26 per share) compared to $16.2 million ($0.09 per share) for the corresponding period in 2019. This increase was due primarily to higher realized gold and copper prices, higher estimated metal recoveries and volumes of complex concentrate smelted at Tsumeb, and lower treatment charges for Chelopech, partially offset by the timing of concentrate deliveries at Ada Tepe and Chelopech in the fourth quarter of 2019.

Adjusted net earnings from continuing operations in 2020 were $193.4 million ($1.07 per share) compared to $36.5 million ($0.20 per share) in 2019. This increase was due primarily to higher volumes of gold sold as a result of a full year of production at Ada Tepe, higher realized gold prices, higher volumes of complex concentrate smelted at Tsumeb and the impact of a stronger U.S. dollar relative to the South African Rand (“ZAR”).

Adjusted EBITDA from Continuing Operations

Adjusted EBITDA(1) in the fourth quarter of 2020 was $74.8 compared to $54.5 million in the corresponding period in 2019, reflecting higher realized gold and copper prices, higher estimated metal recoveries and volumes of complex concentrate smelted at Tsumeb, and lower treatment charges for Chelopech, partially offset by the timing of concentrate deliveries at Ada Tepe and Chelopech in the fourth quarter of 2019.

Adjusted EBITDA in 2020 was $319.3 million compared to $140.4 million in 2019 due primarily to higher volumes of gold sold reflecting a full year of production at Ada Tepe, higher realized gold prices, higher volumes of complex concentrate smelted at Tsumeb and the impact of a stronger U.S. dollar relative to the ZAR.

Production, Delivery and Cost Measures

Gold contained in concentrate produced in the fourth quarter of 2020 decreased by 8% to 64,117 ounces, relative to the corresponding period in 2019, due primarily to lower gold production at Chelopech as a result of lower gold grades and recoveries. Copper production in the fourth quarter of 2020 decreased by 24% to 7.6 million pounds, relative to the corresponding period in 2019, due primarily to lower copper grades, in line with the mine plan, and lower recoveries.

Gold contained in concentrate produced in 2020 increased by 29% to 298,289 ounces, relative to the corresponding period in 2019, due primarily to additional production from Ada Tepe following the achievement of commercial production in June 2019 and ramp-up to full design capacity in the third quarter of 2019 and higher gold grades at Chelopech. Copper production in 2020 decreased by 4% to 35.6 million pounds, relative to the corresponding period in 2019, due primarily to lower copper recoveries.

Payable gold in concentrate sold in the fourth quarter of 2020 decreased by 21% to 62,568 ounces, relative to the corresponding period in 2019, due primarily to the timing of concentrate deliveries from Ada Tepe and Chelopech in the fourth quarter of 2019. Payable copper in concentrate sold in the fourth quarter of 2020 of 7.8 million pounds was 30% lower than the corresponding period in 2019 due primarily to the timing of gold-copper concentrate deliveries.

Payable gold in concentrate sold in 2020 increased by 37% to 270,834 ounces, relative to 2019, due primarily to additional production and deliveries from Ada Tepe. Payable copper in concentrate sold in 2020 of 33.4 million pounds was comparable to 2019.

Complex concentrate smelted during the fourth quarter of 2020 of 52,484 tonnes was 8% higher than the corresponding period in 2019 due primarily to a 30-day maintenance shutdown that took place in the fourth quarter of 2019 compared to a 4-day interruption due to a fatality in the fourth quarter of 2020, partially offset by operational challenges with the offgas system and reduced converter campaign life in the period. Complex concentrate smelted in 2020 of 231,890 tonnes was 8% higher than 2019 due primarily to a 30-day maintenance shutdown in 2019 and steadier operations in 2020. As a result of COVID-19, throughput in 2020 was impacted by a 30-day curtailment in April in response to a government directive aimed at limiting staffing levels.

A table comparing production, delivery and cash cost measures for the fourth quarter and twelve months of 2020 against 2020 guidance can be found on page 12 of this news release. 2020 gold production of 298,289 ounces was at the upper end of 2020 guidance, while gold sold of 270,834 ounces exceeded 2020 guidance. All cash cost measures either met or exceeded 2020 guidance.

Cost of sales in the fourth quarter of 2020 of $81.1 million was $14.1 million lower than the corresponding period in 2019 due primarily to lower deliveries of concentrate and lower depreciation at Tsumeb as a result of an impairment charge taken in the fourth quarter of 2019.

Cost of sales in 2020 of $330.9 million was $36.4 million higher than 2019 due primarily to increased deliveries of concentrate from Ada Tepe following the start of commercial production in June 2019. This was partially offset by the impact of a stronger U.S. dollar relative to the ZAR and lower depreciation at Tsumeb.

All-in sustaining cost per ounce of gold in the fourth quarter of 2020 of $651 was 4% lower than the corresponding period in 2019 due primarily to lower treatment charges for Chelopech, partially offset by lower by-product credits and a higher cost per ounce of gold as a result of lower gold grades.

All-in sustaining cost per ounce of gold in 2020 of $654 was 10% lower than 2019 due primarily to low cost production from Ada Tepe, partially offset by higher general and administrative expenses as a result of higher share-based compensation reflecting strong share price performance, and higher cash outflows for sustaining capital expenditures, reflecting a full year of operation as well as the work related to grade control drilling at Ada Tepe.

Cash cost per tonne of complex concentrate smelted in the fourth quarter and twelve months of 2020 of $406 and $377, respectively, was 13% and 10% lower than the corresponding periods in 2019 due primarily to higher volumes of complex concentrate smelted, the impact of a weaker ZAR relative to the U.S. dollar and higher acid deliveries, partially offset by lower acid prices.

Cash Provided from Operating Activities of Continuing Operations

Cash provided from operating activities in the fourth quarter of 2020 of $70.5 million was $19.8 million higher than the corresponding period in 2019 due primarily to higher realized gold and copper prices, which was partially offset by lower volumes of payable metals in concentrate sold as a result of the timing of concentrate deliveries in the fourth quarter of 2019.

Cash provided from operating activities in 2020 was $197.0 million compared to $96.9 million in 2019 and does not fully reflect the significant increase in earnings in 2020 as a result of an increase in non-cash working capital of $51.6 million due primarily to longer settlement terms on Ada Tepe sales, increased deliveries and higher gold prices.

In addition, during the fourth quarter and twelve months of 2020, Ada Tepe delivered 6,993 ounces and 34,087 ounces of gold, respectively, pursuant to a prepaid forward gold sales arrangement resulting in $9.6 million and $46.7 million of deferred revenue being recognized in revenue during the fourth quarter and twelve months of 2020, respectively, with no corresponding impact on cash as these deliveries were in partial satisfaction of the $50.0 million of upfront proceeds received in 2016. In December 2020, the Company completed its final delivery of gold under this arrangement.

For a detailed discussion on the factors affecting cash provided from operating activities, refer to the “Liquidity and Capital Resources” section contained in the MD&A.

Free Cash Flow from Continuing Operations

Free cash flow in the fourth quarter of 2020 was $39.3 million compared to $11.7 million in the corresponding period in 2019. This increase was due primarily to higher realized gold and copper prices, the impact of a stronger U.S. dollar relative to the ZAR and lower cash outlays for sustaining capital expenditures, partially offset by lower volumes of payable metals in concentrate sold as a result of the timing of deliveries in the fourth quarter of 2019.

Free cash flow in 2020 was $211.4 million compared to $69.6 million in 2019. This significant increase was due primarily to higher realized gold prices, additional deliveries from Ada Tepe reflecting a full year of production, the impact of a stronger U.S. dollar relative to the ZAR and lower cash outlays for sustaining capital expenditures, partially offset by the impact of the prepaid forward gold sales arrangement, the final delivery for which was completed in December 2020.

Capital expenditures from Continuing Operations

Capital expenditures incurred during the fourth quarter and twelve months of 2020 were $15.7 million and $49.3 million, respectively, compared to $20.1 million and $73.7 million in the corresponding periods in 2019.

Growth capital expenditures(1) incurred during the fourth quarter and twelve months of 2020 were $3.4 million and $8.5 million, respectively, compared to $1.5 million and $36.5 million in the corresponding periods in 2019. The year-over-year decrease was related principally to the construction of the Ada Tepe gold mine, which was completed in 2019.

Sustaining capital expenditures(1) incurred during the fourth quarter and twelve months of 2020 were $12.3 million and $40.8 million, respectively, compared to $18.6 million and $37.2 million in the corresponding periods in 2019. The quarter-over-quarter decrease was due primarily to spending related to the 30-day maintenance shutdown at Tsumeb in the fourth quarter of 2019. The year-over-year increase was due primarily to a full year of operation at Ada Tepe as well as the acceleration of the grade control drilling program, partially offset by reduced spending at Tsumeb with no extended maintenance shutdown in 2020.

Timok Gold Project, Serbia (the “Timok gold project”)

The Company advanced the pre-feasibility study (“PFS”) for the Timok gold project in the fourth quarter of 2020 and expects to release the results in the first quarter of 2021. As previously announced, the PFS will now focus on the oxide portion of the Mineral Resource. Additional potential upside from the sulphide portion of the Mineral Resource will require additional variability testwork and will be considered as part of a potential feasibility study (“FS”).

Exploration

At the West Shaft prospect, located approximately one kilometre south-west of the Chelopech mine, an intensive diamond drilling exploration program began in the second half of 2020. The target represents an extension of the Chelopech hydrothermal system, trending generally east-west. Delineation and extension of the main controlling structures at depth and laterally are ongoing. Additionally, a second feeder structure has been inferred to the south and will be tested in early 2021.

Deep directional drilling is continuing at the Wedge prospect, with a focus on testing more conceptual targets. Additional resource delineation commenced in early 2021 and aims to support the Company’s plans to secure the rights to the Sveta Petka exploration license, by means of converting the license into a commercial discovery.

A significant extensional and infill drilling program began in the fourth quarter of 2020 at the Surnak and Synap prospects, which are located approximately 3 kilometres south-west of the Ada Tepe mine. As part of sustained efforts to support an extension of the Ada Tepe mine life, exploration will continue to focus on the delineation and optimization of near mine prospects during 2021.

A shallow oxide gold mineralization was identified in 2020 at the Chocolate prospect, 300 metres south east of the Timok gold project’s Bigar Hill deposit. Infill and target delineation drilling programs are ongoing and are planned to be completed in the first quarter of 2021. Furthermore, scout drilling commenced at the Coka Rakita prospect, designed to test the potential for epithermal and porphyry related gold mineralization. The drilling program aims to delineate additional Mineral Resources to further support the Timok Gold Project.

Financial Position and Liquidity

DPM ended the fourth quarter of 2020 with a cash position of $149.5 million, $106.6 million of investments, comprised primarily of its 9.4% interest in Sabina, 19.4% equity interest in INV Metals Inc. (“INV”) and 9.9% investment in Velocity Minerals Ltd. (“Velocity”), and $150.0 million of undrawn capacity under its RCF. In 2020, the Company completed all outstanding deliveries under its prepaid forward gold sales arrangement.

Capital Allocation and Declaration of Dividend

As part of its strategy, the Company adheres to a disciplined capital allocation framework that is based on three fundamental considerations – balance sheet strength, reinvestment in the business, and the return of capital to shareholders. With Ade Tepe contributing its first full year of production since its successful commissioning and ramp-up in 2019, 2020 marked the beginning of a period of significant free cash flow generation, which will be used to further strengthen DPM’s balance sheet, reinvest in the business, and return cash to shareholders by way of dividends.

On December 8, 2020, DPM declared a 50% increase to its quarterly dividend to $0.03 per common share, beginning with the dividend payable on January 15, 2021 to shareholders of record on December 31, 2020.

On February 11, 2021, the Company declared a quarterly dividend of $0.03 per common share payable on April 15, 2021 to shareholders of record on March 31, 2021.

The Company’s dividend has been set at a level that is considered to be sustainable based on the Company’s free cash flow outlook and is expected to allow the Company to build additional balance sheet strength to support further growth, a key element of DPM’s strategy. The declaration, amount and timing of any future dividend are at the sole discretion of the Board of Directors and will be assessed based on the Company’s capital allocation framework, having regard for the Company’s financial position, overall market conditions, and its outlook for sustainable free cash flow, capital requirements, and other factors considered relevant by the Board of Directors.

Response to Coronavirus (“COVID-19”)

To date, as a result of the proactive actions being taken within the regions in which we operate and by personnel at each of our sites, the Company has not experienced any material disruptions to its operations as a result of the COVID-19 pandemic. The Company’s Chelopech and Ada Tepe mines in Bulgaria continue to operate at full capacity and have not experienced any disruptions to their operations.

As previously reported, the Tsumeb smelter in Namibia curtailed its operations by shutting down ancillary plants for 30 days in April 2020 in response to a government directive to the natural resources sector aimed at limiting staffing levels. Full operations resumed in May with ongoing management of the number of employees and contractors working at site and continued observance of the COVID-19 controls that have been established across all sites.

DPM continues to engage with local communities and authorities in Bulgaria, Namibia and Serbia as they respond to the challenges of the pandemic. To date, the Company has contributed approximately $1.0 million to support numerous initiatives to benefit local communities. This financial support has focused on local hospitals to provide additional medical facilities, supplies, transportation and protective equipment.

(1) Adjusted net earnings, adjusted basic earnings per share, adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”), all-in sustaining cost per ounce of gold, cash cost per tonne of complex concentrate smelted at Tsumeb, free cash flow, and growth and sustaining capital expenditures are Non-GAAP measures and have no standardized meaning under IFRS. Presenting these measures from period to period helps management and investors evaluate earnings and cash flow trends more readily in comparison with results from prior periods. Refer to the “Non-GAAP Financial Measures” section of the MD&A for further discussion of these items, including reconciliations to IFRS measures.

Three-Year Outlook

DPM continues to focus on increasing the profitability of its business by optimizing existing operating assets, which are expected to maintain higher levels of gold production and declining all-in sustaining costs as highlighted in the 2021 to 2023 outlook and supplemental detailed 2021 guidance below.

2021 to 2023 Outlook

The outlook is based on historical performance and experience at DPM’s operations and is consistent with the production schedules outlined in the technical report for Chelopech entitled “NI 43-101 Technical Report - Mineral Resource and Reserve Update, Chelopech Mine, Chelopech, Bulgaria” dated March 30, 2020 (the “Chelopech Technical Report”), and the technical report for Ada Tepe entitled “NI 43-101 Technical Report – Mineral Reserve and Mineral Resource Update for the Ada Tepe Mine, Krumovgrad, Bulgaria” dated November 23, 2020 (the “Ada Tepe Technical Report”). For 2022 and 2023, all production and cost estimates do not yet incorporate any cost savings, operating performance improvements in respect of mine and smelter throughput and potential improvements to mine grades and recoveries. The Chelopech Technical Report and the Ada Tepe Technical Report have been filed on SEDAR (www.sedar.com) and are available on the Company’s website (www.dundeeprecious.com).

Highlights of three-year outlook include:
Continued solid gold production: Over the next three years, gold production is expected to average approximately 280,000 ounces per year. Gold production in 2021 is expected to range between 271,000 ounces and 317,000 ounces, which is higher than the previously provided 2021 outlook of 250,000 ounces to 295,000 ounces. Based on current mine plans, gold production is expected to range between 240,000 ounces and 280,000 ounces in 2022 and between 265,000 ounces and 310,000 ounces in 2023. The positive change in production profile in 2021 and 2022 relative to the previously provided outlook is consistent with the updated mine plan as per the Chelopech Technical Report and the Ada Tepe Technical Report.
Stable copper production: Copper production between 2021 and 2023 is expected to be approximately 35 million pounds per year, which is in line with 2020 production.
Attractive all-in sustaining cost: 2021 all-in sustaining cost guidance has decreased to a range of $625 to $695 per ounce from the previously provided outlook of $670 to $750 due primarily to lower treatment charges and higher by-product prices, partially offset by higher sustaining capital expenditures. For 2022, all-in sustaining cost is expected to range between $730 to $810, which is higher than the previously provided outlook of $670 and $750 as a result of variations in gold grades, consistent with the current mine plan. All-in sustaining cost in 2023 is expected to decrease to between $630 and $710 due to higher gold production and lower sustaining capital expenditures.
Stable smelter performance: Annual estimates for complex concentrate smelted vary due to the timing of scheduled furnace maintenance shutdowns, with the next shutdown occurring in the first quarter of 2021. Based on an expected 18-month operating cycle, complex concentrate smelted is expected to remain unchanged in 2022 and to increase in 2023. Cash cost per tonne of concentrate smelted is expected to increase in 2021 and 2022 as a result of planned furnace maintenance shutdowns and forecast weaker acid prices. In 2023, cash cost per tonne of concentrate smelted is expected to decrease as a result of increased throughput.
Sustaining capital expenditures trending lower: Sustaining capital expenditures for 2021 are expected to range between $56 million and $72 million, up from $40 million in 2020 as a result of initiating an accelerated life of mine grade control drilling program at Ada Tepe, which was originally planned to occur over several years and was previously classified as an operating cost, as well as investments to upgrade Chelopech’s tailings management facility following completion of the work to extend its life in 2019 and 2020, and the furnace maintenance shutdown at Tsumeb. Following 2021, sustaining capital expenditures are expected to trend lower, with 2022 sustaining capital expenditures expected to range between $38 million and $50 million, with a further reduction to a range of $33 million to $44 million expected in 2023.

The Company’s three-year outlook is set out in the following table:
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Dundee Precious Metals Declares Dividend
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Feb. 11, 2021 18:02
TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” of “the Company”) today announced that its Board of Directors has declared a first quarter dividend of US$0.03 per common share.


The dividend is payable on April 15, 2021 to shareholders of record as at 5:00 p.m. Toronto local time on March 31, 2021 and qualifies as an “eligible dividend” for Canadian income tax purposes.

Shareholders may elect to receive their dividend in US or Canadian dollars by contacting their broker or, where applicable, Computershare Investor Services Inc., the Company’s registrar and transfer agent. If no election is made, residents of Canada will be paid in Canadian dollars and non-residents of Canada will be paid U.S. dollars. Dividends to be paid in Canadian dollars will be converted to Canadian dollars using the spot exchange rate on April 8, 2021.

Dividends paid to shareholders that are non-residents of Canada are generally subject to withholding tax unless reduced in accordance with the provisions of an applicable tax treaty.