TORONTO, April 10, 2023 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM)(“DPM” or “the Company”) announced preliminary production results from both of its mines and smelter for the three months ended March 31, 2023. The Company confirmed that all operations are on track to meet previously issued production guidance for 2023.

“The first quarter was a solid start to the year, with continued strong performance at Chelopech and a near record-level of gold production at Ada Tepe,” said David Rae, President and Chief Executive Officer.

Production Highlights

Preliminary results for the first quarter are provided in the table below:
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Operational Highlights

Chelopech produced approximately 35.3 K oz. of gold and 7.2 Mlbs. of copper in the first quarter. Gold production was in-line with expectations while copper production was slightly lower than planned due to lower copper grades. Grades and recoveries are expected to be higher for the balance of the year, and Chelopech is on track to achieve 2023 production guidance.

Ada Tepe delivered a near record-level of performance, producing approximately 33.3 K oz. of gold during the quarter. Ada Tepe is on track to achieve 2023 production guidance.

The Tsumeb smelter processed approximately 49.6 K tonnes of complex concentrate in the first quarter of 2023, which was slightly below plan due to unplanned maintenance in the off-gas system. Tsumeb remains on track to achieve its 2023 guidance for complex concentrate smelted.

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 (“NCIB”).

In February 2023, DPM announced that its Board of Directors had approved an enhanced share buyback program for the purchase of up to US$100 million of the Company’s common shares over a period of twelve months under its NCIB, subject to certain internal parameters. During the first quarter, DPM repurchased approximately 1,290,000 common shares at an average price of US$6.45 (Cdn$8.82) per share for a total of approximately US$8.3 million.

As previously announced in February 2023, DPM will pay a quarterly dividend of US$0.04 per share on April 17, 2023, to shareholders of record on March 31, 2023.

Timing of First Quarter 2023 Operating and Financial Results

The Company plans to release its first quarter 2023 operating and financial results after market close on Wednesday, May 3, 2023. The news release, MD&A and condensed interim consolidated financial statements will be posted on SEDAR at www.sedar.com and on the Company’s website at www.dundeeprecious.com.

On Thursday, May 4, 2023, at 9 AM EDT, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate via conference call, register in advance at the link below to receive the dial-in information as well as a personalized PIN code to access the call.