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

April 8, 2024

...

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.

...

Dundee Precious Metals Continues Record of Strong Free Cash Flow Generation; Announces 2024 First Quarter Results

May 7, 2024

Highlights

^{(Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars , an d all operational and financial information contained in this news release is related to continuing operations.)}

• Strong metals production: Produced 62,727 ounces of gold and 6.7 million pounds of copper, in line with expectations.
• All-in sustaining cost: Reported all-in sustaining cost per ounce of gold sold ¹ of $883, in line with 2024 guidance, and cost of sales per ounce of gold sold ² of $1,127.
• Significant free cash flow: Generated $62.3 million of free cash flow ¹ from continuing operations and $35.8 million of cash provided from operating activities from continuing operations.
• Solid adjusted net earnings: Reported adjusted net earnings ² from continuing operations of $32.5 million ($0.18 per share ¹ ) and net earnings from continuing operations of $39.4 million ($0.22 per share).
• Growing financial position: Ended the year with a strong balance sheet, including a total of $625.6 million of cash from continuing and discontinued operations, a $150.0 million undrawn revolving credit facility, and no debt.
• Čoka Rakita: Results of the preliminary economic assessment (“PEA”) for the Čoka Rakita project in Serbia highlight a highly-attractive organic growth project with robust economics, meaningful production and attractive costs. Based on the positive results, DPM is proceeding with a pre-feasibility study (“PFS”), which is expected to be completed by the first quarter of 2025.
• Loma Larga: At the Loma Larga gold project in Ecuador, progressed activities related to permitting and stakeholder relations, including environmental consultation, which recommenced during the quarter.
• Sale of the Tsumeb smelter: Entered into a definitive share purchase agreement (“SPA”) with a subsidiary of Sinomine Resource Group Co. Ltd. (“Sinomine”) for the sale of DPM's interest in the Tsumeb smelter in Namibia for consideration of $49.0 million in cash. The transaction is expected to close in the third quarter of 2024.
• Return of capital to shareholders: Returned $9.1 million, or 15% of free cash flow, to shareholders during the first quarter of 2024 through dividends paid as well as shares repurchased following the renewal of the Normal Course Issuer Bid (“NCIB”) in late March. Declared second quarter dividend of $0.04 per common share payable on July 15, 2024 to shareholders of record on June 30, 2024.