Dundee Precious Metals delivers another strong quarter
TORONTO, Oct. 08, 2021 (GLOBE NEWSWIRE) – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) announced preliminary production results from its two mines and the smelter for the three and nine month periods ended September 30, 2021.
“During the quarter, we continued to deliver strong operating performance at our two mines, as well as improve the performance of our smelters,” said David Rae, President and CEO of Dundee Precious Metals . “We are also encouraged by the progress made on our Loma Larga project and the government support that we see in Ecuador, following the closing of the acquisition during the quarter.”
Preliminary results for the third quarter and the first nine months of 2021 are presented in the table below:
|Processed ore||Metals contained in the product concentrate||Metals payable in concentrate sold||Complex concentrate melted|
|Objectives for the year 2021(1)||2,925 – 3,125||271 – 317||34 – 39||243 – 285||31 – 36||200 – 220|
Ada Tepe continued its strong performance in the third quarter, producing approximately 33,300 ounces of gold, which was better than expected due to higher than expected gold grades.
Chelopech also performed well in the third quarter, producing approximately 38,400 ounces of gold and 8.4 million pounds of copper, reflecting mining from areas with lower copper and gold grades.
Chelopech and Ada Tepe are on track to meet 2021 production targets.
The Tsumeb smelter processed approximately 55,100 tonnes of complex concentrate during the third quarter, which is in line with recent quarterly performance but below expectations. Due to a water leak in the exhaust gas system, which could cause additional unplanned maintenance downtime, Tsumeb is expected to be at or below the lower limit of the 200 benchmark range. to 220,000 tonnes for 2021.
Loma Larga update
In the third quarter, DPM completed the acquisition of the high quality Loma Larga late stage gold project in Ecuador. After closing, the Company focused on integration activities, stakeholder engagement and a review of technical studies and licensing schedule. The Company is also continuing discussions regarding an investor protection agreement with the government of Ecuador. Key milestones and progress against those milestones will be communicated in addition to the quarterly reports.
A drilling program focused on geotechnical drilling, condemnation drilling at the planned facility location and expansion exploration drilling is expected to begin in the fourth quarter of 2021.
Responsible development of the Loma Larga project has the potential to add significant production growth to DPM’s portfolio and generate significant value for all stakeholders.
As previously announced in July 2021, and in accordance with its disciplined capital allocation framework, DPM will pay a quarterly dividend of US $ 0.03 per share on October 15, 2021 to shareholders of record at 5 p.m. Toronto local time on October 30, 2021. September. 2021.
Third quarter 2021 operating and financial results
The Company expects to publish its third quarter 2021 operating and financial results after market close on Thursday, November 11, 2021. The press 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 12, 2021 at 9 a.m. EST, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. Participants are encouraged to connect to the call 15 minutes before the scheduled start time or join via the audio webcast to reduce waiting time before the call.
The phone numbers and webcast details are as follows:
|Date and time||Friday, November 12, 2021
9:00 a.m. EST
|Phone call||Toll free (Canada and United States): 1-844-402-0878
International: + 1-478-219-0512
Access code: 7775758
(available 7 days after the call)
|Toll free (Canada and United States): 1-855-859-2056
International: + 1-404-537-3406
Access code 7775758
The technical and scientific information contained in this press release has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), Corporate Mineral Resource Manager of DPM, who is a Qualified Person within the meaning of National Instrument 43-101. , and not independent of the Company.
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canada-based international gold company with operations and projects located in Bulgaria, Namibia, Ecuador and Serbia. The Company’s goal is to free up resources and generate value to prosper and grow together. This global objective is supported by a set of fundamental values, which guides the way in which the Company carries out its activities and informs a set of pillars and complementary strategic objectives linked to ESG, innovation, optimization of our existing portfolio and growth. The Company’s resources are allocated in accordance with its strategy to ensure that DPM delivers value to all of its stakeholders.
For more information, please contact:
President and CEO
Phone. : (416) 365-5092
Director, Investor Relations
Phone. : (416) 219-6177
Caution regarding forward-looking statements
This press release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) that involve a number of risks and uncertainties. Forward-looking statements are statements which are not historical fact and are generally, but not always, identified by the use of forward-looking terms such as “plans”, “expects”, “is expected”, “budget” , “Foreseen”, “” believes “,” foresees “,” prospect “,” intends “,” foresees “,” believes “, or variations of these words and expressions or which declare that certain actions, events or results “could”, “could”, “would be”, “could” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The forward-looking statements contained in this press release relate to the Company’s outlook for its production performance in 2021 and the development of the Loma Larga project. Forward-looking statements are based on certain key assumptions and the opinions and estimates of management as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors that may cause actual results. , the performance or achievements of the Company must be materially different from any other future result, performance or achievement expressed or implied by forward-looking statements. In addition to the factors already discussed in this press release, these factors include, among others, risks related to the activities of the Company in general and amplified by the impact of COVID-19, including changes in the supply chain of the society ; product shortages; delivery and shipping issues; closures and / or failure of plants, equipment or processes to operate as intended; employees and contractors infected with COVID-19; hours of work lost; labor shortages; fluctuations in metal and acid prices, tolls and exchange rates; possible variations in ore grade and recovery rates; uncertainties inherent in doing business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties related to the rule of law may impact the Company’s business; limitation of insurance coverage; accidents, industrial disputes and other risks of the mining industry; social and non-governmental organizations oppose mining projects and foundry operations; unforeseen title conflicts; complaints or disputes; cyber attacks; as well as the risk factors discussed or mentioned in any other document (including, without limitation, the most recent annual information form of the Company) filed from time to time with the securities regulators of all the provinces and territories of the Canada and available on SEDAR at www.sedar.com. The reader is cautioned that the foregoing list is not exhaustive of all the factors that may have been used. Although the Company has attempted to identify material factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results are not anticipated, estimated or foreseen. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company’s forward-looking statements reflect current expectations regarding future events and speak only as of the date hereof. Unless required by securities laws, the Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change. Therefore, readers are cautioned not to place undue reliance on forward-looking statements.