Dundee Precious Metals Releases Preliminary Third Quarter Production Results.All operations on track to meet 2022 production guidance, Canadian Business Journal

TORONTO, OCTOBER 11, 2022 (GLOBE NEWSWIRE) — Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) has announced preliminary production results from both its mine and smelter for the three and nine months ended September 30, 2022.

President and Chief Executive Officer David Rae said: “All three businesses are on track to meet their 2022 production guidance targets.”

production highlights

Preliminary results for the third quarter and first nine months of 2022 are shown in the table below.

	ore processing	metals in the concentrate produced		Metals payable in concentrates sold		Complex concentrate smelting
	(thousand tons)	Money (kilo ounce)	copper (Mlbs)	Money (kilo ounce)	copper (Mlbs)	(thousand tons)
Q3 2022
Chelopec	515.8	43.1	6.9	36.4	6.7	–
Ada Tepe	216.0	20.8	–	20.4	–	–
Tsumeb	–	–	–	–	–	63.8
Linking	731.8	63.9	6.9	56.8	6.7	63.8
As of 2022
Chelopec	1,585.7	133.8	23.4	112.4	20.5	–
Ada Tepe	646.8	65.9	–	64.5	–	–
Tsumeb	–	–	–	–	–	132.1
Linking	2,232.5	199.7	23.4	176.9	20.5	132.1
Full Year 2022 Guidance(1)	2,900 – 3,100	250-290	32 – 37	220 – 255	28 – 32	185 – 200

(1) As disclosed in the Management’s Discussion and Analysis (“MD&A”) for the quarter ended June 30, 2022, published on July 28, 2022 and available at: www.sedar.com and www.dundeepprecious.com.

During the third quarter, Chelopec delivered a strong performance, producing 43,100 ounces of gold and 6.9 million pounds of copper. Gold production was in line with expectations and copper production was below expectations.

Ada Tepe produced 20,800 ounces of gold in the third quarter, as expected. Gold grades at Ada Tepe are expected to rise in the fourth quarter in line with mine plans.

Both Chelopech and Ada Tepe are on track to meet their 2022 guidance.

The Tsumeb smelter processed approximately 63,800 tonnes of complex concentrate in the third quarter. This represents a significant increase from the previous quarter after Asumelt’s scheduled maintenance was completed. After the shutdown, operations entered the fourth quarter and he reached full production on the sixth day before demonstrating impressive levels of productivity, resulting in near-record quarterly production. Tsumeb is on track to meet the 2022 revised guidance.

Loma Larga Update

DPM continues to work on a revised feasibility study for the Loma Larga project in Ecuador, which is targeted for completion by the end of 2022. Drilling activity has been suspended pending the outcome of the appeals process related to the constitutional safeguards decision. DPM expects this issue to be resolved in the fourth quarter of 2022.

DPM continues to receive strong government support and is actively cooperating with all stakeholders involved in the development of the project.

Return of capital to shareholders

In line with its disciplined capital allocation framework, DPM will continue to return capital to shareholders in its normal course issuer bids through sustainable quarterly dividends and regular share buybacks.

As previously announced in July 2022, DPM will pay a quarterly dividend of US$0.04 per share on October 17, 2022 to shareholders of record at 5:00 pm Toronto local time on September 30, 2022. increase.

During the third quarter, DPM repurchased 872,700 common shares at an average price of $6.16 Canadian per share. Since the beginning of the year, DPM has repurchased 2,471,500 shares of its common stock at an average price of C$7.05 per share for a total of approximately C$17.4 million.

Third quarter 2022 operational and financial results

The company plans to announce operating and financial results for the third quarter of 2022 after the market close on Thursday, November 10, 2022.News releases, MD&A, and consolidated financial statements are www.sedar.com and on our website www.dundeepprecious.com.

On Friday, November 11, 2022 at 9:00 AM ET, DPM will host a conference call and audio webcast to discuss the results and conduct a question and answer session. To join the conference call, pre-register at the link below to receive dial-in information and a personalized PIN code for her to access the conference call.

Here are the call-in numbers and webcast details:

Technical guidance

The technical and scientific information in this press release has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), DPM’s Corporate Mineral Resource Manager, a qualified person as defined by 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 mining company with operations and projects in Bulgaria, Namibia, Ecuador and Serbia. The purpose of the company is to unlock resources and create value to prosper and grow together. This overall purpose is underpinned by a foundation of core values ​​that guide the way we do business and inform a set of complementary strategic pillars and objectives related to ESG, innovation, existing portfolio optimization and growth. It is Our resources are aligned with that strategy to ensure that DPM delivers value to all stakeholders.

For more information, please contact:

David Ray
President and Chief Executive Officer
Phone: (416) 365-5092
[email protected]

Jennifer Cameron
Director, Investor Relations
Phone: (416) 219-6177
[email protected]

Cautionary Note 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 not historical facts and generally include “plans,” “anticipates,” “anticipates,” “budgets,” , “expect,” “intend,” “expect,” “believe,” or variations of such words or phrases, or that a particular action, event, or outcome “could,” “could” Anything stating “is”, “will”, “may” or “will” be construed as, occurs, is achieved, or the negative or analogous to any of these terms expression. Forward-looking statements in this press release relate, among other things, to the following: Prices of gold, copper, silver and sulfuric acid. Tolls, metal exposures and stockpile interest deductions in Tsumeb. Estimates of mineral reserves and resources and the realization of such mineral estimates; estimated capital costs, total maintenance costs, operating costs and other financial measures, including those set forth in the forecasts and guidance provided by us; . Completion times and results of economic studies, including the Loma Larga Gold Project Feasibility Study (“Loma Larga FS”). Development of the Loma Larga gold project. This includes expected production volumes, successful negotiation of investment protection and development agreements, and timely granting of environmental and construction permits. successful authorization activity; authorize timeline; timing and amount of dividends. the timing and number of shares of our common stock available for purchase pursuant to the NCIB; the timing and anticipated outcome of pending litigation or legal proceedings; Forward-looking statements are based on certain key assumptions, management’s opinions and estimates at the time such statements are made and are subject to known and unknown risks, uncertainties and actual outcomes; It involves performance or other factors that can cause outcomes. The Company may differ materially from any other future results, performance or achievements expressed or implied by the forward-looking statements. In addition to the factors already discussed in this press release, such factors include fluctuations in metal and sulfuric acid prices, tolls and foreign exchange rates, among others. continuation or escalation of disputes in Ukraine; risks associated with our overall business and the impact of the global pandemic, including COVID-19, resulting in changes in our supply chains, product shortages, delivery and shipping issues, factories and facilities; or process closures and/or failures expected, employee and contractor infections, low vaccination coverage, lost working hours, labor shortages. Regulatory changes, including changes impacting the complex concentrates market. Tsumeb’s inability to secure complex copper concentrates on economic terms; Potential variability in ore grade and recovery. Inherent uncertainties regarding the conclusions of economic evaluations and economic studies, including the Timok Pre-Feasibility Study and the Loma Larga FS. Uncertainty regarding the timing of Timok’s feasibility study. As plans continue to be refined, project parameters, including schedules and budgets, change. Uncertainty regarding the realization of anticipated benefits from the acquisition of INV Metals Inc. and the development of the Loma Larga gold project. uncertainties regarding the actual outcome of current exploration activities; uncertainties and risks inherent in the development and commissioning of new mines to production; This may be subject to unexpected delays. uncertainties inherent in doing business in foreign jurisdictions where uncertainties regarding corruption, civil unrest, political unrest and the rule of law may affect the Company’s operations; limited insurance coverage; mining accidents, industrial disputes and other risks; Delays in obtaining government approvals or funding, or delays in completing development or construction activities. Actual results of current and planned landfill activities. Opposition by social and non-governmental organizations to mining projects and smelting operations. Unforeseen Title Disputes; Claims or Litigation. failure to achieve certain cost savings or potential upgrade and/or expansion benefits, including the potential installation of rotary holding furnaces at the Tsumeb smelter; Increased physical risk. Cyberattacks and other cybersecurity risks. There is no assurance that we will purchase additional shares of our common stock under his NCIB. Risks associated with implementing, costing, and realizing benefits of digital initiatives. Uncertainty regarding the realization of the targeted MineRP Holdings Inc. earnout.Risks discussed or referenced in other documents filed with the securities regulators of all Canadian provinces and territories from time to time and available on SEDAR, including but not limited to the company’s most recent Annual Information Form. cause www.sedar.comReaders are cautioned that the preceding list is not exhaustive of all elements that may have been used. Although we have attempted to identify important factors that could cause our actual actions, events or results to differ materially from those set forth in the forward-looking statements, the actions, events or results There may be other factors that are expected, estimated or unintended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results or future events could differ materially from those projected by such statements. Our forward-looking statements reflect our current expectations of future events and speak only as of the dates set forth herein. Except as required by securities laws, we undertake no obligation to update any forward-looking statements whether circumstances or management’s estimates or opinions change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

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