(All monetary figures are expressed in U.S dollars unless otherwise
stated)
Dundee Precious Metals Inc. ("DPM" or the "Company") (TSX:
DPM)(TSX: DPM.WT)(TSX: DPM.WT.A) today announced its unaudited
results for the second quarter ended June 30, 2010. DPM reported
second quarter 2010 net earnings of $16.5 million (basic and
diluted net earnings per share of $0.13). This compares with second
quarter 2009 net earnings of $2.8 million (basic and diluted net
earnings per share of $0.03).
"This has been an exciting quarter for the Company", said
Jonathan Goodman, President and CEO. "All of our sites are
operating profitably, the Chelopech mine/mill expansion is well
underway and Deno Gold is on schedule to complete its 50% mine/mill
expansion in the third quarter. We are also pleased with the
operational results achieved at the smelter in Namibia since we
took ownership at the end of March and are actively engaged in a
capital program to enhance the operating and environmental
performance of the smelter."
The following table summarizes the Company's financial and operating results
for the periods indicated:
----------------------------------------------------------------------------
$ millions, except per share
amounts Three Months Six Months
----------------------- ----------------------
Ended June 30, 2010 2009 2010 2009
----------------------------------------------------------------------------
Net Revenue $ 60.9 $ 27.8 $ 81.4 $ 49.5
Cost of Sales 42.8 19.8 64.7 38.6
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Gross Profit 18.1 8.0 16.7 10.9
----------------------------------------------------------------------------
Investment and Other Income 9.9 0.9 13.2 0.5
Net Impairment Provisions - - (50.6) (0.2)
Exploration Expense (0.5) (1.0) (1.2) (2.3)
Administrative and Other
Expenses (4.2) (3.4) (7.0) (6.6)
Net Earnings (Loss) 16.5 2.8 (31.8) (2.1)
Basic Net Earnings (Loss) per
Share $ 0.13 $ 0.03 $ (0.28) $ (0.02)
Diluted Net Earnings (Loss)
per Share $ 0.13 $ 0.03 $ (0.28) $ (0.02)
Net Cash Provided by (Used in)
Operating Activities 11.8 (1.7) 16.8 (11.8)
Capital Expenditures (18.4) (6.6) (29.1) (13.4)
Proceeds on Sale/(Purchase) of
Short-term Investments (2.6) 30.2 26.9 25.8
Purchase of Namibia Custom
Smelters (Pty) Ltd. - - (17.0) -
Proceeds on Sale of
Exploration Property - 6.2 - 6.2
Other Investing Activities (1.1) (0.9) (4.0) (2.0)
Financing Activities (2.1) (1.4) 58.5 (2.2)
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Net Increase (Decrease) in
Cash $ (12.4) $ 25.8 $ 52.1 $ 2.6
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Concentrate Produced (mt)
Chelopech 18,005 18,902 35,707 35,207
Deno Gold 4,273 3,173 8,517 3,173
NCS - concentrate processed
(mt) 45,881 N/A 45,881 N/A
Cash Cost per tonne Ore
Processed ($/t)(1)
Chelopech (excluding
royalties) $ 47.04 $ 52.38 $ 51.55 $ 48.47
Deno Gold (excluding
royalties) $ 59.21 $ 66.66 $ 63.27 $ 66.66
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Second Quarter 2010 - Financial Highlights
-- In the second quarter of 2010, DPM reported net earnings of $16.5
million or $0.13 per share compared to net earnings of $2.8 million or
$0.03 per share in the second quarter of 2009.
-- DPM recorded a gross profit of $18.1 million in the second quarter of
2010 compared to a gross profit of $8.0 million in the corresponding
prior year period. The period over period increase in gross profit was
primarily due to higher gold, copper and zinc prices, higher deliveries
of concentrates due to an extra shipment from Chelopech and a full
quarter of operation at Deno Gold, higher copper in concentrate sold and
lower production costs partially offset by unfavourable mark-to-market
adjustments and final settlements on provisional sales and lower gold in
concentrate sold.
-- On May 26, 2010, DPM completed its previously announced agreement with
Louis Dreyfus Commodities Metals Suisse SA ("LDC") to settle
approximately $11.4 million of financial obligations owed by NCS to LDC,
through a cash payment of $2.0 million and the issuance of 2,903,525
common shares of DPM.
-- As at June 30, 2010, DPM had cash, cash equivalents and short-term
investments of $100.7 million compared to $75.6 million at December 31,
2009. Investments at fair value totalled $68.5 million at June 30, 2010
compared to $34.4 million at December 31, 2009.
A complete set of DPM's Consolidated Financial Statements, Notes
to the Consolidated Financial Statements and Management's
Discussion and Analysis for the three months ended June 30, 2010
will be posted on the Company's website at www.dundeeprecious.com
and will be filed on Sedar at www.sedar.com.
Conference Call
DPM will be holding an analyst call on Friday, July 30, 2010 at
8.30 a.m. (EST).
The call will be webcast live (audio only) at:
http://www.gowebcasting.com/1813.
The audio webcast for this conference call will be archived and
available on the Company's website at www.dundeeprecious.com.
Overview
DPM is a Canadian-based, international mining company engaged in
the acquisition, exploration, development and mining of precious
metal properties. Its common shares and share purchase warrants
(symbols: DPM; DPM.WT; DPM.WT.A) are traded on the Toronto Stock
Exchange ("TSX"). DPM's business objectives are to identify,
acquire, finance, develop and operate low-cost, long-life mining
properties.
The Company's operating interests include its 100% ownership of
Chelopech Mining EAD ("Chelopech"), its principal asset being the
Chelopech mine, a gold, copper, silver concentrates producer,
located approximately 70 kilometres east of Sofia, Bulgaria, 100%
ownership of Namibia Custom Smelters (Pty) Ltd. ("NCS"), a copper
concentrate processing facility located in Tsumeb, Namibia, and a
95% interest in Vatrin Investment Limited, a private entity which
holds 100% of Deno Gold Mining Company CJSC ("Deno Gold"), its
principal asset being the Kapan mine, a gold, copper, zinc, silver
concentrates producer located about 320 kilometres south east of
the capital city of Yerevan in Southern Armenia. DPM's interests
also include a 100% interest in the Krumovgrad development stage
gold property located in south eastern Bulgaria, near the town of
Krumovgrad, and numerous exploration properties in one of the
larger gold-copper-silver mining regions in Serbia.
Summarized Financial Results
Net revenue
Net revenue of $60.9 million in the second quarter of 2010 was
$33.1 million higher than the corresponding prior year period net
revenue of $27.8 million due to a 30% increase in gold prices, a
50% increase in copper prices, a 37% increase in zinc prices and a
47% increase in concentrate deliveries. Also contributing to the
period over period increase in net revenue was the inclusion of
NCS' revenue following its acquisition by DPM on March 24,
2010.
Deliveries of concentrates produced at Chelopech of 23,752
tonnes in the second quarter of 2010 were 34% higher than second
quarter of 2009 deliveries of 17,685 tonnes due to an additional
shipment in the second quarter of 2010. Deliveries of concentrates
produced at Deno Gold of 3,559 tonnes in the second quarter of 2010
were significantly higher than second quarter of 2009 deliveries of
905 tonnes, reflecting a full quarter of operation in 2010. Deno
Gold restarted its operations in April 2009 after being on care and
maintenance for five months. Net unfavourable mark-to-market
adjustments and final settlements of $1.0 million, related to the
open positions of provisionally priced concentrate sales, were
recorded in the second quarter of 2010 compared to net favourable
mark-to-market adjustments and final settlements of $1.0 million in
the second quarter of 2009. In the second quarter of 2010, DPM
recorded gains on its copper derivatives of $0.01 million compared
to net losses on copper derivatives of $2.3 million in the second
quarter of 2009.
Net revenue of $81.4 million in the first six months of 2010 was
$31.9 million higher than the corresponding prior year period net
revenue of $49.5 million due to a 26% increase in gold prices, a
77% increase in copper prices, a 63% increase in zinc prices and a
19% increase in concentrate deliveries. Also contributing to the
period over period increase in revenue was the inclusion of NCS's
revenue following its acquisition by DPM on March 24, 2010.
Deliveries of concentrates produced at Chelopech of 35,583
tonnes in the first six months of 2010 were 4% higher than the
corresponding prior year period deliveries of 34,258 tonnes.
Deliveries of concentrates produced at Deno Gold of 6,199 tonnes in
the first six months of 2010 were significantly higher than the
corresponding prior year period deliveries of 905 tonnes. Deno Gold
was on care and maintenance in the first quarter of 2009. Net
unfavourable mark-to-market adjustments and final settlements of
$4.0 million, related to the open positions of provisionally priced
concentrate sales, were recorded in the first six months of 2010
compared to net favourable mark-to-market adjustments and final
settlements of $4.7 million in the first six months of 2009. In the
first six months of 2010, DPM recorded gains on its copper
derivatives of $0.02 million compared to net losses on copper
derivatives of $3.4 million in the first six months of 2009.
The average London Bullion gold price(2) in the second quarter
of 2010 of $1,195 per ounce was 30% higher than the second quarter
of 2009 average price of $922 per ounce. The average London Metal
Exchange ("LME") cash copper price(2) in the second quarter of 2010
of $3.19 per pound was 50% higher than the second quarter of 2009
average price of $2.12 per pound. The average LME cash zinc
price(2) in the second quarter of 2010 of $0.92 per pound was 37%
higher than the second quarter of 2009 average price of $0.67 per
pound.
The average London Bullion gold price(2) in the first six months
of 2010 of $1,150 per ounce was 26% higher than the corresponding
prior year period average price of $915 per ounce. The average LME
cash copper price(2) in the first six months of 2010 of $3.23 per
pound was 77% higher than the corresponding prior year period
average price of $1.83 per pound. The average LME cash zinc
price(2) in the first six months of 2010 of $0.98 per pound was 63%
higher than the corresponding prior year period average price of
$0.60 per pound.
Cost of sales
Cost of sales of $42.8 million and $64.7 million in the second
quarter and first half of 2010 were, respectively, $23.0 million
and $26.1 million higher than the corresponding prior year periods
cost of sales of $19.8 million and $38.6 million due to an increase
in concentrate deliveries and the inclusion of expenses related to
the processing of concentrates at NCS.
Cash cost per tonne of ore processed(1), excluding royalties, at
Chelopech in the second quarter of 2010 of $47.04 was 10% lower
than the corresponding prior year period cash cost per tonne of ore
processed(1), excluding royalties, of $52.38 due to lower cement
usage in backfill activities and the favourable impact of a 6%
depreciation of the Euro relative to the U.S. dollar partially
offset by higher maintenance and employment expenses. Cash cost per
tonne of ore processed(1), including royalties, at Chelopech in the
second quarter of 2010 of $51.27 was 18% lower than second quarter
of 2009 cash cost per tonne of ore processed(1), including
royalties, of $62.34.
Cash cost per tonne of ore processed(1), excluding royalties, at
Chelopech in the first six months of 2010 of $51.55 was 6% higher
than the corresponding prior year period cash cost per tonne of ore
processed(1), excluding royalties, of $48.47 due primarily to
higher spending on services, increased rates for and consumption of
power and fuels and higher employment expenses partially offset by
lower cement usage in backfill activities. Cash cost per tonne of
ore processed(1), including royalties, at Chelopech in the first
six months of 2010 of $55.98 was comparable to the corresponding
prior year period cash cost per tonne of ore processed(1),
including royalties, of $55.25.
Cash cost per tonne of ore processed(1), excluding royalties, at
Deno Gold in the second quarter of 2010 of $59.21 was 11% lower
than the corresponding prior year period cash cost per tonne of ore
processed(1), excluding royalties, of $66.66 due to higher volume
of material processed partially offset by higher maintenance costs
and higher vein drive development costs to access additional
working spaces. Cash cost per tonne of ore processed(1), including
royalties, at Deno Gold in the second quarter of 2010 was $66.25.
Deno Gold did not pay a profit based royalty in the second quarter
of 2009.
Gross profit (loss)
Chelopech recorded a gross profit of $15.1 million in the second
quarter of 2010 compared to a gross profit of $10.1 million in the
second quarter of 2009. The period over period increase in gross
profit was due to a 30% increase in gold prices, a 50% increase in
copper prices, a 34% increase in concentrate deliveries and higher
copper in concentrate sold partially offset by unfavourable
mark-to-market adjustments and final settlements on provisional
sales and lower gold in concentrate sold. Net unfavourable
mark-to-market adjustments and final settlements of $0.2 million,
related to the open positions of provisionally priced concentrate
sales, were recorded in the second quarter of 2010 compared to net
favourable mark-to-market adjustments and final settlements of $2.0
million in the second quarter of 2009. There were nil gains or
losses on copper derivatives in the second quarter of 2010 whereas,
in the second quarter of 2009, net losses on copper derivatives
totalled $2.3 million.
Chelopech recorded a gross profit of $13.2 million in the first
six months of 2010 compared to a gross profit of $15.9 million in
the first six months of 2009. The period over period decrease in
gross profit was due to unfavourable mark-to-market adjustments and
final settlements on provisional sales and lower gold in
concentrate sold partially offset by a 26% increase in gold prices
and a 77% increase in copper prices. Net unfavourable
mark-to-market adjustments and final settlements of $2.8 million,
related to the open positions of provisionally priced concentrate
sales, were recorded in the first six months of 2010 compared to
net favourable mark-to-market adjustments and final settlements of
$5.1 million in the first six months of 2009. There were nil gains
or losses on copper derivatives in the first half of 2010 whereas,
in the first six months of 2009, net losses on copper derivatives
totalled $3.4 million.
Deno Gold recorded a gross profit of $1.4 million in the second
quarter of 2010 compared to a gross loss of $2.1 million in the
corresponding prior year period. Deliveries of concentrates in the
second quarter of 2010 totalled 3,559 tonnes compared to 905 tonnes
in the second quarter of 2009 as a result of a full quarter of
operation in 2010. Deno Gold restarted its operations in April 2009
after being on care and maintenance for five months. Net
unfavourable mark-to-market adjustments and final settlements of
$0.8 million, related to the open positions of provisionally priced
concentrate sales, were recorded in the second quarter of 2010
compared to net unfavourable mark-to-market adjustments and final
settlements of $1.0 million in the second quarter of 2009.
Deno Gold recorded a gross profit of $1.9 million in the first
six months of 2010 compared to a gross loss of $5.0 million in the
corresponding prior year period. Deno Gold was on care and
maintenance in the first quarter of 2009.
NCS recorded a gross profit of $1.6 million in the second
quarter of 2010. NCS was acquired by DPM on March 24, 2010.
Concentrates processed in the quarter totalled 45,881 tonnes,
supported by the introduction of oxygen into the smelting process.
Although not fully optimized, smelting rates improved during the
second quarter of 2010. Production was negatively impacted by
problems in the downstream process, contributing to an increase in
secondary stocks.
Investment and other income
Investment and other income were $9.9 million and $13.2 million
in the second quarter and first half of 2010, respectively,
compared to investment and other income of $0.9 million and $0.5
million in the corresponding prior year periods. Included in the
second quarter and first half of 2010 were unrealized favourable
mark-to-market adjustments related to the Sabina Gold & Silver
Corp. ("Sabina") Special Warrant units of $11.0 million and $14.0
million, respectively.
On May 26, 2010, DPM completed the previously announced
settlement with LDC of approximately $11.4 million of financial
obligations owed by NCS to LDC, through a cash payment of $2.0
million and the issuance of 2,903,525 common shares of DPM, a value
of $9.4 million based on a deemed price of Cdn$3.50 per share. On
the date of the settlement, the common shares issued were recorded
at fair value based on the closing price of Cdn$4.04, resulting in
a non-cash loss on settlement of $1.6 million.
Administrative and other expenses
Administrative and other expenses were $4.2 million and $7.0
million in the second quarter and first half of 2010, respectively,
compared to $3.4 million and $6.6 million in the corresponding
prior year periods. The increase in administrative expenses
relative to 2009 was primarily due to the expenses related to the
acquisition of NCS and the announced disposition of the Serbian
assets.
Income tax expense
In the second quarter of 2010, DPM's effective tax rate of 10%
was lower than the Canadian statutory rate of 31.0% due primarily
to a lower tax rate on foreign earnings and the non-taxable portion
of unrealized gains on warrants partially offset by an unrecognized
tax benefit relating to foreign and Canadian losses.
In the first half of 2010, the tax recovery rate of 10% was
lower than the Canadian statutory rate of 31.0% due primarily to an
unrecognized tax benefit relating to foreign and Canadian losses
and a lower tax rate on foreign losses partially offset by the
non-taxable portion of unrealized gains on warrants.
Operating cash flow (shortfall)
The following table summarizes the Company's cash flow (shortfall) from
operating activities for the periods indicated:
----------------------------------------------------------------------------
$ thousands Three Months Six Months
------------------------ ------------------------
Ended June 30, 2010 2009 2010 2009
----------------------------------------------------------------------------
Net earnings (loss) $ 16,449 $ 2,765 $ (31,805) $ (2,117)
Non-cash charges (credits)
to earnings:
Amortization of property,
plant and equipment 5,796 4,075 9,944 7,747
Property impairment
provisions 14 - 54,063 248
Other (8,221) (2,019) (16,107) (745)
----------------------------------------------------------------------------
Total non-cash charges
(credits) to earnings (2,411) 2,056 47,900 7,250
Decrease (increase) in non-
cash working capital (2,251) (6,471) 687 (16,956)
----------------------------------------------------------------------------
Net cash provided by (used
in) operating activities $ 11,787 $ (1,650) $ 16,782 $ (11,823)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash provided by operating activities in the second quarter of
2010 was $11.8 million compared with cash used in operating
activities of $1.7 million in the second quarter of 2009. The
increase in cash provided by operating activities was primarily due
to higher gross profit and lower working capital requirements in
the second quarter of 2010 relative to the corresponding prior year
period. The increase in working capital requirements in the second
quarter of 2010 of $2.3 million was primarily due to a decrease in
deferred revenue and the settlement of financial obligations with
LDC partially offset by a decrease in inventories and an increase
in accounts payable.
On May 26, 2010, DPM completed the previously announced
settlement with LDC of approximately $11.4 million of financial
obligations owed by NCS to LDC, through a cash payment of $2.0
million and the issuance of 2,903,525 common shares of DPM, a value
of $9.4 million based on a deemed price of Cdn$3.50 per share.
Cash provided by operating activities in the first half of 2010
was $16.8 million compared with cash used in operating activities
of $11.8 million in the corresponding prior year period. The
increase in cash provided by operating activities was primarily due
to a decrease in working capital and higher gross profit.
The following table summarizes the Company's investing activities for the
periods indicated:
----------------------------------------------------------------------------
$ thousands Three Months Six Months
----------------------- -----------------------
Ended June 30, 2010 2009 2010 2009
----------------------------------------------------------------------------
Proceeds on sale of
exploration property $ - $ 6,211 $ - $ 6,211
Proceeds on sale of
investments at fair value 593 - 593 1,873
Purchases of investments at
fair value (1,666) - (1,666) -
Acquisition of NCS, net of
cash acquired of $1,013 - - (16,987) -
Proceeds on sale/(Purchase)
of short-term investments (2,600) 30,219 26,928 25,819
Loan advances - (972) (3,000) (4,000)
Capital expenditures (18,440) (6,615) (29,090) (13,431)
Other - 36 - 111
----------------------------------------------------------------------------
Net cash provided by (used
in) investing activities $ (22,113) $ 28,879 $ (23,222) $ 16,583
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Capital expenditures at Chelopech in the second quarter and
first half of 2010 of $9.2 million and $17.5 million were,
respectively, 80% and 76% higher than the corresponding prior year
periods due to the ramp-up of the mine and mill expansion project
in 2010. Capital expenditures at Deno Gold in the second quarter
and first half of 2010 were, respectively, $7.4 million and $9.2
million compared to $1.2 million and $3.1 million in the
corresponding prior year periods. The significant increase in 2010
relative to 2009 was due primarily to the mine and mill expansion
and land acquisition.
On March 24, 2010, the Company completed the acquisition of NCS
from Weatherly International plc ("WTI") by way of the purchase of
100% of the shares of NCS. The cash consideration provided to WTI
by DPM was $17.0 million, net of cash acquired of $1.0 million.
In the first six months of 2010, DPM advanced $3.0 million to
NCS in accordance with the binding letter of intent signed in
January 2010 with WTI for the purchase of NCS.
In June 2009, DPM completed the sale of its Back River
exploration project in Nunavut to Sabina for a cash payment of $6.2
million (Cdn $7.0 million), 17 million Sabina common shares and 10
million Special Warrants.
In the first six months of 2009, DPM advanced $4.0 million to
NCS in accordance with the agreement DPM signed with NCS in
December 2008 to advance up to $7.0 million of loans to NCS.
Financing Activities
The following table summarizes the Company's financing activities for the
periods indicated:
----------------------------------------------------------------------------
$ thousands Three Months Six Months
---------------------- ----------------------
Ended June 30, 2010 2009 2010 2009
----------------------------------------------------------------------------
Net proceeds of equity
financing $ - $ - $ 61,981 $ -
Repayment of leases (920) (179) (1,716) (345)
Repayment of debt (1,250) (1,250) (1,813) (1,813)
Other 51 - 51 -
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Net cash provided by (used in)
financing activities $ (2,119) $ (1,429) $ 58,503 $ (2,158)
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Average Metal Prices
The following table, summarizing the average metal prices for the London
Bullion Market Association ("LBM") gold, LME copper Grade A, LME special
high grade ("SHG") zinc and LBM silver prices, is used to illustrate the
Company's average metal price exposures based on its key reference prices
for the periods indicated.
----------------------------------------------------------------------------
Average Three Months Six Months
---------------------- -----------------------
Ended June 30, 2010 2009 2010 2009
----------------------------------------------------------------------------
London Bullion gold ($/oz) $ 1,195 $ 922 $ 1,150 $ 915
LME settlement copper ($/lb) 3.19 2.12 3.23 1.83
LME settlement SHG zinc ($/lb) 0.92 0.67 0.98 0.60
LBM spot silver ($/oz) $ 18.32 $ 13.73 $ 17.62 $ 13.17
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Non-GAAP Financial Measures
We have referred to cash cost per tonne of ore processed because
we understand that certain investors use this information to assess
the Company's performance and also determine the Company's ability
to generate cash flow for investing activities. This measurement
captures all of the important components of the Company's
production and related costs. In addition, management utilizes this
metric as an important management tool to monitor cost performance
of the Company's operations. This measurement, which is a non-GAAP
measure, has no standardized meaning under Canadian GAAP and is
therefore unlikely to be comparable to similar measures presented
by other companies. This measurement is intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with Canadian GAAP.
The following table provides, for the periods indicated, a reconciliation of
the Company's cash cost measure and Canadian GAAP cost of sales:
----------------------------------------------------------------------------
$ thousands, unless
otherwise indicated
For the quarter ended June
30, 2010 Chelopech Deno Gold Other Total
----------------------------------------------------------------------------
Ore processed (mt) 244,070 101,178
Cost of sales $ 22,242 $ 6,530 $ 14,054 $ 42,826
Add (deduct):
Amortization (3,178) (1,052)
Reclamation costs and
other (238) (246)
Change in concentrate
inventory (6,312) 1,471
----------------------------------------------------------------------------
Total cash cost of
production $ 12,514 $ 6,703
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash cost per tonne of ore
processed, including
royalties $ 51.27 $ 66.25
Cash cost per tonne of ore
processed, excluding
royalties $ 47.04 $ 59.21
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ thousands, unless otherwise
indicated
For the quarter ended June 30, 2009 Chelopech Deno Gold Total
----------------------------------------------------------------------------
Ore processed (mt) 257,721 67,787
Cost of sales $ 18,282 $ 1,503 $ 19,785
Add/(Deduct):
Amortization and other (2,991) (661)
Reclamation costs and other (497) (128)
Change in concentrate inventory 1,720 3,772
Foreign exchange (448) 33
----------------------------------------------------------------------------
Total cash cost of production $ 16,066 $ 4,519
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash cost per tonne of ore
processed, including royalties $ 62.34 $ N/A
Cash cost per tonne of ore
processed, excluding royalties $ 52.38 $ 66.66
----------------------------------------------------------------------------
1. Cash cost per tonne ore processed is a non-GAAP measure. A
reconciliation of the Company's cash cost per tonne ore processed to
cost of sales under Canadian GAAP for the second quarters of 2010 and
2009 is shown in the table entitled "Non-GAAP Financial Measures."
2. Refer to the Average Metal Prices section for the average metal prices
used to illustrate the Company's average metal price exposure based on
its key reference prices.
To view the Financial Statements, please click the following
link: http://media3.marketwire.com/docs/DPM729.pdf
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that
involve a number of risks and uncertainties. Forward-looking
statements include, but are not limited to, statements with respect
to the future price of gold, copper, zinc and silver the estimation
of mineral reserves and resources, the realization of mineral
estimates, the timing and amount of estimated future production,
costs of production, capital expenditures, costs and timing of the
development of new deposits, success of exploration activities,
permitting time lines, currency fluctuations, requirements for
additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, title
disputes or claims, limitations on insurance coverage and timing
and possible outcome of pending litigation. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved.
Forward-looking statements are based on 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 which may cause the actual results, performance or
achievements of the Company to be materially different from any
other future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others: the actual results of current exploration activities;
actual results of current reclamation activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; future prices of gold, copper, zinc and
silver; possible variations in ore grade or recovery rates; failure
of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing or in the
completion of development or construction activities, fluctuations
in metal prices, as well as those risk factors discussed or
referred to in Management's Discussion and Analysis under the
heading "Risks and Uncertainties" and other documents filed from
time to time with the securities regulatory authorities in all
provinces and territories of Canada and available at www.sedar.com.
Although the Company has attempted to identify important 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
not to be anticipated, estimated or intended. 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. Unless
required by securities laws, the Company undertakes no obligation
to update forward-looking statements if circumstances or
management's estimates or opinions should change. Accordingly,
readers are cautioned not to place undue reliance on
forward-looking statements.
Contacts: Dundee Precious Metals Inc. Jonathan Goodman President
and Chief Executive Officer (416) 365-2408
jgoodman@dundeeprecious.com Dundee Precious Metals Inc. Stephanie
Anderson Executive Vice President and Chief Financial Officer (416)
365-2852 sanderson@dundeeprecious.com Dundee Precious Metals Inc.
Lori Beak Vice President, Investor Relations and Corporate
Secretary (416) 365-5165 lbeak@dundeeprecious.com
Dundee Precious Metals (TSX:DPM)
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From Jul 2024 to Jul 2024
Dundee Precious Metals (TSX:DPM)
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From Jul 2023 to Jul 2024
