Dundee poised to maintain decade-long track record of meeting guidance
Toronto-listed Dundee Precious Metals (DPM) has announced strong third-quarter results, keeping the company on track to continue its ten-year track record of achieving its gold production and all-in sustaining cost (AISC) guidance.
The miner, which operates in Europe and South America, produced 61 145 oz of gold and 7.3-million pounds of copper in the September quarter, with year-to-date gold at 190 516 oz and copper at 21.9-million ounces.
With solid operating performance from the Chelopech and Ada Tepe mines in Bulgaria in the first nine months, DPM expects to achieve its gold guidance of between 245 000 oz and 285 000 oz, and copper guidance of 29-million to 34-million pounds, at an AISC of $790/oz to $930/oz.
“We generated $213-million of free cash flow year-to-date, demonstrating the quality of our assets, our low-cost structure and the benefit of higher metal prices,” said president CEO David Rae.
“We are well-positioned to continue our ten-year track record of achieving our gold production and AISC guidance,” he said.
Meanwhile, Rae said DPM continued to advance Čoka Rakita, its high-grade, low-cost growth project in Serbia, with the prefeasibility study on track for completion in the first quarter of 2025.
“Our scout drilling programmes continue to return strong results confirming the large-scale potential for further high-grade copper/gold mineralisation, as demonstrated by the Dumitru Potok and Frasen discoveries we announced in September.
“DPM is in a unique position in the industry, with a strong base of high-margin production driving significant free cash flow generation, and the balance sheet strength to internally fund our growth pipeline and exploration prospects while continuing to return capital to shareholders.”
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