Namibian Resources
Image default
Business & Projects NewsFeatureLocal News

Dundee Precious Metals Achieves 2022 Gold Production Guidance; Announces Timing of Q4/22 Financial Results

Dundee Precious Metals Inc. (TSX: DPM)(“DPM” or “the Company”) announced preliminary production results from both of its mines in Bulgaria and the Tsumeb smelter in Namibia for the three and twelve months ended December 31, 2022.

“Our mining operations achieved impressive production results in the fourth quarter, as Ada Tepe delivered its highest quarterly gold production of the year and Chelopech continued its track record of strong performance,” said David Rae, President and Chief Executive Officer of Dundee Precious Metals.

“2022 was another strong year for DPM, as we delivered robust gold production, advanced our organic growth projects, and ranked in the 91st percentile among mining and metals companies in the 2022 S&P Global Corporate Sustainability Assessment.”

Preliminary Production Results

Preliminary results for the fourth quarter and full-year 2022 are provided in the table below:

Metals contained in
concentrate produced
Payable metals in
concentrate sold
concentrate smelted
  (Kt) Gold
(K oz)
(K oz)
Q4 2022            
Chelopech 553.1 45.3 7.4 39.2 6.7
Ada Tepe 206.1 28.1 26.6
Tsumeb 41.8
Consolidated 759.2 73.4 7.4 65.8 6.7 41.8
Full-Year 2022            
Chelopech 2,138.8 179.1 30.8 151.6 27.2
Ada Tepe 853.0 94.0 91.1
Tsumeb 174.1
Consolidated 2,991.8 273.1 30.8 242.7 27.2 174.1
2022 full-year guidance (1) 2,900 – 3,100 250 – 290 32 – 37 220 – 255 28 – 32 185 – 200

(1)   As disclosed in Management’s Discussion and Analysis (“MD&A”) for the period ended September 30, 2022, issued on November 10, 2022 and available at and at

Operating Highlights

Ada Tepe achieved its highest quarterly production of the year in the fourth quarter of 2022, producing approximately 28,100 ounces of gold. Following the completion of the pushback in the third quarter, gold grades increased as planned and production in the fourth quarter returned to expected levels, positioning the mine for higher grades in 2023 as per the mine plan. In 2022, Ada Tepe produced approximately 94,000 ounces of gold, which was towards the higher end of its annual production guidance for the year. The Company completed an updated Mineral Reserve and Mineral Resource estimate and life of mine plan for Ada Tepe and expects to release the results in January 2023.

In the fourth quarter, Chelopech produced approximately 45,300 ounces of gold and 7.4 million pounds of copper. In 2022, Chelopech produced approximately 179,100 ounces of gold and 30.8 million pounds of copper, well-within its annual guidance for gold and slightly below the low end of the range for copper.

The Tsumeb smelter processed approximately 41,800 tonnes of complex concentrate during the fourth quarter. Results during the fourth quarter were impacted by a 17-day shutdown to repair a water leak in the offgas system and instability in the power grid as a result of abnormally heavy rainfall in December. In 2022, the smelter processed approximately 174,100 tonnes of complex concentrate, which was below the annual guidance of 185,000 to 200,000 tonnes.

Loma Larga Update

DPM is finalizing the revised feasibility study for the Loma Larga project in Ecuador, which is on track for publication in the first quarter of 2023. Drilling activities, as well as the public participation process for the Environmental Impact Assessment remain paused, pending the outcome of the appeals process related to the decision on the constitutional protective action, following the hearing held in mid-October.

DPM continues to receive strong support from the government and is working proactively with all stakeholders involved in the development of the project.

Exploration Update

As previously reported, the Company received the exploration permit for the Čoka Rakita target in Serbia at the end of October 2022. The Čoka Rakita prospect is located south-east of the Company’s Timok gold project, and initial results from its 30,000-metre drill program are expected to be released in January 2023.

Returning Capital to Shareholders

In line with its disciplined capital allocation framework, DPM continues to return capital to shareholders through a sustainable quarterly dividend and periodic share repurchases under its normal course issuer bid (“NCIB”).

As previously announced in November 2022, DPM will pay a quarterly dividend of US$0.04 per share on January 16, 2023, to shareholders of record as at 5:00 p.m. Toronto local time on December 31, 2022.

In 2022, DPM repurchased a total of 2,471,500 common shares at an average price of US$5.51 (Cdn$7.05) per share for a total value of approximately US$13.6 million.

Timing of Fourth Quarter and Full-Year 2022 Operating and Financial Results

The Company plans to release its fourth quarter and full-year 2022 operating and financial results after market close on Thursday, February 16, 2023. The news release, MD&A and consolidated financial statements will be posted on SEDAR at and on the Company’s website at

On Friday, February 17, 2023, at 9 AM EST, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate via conference call, register in advance at the link below to receive the dial-in information as well as a personalized PIN code to access the call.

The call-in numbers and webcast details are as follows:

Conference call date
and time
Friday, February 17, 2023
Call registration
Webcast link
Replay Archive will be available on

Technical Information

The technical and scientific information 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 as defined under National Instrument 43-101, and not independent of the Company.

About Dundee Precious Metals Inc.

Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia, Ecuador and Serbia. The Company’s purpose is to unlock resources and generate value to thrive and grow together. This overall purpose is supported by a foundation of core values, which guides how the Company conducts its business and informs a set of complementary strategic pillars and objectives related to ESG, innovation, optimizing our existing portfolio, and growth. The Company’s resources are allocated in-line with its strategy to ensure that DPM delivers value for all of its stakeholders.

For further information please contact:

David Rae
President and Chief Executive Officer
Tel: (416) 365-5092
Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177


Related posts

Energy revolution paves way for African mining


Eriez® Expands In-House Laboratory Capabilities to Include Fire Assays


Lepidico helps build foundations for a clean future


Leave a Comment