The following is a summary of the Dundee Precious Metals Inc. (DPMLF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Reported a solid Q3 with revenue of $147 million, reflecting a 21% increase year-over-year.

• Delivered adjusted net earnings of $46 million or $0.26 per share.

• Achieved strong free cash flow of $71 million, bolstered by sustained cost control measures, higher metal prices, and robust operating performance.

• All-in sustaining costs stood at $1,005 per ounce, a 10% increase from the prior year, primarily due to lower volumes of gold sold and higher share-based compensation expenses.

Business Progress:

• Advanced Chelopech operations with significant cost control, delivering production of 44,000 ounces of gold and 7 million pounds of copper at an all-in sustaining cost of $638 per ounce.

• Ada Tepe faced challenges with lower grades and recovery rates, but anticipates a fourth quarter rebound following resolved fleet issues.

• Progressed pre-feasibility studies for Čoka Rakita, scheduled for completion in Q1 2025, and advanced the permitting process with successful stakeholder engagements.

• Sold Tsumeb Smelter for net cash of $15.9 million, entered tolling agreement until December 2024.

Opportunities:

• Ongoing development and exploration at Čoka Rakita project set to bolster production capacity and improve economic returns.

• Improvement in copper grades at Chelopech operation expected to enhance overall efficiency and profitability.

• Strong financial position enables exploration of growth through strategic investments and acquisitions, supporting long-term value creation.

Risks:

• Ada Tepe faced production setbacks owing to operational issues which though resolved, might impose short-term impacts on production targets.

• Potential changes in taxation of concentrate imports by China could affect future contracts and profitability of concentrate sales, requiring adjustments to existing agreements or exploring alternative markets.

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