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Dundee Announces 2023 Third Quarter Results with significant progress on Serbian Coka Rakita copper project

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“With strong gold production, including record quarterly performance from Ada Tepe, we generated over $180 million of free cash flow year-to-date, demonstrating the quality of our assets and strength of our operating teams,” said David Rae, President and Chief Executive Officer. “Our mining operations are on track to achieve their 2023 guidance for production and all-in sustaining cost, and we continue to be well-positioned as one of the lowest-cost gold producers.

“During the quarter, we continued to return a significant portion of our free cash flow to our shareholders, approximately 42% year-to-date, through our enhanced share buyback program and our sustainable quarterly dividend.

“Our infill and extensional drilling programs at the Čoka Rakita project are advancing well, and we are on track to deliver the maiden Mineral Resource estimate for the project before the end of 2023. We continue to be excited by Čoka Rakita’s potential and we are progressing activities to accelerate the development of this high-quality organic growth prospect.”

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