Dundee Precious Metals Q4 2023 Earnings Call Transcript

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Provided by Quartr
February 15, 2024

There are 7 speakers on the call.

Operator

Good day, and thank you for standing by. Welcome to Dundee Precious Metals 4th Quarter 2023 Earnings Results Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded.

Operator

I would now like to hand the conference to Jennifer Cameron.

Speaker 1

Thank you and good morning. I'm Jennifer Cameron, Director, Investor Relations, and I'd like to welcome you to Dundee Precious Metals 4th Quarter and Year End 20 With me today are David Ray, President and CEO Navin Dyle, Chief Financial Officer as well as members of our senior management team who will be available to take your questions. Before we begin, I'd like to remind you that all forward looking information provided during this call is subject to the forward looking qualification, which is detailed in our news release and incorporated in full for the purposes of today's call. Certain financial measures referred to during this call are not measures recognized under IFRS and are referred to as non GAAP measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies.

Speaker 1

The definitions established and calculations performed by DPM are based on management's reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Please refer to the non GAAP financial measures section of our most recent MD and A for reconciliations of these non GAAP measures. Please note that unless otherwise stated, operational and financial information communicated during the call are related to continuing operations and have generally been rounded. References to 2022 pertain to the comparable periods in that year and references to averages are based on midpoints of our outlook or guidance.

Speaker 1

I'll now turn the call over to David Ray.

Speaker 2

Good morning and thank you all for joining us. Overall, the leadership team at DPM is very proud of what our global team achieved in 2023, which was an exceptional year for the company. We delivered strong operating results and a robust free cash flow generation significantly increased our return of capital to shareholders and further strengthened our balance sheet, providing an exceptional platform for our future growth, which we significantly transformed during the year. Today, Navin and I will provide a brief update on our Q4 and year end results and discuss why we believe that DPM continues to be well positioned to deliver value to all of our stakeholders now and over the long term. I will also outline why we are excited about what lies ahead for DPM in 2024.

Speaker 2

Looking back at the past year, I'm pleased to report that in 2023, we continued our strong track record consistent performance at our operations. We produced approximately 296,000 ounces of gold and £31,000,000 of copper. And despite industry wide cost pressures and lower copper prices, Our all in sustaining cost was $8.49 per ounce, which was within our guidance. We generated $228,000,000 in free cash flow and significantly increased our return of capital to shareholders, returning $96,000,000 or 42% of our free cash flow through share buybacks and dividends. We ended the year in a strong financial position with $595,000,000 in cash and strong liquidity, including an undrawn $150,000,000 revolving credit facility and no debt.

Speaker 2

Importantly, we continue to deliver on our ESG priorities and in the 91st percentile among metals and mining companies in the S and P Global Corporate Sustainability Assessment for the 3rd consecutive year. During the year, we also significantly transformed our growth pipeline, which the Choka Riquita project in Serbia and the acquisition of Ascino Resources, which is targeted to close in the second half of the year subject to certain approvals. Looking at our operations in more detail and starting with Chelopech, Our largest mine continued its track record of strong performance in 2023 producing approximately 162,000 ounces of gold and £31,000,000 of within our guidance for the year. In November, we announced an updated mineral reserve and resource estimate along with an updated life of mine plan with improved grades and recoveries, continuing our consistent track record of extending Chelopech's mine life. Today, Chelopech has a life of mine that extends to 2,032 based on mineral reserves, has a strong mineral resource base and significant opportunities to continue our track record of mine life extensions, including Chelopech North, which used to be known as Sverdapetka, where we received our commercial discovery certificate in Q4.

Speaker 2

In 2023, we continued our in line exploration program as well as aggressive brownfield exploration. We continue drilling at Charlotte Deary West and Charlotte Deary prospects, which demonstrates additional resource potential and these are within the concession and close to existing infrastructure. Turning now to Adatepe. The mine achieved a new gold production record in 20 23 at 134,200 ounces. All in sustaining costs were particularly impressive at $500 per ounce of gold sold and we're below the low end of guidance for the year.

Speaker 2

In the Q4, we continued the target delineation campaign and scalp drilling at the new Krumovitza exploration license, scout drilling and several epithermal sediment hosted targets was advanced during the quarter and is planned to continue in the Q1 of 2024. In 2024, we plan to spend a total of $3,000,000 to $4,000,000 of brownfield exploration activities and approximately $2,000,000 in greenfield exploration at Aditya. Last night, we announced that in 2023, We decided to undertake a strategic review of our Tsumeb asset, including a potential sale of the smelter. To provide some context around that announcement, we acquired Synet in 2010 as a secured processing outlook for the complex concentrate produced by Chelopech. With developments in the global smelting market, we've been able to place Chelopech concentrate at several other third party facilities providing secure and reliable processing at favorable terms without the need to own and operate the smelter.

Speaker 2

Therefore, we do not expect to process any Chelopech concentrate at Tsumeb commencing in 2024. And the smelter therefore is no longer seen as a strategic asset within our portfolio. In 2023, Sumit proved that they processed approximately 188,000 tons of complex concentrate, which was below 2023 guidance. This was a result of unplanned downtime in the off gas furnace system in the 1st 3 quarters of the year, and we extended our shutdown in order to complete repairs to that off gas system. However, in the Q4, we got the benefit of that work with Sumo processing 68,000 tons of complex concentrate, which was a near record level of performance, very large improvement over the prior three quarters due to the repair of those Ofgas Systems.

Speaker 2

Over the course of 2023, we significantly transformed our growth prospects. In December, we announced that we had entered into an agreement to acquire Ascino Resources and the advanced stage Twin Hills project in Namibia, which has the potential to add near term growth to our portfolio. The transaction is subject to Ascino shareholder approval and Namibian competition approval. Also in December, we announced the initial mineral resource estimate for Choca Riquita, which marked a significant milestone for DPM's future growth and confirm Choka Riquita's potential as a high quality gold project. Since we announced the initial discovery in January of 2023, Chukariquita has rapidly grown into a 1,800,000 ounce deposit at 5.6 grams a ton, a remarkable achievement over such a short period We're continuing to accelerate the project to our development pipeline, including advancing a preliminary economic assessment, which we expect to complete in the Q2 of 2024.

Speaker 2

We'll be targeting throughput rate of 850,000 tons per annum. The project is located approximately 35 kilometers from the city of Bor in Serbia, is proximal to existing roads and power lines and is approximately 3 20 kilometers northwest of DPM's Chelopech mine in Bulgaria, which will allow easy access to existing technical support capability. Chukariquita is a strong fit with our underground mining and processing with metallurgical test work demonstrating gold recoveries of approximately 90% by gravity concentration and conventional flotation. We're excited by Choka Riquita's potential in a region where we've had a presence for many years and where we've developed strong relationships with local stakeholders. We're also planning to continue aggressive exploration at Choca Riquita and the surrounding licenses to generate new discoveries.

Speaker 2

Scalp drilling near Choka Riquita continued in the 4th quarter intercepting favorable geological indicators in the north and northwest flank of system where additional marble hosted scar mineralization was encountered. In the Q4 of 20 23, we were granted 2 new exploration licenses covering the area hosting the TMOC Gold project. We are currently preparing an aggressive exploration program and plan to start testing skarn targets on the new potashkuka exploration license located to the north of Chokerequita as well as the new Pasteur exploration license, which is to the west of Chokerequita. This program is expected to commence in early 2024, pending approval of work programs and permitting procedures with approximately 25,000 meters of drilling plans for the 1st year of exploration on these targets. 2024, we're planning to spend a total of around $20,000,000 for exploration activities in Serbia.

Speaker 2

Turning to Loma Largo in Ecuador, we continue to progress activities related to permitting and stakeholder relationships. In October, a new President was elected, and we are working with the newly formed government to fulfill the requirements of the August 2023 ruling, which found that free prior and informed consultation of certain local indigenous populations must be carried out by the state. That ruling also required environmental consultation with communities in the projects area of influence and additional reports on the impact on water resources and the nearby National Recreation Area. And these will be delivered by the Ministry to the court to advance the project to the exploitation phase. In line with this ruling, the government commenced the environmental consultation process in January and DPM will continue to support the government of and proactively engage with stakeholders to fulfill the conditions established by the court.

Speaker 2

As previously reported, DPM will continue with the optimization phase of the feasibility study beyond the previously stated timeline ending in 2023. This in order to evaluate additional opportunities and potentially incorporate the results of drilling once these activities are able to recommence. We will continue to take a disciplined approach respect to future investments in the Loma Lager project, which will be based on the receipt of key milestones, the overall operating environment in Ecuador and our other capital allocation Priorities. At the Tierra's Colorado concession, which is located 200 kilometers south of Loma Laca In Ecuador's local province, we continued the 10,000 meter drilling program, which commenced in August. This program is designed to follow-up the positive results we reported at the end of February, which confirmed the presence of 2 high grade vein systems that remain open in multiple directions.

Speaker 2

In closing, we're entering 2024 in the unit position. We have strong and consistent production from our operations and an all in sustaining cost that ranks among the lowest in the gold industry. We have significant free cash flow generation, A record of disciplined capital allocation and returning capital to shareholders, we have attractive development projects, proven exploration success and the financial strength to internally fund our growth pipeline and exploration prospects as well as continuing to return to shareholders through our quarterly dividend. We've got continuing ESG performance and an impressive track record of securing our social license and a very strong technical team with a history of adding real value through innovation. I'll now turn the call over to Navin for a review of the financial results and outlook, following which we'll open the call to questions.

Speaker 3

Thanks, Dave. I'll be touching briefly on the financial highlights from the quarter year. I'll also provide an overview of our 2024 guidance sorry, 2024 guidance and updated 3 year outlook. I will conclude with some commentary on our balance sheet and return of capital program. A few considerations include the announced agreement to acquire Ascena Resources Corp.

Speaker 3

And its advanced stage Twin Hills full development project, which offers near term production growth to supplement the decrease of production at Agatepe

Speaker 2

as the mine comes to

Speaker 3

the end of its life and a significant exploration package in Namibia and the company's decision to undertake a strategic review of its Tsumeb operation, including a potential sale, given that the smelter is no longer seen as strategic to DPM's asset portfolio. As a result of this decision, the assets liabilities of Tsumeb have been presented as held for sale in the company's balance sheet as of December 31, 2023, and the operating results and cash flows of Tsumeb have been presented as discontinued operations and the consolidated statements of earnings and loss and cash flow for both of the years ended 31, 2023, 2022. My remarks will focus on highlights from continuing operations only. Looking at our financial highlights from the quarter and year, we achieved consolidated production and costs in line with our guidance and delivered strong financial results. We generated $139,000,000 of revenue in the 4th quarter, a 23% increase compared to the prior year due primarily to higher volumes and realized prices of gold sold.

Speaker 3

For the year, revenue was $520,000,000 20% higher than 2022 due primarily to higher volumes and realized prices of gold sold and lower treatment and freight charges at Chelopech, partially offset by lower volumes and realized prices of copper sold. Adjusted net earnings were $50,000,000 for the quarter, a $28,000,000 increase compared to the prior year due primarily to higher revenues from gold sales. This was partially offset by higher planned exploration and evaluation expenses. In 2023, adjusted net earnings were $180,000,000 $61,000,000 higher than the prior year due primarily to higher revenues from gold sales, lower treatment and freight charges at Chelopech and higher interest income. This was partially offset by higher plant exploration and valuation expenses where we increased spending following positive results from our exploration programs in Serbia and Bulgaria.

Speaker 3

Cash flows from operations of $71,000,000 for the 4th quarter $262,000,000 for the year were higher than the prior year due primarily to higher adjusted EBITDA. During the Q4, free cash flow was $49,000,000 $19,000,000 higher than the prior year due primarily to the same factors impacting cash flow from operations and lower cash outlays for sustaining capital. For 2023, we generated $228,000,000 of free cash flow, a 54.1% increase compared to 2022. In terms of cost metrics, we achieved our all in sustaining cost guidance for the year. In the 4th quarter, all in sustaining cost was $8.76 per ounce of gold sold, 13% lower relative to 2022 with higher volumes of gold sold, lower cash outlays for sustaining capital, higher byproduct credits and lower prices for power, partially offset by a stronger euro relative to the U.

Speaker 3

S. Dollar. In terms of our capital spend, we were in line with our guidance for both sustaining capital and growth capital expenditures. Looking at the 4th quarter, Sustaining capital expenditures were $8,000,000 38 percent lower than the prior year of $13,000,000 due primarily to the planned upgrade of the tailings management facility at Chelopech, which occurred throughout 2022 and was completed in the Q2 of 2023. Growth capital expenditures of $10,000,000 for the quarter primarily to the Lavalard River Gold Project, which were comparable to the prior year.

Speaker 3

Last night, we provided an updated 3 year outlook, which has been outlined in detail on Slide 16 of the webcast. We are forecasting strong gold production averaging approximately 240,000 ounces annually over the next 3 years. Our 3 year outlook forecasts a reduction in 2026 as Atatepe reaches the end of its mine life. Copper production over the next 3 years is expected to average approximately £33,000,000 per year with higher production expected in 2025 in line with Chelopech updated life of mine plan. We are forecasting slightly higher all in sustaining cost of ground to gold sold for 2024 relative to our previous 3 year outlook.

Speaker 3

This is partially due to a change in our copper price assumption, which we lowered to $3.75 per pound or $4 per pound in our previous outlook. Our revised outlook also reflects lower volumes of copper sold in 2024 and higher local currency operating expenses. Our sustaining capital is trending lower over the next 3 years, largely reflecting the fact that Atatepe is nearing the end of its mine life. Our 2024 guidance and 3 year outlook does not yet reflect the acquisition of Ascino Resources. We continue to build our financial strength, ending the quarter with $595,000,000 of cash on the balance sheet.

Speaker 3

During the year, we bought back 9,700,000 shares through our program and paid $30,000,000 of dividends, returning a total of 42% of our free cash flow to shareholders. We also intend to renew the NCIB, providing us with the flexibility to pursue additional share repurchases depending on our financial position, the outlook of our business and ongoing requirements as we advance our growth pipeline as well as our share price and overall market condition. We are currently reviewing our capital allocation strategy with a view balancing between the capital required to fund our growth and returning capital to shareholders through dividend distribution and future share buyback. Today, with our strong cash position, No debt and a $150,000,000 undrawn credit facility, we are in a unique position among growing gold producers. We have the ability to fund our development pipeline internally, while continuing to pay a quarterly dividend.

Speaker 3

With that, I will now turn the call back to the operator for Q and A.

Operator

Thank you. Our first question is from Wayne Lam with RBC. Please go ahead.

Speaker 4

Hey, good morning guys. Just curious at Twin Hills, can you kind of walk us through what we might be able to expect with the results of the optimization study? And then is the majority of the work being done to normalize the CapEx and costs versus the OCNO study? Are there additional upside scenarios kind of being evaluated here in terms of higher grade or additional material outside the Main, Bulge and Central Deposits.

Speaker 2

Yes. Hi, Wayne. Good morning. Sorry, my voice is breaking up a little bit. There's not really much to update at this point on Twin Hills.

Speaker 2

Obviously, we are cognizant of opportunities in terms of grade, mine plans and sequence capital, but all of these are for future communication. I think at this point, we're still in a position where we're waiting for the shareholder meeting. And while we have some contact, we're not really in a position to talk about updating anything to market.

Speaker 4

Yes, understood. Looking forward to the closing of that transaction. Maybe moving to Tsumeb, can you give us a bit of insight around the strategic review and what the timing could look like there? And then just on the Chelopechor, you guys have done a lot of work to divert the concentrated third parties over the past year. You give us kind of an idea of what those agreements might look like in terms of tenure for the placing that ore?

Speaker 4

And what kind of gives you the confidence that you can kind of do without Tsumeb now?

Speaker 2

Okay. Two different things. In terms of the process, we've been at this for a little while. We've looked Broadly at the type of groups that might be interested in the smelter. And there are a broad range of different groups, including those directly focused on smelters, Perhaps those who are concentrate traders, perhaps those who might be interested in some of the historical work around the site, which has left copper industries and oil tailings and things like that.

Speaker 2

So that process has been a fairly broad range, and we've obviously got to the point where we feel There is something that we have confidence in that we can conclude. In terms of the timing, not appropriate really to give you anything on that at the moment, but just That was a deliberate step that we took to place this in an asset held for sale. And I think just watch this space. In terms of confidence on our placements concentrate. We've been all the way back to 2013, 2014, we've been placing concentrates in different smelters globally.

Speaker 2

And to this point, we have more than 5 different facilities where we can place that concentrate. And that gives us the confidence that we have the ability to do that without requiring the fallback of our own smelter. In terms of the 10, the bottom line there is that It makes sense for us to if you compare relative to the smelter, we would consider a percentage of gross metal value payable. And the bottom line is These models are all quite different in terms of the treatment terms that they give us between payable TCs and this type of thing. And I can't really give you a number.

Speaker 2

This is a direct comparable. It's safe to say that it makes a difference. If you look back at the Updated life of mine plan, not the last one, but the one prior to that with Chelopech. You can see the difference that it made in terms of the outlook for So it's material and that has sort of led us to the point where last year we only had 1 quarter of production from Chelopech going to the smelter And this year, it's not nothing. So Navin, did you want to add anything to that?

Speaker 3

Sure. Yes. Hi, Wayne. It's Navin. The tenant for the contract are typically 3 years, they continue thereafter with 1 year cancellation notices.

Speaker 4

Okay, great. Thanks. And then maybe just last one. Just curious at Terrace, Colorado, you guys had some really interesting exploration results early last year, but Since they've been relatively quiet since then, have the issues at Loma Larga impacted your willingness to spend more aggressively On drilling there, or is that just a function of focus being diverted a bit now, given the emphasis at Chokarikita and now Twin Hills?

Speaker 2

I think the drilling was the prior year. And what happened from that drilling, we decided to do some additional work. Initially, the scope of that was less than what we ultimately wanted to do. So we're talking a couple of 1,000,000 meters, I think, 2,000, 3000 meters. We ended up with 10,000 meters that we targeted.

Speaker 3

It took a little while to get

Speaker 2

that in place, but that's got nothing to do with what's going on at Loma Lago. You just have practicalities to go through in terms of making sure that everything is okay with permitting, making sure that the local communities are on-site and then you've got to go and get contracts in place and it's in a different jurisdiction in some different groups and you've got to hire people in order to make it work. So it was just a straight practicality. Now this is in Lohar Province. So it is different from its way and there's nothing preventing us from drilling.

Speaker 2

So what we did at the end of last year is we had some of our key people that have been the drivers at Choka Riquita out to this area to have a look at what are we targeting and Are there other opportunities there that we didn't consider when we came to that initial 10,000 meters? So the bottom line is that The work is actually progressing at the rate that we can in an area, which is actually quite difficult to access. It's also not a flat terrain. You have to be very careful in terms of thinking to what you have to do. We've included some of the thinking that's generated success at Choco Raquita in what we're looking at this year.

Speaker 2

But largely, it's been down to just the pace at which we can deliver that work. There were some very interesting numbers early on. We're continuing to drill. We have about 6,000 meters of the 10,000 meters done, and we would anticipate completing that within the Q2 of this year.

Speaker 4

Okay, perfect. Thanks for taking my questions.

Operator

Thank you. One moment for our next question, please. And it comes from the line of Don DeMarco with National Bank Financial.

Speaker 5

Thank you, operator, and Good morning, Dundee team. First question for David and Navin. So with Tsumeb now held now classified as an asset held for sale, I see in the reporting last night, it said net assets of $45,000,000 Do you think that this magnitude is indicative of a price that the asset could garner in the event of M and A?

Speaker 3

Hi, Don. It's Navin. Yes, we're at this point, we're not going to comment on potential price that we might receive for this. This is something that obviously would be coming at a later time.

Speaker 5

Okay, fair enough. Well, thanks for the information last night anyway. Looking to Adatepe, Q4 grade, 7.5 grams per ton. Now this is Adatepe has really been running hot on grades for a while now. We saw from the technical report mine plan had a grade of 6.28 grams per tonne in 23, which is above the reserve of 5.19.

Speaker 5

The mine plan has it coming down to 5.52, but given that it's been running above mine plan, would we expect Are you just getting good reconciliation here? Or do you expect the grades to maybe soften a little more than expected in 2024?

Speaker 2

Congratulations, Don, on a level of detail here that I don't think is necessarily the norm. Actually, we had something specific that we decided to do in Q4 that had nothing to do with the overall plans or any changes. Don't assume that's the norm. Don't assume that's the reconciliation. There were some practicalities in Q4, and it was largely around what was happening with water.

Speaker 2

And we made a decision with slightly alter our mine plan for purposes of Q4 and we're back to where we used to be. So what will happen is that the outlook now is as per what we had in the forecast for this year. But we had something that was driving the grade in Q4 and it wasn't to achieve a record production. If you look more closely, you'll see that what we did is we balanced the tonnage with the grade for the quarter. So we've not robbed anything, but there was a specific need for us do something in Q4.

Speaker 2

Congratulations on splitting that.

Speaker 5

Okay. Well, that's great. And great to hear that the outlook, the mine plan for 2024 is intact and congratulations on converting that higher grade to free cash flow in the quarter. And then final question. Okay, so balance sheet, dollars 600,000,000 in cash, $150,000,000 on your facility.

Speaker 5

Can you just remind us when we're going to get CapEx updates for the potential development of Coco Raquita and Twin Hills subject to closing of the deal and so on?

Speaker 3

Yes, Don, it's Mike here. With respect to Twin Hills, what we indicated is we would be updating the market following closing on that. And with respect to Choca Riquita, we've undertaken a PA, which is on target for release in Q2 We'll be getting a CapEx update for Choca Riquita then.

Speaker 5

Okay. Thanks guys. Good luck with the rest of the year. Thank you.

Operator

Thank you. One moment for our next question please. And it's from the line of Eric Windmill with Scotiabank. Please proceed.

Speaker 6

Great. Good morning, everyone. Thanks for taking my question. A number of my questions have already been answered, but Maybe just following up on Adatepe. I mean, I know you said the asset was sort of nearing end of its life, 2026, it does look like maybe a bit of a stronger Any comments here specifically in terms of the mine planning and what you're seeing in 2026?

Speaker 2

The forecast for the 3 years that we have just provided the update is representative of what we expect. I think as we said before, But we anticipate there may be a couple of months of difference in the outlook for Atatepe as we get closer to the sort of residual amounts in 2026, We're not anticipating it being more than a couple of months. So we do anticipate closure in 2026. And as I said, that sort of the outlook for the next 3 years, that's up to date.

Speaker 6

Fantastic. Thank you. And maybe just one more for me in terms of the other jurisdictions, you touched on Ecuador a little bit. Any other comments here in terms of Serbia or maybe Namibia, some of what's happening there in country and how that might shape your capital allocation in the coming years?

Speaker 2

Yes. So in Serbia, we continue to develop that project At a pace, very, very good support from local and federal authorities. So very happy with what's going on there and great support from the local community. So not really seeing any changes there or expecting anything. We're just driving as hard as we can to get that project permitted so that we're looking for construction data early in 2026.

Speaker 2

If you have a look at what's happening in Namibia, I presume what you're talking about there is the change after President Guyengov passed away.

Speaker 6

That's correct. And I know they've talked a little bit about strategic priorities and, yes, I was wondering if it might have any impact.

Speaker 2

Well, I think the interesting thing about it is it really demonstrates just How good a jurisdiction Libya is. Within, I think, 16 hours of the announcement of the President's passing, there have been The formation of the government and a new leader appointed with a Vice President and there was no noise or or expressions of frustrations. So population just accepted this. It was a logical transition of government, Well managed, it was the first time anybody has passed away in that position in Namibia. So it's sort of an interesting test of the transition and obviously I think it did extremely well.

Speaker 2

In terms of the current leadership, well known, well respected, very much in line With previous thinking and the current Vice President is the person that was previously nominated as the Head of Suapo, who would then expect to become the next President. So again, a level of continuity. So we like Namibia for a reason that's demonstrated good governance, consistency and openness in terms of many of its activities. I don't know if that covers the question, Eric.

Speaker 6

Yes, perfect. I appreciate the added color. That's really helpful. So great to see the cash balance continue to grow and yes, look forward to the update. So I'll hop back in the queue.

Operator

Thank you. And with that, we conclude our Q and A session for today. I will turn it back to Jennifer

Speaker 1

Well, thank you everyone for joining us. We look forward to talking to you next quarter. Should we have any Additional questions, any member of our team is happy to help you out. So feel free to give us a call. Thanks.

Operator

And thank you all for joining our call today. You may now disconnect.

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Dundee Precious Metals Q4 2023
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