Dundee (DC-A) Q1 2025 earnings summary

Executive summary

• Produced 49,863 ounces of gold and 5.9 million pounds of copper in Q1 2025, on track to meet full-year guidance.

• Returned a record $90.4 million to shareholders via share repurchases and dividends, representing 114% of free cash flow.

• Advanced key growth projects, including Čoka Rakita (Serbia) and Loma Larga (Ecuador), with feasibility studies progressing as planned.

• Maintained a strong balance sheet with $763.0 million in cash, no debt, and a $150 million undrawn credit facility.

• Appointed Juanita Montalvo as Chair of the Board following the passing of Peter Gillin.

Financial highlights

• Revenue rose 16% year-over-year to $144.1 million, driven by higher realized gold and copper prices.

• Net earnings from continuing operations were $33.5 million, down 15% year-over-year due to a one-time $24.4 million Bulgarian levy and higher share-based compensation.

• Adjusted net earnings increased 70% to $55.4 million, or $0.32 per share, excluding the Bulgarian levy.

• Adjusted EBITDA was $75.2 million, up 38% year-over-year.

• Free cash flow grew 32% to $79.1 million; cash provided from operating activities rose 53% to $55.0 million.

Outlook and guidance

• Reaffirmed 2025 guidance: gold production of 225,000–265,000 ounces, copper production of 28–33 million pounds, and all-in sustaining cost of $780–$900/oz.

• Higher gold production expected in the second half of 2025, especially at Ada Tepe.

• Čoka Rakita FS completion targeted for year-end 2025; Loma Larga FS update expected in Q2 2025.