08:17 AM EDT, 04/09/2024 (MT Newswires) -- National Bank of Canada said Monday that Dundee Precious Metals Inc. ( DPMLF ) 's first quarter production largely aligned with estimates. On impact, the bank noted consolidated production "in line" as "standout performance" at Ada Tepe offset "softer" Au/Cu production at Chelopech; while annual guidance was reiterated at both mines. The bank also noted gold "sold light on timing of sales". Overall National ascribed a "neutral bias".

National noted the company produced 62,700 ounces of gold in the first quarter, compared with the bank's forecast of 64,900 ounces. Copper production of 6.7 million pounds was below the bank's projection of 8.1 million pounds.

National Bank left Dundee with an Outperform rating with a $14.00 price target, citing the company's "elevated" free cash flow, discounted valuation, optionality at Coka Rakita and "solid" balance sheet, tempered by Ada Tepe's limited mine life and Loma Larga's development risks.