10:30 AM EDT, 04/09/2024 (MT Newswires) -- RBC Capital Markets said Monday that it expects a "modest negative reaction" from Dundee Precious Metals Inc.'s ( DPMLF ) shares after the company released its first-quarter production results that slightly missed RBC's estimates and consensus forecasts. [At last look, DPM was higher on Tuesday morning].

Dundee's gold production of 62,700 ounces was below RBC's estimate of 66,900 ounces and the consensus forecast of 65,100 ounces. Copper production of 6,700 tonnes missed RBC's estimate of 7,600 tonnes and the consensus projection of 7,800 tonnes.

RBC said Dundee's weaker output in the quarter was driven by lower tonnage and grades at the Chelopech mine versus the bank's estimaes, offset by stronger production at the Ada Tepe mine with full year guidance reiterated.

RBC said it expects Dundee investors to focus on the company's continued operational execution and free cash flow generation, the advancement of the Coka Rakita project, and the potential for external M&A.

RBC left Dundee with an Outperform rating with a $14.00 price target.

Price: 10.59, Change: +0.13, Percent Change: +1.24