(TheNewswire)
THETFORD MINES, QUEBEC, April 17, 2024 – TheNewswire – Dundee SustainableTechnologies Inc. (“DST” or the “Corporation”)(CSE: DST) announced its financial results for the year endedDecember 31, 2023. DST is proud to unveil its financial performancefor the fiscal year ending December 31, 2023. Demonstrating theeffectiveness of strategic changes implemented throughout the year,achieving a significant reduction in net loss. For 2023, DST reporteda net loss of $2,263,703, compared to the previous year's loss of$3,774,927—a reduction of $1.5 million.
YEAR-END 2023 RESULTS
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The Corporation entered into an agreement to divest a portion of itsoperation and assets located at its Thetford Mines technicalfacilities. As part of the transaction, the Corporation agreed on apurchase price of $846,500, in return for the processing plantequipment, the staff necessary to operate the equipment and theremaining of a technical service contract. The objective is to benefitfrom the sale and to allow for the Corporation to focus on thedevelopment and commercialization of its flag ship CLEVR™ andGlassLock™ Processes.
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DST completed the completed a detailed engineering project on aGlassLock Process™ commercialization project with a top-tier goldproducer in Ghana. DST is expecting approval of the gold producer’sinvestment committee to initiate the project in 2024.
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The Corporation entered into a project with a newly created companycalled Enim Technologies Holdings Inc. (“Enim”). Enim objective isto provide a novel e-waste treatment circuit which incorporatesDST’s proprietary CLEVR Process™ for the recovery of gold, silverand palladium. As part of its participation, DST subscribed 75,000Class A shares, for an amount of $75,000 in cash in return for a 25%equity stake in the newly created company.
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During 2023, the Corporation succeeded in the negotiation to extendthe maturity date of all of its loans coming due in July 2023, to May15, 2025, for a total amount of $19 million, with all the other termconditions remaining unchanged.
"2023 marked a pivotal year for DST, with strategic changesdriving a significant reduction in net loss. Our focus on streamliningoperations and focusing into our core technologies positions us forcontinued success. Looking ahead, we're committed to drivinginnovation and delivering value to our stakeholders." statedJean-Philippe Mai, President and CEO.
About Dundee SustainableTechnologies, a corporation controlled by Dundee Corporation
The Corporation is engaged in the development and commercialization ofenvironment-friendly technologies for the treatment of materials inthe mining industry. Through the development of patented, proprietaryprocesses, DST extracts precious and base metals from mineralizedmaterial, concentrates and tailings, while stabilizing contaminantssuch as arsenic, which could not otherwise be extracted or stabilizedwith conventional processes because of metallurgical issues orenvironmental considerations.
DST has filed, published, and was granted patents for the GlassLockProcess™ and CLEVR Process™ in numerous countries.
FOR FURTHER INFORMATION PLEASECONTACT:
Mr. Jean-Philippe Mai
President and CEO
Dundee Sustainable Technologies Inc.
Tel: (514) 866-6001 # 228
FORWARD LOOKING STATEMENTS: This press release containsforward-looking statements that address future events and conditions,which are subject to various risks and uncertainties. Actual resultscould differ materially from those anticipated in such forward-lookingstatements as a result of numerous factors, some of which may bebeyond the Corporation’s control. These factors include generalmarket and industry conditions, risks related to continuous operationsand to commercialization of new technologies and other risks disclosedin the Corporation's filings with Canadian SecuritiesRegulators.
Forward-looking statements are based on theexpectations and opinions of the Corporation's management on the datethe statements are made. The assumptions used in the preparation ofsuch statements, although considered reasonable at the time ofpreparation, may prove to be imprecise and, as such, undue relianceshould not be placed on forward-looking statements. The Corporationexpressly disclaims any intention or obligation to update or reviseany forward-looking statements whether as a result of new information,future events or otherwise, except as required by applicable law.
Neither the CSE nor its RegulationServices Provider (as that term is defined in the policies of the CSE)accepts responsibility for the adequacy or accuracy of thisrelease.
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