building a premier, intermediate, low-cost gold...

DUNDEE CAPITAL MARKETS PRECIOUS METALS ROUND UP

NOVEMBER 1, 2013

AUSTIN, TEXAS

DUNDEE PRECIOUS METALS

BUILDING A PREMIER,

INTERMEDIATE, LOW-COST

GOLD PRODUCER

Proudly celebrating 30 years as a

Toronto Stock Exchange

listed company

2

FORWARD-LOOKING

STATEMENTS

This presentation contains “forward-looking information” or "forward-looking statements" that involve a number of risks and

uncertainties. Forward-looking information and forward-looking statements include, but are not limited to, statements with respect to

the future prices of gold and other metals, the estimation of mineral reserves and resources, the realization of mineral estimates, the

timing and amount of estimated future production and output, costs of production, capital expenditures, costs and timing of the

development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional

capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims,

limitations on insurance coverage and timing and possible outcome of pending litigation. Often, but not always, forward-looking

statements can be identified by the use of words such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”,

“estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or state

that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking

statements are based on the opinions and estimates of management as of the date such statements are made, and they involve

known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the

Company to be materially different from any other future results, performance or achievements expressed or implied by the forward-

looking statements. Such factors include, among others: the actual results of current exploration activities; actual results of current

reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future

prices of gold; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated;

accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the

completion of development or construction activities, fluctuations in metal prices, as well as those risk factors discussed or referred to

in this news release under and in the Company’s annual information form under the heading "Risk Factors" and other documents filed

from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially

from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be

anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual

results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to

place undue reliance on forward-looking statements.

Dundee Precious Metals

Solid

Financial Position

Commodity and

Geographic

Diversification

High Quality

Assets

with Proven

Operating

Performance and

Further Potential

Experienced

Management Team

and Board with

Strong Track

Record

Pipeline of Value

Adding Organic

Growth

INVESTMENT SUMMARY

3

MAINTAINING A SOLID FINANCIAL

POSITION

4 Dundee Precious Metals

Share Price C$5.00

Shares Outstanding 139M

Market Capitalization C$695M

Fully diluted shares

Additional cash on dilution

146M

C$25M

52 week low - high C$3.69 - $9.93

Gross Revenue by Metals Sold

2011A 2012A 2016E Gold

Copper

Silver

Zinc

Dundee Corporation 25%

Van Eck Associates Corp. 12%

$250M Cash and Credit

including: $150M undrawn revolving credit facility

~$99M in Cash and Short-term

Investments

@ June 30, 2013

$121M Significant 2012 Operating

Cash Flow

$74.3M Debt

@ June 30, 2013

Total Debt : Total Capital

= 9%

48%

41%

6% 5%

Capital Structure @ October 28, 2013

Top Shareholders

DPM’S ASSETS LOCATED IN

POLITICALLY STABLE REGIONS


Head office

Operating assets

Developing asset

Krumovgrad

Chelopech

Kapan

Tsumeb

Toronto

GOLD COMPOUND ANNUAL GROWTH

RATE OF 14%


Consolidated Gold Production

(oz 000’s) Consolidated Copper Production

(lbs 000,000)

Copper production has increased 105% over

four years

Gold production has increased 70% over

four years

DECREASING CASH COSTS AND

INCREASING EBITDA


78% reduction in cash cost per ounce of

gold produced over four years1

Consolidated adjusted EBITDA

increased significantly over four years

($40)2

$32 $45

$118 $125

2008 2009 2010 2011 2012

(1) Net of by-product credits

(2) Cdn $

8

Source: Scotia Capital (April 2, 2013), DPM 2013 Guidance

Note: All-in Sustaining Cash Cost = Total cash costs (net of by-products) + sustaining capital + proportionate share of corporate G&A

DPM: A LOW COST PRODUCER

Cash Cost/Tonne of Ore Processed (1) ($/T)

(1) This is a non-GAAP measure. See 2012 Annual Report for further details. See Appendix for reconciliation to cost of sales.

(2) All-in cost is comprised of cash delivered cost which includes mine cash costs, TC’s, RC’s and freight; net of by product credits, sustaining capital; and G&A costs

(allocated based on revenue of operation). All-in costs exclude Avala and Dunav and growth capital expenditures. Dundee Precious Metals

$665 $714 $782

$838 $842 $875 $884

$1,005

$1,155 $1,178 $1,212

$1,325 $1,362

DPM Argonaut Alamos AlliedNevada

Primero Timmins Teranga Centerra Alacer AuRico AfricanBarrick

GoldenStar

Semafo

2013E All-In Sustaining Cash Cost2 (US$/oz)

Average: $987

CORPORATE VISION AND STRATEGY


Building DPM into a premier, intermediate, low-cost gold producer

Optimize value of existing operating assets

Grow the business beyond existing operating assets

Sustain low quartile operating costs Conceptual

Illustration of

Krumovgrad

Gold Project

Tsumeb

Smelter,

Namibia

Exploration

at Kapan

Mine

• Increase mine production and extend LOMs

• Upgrade/expand smelter and establish long-term contracts

that provide a stable return

• Develop Krumovgrad Gold Project

• Establish deep pipeline of greenfield exploration

opportunities

• Complete acquisitions that offer accretive growth, diversity

and gold exposure, while maintaining a conservative

capital structure

Maintain a strong balance sheet with ample liquidity

Strategy

Vision

CHELOPECH OPTIMIZATION:

LOW COST, LONG LIFE PRODUCER


Chelopech Mineral Resources and Reserves (as at December 31, 2012)

Grade

Resources M&I

(at Dec.31, 2012)

Au (oz) 4.0 g/t 3.8M

Cu (lbs) 1.3% 825M

Reserves

(at Dec 31, 2012)

Au (oz) 3.6 g/t 2.5M

Cu (lbs) 1.1% Cu 519M

Estimated Mine Life @ expanded rate 10+ years

Strategy

• Operating at full capacity

of 2 MT of ore per annum

• Continue to implement

cost/margin

improvements

• Install new pyrite

recovery circuit

• Complete feasibility study

on the pyrite gold

recovery project

• Capitalize on lower cost/

higher recovery staged

flotation reactor

technology

• Perform targeted

exploration to replace

depletion and increase

mineral resources/

reserves

Staged Flotation Reactor at

Chelopech Operations


400,000 T pyrite concentrate produced (E)

Metals Potential Grades Est. Incremental Production Result

Au 6-7 g/t 75,000 - 90,000 oz

Ag 10 - 15 g/t 130,000 - 190,000 oz

Cu 0.5% - 0.7% 4.5M - 6.0M lbs

Project Highlights

Cash cost per oz of gold (net of by-product

credits) $615

Estimated capital costs $202M

NPV (5% discount rate) after tax(1) $141M

IRR after tax(1) 24%

Project Stages

Item Capex

Stage 1: Concentrator upgrade $23M

Stage 2: POX Facility

Phase 1 – estimated start production 2017 $93M

Phase 2 – estimated start production 2019 $87M

(1) Assumes the following commodity prices after 2016: $1,250/oz Au, $25/oz Ag,

and $2.75/lb Cu

CHELOPECH OPTIMIZATION:

PYRITE GOLD RECOVERY PROJECT

2013 Catalysts

Complete Stage 1 Concentrator

Upgrade

Stage 2 POX Facility Feasibility

Study

11

Dundee Precious Metals 12 Dundee Precious Metals

KAPAN OPTIMIZATION:

POTENTIAL TO EXPAND AND EXTEND LIFE OF MINE

Kapan Mine office Kapan operations were on care and maintenance as of November 2008; operations restarted April 2009.

Kapan Shahumyan Deposit Mineral Resource Estimate1

(as at January 31, 2013)

Classification Tonnes

Mt

Au

g/t

Contained

Au Koz AuEq g/t Contained AuEq g/t

Indicated 2.8 2.6 237 5.2 467

Inferred 10.6 2.3 790 4.5 1,543

Reported at a gold equivalent cut off of 2.24 Au g/t

1. For more information please see the technical report titled “NI 43-101 Technical Report, Shahumyan Project, Kapan, Republic of Armenia” dated July 29, 2013, filed on SEDAR

Strategy

• Producing Cu & Zn

concentrates containing

Au & Ag

• Complete studies to

confirm optimal mine

plan based on new

resource

• Continue operational

improvements and cost

reductions

2014 Catalysts

Internal Study regarding Expanded

Underground Mine Q1 2014


• One of the few smelters

with ability to process

complex concentrate

• Upgrades designed to

meet internationally

accepted environmental

standards and expand

capacity to process

additional 3rd party

concentrate

• Lower per tonne

operating costs and more

favourable smelting

terms are expected to

generate significantly

higher margins

Horne Smelter

Operated by Xstrata

Capacity: 825Kt of concentrate (total)

Note: Complex concentrate capacity limited

with little to no 3rd party capacity

Tsumeb Smelter

Operated by Dundee Precious Metals

Capacity: 240Kt-320Kt of complex concentrate

Operating Smelters

Closed Smelters

Other smelters that process various amounts of complex concentrates

La Oroya Smelter(1)

Operated by Doe Run

Kosaka Smelter

Shut down in Q1 2008San Luis de Potosi Smelter

Shut down in 2012

Note: Currently closed

Limited Global Smelting Capacity for Complex Concentrate

TSUMEB SMELTER:

A UNIQUE STRATEGIC ASSET

13


Asset Overview

DPM Ownership 100%

Location Namibia

Technology Ausmelt

Product Copper blister

bars

2012 Concentrate Throughput 159,356 tonnes

Emissions & dust capture

upgrades $103M

Sulphuric acid capture plant

(Q3 2014) ~$240M

Electric holding furnace

(Q1 2016) ~$70M+

TSUMEB SMELTER HAS POTENTIAL

TO POSITIVELY IMPACT EARNINGS C

om

ple

x C

on

Sm

elte

r C

ap

acity (

00

0’s

)

14

Tsumeb

Smelter

Dundee Precious Metals 15

TSUMEB SMELTER – SULPHURIC ACID PLANT

FURTHER UPGRADES TO MEET INTERNATIONAL

ENVIRONMENTAL STANDARDS

Acid Storage

10,000 tonnes

S02 Converter

to Sulpuric

Acid

Gas

Conditioning

Effluent

Treatment

• Outotec contracted for

construction at estimated cost

of ~US$240M

• To produce 230,000 to

280,000 tonnes of sulphuric

acid

• Rossings Rio Tinto contracted

to purchase 225,000 tpy for 5

years

• Groundbreaking ceremony

September 5, 2013

• Commercial production

expected in Q4 2014

KRUMOVGRAD GOLD PROJECT:

LOW CASH COST OPERATION


Krumovgrad Gold Project Highlights1

Proposed Mine Type Open Pit

Gold Recoveries 85%

Grade 3.4 g/t

Annual Ore Tonnage Production 850,000 tpy

Annual Au Production 74,000 ounces

Mine Life 9 years

Capital Costs to Complete US~$127M

Total Cash Cost Per Oz Au Eq $404

Conceptual

Illustration of

Krumovgrad

Gold Project

1Based on Jan. 2012 DFS; Estimated recoveries, capital & operating costs in process of being updated.

Future Catalysts

Start Construction 2015

Start Production 2016

Strategy

• Secure final local

approvals required

prior to proceeding with

ordering long lead

items/construction

• Update/finalize mine

plan

• Seek opportunities to

increase recoveries

through use of SFR

technology

• Complete detailed

engineering that

optimizes value of

project

• Evaluate other

exploration

opportunities within

existing licenses and

establish targeted drill

program


Petrovden Porphyry Target

Intrusive(s)

Stockwork Veins

NW

Intrusive(s)

Stockwork Veins

Results to date:

PTDD019

369m @0.17% Cu, 0.16g/t Au

(incl 64m @0.30 %Cu. 0.25g/t

Au from 687m)

371

270m @0.23% Cu, 0.23g/t Au

(incl 103m @0.30 %Cu. 0.23g/t

Au from 773m)

PTDD001

708m @0.079% Cu, 0.068g/t

Au (incl 53m @0.11 %Cu.

0.117g/t Au from 82m)

PTDD002

479m @ 0.077%Cu, 0.093g/t

Au (incl 70m @ 0.11%Cu,

0.102g/t Au from 423m)

DPM BROWNFIELDS EXPLORATION

STRATEGY: CHELOPECH & SVETA PETKA


Kapan Near Mine Drilling Targets

V50 Target

Golden Triangle Target

Shahumyan East Target

V37 Target

V17 Target

V11 Target

V64 Target

Drill program tests:

• conceptual targets at

Golden Triangle and

Shahumyan East

• high grade down-plunge

Vein Targets on known

mineralisation

Schedule:

• Approx. 4,000m diamond

drilling on 6 targets to be

completed be end of

2013

• Structural studies

ongoing

• Continuous interpretation

of current drilling to

improve remaining

targets

Proposed hole

Completed hole


STRATEGY: KAPAN


Geophysical Surveys Khan Krum – Iran Tepe –

Kesebir

IRAN TEPE

KESEBIR

KHAN KRUM

Ground Magnetics - 200m Lines Committed

Contingent

Krumovgrad

Schedule:

• Geophysics completed by end

of 2013

• Target generation finalized by

Q1 2014

• Drilling to commence on private

land in late Q1 2014

• Possible electrical geophysics

follow up for targeting

• Second phase drilling

depending on land use

permitting

• All other licenses reviewed and

considered low-moderate

priority


STRATEGY: KRUMOVGRAD


DPM GREENFIELDS EXPLORATION

STRATEGY: GENERATIVE PIPELINE

20

Bulgaria

• 3 Exploration Licences granted, another 5 under application, totalling 265km2

• Experienced team of geoscientists credited with the discovery of Ada Tepe

Armenia

• Systematic regional exploration around Kapan has resumed after a 5 year hiatus

• Regional targets being drilled in 2013: Norashenik and Arajadzor

Project Generation

• Generate new early stage opportunities through joint ventures, partnerships or acquisitions

• Global scope with emphasis on lower-risk jurisdictions

• Gold focused; minimum size: 1 million ounces at more than 1g Au/t

Tethyan Belt runs

from Central Asia to

Eastern Europe

Avala

Dunav


• Released updated Resource Estimate in October

2013

• Metallurgical testing underway

• Upcoming preliminary economic assessment

• NI 43-101 Inferred Resources include (using a

0.25% CuEq cut-off) :

Kiseljak Mineral Resource initial

estimate 300 MT grading 0.27% Cu &

0.26 g/t Au for 1.8 Blbs Cu and 2.5 Moz

Au

• Discovers a Gold-Copper Porphyry System on its

Degrmen Project:

DGRDD011 Intersects 153m @ 0.56g/t

Au, 0.16% Cu (from 55m) and 195.5m @

0.43g/t Au, 0.13% Cu (from 216m)

DPM EXPLORATION PORTFOLIO:

PARTIALLY-OWNED ENTITIES

Equity Portfolio Overview as at

October 28, 2013

Securities Shares

(m) % Held

Value

(C$M)

Sabina Gold & Silver

Special Warrants

Warrants (strike at C$1.07)

Total

23.6

5

5

2.5

12.1% 22.2

-

-

22.2

Avala Resources

Special Warrants


Total

135

50

25

53%

10.8

-

-

10.8

Dunav Resources


Total

56

23

46%

4.2

-

4.2

Total shares & securities ~37.2

Avala Resources Ltd. (TSX-V: AVZ)

Dunav Resources Ltd. (TSX-V: DNV)

21


2013-2017 Total Spend – Sustaining vs Growth ($M)

CAPITAL EXPENDITURES:

SIGNIFICANT COMPONENT OF CAPEX IS

DISCRETIONARY

DPM FUTURE CATALYSTS


Tsumeb Ramps

Up to 100%

Capacity

Chelopech

Pyrite Stage 2

Feasibility

Study

2013

Krumovgrad

Capital Cost

and Mine Plan

Update

Chelopech

Pyrite Stage 1

Construction

Complete

Tsumeb Acid

Plant

Commissioning

Krumovgrad

Construction

Begins

Krumovgrad

Begins

Production

Chelopech Mine

Internal Study

regarding

Expanded Kapan

Underground

Mine

2014 2015 2016


Solid

Financial Position

Commodity and

Geographic

Diversification

High Quality

Assets

with Proven

Operating

Performance and

Further Potential

Experienced

Management Team

and Board with

Strong Track

Record

Pipeline of Value

Adding Organic

Growth

24

COMPELLING INVESTMENT

OPPORTUNITY

DUNDEE PRECIOUS METALS

MANAGEMENT TEAM


Rick Howes

President & Chief Executive Officer

David Rae Senior Vice President,

Operations

Adrian Goldstone Executive Vice President,

Sustainable

Business Development

Michael Dorfman Senior Vice President,

Corporate Development

Hume Kyle Executive Vice

President &

Chief Financial Officer

Lori Beak Senior Vice President,

Investor &

Regulatory Affairs &

Corporate Secretary

Hans Nolte Vice President & General

Manager, Tsumeb Smelter

Reuben Mills Vice President, Safety &

Asset Risk Management

Jeremy Cooper Vice President,

Commercial Affairs

Simon Meik Vice President, Processing

Hratch Jabrayan Vice President & General

Manager,

Kapan Mine

Nikolay Hristov Vice President & General

Manager,

Chelopech Mine

Iliya Garkov Vice President & General

Manager, Krumovgrad

Gold Project

Richard Gosse Senior Vice

President,

Exploration

Jonathan Goodman

Executive Chairman

Paul Proulx Senior Vice President,

Corporate Services

Colin McAnuff Treasurer

dundeeprecious.com

One Adelaide Street East Suite 500

Toronto, Ontario M5C 2V9 T: 416 365-5191

Investor Relations T: 416 365-2851

[email protected]

TSX: DPM – Common Shares

DPM.WT.A – 2015 Warrants

Proudly celebrating 30 years as

a Toronto Stock Exchange listed

company

27

APPENDICES

ANALYST COVERAGE


BMO John Hayes

CIBC World Markets Leon Esterhuizen

Cormark Securities Mike Kozak

Dundee Securities Josh Wolfson

GMP Securities Oliver Turner

Paradigm Capital Don MacLean

RBC Capital Markets Sam Crittenden

Scotia Capital Leily Omoumi

2013 GUIDANCE


Metals Contained in Concentrate Produced Chelopech Kapan Total

Gold (ounces) 125,000 – 143,000 23,000 – 25,000 148,000 – 168,000

Copper (million pounds) 43.0 – 46.0 2.3 – 2.5 45.3 – 48.5

Zinc (million pounds) - 14.5 – 15.0 14.5 – 15.0

Silver (ounces) 210,000 – 230,000 420,000 – 435,000 630,000 – 665,000

Sustaining Capital expenditures $14 - $17 million $8 - $12 million $22 - $29 million

Total growth capital expenditures $210 - $240 million

Construction of acid plant at Tsumeb

Pyrite Project at Chelopech

Krumovgrad development and construction work

Kapan Gold exploration and/or development work

Mine output at Chelopech (tonnes of ore) 1.9 – 2.05 million

Mine out put at Kapan (tonnes of ore) 470,000 – 500,000

Concentrate smelted at Tsumeb (tonnes) 172,000 – 178,000

Sustaining capital expenditures at Tsumeb $13 - $16 million

Q2 2013 SUMMARY


Q2 2013 Q2 2012

Adjusted Net Earnings $3.6 million $9.4 million

Adjusted basic EPS $0.03 $0.08

Gross profit (loss)

Chelopech $20.4 million $36.4 million

Kapan ($2.4 million) $(2.3 million)

Tsumeb Smelter ($1.6 million) ($6.0 million)

Total Gross profit $16.4 million $28.1 million

Chelopech Production

Gold (ounces) 31,936 29,250

Copper (lbs) 10,599,954 9,682,137

Silver (ounces) 51,978 52,462

Cash cost/T ore processed (incl. royalties) $40.25 $48.68

Cash cost/T ore processed (excl. royalties) $36.24 $43.56

Kapan Production

Gold (ounces) 8,681 4,803

Copper (lbs) 830,875 505,706

Zinc (lbs) 5,843,821 3,387,510

Silver (ounces) 163,031 96,596

Cash cost/T ore processed (incl. royalties) $67.48 $76.03

Cash cost/T ore processed (excl. royalties) $60.61 $76.03

HEDGE POSITION


Year of projected payable

copper production Volume Hedged (lbs) * Average fixed price ($/lb)

2013 3.346,613 $3.94

2014 7,195,880 $3.73

Total 10,524,493 $3.79

• As at June 30, 2013, the Company had outstanding derivative contracts to mitigate a portion of its price exposure.

These are summarized below:

Commodity Hedged Volume Hedged (lbs) * Average fixed price

Payable gold 545 ounces $1,425.96/ounce

Payable silver 7,435 ounces $23.12/ounce

CHELOPECH MINE:

UPDATED MINERAL RESERVES AND RESOURCES


Chelopech Mineral Reserves – December 31, 2012

Category

Tonnes

(M)

Gold Copper Silver

Grade

(g/t)

Ounces

(M)

Grade

(%)

Pounds

(M)

Grade

(g/t) Ounces (M)

Proven 12.3 3.4 1.4 1.3 340 9.3 3.7

Probable 9.3 3.8 1.1 0.9 180 5.7 1.7

Total 21.6 3.6 2.5 1.1 519 7.7 5.4

Chelopech Mineral Resources – December 31, 2012

Category

Tonnes

(M)

Gold Copper Silver

Grade (g/t)

Ounces

(M)

Grade

(%)

Pounds

(M)

Grade

(g/t) Ounces (M)

Measured 15.1 4.0 2.0 1.5 490 10.3 5.0

Indicated 14.0 4.0 1.8 1.1 336 8.5 3.8

M&I 29.1 4.0 3.8 1.3 825 9.4 8.8

Inferred 9.3 2.9 0.9 0.9 182 10.6 3.2

1. The rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.

2. All Mineral Resources and Mineral Reserves Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.

3. Chelopech Mineral Reserves are based on a gold equivalent cut-off of 4 g/t (Au g/t + 2.06xCu%) and a cut-off of USD 10 profit/tonne using NSR analysis, as of December 31, 2012. This information has been

prepared by Gordon Fellows who is a QP as defined in NI 43-101 and not independent of the Company.

4. Chelopech Mineral Resources are based on a gold equivalent cut-off 3 g/t (Au g/t + 2.06xCu%) and a greater than USD 0 profit/tonne test using NSR analysis, as of December 31, 2012. This information has

been prepared by Petya Kuzmanova and reviewed and approved by Julian Barnes. Julian Barnes is a QP as defined in NI 43-101 and not independent of the Company.

5. Mineral Reserves and Mineral Resources for Chelopech are based on long term metals prices of USD 1,250/oz Au, USD 2.75/lb Cu, USD 25/oz Ag.

6. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves.

CHELOPECH MINE:

EXPLORATION RESULTS Q2 2013


Significant intercepts (cut-off grade 3g/tAuEq)

Hole ID

Northing

(mRL)

Easting

(mRL)

Dip

Az

From

(m)

To (m) Interval

(m)

Grades

Cu (%) Au (g/t)

EXT19_260_17 29786 6043 -10.0 031.7 109.5 148.5 39.0 0.69 3.19

EXT19_260_18 29785 6042 -35.8 030.9 163.5 186.0 22.5 0.65 8.03

EXT19_290_03 29778 6042 -18.5 017.1 132.0 144.0 12.0 0.53 4.16

EXT151_165_12 29305 5459 -39.5 211.8 21.0 40.5 19.50 0.98 3.32

EXT151_165_11 29305 5460 -16.0 211.6 27.0 39.0 12.0 1.39 2.84

EXT151_165_14 29306 5459 -23.7 231.5 28.5 45.0 16.5 0.43 2.71

EXT151_225_01 29186 5611 -18.0 132.5 10.5 34.5 24.0 0.68 3.14

EXT151_225_02 29186 5611 -39.7 132.1 10.5 64.5 54.0 0.83 2.52

EXT151_225_03 29185 5610 -21.5 154.2 6.0 28.5 22.5 1.56 5.21

G103_225_16 29175 5710 -26.9 87.8 16.5 64.7 48.2 0.98 2.24

1. Significant intercepts are located within the Chelopech Mine Concession and proximal to the mine workings.

2. Gold Equivalent calculation is based on the following formula: (Au g/t + 2.06xCu%).

3. Minimum downhole width reported is 1.5 metres with a maximum internal dilution of 4.5 metres.

4. True widths are approximately 90% of the intersection width.

5. Drill holes with prefix G indicate grade control drilling which is performed using BQ diamond drill core. All other holes are drilled with NQ diamond core.

6. Coordinates are in mine-grid.

7. No factors of material effect have hindered the accuracy and reliability of the data presented above.

8. No upper cuts applied.

9. For detailed information on drilling, sampling and analytical methodologies refer to the NI 43-101 “Preliminary Economic Assessment Report for the Chelopech

Pyrite Recovery Project” (the “PEA Technical Report”) filed on SEDAR at www.sedar.com on September 10, 2012.

http://www.sedar.com/

CHELOPECH MINE:

CASH COST RECONCILIATION


US$ thousands,

unless otherwise indicated

Q2 2013

Actual

Q1 2013

Actual

Year 2012

Actual

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Cost of Sales: 27,381 31,991 98,298 88,838 $72,707 74,499 67,245

Less amortization & other (8,264) (7,948) (19,542) (15,499) (14,425) (14,242) (11,966)

Plus other charges, including freight 21,490 23,832 86,228 65,125 41,234 38,317 26,006

Less by-product credits (33,560) (41,434) (163,940) (147,812) (87,320) (64,198) (59,376)

Cash cost of sales after by-product

credits 7,047 6,441 1,044 (9,348) 12,196 34,376 21,909

Gold oz (payable metal) 32,392 34,732 116,644 83,796 58,065 93,081 70,878

Cash cost of sales/oz gold,

(net of by-product credits)

$2181 $1852 $93 $(112)4 $2105 $3696 $3097

6Based on US$2.34/lb copper







CHELOPECH MINE:

CASH COST PER TONNE OF ORE RECONCILIATION


1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.

US$ thousands, unless otherwise indicated

For the periods indicated

Q2 2013

Actual

Q1 2013

Actual

Year 2012

Actual

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Ore processed (mt) 501,134 513,360 1,819,687 1,353,733 1,000,781 980,928 900,563

Cost of sales 27,381 31,991 98,298 88,838 $ 72,707 75,647 67,423

Add (deduct):

Depreciation, amortization & other non-cash

costs (8,264) (7,948) (19,542) (15,499) (14,425) (15,390) (11,966)

Change in concentrate inventory 1,054 (2,911) 4,535 862 (2,018) (419) (178)

Total cash cost of production $20,171 $21,132 $83,291 $74,201 $56,264 $59,838 $55,279

Cash cost per tonne of ore processed, including

royalties $40.25 $41.16 $45.77 $54.81 $56.22 $61.00 $61.38

Cash cost per tonne of ore processed, excluding

royalties $36.24 $36.55 $41.16 $49.99 $51.54 $55.23 $57.87

KAPAN MINE:

UNDERGROUND MINERAL RESOURCE ESTIMATE


Dundee Precious Metals Kapan Shahumyan Deposit Mineral Resource Estimate as at

January 31, 2013

Reported at a gold equivalent cut-off 2.24 Au g/t

Classification Tonnes

Mt

Au

g/t

Contained

Koz

Gold

Equiv

g/t

Ag

g/t

Cu

%

Zn

%

Pb

%

S

% Density

Indicated 2.8 2.6 237 5.2 50 0.4 2.1 0.2 2.4 2.73

Inferred 10.6 2.3 790 4.5 41 0.4 1.7 0.1 3.2 2.73

• AuEq was calculated using the formula Au + (Cux1.34) + (Agx0.023) + (Znx0.42) and assumes metal prices of USD 1,250/oz

Au, USD 25/oz Ag, USD 2.75/lb Cu and USD 0.85/lb Zn

• The Mineral Resource estimate consists of DPM and historical drilling data. DPM has carried out significant additional surface

diamond drilling and reverse circulation drilling since July 2007, contributing 41% of the data used for the Mineral Resource

estimate

KAPAN MINE:

EXPLORATION RESULTS Q2 2013


Surface significant intercepts (SHDDR holes, cut-off grade 0.5 g/t AuEq) and underground significant intercepts (E holes,

cut-off grade 1.0g/t AuEq)

Hole ID Northing

(mRL)

Easting

(mRL)

RL

Dip

Azi

From

(m)

To

(m)

Interval

(m) & AuEQ

Au

(g/t)

Ag

(g/t)

Cu

(%)

Zn

(%)

E712DE039 4343207 8623972 712 -46.4 313.8 87.0 90.0 3m @ 19.67 11.11 187.2 1.81 3.37

E712DE040 4343207 8623972 712 -54.8 315.4 87.0 89.0 2m @ 60.32 47.47 343.9 2.65 2.94

E712DE044 4343208 8623974 714 -54.8 302.6 97.0 99.0 2m @ 28.07 19.06 161.0 1.72 5.42

E712DW015 4343183 8623801 714 -50.4 355.6 140.0 143.0 3m @ 7.46 4.59 18.4 1.49 0.07

SHDDR0557 4343577 8623580 916 -60.9 0.9 28.0 35.0 7m @ 6.22 1.54 78.7 0.59 3.89

SHDDR0560 4343572 8623579 916 -72.7 352.4 0.0 6.6 6.6m @ 4.93 2.87 39.3 0.30 1.45

SHDDR0560 4343572 8623579 916 -72.7 352.4 95.0 102.0 7m @ 5.11 1.19 54.2 0.36 4.09

SHDDR0560 4343572 8623579 916 -72.7 352.4 248.0 254.0 6m @ 4.88 1.82 64.5 0.75 1.07

SHDDR0561 4343636 8623531 927 -55.0 7.3 223.0 228.0 5m @ 6.58 3.50 43.2 0.50 2.53

SHDDR0562 4343540 8623470 929 -59.3 355.5 296.0 298.0 2m @ 23.72 17.52 130.4 0.17 6.05

SHDDR0563A 4343634 8623531 927 -63.2 6.8 239.0 244.0 5m @ 7.96 3.22 49.2 1.70 1.75

SHDDR0568 4343560 8623517 923 -62.3 8.1 142.0 157.0 15m @ 6.82 2.57 43.9 0.86 3.57

1. In situ gold equivalent (AuEq) grade based on the following long-term metal prices: $1,250 per ounce for gold, $25 per ounce for silver, $3.00 per pound for copper and $1.00 per

pound for zinc.

2. Holes with the prefix SHDDR are surface HQ diamond drilling, while E holes are underground drilling.

3. Significant intercepts for surface holes are located within the Central and Southern Zones while underground drilling is located within the Central Zone and Southern Zones of the

Shahumyan Deposit.

4. True widths are approximately 90% of the intersection width.

5. Minimum width reported is 2 metres and a maximum internal dilution of 2 metres.

6. All survey coordinates are transformed to AUSPOS.

7. No factors of material effect have hindered the accuracy and reliability of the data presented above.

8. No upper cuts have been applied.

KAPAN MINE:

CASH COST RECONCILIATION



Q2 2013

Actual

Q1 2013

Actual

Year 2012

Actual

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Cost of Sales: 13,445 9,502 50,547 47,276 33,637 21,072 36,319

Less amortization & other (1,578) (1,617) (9,989) (9,140) (7,056) (6,996) (5,400)

Plus other charges, including freight 2,874 1,672 6,218 11,893 8,912 5,142 4,976

Less by-product credits (8,827) (5,780) (32,075) (47,588) (28,562) (13,591) (13,520)

Cash cost of sales after by-product

credits 5,914 3,777 14,701 3,028 6,931 5,627 22,375

Gold oz (payable metal) 5,733 3,541 18,204 26,230 22,287 11,233 11,388

Cash cost of sales/oz gold,

(net of by-product credits)

$1,0321 $1,0672 $8083 $1154 $3115 $5016 $1,9657








KAPAN MINE:

CASH COST PER TONNE OF ORE RECONCILIATION


1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.


For the periods indicated

Q2 2013

Actual

Q1 2013

Actual

Year 2012

Actual

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Ore processed (mt) 162,648 119,663 509,419 581,852 428,865 218,235 269,033

Cost of sales 13,445 9,502 50,547 47,276 33,637 21,197 36,319

Add (deduct):

Depreciation, amortization & other non-cash

costs (1,578) (1,617) (10,883) (9,140) (7,056) (4,047) (3,668)

Care and maintenance costs - - - - - (3,074) (1,732)

Change in concentrate inventory (892) 1,189 (718) 416 3,572 1,696 (1,485)

Total cash cost of production $10,975 $9,074 $38,946 $38,552 $30,153 $15,772 $29,434

Cash cost per tonne of ore processed

(royalties not applicable in 2009) $67.48 $75.83 $76.45 $66.26 $70.31 $72.27 $109.40

Cash cost per tonne of ore processed,

excluding royalties $60.61 $72.36 $69.10 $62.57 $66.33 $72.27 $109.40

KRUMOVGRAD GOLD PROJECT


KRUMOVGRAD GOLD PROJECT


Krumovgrad Mineral Reserves – December 31, 2011

Category

Tonnes

(M)

Gold Silver

Grade

(g/t)

Ounces

(M)

Grade

(g/t) Ounces (M)

Proven 2.94 4.70 0.44 2.54 0.24

Probable 4.30 2.44 0.34 1.52 0.21

Total 7.24 3.36 0.78 1.92 0.45

Krumovgrad Mineral Resources – December 31, 2011

Category

Tonnes

(M)

Gold Silver

Grade (g/t)

Ounces

(M)

Grade

(g/t) Ounces (M)

Measured 3.30 4.90 0.52 3.00 0.28

Indicated 4.69 2.50 0.38 2.00 0.24

M&I 7.99 3.50 0.90 2.00 0.51

Inferred 0.40 1.20 0.02 1.00 0.01

1. Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.

2. All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.

3. Krumovgrad Mineral Reserves and Resources are based on the Krumovgrad 2012 Technical Report using a variable economic cut-off grade and 0.5 g/t Au respectively.

4. All Mineral Reserves and Resources are based on long term metals prices of $1,250 Au, $3/lb Cu, $25/oz Ag and $1/lb Zn.

5. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.

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