Mr. David Rae reports

DUNDEE PRECIOUS METALS DEMONSTRATES STRONG ESG PERFORMANCE AND RELEASES 2022 SUSTAINABILITY REPORT

Dundee Precious Metals Inc. has published its 2022 sustainability report. The report highlights Dundee's approach and performance in key environmental, social and governance (ESG) areas as identified through a comprehensive materiality assessment.

"Achieving outstanding sustainability performance has always been a key focus for DPM as we strive to achieve our strategic objective of generating a net positive impact from our operations," said David Rae, president and chief executive officer of Dundee Precious Metals. "During 2022, we delivered meaningful benefits to our stakeholders, made significant advances in our environmental and social performance, and made progress towards achieving our climate change targets, which we announced in May, 2022."

"Our sustainability report is a key part of our commitment to transparency and accountability," said Dr. Nikolay Hristov, senior vice-president, sustainable business development. "Since publishing our first report over a decade ago, our reporting has continuously evolved to meet changing stakeholder expectations, and we are committed to ongoing improvements in our reporting to further increase the transparency of our business to our stakeholders."

Two thousand twenty-two sustainability highlights:

• Dundee's people and culture:
  • Ended the year with a total of 6.3 million hours worked without a lost-time incident at the company's mining operations;
  • Maintained a high level of local employment, with 99 per cent of Dundee's work force composed of local nationals, including 98 per cent of managerial-level positions;
  • Exceeded the global average for gender diversity of Dundee's work force, with 45-per-cent female representation amongst senior management levels.
• Robust corporate governance:
  • Gender-balanced board of directors with 50-per-cent female representation;
  • Restructured the balanced score card, which informs executive and employee short-term incentive compensation, based on the company's strategic objectives and to reflect its ESG performance.
• Environmental stewardship:
  • Continued to maintain a low freshwater intensity rate at the company's mining operations;
  • Recycled and reused 47 per cent of water consumed at all sites;
  • Achieved zero discharge of industrial waste water across mine sites;
  • Rehabilitated a total of 2.7 hectares of land at Ada Tepe as part of Dundee's progressive reclamation activities;
  • Reduced arsenic exposure at the company's Tsumeb smelter by 20 per cent over the past five years.
• Taking action on climate change:
  • Announced the company's climate change commitments, which are:
    • To reduce absolute Scope 1 and 2 emissions by 37.5 per cent by 2035 (compared with baseline in 2020);
    • To develop a Scope 3 emissions target by 2025; and
    • To achieve net-zero emissions by 2050.
  • Reduced absolute Scope 1 and 2 emissions by 10 per cent compared with 2021, representing significant progress toward achieving Dundee's 2035 emissions target;
  • Signed a power purchase agreement to replace 30 per cent of Tsumeb's total electricity consumption with solar power commencing in 2024;
  • Increased procurement of green energy in Bulgaria;
  • Added electric underground mining equipment to the company's mine fleet at Chelopech, targeting future optimal deployment of electric and hybrid fleets.
• Supporting local communities:
  • Invested $6.4-million (U.S.) to support local communities in 2022, a 38-per-cent increase compared with 2021;
  • Contributed to sustainable and resilient livelihoods in Dundee's host communities through an innovative fund to support investment in non-mining-related small and medium enterprises surrounding the company's operations in Bulgaria. To date, the fund has created approximately 120 new jobs, approaching 50 per cent of direct mine employment levels in Krumovgrad;
  • Signed a three-year community investment agreement with the Tsumeb municipality in Namibia;
  • Krumovgrad, the community closest to the company's Ada Tepe operation, is one of the fastest-growing municipalities, with an average 89-per-cent increase in population between 2017 and 2021;
  • Continued to contribute to the municipality of Chelopech, which has the highest average salary in Bulgaria.
• Recognitions:
  • Achieved an A rating from MSCI ESG ratings for the fourth year in a row;
  • Scored in the 91st percentile among metals and mining companies in the 2022 S&P Global Corporate Sustainability Assessment;
  • Included in the 2023 S&P Global corporate sustainability yearbook, which recognizes the top 15 per cent of companies by industry;
  • Awarded first place in the 2022 annual National Health and Safety awards conducted by the Centre for Health and Safety in Bulgaria;
  • Awarded the Bulgarian Mining Chamber's Care for the Environment award.

About the 2022 sustainability report

The report provides an overview of the company's initiatives, key trends and progress updates. In addition to this report, Dundee has detailed its approach to material topics in three management approach reports dedicated to governance, environmental and social matters, which are available on its website at.

The 2022 report represents the company's seventh sustainability report developed in accordance with the Global Reporting Initiative (GRI) standards, includes Dundee's second year of reporting in accordance with the Sustainability Accounting Standards Board (SASB) industry-specific standards and describes Dundee's contribution to the United Nations' Sustainable Development Goals (SDGs). Additionally, the report includes an update to the company's inaugural climate change report prepared according to the recommendations of the Task Force on Climate-Related Financial Disclosure (TCFD) framework, which was published in December, 2020. The report has been independently assured by Bureau Veritas U.K., consistent with Dundee's sustainability reporting since 2012.

About Dundee Precious Metals Inc.

Dundee Precious Metals is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia, Ecuador and Serbia. The company's purpose is to unlock resources and generate value to thrive and grow together. This overall purpose is supported by a foundation of core values, which guides how the company conducts its business, and informs a set of complementary strategic pillars and objectives related to ESG, innovation, optimizing its existing portfolio and growth. The company's resources are allocated in line with its strategy to ensure that Dundee delivers value for all of its stakeholders.

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