Mr. David Rae reports

DUNDEE PRECIOUS METALS DELIVERS STRONG SECOND QUARTER GOLD PRODUCTION; ANNOUNCES TIMING OF SECOND QUARTER FINANCIAL RESULTS

Dundee Precious Metals Inc. has released preliminary production results from both of its mines and smelter for the three and six months ended June 30, 2023.

"Our mining operations continue to perform well and delivered another strong quarter of production in the second quarter," said David Rae, president and chief executive officer. "Our strong performance year to date positions us well to achieve our 2023 guidance targets for gold and copper production."

Production highlights preliminary results for the second quarter and six months are provided in the attached table.

Operational highlights

Chelopech produced approximately 44,400 ounces of gold and 7.9 million pounds of copper in the second quarter, which increased compared with the first quarter of the year as a result of higher grades, as expected per the mine plan. Payable metals in concentrate sold were 33,900 ounces and are expected to be higher in the second half of 2023, relating to timing of sales and higher gold payable terms. Chelopech is on track to achieve 2023 guidance for production and payable metals sold.

Ada Tepe continued to deliver strong performance, producing approximately 31,900 ounces of gold in the second quarter, in line with expectations. Ada Tepe is on track to achieve 2023 production guidance.

The Tsumeb smelter processed approximately 49,500 tonnes of complex concentrate in the second quarter, which was below expectations due to unplanned downtime related to the off-gas systems. The company plans to undertake additional maintenance in the off-gas system, which is expected to resolve this issue, concurrently with the Ausmelt furnace maintenance scheduled for the third quarter of 2023. Complex concentrate smelted is currently tracking at the low end of the 2023 guidance range, and the company plans to provide an update with its second quarter financial results.

Returning capital to shareholders

In line with its disciplined capital allocation framework, Dundee Precious Metals continues to return capital to shareholders through a sustainable quarterly dividend and share repurchases under its normal course issuer bid (NCIB).

During the second quarter, Dundee Precious Metals repurchased approximately 3,507,000 common shares at an average price of $7.26 (U.S.) ($9.76) per share for a total of approximately $25.5-million (U.S.). Year to date, the company has repurchased approximately 4,798,000 common shares at an average price of $7.05 (U.S.) ($9.50) per share for a total of approximately $33.8-million (U.S.).

As previously announced in May, 2023, Dundee Precious Metals will pay a quarterly dividend of four U.S. cents per share on July 17, 2023, to shareholders of record on June 30, 2023.

Timing of second quarter 2023 operating and financial results

The company plans to release its second quarter 2023 operating and financial results after market close on Tuesday, Aug. 1, 2023. The news release, management discussion and analysis, and condensed interim consolidated financial statements will be posted on SEDAR and on the company's website.

On Wednesday, Aug. 2, 2023, at 9 a.m. EDT, Dundee Precious Metals will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate by conference call, register in advance on-line to receive the dial-in information as well as a personalized PIN (personal identification number) code to access the call.

Replay archive will be available on Dundee Precious Metals' website.

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 (environmental, social and governance), innovation, optimizing the company's existing portfolio as well as growth. The company's resources are allocated in line with its strategy to ensure that Dundee Precious Metals delivers value for all of its stakeholders. Dundee Precious Metals' shares are traded on the Toronto Stock Exchange (symbol: DPM).

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