Mr. David Rae reports

DUNDEE PRECIOUS METALS ANNOUNCES ADDITIONAL DRILL RESULTS FROM COKA RAKITA IN SERBIA; ONGOING DRILLING EXTENDS DEPOSIT BY 100 METRES TO THE SOUTH, CONFIRMS AND EXTENDS CONTINUITY OF HIGH-GRADE ZONE

Dundee Precious Metals Inc. has released new assay results from its continuing drilling program at the Coka Rakita prospect in eastern Serbia, which extended the deposit by 100 metres to the south and further extended and confirmed the core high-grade zone. Additionally, the company is providing an update on its aggressive scout drilling program on the Coka Rakita licence.

Highlights

• New significant intercepts from the current phase of drilling include:
• • RIDD011A - 7 metres at 16.56 g/t Au and 0.16% Cu from 403 metres depth and 42 metres at 6.51 g/t Au and 0.13% Cu from 418 metres depth (including 12 metres at 17.89 g/t Au and 0.17% Cu from 422 metres depth)
  • RIDD014 - 16 metres at 1.93 g/t Au from 538 metres depth and 23 metres at 8.47 g/t Au from 587 metres depth (including 8 metres at 16.15 g/t Au from same depth)
  • RIDD016 - 35 metres at 5.26 g/t Au and 0.26% Cu from 398 metres depth and 26 metres at 1.05 g/t Au and 0.48% Cu from 439 metres depth
  • RIDD018 - 29 metres at 5.15 g/t Au and 0.14% Cu from 428 metres depth (including 10 metres at 11.88 g/t Au and 0.13% Cu from 441 metres depth) and 33 metres at 2.61 g/t Au and 0.45% Cu from 463 metres depth
  • RIDD020 - 34 metres at 9.55 g/t Au from 482 metres depth
  • RIDD026 - 5 metres at 31.93 g/t Au from 386 metres depth
  • RADD039 - 5 metres at 1.64 g/t Au and 0.2% Cu from 560 metres depth and 34 metres at 7.37 g/t Au and 0.28% Cu from 586 metres depth (including 5 metres at 25.35 g/t Au and 0.38% Cu from 604 metres depth)
• Deposit extended to the south: Four holes (RIDD014, RIDD014A, RIDD025 and RIDD026) extended the previously known extents of mineralization by approximately 100 metres to the south where the system remains locally open.
• Results confirm and extend high-grade core of mineralization: Holes RIDD018 and RIDD020 reported wide mineralized sandstone-hosted intervals and also extended the limits of high-grade mineralization by approximately 60 metres to the west and to the south from the hole RIDD008 (which included the previously released intercept of 71 metres at 18.05 g/t Au from 445 metres depth)1 and confirmed the overall thickness of the target of over 100 metres within the core of the system (see Figures 1, 2, 3).
• Scout drilling outlined further extension potential of the deposit with multiple targets currently being tested: Drilling intercepted favourable geological indicators on the north-west flank of the system, about 600 metres to the north-east of the current limit of the deposit, as well as 500 metres south of the main Coka Rakita target, which indicate further extension potential.
• Next steps: The company continues to advance its previously announced 40,000-metre infill and extensional drill program to support a maiden mineral resource estimate by year-end 2023. Infill drilling at a 60-metre by 60-metre spacing is largely complete, and infill drilling at a 30-metre by 30-metre spacing has commenced. DPM is progressing activities to accelerate the advancement of the project, including geotechnical drilling, metallurgical testwork and evaluation of potential portal locations for an exploration decline. The company is also planning additional scout drilling to test other camp-wide targets near Coka Rakita and continuing its 10,000-metre scout drill program on the Umka licence.

"We continue to be excited by the results from our drilling program at the high-quality Coka Rakita deposit in Serbia, with the most recent results extending the deposit to the south as well as continuing to extend and confirm the high-grade zone," said David Rae, President and Chief Executive Officer of Dundee Precious Metals. "We continue to view Coka Rakita as a promising prospect within our organic portfolio and we are aggressively drilling to further grow the deposit and test other nearby targets that share the same geological environment."

Coka Rakita Drilling Program Results

The company has continued its accelerated drilling program at Coka Rakita, with 10 drill rigs currently in operation. Since the previous update on April 10, 2023, DPM has drilled an additional 23,000 metres, completing 37 holes with another 10 drill holes currently in progress. Results from the 37 new holes are disclosed in the following table.

Coordinates are in UTM Zone 34 North WGS84 datum.

1) Intervals are reported at a cut-off grade of 1 g/t AuEq using 5 metres minimum length and 5 metres maximum internal dilution. Higher grade 'Including' intervals are reported at a cut-off grade of 5 g/t AuEq using 5 metres minimum length and 3 metres maximum internal dilution. 2) The AuEq calculation is based on the following formula: Au g/t + 1.35 x Cu %, based on a gold price of $1,400/oz and a copper price of $2.75/lb; and assumes metallurgical recoveries of 93% for gold and 93% for copper within the equivalency calculation. These assumptions are based on preliminary metallurgical results and expected similar behaviour of copper and gold during flotation. Copper below 0.1% has not been reported and is not included in the equivalency calculation. 3) No upper cuts have been applied. 4) Based on the current understanding of the geometry of the mineralized body, true widths are considered to be 90% or more of the reported downhole interval. 5) Daughter holes identified with "A" (e.g., RIDD006A) are navigational holes with collar coordinates indicating the exit point from the parent hole. To reflect the true depth of the target, the downhole depths of the intercepts in these holes are reported from the collar of the parent hole at surface.

Coka Rakita Infill Drilling

Infill drilling has further defined a shallow-dipping tabular body located between 250 and 450 metres below surface on the hanging wall of the syn-mineral diorite, measuring 650 metres long, up to 350 metres wide, and with variable thickness from less than 20 metres in the margins to more 100 metres in the core of the mineralized zone.

Coarse gold grains were encountered in multiple holes (RIDD014, RIDD014A, RIDD016, RIDD020, RIDD021, RIDD025, RIDD026), supporting the conclusions of the previously announced preliminary metallurgical testwork, which determined that a significant portion of the gold is free and located within coarse-sized fractions (See Figure 4).

RIDD014, RIDD025 and RIDD026 extended the previously known extents of mineralization by approximately 100 metres to the south and 60 metres to the west, where the system remains locally open. These results, when considered together with the previously reported RADD013 and RIDD007 results, suggest that an additional southern high-grade zone may exist, roughly oriented NW-SE and subparallel to the main high-grade zone.

RIDD018 and RIDD020 confirmed the higher grades seen in RIDD008 and support the extension of the higher-grade core of the system by about 60 metres both to the west and south, respectively. Additionally, RIDD011A supports and confirms an extension of the high-grade mineralization 60 metres north of RADDMET001.

RIDD016 and RADD039 supports the development of a smaller high-grade zone developed on the north flank of the system around the previously reported hole RIDD001.

Coka Rakita Scout Drilling

DPM commenced an aggressive scout drilling program to test for undercover continuation of S1 sandstone skarn mineralization as well as deeper-seated marble-hosted copper-gold targets in the Coka Rakita and adjacent Umka licences. Scout drillhole RADD040, collared 600 metres northwest of Coka Rakita, intercepted Coka Rakita-like syn-mineral diorites and the same stratigraphic package which hosts the high-grade mineralization at Coka Rakita. Although no significant mineralization was encountered in this hole, the presence of the target geology and significant alteration suggest that there is potential for additional high-grade mineralization along strike to the north and north-west. RADD041, which is a follow-up hole collared on the same pad to test the extension of these stratigraphic units toward Coka Rakita, is currently underway.

On the southern flank of the system, drillhole RADD035, which was collared 500 metres south of the Coka Rakita prospect, intercepted a sequence of S1 sandstones greater than 40 metres thick at the same stratigraphic position as in Coka Rakita. Although no significant mineralization was encountered in this hole, the presence of this sequence demonstrates the possible extension of the target to the south. Such an extension is further supported by a series of gold-in-soil anomalies and anomalous trench assay results. A follow-up scout drillhole, RADD042, is currently in progress to test the potential for higher grade mineralization along strike of Coka Rakita.

Furthermore, several holes drilled to the east and southeast of Coka Rakita, across a north-northeast trending basin encountered an epiclastic unit that hosts low-grade porphyry copper mineralization. DPM plans to follow-up these findings with a series of steeper holes testing the potential for sandstone hosted skarn mineralization below the epiclastic units, along the western edge of Dumitru Potok - Valja Strž porphyry trend (see Figure 5).

Umka

Drilling at Umka commenced with one hole completed which is awaiting full assay results. The hole intercepted a thick section of epiclastic cover with low to moderate skarn alteration, and intercepted S1-like sandstones and phyllic and potassic altered diorites at depth hosting low-grade porphyry mineralization, which are believed to have a similar age to Coka Rakita. A follow-up hole is ongoing to test the flank of this target for the presence of the sandstone unit and to determine the tenor of the porphyry mineralization.

Next Steps

The company is continuing its intensive 40,000-metre infill, extensional and target delineation drill program at Coka Rakita, with the objective of further assessing the overall deposit geometry, grade continuity and mineral resource potential. Infill drilling of the current footprint on a 60-metre by 60-metre drilling grid over the high-grade gold-rich skarn target zone is largely complete. Closer-spaced 30-metre by 30-metre drilling, which is required in order to further assess the continuity of the deposit, has commenced. In order to accelerate drilling, the company is employing reverse circulation drilling to pre-collar holes to 200 to 250 metres depth, followed by diamond drilling to intercept the target.

The company is also planning additional scout drilling to test other camp-wide targets near Coka Rakita and continuing its 10,000-metre scout drill program on the Umka licence.

DPM is targeting an initial mineral resource estimate for the project by the end of 2023. The company is also progressing other activities to accelerate the advancement of the project, including geotechnical drilling, metallurgical testwork and the evaluation of potential portal locations for an exploration decline.

As previously disclosed, preliminary metallurgical test results indicate that the mineralized material at Coka Rakita is amenable to both gravity concentration and conventional flotation. Flotation produces a clean gold concentrate, achieving gold recoveries greater than 93% based on flotation and tails leach. The company has commenced additional metallurgical testwork to determine overall gold recovery using a combined gravity and flotation circuit.

About Coka Rakita

The Coka Rakita prospect is located three kilometres southeast of the Bigar Hill sediment-hosted gold deposit and forms part of the of the Timok Magmatic Complex (TMC) in eastern Serbia. The surface footprint of the target was delineated by a combination of soil geochemistry, alteration mapping and geophysical signatures. The drilling to date has defined a manto-like zone of shallow-dipping gold-rich skarn mineralization located on the contact zone of a carbonate sedimentary package and fertile diorite intrusives.

Sampling, Analysis and QAQC of Exploration Drill Core Samples

Given the presence of coarse gold at Coka Rakita, a rigorous sampling and QAQC procedure has been selected which includes the use of laboratory screen metallic assaying.

Most exploration diamond drill holes are collared with PQ size, continued with HQ, and are sometimes finished with NQ. Triple tube core barrels and short runs are used whenever possible to improve recovery. All drill core is cut lengthwise into two halves using a diamond saw; one half is sampled for assaying and the other half is retained in core trays. The common length for sample intervals within mineralized zones is one metre. Weights of drill core samples range from three to eight kilograms ("kg"), depending on the size of core, rock type, and recovery. A numbered tag is placed into each sample bag, and the samples are grouped into batches for laboratory submissions.

Drill core samples are shipped to the company's own exploration laboratory in Bor, Serbia, which is independently managed by SGS. Quality control samples, comprising certified reference materials, blanks, and field duplicates, are inserted into each batch of samples and locations for crushed duplicates and pulp replicates are specified. All drill core and quality control samples are tabulated on sample submission forms that specify sample preparation procedures and codes for analytical methods. For internal quality control, the laboratory includes its own quality control samples comprising certified reference materials, blanks and pulp duplicates. All QAQC monitoring data are reviewed, verified and signed off by an independent QAQC geologist. Chain of custody records are maintained from sample shipments to the laboratory until analyses are completed and remaining sample materials are returned to the company. The chain of custody is transferred from the company to SGS at the laboratory door.

At the SGS Bor laboratory, the submitted drill core samples are dried at 105degreeC for a minimum of 12 hours, and then jaw crushed to about 80% passing 4 millimetres. Sample preparation duplicates are created by riffle splitting crushed samples on a 1 in 20 basis. Larger samples are riffle split prior to pulverizing, whereas smaller samples are pulverized entirely. Pulverizing specifications are 90% passing 75 microns. Gold analyses are done using a conventional 50-gram fire assay and AAS finish. Multi-element analyses for 49 elements, including Ag, Cu, Mo, As, Bi, Pb, Sb, and Zn, are done using a four-acid digestion and an ICP-MS finish. Samples returning over 10 ppm for Ag and 1% for Cu, Pb and Zn are re-analyzed using high grade methods with AAS. Sulphur is analyzed using an Eltra Analyzer equipped with an induction furnace.

All fire assay results received from SGS Bor with results exceeding 1 g/t gold grade are re-assayed by means of a specifically designed gold screen fire assay program at the ALS Global laboratory located in Romania. For re-analyses, 1 kg of 2 mm sized coarse reject material split, which is pulverized and screened at 106 microns to separate the sample into a coarse fraction (>106mum) and a fine fraction (<106mum). After screening, two 50-gram aliquots of the fine fraction are analyzed using the traditional fire assay method and AAS finish. The entire coarse fraction is assayed to determine the contribution of the coarse gold using fire assay and gravimetric finish. A "total" gold calculation for the 1kg sample is based on the weighted average of the coarse and fine fractions.

Ross Overall, Corporate Mineral Resource Manager of the company, who is a Qualified Person as defined under NI 43-101, and Paul Ivascanu, Director Exploration of the company, have reviewed, and approved the scientific and technical content of this news release.

About Dundee Precious Metals

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

We seek Safe Harbor.