Mr. David Rae reports

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

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

"In the third quarter, we continued our strong operating track record, with Ada Tepe achieving a new record for quarterly gold production and Chelopech delivering solid production in line with our expectations," said David Rae, president and chief executive officer of Dundee Precious Metals. "We continue to be well positioned to achieve our 2023 guidance targets for gold and copper production."

Production highlights

Preliminary results for the three and nine months ended Sept. 30, 2023, are provided in the attached table.

Operational highlights

During the third quarter, Chelopech produced approximately 40,300 ounces of gold and 7.2 million pounds of copper, in line with expectations. Chelopech is on track to achieve 2023 production guidance.

Ada Tepe produced a record 33,800 ounces of gold in the third quarter, in line with expectations and reflecting higher grades per the mine plan. Ada Tepe is on track to achieve 2023 production guidance.

The Tsumeb smelter processed approximately 21,800 tonnes of complex concentrate, reflecting the planned Ausmelt maintenance shutdown, which was completed during the quarter. Following the completion of the maintenance work, Tsumeb resumed operations and ramped up to full production toward the end of September. While complex concentrate smelted is expected to increase in the fourth quarter, reflecting improved operating performance as a result of the maintenance work, it is forecast to be below the guidance range for the year.

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 issue bid (NCIB).

During the third quarter, Dundee Precious Metals repurchased approximately 3,634,000 common shares at an average price of $6.52 (U.S.) ($8.75) per share for a total of approximately $23.7-million (U.S.). Year to date, the company has repurchased approximately 8,432,000 common shares at an average price of $6.82 (U.S.) ($9.18) per share for a total of approximately $57.5-million (U.S.).

As previously announced in July, 2023, Dundee Precious Metals will pay a quarterly dividend of four U.S. cents per share on Oct. 16, 2023, to shareholders of record on Sept. 30, 2023.

Timing of third quarter 2023 operating and financial results

The company plans to release its third quarter 2023 operating and financial results after market close on Tuesday, Nov. 7, 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, Nov. 8, 2023, at 9 a.m. EST, 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.

A replay archive will be available 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 its existing portfolio and 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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