Mr. David Rae reports

DUNDEE PRECIOUS METALS ANNOUNCES 2023 THIRD QUARTER RESULTS; STRONG OPERATING PERFORMANCE DRIVES ROBUST FREE CASH FLOW GENERATION

Dundee Precious Metals Inc. has released its operating and financial results for the third quarter and first nine months ended Sept. 30, 2023.

Highlights (unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars):

• Strong metal production: produced 74,102 ounces of gold and 7.2 million pounds of copper;
• All-in sustaining cost: reported cost of sales per ounce of gold sold of $901 and an all-in sustaining cost per ounce of gold sold of $911;
• On track to achieve 2023 guidance: both mining operations are on track to achieve their 2023 production and cost guidance while Tsumeb is forecast to be below its 2023 production guidance range and at the high end of its cash cost per tonne guidance range;
• Significant free cash flow: generated $67.4-million of cash provided from operating activities and quarterly free cash flow of $44.6-million, bringing year-to-date cash provided from operating activities to $197.5-million and year-to-date free cash flow to $180.1-million;
• Solid adjusted net earnings: reported net earnings of $27.1-million (15 cents per share) and adjusted net earnings of $27.1-million (15 cents per share);
• Expanding financial position: ended the quarter with a strong balance sheet, including $562.7-million of cash, a $150.0-million undrawn revolving credit facility and no debt;
• Increasing return of capital to shareholders: returned $76.1-million, or 42 per cent of free cash flow, to shareholders during the first nine months of 2023 through dividends paid and payments for shares repurchased; declared fourth quarter dividend of four cents per common share payable on Jan. 15, 2024, to shareholders of record on Dec. 31, 2023;
• Development projects: completed an investment protection agreement for the Loma Larga gold project and advanced permitting for the 69-kilovolt power line; Dundee Precious will continue to progress the updated feasibility study beyond the previously stated timeline ending in 2023 to pursue additional optimization opportunities and potentially incorporate the results of drilling once these activities are able to resume;
• Strong results from exploration activities: results from continuing drilling activities at the Coka Rakita exploration prospect in Serbia locally extended the deposit to the west and continue to confirm the continuity of the mineralization; Dundee Precious expects to complete a maiden mineral resource estimate by the end of 2023 and is progressing activities to accelerate the advancement of the project.

Chief executive officer commentary

"With strong gold production, including record quarterly performance from Ada Tepe, we generated over $180-million of free cash flow year to date, demonstrating the quality of our assets and strength of our operating teams," said David Rae, president and chief executive officer. "Our mining operations are on track to achieve their 2023 guidance for production and all-in sustaining cost, and we continue to be well positioned as one of the lowest-cost gold producers.

"During the quarter, we continued to return a significant portion of our free cash flow to our shareholders, approximately 42 per cent year to date, through our enhanced share buyback program and our sustainable quarterly dividend.

"Our infill and extensional drilling programs at the Coka Rakita project are advancing well, and we are on track to deliver the maiden mineral resource estimate for the project before the end of 2023. We continue to be excited by Coka Rakita's potential, and we are progressing activities to accelerate the development of this high-quality organic growth prospect."

Quarterly dividend

On Nov. 7, 2023, the company declared a dividend of four cents per common share payable on Jan. 15, 2024, to shareholders of record on Dec. 31, 2023.

2023 guidance and three-year outlook

With solid operating performance from the Chelopech and Ada Tepe mines in the third quarter and first nine months of 2023, Dundee Precious is on track to meet its 2023 guidance for both its mining operations, including expected gold production of 270,000 to 315,000 ounces, copper production of 30 million to 35 million pounds and an all-in sustaining cost of $700 to $860 per ounce of gold sold.

While complex concentrate smelted is expected to increase in the fourth quarter, reflecting improved operating performance as a result of the maintenance work completed during the third quarter, it is forecasted to be below the guidance range for the year.

For additional information regarding the company's detailed guidance for 2023 and current three-year outlook, please refer to the three-year outlook section of management's discussion and analysis.

Third quarter 2023 results conference call and webcast

At 9 a.m. EDT on Wednesday, Nov. 8, 2023, Dundee Precious 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 to receive the dial-in information, as well as a unique PIN code to listen to the call.

The call registration and webcast details are as follows.

Conference call date and time:  Wednesday, Nov. 8, 2023, at 9 a.m. EST

A webcast will be available with a replay archive available on the Dundee Precious website.

This news release and Dundee Precious's unaudited condensed interim consolidated financial statements and management's discussion and analysis for the three and nine months ended Sept. 30, 2023, are posted on the company's website and have been filed on SEDAR+.

Qualified person

The technical and scientific information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, and has been reviewed and approved by Ross Overall, BSc (applied geology), corporate mineral resource manager of Dundee Precious, who is a qualified person as defined under NI 43-101 and who is not independent of the company.

About Dundee Precious Metals Inc.

Dundee Precious 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 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 delivers value for all of its stakeholders. Dundee Precious's shares are traded on the Toronto Stock Exchange (symbol: DPM).

We seek Safe Harbor.