Mr. David Rae reports

DUNDEE PRECIOUS METALS ANNOUNCES ADDITIONAL DRILL RESULTS FROM COKA RAKITA EXTENDING DEPOSIT TO THE SOUTHWEST AND CONFIRMING HIGH-GRADE ZONE, INCLUDING DRILL INTERCEPT OF 73 METRES AT 43.36 G/T AU AND 0.12% CU

Dundee Precious Metals Inc. has released new assay results from its continuing infill drilling program at the Coka Rakita prospect in eastern Serbia, which continued to confirm the continuity of the mineralization, and locally extended the footprint of the deposit to the west and southwest. Additionally, the company provided an update on its scout drilling program on the Coka Rakita licence, highlighting additional potential for manto-like copper-gold skarn mineralization at the Frasen, Dumitru Potok and Rakita North targets.

Highlights:

• Exceptional new high-grade intercepts from infill drilling, including:
  • RIDT025 -- 36 metres at 2.59 grams per tonne (g/t) gold (Au) from 377 metres downhole, and 73 metres at 43.36 g/t Au and 0.12 per cent copper (Cu) from 420 metres downhole (including 41 metres at 76.08 g/t Au and 0.16 per cent Cu from 446 metres downhole).
  • RIDT026 -- 30 metres at 7.44 g/t Au from 439 metres downhole and 38 metres at 14.94 g/t Au from 477 metres downhole.
  • RIDT028 -- 91 metres at 15.09 g/t Au and 0.11 per cent Cu from 404 metres downhole (including 28 metres at 13.14 g/t Au from 437 metres downhole), and 11 metres at 83.29 g/t Au and 0.12 per cent Cu from 480 metres downhole.
  • RIDD030 -- 47 metres at 6.47 g/t Au from 470 metres downhole.
  • RIDD031 -- 38 metres at 18.47 g/t Au from 562 metres downhole, and 24 metres at 4.54 g/t Au and 0.12 per cent Cu from 506 metres downhole.
  • RIDT005 -- 45 metres at 3.17 g/t Au and 0.21 per cent Cu from 353 metres downhole (including seven metres at 10.25 g/t Au and 0.17 per cent Cu from 357 metres downhole).
  • RIDD036 -- 23 metres at 6.95 g/t Au from 441 metres (including 11 metres at 12.85 g/t Au from 453 metres downhole).
  • RIDD029 -- 43 metres at 3.23 g/t Au from 602 metres downhole.
  • RIDD037 -- 26 metres at 3.71 g/t Au and 0.12 per cent Cu from 456 metres downhole (including eight metres at 7.59 g/t Au from 461 metres downhole).
• Results confirm and locally extend the high-grade core of mineralization: Results from RIDT025, RIDT026 and RIDT028 confirm the high-grade nature of the mineralized body and provide additional confidence in the continuity of the mineralization. High-grade intercepts from holes RIDT025 and RIDT028 extend the high-grade core by 80 metres to the south and 70 metres to the east-northeast, respectively, of hole RADDMET001 (which included the previously announced intercept of 40 metres at 63.43 g/t Au and 0.11 per cent Cu from 517 metres depth).
• Results extend the deposit to the southwest and northeast: Holes RIDD036 and RIDT005 extend the mineralization to the southwest and demonstrate that prospective exo-skarns are developed further than originally interpreted, while holes RIDD029 and RIDD037 demonstrate that the system is still open to the northeast at these locations. Follow-up extensional drilling is planned to better define the limits of mineralization.
• Scout drilling outlines further extensional potential of the deposit with multiple targets currently being tested: Drilling intercepted skarn-altered sandstones and conglomerates on the northeast flank of the system and also intercepted a significant (more than 160 metres thick in RADD044 drill hole) package of skarn-altered marbles hosting copper-gold mineralization at depth.
• New exploration licences provide further upside potential: Includes the Potaj Cuka exploration licence, which is located to the north of Coka Rakita and contains the Timok gold project, and the Pester Jug exploration licence, located to the south of Coka Rakita. Dundee Precious Metals is planning a 25,000-metre drilling campaign to test favourable stratigraphy for carbonate replacement and skarn deposits on both new licences.
• Next steps: Dundee expects to complete a maiden mineral resource estimate for Coka Rakita in December, 2023, and continues to advance activities aimed at accelerating the project, including initiating geotechnical and hydrogeological drilling, the next phase of the metallurgical test work program, evaluation of locations for potential site infrastructure, and stakeholder engagement activities. The company is also aggressively pursuing additional potential skarn targets through its scout drilling campaigns within the Coka Rakita licence, on the new Potaj Cuka and Pester Jug licences, and the 10,000-metre scout drilling program on the Umka licence.
• Interactive VRIFY 3-D model: View an interactive 3-D model highlighting these results on the Vrify website.

"We are excited to announce these exceptional results from our ongoing drilling program at the high-quality Coka Rakita prospect in Serbia, including the best intercept to date with 73 metres at 43 grams per tonne gold and 0.12 per cent copper," said David Rae, president and chief executive officer of Dundee Precious Metals.

"We are on track to complete a maiden mineral resource estimate by the end of 2023, and we are continuing to advance activities aimed at accelerating this high-quality growth prospect. We are also aggressively drilling to further grow the deposit and test other prospective targets on the nearby Umka, Potaj Cuka and Pester Jug exploration licences."

Coka Rakita infill drilling program results

The company is continuing its accelerated drilling program at Coka Rakita, with an additional 21,250 metres drilled and 44 infill holes completed since the previous update on July 11, 2023, with another five drill holes currently in progress.

The infill drilling program continues to demonstrate gold grade continuity, particularly in the central areas of the mineralization. Multiple holes (RIDD030, RIDD031, RIDD035, RIDT025, RIDT026 and RIDT028) have confirmed the presence of intensively mineralized skarn within the core of the deposit, having returned consistent and wide intercepts of high-grade gold mineralization, frequently associated with visible gold.

In addition to confirming the exploration targeting model for Coka Rakita, the drilling program has extended the footprint of the high-grade core of the deposit by approximately 55 metres to the south and 30 metres to the east. While the overall extents of the deposit remain consistent with the dimensions previously reported in July, 2023 (650 metres long, up to 350 metres wide and with variable thickness, from less than 20 metres in the margins to more than 100 metres in the core of the mineralized zone), drilling has improved confidence in working interpretations and locally extended the outer limits of the mineralization to the southwest by 30 metres (RIDT005 and RIDD036), and to the northeast by 60 metres (RIDD029 and RIDD037). Further delineation drilling is planned for these areas as the drill program progresses.

Results from the 40 new holes of the infill program are disclosed in the table entitled "New drill intercepts from the Coka Rakita infill drilling," while the assays are pending for four completed holes.

Coka Rakita scout drilling

The company is accelerating its scout drilling program on the Coka Rakita exploration licence and has drilled over 9,000 metres to date, with eight drill holes completed and three drill holes in progress. The objective of the drilling program is to test for the continuation of sandstone skarn and conglomerate-hosted mineralization under cover, as well as for deeper-seated marble-hosted copper-gold targets.

To enhance its exploration targeting, the company completed a magnetotellurics (MT) survey covering two square kilometres in the vicinity of the Coka Rakita and Dumitru Potok targets. The MT survey identified several deep-seated distinct conductivity anomalies located on the flanks of the Dumitru Potok porphyry system and extending toward the north flank of the Coka Rakita and Frasen prospect areas.

Scout holes drilled north of Coka Rakita, toward the Frasen and Dumitru Potok prospects, intercepted copper-gold mineralization hosted by conglomerates and marbles. Notably, hole RADD044 intercepted wide zones of copper-gold mineralization within skarn-altered marbles and returned 50 metres at 0.54 per cent Cu and 0.41 g/t Au from 1,220 metres downhole, and 42 metres at 0.72 per cent Cu and 0.5 g/t Au from 1277 metres downhole. These results, when combined with other intercepts from the hole, suggest a vertical extent of over 160 metres. Along with RADD043 and previously published intercepts in RIDD001, RIDD002 and RIDD009, these intercepts outline the potential for a significant marble-hosted skarn copper-gold target on the northern flank of Coka Rakita at deeper levels.

At the Frasen prospect, located approximately one kilometre north of Coka Rakita, BIDD0221 returned five metres at 1.45 per cent Cu and 0.64 g/t Au from 486 metres downhole. This copper-gold mineralization is of a carbonate replacement type and hosted within marbles. Additional drilling is under way to test the continuity of this target.

At the Dumitru Potok prospect, located approximately 1.5 kilometres northeast of Coka Rakita, several holes intercepted lower-grade copper-gold porphyry mineralization and, at shallower depths, showed potential for sandstone and conglomerate-hosted gold mineralization. From this program, DPDD010 reported nine metres at 0.59 per cent Cu and 0.33 g/t Au from 555 metres downhole, while assays from the other holes are pending.

For details of the Coka Rakita scout drilling program, refer to the table entitled "New drill intercepts from scout drilling campaign on the Coka Rakita exploration licence."

Metallurgical testing

To confirm the favourable results of the previously reported metallurgical test work, a new comprehensive metallurgical testing program was completed for Coka Rakita. The results confirmed the viability of a combined gravity concentration and flotation circuit at different target grades.

Three representative 150-kilogram composite samples were tested at Base Metallurgical Laboratories in Kamloops, B.C. Extended gravity recoverable gold (EGRG) testing demonstrated gravity recoverable gold ranging from 49 per cent to 62 per cent from these samples. Rougher flotation tests on the gravity tails at a P80 grind size of 53 micrometres achieved overall gold recoveries ranging from 90 per cent to 96 per cent for the three composite samples. Adjusting for cleaner flotation losses, the results indicate total achievable gold recovery from a gravity and flotation circuit ranges from 88 per cent to 91 per cent.

Comminution testing was also performed on these samples and determined a bond ball mill work index of 13.4 kW/t and an abrasion index of 0.14. These results indicate that the material is of average hardness and mildly abrasive.

These encouraging results validate the suitability of mineralized material at Coka Rakita for gravity concentration followed by conventional froth flotation, and this flowsheet will be the basis for further optimization during subsequent test work phases.

Next steps for Coka Rakita:

• Maiden mineral resource estimate: Dundee Precious Metals expects to complete a maiden mineral resource estimate in December, 2023. The mineral resource estimate will incorporate results from drilling up until the end of October, 2023.
• Continuing activities to accelerate advancement of the project: Dundee Precious Metals continues to advance activities aimed at accelerating the project, which includes initiating geotechnical and hydrogeological drilling, the second phase of the metallurgical test work program, the evaluation of locations for potential site infrastructure, and continuing stakeholder engagement activities.
• Scout drilling on the Coka Rakita and Umka exploration licences: The company is aggressively pursuing additional potential skarn targets through its scout drilling campaign within the Coka Rakita licence and is continuing its 10,000-metre scout drilling program on the Umka licence.
• 25,000 metres of exploration drilling planned at the newly granted Potaj Cuka and Pester Jug exploration licences: Dundee Precious Metals is preparing an aggressive exploration program and plans to test favourable stratigraphy for carbonate replacement and skarn mineralization on the Potaj Cuka exploration licence, which hosts the Timok gold project, and is located to the north and west of Coka Rakita, and the Pester Jug exploration licence, which is to the south of Coka Rakita. The program is expected to commence in early 2024, pending approval of the work plan and permitting procedures, with approximately 25,000 metres of drilling planned for the first year of exploration on these licences.

About Coka Rakita

The Coka Rakita prospect is located three kilometres southeast of the Bigar Hill sediment-hosted gold deposit (Timok gold project) 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-rich sandstones, and fertile diorite intrusive sills and dikes. At shallower depths, scout drilling has defined additional potential for conglomerate and marble-hosted copper-gold mineralization.

Sampling, analysis and quality assurance/quality control (QA/QC) of exploration drill core samples

Given the presence of coarse gold at Coka Rakita, a rigorous sampling and QA/QC 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 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 kilograms to eight kilograms, 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 submission.

Drill core samples are shipped to the company's own exploration laboratory in Bor, Serbia, which is independently managed by SGS. SGS methods and procedures are accredited at SGS hub labs, and independent internal lab QA/QC check samples are sent to an SGS accredited laboratory. The Bor lab also participate in SGS monthly round robins, and other international round robins. 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 QA/QC monitoring data are reviewed, verified and signed off by an independent QA/QC 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 105 C for a minimum of 12 hours, and then jaw crushed to about 80 per cent passing four millimetres. Sample preparation duplicates are created by riffle splitting crushed samples on a one-in-20 basis. Larger samples are riffle split prior to pulverizing, whereas smaller samples are pulverized entirely. Pulverizing specifications are 90 per cent passing 75 microns. Gold analyses are done using a conventional 50-gram fire assay and AAS (atomic absorption spectroscopy) finish. Multielement analyses for 49 elements, including silver, copper, molybdenum, arsenic, bismuth, lead, tin and zinc, are done using a four-acid digestion and an ICP-MS (inductively coupled plasma mass spectrometry) finish. Samples returning over 10 parts per million for Ag and 1 per cent for Cu, Pb and Zn are reanalyzed 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 one g/t gold grade are reassayed by means of a specifically designed gold screen fire assay program at the ALS Global laboratory located in Romania. For reanalyses, one kg of two mm sized coarse reject material is split, which is pulverized and screened at 106 microns to separate the sample into a coarse fraction (greater than 106 micrometres) and a fine fraction (fewer than 106 micrometres). 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 one kg 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 National Instrument 43-101, and Paul Ivascanu, general manager of exploration for the company, have reviewed, and approved the scientific and technical content of this news release. Mr. Overall has verified the accuracy of the information presented in this disclosure.

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, 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.

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