Mr. David Rae reports

DUNDEE PRECIOUS METALS EXTENDS LIFE OF MINE PLAN TO 2032 FOR THE CHELOPECH MINE IN BULGARIA; PROVIDES MINERAL RESERVE AND MINERAL RESOURCE UPDATE AND HIGHLIGHTS FROM EXPLORATION ACTIVITIES

Dundee Precious Metals Inc. has provided an interim update to the mineral resource and mineral reserve estimate and life of mine (LOM) plan for its Chelopech mine in Bulgaria. In 2023, Dundee advanced its annual update for mineral reserves and mineral resources in order to better align with the company's planning and budgeting cycle. All monetary figures in this news release are expressed in U.S. dollars unless otherwise stated.

Highlights:

• Mine life extended to 2032: Proven and probable mineral reserves of 1.6 million ounces (Moz) of gold and 305 million pounds (Mlb) of copper supports a mine life that now extends to 2032. Dundee successfully added 1 per cent to contained ounces of gold with contained pounds of copper decreasing by 2 per cent relative to the previous mineral reserve estimate.
• Updated LOM plan with improved grades and recoveries: The updated LOM plan adds approximately 128,000 ounces of recovered gold and nine Mlb of recovered copper between 2024 and 2032. During this period, average LOM gold grade and copper grades increased by 5 per cent and 3 per cent, respectively, and recoveries for gold increased by approximately 5 per cent.
• Updated measured and indicated and inferred mineral resource: Total measured and indicated mineral resources, exclusive of mineral reserves, of 1.2 Moz of gold and 265 Mlb of copper add further potential to extend mine life. Additional inferred mineral resource of 274,000 oz of gold and 67 Mlb of copper.
• Upside potential with in-mine and brownfield exploration: Dundee continues to focus on extending Chelopech's mine life through its successful in-mine exploration program and an aggressive brownfield exploration program. Positive results from drilling at the Sharlo Dere West and Sharlo Dere prospects, located within the mine concession and proximal to existing Chelopech underground development, highlight potential for further mine life extensions. Highlights from drilling include 37.5 metres at 7.34 grams per tonne gold equivalent, 5.69 g/t Au and 0.98 per cent Cu from 184.5 metres depth (including 27 metres at 9.70 g/t AuEq, 7.58 g/t Au and 1.26 per cent Cu from 193.5 metres) on EXT_555_04. Dundee has completed its initial phase of infill drilling with the objective of including a mineral resource estimate for Sharlo Dere within its next mineral resource update for the Chelopech mine.

"I am pleased to report that we have continued our consistent track record of extending mine life at Chelopech," said David Rae, president and chief executive officer of Dundee Precious Metals.

"Next month will mark the 20-year anniversary of DPM's acquisition of the Chelopech mine. Over this period, we have transformed the mine into a modern and highly efficient operation, developed a strong local team, and established strong relationships with local stakeholders.

"Chelopech today has a mine life that extends to 2032 based on mineral reserves, a strong mineral resource base, compelling exploration prospects and significant opportunities to continue our strong track record of mine life extensions."

Updated mineral reserve and resource estimate

The 2023 mineral reserve and mineral resource estimate reflects the results of in-mine drilling and production depletion as at May 31, 2023.

The updated proven and probable mineral reserve estimate for Chelopech of 1.6 Moz of gold and 305 Mlb of copper support a nine-year mine life that extends to 2032, not including potential for further conversions of existing mineral resources and potential additional exploration success. Proven and probable mineral reserves decreased by 600,000 tonnes of ore with contained gold increasing by 22,000 ounces and contained copper decreasing by 6.3 Mlb relative to the previous 2022 mineral reserve estimate.

The updated mineral reserves estimate is shown herein.

Measured and indicated mineral resources, exclusive of mineral reserves, decreased by one million tonnes (Mt), 120,000 ounces of gold and 16 Mlb of copper relative to the 2022 mineral resource estimate. The decrease was largely a result of conversion to mineral reserves, partially offset by new extensions to mineral resources achieved from in-mine drilling as well as a review of estimation parameters during the update.

The mineral resource estimate is shown herein and is effective as at May 31, 2023.

Life of mine plan

The attached table shows the updated LOM plan, reflecting the updated mineral reserve estimate. Annual throughput rates have been optimized over the LOM, taking into account recent development rates as mining extends into areas of the mine located farther from existing infrastructure, as well as the grade profile to maximize value.

Between 2024 and 2032, the updated LOM plan adds approximately 128,000 ounces of additional gold production and nine Mlb of copper, with the average LOM gold and copper grades increasing by 5 per cent and 3 per cent, respectively, relative to the previous LOM plan outlined in the news release "Dundee Precious Metals Provides Updated Mineral Resource and Mineral Reserve Estimates for the Chelopech Mine in Bulgaria" dated March 30, 2023.

The improved average grade is expected to be achieved by mining the Crown pillars from blocks 103 and 151 from 2025 onward. During this period, gold recoveries increased by 5 per cent relative to the previous mine plan as a result of an improved ore blend over the LOM and updated recovery regression models based on recent plant performance. This is partially offset by a reduction to the mining rate in order to maintain development rates at 7,500 metres per annum and to optimize sustaining capital required. In 2026, the mining rate is planned to be reduced to two million tonnes per annum (Mtpa) and to 1.8 Mtpa from 2027 onward.

Several optimization activities planned for 2024

Dundee has several initiatives under way aimed at further optimizing Chelopech's estimated mineral reserves and resources, and the life of mine plan, including:

• Recontouring the block model at a lower gold equivalent cut-off grade to align with the latest net smelter return (NSR) cut-off value assumptions, providing further potential to convert mineral resource into mineral reserves;
• Enhancing development rates to improve productivity as the mine plan progresses into areas in the mine located farther from infrastructure;
• Evaluating ore sorting technologies to unlock orebodies currently below existing NSR cut-off values and minimize ore dilution from structurally controlled orebodies.

Three-year outlook

The updated LOM plan is in line with the company's previously issued 2023 guidance and three-year outlook for Chelopech, as shown herein.

For more information regarding the company's 2023 guidance and three-year outlook, including key assumptions, qualifications and risks associated thereto, refer to the management's discussion and analysis for the three and nine months ended Sept. 30, 2023, issued on Nov. 7, 2023, available on the company's website and on SEDAR+.

Further extending mine life through additional in-mine and brownfield exploration

Dundee continues to focus on extending Chelopech's mine life through its successful in-mine exploration program and an aggressive brownfield exploration program. Priority initiatives include:

• In-mine drilling for mineral resource development;
• Infill drilling at the Sharlo Dere prospect within the mine concession to support a Mineral Resource estimate;
• Converting the Sveta Petka exploration licence to a commercial discovery, after which Dundee intends to apply for concession rights in 2024 for the area, which is now designated as Chelopech North;
• Completion of an intensive drilling program at the Brevene exploration licence and application for a geological discovery.

In-mine exploration: Dundee continues to advance in-mine exploration activities focused on extending Chelopech's mine life. Priority targets within the company's near-term plans include:

• The Target North zone, which is located on the northern flank of the Chelopech mine concession and is manifested as isolated, structurally and lithologically controlled intervals of high-sulphidation type of mineralization. Several extensional drilling programs are planned for the target, including testing the northern area of Block 19 for high-grade structurally controlled orebodies between levels 450 to 500, and drilling to the west of Block 147 to explore for similar bodies at a depth of levels 200 to 500.
• Extensional drilling southeast from Block 700 is planned to better assess the economic significance of the quartz-barite-gold-sulphide (QBGS) zone. This program is a continuation of previous successful drilling campaigns and will focus on identifying an extension of the mineralized system to the southeast and at depth.

Sharlo Dere: At the Sharlo Dere prospect, which is located approximately 500 metres northeast of the easternmost orebodies of the Chelopech mine and approximately 400 metres from current underground infrastructure, Dundee completed 8,407 metres of infill drilling at a 50-metre-by-50-metre spacing which was designed to evaluate the continuity of the mineralized zones. The prospect comprises the main Sharlo Dere zone (SD), as well as the lateral extensions termed the Sharlo Dere East (SDE) and the Sharlo Dere West-Target 11 zones (SDW).

Results from recent drilling highlight the prospect's potential for copper-gold mineralization along the northeastern flank of the mine concession as a continuation of the Chelopech high-sulphidation system.

Recent (2022 until present) significant intercepts from the Sharlo Dere prospects include:

• EX_SD_40 -- 11 metres at 3.07 g/t AuEq, 1.85 g/t Au and 0.73 per cent Cu from 303 metres depth and six metres at 4.18 g/t AuEq, 3.56 g/t Au and 0.37 per cent Cu from 327 metres depth;
• EX_SD_51 -- 14 metres at 3.76 g/t AuEq, 2.59 g/t Au and 0.70 per cent Cu from 250 metres depth;
• EX_SD_53 -- eight metres at 14.15 g/t AuEq, 9.34 g/t Au and 2.87 per cent Cu from 610 metres depth;
• EX_SDW_02 -- 14 metres at 3.07 g/t AuEq, 1.61 g/t Au and 0.87 per cent Cu from 573 metres depth;
• EX_SD_51 -- 14 metres at 3.76 g/t AuEq, 2.59 g/t Au and 0.70 per cent Cu from 250 metres depth;
• EXT11_555_03 -- 6.2 metres at 7.54 g/t AuEq, 6.70 g/t Au and 0.50 per cent Cu from 165 metres depth;
• EXT11_555_04 -- 37.5 metres at 7.34 g/t AuEq, 5.69 g/t Au and 0.98 per cent Cu from 184.5 metres depth (including 27 metres at 9.70 g/t AuEq, 7.58 g/t Au and 1.26 per cent Cu from 193.5 metres).

The Sharlo Dere, Sharlo Dere East and Sharlo Dere West prospects share the same geological environment and show many similarities with the high-sulphidation-style Chelopech copper-gold mineralization. Mineralization is constrained by east-northeast- and west-northwest-striking deep structural feeders and highly permeable subvertical phreatomagmatic breccia contacts within the sedimentary Turonian unit that was intruded by a multiphase dioritic intrusive complex. The distal and upper part of the phreatomagmatic breccia pipes are represented by strata-bound hydromagmatic injections and surge flow deposits accompanied with subhorizontal mineralized lenses/layers, which were subsequently tilted according to the synformal basin architecture. A particular characteristic of the Sharlo Dere area is the better preservation of the shallow syn-sedimentary exhalative sulphide mineralization and subsequent reworked mineralized clasts in syn- to postmineral debris flow deposits.

Dundee has completed its initial phase of infill drilling with the objective of including a mineral resource estimate for Sharlo Dere within the next mineral resource estimate update for the Chelopech mine, with the longer-term goal to potentially convert these mineral resources into mineral reserves.

Sveta Petka: In March, 2023, the company filed a commercial discovery application with the Bulgarian authorities for the Sveta Petka exploration licence, which includes the Wedge, West Shaft, Krasta and Petrovden prospects, to allow the company to apply for concession rights in 2024 for the area which is now designated as Chelopech North.

Brevene: On the Brevene exploration licence surrounding the Chelopech mine concession, target delineation and scout drill testing have been completed. The evaluation of mineral resource potential is continuing, and the data collected will be used to support an application for a geological discovery, which is expected to be submitted before the end of the year.

Technical information

The mineral resource and mineral reserve estimates for the Chelopech mine and other scientific and technical information which supports this news release were prepared by Dundee with review and guidance at various stages provided Environmental Resources Management (ERM), trading as CSA Global. The qualified persons (QP) are satisfied as to the appropriateness and quality of the technical work completed and accept responsibility for the disclosure, in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects. The QP for the mineral resource estimate is Maria O'Connor, BSc, MAIG, technical director, ERM, and the QP for the mineral reserve estimate is Garth Liukko, BEng (mining), PEng (Ontario), principal mining engineer of ERM Consultants Canada Ltd. Both Ms. O'Connor and Mr. Liukko are qualified persons as defined under NI 43-101 and are independent of the company.

Ross Overall, corporate mineral resource manager of the company, who is a QP, as defined under NI 43-101, has reviewed and approved the contents of this news release.

Refer to annual information form dated March 30, 2023, and the technical report entitled "NI 43-101 Technical Report -- Mineral Resource and Mineral Reserve Update, Chelopech Mine, Chelopech, Bulgaria," dated and effective March 31, 2022, and filed on SEDAR+ for additional information related to Chelopech, including, without limitations, risks and uncertainties that may impact the estimates and other information presented herein.

Sampling, analysis and quality assurance/quality control of exploration drill core samples

Most surface exploration diamond drill holes are collared with PQ size, continued with HQ and are rarely 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, 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 managed by SGS Minerals. 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 quality assurance and quality control monitoring data are reviewed 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 degrees 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 atomic absorption spectrometry (AAS) finish. Multielement analyses for 49 elements, including silver, copper, molybdenum, arsenic, bismuth, lead, antimony and zinc, are done using a four-acid digestion and an 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.

All underground diamond drilling is completed by Chelopech Technical Services. Drill cores are sampled in intervals up to a maximum of three metres, with 1.5-metre sample intervals being the common length within mineralized zones. Following Dundee exploration standard procedures and internationally accredited standards, a full suite of certified reference materials, blanks and field duplicates is submitted to the laboratory with each batch of samples. The overall quality control sample insertion rate is approximately 5 per cent for reference materials, 2 per cent for blanks and 5 per cent for field duplicates. Samples are assayed at the SGS Minerals managed laboratory at Chelopech in Bulgaria, which is independent of the company. Samples are routinely assayed for copper, gold, silver, sulphur and arsenic. Gold analyses are done using a 25-gram fire assay and AAS finish. Assay values over 20 ppm gold are reanalyzed using gravimetric finish. Copper, silver and arsenic analyses are completed using a two-acid digestion and AAS finish. Samples returning over 100 ppm for silver and 3 per cent for copper are reanalyzed using high-grade methods with AAS finish.

Both laboratories operate to SGS Global and international standards under SGS's international accreditation. All methods and procedures are implemented together with international quality control protocols.

The QP has verified the technical data within this disclosure. Verification by the qualified person included review of QA/QC performance, analytical results, geologic interpretations and logging data.

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 growth 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, governance), innovation, optimizing its existing portfolio and growth. The company's resources are allocated in line with its strategy to ensure that Dundee delivers value for all of its stakeholders. Dundee's shares are traded on the Toronto Stock Exchange.

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