Mr. David Rae reports

DUNDEE PRECIOUS METALS ACHIEVES 2023 GOLD PRODUCTION GUIDANCE; ANNOUNCES TIMING OF Q4/23 FINANCIAL RESULTS

Dundee Precious Metals Inc. has released preliminary production results from both of its mines in Bulgaria and the Tsumeb smelter in Namibia for the three and 12 months ended Dec. 31, 2023.

"Our mining operations continue to deliver strong results, with Ada Tepe achieving record gold production and Chelopech achieving its annual guidance for gold and copper production," said David Rae, president and chief executive officer of Dundee Precious Metals. "We also continued our track record of strong sustainability performance, ranking in the 91st percentile among mining and metals companies in the 2023 S&P Global corporate Sustainability Assessment for the third consecutive year.

"In December, 2023, we announced the acquisition of Osino Resources, which adds the advanced stage, multimillion-ounce Twin Hills project in Namibia to our portfolio, and declared a maiden mineral resource estimate at our Coka Rakita project in Serbia, which further positions DPM as an intermediate gold producer with a growth pipeline supported by two new high-quality gold discoveries."

Operating highlights

Ada Tepe continued to deliver impressive operating performance, producing a record 35,200 ounces of gold during the fourth quarter. In 2023, Ada Tepe produced 134,200 ounces of gold, achieving a new record for annual gold production and its annual gold production guidance.

In the fourth quarter, Chelopech produced approximately 41,900 ounces of gold and 8.2 million pounds of copper, in line with expectations. In 2023, Chelopech produced approximately 161,900 ounces of gold and 30.5 million pounds of copper, within its annual guidance for gold and copper production. In November, 2023, Dundee announced a mine life extension to 2032, an optimized life of mine (LOM) plan, and updated mineral resource and mineral reserve estimate for the Chelopech mine. The updated LOM adds approximately 128,000 ounces of recovered gold and nine million pounds of recovered copper between 2024 and 2032. During this period, LOM gold grade and copper grades increased by 5 per cent and 3 per cent, respectively, and recoveries for gold increased by 5 per cent.

The Tsumeb smelter processed approximately 67,900 tonnes of complex concentrate during the fourth quarter, achieving near record-level performance. Tsumeb's improved operating performance reflects the successful completion of maintenance activities in the off-gas system, which were undertaken in the third quarter during the Ausmelt furnace shutdown. In 2023, Tsumeb processed approximately 188,800 tonnes of complex concentrate, below the annual guidance range a result of unplanned downtime and the Ausmelt furnace maintenance, which was extended in order to complete repairs to the off-gas system, as previously reported.

Returning capital to shareholders

In line with its disciplined capital allocation framework, Dundee continues to return capital to shareholders through a sustainable quarterly dividend and share repurchases under its normal course issuer bid.

As previously announced in November, 2023, Dundee will pay a quarterly dividend of four U.S. cents per share on Jan. 15, 2024, to shareholders of record as at 5 p.m. Toronto local time on Dec. 31, 2023.

During the fourth quarter, Dundee repurchased approximately 1,306,192 common shares at an average price of $6.21 (U.S.) ($8.62 (Canadian)) per share for a total of approximately $8.1-million (U.S.). In 2023, Dundee repurchased a total of 9,738,063 common shares at an average price of $6.74 (U.S.) ($9.10 (Canadian)) per share for a total value of approximately $65.6-million (U.S.).

Timing of fourth quarter and full-year 2023 operating and financial results

The company plans to release its fourth quarter and full-year 2023 operating and financial results after market close on Wednesday, Feb. 14, 2024. The news release, MD&A (management's discussion and analaysis), and consolidated financial statements will be posted on the company's website and SEDAR+.

On Thursday, Feb. 15, 2024, at 9 a.m. EST, Dundee will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate through conference call, register in advance on-line to receive the dial-in information as well as a personalized PIN code to access the call.

The registration link and webcast details are as follows.

Conference call date and time:  Thursday, Feb. 15, 2024, at 9 a.m. EST

Replay archive will be available on-line.

Technical Information The technical and scientific information in this press release has been reviewed and approved by Ross Overall, BSc (applied geology), director, corporate technical services of Dundee, who is a qualified person as defined under National Instrument 43-101, and not independent of the company.

About Dundee Precious Metals Inc.

Dundee Precious Metals is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia, Serbia and Ecuador.

We seek Safe Harbor.