Mr. David Rae reports

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

Dundee Precious Metals Inc. had preliminary production results from both of its mines for the three months ended March 31, 2024.

"The first quarter was a solid start to the year, with continued strong performance at Chelopech and Ada Tepe," said David Rae, president and chief executive officer. "Gold production was in line with our expectations and both mines are on track to achieve 2024 guidance."

Production highlights

Preliminary results from continuing operations for the first quarter are provided in the attached table.

As disclosed in management's discussion and analysis (MD&A) for the year ended Dec. 31, 2023, issued on Feb. 14, 2024, and available at SEDAR+ and at the Dundee Precious website.

Operating highlights

Chelopech produced approximately 37,500 ounces of gold and 6.7 million pounds of copper during the first quarter. Gold production was in line with expectations while copper production was slightly lower than planned due to lower copper grades. Chelopech is on track to achieve its production guidance for 2024.

Ada Tepe produced approximately 25,200 oz of gold in the first quarter, in line with expectations. Ada Tepe is on track to achieve its production guidance for 2024.

Discontinued operations

In March, 2024, Dundee Precious announced that it had entered into a definitive share purchase agreement (SPA) with a subsidiary of Sinomine Resource Group Co. Ltd. for the sale of its interest in the Tsumeb smelter in Namibia, including all assets and liabilities, for consideration of $49-million (U.S.) in cash. In addition, pursuant to the SPA, Dundee Precious is entitled to be paid all cash collected from IXM S.A. with respect to a positive balance in metals exposure outstanding at Tsumeb. The transaction is expected to close in Q3 2024.

During the first quarter of 2024, the Tsumeb smelter processed approximately 54,800 tonnes of complex concentrate.

Returning capital to shareholders

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

As previously announced in February, 2024, Dundee Precious will pay a quarterly dividend of four U.S. cents per share on April 15, 2024, to shareholders of record on March 31, 2024.

Dundee Precious renewed its NCIB in March, 2024, and is able to repurchase up to 15.5 million common shares, representing approximately 9.8 per cent of the public float as of March 6, 2024, over a period of 12 months which commenced on March 18, 2024, and terminates on March 17, 2025.

During the first quarter of 2024, Dundee Precious repurchased approximately 252,800 common shares at an average price of $7.37 (U.S.) ($9.94) per share for a total of approximately $1.9-million (U.S.).

Timing of first quarter 2024 operating and financial results

The company plans to release its first quarter 2024 operating and financial results after market close on Tuesday, May 7, 2024. The news release, MD&A and condensed interim consolidated financial statements will be posted on SEDAR+ and on the company's website.

On Wednesday, May 8, 2024, at 9 a.m. ET, Dundee Precious will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate via conference call, register in advance at the link below to receive the dial-in information as well as a personalized pin code to access the call.

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

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