entering a new phase of free cash flow growth...us$1.2b market capitalization 1.8% dividend yield...

Entering a New Phase of Free Cash Flow Growth

January 2021 TSX: DPM

Forward Looking Statements Certain statements and other information included in this presentation and our other disclosure documents constitute “forward looking information” or “forward looking statements” within the meaning of

applicable securities legislation, which we refer to collectively hereinafter as “Forward Looking Statements”.

Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”,

“budget”, “scheduled”, “estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or that state that certain actions, events or results “may”, “could”,

“would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The Forward Looking Statements in this presentation relate to, among other things:

certain statements with respect to the estimated capital costs, operating costs, key project operating costs and financial metrics and other project economics, including the three-year outlook provided by

the Company; re-rating to an intermediate / mid-tier producer; the commencement of a preliminary feasibility study for Timok; timing of further optimization work at Tsumeb and potential benefits of the

planned rotary furnace installation; the processing of Chelopech concentrate; the impact of any impairment charges; price of gold, copper, silver and acid; toll rates; smelter metal recoveries and stockpile

interest deductions; the estimation of Mineral Reserves and Mineral Resources and the realization of such mineral estimates; the timing and amount of estimated future production and output, life of mine,

costs of production, cash costs and other cost measures, capital expenditures, rates of return at certain of the Company’s deposits and timing of the development of new deposits; results of economic

studies; success of exploration activities; success of permitting activities; permitting time lines; currency fluctuations; requirements for additional capital; government regulation of mining and smelting

operations; environmental risks; reclamation expenses; potential or anticipated outcome of title disputes or claims; benefits of digital initiatives; the payment of dividends; and timing and possible outcome

of pending litigation.

Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and Qualified Persons (in the case of technical and scientific information), as of the date

such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially

different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this presentation, such factors

include, among others: the uncertainties with respect to actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations and economic

studies; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; uncertainties

and risks inherent to developing and commissioning new mines into production, which may be subject to unforeseen delays; accidents, labour disputes and other risks of the mining industry; delays in

obtaining governmental approvals or financing or in the completion of development or construction activities; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil

unrest, political instability and uncertainties with the rule of law may impact the Company’s activities; social and non-government organizations opposition to mining projects and smelting operations;

fluctuations in metal and acid prices, toll rates and foreign exchange rates; unanticipated title disputes; claims or litigation; limitation on insurance coverage; cyber attacks; risks related to the

implementation, cost and realization of benefits from digital initiatives; failure to realize projected financial results from MineRP Holdings Inc.; risks related to operating a technology business reliant on the

ownership, protection and ongoing development of key intellectual properties; as well as those risk factors discussed or referred to in any other documents (including without limitation the Company’s most

recent Annual Information Form) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com.

The reader has been cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that

could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be anticipated,

estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such

statements. The Company’s Forward Looking Statements reflect current expectations regarding future events and speak only as of the date hereof. Other than as it may be required by law, the Company

undertakes no obligation to update Forward Looking Statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on

Forward Looking Statements.

This presentation is accurate as of the date specified on the title page but may be superseded by subsequent disclosures including press releases and quarterly reports.

TMX:DPM 2

Transitioning to a Mid Tier Producer

TMX:DPM 3

Well-positioned to continue delivering value to shareholders

(1) Refer to footnote #1 on slide 30.



(4) Primarily related to the Company’s 9.4% interest in Sabina and 19.4% equity interest in INV Metals Inc, and does not include the value of DPM’s interest in MineRP. Refer to footnote #4 on slide 30.

Growing production,

declining costs

Significant free cash

flow generation

Strong balance

sheet

Unique

capabilities

▪ 275,000 Au oz.

average annual

production(1)

▪ $680-$760/oz.

all-in sustaining cost(1,2)

▪ $102Mgrowing net cash

position

▪ $76Mliquid investment

portfolio(4)

▪No outstanding debt

▪ $140 to $250M/yraverage annual free

cash flow(1,3)

▪Attractive free cash

flow yield

▪ Returning cash to shareholdersUS$0.03/sh quarterly

dividend

▪Adding value through innovation

▪ Securing social

license

▪ Industry-leading

ESG solutions

An Industry Leader in ESG

TMX:DPM 4

We believe our economic & financial viability is dependent on

delivering prosperity to all stakeholders

The use by the Company of any MSCI or its affiliates data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement,

recommendation, or promotion of Dundee Precious Metals Inc. by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided ‘as-is’ and without warranty.

MSCI names and logos are trademarks or service marks of MSCI.

▪ Improving energy intensity: 13%

improvement for Chelopech, 50% for

Tsumeb

▪ Emission Intensities: GHG

improvement of 27% for Chelopech

and 41% for Tsumeb

▪ Water Intensity: 42% improvement

at Tsumeb

▪ Biodiversity Best Practices: Ada

Tepe named Best Practice by the EU

Commission for biodiversity

management

Environmental

Climate change, energy, water,

biodiversity & waste management

▪ Social Development: empowerment

deal in Namibia, SME Fund for Ada

Tepe

▪ TRIF: reduced by 85%, among best

in industry.

▪ LTIF: achieved 3 million hours in

Bulgaria

Social

Social benefit and development,

human rights, health & safety

▪ ERM: Strong Enterprise Risk

Management framework

▪ Balanced Score Card: linking

strategy to objectives-setting and

performance measurement

▪ Gender Equality: 21 of 45 senior

managers are women

Governance

Enterprise risk management,

diversity, supply chain management

7%

45%

55%

59%

61%

205%

Copper

Gold

GDX

GDXJ

S&P / TSX Global GoldIndex

Dundee Precious Metals

21%

23%

25%

26%

28%

64%

S&P / TSX Global Gold Index

GDX

Gold

Copper

GDXJ

Dundee Precious Metals

Focused on Shareholder Returns

TMX:DPM 5

Significant further upside potential as we continue to realize growth in free cash flow from Ada Tepe

3-year Share Price Performance(December 31, 2017 – December 31, 2020)

2020 Share Price Performance(December 31, 2019 – December 31, 2020)


US$1.2B market capitalization

1.8%dividend yield

0.8xconsensus P/NAV(5)

Source: Thomson Eikon – January 15, 2021.

Included in TSX30 recognizing 3-year share price performance

Global Portfolio of Assets

TMX:DPM 6

Chelopech Mine, Bulgaria (100%)

▪ Underground mine

▪ Mine life: 8+ years

▪ 2020 performance:

179.6koz. Au, 35.6Mlbs Cu(1)

Ada Tepe Mine, Bulgaria (100%)

▪ Open-pit mine

▪ Mine life: 8 years


118.7koz. Au (1)

Tsumeb Smelter, Namibia (92%)

▪ Specialty smelter


231.9k tonnes of concentrate smelted (1)

Timok Project, Serbia (100%)

▪ Stage: Prefeasibility

▪ Production: 75koz. Au per year (LOM avg)(7)

Strategic Investment Portfolio

Sabina Gold & Silver (9.4%) – Nunavut, Canada

▪ Open-pit / underground mine

▪ Stage: Pre-construction

INV Metals (19.4%) – Southern Ecuador

▪ Underground mine

▪ Stage: Feasibility Study

Velocity Minerals (9.9%) – Bulgaria

▪ Rozino project located ~40km from Ada Tepe

▪ Stage: Pre-Feasibility Study

1

2

3

4

5

6

4

3

6

5

Corporate head office,

Toronto, Canada



712

7

Proactive COVID-19 Measures

TMX:DPM 7

Workforce and Local

CommunitiesOperations and Projects Supply Chain

▪ Closely following national safety

instructions

▪ Utilizing technology to complete work

that would normally require group

assembly or contract services

▪ Proactively introduced protocols to

protect health of employees

▪ Continued engagement with local

communities and authorities to identify

their needs

▪ Assisting health care providers with

financial support and materials

▪ All operations continue to operate in line

with guidance

Chelopech and Ada Tepe

▪ Continue to operate as planned

Tsumeb

▪ Continues to operate in line with

guidance

▪ Reduced operations in April for 30 days;

full operations resumed in early May

Serbia

▪ Temporarily demobilized exploration

activities in March

▪ Resumed drilling activities in late June

▪ Proactively managing inventories

▪ Developed contingency plans for

inbound and outbound supply

Bulgaria

▪ Most key supplies and consumables

sourced locally

▪ No disruption to inbound supply chain

Namibia

▪ Sufficient supply of complex

concentrate at site and at local port

facility

Effectively managing the pandemic, with no material disruptions to operations to date

▪ Prioritizing the health and safety of our workforce and local communities

▪ Given financial and operating strength, DPM is well positioned to navigate the evolving situation

Stable Copper Production

Solid Three-Year Outlook

TMX:DPM 8

Highlights strong production profile, declining AISC and potential to generate significant free cash flow



2019 2020 2021 Outlook 2022 Outlook

Gold contained in concentrate produced (‘000s ounces)

Strong Gold Production Profile

231

250-295 250-295298.3

Copper contained in concentrate produced (Mlbs)


3730-40 30-40

35.6

(1) (1)

Complex concentrate smelted (‘000 tonnes)

Improving Smelter Performance


215

220-250240-265

231.9

(1) (1)2019 2020 Guidance 2021 Outlook 2022 Outlook

$725 $670-750 $670-750$650-720

(1) (1) (1)

Attractive All-In Sustaining Cost(2)

All-in sustaining cost ($/oz Au)

(1) (1)

Record Gold Production in 2020

TMX:DPM 9

Achieved the high-end of 2020 gold production guidance




Each operation met or exceeded its 2020 guidance

Ada Tepe, Bulgaria

▪ Continues to deliver

impressive performance

▪ Exceeded 2020

guidance

Chelopech, Bulgaria

▪ Continued track

record of consistent

performance

▪ Met high end of gold

production guidance

Tsumeb, Namibia

▪ Met 2020 guidance

despite 30-day reduction

in throughput in Q2/20 as

a result of COVID-19

2020 preliminary results Achieved 2020 Guidance(1)

Metals contained in concentrate produced

Gold (K oz) 298.3 257 – 299

Copper (Mlbs) 35.6 35 – 40

Complex concentrate smelted 231.9 230-260

▪ Strong performance in 2020 with continued mine and mill optimization

▪ Focused on mine and process plant optimization

Chelopech, Bulgaria: High quality, low cost flagship asset

TMX:DPM 10

A strong, reliable performer

174180

145-165 145-165

37 36 30-40 30-40


Metals contained in concentrate produced (‘000s oz)

Gold ('000s) Copper (Mlbs)

2019 2020 Guidance 2021 Outlook 2022 Outlook

Sustaining capital expenditures ($M)

17-22

13-17

9-12

16


(1) (1) (1) (1) (1)

Chelopech Near Mine Exploration to Add Resources

TMX:DPM 11

Focused on extending mine life through in-mine & brownfields exploration

2020 Brownfields Exploration

▪ West Shaft: Aggressive target delineation drilling ongoing with ~7,000 m completed.

Initial results include(i):

▪ X_WS_01: 19.7 m at 2.28 g/t Au & 0.37% Cu (3.04 g/t AuEq)

▪ X_WS_02: 12 m at 2.60 g/t Au & 0.37% Cu (3.35 g/t AuEq)

▪ Wedge: ~4,600 m of deep directional drilling to focus on testing more conceptual

targets in proximity to Chelopech. Results include(i):

▪ X_WZ_07: 5 m at 0.33 g/t Au & 1.42% Cu (3.26 g/t AuEq)

▪ Krasta: 6,000 m of infill and extension drilling completed, with

geo-metallurgical and resource modelling ongoing. Results include(ii):

▪ KR_33: 21 m at 0.62 g/t Au & 0.33% Cu (1.54 g/t AuEq)

▪ KR_39: 10 m @ 1.48 g/t Au & 0.58% Cu (3.25 g/t AuEq)

▪ Testing conceptual targets at Vozdol and Bridge with ~2,000 m of scout drilling in Q4

Plans for 2021: 38,000 m of drilling

▪ Delineation of West Shaft, resource definition at Wedge and Krasta

▪ Advancing Vozdol and scout drilling of scout drilling of priority targets on the

Brevene EL

▪ Advancing additional conceptual targets to target delineation

▪ A further ~40,000 m of in-mine exploration drilling for resource development

Vozdol Krasta

WestShaft

Brevene EL

Sveta Petka EL

Chelopech Mine

Wedge

Bridge

(i) As reported in the Management’s Discussion and Analysis for the three and nine months ended

September 30, 2020, available on our website at www.dundeeprecious.com

(ii)As reported in the Management’s Discussion and Analysis for the three and six months ended

June 30, 2020, available on our website at www.dundeeprecious.com

http://www.dundeeprecious.com/


2019 2020 Guidance 2021 Outlook 2022 Outlook

Sustaining capital expenditures ($M)

9-11

15-19

4-54


Gold contained in concentrate produced (‘000s oz)

57

▪ One of the highest grade open pit mines in the world(i) with a LOM gold grade of 4.8 g/t (12)

▪ Contributing significant free cash flow generation to DPM’s portfolio

▪ Delivered impressive performance in 2020 and outperformed gold production guidance

Ada Tepe, Bulgaria

TMX:DPM 12

Driving growth in production and cash flow



(1) (1)(1) (1) (1)

105-130 105-130

(i) Source: National Bank Financial research report dated December 10, 2019

118.7

Ada Tepe Brownfields Exploration to Add Resources

TMX:DPM 13

2020 Brownfields Exploration

▪ Active exploration within mine concession – 8,000 m

on Surnak, Synap and Kuklitsa

▪ Focused on sulphide mineralization, with goal of

extending Ada Tepe’s mine life

▪ Chatal Kaya: 6,000 m of target delineation and infill

drilling. Significant intercepts include(i):

▪ CKDD004: 2.6 m at 36.28 g/t Au & 14.3 g/t Ag

including 1 m at 67.86 g/t Au & 14 g/t Ag

▪ CKDD006: 6 m at 17.37 g/t Au & 25.3 g/t Ag

including 1 m at 60.77 g/t Au & 63 g/t Ag

Plans for 2021: 23,000 m of drilling

• ~9,000 m for delineation of additional resources and

conceptual target extension on the mine concession

• Advancing Chatal Kaya and other prospective targets

on regional licenses(i) As reported in the Management’s Discussion and Analysis for the three and nine months ended

September 30, 2020, available on our website at www.dundeeprecious.com


Timok Gold Project, Serbia

TMX:DPM 14

Potential for organic growthPEA Highlights (7, C)

Total tonnes processed (Mt) 18.9

Head grade (g/t) 1.36

Strip ratio (waste:feed) 2.6:1

Average gold recovery (%) 81.5

Average annual gold production (oz) 75,000

Peak annual gold production (oz) 132,000

AISC ($/oz Au) $717

Initial capital cost ($M) $136

After-tax NPV(5%) and IRR

• $1,250/oz Au

• $1,500/oz Au

$105M & 18.6%

$217M & 30%

Life of mine 9 years

▪ PEA provides a base case, considering oxide and transitional material types

▪ Economics attractive in today’s gold price environment

▪ Pre-feasibility study completed, with results to be released in Q1/21

▪ Additional upside potential from sulphide portion of the resource, to be

considered as part of a potential feasibility study

Exploration opportunities

▪ Drilling targeting shallow oxide gold mineralization to support the growth of

the Mineral Resource estimate

▪ Chocolate: located approximately 1 km SE of Bigar Hill deposit

▪ 2,800 m of drilling completed to date, with encouraging results, including:

▪ BIDD125 40.5m at 2.83 g/t Au(i)

▪ Čoka Rakita: drilling commenced in Q4/20 focused on delineation of

additional resources

▪ ~14,000 m of drilling planned, including brownfield exploration and infill for

feasibility studyThe PEA is preliminary in nature and includes some inferred mineral resources that are considered too speculative

geologically to have the economic considerations applied to them that would enable them to be categorized as mineral

reserves. Unlike mineral reserves, mineral resources do not have demonstrated economic viability. There is no certainty

that the PEA results will be realized.

(i) As reported in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2020, available on our website at www.dundeeprecious.com


(C) Refer footnote C on slide 31.


397

9 18 16 12-15 16-20 16-20

14

23 23

0

5

10

15

20

25

30

35

40

45

50

0

50

100

150

200

250

300

350

400

450

500

2012 to 2016 2017 2018 2019 2020 Guidance 2021 Outlook 2022 Outlook

Total Capital Expenditures (US$M)

Growth Sustaining Adjusted EBITDA ($M)

Tsumeb, Namibia: Operating Consistency with Growth Potential

TMX:DPM 15

A secure processing outlet for Chelopech



(2)

▪ Growing cash flow generating custom toll business

▪ Finalized new 3-year agreement to fill existing smelter capacity

▪ Focused on operational stability, efficiencies and cost reduction

▪ Option to expand to 370k tpa in the future

Major investment

phase complete

200219

232215

232220-250

240-265

2016 2017 2018 2019 2020 2021Outlook

2022Outlook

Tonnes Processed (‘000s t)

Estimates for 2020-2022 are for sustaining

capital

(1)(1) (1)

(1) (1)

(10)

Additional Upside through Equity Interests

TMX:DPM 16

Liquid investment portfolio provides upside exposure to high-quality gold projects




Sabina Gold and Silver Corp.Ownership: 9.4%

INV Metals Inc.Ownership: 19.4%

Velocity Minerals Ltd.Ownership: 9.9%

Rationale: Originally a DPM project,

supportive shareholder in high

grade gold project in Canada

▪ Sabina proceeding with pre-

construction activities

▪ 240k oz Au/year of production

(yrs 1 through 8) (7)

▪ Significant exploration upside

with Llama and Umwelt

Rationale: DPM’s unique experience

in permitting, development,

underground mining, processing

▪ DFS complete in 2018, advancing

EIS and permitting in 2020

▪ ~200k oz Au eq/year of production

over 12 years (14)

Rationale: DPM’s strong presence

and capabilities in southeastern

Bulgaria

▪ Advancing the Rozino gold project,

located ~40km from Ada Tepe mine

▪ PFS completed in October 2020

▪ Probable mineral reserve estimate of

11.8 Mt at 1.22 g/t gold for 465,000

ounces (at a 0.5 g/t gold cut-off

grade)(15)

Disciplined Capital Allocation Framework with Quarterly Dividend

Established to manage substantial free cash flow generation

Reinvestment

Return capital to shareholders

Maintain balance

sheet strength

Maintain balance sheet

strength

Reinvestment Return capital to shareholders

✓ Eliminate debt

▪ Build strong cash

position to support

accretive growth

▪ Margin improvements

▪ Resource development

▪ Brownfield exploration

▪ Organic growth

▪ Disciplined M&A:

• Existing regions or

Americas

• Principally late stage /

producing

• Ability to deploy unique

skill set

• Accretive in the long-term

to shareholders

✓ Increased quarterly dividend

to US$0.03/sh

▪ Opportunistic share

repurchases

TMX:DPM 17

Balances financial strength,

reinvestment and return of capital

Options are not mutually exclusive

Well-Positioned for Significant Growth in Free Cash Flow

TMX:DPM 18

231

252-296

2019 2020-2022 Outlook

Au Cu Ag

2019 2020-2022 Outlook

725

680-760

Growing

Gold Production

Significant

Free Cash Flow Generation

Attractive

All-in Sustaining Cost

Gold Equivalent Production (K oz.)(1)

(based on metals contained in concentrate

produced)

All-In Sustaining Cost ($/oz.)(1,2) Three-year average free cash flow

per year(1,3)

US$140 to $250M

(at $1,500 to $1,950/oz. Au)

Based on the midpoint of the three-year outlook. Free cash flow

in 2020 is expected to be lower than the average due to the

prepaid forward gold sale.




Attractive Valuation

TMX:DPM 19

DPM offers a compelling value opportunity

Price to 2021 Cash Flow Dividend Yield P/NAV

2.2

2.6

3.3 3.4

3.84.0 4.1

4.6 4.7

6.0

6.6

NGD TXG IAG CG PVG EGO DPM BTG AGI KL SSRM

1.0%

1.2%

1.4%

1.8%1.9%

3.2%

NGD EGO TXG IAG PVG AGI SSRM CG DPM KL BTG

0%

0.4 0.4

0.6 0.6

0.8 0.8

0.9 0.9

1.0 1.0 1.0

IAG EGO TXG AGI CG DPM SSRM NGD PVG KL BTG




Growing production, declining costs

Significant free cash flow generation

Strong balance sheet

Unique capabilities

▪ 275,000 Au oz.average annual production(1)

▪ $663-$740/oz.all-in sustaining cost(1,2)

▪ $140 to $250M/yraverage annual free cash flow(1,3)

▪ Attractive free cash flow yield

▪ Returning cash to shareholdersUS$0.03/sh quarterly dividend

▪ $102Mgrowing net cash position

▪ $76Mliquid investment portfolio(4)

▪ No outstanding debt

▪ Adding value through innovation

▪ Securing social license

▪ Industry-leading ESG solutions

Source: Broker research – January 17, 2021. P/NAV for DPM reflects consensus

P/NAV and the closing price for DPM shares on January 15, 2021.

Key Value Generating Catalysts

TMX:DPM 20

Chelopech ✓ Encouraging results from West Shaft, Wedge and

Krasta exploration prospects

▪ Optimization programs to reduce costs

▪ Approximately 40,000 m of in-mine drilling

▪ Approximately 38,000 m of exploration drilling at

West Shaft, Wedge, and Krasta

Tsumeb ✓ EIA approval ▪ Continued optimization

Ada Tepe ✓ Exceeded gold production guidance in first full year of

operation

✓ Updated life of mine plan in Q4 2020

▪ Drilling approximately 23,000 m to advance

satellite deposits and regional prospects

Timok ✓ Complete PFS; results expected in Q1/21

✓ Encouraging results from exploration activities at the

Chocolate and Čoka Rakita targets

▪ Potential to advance to feasibility study

▪ Additional exploration at Chocolate and Čoka

Rakita targets to add ounces

✓ Increased quarterly dividend to US$0.03/sh

✓ Achieved record gold production

✓ Significant free cash flow generation

✓ Realizing value from non-core asset with sale of

MineRP

▪ Growth in production and free cash flow

▪ Additional free cash flow with pre-paid gold facility

repaid

▪ Potential re-rating to mid tier producer

20212020

TMX:DPM 21

Appendix

2020 Guidance

TMX:DPM 22

US millions, unless otherwise indicated Chelopech Ada Tepe Tsumeb Consolidated Guidance

Ore processed (‘000s tonnes) 2,090 – 2,200 765-892 - 2,855-3,092

Complex concentrate smelted (‘000s tonnes) - - 230-265 230-265

Metals contained in concentrates produced (1)(2)

Gold (‘000s ounces) 163-184 94-115 - 257-299

Copper (million pounds) 35-40 - - 35-40

Payable metals in concentrate sold (1)

Gold (‘000s) 135-153 94-114 - 229-267

Copper (million pounds) 33-38 - - 33-38

Cash cost per tonne of ore processed ($) (3)(4) 38-40 44-50 - -

All-in sustaining cost per ounce of gold ($) (3)(4)(5)(8) - - - 650-720

Cash cost per tonne of complex concentrate smelted, net of by-product credits

($) (3)(4) - - 370-450 370-450

General & administrative expenses (3)(6) - - - 18-22

Exploration expenses (3) 13-15

Evaluation expenses - - - 2-8

Sustaining capital expenditures (3)(4)(7) 17-22 9-11 12-15 43-54

Growth capital expenditures (3)(4) 4-7 0-1 1-2 5-10

1) Gold produced includes gold in pyrite concentrate produced of 47,000 to 53,000 ounces and payable gold sold includes payable gold in pyrite concentrate sold of 29,000 to 33,000 ounces.

2) Metals contained in concentrate produced are prior to deductions associated with smelter terms.

3) Based on Euro/US$ exchange rate of 1.15, US$/ZAR exchange rate of 14.50 and copper price of $2.75 per pound where applicable

4) Cash cost per tonne of ore processed, all-in sustaining cost per ounce of gold and cash cost per tonne of complex concentrate smelted, net of by-product credits, and sustaining capital expenditures have no standardized meaning under IFRS. Refer to the “Non-

GAAP Financial Measures” section of the 2019 Annual MD&A for more information.

5) Includes the treatment charges, transportation and other selling costs related to the sale of pyrite concentrate, and payable gold in pyrite concentrate sold.

6) Excludes mark-to-market adjustments on share-based compensation and MineRPs’ general and administrative expenses.

7) Consolidated sustaining capital expenditures include $5 million of corporate digital initiatives.

8) All-in sustaining cost per ounce of gold represents Chelopech and Ada Tepe cost of sales less depreciation, amortization and other non-cash items plus treatment charges, penalties, transportation and other selling costs, sustaining capital and lease expenditures,

rehabilitation related accretion expenses and an allocated portion of the Company’s general and administrative expenses and corporate social responsibility expenses, less by-product revenues in respect of copper and silver, divided by the payable gold in

concentrate sold.

Three-Year Outlook (2020-2022)

TMX:DPM 23

US millions, unless otherwise indicated 2019 Results 2020 Guidance 2021 Outlook 2022 Outlook

Gold contained in concentrate produced (‘000s oz) (1)(2)

Chelopech 174 163-184 145-165 145-165

Ada Tepe 57 94-115 105-130 105-130

Total 231 257-299 250-295 250-295

Copper contained in concentrate produced (Mlbs)

Chelopech 37 35-40 30-40 30-40

All-in sustaining cost ($/oz. Au) (3)(4)(5)(7) 725 650-720 670-750 670-750

Complex concentrate smelted (‘000 t) 215 230-265 220-250 240-265

Cash cost per tonne of complex concentrate smelted ($/t) (3)(4) 421 370-450 395-475 380-455

Sustaining capital expenditures ($M) (3)(4)(6)

Chelopech 16 17-22 13-17 9-12

Ada Tepe 4 9-11 15-19 4-5

Tsumeb 16 12-15 16-20 16-20

Consolidated 37 43-54 44-56 29-37

1) Gold produced includes gold in pyrite concentrate produced of 47,000 to 53,000 ounces for 2020, and 39,000 to 44,000 ounces for each of 2021 and 2022.

2) Metals contained in concentrate produced are prior to deductions associated with smelter terms.

3) All costs and capital expenditures are based on, where applicable, a Euro/US$ exchange rate of 1.15, US$/ZAR exchange rate of 14.50, a copper price of $2.75 per pound, and have not been adjusted for inflation.

4) All-in sustaining cost per ounce of gold, cash cost per tonne of complex concentrate smelted and sustaining capital expenditures have no standardized meaning under IFRS. Refer to the “Non-GAAP Financial Measures” section of the MD&A

for more information.

5) Includes the treatment charges, transportation and other selling costs related to the sale of pyrite concentrate, and payable gold in pyrite concentrate sold.

6) Consolidated sustaining capital expenditures include $5 million related to corporate digital initiatives for 2020.

7) All-in sustaining cost per ounce of gold represents Chelopech and Ada Tepe cost of sales less depreciation, amortization and other non-cash items plus treatment charges, penalties, transportation and other selling costs, sustaining capital

and lease expenditures, rehabilitation related accretion expenses and an allocated portion of the Company’s general and administrative expenses and corporate social responsibility expenses, less by-product revenues in respect of copper

and silver, divided by the payable gold in concentrate sold.

Operating in Mining Friendly Jurisdictions

TMX:DPM 24

Bulgaria Namibia Serbia

▪ Uninterrupted operations since 2003

▪ Member of the EU since 2007

▪ 4th largest gold producer in Europe

▪ Stable regulatory environment &

government

▪ Corporate Tax Rate: 10%

▪ Chelopech Royalty Rate: 1.5% of gross

Cu, Au and Ag

▪ Ada Tepe Royalty Rate: 1% - 4% of

gross value; half of collected royalties go

to the town

▪ Political party stability

▪ 5th largest producer of uranium and 9th

largest producer of diamonds

▪ Ranked in top 10 as Africa’s most

attractive countries over last 5 years

according to the Fraser Institute

▪ Glencore, Rio Tinto, Anglo American,

Paladin Energy, etc.

▪ Corporate Tax Rate: 0% (Export

Processing Zone status)

▪ EU candidate since 2012

▪ 3rd largest copper producer in Europe

▪ Industry benefits from high level

government support

▪ Corporate Tax Rate: 15%

Zebra Kasete receiving Employer of Year awardIliya Garkov receiving Investor of the Year award

Strong Mineral Resource and Reserve Base

TMX:DPM 25

Mineral Resources (11, 15, A, B) Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)

Chelopech

M&I

Inferred

14.2

1.9

1.308

0.123

296

35

2.86

2.02

0.94

0.84

Ada Tepe

Inferred 0.32 0.021 - 2.09

-

Timok (5, C)

Indicated

Inferred

46.9

2.9

1.996

0.078

1.32

0.83

Tulare

Inferred (Kiseljak)

Inferred (Yellow Creek)

459.0

88.0

3.000

0.800

2,200

600

0.20

0.30

0.22

0.3

Total Mineral Resources

Measured & Indicated

Inferred

61.1

552.12

3.304

4.012

296

2,835

Mineral Reserves (11,15, A, B) Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)

Chelopech

Proven

Probable

Total Proven & Probable (Chelopech)

8.6

8.3

16.9

0.771

0.873

1.644

173

163

336

2.81

3.27

3.03

0.92

0.89

0.90

Ada Tepe

Proven (Upper Zone)

Probable (Upper Zone)

Proven (Wall)

Probable (Wall)

Probable (Stockpiles)

Total Proven and Probable (Ada Tepe)

1.10

1.32

1.69

0.03

0.12

4.26

0.130

0.151

0.358

0.005

0.014

0.658

3.67

3.54

6.61

4.46

3.77

4.80

Total P&P Mineral Reserves 21.16 2.302 336



(A) Refer to footnote A on slide 31.

(B) Refer to footnote B on slide 31.

Hedge Position and Forward Sale as at September 30, 2020

TMX:DPM 26

QP Hedges Year Volume Hedged Weighted Average Fixed Price

Payable gold Q3 2020 34,415 oz $1,921/oz

Operating Cost FX Hedges YearAmount Hedged in

ZAR

Call options sold

Avg. ceiling rate

(US$/ZAR)

Put options purchased

Avg. floor rate

(US$/ZAR)

Percentage of Forecast

Operating Expense

Hedged

ZAR Balance of 2020 367,180,000 16.14 14.61 82%

ZAR 2021 1,356,000,000 18.66 15.77 80%

Prepaid Forward Settlement Gold Bullion Deliverable Percentage of Forecast Hedged

Delivered YTD 2020 27,094 oz.

Remainder of 2020 6,993 oz.

Total 34,087 oz 13%

For additional information, please refer to the Management’s Discussion and Analysis for the period ended September 30, 2020, issued November 12, 2020,

which is available on our website at www.dundeeprecious.com and at www.sedar.com


http://www.sedar.com/

Strong Balance Sheet with Significant Available Liquidity

TMX:DPM 27

Growing cash balance, no debt, a liquid investment portfolio and an undrawn committed

credit facility


$76

$102

$150

Total Liquidity and Investments ($M)

Investments Cash Undrawn revolving credit facility

$328Mas at Sep 30/20

Focused on maintaining a strong balance sheet

▪ Managing within prudent financial metrics

▪ Building strong cash position to support sustaining the

business, accretive growth and returning cash to

shareholders

$29

Third Quarter Highlights

▪ Ended the quarter with a net cash position of $102M

▪ Liquid investment portfolio valued at $76M(6)

▪ No outstanding debt

$59

$167

Q3 2020 YTD 2020

Generating Record Free Cash Flow YTD 2020(6)

($M)

Sale of MineRP Holdings Inc.

TMX:DPM 28

Divesting of our interest as we continue to focus on our core mining assets

(i) On a fully-diluted basis

• Entered into a definitive agreement to sell MineRP to Epiroc Canada, a subsidiary of Epiroc Rock Drills

• Consideration for DPM’s fully-diluted 70% equity interest includes:

▪ Approximately US$40 million in cash representing the estimated portion payable to DPM on closing of the

transaction; and

▪ Potential additional payments in the form of an earn-out of up to US$28.7 million upon the achievement of

certain MineRP revenue targets in 2021 and 2022

• Transaction expected to close late Q1 or early Q2 2021

• Expect to use the proceeds to further strengthen balance sheet and to support core mining business

Top Shareholders & Analyst Coverage

TMX:DPM 29

Blackrock Inc. 10.6%

Van Eck Associates Corporate 10.2%

GMT Capital Corporation 9.5%

First Eagle Investment Management 6.3%

EBRD 5.2%

Top Shareholders

Beacon Securities Bereket Berhe

CIBC World Markets Cosmos Chiu

Canaccord Genuity Dalton Baretto

Stifel GMP Ingrid Rico

M Partners Eduardo Perez

National Bank Financial Don DeMarco

Paradigm Capital Don Maclean

Scotiabank Trevor Turnbull

Analyst Coverage

▪ Dundee Precious Metals has 181M shares outstanding (as of November 12, 2020)

Footnotes and Disclaimers

TMX:DPM 30

1. Forecast/guidance information is subject to a number of risks. 2020 guidance and the Company’s three-year outlook as disclosed in Management’s Discussion and Analysis (“MD&A”) for the period ended September 30, 2020,

issued on November 12, 2020, which can be found on the Company’s website at www.dundeeprecious.com and is available at www.sedar.com. See “Forward Looking Statements” on slide 2. Gold produced includes gold in

pyrite concentrate produced of 47,000 to 53,000 ounces and 39,000 to 44,000 for each of 2021 and 2022. Metals contained in concentrate produced are prior to deductions associated with smelter terms.

2. AISC per ounce of gold is a non-GAAP measure which represents cost of sales less depreciation, amortization and other non-cash items plus treatment charges, penalties, transportation and other selling costs, sustaining

capital expenditures, rehabilitation related to accretion expenses and an allocated portion of the Company’s G&A expenses less by-product revenues in respect of copper and silver including realized gains on copper derivative

contracts divided by the payable gold in copper and pyrite concentrates sold.

3. This non-GAAP measure is intended to be a reasonable proxy for the amount of free cash flow the business is expected to generate, on average, over the three-year period from 2020-2022 and is based on (i) the annual mid-

points contained in our three-year production and cost outlook for Chelopech and Ada Tepe, adjusted for payable metals and in 2020 the number of ounces to be delivered under DPM’s prepaid forward gold sales arrangement;

(ii) Tsumeb 2019 EBITDA less sustaining capital expenditures; (iii) the mid-point of 2020 guidance in respect of exploration and evaluation and corporate G&A; and (iv) a Euro/US$ exchange rate of 1.15, US$/ZAR exchange

rate of 14.50, a gold price of $1,500 to $1,950 per ounce and a copper price of $2.75 per pound, and no adjustment for inflation.

4. Investments valued at $76 million as at September 30, 2020, primarily related to the Company’s 9.4% interest in Sabina and 19.4% equity interest in INV Metals Inc.

5. P/NAV based on consensus NAV/Share and the closing price of DPM shares on January 15, 2021.

6. Free cash flow has no standardized meaning under IFRS and is defined as cash provided from operating activities, before changes in non-cash working capital, less cash outlays for sustaining capital, mandatory principal

repayments and interest payments related to debt and leases.

7. For more information, please refer to the news release titled “Dundee Precious Metals Announces Preliminary Economic Assessment For the Timok Gold Project, Serbia: dated July 15, 2019, which can be found on the

Company’s website at www.dundeeprecious.com and available at www.sedar.com.

8. Cash cost per tonne of complex concentrate, net of by-product credits, has no standardized meaning under IFRS and represents cost of sales less depreciation and amortization and net of revenue related to the sale of acid,

divided by the volumes of complex concentrate smelted

9. Cash cost per tonne of ore processed is a non-GAAP measure. For a reconciliation to IFRS, refer to the “non-GAAP Financial Measures” section of the MD&A for the year ended June 30, 2020, issued on July 30, 2020, which

can be found on the Company’s website at www.dundeeprecious.com and available at www.sedar.com.

10. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, adjusted for impairment charges, unrealized losses/gains on derivative contracts and investments at fair value, minus interest income.

11. Contained in the 2019 Annual Information Form dated March 30, 2020, can be found on the Company’s website at www.dundeeprecious.com and available at www.sedar.com.

12. Source: News release “Dundee Precious Metals Announces Updated Mineral Resource and Mineral Reserve Estimate for the Ada Tepe Gold Mine and Improved Life of Mine Plan” dated October 16, 2020, which can be found

on the Company’s website at www.dundeeprecious.com and is available at www.sedar.com

13. Source: Technical report for the Initial project Feasibility Study on the Back River Gold Property, Nunavut, Canada, Dated October 28, 2015, and is available at www.sedar.com.

14. Source: “NI 43-101 Feasibility Study Technical Report, Loma Larga Project, Azuay Province, Ecuador” dated January 11, 2019, available at www.sedar.com.

15. Source: “Rozino Gold Project Pre-Feasibility Technical Report” dated October 14, 2020, available at www.sedar.com.













Footnotes and Disclaimers

TMX:DPM 31

A. The Mineral Resource and Mineral Reserve estimates for Chelopech and other scientific and technical information which supports this press release was prepared by Petya Kuzmanova, MIMMM, CSci, Senior Resource

Geologist, of the Company, under the guidance of CSA Global (UK) Ltd. (“CSA”), in accordance with Canadian regulatory requirements set out in NI 43-101, and were reviewed and approved by, as relates to Mineral

Resources, Maria O’Connor, BSc, MAusIMM, MAIG, Manager Resources – EMEA of CSA, and as relates to Mineral Reserves, Karl van Olden, BSc (Eng), GDE, MBA, FAusIMM, Mining Manager of CSA. All are Qualified

Persons (“QP”) as defined under NI 43-101. Maria O’Connor and Karl van Olden are independent of the Company, and Petya Kuzmanova is not 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 presentation. The Mineral Resource and Mineral Reserve estimates contained herein may be subject to

legal, political, environmental or other risks that could materially affect the potential development of such Mineral Resources. See the Chelopech Technical Report for more information with respect to the key assumptions,

parameters, methods and risks of determination associated with the foregoing Mineral Resource estimates.

B. The Mineral Resource and Mineral Reserve estimates for Ada Tepe and other scientific and technical information which supports this presentation was prepared by CSA Global, in accordance with Canadian regulatory

requirements set out in NI 43-101, as relates to Mineral Resources, Maria O’Connor, BSc, MAusIMM, MAIG, Manager Resources - EMEA of CSA Global and as relates to Mineral Reserves, under the supervision of Karl

van Olden, BSc (Eng), GDE, MBA, FAusIMM, Mining Manager of CSA Global. Both are Qualified Persons, as defined under NI 43-101. Maria O’Connor and Karl van Olden are independent of the Company. The Mineral

Resource and Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Resources. See the news

release dated October 16, 2020 for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing Mineral Resource and Mineral Reserve estimates.

C. The Preliminary Economic Assessment (“PEA”) for Timok and other scientific and technical information contained in this presentation were prepared by CSA, in accordance with the Canadian regulatory requirements set

out in NI 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”), and has been reviewed and approved by, as it relates to mineral resources: Maria O’Connor, BSc, MAIG, Principal Resource Geologist (CSA);

as it relates to metallurgy and processing: Gary Patrick BSc, MAusIMM (CP) Senior Associate Metallurgist (CSA); as it relates to sampling, drilling, exploration and QAQC: David Muir, BSc (Hons) Geology, Data Manager

(CSA); as it relates to mining, infrastructure, mining costs, environment and permitting: Greg Trout, P.Eng., Principal Mining Engineer (AGP Mining Consultants); and as it relates to financial modelling and economic

analysis: Alex Veresezan, P.Eng., Manager, Mining Americas (CSA Global). Maria O’Connor, Gary Patrick, David Muir, Greg Trout and Alex Veresezan are all independent QPs, as defined under NI 43-101. Ross

Overall, Corporate Senior Resource Geologist of DPM, who is a QP and not independent of the Company, has reviewed and approved the contents of the press release from which this content was copied. The Mineral

Resource and Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Resources. See the Timok

Technical Report for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing Mineral Resource estimates.

Qualified Person Disclosure

Cautionary Note to U.S. Investors

This presentation includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in

accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning

mineral projects. These standards differ significantly from the requirements of the Securities Exchange Commission (“SEC’) set out in SEC Industry Guide 7. Consequently, Mineral Reserves and Mineral Resources

information included in this presentation is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Under

SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically produced or extracted at the time the reserve determination is made.

In addition, the SEC’s disclosure standards normally do not permit the inclusion of information concerning “Measured Mineral Resources,” “Indicated Mineral Resources” or “Inferred Mineral Resources” or other descriptions of

the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. United States investors are cautioned not to assume that all or any part of Measured or

Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally

mineable.

Cautionary Note Regarding Non-GAAP Measures

Adjusted EBITDA; adjusted net earnings; adjusted basic earnings per share; free cash flow; all-in sustaining cost per ounce of gold; and cash cost per tonne of complex concentrate smelted at Tsumeb, net of by-product

credits, are not defined measures under IFRS. Refer to the “Non-GAAP Financial Measures” section of the MD&A for reconciliations to IFRS measures.

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Corporate Head Office1 Adelaide Street East, Suite 500

Toronto, Ontario M5C 2V9

T: 416 365-5191

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T: 416 219-6177

www.dundeeprecious.com

entering a new phase of free cash flow growth...us$1.2b market capitalization 1.8% dividend yield...

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