investor presentation may 2013

MAY 2013

DUNDEE PRECIOUS METALS

BUILDING A MID TIER,

LOW-COST PRECIOUS

METALS PRODUCER

2

FORWARD-LOOKING

STATEMENTS

This presentation contains “forward-looking information” or "forward-looking statements" that involve a number of risks and

uncertainties. Forward-looking information and forward-looking statements include, but are not limited to, statements with respect to

the future prices of gold and other metals, the estimation of mineral reserves and resources, the realization of mineral estimates, the

timing and amount of estimated future production and output, costs of production, capital expenditures, costs and timing of the

development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional

capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims,

limitations on insurance coverage and timing and possible outcome of pending litigation. Often, but not always, forward-looking

statements can be identified by the use of words such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”,

“estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or state

that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking

statements are based on the opinions and estimates of management 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. Such factors include, among others: the actual results of current exploration activities; actual results of current

reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future

prices of gold; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated;

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, fluctuations in metal prices, as well as those risk factors discussed or referred to

in this news release under and in the Company’s annual information form under the heading "Risk Factors" and other documents filed

from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.

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. Accordingly, readers are cautioned not to

place undue reliance on forward-looking statements.

DPM’S GLOBAL PORTFOLIO OF ASSETS

3 Dundee Precious Metals

Avala 53%

Krumovgrad 100%

Chelopech 100%

Dunav 46%

Tsumeb Smelter 100% Operating assets

Development assets

Exploration assets

Canada

Sabina 11%

Kapan 100%

2012: RECORD PRODUCTION AT

DECREASING CASH COSTS


Chelopech expansion completed on time and

under budget

Secured new revolving credit facility of

US$150 million - undrawn

Contracted additional third-party concentrate

for Tsumeb Smelter

Broadened senior management team;

strengthened operations and exploration

Chelopech Adjusted EBITDA increased to $196

million, up 47% from 2011

Lowered cash cost per ounce of gold

produced

Maintained growing pipeline of growth

opportunities

Continue to be an attractive value

proposition

* In CDN dollars

Consolidated Gold Production and Cash Cost Decreases Consolidated Adjusted EBITDA (US$MM)

Ou

nce

s (

00

0’s

)

Ca

sh

Co

st * (G

old

$U

S/o

z)

-$40

$32 $45

$118 $125

2008 2009 2010 2011 2012

84

103 95

121

142

150 - 173

$543

$425

$238

-$63

$117

-$100

$0

$100

$200

$300

$400

$500

$600

0

50

100

150

200

2008 2009 2010 2011 2012 2013F

5

Source: Scotia Capital (April 2, 2013), DPM 2013 Guidance

Note: All-in Sustaining Cash Cost = Total cash costs (by product basis) + sustaining capital + corporate G&A

LOW COST PRODUCER

Cash Cost/Tonne of Ore Processed (1) ($/T)

(1) This is a non-GAAP measure. See 2012 Annual Report for further details.

(2) All-in cost is comprised of cash delivered cost which includes mine cash costs, TC’s, RC’s and freight; net of by product credits, sustaining capital; and G&A costs

(allocated based on revenue of operation). All-in costs exclude Avala and Dunav and growth capital expenditures. See Appendix for reconciliation to cost of sales.

Dundee Precious Metals

$665 $714 $782

$838 $842 $875 $884

$1,005

$1,155 $1,178 $1,212

$1,325 $1,362

2013E All-In Sustaining Cash Cost (US$/oz)

Average: $987

CREATING VALUE - 2013 AND BEYOND


Focus on Organic/Internal Value Creation First

Wholly Owned or Partially Owned Greenfield

Projects

Greenfield & Brownfield Exploration

• Existing Assets

Chelopech – Pyrite Project

Kapan Expansion

Tsumeb – Upgrade & Capacity Expansion

• Krumovgrad Gold Project

• Avala Resources – advanced exploration

• Dunav Resources – advanced exploration

• Sabina Gold & Silver – advanced exploration

Value Creation Through Acquisitions Conceptual Illustration of

Krumovgrad Gold

Project

3 blocks of dust-

capturing chambers

installed in the new

baghouse at Tsumeb

Exploration at Kapan

Mine

Autoclave fabricated for

the MPF to be used for

Stage 2 Pyrite Project at

Chelopech

• New Senior Vice President of Exploration targeting and

developing corporate strategy

• Acquisition strategy

MAINTAINING A SOLID FINANCIAL

POSITION


Capital Structure @ May 30, 2013

Share Price C$5.02

Shares Outstanding 125M

Fully diluted shares

Additional cash on dilution

147M

C$46M

52 week high - low $4.20 - $9.93

Top shareholders

Gross Revenue by Metals Sold

2011A 2012A 2016E Gold

Copper

Silver

Zinc

Dundee Corporation 24%

Equinox Partners <10%

Cash on Hand

@ Mar. 31, 2013

(excluding AVZ & DNV)

Significant 2012 Operating

Cash Flow

Debt

@ Mar. 31, 2013

Total Debt : Total Capital

= 10%

$79M

$80.5M

$121M

48%

41%

6% 5%

CHELOPECH MINE

BULGARIA

8

CHELOPECH MINE:

LOW COST, LONG LIFE PRODUCER


DPM Ownership 100%

Location Bulgaria

Acquired Sept. 2003

Resources

Measured &

Indicated

(@ Dec. 31, 2012)

Gold (oz) (4.0 g/t) 3,800,000

Copper (lbs) (1.3% Cu) 825,000,000

Reserves

(@ Dec. 31, 2012)

Gold (oz) (3.6 g/t) 2,500,000

Copper (lbs) (1.1% Cu) 519,000,000

Mine Type Underground

Deposit Type High sulphidation

epithermal deposit

Estimated Mine Life @ expanded rate 10 yrs

• Continue to drive costs down

through numerous reduction

efforts

Completed “Taking the Lid off

the Mine”

Implemented Staged Flotation

Reactor

• Continue to replace depletion and

increase Mineral Resources and

Mineral Reserves through

exploration

• Complete feasibility study on the

pyrite gold recovery project

Strategy

CHELOPECH MINE

REDUCING COSTS & INCREASING THROUGHPUT


Ou

nce

s (

00

0’s

)

Cash

Cost * (G

old

$U

S/o

z)

71

88

65

Gold Production & Cost/Ounce Copper Production (pounds in millions)

19

27 26

$309

$369

94 37

$210

To

nn

es o

re p

roce

sse

d p

er

ye

ar

(00

0’s

)

Ore Processed & Cost/Tonne

Cost/to

nn

e ($

US

) (Exclu

din

g ro

ya

lties) 2008 2009 2010

1,819

2011

Adjusted EBITDA (US$MM)

51

27

57

133

125-

143

43 - 46

2012

($112)

196

121

$9

43

1,900-

2,050

2013E

39

$185

12

Q1

2013

CHELOPECH UNDERGROUND

EXPANSION PROJECT COMPLETED


Underground

crusher

installation

commissioned

October 2012

Underground Crusher Chamber Commissioned

June 2012 Crusher Excavation Design

CHELOPECH SURFACE

EXPANSION CHANGES

SAG mill and upgraded flotation

55 52 50

41 37 34

2009 2010 2011 2012 Q1' 2013 afterexpansion

Cash cost per tonne ore processed excl. royalty

* Based on March 24, 2011 Technical report for the Chelopech Project.

Exchange rate of US$1.35/Euro, US$900/oz Au, US$2.50/lb Cu and US$17/oz Ag. 12 Dundee Precious Metals

Surface Stockpile Commissioned November

2012

Technical

Report Target

CHELOPECH MINE:

PYRITE PROJECT TO INCREASE GOLD RECOVERIES TO 90%


@ 2 mtpy ore mined 400,000 T pyrite concentrate produced (E)

Metals Grades Estimated Production Result

Gold 6 - 7 g/t 75,000 - 90,000 oz

Silver 10 - 15 g/t 130,000 - 190,000 oz

Copper 0.5% - 0.7% 4.5 million - 6.0 million pounds

Stage 2 Pyrite Project Highlights

Cash cost per oz of gold (net of by-product credits) $615

Project capital costs $202M

IRR after tax(1) 24%

Timeline: concentrator upgrade - POX facility production 2013 - 2017

• Project will economically

recover most of the

contained gold, silver &

copper associated with

rejected pyrite minerals

• POX process can be

used to produce a low

mass residue resulting in

a metal rich product for

sale

• Up to 200,000 tpy of

pyrite concentrate,

containing 28,000 to

30,000 oz of payable

gold, will be sold to

Xiangguang Copper Co.

from 2014 to 2016

(1)Assuming $1,250/oz gold, $25/oz silver and $2.75/lb copper after 2016.

Pyrite Project Stages

Stage 1 – concentrator upgrade – start production Q4 2013 $23M

– necessary environmental permits obtained; no appeals

Stage 2 – POX Facility

Phase 1 – Start production 2016 $93M

Phase 2 – Start production 2017 $87M

CHELOPECH MINE:

SUCCESSFUL LOW COST EXPLORATION PROGRAM


Continue to replace mined Reserves and discover additional Mineral Resources

Near-mine

• +500Kt high-grade 149 style deposits plus extensions to existing ore zones

• Chelopech NE behind Block 19, Block 145-25

Deep Exploration Targets

• 2013 – Block 151/150

• 2014 – Block 150

• 2015 – Block 103

Discover New Mineralization

Greenfields

• +5Mt Cu-rich 151 style deposits

• Chelopech NW & E

• Expanded regional exploration program

16_270 Central Deeps

>4g/tAuEq shell & >2g/tAuEq shell

KAPAN MINE

ARMENIA

15

KAPAN MINE:

POTENTIAL TO INCREASE SIZE AND EXTEND LIFE OF MINE


Strategy

DPM Ownership 100%

Location Armenia

Acquired August 2006

Mine Type Underground

Product

Cu & Zn concentrates

containing

Au & Ag

Deposit Type Polymetallic vein deposit

(swarms)

Open Pit Resource Underway

Underground

Resource Underway

• Define the potential resource for

the Shahumyan deposit

• Complete feasibility studies

based on the new resources

• Explore regional license to define

additional Mineral Resources

• Continue operational

improvements & cost reductions

KAPAN MINE

OPERATING AND FINANCIAL HIGHLIGHTS

17 Dundee Precious Metals * Kapan operations were on care and maintenance as of November 2008; operations restarted April 2009.

296

12

29

15

27

1.9

2.9

1.5

3.0

Gold Production

(000s ounces) Copper Production

(pounds in millions)

EBITDA (US$MM)

($17.1)

$1.9

$16.7

$32.5

2009* 2010 2011

22

2.5–3.0

Cash Cost

(per tonne ore produced)

(excl. royalties) $109

$72 $66 $63

2008*

2012

$12.5

25-30

2.5

$69

5 0.6

$72

($0.7)

Q1

2013

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

ore

ha

ule

d t

o s

urf

ac

e (

t) /

da

y

period Jan 01 - Apr 23

Kapan Mine Production Track7-day rolling production

Weekly Average Mined Tons

Target

KAPAN OPERATION IMPROVEMENTS

Change of

Shift

Cycle

Changes to

North section

• Fleet rebuilds largely completed in Q1 2013

• Activities on training, manuals, facilities for

engine and transmission re-builds

• Workshops completed: tires, hydraulic pumps

and components in Q1 2013

• Plant maintenance and production

management

Equipment

back in

production


KAPAN MINE:

SHAHUMYAN EXPLORATION POTENTAIL


Central Shahumyan Good grades/widths from

historic exploration

Excellent results from

both surface and UG

exploration

Shahumyan

North Information

required for

production and

mine planning

Old Shahumyan

Below 800 level

poorly explored –

historical

producing area of

high grade ore

Shahumyan South Program designed to prove

up resources below 700Rl

for mine plan

KAPAN MINE:

REGIONAL EXPLORATION OPPORTUNITIES


SHAHUMYAN

CENTRALNI

KNOWN

PROSPECT

• Regional target generation

continued

• Highlighted several strong

conductive units for follow-up

investigation

• Identified several strong

conductors in poorly explored

areas

• Several conductors are spatially

related to alteration and known

copper occurrences

Exploration License – 350 km2

TSUMEB SMELTER

NAMIBIA

21

TSUMEB SMELTER:

A UNIQUE STRATEGIC ASSET


Strategy • Pursue third party complex concentrate producers to

secure favourable rates under long-term contracts

• Continue to treat Chelopech complex concentrate

• Environmental Upgrades

Upgrade dust emissions capture

SO2 gas emissions capture

• Increase capacity and lower costs

Chelopech con Third party con

185,000 – 200,000

Tonnes (

000s)

2009 2011 2010 2013E 2012

DPM Ownership 100%

Location Namibia

Acquisition March 2010 $50M

Technology Ausmelt

Product Copper blister bars

2012 concentrate throughput 159,356 tonnes

Expanding smelter capacity >300,000 tpy

Sulphuric acid capture plant Q3 2014

TSUMEB SMELTER:

ENVIRONMENTAL PROTECTION & UPGRADES


Upgrade Initiatives Status Costs

Emissions Control

Fugitive emissions and dust capture upgrades & handling Commissioning Complete $99M

Sulphur emissions capture (acid plant) Completion Q3 2014 ~$204M

Electric Arc holding furnace Completion early 2015 ~$66M

Further Production Facility Optimization Initiatives

Additional oxygen for Ausmelt furnace Commissioning Q3 2013

3 blocks of dust-capturing chambers installed in the

new baghouse New vehicle designed to vacuum

dust off the ground for disposal

New dust disposal site New oxygen plant

KRUMOVGRAD GOLD

PROJECT

BULGARIA

24

KRUMOVGRAD GOLD PROJECT:

LOW COST, HIGH RETURN


Strategy

• Advance project to a 2016

production date

• Achieve 74,000 ounces of

annual gold production

• Seek opportunities to further

increase recoveries

• Evaluate other exploration

opportunities within existing

licenses

Location Bulgaria; 100% DPM ownership

Proposed Mine Type Open Pit; low-sulphidation epithermal

Au deposit

Gold Recoveries & Grade 85%; 3.4 g/t

Annual ore production 850,000 tpy

Annual gold production 74,000 ounces

Mine Life 9 years

Capital Cost to complete US$127M*

Total cash cost per oz AuEq $404*

Waste Small integrated tailings and mine

waste facility

Recovery process Conventional crushing, grinding &

flotation

* As per NI 43-101 technical report filed on SEDAR January 13, 2012

Visible Gold in Krumovgrad Sample

STATUS AND GOING FORWARD


What Has Been Delivered

• Permits are secured

• Engineering well advanced

• Current hiatus expected to clear mid year

What We Expect

• Some cost escalation expected but not undue; under

review

• Construction now expected 2014/15

• Commissioning now expected 2016

Project Outcome

• New capital, schedule and mine plan scenarios modeled

• No change expected to economics; project still very

attractive

• + 30% internal rate of return

Conceptual Illustration of

Krumovgrad Gold Project

DPM EXPLORATION ASSETS


Exploration assets

Avala 53%

Dunav 46%

Avala Resources (TSX.V:AVZ) - Serbia

• In 2012 DNV completed 43,809m drilling. Resource definition drilling

indicates:

Kiseljak Mineral Resource initial estimate 300MT grading 0.27%

Cu & 0.26 g/t Au for 1.8 Blbs Cu and 2.5 Moz Au

Bakrenjaca Au-Ag base metal epithermal system, drilling

intersected 11m @ 5.13 g/t Au, 346 g/t Ag and 1.19% Cu

Dunav Resources (TSX.V:DNV) - Serbia

Sabina Gold & Silver Corp. (TSX:SBB) - Northern Canada

Canada Sabina 11% • In 2012 AVZ completed 172,528m drilling. Resource definition drilling

indicates:

Bigar Hill Initial Inferred Resource of 26.4 MT @ 1.6 g/t Au for 1.4Moz

Korkan initial Inferred Resource of 20.1 MT @ 1.5 g/t Au for 1.0 Moz

Kraku Pester initial Inferred Resource of 2.2 MT @ 1.0 g/t Au for 0.07

Moz

• In 2012 SBB completed 68,861m drilling at Back River. Resource definition drilling indicates a M&I Resource of 24.2

MT grading 6.0 g/t for 4.7 Moz Au and Inferred Resources of 7.7 MT grading 7.8 g/t for 1.9 Moz Au

• Back River PEA indicates a project with an average annual production of 300,000 oz Au over 12 years and total LOM

capital of $838M

• Back River prefeasibility study expected Q3 2013

DPM VALUE PROPOSITION:

TRADING AT A SIGNIFICANT DISCOUNT TO OUR PEERS


2013

Market Capitalization (FD) $650M

Debt $80.5M

Corporate Cash (1) ($125M)

Strategic Investments ($50M)

Enterprise Value $555M

2017 @ $1,600 Au; $3.50 Cu

Chelopech $230M

Kapan (excluding open pit) $22

Krumovgrad $65

NCS $75

G & A ($35)

Average EBITDA $357(2)

EV/EBITDA 1.6x

Estimated Capital expenditure to 2017 $640 - $750M

Estimated Cash Flow to 2017 $1.35B

(1) At Mar. 31, 2013;

AVZ and DNV are

assumed at $0; Fully

Diluted; includes cash on

dilution

(2) Assumes avg LOM

EBITDA for Chelopech,

Kapan (assuming Kapan

can be extended &

operated at current rates),

Krumovgrad and estimate

for NCS at 310,000 tpa

COMPELLING INVESTMENT

OPPORTUNITY


Solid operating assets with overall cost profile

Growing pipeline of development/investment opportunities

Significant cash flow and capital available to fund growth

Strong balance sheet

Proven Management and Board

Attractive Value Proposition

Underground at Chelopech Namibia Custom Smelter Entrance to Kapan Mine Krumovgrad

dundeeprecious.com

One Adelaide Street East Suite 500

Toronto, Ontario M5C 2V9 T: 416 365-5191

Investor Relations T: 416 365-2851

[email protected]

TSX: DPM – Common Shares

DPM.WT.A – 2015 Warrants

Proudly celebrating 30 years as

a Toronto Stock Exchange listed

company

31

APPENDICIES

DUNDEE PRECIOUS METALS

MANAGEMENT TEAM


Rick Howes

President & Chief Executive Officer

David Rae Senior Vice President,

Operations

Adrian Goldstone Executive Vice President,

Sustainable

Business Development

Michael Dorfman Senior Vice President,

Corporate Development

Hume Kyle Executive Vice

President &

Chief Financial Officer

Lori Beak Senior Vice President,

Investor &

Regulatory Affairs &

Corporate Secretary

Michael Frilegh Vice-President & Treasurer

Hans Nolte Vice President & General

Manager, Namibia Custom

Smelters

Reuben Mills Vice President, Safety &

Asset Risk Management

Rob Taylor Vice President Projects

Jeremy Cooper Vice President,

Commercial Affairs

Simon Meik Vice President, Processing

Hratch Jabrayan Vice President & General

Manager,

Kapan Mine

Nikolay Hristov Vice President & General

Manager,

Chelopech Mine

Iliya Garkov Vice President & General

Manager, Krumovgrad

Gold Project

Richard Gosse Senior Vice

President,

Exploration

Jonathan Goodman

Executive Chairman

Paul Proulx Senior Vice President,

Corporate Services

ANALYST COVERAGE


BMO John Hayes

CIBC World Markets Leon Esterhuizen

Cormark Securities Mike Kozak

Dundee Securities Josh Wolfson

GMP Securities George Albino

Paradigm Capital Don MacLean

RBC Capital Markets Sam Crittenden

Scotia Capital Leily Omoumi

Stifel, Nicolaus & Co. Michael Scoon

2013 GUIDANCE


Metals Contained in Concentrate Produced Chelopech Kapan Total

Gold (ounces) 125,000 – 143,000 25,000 – 30,000 150,000 – 173,000

Copper (million pounds) 43.0 – 46.0 2.5 – 3.0 45.5 – 49.0

Zinc (million pounds) - 12.0 – 14.5 12.0 – 14.5

Silver (ounces) 182,000 – 195,000 438,000 – 528,000 620,000 – 723,000

Sustaining Capital expenditures $14 - $17 million $8 - $12 million $22 - $29 million

Total growth capital expenditures $210 - $240 million

Construction of acid plant at Tsumeb

Pyrite Project at Chelopech

Krumovgrad development and construction work

Kapan Gold exploration and/or development work

Mine output at Chelopech (tonnes of ore) 1.9 – 2.05 million

Mine out put at Kapan (tonnes of ore) 550,000 – 600,000

Concentrate smelted at Tsumeb (tonnes) 185,000 – 200,000

Sustaining capital expenditures at Tsumeb $13 - $16 million

Q1 2013 SUMMARY


Q1 2013 Q1 2012

Adjusted Net Earnings $6.6 million $31.3 million

Adjusted basic EPS $0.05 $0.25

Gross profit (loss)

Chelopech $36.4 million $52.4 million

Kapan ($1.4 million) $1.8 million

Tsumeb Smelter ($10.7 million) ($5.8 million)

Total Gross profit $24.3 million $48.4 million

Chelopech Production

Gold (ounces) 39,313 35,582

Copper (lbs) 12,048,521 11,620,465

Silver (ounces) 61,058 59,050

Cash cost/T ore processed (incl. royalties) $41.16 $46.80

Cash cost/T ore processed (excl. royalties) $36.55 $41.97

Kapan Production

Gold (ounces) 5,159 6,328

Copper (lbs) 553,731 613,397

Zinc (lbs) 3,358,133 4,443,184

Silver (ounces) 94,346 128,476

Cash cost/T ore processed (incl. royalties) $75.83 $75.18

Cash cost/T ore processed (excl. royalties) $72.36 $66.29

COPPER HEDGE POSITION


Year of projected payable

copper production Volume Hedged (lbs) * Average fixed price ($/lb)

2013 5,019,920 $3.94

2014 7,195,880 $3.73

Total 12,215,800 $3.81

• As at March 31, 2013, the Company had outstanding derivative contracts to mitigate a portion of its price exposure

related to its by-products. These are summarized below:

CHELOPECH MINE

BULGARIA

37

CHELOPECH MINE:

UPDATED MINERAL RESERVES AND RESOURCES


Chelopech Mineral Reserves – December 31, 2012

Category

Tonnes

(M)

Gold Copper Silver

Grade

(g/t)

Ounces

(M)

Grade

(%)

Pounds

(M)

Grade

(g/t) Ounces (M)

Proven 12.3 3.4 1.4 1.3 340 9.3 3.7

Probable 9.3 3.8 1.1 0.9 180 5.7 1.7

Total 21.6 3.6 2.5 1.1 519 7.7 5.4

Chelopech Mineral Resources – December 31, 2012

Category

Tonnes

(M)

Gold Copper Silver

Grade (g/t)

Ounces

(M)

Grade

(%)

Pounds

(M)

Grade

(g/t) Ounces (M)

Measured 15.1 4.0 2.0 1.5 490 10.3 5.0

Indicated 14.0 4.0 1.8 1.1 336 8.5 3.8

M&I 29.1 4.0 3.8 1.3 825 9.4 8.8

Inferred 9.3 2.9 0.9 0.9 182 10.6 3.2

1. The rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.

2. All Mineral Resources and Mineral Reserves Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.

3. Chelopech Mineral Reserves are based on a gold equivalent cut-off of 4 g/t (Au g/t + 2.06xCu%) and a cut-off of USD 10 profit/tonne using NSR analysis, as of December 31, 2012. This information has been

prepared by Gordon Fellows who is a QP as defined in NI 43-101 and not independent of the Company.

4. Chelopech Mineral Resources are based on a gold equivalent cut-off 3 g/t (Au g/t + 2.06xCu%) and a greater than USD 0 profit/tonne test using NSR analysis, as of December 31, 2012. This information has

been prepared by Petya Kuzmanova and reviewed and approved by Julian Barnes. Julian Barnes is a QP as defined in NI 43-101 and not independent of the Company.

5. Mineral Reserves and Mineral Resources for Chelopech are based on long term metals prices of USD 1,250/oz Au, USD 2.75/lb Cu, USD 25/oz Ag.

6. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves.

CHELOPECH MINE:

EXPLORATION RESULTS Q1 2013


Significant intercepts (cut-off grade 3g/tAuEq)

Hole ID

Northing

(mRL)

Easting

(mRL)

Dip

Az

From

(m)

To (m) Interval

(m)

Grades

Cu (%) Au (g/t)

EXT19_260_13 29786 6042 -28.1 018.7 121.5 148.5 27.0 0.68 3.60

EXT19_260_14 29785 6042 -42.1 019.1 145.5 162.0 16.5 1.42 3.47

EXT19W_320_23 29778 5846 -25.9 43.7 25.5 49.5 24.0 1.06 3.90

129.0 138.0 9.0 0.93 2.36

EXT19W_320_24 29778 5846 -43.8 42.6 28.5 64.5 36.0 1.21 3.65

EXT19W_320_25 29777 5843 -8.8 336.2 120.0 153.0 33.0 0.26 4.51

EXT151_165_04 29305 5463 -60.6 134.2 40.5 54.0 13.5 0.71 2.67

G103_225_03 29178 5706 -58.4 346.4 85.5 126.0 40.5 0.79 2.07

1) Significant intercepts are located within the Chelopech Mine Concession and proximal to the mine workings.

2) Gold Equivalent calculation is based on the following formula: (Au g/t + 2.05xCu%).

3) Minimum downhole width reported is 1.5 metres with a maximum internal dilution of 4.5 metres.

4) True widths are approximately 90% of the intersection width.

5) Drill holes with prefix G indicate grade control drilling which is performed using BQ diamond drill core. All other holes are drilled with NQ

diamond core.

6) Coordinates are in mine-grid.

7) No factors of material effect have hindered the accuracy and reliability of the data presented above.

8) No upper cuts applied.

9) For detailed information on drilling, sampling and analytical methodologies refer to the NI 43-101 “Preliminary Economic Assessment Report

for the Chelopech Pyrite Recovery Project” (the “PEA Technical Report”) filed on SEDAR at www.sedar.com on September 10, 2012.

CHELOPECH MINE:

CASH COST RECONCILIATION


US$ thousands, unless otherwise indicated Q1 2013 Q1 2012

Cost of Sales: 31,991 21,703

Less amortization & other (7,948) (4,611)

Plus other charges, including freight 23,832 18,350

Less by-product credits(1) (41,434) (41,806)

Cash cost of sales after by-product credits 6,441 (6,364)

Gold oz (payable metal) 34,732 29,809

Cash cost of sales/oz gold

(net of by-product credits) $ 185 $ (213)

1. Includes realized gains on copper derivative contracts of $0.6 million in the first quarter of 2013 compared to $2.4 million in the corresponding prior year period.

2. For other periods please refer to past MD&As available on the corporate web site.

CHELOPECH MINE:

CASH COST PER TONNE OF ORE RECONCILIATION


$ thousands, unless otherwise indicated For the quarter ended March 31, 2013

Chelopech

Ore processed (mt) 513,360

Metals contained in concentrate produced:

Gold (ounces) 39,313

Copper (pounds) 12,048,521

Cost of sales 31,991

Add/(deduct):

Depreciation, amortization & other non-cash costs (7,948)

Change in concentrate inventory (2,911)

Total cash cost of production before by-product credits 21,132

Silver by-product credits (1,840)

Total cash cost of production after by-product credits 19,292

Cash cost per tonne ore processed ($) 41.16

Cash cost per pound copper produced ($)(1) 0.65

Cash cost per ounce gold produced ($)(1) 292

1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.


KAPAN MINE

ARMENIA

42

KAPAN MINE:

MINERAL RESOURCE ESTIMATE


Cut off

(AuEq - g/t)

Tonnage

(Mt)

Gold Equiv.

(g/t)

Copper

(%)

Gold

(g/t)

Silver

(g/t)

Zinc

(%)

0.50 335.8 1.19 0.11 0.48 8.39 0.41

0.75 226.5 1.47 0.13 0.61 10.32 0.49

1.00 147.1 1.80 0.15 0.79 12.62 0.57

1.25 98.3 2.14 0.17 0.99 14.99 0.65

1.50 69.8 2.45 0.18 1.19 17.00 0.72

1.75 49.2 2.80 0.19 1.43 19.14 0.78

2.00 36.3 3.13 0.19 1.68 20.87 0.83

Shahumyan Deposit – September 2008

Inferred Mineral Resource – Ordinary Kriging Estimate

10mE x 10mN x 10mRL Block Size – 5m Capped Input Composite Data

AuEq US$ price assumptions: Cu $2.50/lb, Au $850/oz, Ag $16/oz and Zn $1.00/lb

KAPAN MINE:

EXPLORATION RESULTS Q1 2013


Surface significant intercepts (SHDDR holes, cut-off grade 0.5 g/t AuEq) and underground significant

intercepts (E holes, cut-off grade 1.0g/t AuEq)

Hole ID Northing

(mRL)

Easting

(mRL)

RL

Dip

Azi

From

(m)

To

(m)

Interval

(m) & AuEQ

Au

(g/t)

Ag

(g/t)

Cu

(%)

Zn

(%)

E712DE014 4343208 8623975 713 -23.1 358.4 79.0 81.0 2m @ 20.17 11.55 358.5 0.06 2.47

E712DE028 4343208 8623974 712 -54.9 352.2 367.0 369.0 2m @ 13.09 8.72 69.5 1.79 0.07

E712DW007 4343184 8623803 713 -20.0 6.9 423.0 425.2 2.2m @ 17.74 8.20 184.6 2.45 3.33

E712DW009 4343184 8623803 712 -40.7 6.2 48.0 54.0 6m @ 11.71 3.72 54.4 2.18 6.05

SHDDR0516 4344044 8623467 975 -59.8 2.7 49.0 54.0 5m @ 3.68 2.30 22.2 0.04 1.58

SHDDR0517 4343950 8623467 963 -59.4 1.5 48.0 59.0 11m @ 2.49 0.96 34.8 0.30 0.64

SHDDR0517 4343950 8623467 963 -59.4 1.5 76.0 94.5 18.5m @ 1.93 0.36 17.5 0.36 1.14

SHRCR0111 4343334 8623777 904 -60.6 0.6 54.0 63.0 9m @ 3.56 1.36 22.0 0.31 2.29

SHRCR0115 4343370 8623867 895 -60.5 0.4 69.0 82.0 13m @ 5.93 5.59 9.3 0.01 0.24

SHRCR0117 4343245 8623880 882 -60.4 1.1 20.0 35.0 15m @ 2.43 0.91 21.8 0.15 1.51

SHDDR0539 4343234 8623596 906 -60.3 1.4 134.0 150.0 16m @ 2.72 1.03 25.8 0.25 1.40

SHDDR0539 4343234 8623596 906 -60.3 1.4 269.0 283.0 14m @ 4.42 2.45 49.5 0.26 1.01

1) In situ gold equivalent (AuEq) grade based on the following long-term metal prices: $1,250 per ounce for gold, $25 per ounce for silver, $3.00 per pound for copper and $1.00 per pound for

zinc.

2) Holes with the prefix SHDDR and SHRCR are surface HQ diamond and RC open pit drilling, respectively, while E holes are underground BQ drilling.

3) Significant intercepts for surface holes are located within the Central and Southern Zones while underground drilling is located within the Central Zone of the Shahumyan Deposit.

4) True widths are approximately 90% of the intersection width.

5) Minimum width reported is 2 metres and a maximum internal dilution of 4 metres.

6) All survey coordinates are transformed to AUSPOS.

7) No factors of material effect have hindered the accuracy and reliability of the data presented above.

8) No upper cuts have been applied.

KAPAN MINE:

CASH COST RECONCILIATION


1. Includes realized gains on copper derivative contracts of $nil million in the first quarter of 2013 compared to realized gains of $0.2 million in the corresponding prior year period.


US$ thousands, unless otherwise indicated Q1 2013 Q1 2012

Cost of Sales: 9,502 9,957

Less amortization & other (1,617) (2,007)

Plus other charges, including freight 1,672 2,097

Less by-product credits(1) (5,780) (7,460)

Cash cost of sales after by-product credits 3,777 2,587

Gold oz (payable metal) 3,541 3,776

Cash cost of sales/oz gold

(net of by-product credits) 1,067 685

KAPAN MINE:

CASH COST PER TONNE OF ORE RECONCILIATION


$ thousands, unless otherwise indicated For the quarter ended March 31, 2013

Kapan

Ore processed (mt) 119,663

Metals contained in concentrate produced:

Gold (ounces) 5,159

Copper (pounds) 553,731

Zinc (pounds) 3,358,133

Cost of sales 9,502

Add/(deduct):

Depreciation, amortization & other non-cash costs (1,617)

Change in concentrate inventory 1,189

Total cash cost of production before by-product credits 9,074

Silver by-product credits (2,832)

Total cash cost of production after by-product credits 6,242

Cash cost per tonne ore processed ($) 75.83

Cash cost per pound copper produced ($)(1) 1.66

Cash cost per ounce gold produced ($)(1) 747

Cash cost per pound zinc produced ($)(1) 0.44

1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.


KRUMOVGRAD GOLD

PROJECT

BULGARIA

47

KRUMOVGRAD GOLD PROJECT


KRUMOVGRAD GOLD PROJECT


Krumovgrad Mineral Reserves – December 31, 2011

Category

Tonnes

(M)

Gold Silver

Grade

(g/t)

Ounces

(M)

Grade

(g/t) Ounces (M)

Proven 2.94 4.70 0.44 2.54 0.24

Probable 4.30 2.44 0.34 1.52 0.21

Total 7.24 3.36 0.78 1.92 0.45

Krumovgrad Mineral Resources – December 31, 2011

Category

Tonnes

(M)

Gold Silver

Grade (g/t)

Ounces

(M)

Grade

(g/t) Ounces (M)

Measured 3.30 4.90 0.52 3.00 0.28

Indicated 4.69 2.50 0.38 2.00 0.24

M&I 7.99 3.50 0.90 2.00 0.51

Inferred 0.40 1.20 0.02 1.00 0.01

1. Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.

2. All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.

3. Krumovgrad Mineral Reserves and Resources are based on the Krumovgrad 2012 Technical Report using a variable economic cut-off grade and 0.5 g/t Au respectively.

4. All Mineral Reserves and Resources are based on long term metals prices of $1,250 Au, $3/lb Cu, $25/oz Ag and $1/lb Zn.

5. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.

PARTIALLY OWNED EXPLORATION INVESTMENTS:

SOURCE OF ADDITIONAL VALUE AND GROWTH


SECURITIES HOLDINGS % HELD VALUE @ May 30, 2013

Sabina Gold & Silver Corp. (TSX: SBB) 18.5M 11% $25M

Special Warrants 10M 12M

Warrants (strike C$1.07) 5M 1.5M

Total SBB $38.5M

Avala Resources Ltd. (TSX-V: AVZ) 135M 53% $13.5M

Special Rights 50M 3M

Warrants (strike C$0.30) 25M 0

Total AVZ* $16.5M

Dunav Resources Ltd. (TSX-V: DNV) 56M 46% $6.5M

Warrants (strike C$0.42) 27.5M 0

Total DNV* $6.5M

Total shares and other securities ~$61.5M

*AVZ and DNV are consolidated

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