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April 6th, 2017 , KRUMOVGRAD, BULGARIA

DUNDEE PRECIOUS METALS KRUMOVGRAD

KRUMOVGRAD GOLD PROJECT

2Dundee Precious Metals

Chelopech Mine, Bulgaria



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 (including sustaining capex, non-discretionary capex

and discretionary capex), 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 presentation 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.

FORWARD LOOKING STATEMENTS


MINERAL RESERVE

Ada Tepe Mineral Reserves as at 21st March 2014

CategoryTonnes Gold Silver

(Mt) Grade (g/t) Ounces (Koz) Grade (g/t) Ounces (Koz)

Proven 2.59 5.39 449 2.82 235

Probable 3.61 3.08 358 1.79 208

Total 6.20 4.04 807 2.22 443

CIM compliant Mineral Reserves Summary (DPM, 2014)

CIM compliant Mineral Reserves Summary (by material type) as at 21st March 2014

Category

Wall Zone (0.8 g/t Au cut-off)

Tonnes Gold Silver


Proven 1.48 6.83 325 3.50 166

Probable 0.11 5.54 20 2.93 11

Total 1.59 6.74 345 3.46 177

Category

Upper Zone (0.6 g/t Au cut-off)

Tonnes Gold Silver


Proven 1.11 3.46 124 1.91 68

Probable 3.50 3.00 337 1.75 197

Total 4.61 3.11 461 1.79 266



CAPEX

CAPITAL COST ESTIMATE SUMMARY

Item Total ($M)

Direct costs 117.1

Indirect costs 48.7

Contingency P50 (7.5% of direct + indirect costs) 12.4

Total Initial Construction Capital 178.2

Sustaining capital 6.2

Closure and rehabilitation costs 6.0



OPEX

OPERATING COST ESTIMATE SUMMARY

Item $/t ore processed

Mining costs 15.03

Processing costs 19.39

Tailings treatment & IMWF costs 1.88

General & administration 5.33

Royalty 3.78

Total Annual Operating Costs 45.41


PROJECT SUMMARY

Key Project Operating and Financial Metrics Life of Mine Average

Annual tonnes processed 775,000 tpy

Gold grade 4.04 g/t

Silver grade 2.22 g/t

Strip ratio 2.6:1 waste:ore (t:t)

Gold recovery 85%

Silver recovery 70%

Annual gold production 85,700 oz

Annual silver production 38,700 oz

Total cash cost per oz AuEq $404

Annual EBITDA $66 million

Total gold production 685,549 oz

Total silver production 309,915 oz

NPV at a discount rate of 5.0%, after-tax $187.6 million

Internal rate of return, after-tax (“IRR”) 24.8%

Payback period, after-tax (from start of production) 2.4 years

Mine life 8 years



Permitting &

Approvals


Concession Agreement

• Concession granted for 30-years - February 2011

• Related Concession Documents approved by ME:

• Life of Mine Plan

• Update of Overall Closure and Rehabilitation Plan

• Mine Waste Management Plan

• Cut off Grade, Reserves & Resources Recalculation

• Annual Working Project for 2017



Permitting / Approvals

• Remaining construction-related approvals for the new site access road and the waste water

discharge pipeline are expected in the first half of 2017, and are not pre-requisites for construction

at the site.

Permit / Approval Status

EIA Approval 2013

Main Construction Permit August 2016

Water extraction / discharge Received

Water well construction permit Received

Water supply pipeline construction permit Received

Central mine offices construction permit Received

Existing access road upgrade By KMC, construction in progress

New access road DDP In progress

Permanent power connection In progress (by power utility)

Waste water discharge pipeline DDP In progress

Operating permits Apply in 2018



CSR Related


Community Relations

• Memorandum of Understanding with

Municipality of Krumovgrad signed;

• Stakeholders Engagement Plan;

• Social Management Plan.

Proactive Company Actions

• Company information center;

• Local Consultative Forums - operating at

8 settlements;

• Grievance Mechanisms;

• Training of local business is part of

project development


Environmental Monitoring and Management

Environmental Monitoring:

• Coordinated by environmental authorities and presented to

Krumovgrad Municipality and EBRD;

• Water Monitoring – 22 monitoring points

for surface and ground water;

• Soil Monitoring – 6 monitoring points;

• Biodiversity Monitoring – flora and fauna.

• Noise and vibrations measurement – 7 points (2014)

• Implementation of Biodiversity Action Plan;

• Real-time dust measurement system installed (June, 2015);

• Available at: http://krumovgrad.webnoise.eu/

Regular monitoring to municipality and competent authorities



Mining


OWNER VS CONTRACTED MINE ACTIVITIES

Mine Activity Contract or DPMKr

Drilling and Blasting Contract

Load and Haul to PP / IMWF DPMKr

Stripping DPMKr

Grade Control Drilling Contracted

Technical Services Shared service with Chelopech

Fleet Equipment Maintenance Contract (OEM)


EQUIPMENT FLEET

Item Size Units

Excavator 3.7 m3 2

Excavator (IMWF) 2 m3 1

Rigid Truck 40 tonne 4

Articulated Truck 40 tonne 4

FEL 6.4 m3 1

Bulldozer 230 kW 2

Grader 100-120 kW 1

Water Truck 10 kLitre 1

IT (tool carrier) 130 – 150 kW 1


OPEN PIT DESIGN AND STAGES

Open Pit DesignLong Section Showing the Four Mining Phases

Y1

Y2

Pit phases and sequencing exposesthe wall zone ore in early stages ofthe project.

Pit ramp avoids north eastern highwall.

Ramp exists at south west.

Y2 Y1 Stage 1Stage 2

Stage 3

Stage 4


PIT STAGES

N

STAGE 1

N

STAGE 2

N

STAGE 3

N

STAGE 4

The pit advances north bymining out each phaseprogressively from stage 1through to stage 4.

The pit stages are mined to thefinal wall on the east side ofthe pit and a temporary wall tothe north is established.


MINE PLAN ASSUMPTIONS

Three (3) months pre-stripping;

Mill throughput of 105 t/hr for upper zone and 90 t/hr for wall zoneore;

Excavating capacity starts from 8,000 t/d in year one and increase to9,500 t/d in the last five years due to high stripping in stages 3 and 4over the life of the mine;

About 27 days per annum considered as loss due to extremeweather conditions;

Waste rock to build IMWF cells.


MINE AND MILL PRODUCTION GRAPHS


PRE-PRODUCTION PLANS (Q2 2017)

GRADE CONTROL

Trial Grade Control Program (Grade Control Orientation Grid).

o 5x5 over 50m x 50m area in Phase 1 pit, targeting high and lowgrades in upper and wall zones.

o Sensitivity review after drilling GCOG.

o Optimize drill pattern

o Appropriate grade control modelling method.

GC Drilling using optimized drill pattern.

o GC sampling improves confidence in short

term mine plans.

o GC model use for ore block-out and monthly

reconciliation.

Metallurgical testworks Grade Control Optimisation Program


GC MODEL - METHODOLOGY

Mining Ore mark-out.

o ‘As Designed’ block-out polygons provided to surveyor as pointfile showing point numbers (after adjustment for blastmovement).

o Surveyors mark out the points on top flitch after blasting.

o Geology visually check the mark-out and tape/paint the digboundaries after adjustment based on geological observations.

Blast movement adjustment.

o Blast movement has a major impact on ore loss and dilution.

o BMT technology will be used to measure movement for oreoutline adjustment.


BMT Technology

It is very important to estimate blast displacement in order to minimize ore loss and dilution

• Blast movement can be controlled but not prevented.

• Blast movement cannot be modelled accurately.

• Movement varies with depth, so each flitch must be

displaced separately.

• Even small displacement can mean large losses.


GEOTECHNICAL

Geotechnical Recommendations

o Detailed geotechnical mapping of pit faces as they are exposed;

o Slope observation and monitoring;

o Observation of groundwater behavior; and

o Consideration of trial slopes

DPM Corporate IT is testing LIDAR scanning technology that couldgive continuous pit slope monitoring down to mm accuracy whichwould show any change in movement over the entire pit walls.

SRK consultants to provide open pit procedures and training.


OPPORTUNITIES FOR DIGITAL

Drilling and Blasting

o Export design to drill rigs electronically.

o Drill rigs capable of uploading real time information about rock characteristics etc.

o Blast simulation package for optimal design and capable of predicting blast displacements,vibrations etc.

Geotech

o LIDAR scanning technology capable of continuous pit slope monitoring.

Fleet Management System

o Real time monitoring.

o Real time optimization and assignment (Dispatch)

Excavation

o Tools that enable quality mining with a high level of accuracy and fully integrated withplanning tools.

BMM Technology

o Estimates blast displacement in order to minimize ore loss and dilution.



Process Plant


Process Plant Overview

Process Plant Summary:

Conventional grind / float flowsheet

Gold Recovery – 85%

Silver Recovery – 70%

24 hours/day (crushing 12hrs/day), 365 days/year operations

840k tpa (based on year 3 mine plan)

Plant feed rate, design 105tph

Concentrate 2t Bulk bags


Process Plant Flowsheet

KRUMOVGRAD PROCESS FLOWSHEET

OreRun of

mine pad

Primary

crushingSAG mill

Primary

regrind

Pebble

crusher

Roughers ScavengersThickened

tailings plantIMWF

Tailings

deposition

Ultra-fine

grinding

Process water

tank

RPWR /

SWOR

Water

Treatment

Environ-

ment

Cleaner 1Concentrate

thickener

Filter

press

Final

concentrate

Cleaner

scavengerCleaner 2

Crusher Thickener

Mill Filter

Flotation Water

Legend:


Plant Area

Crushing (0100)

Coarse ore

Storage (0100)

and Pebble

Crushing (0200)

Flotation (0300)

Conc Thickening

and Filtration

(0400)

Grinding (0200)

Tailings Thickening

Plant (1400) and HV

Area (0900/1050)


Integrated MineWaste Facility

IMWF


IMWF General Overview Integrated Mine Waste

Facility (IMWF)

Open Pit

IMWF Haul Roads

and sump access

road

Raw and Process Water

Reservoir / Storm water

Overflow Reservoir

Grout Curtain

Pump

station


IMWF - Details

• Area of 42 Ha

• Cells constructed from mine waste rock

• Cells filled with tailings pumped from the thickening plant

• Tailings allowed to consolidate

• Is progressively rehabilitated with selected native species of grasses,

shrubs, and trees;


IMWF – Construction

Grout Curtain

SumpFirst ‘Lifts’


IMWF - Construction

South Valley

Starter Berm

North Valley

Starter Berm

First ‘Lifts’

First ‘Lifts’

Sumps


IMWF – Safety Features of Facility

• River water protection through water management

• Exceeds all required standards, shown through:

• Seismic analysis and 2D and 3D stability analyses;

• Provisions for tailings disposal in an Emergency Disposal Pond

• Materials analysis and mitigation measures:

• Consolidation test work

• Additional drainage to promote consolidation

• Layering of waste rock and tailings in initial phases

• Ability to ‘work’ tailings in cells to improve consolidation

• Conservative safety factor in earthworks design

• Independent 3rd Party Reviews

• Construction and operation manuals prepared during design phase.


Grout Curtain

North Sump

South Sump

Grout Curtain


Grout Curtain

Krumovitsa Rivergroundwater

Captured and Pumped to Sumps

IMWF groundwater

Grout Curtain


Key Outcomes - IMWF

• Design is compliant with BGN, EU, and international standards;

• High level of confidence in structural stability

• Contingency measures and safety features built into design

• Meets all EIA commitments



Implementation

Plan


High Level Schedule



Construction

by Quarter

BULK EARTHWORKS ACTIVITIES – START Q1

Dundee Precious Metals

46

Pilot Roads and

Initial EW:

1. Site Access

2. Thickener to

ROM Pad Area

(West)

3. Plant Area and

ROM Pad Area

(East)

4. Access Road and

Tipping Wall

5. Plant Cut to ROM

Pad Phase 1 Fill

1

2

3

4

5

BULK EARTHWORKS ACTIVITIES – Q2


47

Works Continue

Throughout

Main EW Activities:

• Rippable cut to fill

• Drill & Blast to fill

• Import drainage

material

• Import wearing

course



48

Works Continue.

Areas Progressively

Completed.

Main EW Activities:

• Rippable cut to fill

• Drill & Blast to fill

• Import wearing

course



49

Works Continue. All

Areas Completed.

Main EW Activities:

• Drill & Blast to Fill

• Fill from stockpile

• Import wearing

course (finishing

roads)

• Pre-strip Open Pit

Phase 1

Q2 FOUNDATIONS, START MAJOR EQUIPMENT CONCRETE

PLINTHS


50

Q4 FOUNDATIONS, STEEL STRUCTURE AND MAJOR EQUIPMENT PLACED,

STARTED PLATEWORK, PROCESS PIPING, E&I


51

Q7 STEEL STRUCTURES & PLATEWORK COMPLETE, ELECTRICAL,

INSTRUMENTATION IN PROGRESS, FIRST POWER, PRE-COMMISSIONING, START

CLADDING INSTALL


52

Q8 FINAL BUILDINGS COMPLETE, ELECTRICAL & INSTRUMENTATION COMPLETE,

PRE-COMMISSIONING COMPLETE AND HANDOVER TO COMMISSIOING


53



Operational

Readiness


TRAINING PLAN

• TRAINING PLAN

• DPMK will set up local training centre in 2017;

• DPMK will cooperate with local schools. The first mutual programme

focused on basic mechanical fitter skills will be launched in May 2017;

• DPMK will introduce apprenticeship programmes within production and

maintenance divisions upon the start of operations;

• DPMK has consistent practice in running summer internship programs as

of 2012. Company appoints talented interns from Krumovgrad to prepare

them for senior positions;

• Trainings for operational personnel will include safety, on the job training

at the production site of Chelopech, on the job training in Krumovgrad;

• Detailed training plans per position are under preparation. To be

completed in 2017.


ORGANISATIONAL STRUCTURE

DPMK operations head

• Operations Director

Divisions

• Production head – Production Superintendent

o Mine, Process Plant, IMWF, Mine planning, Geology

• Maintenance head – Maintenance Superintendent

o Mechanical, Electrical and Automation, Maintenance Planning

• Administration – shared services - combines shared management for

DPM Bulgaria and minimum local hires

o Finance, Purchasing, Legal, HSE, HR, Administration, PR, TS


STAFFING PLAN

12/0

4/20

5

7

• Production personnel - phased hiring;

• Operations must be fully staffed and ready to operate in Q4 2018;

• Total number of employees – up to 230;

• 90% local hires;

• Mobile equipment operators – recruited from Krumovgrad area, trained

at Chelopech

• Support functions (Finance, HR and Administration, Supply, HSE etc.)

o DPM Bulgaria shared services.


Operational Readiness Plan


Operational Readiness Status

• Functional Heads hired

Operations Director July 2016 completed

H&S Supervisor Dec 2016 completed

Production Superintendent Jan 2017 completed

Maintenance Superintendent Jan 2017 completed

Production Supervisor July 2017 in progress

IMWF Supervisor July 2017 in progress

Mechanical Supervisor July 2017 in progress

Electrical and Automation Supervisor July 2017 in progress

Technical Services July 2017 to be organized

Mobile equipment operators

IMWF, Mine - partially Dec 2017 to be organized

Operators, Fitters, Workers 2018 to be organized



Current Project

Status



PROJECT MILESTONES

Milestone Actual / Expected Completion

Completion of the detailed project execution plan Q1 2016 (complete)

Complete detailed engineering Q1 2016 (complete)

Updated capital cost estimate and baseline project schedule Q1 2016 (complete)

Land re-designation and purchase Q1/2 2016 (both complete)

Approval of technical packages Q2 2016 (complete)

Construction permit RECEIVED AUGUST 9, 2016

Mobilize earthworks contractor to site Q4 2016 (complete)

Commence main civil/mechanical/electrical construction Q2 2017

Commissioning and start up Q3 2018

First concentrate production Q4 2018


Krumovgrad Project – Construction Milestones


Item Timing Current

Status

1. Mobilise earthworks contractor Q4 16 Complete

2. Upgrade temporary access road Q4 16 Complete

3. First blast at the site Q4 16 Complete

4. Place PO for grinding mills Q4 16 Complete

5. Pour first concrete Q2 17

6. Award SMP & EI contract Q2 17

7. Begin SMP followed by EI works Q3 17

8. Start Pre-commissioning Q2 18

9. Start Hot Commissioning Q3 18

10.First Concentrate Q4 18

Current Status:

On target Some issues Off target


Current Cost Forecast

Category

Project To Date (End Feb 2017)

Budget

(US$M)

Forecast

(US$M)Var (%)

Committed

(US$M)

Incurred

(US$M)

Processing Plant 38.0 38.0 20.2 3.6

Mining/Earthworks 55.8 56.3 0.9% 46.5 5.7

Buildings, Infrastructure and Other

Equipment21.3 21.3 2.1 0.7

Total Direct Costs 115.1 115.6 0.4% 68.8 10.0

Indirect Costs 50.8 50.8 10.7 5.5

Contingency (P50) 12.4 11.9 -4.0%

Total Project Execution 178.3 178.3 79.5 15.5

Physical Progress at End February – 11% complete