Dumitru Potok and Frasen Drilling Program Overview

The Company has continued to progress its scout drilling program, completing over 22,000 metres and 28 drill holes since the previous update on February 26, 2024, with seven drill holes in progress.

These new scout drilling results allow for a better understanding of the wider geological setting and illustrate the large-scale of the mineralizing system on the licence package. The high-grade copper-gold mineralization encountered is found as stratabound mineralized zones developed within reactive sedimentary units which occur in proximity to fertile diorite porphyries that also exhibit weak to moderate copper-gold mineralization. The Company’s exploration teams have observed features that are characteristic of a transition between porphyry copper-gold-molybdenum mineralization and IOCG mineral systems that would imply camp scale potential for stratabound skarn mineralization when evaluating these traits against the current geological architecture.

Observed characteristics include:

• Alkalic-hybrid fertile intrusions associated with large-scale early sodic-potassic alteration footprints;

• Consistent presence of mineralization associated to potassic and skarn alteration within more reactive lithological host units, that include marls, sandstones, conglomerates and marbles.

• Association of copper and gold with highly elevated iron in the form of abundant iron-oxides and iron-rich silicates; and

• Zoned and overprinted pyrite - chalcopyrite - bornite - chalcocite - digenite - native copper hypogene mineral paragenesis, associated to increasing Cu/Fe, Au/Cu and decreasing S toward depths and proximal to magmatic feeders.

See Figures 1 and 2 for plan and section views highlighting recent drilling at the Dumitru Potok and Frasen prospects.

At the Dumitru Potok prospect, located approximately one kilometre northeast of ?oka Rakita, a directional drilling program with multiple daughter holes outlined a subvertical fertile monzodiorite intrusive body, with proximal high-grade stratabound copper-gold-silver mineralization within the conglomerate-marble contact zone. Mineralization is found at both the eastern and western sides of the intrusion.

On the eastern flank of the outlined monzodiorite intrusion, follow-up daughter drill holes DPDD012A, DPDD19A and DPDD19B intersected consistent high-grade copper-gold stratabound mineralization along a 250-metres corridor, which is open to the north, south and east. A significant intercept demonstrating the width and grade tenor is drillhole DPDD019B, which returned:

• 70 metres at 1.26% Cu, 1.21 g/t Au and 6.89 g/t Ag from 372 metres downhole depth, including
  15 metres at 2.7% Cu, 2.65 g/t Au and 20.1 g/t Ag; and

• 45 metres at 0.72% Cu, 0.96 g/t Au and 3.13 g/t Ag from 473 metres downhole depth.

On the western flank of the same monzodiorite body, the daughter holes DPDD014B and DPDD018A as well as scout holes BIDD226, DPDD017, and DPDD020 drill holes intersected high-grade stratabound copper-gold mineralization along a 1,000-metre north-northwest trending corridor. Of note was the intercept on the western flank, encountered by the daughter hole DPDD018A, which returned:

• 63 metres at 1.74% Cu, 2.18 g/t Au and 9.04 g/t Ag from 639 metres downhole depth, including
  15 metres at 3.38% Cu, 4 g/t Au and 14.7 g/t Ag.
  

See Figure 3 for details of the mineral assemblage in DPDD018A. For complete list of assay results from the Dumitru Potok prospect, see Table 1.

Considering these results, DPM has commenced a systematic target delineation drilling campaign at Dumitru Potok aimed to further extend these high-grade zones and build additional confidence on the shape, size and grade tenor of the encountered mineralization.

At the Frasen prospect, located approximately one kilometre north-west of ?oka Rakita, systematic drilling has confirmed manto-like carbonate-hosted replacement and skarn mineralization at the conglomerate-marble contact over an area of 700 metres by 500 metres. Drilling aimed to test for mineralization up-stratigraphy and westward from the Frasen-porphyry that was previously intersected in drillhole BIDD224 and is considered as the causative intrusion for high-grade manto-like copper-gold replacement mineralization.

Significant intercepts have been returned from several new holes completed at Frasen and are listed in Table 2. Of particular interest is the BIDD236A daughter drill hole from the northern, shallower part of the target which returned:

• 21 metres at 1.77% Cu, 1.2 g/t Au and 43.47 g/t Ag from 112 metres downhole depth.
  

Another significant zone was intersected by drillhole BIDD229, which returned a high grade intercept:

• 17 metres at 1.39% Cu, 1.35 g/t Au and 6.68 g/t Ag from 700 metres downhole depth, including
  9.2 metres at 2.04% Cu, 1.45 g/t Au and 9.6 g/t Ag.
  

At the southern flank of the prospect, hole BIDD233 returned:

• 44 metres at 1.03% Cu, 0.85 g/t Au and 6.08 g/t Ag from 708 metres downhole depth at the conglomerate and marble contact zone.
  

These new drill intercepts open up the potential to extend this high-grade manto-like zone to the southeast to the carbonate-hosted copper-gold replacement mineralization, previously intersected by the deep drilling at ?oka Rakita North (RIDD001, RIDD002, RIDD008, RIDD009, RADD043 and RADD044, see Table 3 for complete results).

Hole RADD046 from the ?oka Rakita North prospect, returned multiple intervals of moderate copper-gold grades, including:

• 13 metres at 0.59% Cu, 0.62 g/t Au and 3.18 g/t Ag from 938 metres downhole depth, and
  28 metres at 0.54% Cu, 0.36 g/t Au and 2.4 g/t Ag from 1,007 metres downhole depth.
  

Further to this, scout drilling on the southern flank of the ?oka Rakita deposit returned a series of promising intercepts from drill hole RADD047, that includes:

• 15 metres at 0.93% Cu, 0.45 g/t Au and 2.50 g/t Ag from 632 metres downhole depth, hosted by a brecciated and skarn altered monzonite-conglomerate contact zone.
  

The interpretation of these results suggest that high-grade stratabound copper-gold skarn mineralization extends below ?oka Rakita and is open to south. Further drilling is planned to follow-up on these results, as well as to test the larger footprint of coincident surface geochemical anomaly and to test the target skarn stratigraphy, which is still open to the south and southwest from ?oka Rakita. Additionally, several scout holes are planned to test the same stratigraphy and coincident geology, about two kilometres to the south.

For a complete list of results from the Frasen prospect, see Table 2.

Significant 2024 Exploration Program Ongoing

For the rest of 2024, DPM’s exploration program includes approximatively 35,000 metres of drilling to follow-up on positive results and to continue testing the enhanced targeting models. A portion of this drilling will be dedicated to the Dumitru Potok and Frasen prospects, which will aim to define the stratabound-hosted mineralization, which is open in multiple directions, and to better understand the variability of the mineralization along strike and away from the causative intrusions. Exploratory testwork will be initiated to determine the metallurgical characteristics of the key copper-gold-silver mineralization styles.

Furthermore, the Company aims to follow-up on the newly completed magneto-telluric (MT) survey, which highlighted several significant conductivity targets on the Potaj ?uka exploration licence, extending for several kilometres along strike north of Dumitru Potok, which share the same characteristics and geological setting as the Dumitru Potok and Frasen prospects due to their prospective stratabound and porphyry style mineralization.

The Company has budgeted between $20 million and $22 million for exploration activities in Serbia in 2024, with $9.5 million spent in the first six months of the year.

Figure 1. Project scale map highlighting the updated targets and results from the ongoing scout drilling program.

Figure 2. Cross section looking north at the Frasen and Dumitru Potok targets, located approximately one kilometre north of the ?oka Rakita deposit, showing scout drilling, the conceptual geology model and interpretation of target mineralization styles.

Figure 3. Images showing the core photos of copper-gold manto skarn mineralization from hole DPDD018A, taken from within the interval reporting 15 metres at 3.38% Cu, 4 g/t Au and 14.7 g/t Ag from 643 metres downhole (1,108 m total depth from surface).

Table 1: Reported drill intercepts from the scout drilling campaign at Dumitru Potok:

Table 2: Reported drill intercepts from the scout drilling campaign at Frasen:

Table 3: Drill holes results from the scout drilling campaign at ?oka Rakita that intercepted the deeper stratabound Cu-Au-Ag target:

Notes applicable to all tables above:

Sampling, Analysis and QAQC of Exploration Drill Core Samples

Most exploration diamond drill holes are collared with PQ size, continued with HQ, and are sometimes finished with NQ. Triple tube core barrels and short runs are used whenever possible to improve recovery. All drill core is cut lengthwise into two halves using a diamond saw: one half is sampled for assaying and the other half is retained in core trays. The common length for sample intervals within mineralized zones is one metre. Weights of drill core samples range from three to eight kilograms (“kg”), depending on the size of core, rock type, and recovery. A numbered tag is placed into each sample bag, and the samples are grouped into batches for laboratory submission.

Drill core samples are shipped to the Company’s own exploration laboratory in Bor, Serbia, which is independently managed by SGS. SGS methods and procedures are accredited at SGS hub labs and independent internal lab QAQC check samples are sent to an SGS accredited laboratory. The Bor lab also participate in SGS monthly round robins, and other international Round Robins. Quality control samples, comprising certified reference materials, blanks, and field duplicates, are inserted into each batch of samples and locations for crushed duplicates and pulp replicates are specified. All drill core and quality control samples are tabulated on sample submission forms that specify sample preparation procedures and codes for analytical methods. For internal quality control, the laboratory includes its own quality control samples comprising certified reference materials, blanks and pulp duplicates. All QAQC monitoring data are reviewed, verified and signed off by an independent QAQC geologist. Chain of custody records are maintained from sample shipments to the laboratory until analyses are completed and remaining sample materials are returned to the Company. The chain of custody is transferred from the Company to SGS at the laboratory door.

At the SGS Bor laboratory, the submitted drill core samples are dried at 105°C for a minimum of 12 hours, and then jaw crushed to approximately 80% passing four millimetres. Sample preparation duplicates are created by riffle splitting crushed samples on a 1-in-20 basis. Larger samples are riffle split prior to pulverizing, whereas smaller samples are pulverized entirely. Pulverization specifications are 90% passing 75 microns. Gold analyses are done using a conventional 50-gram fire assay and AAS finish. Multi-element analyses for 49 elements, including Ag, Cu, Mo, As, Bi, Pb, Sb, and Zn, are done using a four-acid digestion and an ICP-MS finish at SGS Bor and SGS Ankara laboratories. Samples returning over 10 ppm for Ag and 1% for Cu, Pb or Zn are analyzed with AAS finish. Sulphur is analyzed using an Eltra Analyzer equipped with an induction furnace.

Technical Information

Ross Overall, Corporate Director Technical Services of the Company, who is a Qualified Person as defined under NI 43-101, and Paul Ivascanu, General Manager, Exploration of the Company, have reviewed, and approved the scientific and technical content of this news release. Mr. Overall has verified the accuracy of the information presented in this disclosure.

About Dundee Precious Metals

Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Serbia and Ecuador. The Company’s purpose is to unlock resources and generate value to thrive and grow together. This overall purpose is supported by a foundation of core values, which guides how the Company conducts its business and informs a set of complementary strategic pillars and objectives related to ESG, innovation, optimizing our existing portfolio, and growth. The Company’s resources are allocated in-line with its strategy to ensure that DPM delivers value for all of its stakeholders. DPM’s shares are traded on the Toronto Stock Exchange (symbol: DPM).

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Cautionary Note Regarding Forward Looking Statements

This news release contains “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”) that involve a number of risks and uncertainties. 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 news release relate to, among other things: future exploration potential at ?oka Rakita; the geology and metallurgy at ?oka Rakita; the price of commodities; and success of exploration activities. Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and the Qualified Persons, 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 news release, such factors include, among others, uncertainties with respect to actual results of current exploration 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; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals for exploration activities; opposition by social and non-governmental organizations to exploration activities and mining operations; unanticipated title disputes; claims or litigation; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; cyber-attacks and other cybersecurity risks; 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.sedarplus.ca. The reader has been cautioned that the foregoing list is not exhaustive of all factors 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. Unless required by securities laws, 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.

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