DPM.TO · 2023-07-11 12:00:00

Dundee Precious Metals Announces Additional Drill Results from Čoka Rakita in Serbia; Ongoing Drilling Extends Deposit by 100 Metres to the South, Confirms and Extends Continuity of High-Grade Zone

Drill Results

Dundee Precious Metals Announces Additional Drill Results from Čoka Rakita in

Serbia; Ongoing Drilling Extends Deposit by 100 Metres to the South, Confirms and

Extends Continuity of High-Grade Zone

Toronto, July 11, 2023 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) today

reported new assay results from its ongoing drilling program at the Čoka Rakita prospect in eastern

Serbia, which extended the deposit by 100 metres to the south and further extended and confirmed the

core high-grade zone. Additionally, the Company is providing an update on its aggressive scout drilling

program on the Čoka Rakita licence.

Highlights

• New significant intercepts from the current phase of drilling include:

 RIDD011A – 7 metres at 16.56 g/t Au and 0.16% Cu from 403 metres depth and 42 metres at

6.51 g/t Au and 0.13% Cu from 418 metres depth (including 12 metres at 17.89 g/t Au and 0.17%

Cu from 422 metres depth)

 RIDD014 – 16 metres at 1.93 g/t Au from 538 metres depth and 23 metres at 8.47 g/t Au from

587 metres depth (including 8 metres at 16.15 g/t Au from same depth)

 RIDD016 – 35 metres at 5.26 g/t Au and 0. 26% Cu from 398 metres depth and 26 metre s at

1.05 g/t Au and 0.48% Cu from 439 metres depth

 RIDD018 – 29 metres at 5.15 g/t Au and 0.14% Cu from 428 metres depth (including 10 metres

at 11.88 g/t Au and 0.13% Cu from 441 metres depth) and 33 metres at 2.61 g/t Au and 0.45%

Cu from 463 metres depth

 RIDD020 – 34 metres at 9.55 g/t Au from 482 metres depth

 RIDD026 – 5 metres at 31.93 g/t Au from 386 metres depth

 RADD039 – 5 metres at 1.64 g/t Au and 0.2% Cu from 560 metres depth and 34 metres at

7.37 g/t Au and 0.28% Cu from 586 metres depth (including 5 metres at 25.35 g/t Au and 0.38%

Cu from 604 metres depth)

• Deposit extended to the s outh: Four holes (RIDD014, RIDD014A, RIDD025 and RIDD026 )

extended the previously known extents of mineralization by approximately 100 metres to the south

where the system remains locally open.

• Results confirm and extend high- grade core of mineralization: Holes RIDD018 and RIDD020

reported wide mineralized sandstone-hosted intervals and also extended the limits of high-grade

mineralization by approximately 60 metres to the west and to the south from the hole RIDD008 (which

included the previously released intercept of 71 metres at 18.05 g/t Au from 445 metres depth)1 and

1 For more information regarding previously disclosed results from Čoka Rakita, please refer to the news releases dated

January 16, 2023 and April 10, 2023, both available on our website at www.dundeeprecious.com.

confirmed the overall thickness of the target of over 100 metres within the core of the system (see

Figures 1, 2, 3).

• Scout drilling outlined further extension potential of the deposit with multiple targets

currently being tested: Drilling intercepted favourable geological indicators on the north-west flank

of the system, about 600 metres to the north- east of the current limit of the deposit , as well as 500

metres south of the main Čoka Rakita target, which indicate further extension potential.

• Next steps: The Company continues to advance its previously announced 40,000-metre infill and

extensional drill program to support a maiden mineral resource estimate by year -end 2023. Infill

drilling at a 60-metre by 60-metre spacing is largely complete, and infill drilling at a 30-metre by 30-

metre spacing has commenced. DPM is progressing activities to accelerate the advancement of the

project, including geotechnical drilling, metallurgical testwork and evaluation of potential portal

locations for an exploration decline. The Company is also planning additional scout drilling to test

other camp-wide targets near Čoka Rakita and continuing its 10,000-metre scout drill program on

the Umka licence.

• Interactive VRIFY 3D Model: Visit https://vrify.com/decks/13704 to view an interactive 3D model

highlighting these results.

“We continue to be excited by the results from our drilling program at the high- quality Čoka Rakita

deposit in Serbia, with the most recent results extending the deposit to the south as well as continuing

to extend and confirm the high-grade zone,” said David Rae, President and Chief Executive Officer of

Dundee Precious Metals.

“We continue to view Čoka Rakita as a promising prospect within our organic portf olio and we are

aggressively drilling to further grow the deposit and test other nearby targets that share the same

geological environment.”

Čoka Rakita Drilling Program Results

The Company has continued its accelerated drilling program at Čoka Rakita, with 10 drill rigs currently

in operation. Since the previous update on April 10, 2023, DPM has drilled an additional 23,000 metres,

completing 37 holes with another 10 drill holes currently in progress.

Results from the 37 new holes are disclosed in the following table.

Table 1: New drill intercepts from the Čoka Rakita prospect:

HOLEID EAST NORTH RL AZ DIP

FROM TO LENGTH AuEq Au Cu

(m) (m) (m) (g/t) (g/t) (%)

RIDD006A 572972 4895961 656 272 -51 538 552 14 5.77 5.63 0.11

including 541 550 9 7.36 7.21 0.11

and 560 570 10 0.95 0.95 -

RIDD007A 573029 4895803 599 283 -62 completed / no significant intervals

RIDD010 573254 4895882 927 265 -69 completed / no significant intervals

RIDD011 572999 4895939 915 271 -62 423 438 15 1.71 1.50 0.15

RIDD011A 572888 4895944 701 272 -62 361 367 6 1.48 1.14 0.25

and 403 410 7 16.78 16.56 0.16

and 418 460 42 6.69 6.51 0.13

including 422 434 12 18.12 17.89 0.17

RIDD012 572991 4896008 917 273 -66 402 411 9 1.16 1.03 0.10

and 419 424 5 1.15 0.80 0.26

and 430 436 6 1.23 0.67 0.41

and 475 489 14 2.55 1.98 0.42

RIDD013 573043 4895851 917 271 -71 472 497 25 1.74 1.74 -

and 503 511 8 7.06 6.86 0.15

RIDD014 573221 4895692 938 275 -66 538 554 16 1.93 1.93 -

and 587 610 23 8.47 8.47 -

including 587 595 8 16.15 16.15 -

RIDD014A* 573090 4895708 652 272 -60 629.4 632.4 3 60.56 60.56 -

RIDD015 573180 4895954 906 268 -65 552 563 11 1.81 1.81 -

and 570 578 8 1.36 1.36 -

RIDD016 572970 4896089 903 265 -66 398 433 35 5.61 5.26 0.26

and 439 465 26 1.70 1.05 0.48

RIDD016A 572849 4896084 652 268 -62 397 417 20 1.02 0.81 0.16

RIDD017 573256 4895882 926 261 -65 aborted for technical reasons before reaching target

RIDD017A 573162 4895869 721 262 -65 completed / no significant intervals

RIDD018 573046 4895851 919 266 -58 396 410 14 1.28 0.99 0.21

and 428 457 29 5.33 5.15 0.14

including 441 451 10 12.06 11.88 0.13

and 463 496 33 3.22 2.61 0.45

RIDD019 573173 4896099 865 267 -51 completed / no significant intervals

RIDD020 573045 4895849 919 252 -63 421 432 11 2.24 2.24 -

and 460 471 11 1.29 1.29 -

and 482 516 34 9.55 9.55 -

including 503 510 7 5.32 5.32 -

and 558 563 5 1.32 0.49 0.62

RIDD021 573202 4895768 940 268 -61 524 530 6 1.14 1.14 -

and 560 588 28 3.34 3.34 -

RIDD022 572971 4896088 902 277 -60 completed / no significant intervals

RIDD023 573169 4896099 865 278 -51 completed / no significant intervals

HOLEID EAST NORTH RL AZ DIP FROM TO LENGTH AuEq Au Cu

(m) (m) (m) (g/t) (g/t) (%)

RIDD024 573251 4895881 926 270 -55 573 583 10 1.26 1.26 -

and 589 597 8 1.37 1.37 -

and 605 612 7 1.15 0.99 0.12

RIDD025 573220 4895694 938 258 -61 584 594 10 1.12 1.12 -

and * 607 609 2 31.66 31.66 -

RIDD026 573025 4895686 928 265 -70 386 391 5 31.93 31.93 -

RIDD027 572970 4896087 903 295 -67 completed / waiting results

RIDD028 573133 4896331 830 231 -47 in progress

RIDD029 573251 4895881 926 271 -60 in progress

RIDD030 573041 4895848 919 263 -68 in progress, visible gold observed at 500 metres downhole

RIDD031 573201 4895769 940 281 -58 in progress

RIDD032 572990 4896006 917 268 -62 in progress

RIDD033 573176 4896100 866 260 -57 in progress

RIDD034 573217 4895694 938 259 -56 in progress

RIDD035 573024 4895687 928 286 -67 in progress

RADD028 573021 4895687 928 265 -55 completed / no significant intervals

RADD029 572951 4895850 900 266 -51 completed / no significant intervals

RADD030 572770 4896028 887 270 -52 completed / no significant intervals

RADD031 572800 4895683 857 279 -45 completed / no significant intervals

RADD032 573200 4895770 940 255 -49 completed / no significant intervals

RADD033 573177 4896288 832 280 -53 completed / no significant intervals

RADD034 573660 4894765 780 90 -69 completed / no significant intervals

RADD035 572997 4895042 801 320 -49 completed / no significant intervals

RADD036 573252 4895879 926 290 -65 927 932 5 1.49 0.18 0.97

RADD037 573171 4896099 865 290 -53 completed / no significant intervals

RADD038 573133 4896334 830 68 -64 completed / no significant intervals

RADD039 573170 4895947 907 295 -49 372 380 8 1.11 1.11 -

and 560 565 5 1.91 1.64 0.20

and 586 620 34 7.74 7.37 0.28

including 604 609 5 25.86 25.35 0.38

RADD040 572446 4896561 898 234 -60 completed / no significant intervals

RADD041 572449 4896563 898 189 -65 in progress

RADD042 573219 4895401 887 260 -58 in progress

* Reported intervals that do not meet the minimum length criteria but are significant due to the presence of coarse gold and

localized high grade.

Coordinates are in UTM Zone 34 North WGS84 datum.

1) Intervals are reported at a cut-off grade of 1 g/t AuEq using 5 metres minimum length and 5 metres maximum internal dilution.

Higher grade ‘Including’ intervals are reported at a cut- off grade of 5 g/t AuEq using 5 metres minimum length and 3 metres

maximum internal dilution.

2) The AuEq calculation is based on the following formula: Au g/t + 1.35 x Cu %, based on a gold price of $1,400/oz and a copper

price of $2.75/lb; and assumes metallurgical recoveries of 93% for gold and 93% for copper within the equivalency calculation.

These assumptions are based on preliminary metallurgical results and expected similar behaviour of copper and gold during

flotation. Copper below 0.1% has not been reported and is not included in the equivalency calculation.

3) No upper cuts have been applied.

4) Based on the current understanding of the geometry of the mineralized body, true widths are considered to be 90% or more

of the reported downhole interval.

5) Daughter holes identified with “A” (e.g., RIDD006A) are navigational holes with collar coordinates indicating the exit point from

the parent hole. To reflect the true depth of the target, the downhole depths of the intercepts in these holes are reported from

the collar of the parent hole at surface.

Čoka Rakita Infill Drilling

Infill drilling has further defined a shallow-dipping tabular body located between 250 and 450 metres

below surface on the hanging wall of the syn -mineral diorite, measuring 650 metres long, up to 350

metres wide, and with variable thickness from less than 20 metres in the margins to more 100 metres

in the core of the mineralized zone.

Coarse gold grains were encountered in multiple holes ( RIDD014, RIDD014A, RIDD016, RIDD020,

RIDD021, RIDD025, RIDD026), supporting the conclusions of the previously announced preliminary

metallurgical testwork, which determined that a significant portion of the gold is free and located within

coarse-sized fractions (See Figure 4).

RIDD014, RIDD025 and RIDD 026 extended the previously known extents of mineralization by

approximately 100 metres to the south and 60 metres to the west , where the system remains locally

open. These results, when considered together with the previously reported RADD013 and RIDD007

results, suggest that an additional southern high-grade zone may exist, roughly oriented NW-SE and

subparallel to the main high-grade zone.

RIDD018 and RIDD020 confirmed the higher grades seen in RIDD008 and support the extension of the

higher-grade core of the system by about 60 metre s both to the west and south, respectively .

Additionally, RIDD011A supports and confirms an extension of the high-grade mineralization 60 metres

north of RADDMET001.

RIDD016 and RADD039 supports the development of a smaller high-grade zone developed on the north

flank of the system around the previously reported hole RIDD001.

Čoka Rakita Scout Drilling

DPM commenced an aggressive scout drilling program to test for undercover continuation of S1

sandstone skarn mineralization as well as deeper-seated marble-hosted copper-gold targets in the Čoka

Rakita and adjacent Umka licences. Scout drillhole RADD040, collared 600 metres northwest of Čoka

Rakita, intercepted Čoka Rakita-like syn-mineral diorites and the same s tratigraphic package which

hosts the high- grade mineralization at Čoka Rakita. Although no significant mineralization was

encountered in this hole, the presence of the target geology and significant alteration suggest that there

is potential for additional high-grade mineralization along strike to the north and north-west. RADD041,

which is a follow -up hole collared on the same pad to test the extension of the se stratigraphic units

toward Čoka Rakita, is currently underway.

On the southern flank of the system , drillhole RADD035, which was collared 500 metres south of the

Čoka Rakita prospect, intercepted a sequence of S1 sandstones greater than 40 metres thick at the

same stratigraphic position as in Čoka Rakita. Although no significant mineralization was encountered

in this hole, the presence of this sequence demonstrates the possible extension of the target to the

south. Such an extension is further supported by a series of gold- in-soil anomalies and anomalous

trench assay results. A follow-up scout drillhole, RADD042, is currently in progress to test the potential

for higher grade mineralization along strike of Čoka Rakita.

Furthermore, several holes drilled to the east and southeast of Čoka Rakita, across a north-northeast

trending basin encountered an epiclastic unit that hosts low-grade porphyry copper mineralization. DPM

plans to follow-up these findings with a series of steeper holes testing the potential for sandstone hosted

skarn mineralization below the epiclastic units, along the western edge of Dumitru Potok – Valja Strž

porphyry trend (see Figure 5).

Umka

Drilling at Umka commenced with one hole completed which is awaiting full assay results. The hole

intercepted a thick section of epiclastic cover with low to moderate skarn alteration, and intercepted S1-

like sandstones and phyllic and potassic alter ed diorites at depth hosting low -grade porphyry

mineralization, which are believed to have a similar age to Čoka Rakita. A follow-up hole is ongoing to

test the flank of this target for the presence of the sandstone unit and to determine the tenor of the

porphyry mineralization.

Next Steps

The Company is continuing its intensive 40,000-metre infill, extensional and target delineation drill

program at Čoka Rakita, with the objective of further assessing the overall deposit geometry, grade

continuity and mineral resource potential. Infill drilling of the current footprint on a 60-metre by 60-metre

drilling grid over the high-grade gold-rich skarn target zone is largely complete. Closer-spaced 30-metre

by 30 -metre drilling, which is required in order to further assess the continuity of the deposit , has

commenced. In order to accelerate drilling, the Company is employing reverse circulation drilling to pre-

collar holes to 200 to 250 metres depth, followed by diamond drilling to intercept the target.

The Company is also planning additional scout drilling to test other camp-wide targets near Čoka Rakita

and continuing its 10,000-metre scout drill program on the Umka licence.

DPM is targeting an initial mineral resource estimate for the project by the end of 2023. The Company

is also progressing other activities to accelerate the advancement of the project, including geotechnical

drilling, metallurgical testwork and the evaluation of potential portal locations for an exploration decline.

As previously disclosed, preliminary metallurgical test results indicate that the mineralized material at

Čoka Rakita is amenable to both gravity concentration and conventional flotation. Flotation produces a

clean gold concentrate, achieving gold recoveries greater than 93% based on flotation and tails leach.

The Company has commenced additional metallurgical testwork to determine overall gold recovery

using a combined gravity and flotation circuit.

About Čoka Rakita

The Čoka Rakita prospect is located three kilometres southeast of the Bigar Hill sediment -hosted gold

deposit and forms part of the of the Timok Magmatic Complex (TMC) in eastern Serbia. The surface

footprint of the target was delineated by a combination of soil geochemistry, alteration mapping and

geophysical signatures. The drilling to date has defined a manto-like zone of shallow-dipping gold-rich

skarn mineralization located on the contact zone of a carbonate sedimentary package and fertile diorite

intrusives.

Figure 1. Tilted slice along high-grade skarn mineralization displaying new drilling intercepts and the

ongoing infill drilling at Čoka Rakita.

Figure 2. Updated long-section through Čoka Rakita displaying new drilling intercepts, geology and

exploration targets.

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