DPM.TO · 2024-02-26 12:00:00

Dundee Precious Metals Announces New Results from Infill and Scout Drilling Programs at Čoka Rakita in Serbia Infill drill results include 81 metres at 50.57 g/t Au and 0.15% Cu Scout drill results include 26 metres at 3.54% Cu and 3.03 g/t Au

Drill Results

Dundee Precious Metals Announces New Results from Infill and Scout Drilling

Programs at Čoka Rakita in Serbia

Infill drill results include 81 metres at 50.57 g/t Au and 0.15% Cu

Scout drill results include 26 metres at 3.54% Cu and 3.03 g/t Au

Toronto, February 26, 2024 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”)

today reported new assay results from its ongoing infill drilling program at Čoka Rakita in eastern Serbia,

where DPM recently announced a n Inferred mineral resource estimate of 1.8 million ounces of gold .1

The Company also reported results from the scout drilling program at the D umitru Potok and Frasen

prospects, which are located on the Čoka Rakita licence and are approximately 1 .0 to 1.5 kilometres

north of the Čoka Rakita deposit.

Highlights

(Refer to Tables 1 and 2 for full results)

• Strong high-grade intercepts from infill drilling at Čoka Rakita, that continue to confirm and

extend the high-grade core, including:

▪ RIDD052A – 81 metres at 50.57 g/t Au and 0.15% Cu from 122 metres2

▪ RIDD052 – 85 metres at 8.80 g/t Au and 0.13% Cu from 411 metres

▪ RIDD50A – 45 metres at 10.08 g/t Au from 219 metres

▪ RIDD049 – 45 metres at 4.77 g/t Au from 604 metres

▪ RIDT030A – 53 metres at 2.36 g/t Au and 0.25% Cu from 162 metres

▪ RIDT029 – 40 metres at 4.50 g/t Au and 0.1% Cu from 450 metres

▪ RIDT027 – 54 metres at 27.99 g/t Au from 427 metres

▪ RIDT017 – 26 metres at 5.61 g/t Au from 504 metres

• New results from scout drilling on Čoka Rakita exploration licence: Confirms camp-wide upside

potential for high grade, manto-like skarn gold-copper mineralization, as well as additional potential

for sandstone hosted skarn mineralization and porphyry type mineralization. Recently returned

intercepts include:

▪ DPDD012 – 26 metres at 3.54% Cu and 3.03 g/t Au from 1,155 metres

30 metres at 1.36% Cu and 1.11 g/t Au from 1,214 metres

▪ DPDD013A – 9 metres at 0.64% Cu and 0.55 g/t Au from 84 metres

▪ BIDD222 – 8 metres at 2.36% Cu and 1.26 g/t Au from 706 metres

▪ BIDD223 – 14 metres at 1.52 % Cu and 1.23 g/t Au from 657 metres

▪ BIDD224 – 45 metres at 0.26% Cu and 0.80 g/t Au from 327 metres

1 For further details, refer to the technical report “Maiden Mineral Resource Estimate – Čoka Rakita Gold Project, Serbia,” dated

January 24, 2024, available on the Company’s website at www.dundeeprecious.com and on SEDAR+ at www.sedarplus.ca.

2 Including 1 metre at 3,025 g/t Au from 173 to 174 metres.

• Next steps: DPM is on track to complete a preliminary economic assessment (“PEA”) for Čoka

Rakita in the second quarter of 2024 and continues to advance activities aimed at accelerating the

project, including geotechnical and hydrogeological drilling, the next phase of the metallurgical

testwork program, the evaluation of locations for potential site infrastructure , and stakeholder

engagement activities. The Company is also aggressively pursuing additional potential skarn targets

through its scout drilling campaigns within the Čoka Rakita licence, on the new Potaj Čuka and Pešter

Jug licences, and on the Umka licence. In 2024, DPM has budgeted between $20 million and $22

million for exploration activities in Serbia.

“We are excited to announce these strong results from our ongoing drilling program, which continue to

demonstrate the significant exploration potential of Čoka Rakita and the surrounding licences beyond

the current Čoka Rakita deposit ,” said David Rae, President and Chief Executive Officer of Dundee

Precious Metals.

“We are on track to complete the preliminary economic assessment in the second quarter of 2024, and

we are planning continued aggressive exploration at Čoka Rakita and on the surrounding licences to

generate new discoveries.”

Čoka Rakita Infill Drilling Program Results

The infill drilling program at Čoka Rakita continues, with an additional 9,200 metres drilled comprising

of 19 completed drill holes and a further seven ongoing drill holes, since the Company’s previous update

on November 15, 2023.

Results from the infill drilling program continues to deliver high-grade intercepts, including the project’s

best intercept reported to date from drill hole RIDD052A. This intercept returned a wide interval of high-

grade gold mineralization, with visible gold observed over an approximate 20 met re section of the hole

related to strong skarn altered sandstone with intermittent brecciated intervals. Fire assay results

returned an 81-metre interval grading at 50.57 g/t Au and 0.15% Cu from 122 metres, including a single

1-metre interval of 3,025 g/t Au from 173m to 174m.

In addition to confirming the grade-tenor of the mineralization , infill drilling continues to demonstrate a

coherent concentration of high-grade mineralization within the core of the deposit (see Figure 1).

Results from the 19 new infill drill holes are disclosed in the following table.

Table 1: New drill intercepts from the Čoka Rakita infill drilling

HOLEID EAST NORTH RL AZ DIP

FROM TO LENGTH AuEq Au Cu

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

RIDD046 572911 4895983 910 239 -81 391 419 28 2.00 1.80 0.15

and 431 467 36 9.22 8.99 0.17

Including 445 461 16 18.50 18.25 0.18

RIDD047 573136 4895669 943 265 -65 498 504 6 2.99 2.99 -

and 567 572 5 1.05 1.05 -

RIDD048 573219 4895694 938 268 -63 595 610 15 1.28 1.28 -

RIDD049* 573255 4895878 927 267 -61 604 649 45 4.77 4.77 -

Including 633 648 15 10.46 10.46 -

RIDD049A* 573048 4895878 562 273 -63 198 245 47 1.74 1.74 -

RIDD050* 573042 4895848 919 260 -64 423 428 5 3.62 3.62 -

and 489 502 13 5.37 5.23 0.10

RIDD050A* 572933 4895829 693 258 -64 183 210 27 2.17 2.17 -

including 194 201 7 5.76 5.76 -

and 219 264 45 10.08 10.08 -

including 226 245 19 19.24 19.24 -

including 249 254 5 9.15 9.15 -

RIDD051 573095 4895789 931 265 -73 in progress

RIDD052* 572997 4895940 915 271 -67 376 394 18 1.44 1.29 0.11

and 411 496 85 8.97 8.80 0.13

including 474 492 18 31.29 31.09 0.15

RIDD052A* 572885 4895946 649 271 -69 122 203 81 50.77 50.57 0.15

including 133 144 11 8.45 8.17 0.21

including 162 192 30 130.67 130.49 0.13

RIDD053 573040 4895848 919 270 -66 in progress

RIDD054 572954 4895843 901 266 -66 in progress

RIDD055 572999 4895938 915 257 -65 in progress

RIDT015 573019 4895684 928 280 -66 no significant intervals

RIDT017 573087 4895786 931 258 -69 221 226 5 1.28 1.28 -

and 504 530 26 5.61 5.61 -

including 516 527 11 11.10 11.10 -

RIDT027 572997 4895937 915 247 -65 403 416 13 1.11 0.97 0.11

and 427 481 54 27.99 27.99 -

including 432 481 49 30.61 30.61 -

RIDT029 572995 4895943 915 268 -69 375 408 33 1.36 1.36 -

and 423 432 9 1.27 1.01 0.20

and 450 490 40 4.63 4.50 0.10

including 478 484 6 17.54 17.26 0.21

RIDT030A* 572894 4896040 647 293 -70 162 215 53 2.70 2.36 0.25

including 202 208 6 8.46 8.22 0.18

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

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

RIDT030B* 572884 4896044 619 291 -69 106 116 10 1.28 0.70 0.43

125 176 51 1.02 0.77 0.18

RIDT030C 572896 4896038 653 295 -69 aborted for technical reasons

RIDT032 572991 4896003 916 266 -68 in progress

RIDT035 573089 4895922 920 248 -72 439 479 40 1.70 1.45 0.18

and 487 523 36 3.23 3.23 -

including 493 498 5 10.41 10.41 -

and 536 543 7 1.02 1.02 -

RIDT036 573088 4895924 920 248 -66 503 527 24 13.37 13.37 -

including 507 515 8 33.17 33.17 -

RIDT036A* 572963 4895878 610 253 -66 156 196 40 2.51 2.38 0.10

RIDT037 573086 4895926 920 250 -70 completed - awaiting results

RIDT037A 572987 4895883 643 245 -69 in progress

RIDT039 573251 4895877 927 264 -61 aborted for technical reasons

RIDT042 573193 4895769 939 264 -62 521 526 5 1.21 1.21 -

and 534 539 5 1.53 1.53 -

and 569 580 11 7.14 7.14 -

including 569 577 8 9.49 9.49 -

and 590 601 11 1.51 1.51 -

RIDT043 573202 4895768 940 275 -65 aborted for technical reasons

RIDT043A 573150 4895774 833 280 -64 in progress

RADDHG001* 572900 4896039 912 270 -85 398 407 9 1.18 0.54 0.48

RADDHG002 573144 4895669 943 268 -69 completed / awaiting results

* Holes have been assayed using a 50 g Fire Assay method, Screen Fire Assays (SFA) results pending.

1) Coordinates are in UTM Zone 34 North WGS84 datum.

2) 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.

3) 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 90% for gold and 90% for copper within the equivalency

calculation. These assumptions are based on preliminary metallurgical testwork results and expected behaviour of copper

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

4) No upper cuts have been applied.

5) 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.

6) “DT” within the hole naming nomenclature (e.g. RIDT005) indicates that the hole is a diamond tail of a reverse circulation pre-

collar drillhole.

7) Daughter holes identified with “A” (e.g. RIDT030A) are navigational holes with collar coordinates and depth indicating the exit

point from the parent hole.

8) “HG” within the hole naming nomenclature (e.g. RADDHG001) indicates that the hole is a hydrogeological monitoring hole.

Čoka Rakita Scout Drilling

The Company is continuing its aggressive scout drilling program on the Čoka Rakita exploration licence,

drilling over 7,800 metres since the previous update on November 1 5, 2023, with seven drill holes

completed and six drill holes in progress. The objective of th is phase of drilling is to test for the

continuation of skarn hosted gold mineralization within sandstones as well as conglomerate and marble

hosted copper -gold mineralization based on the presence of favourable stratigraphy and fertile

intrusives. The current drill plan builds upon previous intercepts of these mineralization types, found to

the north of Čoka Rakita. Examples include the previously disclosed drill hole RADD044, which included

42 metres at 0.72% Cu and 0.5 g/t Au hosted within skarn altered marbles, and drillhole BIDD221, which

reported 5 metres at 1.45% Cu and 0.64 g/t Au on manto-like skarn mineralization.

So far, the scout holes drilled north of Čoka Rakita have confirmed the conceptual targeting model and

consistently show the presence of skarn alteration and mineralization within more reactive lithological

units. Mineralization is interpreted as a manto-like skarn, developed at the limit of conglomerates /

sandstone and marbles , in close proximity of fertile diorite porphyries that often display potassic

alteration and exhibiting weak to moderate copper-gold mineralization.

At the Dumitru Potok prospect, located approximately 1.5 kilometres northeast of Čoka Rakita, several

long holes were drilled to test for the extension of a higher grade manto target at depth . Drill h ole

DPDD012, collared on the eastern flank of the Dumitru Potok prospect, reported two , deep (~ 900

metres below surface), but consistent intercepts of high -grade copper -gold manto -like skarn

mineralization including 26 metres at 3.54% Cu and 3.03 g/t Au from 1,155 metres downhole and 30

metres at 1.36% Cu and 1.11 g/t Au from 1,214 metres (see Figure 4) . These intercepts are located

along the conglomerate - marble contact, as well as on the upper contact of monzonites and associated

diorites. A follow-up daughter hole (DPDD012A) is underway to test the continuation of this target.

Drill holes DPDD013 and DPDD014 both returned strongly silicified sandstones and conglomerates,

with intermittent sulphides, as well as diorite dikes with weakly to moderate developed potassic

alteration. Due to technical difficulties, both drill holes were terminated short of the deeper marble

contact. Daughter holes, wedged off of the original holes , are currently underway to reach this target

zone. Drillhole DPDD013A reported a promising intercept of 9 metres at 0.55 g/t Au and 0.64% copper,

developed within strongly skarn altered sandstones . This hole, as well as DPDD014B, are currently

ongoing and approaching the marble conglomerate contact , with increasing sulphides and more

abundant skarn altered marble clasts observed by DPM geologists.

At the Frasen prospect, located approximately one kilometre north -west of Čoka Rakita , drill holes

BIDD222 and BIDD223, collared east of the aforementioned BIDD221, intercepted well developed

manto-like skarn mineralization. Drillhole BIDD224, which is currently ongoing, intercepted a mineralized

porphyry diorite with strong potassic alteration and locally well de veloped stockwork , that returned a

partial (upper section of the hole) intercept of 45 metres at 0.8 g/t Au and 0.26% Cu. This intrusion is

believed to be the causative intrusion for the manto style skarn mineralization. At the time of this news

release, the hole is still within strongly potassic altered diorites with porphyry style mineralization and

has not yet reached the expected manto target . However, the increasing presence of skarn altered

marbles and conglomerate xenoliths within the diorite suggest that the contact zone is nearby.

Scout drilling on the southern flank of the Čoka Rakita deposit returned a promising intercept from drill

hole RADD045, which returned 9 metres at 2.04 g/t Au and 10 metres at 1.0 g/t Au, developed on the

upper epiclastic cover sequence that possesses irregular levels of skarn alteration related with sub-

vertical structures. Based on the observed relationship between epiclastic hosted mineralization and

underlying sandstone hosted skarn minerali zation at the Čoka Rakita deposit, these results would

suggest that higher grade sandstone hosted skarn mineralization may be present at depth. Additional

drilling will follow -up on th ese 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 south and southeast

from Čoka Rakita.

For details of the Čoka Rakita scout drilling program, refer to Table 2 and Figures 2 and 3.

Table 2: New drill intercepts from the scout drilling campaign on the Čoka Rakita exploration

licence

HOLEID EAST NORTH RL AZ DIP

FROM TO LENGTH AuEq Au Cu

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

DPDD011 573665 4897081 698 240 -46 completed - no significant intervals

DPDD012 573882 4897482 691 238 -50 1155 1181 26 7.80 3.03 3.54

and 1214 1244 30 2.94 1.11 1.36

DPDD012A 573476 4897208 48 238 -53 in progress

DPDD013 573265 4897529 669 235 -50 completed - awaiting results

DPDD013A 573040 4897370 337 235 -52 84 93 9 1.42 0.55 0.64

DPDD014 573311 4897351 687 242 -51 completed - awaiting results

DPDD014A 573022 4897172 239 235 -56 aborted for technical reasons

DPDD014B 572965 4897130 124 232 -58 in progress

DPDD015 573860 4896934 649 240 -49 completed - awaiting results

BIDD222 572417 4897031 891 249 -60 706 714 8 4.44 1.26 2.36

BIDD223 572692 4896998 775 256 -59 657 671 14 3.28 1.23 1.52

BIDD224 572691 4896996 775 239 -73 327 372 45 1.15 0.80 0.26

and 394 406 12 1.08 0.81 0.20

and 411 416 5 1.01 0.73 0.20

BIDD225 572527 4897425 816 260 -70 in progress

RADD045 573085 4895452 909 259 -64 132 141 9 2.04 2.04 -

and 162 172 10 1.00 1.00 -

RADD046 572945 4896595 791 210 -67 in progress

1) Coordinates are in UTM Zone 34 North WGS84 datum.

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

3) 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 90% for gold and 90% 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.

4) No upper cuts have been applied.

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

of the reported downhole interval, assuming strata-bound control on the mineralization.

6) Daughter holes identified with “A” (e.g., DPDD013A) are navigational holes with collar coordinates and depth indicating the

exit point from the parent hole.

Preliminary economic assessment

DPM is on track to complete a PEA for Čoka Rakita in the second quarter of 2024 . The Company is

continuing to advance activities aimed at accelerating the project, including geotechnical and

hydrogeological drilling, the next phase of the metallurgical test -work program, evaluation of locations

for potential site infrastructure, and stakeholder engagement activities. In 2024, t he Company has

budgeted approximately $10 and $13 million for the PEA.

Significant exploration program planned for 2024

In 2024, the Company’s exploration program in Serbia includes 35,000 metres of infill and geotechnical

drilling as well as approximatively 55,000 metres of scout drilling.

As part of its ongoing scout drilling program on the Čoka Rakita licence, DPM plans to test favourable

stratigraphy for carbonate replacement and skarn mineralization on the Potaj Čuka and the Pešter Jug

exploration licences, as well as re-commencing drilling on the Umka licence.

Furthermore, the Company aims to extend the magneto -telluric (MT) survey in an area to the north of

Čoka Rakita, up to the Korkan East prospect. This approach has proven to be an effective targeting tool

for outlining sulphide bearing mineralization at the Frasen and Dumitru Potok prospects.

The Company has budgeted between $20 million and $22 million for exploration activities in Serbia in

2024.

Figure 1. Tilted slice along high-grade skarn mineralization highlighting new intercepts from the ongoing

infill drilling program at Čoka Rakita.

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