Dundee Precious Metals Demonstrates Strong ESG Performance and Releases 2022 Sustainability Report
1
Dundee Precious Metals Demonstrates Strong ESG Performance and Releases
2022 Sustainability Report
Toronto, May 12, 2023 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) is
pleased to announce the publication of its 2022 Sustainability Report (“the Report”). The Report
highlights DPM’s approach and performance in key environmental, social and governance (“ESG”)
areas as identified through a comprehensive materiality assessment.
“Achieving outstanding sustainability performance has always been a key focus for DPM as we strive to
achieve our strategic objective of generating a net positive impact from our operations,” said David Rae,
President and Chief Executive Officer of Dundee Precious Metals. “During 2022, we delivered
meaningful benefits to our stakeholders, made significant advances in our environmental and social
performance, and made progress towards achieving our climate change targets, which we announced
in May 2022.”
“Our Sustainability Report is a key part of our commitment to transparency and accountability,” said Dr.
Nikolay Hristov, Senior Vice President, Sustainable Business Development. “Since publishing our first
report over a decade ago, our reporting has continuously evolved to meet ch anging stakeholder
expectations, and we are committed to ongoing improvements in our reporting to further increase the
transparency of our business to our stakeholders.”
2022 Sustainability Highlights:
Our People and Culture
• Ended the year with a total of 6.3 million hours worked without a lost-time incident at our mining
operations
• Maintained a high level of local employment, with 99% of DPM’s workforce comprised of local
nationals, including 98% of managerial-level positions
• Exceeded the global average for gender diversity of our workforce, with 45% female representation
amongst senior management levels1
Robust Corporate Governance
• Gender-balanced Board of Directors with 50% female representation
• Restructured the Balanced Score Card, which informs executive and employee short-term incentive
compensation, based on our strategic objectives and to reflect our ESG performance
1 Exceed world average of 32% (Grant Thornton’s Women in Business 2022 Report)
2
Environmental Stewardship
• Continued to maintain a low freshwater intensity rate at our mining operations
• Recycled and re-used 47% of water consumed at all sites
• Achieved zero discharge of industrial wastewater across mine sites
• Rehabilitated a total of 2.7 hectares of land at Ada Tepe as part of our progressive reclamation
activities
• Reduced arsenic exposure at our Tsumeb smelter by 20% over the past five years
Taking Action on Climate Change
• Announced the Company’s climate change commitments, which are:
§ To reduce absolute Scope 1 and 2 emissions by 37.5% by 2035 (compared to baseline in 2020);
§ To develop a Scope 3 emissions target by 2025; and
§ To achieve Net Zero emissions by 2050
• Reduced absolute Scope 1 and 2 emissions by 10% compared to 2021, representing significant
progress towards achieving DPM’s 2035 emissions target
• Signed a power purchase agreement to replace 30% of Tsumeb’s total electricity consumption with
solar power commencing in 2024
• Increased procurement of green energy in Bulgaria
• Added electric underground mining equipment to our mine fleet at Chelopech, targeting future optimal
deployment of electric and hybrid fleets
Supporting Local Communities
• Invested US$6.4 million to support local communities in 2022, a 38% increase compared with 2021
• Contributed to sustainable and resilient livelihoods in our host communities through an innovative
fund to support investment in non-mining related small and medium enterprises surrounding our
operations in Bulgaria. To date, the fund has created approximately 120 new jobs, approaching 50%
of direct mine employment levels in Krumovgrad
• Signed a 3-year community investment agreement with the Tsumeb municipality in Namibia
• Krumovgrad, the community closest to our Ada Tepe operation , is one of the fastest growing
municipalities with an average 89% increase in population between 2017 and 2021
• Continued to contribute to the municipality of Chelopech, which has the highest average salary in
Bulgaria
Recognitions
• Achieved an ‘A’ rating from MSCI ESG Ratings for the fourth year in a row
• Scored in the 91st percentile among metals and mining companies in the 2022 S&P Global Corporate
Sustainability Assessment
• Included in the 2023 S&P Global Corporate Sustainability Yearbook, which recognizes the top 15%
of companies by industry
• Awarded first place in the 2022 Annual National Health and Safety Awards conducted by the Centre
for Health and Safety in Bulgaria
• Awarded the Bulgarian Mining Chamber’s Care for the Environment award
3
About the 2022 Sustainability Report
The Report provides an overview of our initiatives, key trends, and progress updates. In addition to this
Report, DPM has detailed its approach to material topics in three management approach reports
dedicated to governance, environmental and social matters, which are available on our website at:
https://www.dundeeprecious.com/English/Investors/Disclosure-and-Reporting/default.aspx#sustainability-section
The 2022 Report represents the Company’s seventh sustainability report developed in accordance with
the Global Reporting Initiative (GRI) standards, includes DPM’s second year of reporting in accordance
with the Sustainability Accounting Standards Board (SASB) industry-specific standards and describes
DPM’s contribution to the United Nations’ Sustainable Development Goals (SDGs). Additionally, the
report includes an update to the Company’s inaugural climate change report prepared according to the
recommendations of the Task Force on Climate-Related Financial Disclosure (TCFD) framework, which
was published in December 2020. The Report has been independently assured by Bureau Veritas UK,
consistent with DPM’s sustainability reporting since 2012.
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations
and projects located in Bulgaria, Namibia, Ecuador and Serbia. 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).
For further information please contact:
David Rae
President and Chief Executive Officer
Tel: (416) 365-5191
Dr. Nikolay Hristov
Senior Vice President,
Sustainable Business Development
Tel: (416) 365-5094
Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
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”, “guidance”, “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: DPM’s strategy, plans,
targets and goals in respect of environmental, social and governance issues, including climate change,
greenhouse gas emissions reduction targets, water management, tailings management facilities and
human rights initiatives; climate change strategy and associated greenhouse gas emissions reductions
4
targets, including with respect to our Scope 3 emissions; and the timing of the development of a Scope
3 emissions target.
Forward Looking Statements are based on certain key assumptions and the opinions and estimates of
management and Qualified Person (in the case of technical and scientific information), 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 i mplied by the
Forward Looking Statements. In addition to factors already discussed in this news release, such factors
include, among others: uncertainties inherent to the ability of the Company to meet sustainability,
environmental and greenhouse gas emissions reduction targets, goals and strategies, which may be
affected by unforeseeable events outside of its control or business necessities that are not yet known;
risks arising from the current inflationary environment and the impact on operating costs and other
financial metrics, including risks of recession; continuation or escalation of the conflict in Ukraine; risks
relating to the Company’s business generally and the impact of global pandemics, including COVID-19,
resulting in changes to the Company’s supply chain, product shortages, delivery and shipping issues;
regulatory changes, including changes impacting the complex concentrate market; possible variations
in ore grade and recovery rates; inherent uncertainties in respect of conclusions of economic
evaluations, economic studies and mine plans; changes in project parameters, including schedule and
budget, as plans continue to be refined; uncertainties with respect to actual results of current exploration
activities; uncertainties and risks inherent to developing and commissioning new mines into production,
which may be subject to unforeseen delays; 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; limitations on insurance coverage; accidents, labour disputes and other
risks of the mining industry; actual results of current and planned reclamation activities; opposition by
social and non-governmental organizations to mining projects and smelting operations; unanticipated
title disputes; claims or litigation; increased costs and physical risks, including extreme weather events
and resource shortages, related to climate change; risks related to the implementation, cost and
realization of benefits from digital initiatives as well as those risk factors discussed or referred to in the
Company’s annual management discussion and analysis and annual information form for the year
ended December 31, 2022, and other documents filed from time to time with the securities regulatory
authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com.
The reader has been cautioned that the foregoing list is not exhaustive of all factors and assumptions
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 t o 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. Other than as it may be required by law, 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.