DPM.TO · 2024-09-13 12:00:00

Dundee Precious Metals Provides Čoka Rakita Project Update and Additional Results from Infill Drilling Program, including 74 metres at 27.3 g/t Au

Drill Results

Dundee Precious Metals Provides Čoka Rakita Project Update and Additional Results

from Infill Drilling Program, including 74 metres at 27.3 g/t Au

Toronto, September 13, 2024 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”)

today provided an update on its Čoka Rakita project, where the pre-feasibility (“PFS”) is advancing on

track for completion in the first quarter of 2025. The Company also reported new assay results from the

recently completed PFS infill drilling program.

Highlights

(Refer to Table 1 full results)

• Pre-feasibility study on track: Continue to target completion of PFS the first quarter of 2025.

• Completion of the PFS infill drilling program: Results continue to confirm the continuity of a core

zone of high -grade mineralization with the Mineral Resource outline (see Figure 1 ). Highlights

include:

▪ RIDD055 – 74 metres at 27.3 g/t Au, from 426 metres downhole,

including 37 metres at 47.44 g/t Au and 0.11% Cu from 460 metres downhole.

▪ RIDD057 – 83 metres at 3.90 g/t Au and 0.24 % Cu from 385 metres.

▪ RIDD060 – 71 metres at 3.39 g/t Au from 414 metres,

including 7 metres at 10.71 g/t Au from 473 metres downhole.

▪ RIDD069 – 67 metres at 10.61 g/t Au and 0.23% Cu, from 387 metres.

▪ RIDD078A – 42 metres at 11.13 g/t Au and 0.18 % Cu from 263 metres.

Visit https://vrify.com/decks/16804 to view an interactive 3D model highlighting these results.

“We continue to unlock Čoka Rakita’s potential to add production growth and strong margins to our

portfolio, with first production targeted for 2028,” said David Rae, President and Chief Executive Officer.

“As we accelerate the project through our development pipeline, we are progressing the PFS, which

remains on track for Q1 2025, and advancing permitting activities to support start -up of construction in

2026.

“We have the financial and technical resources to advance this high-quality growth project and continue

our exploration programs to further define the significant potential of Čoka Rakita and the surrounding

licences.”

Čoka Rakita Project Update

DPM continues to advance the Čoka Rakita project, with first production of concentrate targeted for

2028. The PFS is advancing well and remains on track for completion in the first quarter of 2025.

With the completion of the PFS infill drilling program, discussed below, the Company is now updating

the Mineral Resource Estimate (“MRE”). All planned trade-off studies have been completed, allowing

DPM to advance the flowsheet and site layout for the PFS engineering and permitting process. In

addition, the geotechnical and hydrogeological drilling program, which will support the PFS design and

cost estimates, is nearing completion. Metallurgical testwork results continue to support the assumption

of approximately 90% gold recovery by gravity concentration and conventional flotation outlined in the

preliminary economic assessment issued in May 2024.1

In parallel, permitting activities have continued to advance . Baseline monitoring studies for the

environmental impact assessment are expected to be submitted in the first quarter of 2026. Permitting

preparation activities are underway, with a detailed timeline focused on supporting commencement of

construction in mid -2026. The Company has had a local presence in Serbia since 2004 and has

developed strong relationships in the region and will continue its proactive engagement with all

stakeholders as the project advances.

Čoka Rakita benefits from good infrastructure, including nearby existing roads and power lines. The

project is a strong fit with the Company’s underground mining and processing expertise, and is in close

regional proximity to DPM’s existing operations in Bulgaria, with opportunities to leverage existing

technical, administration and permitting functions as well as transfer of knowledge and skills.

Infill Drilling Program Results

The PFS infill drilling program at Čoka Rakita focused on upgrading of the MRE to an Indicated Mineral

Resource category , with a n additional 30,900 metres of drilling and new results from 68 drill holes

completed since the Company’s previous update in February 2024.

With the PFS infill drilling now complete, drill hole spacing is approximately 30 metres by 30 metres over

the deposit footprint, with some areas locally reaching a tighter grid, nearing 20 metres by 20 metres

within the high-grade core of the deposit.

Results from the infill drilling program return ed numerous wide and high-grade gold intercepts that

confirm the continuity of a core zone of high -grade gold mineralization within the Mineral Resource

outline (see Figure 1). This is particularly evident in holes RIDD054A, RIDD055, RIDD057 and RIDD078,

which returned intervals within the higher -grade core zone that correlate well with neighbouring drill

holes.

1 Refer to the news release dated May 1, 2024, and the Čoka Rakita Technical Report “Preliminary Economic Assessment –

Čoka Rakita Project, Eastern Serbia,” dated June 11, 2024, both available at www.dundeeprecious.com.

An updated MRE for Čoka Rakita , which is currently underway, will build on the maiden MRE ,

announced in December 202 3,2 incorporating a more detailed understanding of the geologic controls

and deposit architecture. Interpretations of the mineralization include improved modelling approaches

of late-stage intrusive sills, as well as a more constrained domaining strategy. Initial testing of MRE

parameters indicates that more selective estimation approaches are appropriate, relative to the previous

estimate, given the geostatistical and geometallurgical characteristics observed.

For the full results of the 68 new infill drill holes, refer to Table 1 of this news release. The table includes

new screen fire assay results from drill holes RIDD049, RIDD049A, RIDD050, RIDD050A, RIDD052,

RIDD052A, RIDT030A, RIDT030B and RID T036A, which were previously reported in February 2024

using 50g fire assay results.3

Additional near -resource extension and definition drilling is ongoing and is focused on locally

ascertaining the orientation of structurally controlled mineralization on the eastern flank of the deposit,

as well as testing potential extensions of sandstone hosted mineralization that may persist towards the

northwest and southwest . Technical drilling programs continue to evaluate local variability of

geotechnical and hydrogeological conditions for improved understanding.

2 Refer to the news release dated December 11, 2023, and the Čoka Rakita Technical Report dated June 11, 2024, both

available at www.dundeeprecious.com.

3 For more information regarding DPM’s previously reported infill drilling results at Čoka Rakita, refer to the Company’s news

release dated February 26, 2024, available on our website at www.dundeeprecious.com.

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

drilling program at Čoka Rakita.

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) (%)

RIDD049 573255 4895878 927 267 -61 609 619 10 1.86 1.86 -

and 625 651 26 6.00 6.00 -

including 633 648 15 9.64 9.64 -

RIDD049A 573048 4895878 562 273 -63 195 245 50 1.98 1.98 -

RIDD050 573042 4895848 919 260 -64 129 137 8 1.45 1.45 -

and 423 428 5 3.62 3.62 -

and 470 502 32 12.66 12.66 -

RIDD050A 572933 4895829 693 258 -64 192 204 12 7.84 7.84 -

including 194 204 10 8.99 8.99 -

and 218 264 46 8.50 8.50 -

including 226 245 19 14.90 14.90 -

including 249 259 10 7.32 7.32 -

RIDD051 573095 4895789 931 265 -73 140 148 8 3.21 3.21 -

and 156 161 5 2.05 2.05 -

and 509 549 40 5.56 5.56 -

including 521 537 16 11.81 11.81 -

RIDD051A 573003 4895782 643 266 -71 182 199 17 2.54 2.54 -

and 210 238 28 3.19 3.19 -

including 225 233 8 9.00 9.00 -

RIDD052 572997 4895940 915 271 -67 380 387 7 1.13 0.99 0.10

and 411 496 85 9.81 9.65 0.13

including 474 490 16 39.58 39.36 0.16

RIDD052A 572885 4895946 649 271 -69 94 100 6 2.20 1.71 0.36

and 123 203 80 53.38 53.18 0.15

including 133 144 11 8.19 7.91 0.21

including 163 180 17 234.78 234.58 0.15

RIDD053 573040 4895848 919 270 -66 438 447 9 0.90 0.90 -

and 481 520 39 3.30 3.30 -

including 507 513 6 11.10 11.10 -

RIDD053A** 572922 4895846 646 274 -67 129 160 31 3.69

and 161 180 19 2.93

and 185 196 11 1.63

and 198 213 15 10.39

RIDD054 572954 4895843 901 266 -66 342 442 100 3.32 2.96 0.27

including 403 411 8 7.44 7.21 0.17

RIDD054A 572840 4895838 652 271 -65 74 84 10 1.47 1.26 0.15

and 91 154 63 4.55 4.29 0.19

including 98 105 7 7.46 7.46 -

RIDD055 572999 4895938 915 257 -65 357 367 10 1.18 1.18 -

and 401 417 16 1.77 1.77 -

and 426 500 74 27.30 27.30 -

including 427 451 24 10.52 10.52 -

including 460 497 37 47.59 47.44 0.11

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

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

RIDD055A 572888 4895914 657 259 -68 128 206 78 9.38 9.19 0.13

including 149 182 33 15.54 15.40 0.11

including 187 194 7 7.49 7.09 0.30

RIDD056 573195 4895772 940 282 -65 530 567 37 3.23 3.23 -

including 548 553 5 6.03 6.03 -

and 605 638 33 2.00 2.00 -

RIDD056A** 573077 4895801 691 283 -61 299 322 23 1.26

and 340 364 24 3.24

including 346 354 8 6.16

RIDD057 573001 4895938 915 255 -62 369 378 9 1.30 1.30 -

and 385 468 83 4.22 3.90 0.24

including 460 467 7 14.12 13.68 0.32

RIDD057A** 572882 4895909 670 256 -64 103 109 6 3.54 3.04 0.37

and 120 135 15 1.04

and 154 173 19 3.5

and 187 196 9 7.28

RIDD058 573221 4895694 938 278 -61 556 601 45 1.89 1.89 -

RIDD059 573086 4895929 920 260 -63 217 224 7 3.82 3.82 -

and 446 451 5 1.25 0.91 0.25

and 479 536 57 7.01 7.01 0.03

including 501 516 15 9.68 9.68 -

including 520 531 11 14.38 14.38 -

RIDD060** 572904 4896042 912 277 -75 401 406 5 3.33

and 414 485 71 3.39

including 449 454 5 5.78

including 473 480 7 10.71

RIDD060A** 572835 4896048 640 275 -75 146 166 20 7.67

including 147 156 9 15.31

RIDD061 573094 4895788 931 263 -63 474 487 13 1.13 1.13 -

and 499 516 17 26.15 26.15 -

including 501 515 14 31.45 31.45 -

and 531 549 18 1.63 1.22 0.30

RIDD061A** 572966 4895770 680 262 -62 206 249 43 10.79

including 221 230 9 32.93

RIDD062 572853 4896121 900 252 -78 387 406 19 1.08 0.81 0.2

RIDD062A 572792 4896099 609 250 -78 no significant intervals

RIDD063 573087 4895929 920 258 -71 430 443 13 0.98 0.98 -

and 500 525 25 0.96 0.96 -

RIDD063A** 572987 4895910 633 266 -70 135 165 30 2.47

including 150 155 5 6.33

and 199 225 26 2.61

including 199 204 5 8.80

RIDD064** 573050 4896005 910 245 -71 545 552 7 1.17

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

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

RIDD065** 572904 4896042 912 258 -79 435 445 10 1.11

and 461 466 5 2.03

RIDD066** 573022 4895686 928 283 -58 155 163 8 5.76 5.76 -

and 452 457 5 1.24

RIDD066A 572877 4895717 688 281 -58 no significant intervals

RIDD067 572971 4896085 903 285 -71 477 507 30 0.96 0.96 -

RIDD068* 573144 4895675 943 278 -66 548 587 39 2.64 2.64 -

RIDD068A 572995 4895699 613 287 -64 aborted for technical reasons

RIDD068B** 573004 4895696 633 285 -64 207 230 23 5.12

including 208 224 16 6.88

RIDD069 572851 4896120 900 243 -82 387 454 67 10.92 10.61 0.23

including 419 446 27 23.05 22.56 0.36

RIDD070 573048 4896006 910 271 -69 aborted for technical reasons

RIDD071* 573092 4895927 920 260 -67 478 498 20 1.19 1.19 -

and 516 528 12 2.04 2.04 -

RIDD072* 573093 4895789 931 245 -65 508 521 13 3.89 3.89

RIDD073 572855 4896122 900 291 -83 no significant intervals

RIDD073A 572824 4896135 629 300 -83 no significant intervals

RIDD073B 572808 4896145 479 302 -83 aborted for technical reasons

RIDD074* 572903 4896043 912 260 -78 396 404 8 1.53 1.23 0.22

and 421 428 7 1.37 1.11 0.19

and 439 454 15 1.08 0.77 0.23

RIDD075* 572968 4896089 903 265 -77 479 484 5 1.90 1.73 0.12

RIDD075A* 572910 4896092 659 265 -78 183 190 7 1.00 0.66 0.25

and 234 247 13 2.30 2.16 0.10

RIDD076* 572998 4895939 915 261 -60 382 400 18 1.13 0.62 0.38

and 425 438 13 10.89 10.35 0.40

RIDD077 573198 4895770 940 272 -66 529 542 13 2.80 2.80 -

and 575 617 42 2.41 2.41 -

including 590 598 8 6.66 6.66 -

RIDD077A** 573066 4895777 647 272 -64 242 258 16 3.88

RIDD078* 573045 4895853 919 270 -61 400 415 15 2.24 2.24 -

and 421 450 29 2.30 2.30 -

and 458 501 43 11.05 10.85 0.15

including 471 492 21 20.91 20.77 0.10

RIDD078A* 572950 4895853 741 271 -62 199 253 54 5.36 5.36 -

including 231 247 16 15.04 15.04 -

and 263 305 42 11.37 11.13 0.18

including 276 298 22 18.25 17.98 0.20

RIDD079* 573023 4895685 928 277 -62 166 178 12 4.93 4.93 -

including 169 174 5 8.46 8.46 -

RIDD080* 572903 4896043 912 261 -73 393 406 13 2.76 2.43 0.25

RIDD081 572915 4895986 911 266 -72 no significant intervals

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

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

RIDD082* 573000 4895943 915 277 -66 320 328 8 1.21 1.21 -

and 425 464 39 1.87 1.72 0.11

RIDD083* 573096 4895787 931 267 -58 513 528 15 4.19 3.99 0.15

RIDD084 572967 4896088 903 274 -70 aborted for technical reasons

RIDD085** 572954 4895850 901 248 -63 366 398 32 2.14

RIDD086 572913 4895985 910 276 -76 no significant intervals

RIDD087** 573024 4895687 928 282 -67 440 447 7 1.20

and 466 471 5 1.39

and 487 494 7 13.63

including 488 494 6 15.57

RIDD088** 573000 4895942 915 262 -65 420 453 33 5.06

including 426 434 8 11.39

RIDD089** 573090 4895926 920 270 -59 428 450 22 8.85

RIDD090 572996 4895775 913 274 -63 completed / awaiting results

RIDD091 573048 4896010 910 290 -62 completed / awaiting results

RIDD092 572591 4896071 846 105 -54 in progress

RIDD093 572715 4895835 838 119 -61 in progress

RIDT030A 572894 4896040 647 293 -70 162 215 53 2.65 2.32 0.25

including 202 208 6 8.46 8.22 0.18

RIDT030B 572884 4896044 619 291 -69 106 116 10 1.33 0.75 0.43

and 125 137 12 1.13 0.80 0.24

and 147 168 21 1.16 0.89 0.20

RIDT032 572991 4896003 916 266 -68 406 444 38 1.46 1.12 0.26

and 460 500 40 6.04 6.04 -

including 470 478 8 25.01 24.83 0.14

RIDT032A 572884 4895996 639 267 -73 150 161 11 1.20 0.90 0.22

and 169 193 24 3.55 3.32 0.17

and 206 212 6 1.03 1.03 -

RIDT033** 572992 4896001 917 265 -76 380 391 11 1.75

RIDT033A 572915 4895992 621 266 -76 170 180 10 2.69 2.69 -

RIDT036A 572963 4895878 610 253 -66 156 196 40 2.36 2.22 0.10

RIDT037 573086 4895926 920 250 -70 455 471 16 2.54 2.54 -

and 492 534 42 6.89 6.89 -

including 501 519 18 5.62 5.62 -

and 540 553 13 1.17 1.17 -

RIDT037A 572987 4895883 643 245 -69 134 151 17 1.41 0.58 0.62

and 176 188 12 1.34 1.34 -

and 195 222 27 4.67 4.67 -

including 201 216 15 7.05 7.05 -

and 233 245 12 3.06 2.92 0.10

RIDT038 573085 4895929 920 262 -69 466 471 5 1.14 1.14 -

and 479 484 5 1.38 1.38 -

and 507 526 19 5.11 4.95 0.12

RIDT038A 572976 4895914 632 263 -70 196 210 14 1.26 0.99 0.19

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