Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results August 1, 2025 Uniquely positioned to DELIVER SUPERIOR VALUE TSX: DPM 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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”
Slide 3: Use of Non-GAAP Measures
Use of Non-GAAP Measures Certain financial measures referred to in this presentation are not measures recognized under IFRS and are referred to as Non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by
Slide 4: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights
Slide 5: Second Quarter Highlights
Second Quarter Highlights Creating a On-track premier mining business to meet 2025 guidance Adding a high-quality producing mine Higher production expected in & forming peer-leading growth profile H2 20254 Record Advancing financial results growth pipeline Generated $94.5M of free cash flow Čoka Rak
Slide 6: Premier Mining Business with Peer-Leading Growth
Premier Mining Business with Peer-Leading Growth Proposed Adriatic acquisition highlights Creates Premier Mining Near-Term Regional Expertise Business Production Growth • High-margin portfolio • Complements organic growth • 20+ years exploring, building and • Peer-leading growth profile initiatives
Slide 7: Chelopech Operating Highlights
Chelopech Operating Highlights • Grades and production expected to increase in H2 2025 Q2 2025 H1 2025 2025 Guidance4 Ore processed Kt 541 1,074 2,090 - 2,200 Head grades Gold g/t 3.35 2.98 Copper % 0.67 0.63 Recoveries Gold % 80.8 82.0 Copper % 81.1 82.7 Metals contained in concentrates produced Go
Slide 8: Ada Tepe Operating Highlights
Ada Tepe Operating Highlights • Production expected to nearly double in second half of the year compared to the first half Q2 2025 H1 2025 2025 Guidance4 Ore processed Kt 190 337 610 - 700 Gold grade g/t 2.91 3.07 — Gold recovery % 80.4 79.7 — Gold contained in concentrate produced Koz. 14.2 26.6 65
Slide 9: Advancing the Čoka Rakita Project
Advancing the Čoka Rakita Project 2025 planned activities: PFS Highlights5 • Completion of surface and underground geotechnical & hydrogeological drilling 170koz. annual gold production (first 5 full years) • Advancing permitting to support construction start-up in mid-2026 • Progressing design to b
Slide 10: Progressing the Loma Larga Gold Project
Progressing the Loma Larga Gold Project Advancing permitting, stakeholder engagement and technical work in support of a disciplined decision in best interest of shareholder value Continued progress on permitting • Received environmental licence in Q2 2025 • Ministry of Energy and Mines completed the
Slide 11: Financial Results Highlights
Financial Results Highlights
Slide 12: Record Financial Results
Record Financial Results All operational and financial information is related to continuing operations Record free cash flow2 $ millions except where noted Q2 2025 Q2 2024 % change H1 2025 H1 2024 % change $174M Revenue 186 157 19% 331 281 18% Adjusted net earnings3 88 71 24% 143 103 38% Adjusted ne
Slide 13: Key Cost Metrics and Capital Expenditures
Key Cost Metrics and Capital Expenditures All-in sustaining cost1 Cash cost1 Capital expenditures $ per ounce of gold sold $ per tonne of ore processed $ millions Revised 2025 growth capital expenditures MTM for share-based compensation expense guidance for Loma Larga following receipt of impacted A
Slide 14: Record Shareholder Returns in H1 2025
Record Shareholder Returns in H1 2025 $391M Maintaining a strong of capital returns balance sheet Investing in organic growth & exploration projects $30 - $35 $130M of capital returned $33 - $39 2 6 in H1 2025 5 Balancing financial strength, reinvestment and return of capital to shareholders 2. Refe
Slide 15: Growing Precious Metals Producer
Growing Precious Metals Producer Peer-leading growth profile Near-term growth +Čoka Rakita DPM + Vareš ~170koz. per year • Growth from Vareš complements organic initiatives at Čoka Rakita and Loma Larga • Growth funded from a strong balance sheet 9,10 Primary precious metals producer • 70% of revenu
Slide 16: Footnotes
Footnotes 1 Cost of sales per ounce of gold sold represents cost of sales for Chelopech and Ada Tepe, divided by payable gold in concentrate sold. This measure is before by-product credits. All-in sustaining cost per ounce of gold is a non-GAAP ratio which represents cost of sales less depreciation,
Slide 17: Corporate Head Office and Investor Relations
Corporate Head Office 150 King Street West, Suite 902 Toronto, Ontario M5H 1J9 T: 416 365-5191 Investor Relations jcameron@dundeeprecious.com T: 416 219-6177 www.dundeeprecious.com TSX: DPM 17