Slide 1: Unlocking Resources and Generating Value to Thrive and Grow Together
Unlocking Resources and Generating Value Unlocking Resources and Generating Value TO THRIVE TO THRIVE AND GROW TOGETHER AND GROW TOGETHER Investor and Analyst Tour Chelopech, Bulgaria and Čoka Rakita, Serbia TSX:DPM TSX:DPM May 31 to June 2, 2023
Slide 2: Forwarding Looking Statements
Forwarding Looking Statements Certain statements and other information included in this presentation and our other disclosure documents constitute “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”). Forward Looking Statements are statements tha
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: Welcome to the Chelopech & Čoka Rakita investor and analyst tour
Welcome to the Chelopech & Čoka Rakita investor and analyst tour TSX: DPM 4
Slide 5: Introductions
Introductions Bulgaria Iliya Garkov Senior Vice President, European Operations Tsvetomir Velkov General Manager, Chelopech Lubomir Hainov General Manager, Ada Tepe Cecka Karaivanova Commercial Director Konstantina Gradeva-Vasileva Sustainable Business Development Director Paul Ivascanu Director, Exp
Slide 6: Well-Positioned to Continue Delivering Value
Well-Positioned to Continue Delivering Value DPM’s strong fundamentals represent an attractive value opportunity Strong Production & AISC Building Our Pipeline Profile • Advancing permitting for Loma Larga • 270,000 Au oz. average annual • New high-grade discovery at Čoka Rakita in production4 Serbi
Slide 7: Business Strategy
Business Strategy Unlocking resources and generating value to thrive and grow together ▪ Supported by foundation of core values that guide how DPM conducts its business & informs a set of complementary strategic pillars ▪ Resources allocated in-line with strategy to ensure DPM delivers value for all
Slide 8: Our Global Portfolio
Our Global Portfolio Proven track record of transforming assets into highly-efficient operations CHELOPECH | gold-copper mine CANADA Location Chelopech, Bulgaria Ownership 100% CORPORATE HEAD OFFICE Stage Producing Location Toronto, Canada SERBIA TIMOK | gold project BULGARIA ADA TEPE | gold mine Lo
Slide 9: Delivering Value-Generating Catalysts
Delivering Value-Generating Catalysts Positive developments in DPM’s portfolio Ada Tepe life of mine plan with additional production New high-grade discovery in Serbia 22% increase to LOM recovered gold ounces Exceptional new drill results from Čoka Rakita High margin ounces: 13% increase in gold La
Slide 10: Solid Three-Year Outlook
Solid Three-Year Outlook Strong production profile, attractive AISC and significant free cash flow generation Strong Production Profile Attractive All-in Sustaining Cost Gold contained in concentrate produced All-in sustaining cost ($/oz. Au)(1) Improved compared to Improved compared to previous out
Slide 11: Attractive Development & Exploration Projects Driving Future Growth
Attractive Development & Exploration Projects Driving Future Growth Portfolio offers strong production & FCF, and significant organic growth potential OPERATING ASSETS LOMA LARGA EXPLORATION PROJECTS 500 +200 koz8 Čoka Rakita & Timok gold project (Serbia) 450 Improved versus previous outlook as Tier
Slide 12: High-Quality Growth Project: Loma Larga (Ecuador)
High-Quality Growth Project: Loma Larga (Ecuador) Potential to add low-cost production growth to our portfolio Project milestones • Underground gold-copper development project with potential to produce approximately 200,000 gold ounces annually6 ✓ Technical approval of the Environmental Impact • Wel
Slide 13: Encouraging Exploration Results at Tierras Coloradas (Ecuador)
Encouraging Exploration Results at Tierras Coloradas (Ecuador) Drilling confirms presence of well-mineralized low-sulphidation epithermal vein system Located in the Loja province of Ecuador Low sulphidation epithermal vein system mapped over a 3 x 3.5 km area ▪ Over 8 km of vein strike length deline
Slide 14: Track Record of Disciplined Capital Allocation
Track Record of Disciplined Capital Allocation Balancing financial strength, reinvestment and return of capital to shareholders Growing Financial Strength Investing in our Future $473M growing net cash position Cash position ($M) Added Loma Larga project and $433 $473 advancing permitting $150M undr
Slide 15: Key Value Generating Catalysts
Key Value Generating Catalysts Strong production Robust free cash flow Returning capital and cost profile and balance sheet to shareholders Building our pipeline Unique capabilities Attractive valuation CHELOPECH MINE ADA TEPE MINE LOMA LARGA PROJECT ČOKA RAKITA TSUMEB SMELTER • 95,000 m of drilling
Slide 16: Chelopech Overview
High-quality, low-cost flagship operation Chelopech Overview TSX: DPM 16
Slide 17: Safety is our First Priority
Safety is our First Priority We put the safety and well-being of people first Four key concepts Felt Leadership Zero Tolerance Zero Harm Safe Production Leading by example, walking the Not accepting unsafe conditions Preventing accidents, incidents, One without the other is not a talk, demonstrating
Slide 18: Health & Safety Journey
Health & Safety Journey Track record of improving safety performance Declining frequency rate MTIs LTIs LTIs (FR) MTIs (FR) TRIs (FR) 35 6.0 31 30 29 28 5.0 Number of LTIs and MTIs 27 25 25 4.0 20 20 20 19 LTIFR 18 3.0 15 11 2.0 10 9 9 8 8 7 7 6 5 5 5 5 1.0 5 4 2 2 1 1 1 1 1 1 0 0 0 0 0 0 0.0 2004 2
Slide 19: Chelopech Mine
Chelopech Mine Chavdar Kamchulka dam village • Acquired by DPM in 2003 Tailings management facility • Mining licence covers an South site area of 266 hectares, including the Chelopech operation and its Sofia-Bourgas road immediate surroundings • DPM owns the land upon which the facilities are North
Slide 20: Chelopech Mine Overview
Chelopech Mine Overview West Central Central West TSX: DPM 20
Slide 21: Chelopech Mine Long Section
Chelopech Mine Long Section • Zapad shaft West Central • Iztok shaft • Sever shaft • Kapitalna shaft • Vyara decline • Nadejda decline • UG Crusher complex TSX: DPM 21
Slide 22: Strong Mineral Reserve and Mineral Resource Base
Strong Mineral Reserve and Mineral Resource Base Proven and Probable Mineral Reserves (As at December 31, 2022) ▪ Supports a mine life to 2031 Classification Tonnes Grade Metal content (Kt) Gold (g/t) Silver (g/t) Copper (%) Gold (Koz.) Silver (Koz.) Copper (Mlbs.) Proven 8.1 2.47 6.8 0.78 0.65 1.77
Slide 23: Drilled Metres vs. Mineral Resources
Drilled Metres vs. Mineral Resources Adding mineral resources via in-mine exploration TSX: DPM 23
Slide 24: Track Record of Extending Mine Life
Track Record of Extending Mine Life Consistently replacing Mineral Reserves at Chelopech 2022 Strong potential for this trend to continue: • Mining now expected to extend to 2031 2021 • Strong Mineral Reserve base • Increased in mine and brownfield drilling 2019 2017 2013 2010 2005 ‘05 ‘06 ‘07 ‘08 ‘
Slide 25: Mining Methods
Mining Methods Change in the mining method increased capacity Previous method: Sub-level caving Current method: Sub-level Longhole Stoping with Fill TSX: DPM 25
Slide 26: Benefits of New Mining Method
Benefits of New Mining Method • Improved ore loss and Ore Loss & Dilution dilution Sub-level Caving Open Stoping • Enabled mining of Crown Pillar of 150 block (2014 to 2019) • Opened opportunities in the upper levels of the orebody Loss % Cu Dilution % Au Dilution% TSX: DPM 26
Slide 27: Modern Underground Equipment
Modern Underground Equipment Emulsion explosive Mobile Equipment Production Equipment Production 21 units Production drill rigs 4 units Auxiliary 75 units Development drill rigs 5 units Service 54 units Front-end loaders 6 units Dump trucks 7 units
Slide 28: Process Plant Flowsheet
Process Plant Flowsheet Hydrocyclones Float Tails Батерия хидроциклони Флагационен отпадък Stock Pile Surface Crusher Таган руда Надземна Трошачка Cement Цимент Paste Plant SAG Mill Пастово запълнение ПАМелница Paste to UG Паста към сондаж UG Crusher Подземна трошачка Bulk Floatation Колективна флот
Slide 29: Production Capacity Enhancements
Production Capacity Enhancements DPM has transformed Chelopech into a world-class underground operation 2004 - 2011 2012 - 2015 2016 – 2023+ U/G crusher and Production 2004 - 2005 Mining method 2012 conveyors 2016 optimization Pyrite concentrate 2007 Nadeja decline Surface stockpile 2016 shed Waste
Slide 30: Key Results and Trends
Key Results and Trends Optimization efforts resulted in doubling of production & reduction in costs per tonne Ore Mined (K tonnes) Cash cost per tonne processed ($/t) Underground crushing & conveying Higher energy costs 2,233 $62 2,212 2,212 2,211 2,207 2,183 $61 2,131 2,054 2,040 $57 2,030 $55 1,81
Slide 31: Adding Value through Innovation
Adding Value through Innovation Leveraging innovative technology to optimize performance and mitigate cost pressures Intelligent Mine Initiative Remotely Operated Equipment • Creating a digital twin of our mines to improving planning, • Introducing new technology at Chelopech to remote-operate sched
Slide 32: Remote & Autonomous Activities
Remote & Autonomous Activities Advanced Control Technology (ACT) Targeting optimal performance based on automated optimization logic and control • Improves management of the enrichment plant • Provides ability to stabilize and optimize ore processing TSX: DPM 32
Slide 33: SMART Centre
SMART Centre A new level of collaboration What is the SMART Centre? Why? • Combining people, processes and technology into a • Optimizes the nature and time horizon of the modern, state-of-the-art facility decision-making process • Enables end-to-end operations to be integrated, • Helps DPM become a
Slide 34: Operating Model
Operating Model Human capital, INTEGRATED PLANNING WORK MANAGEMENT Resourcing & Materials and Personnel Equipment Set Budget Approve Plan Schedule Execute Asset Work/Cost W ork Work Work Performance Set Production Commitment Strategy Set Business Set Set Operating Performance Expectations Targets Ma
Slide 35: Community Investment
Community Investment Supporting sustainable livelihoods in businesses outside of the mining industry • Established an innovative Small & Medium Enterprise Fund • First initiated in Krumovgrad, program has expanded to Chelopech • Supports businesses in Chelopech, Chavdar and Zlatitsa • In Bulgaria, t
Slide 36: Chelopech Brownfield Exploration
Chelopech Brownfield Exploration TSX: DPM 36
Slide 37: Chelopech: Near Mine Exploration to Add Resources
Chelopech: Near Mine Exploration to Add Resources Focused on extending mine-life through in-mine and brownfields exploration ADDING MINE LIFE Strong track record of adding incremental mineral reserves to offset depletion 2022: extended mine life to 2031 2023 ACTIVITIES 50,000 m of brownfield drillin
Slide 38: Active on Several Targets
Active on Several Targets Supporting sustainable livelihoods in businesses outside of the mining industry Chelopech Deep / Brevene South Plan view of active drilling locations • Conceptual drilling below Chelopech thrust along the NW fault corridor and south extension Krasta NE MT Target Krasta • Dr
Slide 39: Near-Mine Exploration: Sharlo Dere
Near-Mine Exploration: Sharlo Dere • Located at the north-eastern flank of the Chelopech mine concession • Results from drilling support potential for extension of the target footprint further to the north-east • Planning ~15,000 m of drilling in Q3/23 • Completed an early-stage evaluation of Minera
Slide 40: Near-Mine Exploration: Brevene South and Root Target
Near-Mine Exploration: Brevene South and Root Target • Conceptual drilling targets aiming to test a large alteration footprint at deeper levels • Ongoing drilling focused on covering large untested areas at depth • Testing ideas targeting potential to add tonnage outside of current workings Mineable
Slide 41: Brevene Exploration Licence: Vozdol
Brevene Exploration Licence: Vozdol • Polymetallic veins in QSP alteration • Focused on extending mineralization zones and confirming historical results • Activities to include resource estimation and permitting Brevene EL Vozdol target Turonian sandstones EX_VD_01: 10m @ 7.97 g/t AuEq; 7.88 g/t Au;
Slide 42: Čoka Rakita
Čoka Rakita high-grade discovery TSX: DPM 42
Slide 43: DPM's History in Serbia
DPM’s History in Serbia DPM has had a local and regional presence for many years 2016 $1.6 million transaction to acquire the remaining 49.9% 2010 Discovery of the 2020 Spun out to Avala Korkan West deposit PFS for the Resources, DPM Timok gold retains 50.1% Maiden resource project interest estimate
Slide 44: Geological Setting
Geological Setting • Located within Cretaceous magmatic arc in Eastern Serbia, as a part of Western Tethyan belt • Numerous world-class deposits • Gold rich skarn system • Potentially part of larger zoned Timok Gold complex hydrothermal system Project and under-explored style of mineralization in th
Slide 45: Geological Setting
Geological Setting • Situated on the western part of Timok Metalogenic District, generally know as HSE – PCT camp being the first Au skarn hosted mineralization found in the district • Associated with the V. Strj monzonite, the youngest magmatic series in the district, postdating with about 10 Ma th
Slide 46: Čoka Rakita Discovery History
Čoka Rakita Discovery History • Čoka Rakita was part of a different TIMOK GOLD PROJECT exploration license, since 2005 Proven & Probable Mineral Reserve 836 Koz., 22.7Mt @ 1.15 g/t • Measured & Indicated Mineral Resource After soil and mapping, trenching 693 Koz., 23.0 Mt @ 0.94 g/t and channeling a
Slide 47: Čoka Rakita Discovery History
Čoka Rakita Discovery History • 2020 – 2021: DPM recommended drilling to test deeper targets and discovered gold-copper skarn sandstone hosted mineralization • 2022: over 15,000 m of drilling discovered high-grade skarn gold- copper mineralization hosted by sandstones and intimately associated with
Slide 48: Long Section Showing Developing Resource Model
Long Section Showing Developing Resource Model Long-section through Čoka Rakita – geology model Long-section through Čoka Rakita – ore domains Au epiclastic / volcanic hosted mineralization Au skarn sandstone hosted main Au mineralization domains Cu structurally controlled conglomerate hosted minera
Slide 49: Short-term drilling strategy (60x60 m infill)
Short-term drilling strategy (60x60 m infill) Encouraging results: • Ongoing campaign of 60 x 60 m confirm the tenor of mineralization and geological model • Aiming to deliver the 60 x 60 infill spacing for the delineated footprint by and of Q2 • Additional scout drilling to extend the mineralizatio
Slide 50: Example of high-grade mineralization
Example of high-grade mineralization a) Core interval from 542 metres to 550 metres downhole: garnet-dominated prograde exoskarn formed on the carbonaceous sandstone protolith and overprinted by the gold-rich pyrite- pyrrhotite-quartz-epidote-chlorite- carbonate retrograde phase (HQ size drill core)
Slide 51: Preliminary metallurgical results
Preliminary metallurgical results Amenable to conventional flotation & produces a clean gold concentrate with strong recoveries Recovery (%) Head Encouraging metallurgical results: Mineralization Type Sample ID Assay Gravity Whole Ore Rougher Cleaner Flotation Combined Flotation + Tailings (g/t Au)
Slide 52: Čoka Rakita Highlights & Next Steps
Čoka Rakita Highlights & Next Steps Highlights • Strong mineralized footprint with high-grade zone • ~90% recoveries through gravity and flotation • Good infrastructure, approximately 35 km from Bor • Proximity to DPM operations in Bulgaria • Strong fit with underground and processing expertise • Op
Slide 53: Appendix
APPENDIX APPENDIX TSX DPM 53
Slide 54: Detailed 2023 Guidance
Detailed 2023 Guidance US millions, unless otherwise indicated Chelopech Ada Tepe Tsumeb Corporate and Other Consolidated Ore processed (’000s tonnes) 2,090 – 2,200 730 – 810 - - 2,820 – 3,010 Cash cost per tonne of ore processed1 53 – 58 73 – 79 - - - Metals contained in concentrate produced2,3 - G
Slide 55: Three-Year Outlook
Three-Year Outlook Strong production profile, attractive all-in sustaining cost & significant free cash flow generation • Gold production increased in 2023 and 2024, compared with previous outlook US millions, unless otherwise indicated 2022 RESULTS 2023 GUIDANCE 2024 OUTLOOK 2025 OUTLOOK Gold conta
Slide 56: Strong Mineral Resource and Mineral Reserve Base
Strong Mineral Resource and Mineral Reserve Base Mineral Reserves 11, 12, A, B, C Mineral Resources 11, 12, A, B, C Million Au Cu Million Au Cu Au (g/t) Cu (%) Au (g/t) Cu (%) Tonnes (Moz) (Mlbs) Tonnes (Moz) (Mlbs) Chelopech Chelopech Proven 8.1 0.647 140 2.47 0.78 M&I 16.4 1.303 281 2.47 0.78 Prob
Slide 57: Recent Čoka Rakita Results
Recent Čoka Rakita Results Results published in May extended deposit to the east & confirmed and extended high grade zone January 2023 April 2023 TSX: DPM 57
Slide 58: 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 59: Footnotes and Disclaimers
Footnotes and Disclaimers Qualified Person Disclosure A. The Mineral Resource and Mineral Reserve estimates for Chelopech and other scientific and technical information which supports this press release was prepared by Petya Kuzmanova, MIMMM, CSci, Senior Resource Geologist, of the Company, under th
Slide 60: TSX:DPM
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 Follow us on Twitter @DundeePrecious TSX:DPM Visit our LinkedIn page linkedin.com/company/dundee-precious-metals-inc/