Chelopech Continued Track Record Of Strong Performance In 2022

TORONTO - Dundee Precious Metals Inc. announced preliminary production results from both of its mines in Bulgaria and the Tsumeb smelter in Namibia for the three and twelve months ended December 31, 2022.

“Our mining operations achieved impressive production results in the fourth quarter, as Ada Tepe delivered its highest quarterly gold production of the year and Chelopech continued its track record of strong performance,” said David Rae, President and Chief Executive Officer of Dundee Precious Metals. “2022 was another strong year for DPM, as we delivered robust gold production, advanced our organic growth projects, and ranked in the 91st percentile among mining and metals companies in the 2022 S&P Global Corporate Sustainability Assessment.”

Ada Tepe achieved its highest quarterly production of the year in the fourth quarter of 2022, producing approximately 28,100 ounces of gold. Following the completion of the pushback in the third quarter, gold grades increased as planned and production in the fourth quarter returned to expected levels, positioning the mine for higher grades in 2023 as per the mine plan. In 2022, Ada Tepe produced approximately 94,000 ounces of gold, which was towards the higher end of its annual production guidance for the year. The Company completed an updated Mineral Reserve and Mineral Resource estimate and life of mine plan for Ada Tepe and expects to release the results in January 2023.

In the fourth quarter, Chelopech produced approximately 45,300 ounces of gold and 7.4 million pounds of copper. In 2022, Chelopech produced approximately 179,100 ounces of gold and 30.8 million pounds of copper, well-within its annual guidance for gold and slightly below the low end of the range for copper.

The Tsumeb smelter processed approximately 41,800 tonnes of complex concentrate during the fourth quarter. Results during the fourth quarter were impacted by a 17-day shutdown to repair a water leak in the offgas system and instability in the power grid as a result of abnormally heavy rainfall in December. In 2022, the smelter processed approximately 174,100 tonnes of complex concentrate, which was below the annual guidance of 185,000 to 200,000 tonnes.

DPM is finalizing the revised feasibility study for the Loma Larga project in Ecuador, which is on track for publication in the first quarter of 2023. Drilling activities, as well as the public participation process for the Environmental Impact Assessment remain paused, pending the outcome of the appeals process related to the decision on the constitutional protective action, following the hearing held in mid-October. DPM continues to receive strong support from the government and is working proactively with all stakeholders involved in the development of the project.

The Company received the exploration permit for the Coka Rakita target in Serbia at the end of October 2022. The Coka Rakita prospect is located south-east of the Company’s Timok gold project, and initial results from its 30,000-meter drill program are expected to be released in January 2023.