Karin Terziyska

Phone: +1 416 219 6177

Email: kterziyska@dundeeprecious.com

Tara Vivian-Neal

Phone: +44 (0) 207 920 3150

Email: tara.vivian-neal@tavistock.co.uk

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", "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: the completion of the Transaction (JO:NTUJ) on the terms set out in the Rule 2.7 Announcement; the expected timing and completion of the Transaction; the anticipated benefits of the Transaction; the expected production, mine life, mineral reserves and mineral resources, and exploration potential from Vareš; the ability of DPM to optimize the Vareš operation and realize its value potential; the ability of DPM to realize the identified optimization opportunities at Vareš; the ability of the combined company to deliver increased shareholder value; the potential for a re-rating of DPM’s shares following completion of the Transaction; the expected timing of achieving sustainable mill throughput at Vareš; the expected timing of the filing of the Technical Report; and the expected costs and timing of the development and construction of the Čoka Rakita project. Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and Qualified Persons, 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 DPM to be materially different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this news release, such factors include, among others, risks relating to the Transaction, including the risk that the Transaction may not be completed on the terms set out in the Rule 2.7 Announcement, or at all; the risk that the anticipated benefits of the Transaction may not be realized; the risk that the Transaction may be completed but that the anticipated benefits of the Transaction may not be achieved; risks relating to the integration of Adriatic’s business with DPM’s business; risks relating to the estimation of mineral reserves and mineral resources; risks relating to DPM’s ability to optimize the Vareš operation and realize its value potential; risks relating to the ability of DPM to realize the identified optimization opportunities at Vareš; risks relating to the ability of the combined company to deliver increased shareholder value; risks relating to the potential for a re-rating of DPM’s shares following completion of the Transaction; risks relating to the expected timing of achieving sustainable mill throughput at Vareš; risks relating to the expected timing of the filing of the Technical Report; risks relating to the expected costs and timing of the development and construction of the Čoka Rakita project; risks relating to DPM’s projects in Serbia, including the possibility that DPM may not be able to develop the Čoka Rakita project as a result of changes to local laws and regulations; risks relating to DPM’s operations in Bulgaria and Serbia, including the possibility that DPM may not be able to obtain all necessary permits and approvals, or that the development and operation of DPM’s operations may be delayed or prevented as a result of political or social instability or other factors; risks relating to DPM’s operations in Ecuador, including the possibility that DPM may not be able to obtain all necessary permits and approvals, or that the development and operation of DPM’s operations may be delayed or prevented as a result of political or social instability or other factors; risks relating to the Company’s ability to achieve its 2025 guidance, including meeting its production forecasts and other metrics; risks relating to the impact of the war in Ukraine and the continuing conflict between Russia and Ukraine, including actions taken by governments, businesses and individuals in response to the situation, which may have negative impacts on DPM’s operations, projects and financial position, and on global supply chains, general economic conditions and financial markets; risks relating to the impact of the COVID-19 pandemic or future pandemics on DPM’s business and operations, including DPM’s ability to continue operations at its mines; uncertainties with respect to the Company’s ability to achieve the full benefits of its strategy to optimize its portfolio of assets; government regulation of mining operations and treatment operations; risks relating to the Company’s ability to enforce its corporate governance, ethics and compliance programs; risks relating to compliance with environmental and health and safety laws and regulations; uncertainties inherent to mineral reserve and mineral resource estimates; risks relating to the Company’s ability to optimize its assets and execute on its strategy, including the Company’s ability to advance its exploration, development, construction and expansion projects; risks relating to the Company’s ability to fund the development and construction of the Čoka Rakita project; risks relating to general economic conditions, including inflationary pressures; fluctuations in metal and acid prices, toll rates and foreign exchange rates; risks relating to the Company’s ability to replace depleted mineral reserves; risks relating to the Company’s ability to source and maintain supplies of consumables and equipment; risks relating to the Company’s ability to attract and retain key personnel; risks relating to the Company’s ability to secure adequate transportation for its products; risks relating to contractor performance and labour disruptions; risks relating to the Company’s ability to procure equipment, operating supplies and smelting and refining services; inherent uncertainties in litigation proceedings and regulatory proceedings; risks relating to the Company’s ability to maintain effective internal controls over financial reporting; risks relating to the Company’s ability to comply with debt covenants; risks relating to the Company’s ability to access capital markets; risks relating to the Company’s ability to execute on its strategy; risks relating to the Company’s ability to maintain a strong financial position and strong free cash flow; risks relating to the Company’s ability to deliver a strong pipeline for future growth; as well as those risk factors discussed or referred to in the Company’s annual management’s discussion and analysis and annual information form for the year ended December 31, 2024 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.sedarplus.ca. The reader has been cautioned that the foregoing list is not exhaustive of all factors 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 to 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. Unless required by securities laws, 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.

Gold Equivalent Calculations

Payable gold equivalent ounces include gold, silver, zinc, lead and copper and are based on the following metal prices: gold at $2,212 per ounce, silver at $27.69 per ounce, zinc at $1.21 per pound, lead at $0.94 per pound and copper at $4.24 per pound.

Mineral Resources and Mineral Reserves

The mineral resource and mineral reserve estimates for Vareš included in this news release were prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") - Definition Standards adopted by CIM Council on May 10, 2014 (the "CIM Definition Standards").

A technical report for Vareš prepared in accordance with NI 43-101 will be filed on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.dundeeprecious.com within 45 days of this news release. Once filed, the technical report will supersede all previously filed technical reports for Vareš.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

Vareš Mineral Reserves

The mineral reserves for Vareš were estimated as of April 1, 2025, based on a gold price of $1,700 per ounce, a silver price of $22 per ounce, a zinc price of $1.15 per pound, a lead price of $0.90 per pound and a copper price of $3.75 per pound.

The mineral reserves for Vareš are summarized in the table below:

Vareš Mineral Reserves Estimate - Effective Date April 1, 2025

Probable Mineral Reserves

Tonnes

Au

Ag

Cu

Pb

Zn

(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

Rupice Underground

9.5

1.5

296

0.2

5.1

7.9

Total (EPA:TTEF) Probable Mineral Reserves

9.5

1.5

296

0.2

5.1

7.9

1. The mineral reserve estimate was prepared by Ralf Kintzel, B.Eng., MAusIMM, CP(Min), a Qualified Person, as defined under NI 43-101.

2. Probable Mineral Reserves are based on Indicated Mineral Resources and are inclusive of mining dilution and ore loss.

3. Mineral Reserves are reported using a net smelter return cut-off value of $130/t for Rupice, which was derived from a gold price of $1,700 per ounce, a silver price of $22 per ounce, a zinc price of $1.15 per pound, a lead price of $0.90 per pound and a copper price of $3.75 per pound, and includes consideration of metallurgical recoveries, concentrate grades, transportation costs, royalties, and processing costs.

4. All figures have been rounded to reflect the relative accuracy of the estimates. Summing of the columns may not add up due to rounding.

5. Mineral Reserves are reported on a 100% basis.

Vareš Mineral Resources

The mineral resources for Vareš were estimated as of April 1, 2025, based on a gold price of $1,900 per ounce, a silver price of $25 per ounce, a zinc price of $1.30 per pound, a lead price of $1.00 per pound and a copper price of $4.00 per pound.

The mineral resources for Vareš are summarized in the table below:

Vareš Mineral Resources Estimate - Effective Date April 1, 2025

Indicated Mineral Resources

Tonnes

Au

Ag

Cu

Pb

Zn

(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

Rupice Underground

10.1

1.6

281

0.2

5.0

7.6

Total Indicated Mineral Resources

10.1

1.6

281

0.2

5.0

7.6

Inferred Mineral Resources

Tonnes

Au

Ag

Cu

Pb

Zn

(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

Rupice Underground

0.5

1.5

263

0.2

5.1

6.2

Total Inferred Mineral Resources

0.5

1.5

263

0.2

5.1

6.2

1. The mineral resource estimate was prepared by Galen White, B.Sc., FAusIMM, FGSL, a Qualified Person, as defined under NI 43-101.

2. Mineral Resources are reported exclusive of Mineral Reserves.

3. Mineral Resources are reported using a net smelter return cut-off value of $130/t for Rupice, which was derived from a gold price of $1,900 per ounce, a silver price of $25 per ounce, a zinc price of $1.30 per pound, a lead price of $1.00 per pound and a copper price of $4.00 per pound, and includes consideration of metallurgical recoveries, concentrate grades, transportation costs, royalties, and processing costs.

4. All figures have been rounded to reflect the relative accuracy of the estimates. Summing of the columns may not add up due to rounding.

5. Mineral Resources are reported on a 100% basis.

6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

7. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves.

Sensitivity Analysis

The table below shows the sensitivity of the Vareš project’s post-tax NPV5% to changes in metal prices:

Sensitivity of Vareš Post-Tax NPV5% to Metal Prices

Metal Price Scenarios

Spot Case1

Base Case2

Downside Case3

Gold Price ($/oz)

$2,339

$2,212

$1,700

Silver Price ($/oz)

$30.10

$27.69

$22.00

Zinc Price ($/lb)

$1.19

$1.21

$1.15

Lead Price ($/lb)

$0.94

$0.94

$0.90

Copper Price ($/lb)

$4.65

$4.24

$3.75

Post-Tax NPV5% ($ millions)

$1,733

$1,608

$1,098

1. Spot Case based on spot prices as of June 11, 2025.

2. Base Case based on consensus long-term metal prices.

3. Downside Case based on 75% of Base Case gold and silver prices, and 95% of Base Case base metal prices.

Qualified Persons

The technical information in this news release, with respect to the Technical Report, has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed and approved by the following Qualified Persons:

· Galen White, B.Sc., FAusIMM, FGSL; Principal Consultant (Resource Geology) at SRK Consulting (UK) Limited - Mineral Resources

· Ralf Kintzel, B.Eng., MAusIMM, CP(Min); Principal Consultant (Mining) at SRK Consulting (UK) Limited - Mineral Reserves

· Alastair Middleton, M.Sc., C.Eng., MIMMM; Principal Consultant (Mining) at SRK Consulting (UK) Limited - Mining

· Mathew Randall, B.Sc. (Hons), C.Eng., MIMMM; Principal Consultant (Mining) at SRK Consulting (UK) Limited - Mining

· Chris Stinton, B.Sc., C.Eng., MIMMM, FIMMM; Principal Consultant (Metallurgy) at SRK Consulting (UK) Limited - Mineral Processing and Metallurgical Testing

· Fiona Cessford, B.Sc. (Hons), M.Sc., P.Geo., PrSciNat; Corporate Consultant (Environment) at SRK Consulting (UK) Limited - Environmental Studies, Permitting, and Social or Community Impact

· Richard Oldcorn, M.Sc., CGeol, FGS; Corporate Consultant (Due Diligence) at SRK Consulting (UK) Limited - Environmental Studies, Permitting, and Social or Community Impact

· Iestyn Humphreys, M.Sc., FIMMM, ACSM; Corporate Consultant (Due Diligence) at SRK Consulting (UK) Limited - Economic Analysis

All of the Qualified Persons are independent of DPM within the meaning of NI 43-101.

Non-GAAP Financial Measures

Certain financial measures referred to in this news release 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 other companies. The definitions established and calculations performed by DPM are based on management’s reasonable judgment and are consistently applied. These measures are used by management and investors to assist with assessing the Company’s performance, including its ability to generate sufficient cash flow to meet its return objectives and support its investing activities and debt service obligations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

Cash Cost and Cash Cost per Tonne of Ore Processed

Cash cost is a non-GAAP financial measure and cash cost per tonne of ore processed is a non-GAAP ratio. Cash cost includes mining, processing, general and administrative expenses, royalties, and contingency costs. Cash cost per tonne of ore processed is calculated by dividing the cash cost by the tonnes of ore processed. This measure and ratio are used by management and investors to assess the performance of the operation.

All-in Sustaining Costs and All-in Sustaining Cost per Gold Equivalent Ounce

All-in sustaining costs is a non-GAAP financial measure and all-in sustaining cost per gold equivalent ounce is a non-GAAP ratio. These measures and ratios were calculated consistent with the guidance issued by the World Gold Council ("WGC") in November 2018. The WGC is a non-regulatory market development organization for the gold industry and, although the WGC is not a mining industry regulatory organization, it has worked closely with its member companies to develop these measures. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and, notwithstanding the WGC’s guidance, the methodologies and specific definitions adopted by the Company may differ from those adopted by other companies. These measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

The Company defines all-in sustaining costs as the sum of cash cost, sustaining capital expenditures, corporate general and administrative expenses, and rehabilitation and closure costs. All-in sustaining cost per gold equivalent ounce is calculated by dividing the all-in sustaining costs by the payable gold equivalent ounces. These measures and ratios are used by management and investors to assess the performance of the operation.

Information Contact

Jennifer Cameron

Director, Investor Relations

Phone: +1 416 219 6177

Email: jcameron@dundeeprecious.com

[1] Gold equivalent ounces include gold, silver, zinc, lead and copper and are based on the following metal prices: gold at $2,212 per ounce, silver at $27.69 per ounce, zinc at $1.21 per pound, lead at $0.94 per pound and copper at $4.24 per pound.

[2] Gold equivalent ounces include gold, silver, zinc, lead and copper and are based on the following metal prices: gold at $2,212 per ounce, silver at $27.69 per ounce, zinc at $1.21 per pound, lead at $0.94 per pound and copper at $4.24 per pound.

[3] Annual production is based on the 15-year life of mine.

[4] All-in sustaining costs per gold equivalent ounce on a co-product basis is a non-GAAP ratio. Refer to the "Non-GAAP Financial Measures" section of this news release for more information, including a detailed description of this measure.

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