Dundee Precious Metals Achieves Another Record Year of Gold Production in 2021; Announces Q4 / 21 Financial Results Schedule

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TORONTO, January 10, 2022 (GLOBE NEWSWIRE) – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) announced preliminary production results from its two mines in Bulgaria and the Tsumeb smelter in Namibia for the three and twelve months ended December 31, 2021.

“Our mining operations continued to show impressive performance in the fourth quarter, driven by a new quarterly gold production record at Ada Tepe combined with strong results from Chelopech,” said David Rae, President and CEO.

“Overall, 2021 has been another very strong year for DPM as we achieved record annual gold production for the third year in a row and hit the high end of our forecast range for gold production. . We also added the high-quality Loma Larga project to our portfolio and continued to deliver strong sustainability performance as demonstrated by our score in the S&P 2021 Global Corporate Sustainability Assessment, which ranks in the 91st percentile of mining and metallurgical companies.

Preliminary production results

Preliminary results for the fourth quarter and full year 2021 are presented in the table below:

Processed ore Metals contained in the product concentrate Metals payable in concentrate sold Complex concentrate melted
(Kt) Gold (Koz) Copper (Mlb) Gold (Koz) Copper (Mlb) (Kt)
Q4 2021
Chelopech 562.0 49.0 9.2 40.3 8.2
Ada Tepe 219.3 33.8 33.3
Tsumeb 52.0
Consolidated 781.3 82.8 9.2 73.6 8.2 52.0
Year 2021
Chelopech 2199.2 177.0 34.7 149.3 32.7
Ada Tepe 865.6 133.0 129.8
Tsumeb 189.7
Consolidated 3064.8 310.0 34.7 279.1 32.7 189.7
Objectives for the year 2021(1) 2,925 – 3,125 271 – 317 34 – 39 243 – 285 31 – 36 195 – 200

(1) As disclosed in the management report (“management report”) for the period ended September 30, 2021, published on November 11, 2021 and available on www.sedar.com and on www.dundeeprecious.comHighlights of operations

Ada Tepe continued to deliver impressive operating performance, producing a record 33,800 ounces of gold in the fourth quarter, which was slightly above plan due to higher grades. In 2021, Ada Tepe produced approximately 133,000 ounces of gold, which was at the high end of its annual production forecast for the year.

Chelopech also had a strong operating quarter, producing approximately 49,000 ounces of gold and 9.2 million pounds of copper in the fourth quarter. Gold production exceeded expectations due to mining in higher grade gold zones and better recoveries. In 2021, Chelopech produced approximately 177,000 ounces of gold, which was above the upper limit of its annual forecast. Copper production of 34.7 million pounds was in line with annual production forecast.

The Tsumeb smelter processed approximately 52,000 tonnes of complex concentrate during the fourth quarter, reflecting an 8-day maintenance shutdown to repair a water leak in the exhaust gas system. As a result, the smelter processed approximately 189,700 tonnes of complex concentrate in 2021, slightly below the revised forecast range of 195,000 to 200,000 tonnes.

Repayment of capital to shareholders

In accordance with its disciplined capital allocation framework, DPM continues to return capital to shareholders through a sustainable quarterly dividend and periodic share buybacks as part of its normal course buyback offer. .

As previously announced in November 2021, DPM will pay a quarterly dividend of US $ 0.03 per share on January 17, 2022 to shareholders of record at 5:00 p.m. local Toronto time on December 31, 2021.

During the fourth quarter, DPM repurchased 152,300 common shares at an average price of C $ 7.51 per share. In total, DPM repurchased 1,723,800 common shares in 2021 at an average price of C $ 7.64 per share, for a total value of approximately C $ 13.2 million.

Calendar of fourth quarter 2021 operating and financial results

The Company expects to release its fourth quarter and full year 2021 operating and financial results, its detailed 2022 forecast and updated three-year outlook after market close on Thursday, February 17, 2022. The press release from press, the MD&A and consolidated financial statements will be published on SEDAR at www.sedar.com and on the Company’s website at www.dundeeprecious.com.

On Friday, February 18, 2022 at 9 a.m. local Toronto time, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. Participants are encouraged to connect to the call 15 minutes before the scheduled start time or join via the audio webcast to reduce waiting time before the call.

The phone numbers and webcast details are as follows:

Date and time Friday February 18, 20229: 00 Toronto local time
Webcast link https://edge.media-server.com/mmc/p/gxj23aqa
Phone call Toll free (Canada and United States): 1-844-402-0878 International: + 1-478-219-0512 Access code: 7972723
Replay (available 7 days after the call) Toll free (Canada and United States): 1-855-859-2056 International: + 1-404-537-3406 Access code: 7972723

Technical informations

The technical and scientific information contained in this press release has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), Corporate Mineral Resource Manager of DPM, who is a Qualified Person within the meaning of National Instrument 43-101. , and not independent of the Company.

About Dundee Precious Metals Inc.

Dundee Precious Metals Inc. is a Canada-based international gold company with operations and projects located in Bulgaria, Namibia, Serbia and Ecuador. The Company’s goal is to free up resources and generate value to prosper and grow together. This overall objective is supported by a set of fundamental values, which guides the way in which the Company carries out its activities and informs a set of pillars and complementary strategic objectives linked to ESG, innovation, optimization of our existing portfolio and growth. The Company’s resources are allocated in accordance with its strategy to ensure that DPM delivers value to all of its stakeholders. DPM’s shares are traded on the Toronto Stock Exchange (symbol: DPM).

For more information, please contact:

David raePresident and CEO Tel: (416) [email protected]

Jennifer cameronDirector, Investor Relations Tel: (416) [email protected]

Caution regarding forward-looking statements

This press 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 which are not historical facts and are generally, but not always, identified by the use of forward-looking terms such as “plans”, “expects”, “is expected”, “budget”, “Foreseen”, “” believes “,” foresees “,” prospect “,” intends “,” foresees “,” believes “, or variations of these words and expressions or which state that certain actions, events or results “could”, “could”, “would”, “could” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. Forward-looking statements are based on certain key assumptions and the opinions and estimates of management as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors that may cause actual results. , the performance or achievements of the Company must be materially different from any other future result, performance or achievement expressed or implied by forward-looking statements. These factors include, among others, risk factors discussed or mentioned in any other document (including, without limitation, the most recent annual information form of the Company) filed from time to time with the securities regulators of all provinces and territories of Canada and available on SEDAR at www.sedar.com. The reader is cautioned that the foregoing list is not exhaustive of all the factors that may have been used. Although the Company has attempted to identify material 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 to differ materially from those described in forward-looking statements. or results are not foreseen, estimated or foreseen. There can be no assurance that forward-looking statements will prove to be correct, 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 assumes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions change. Therefore, readers are cautioned not to place undue reliance on forward-looking statements.

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Source: Dundee Precious Metals, Inc.

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