Dundee Precious Metals Delivers Strong Second Quarter Gold Production; Announces Timing of Second Quarter Financial Results

TORONTO, July 10, 2023 - Dundee Precious Metals Inc. (TSX: DPM) ("DPM" or "the Company") announced preliminary production results from both of its mines and smelter for the three and six months ended June 30, 2023.

"Our mining operations continue to perform well and delivered another strong quarter of production in the second quarter," said David Rae, President and Chief Executive Officer. "Our strong performance year-to-date positions us well to achieve our 2023 guidance targets for gold and copper production."

Production Highlights

Preliminary results for the second quarter and six months are provided in the table below:

(1) As disclosed in Management's Discussion and Analysis ("MD&A") for the quarter ended March 31, 2023, issued on May 4, 2023 and available at www.sedar.com and at www.dundeeprecious.com.

Operational Highlights

Chelopech produced approximately 44.4 K oz. of gold and 7.9 Mlbs. of copper in the second quarter, which increased compared to the first quarter of the year as a result of higher grades, as expected per the mine plan. Payable metals in concentrate sold was 33.9 K oz. and is expected to be higher in the second half of 2023, relating to timing of sales and higher gold payable terms. Chelopech is on track to achieve 2023 guidance for production and payable metals sold.

Ada Tepe continued to deliver strong performance, producing approximately 31.9 K oz. of gold in the second quarter, in-line with expectations. Ada Tepe is on track to achieve 2023 production guidance.

The Tsumeb smelter processed approximately 49.5 K tonnes of complex concentrate in the second quarter, which was below expectations due to unplanned downtime related to the off-gas systems. The Company plans to undertake additional maintenance in the off-gas system, which is expected to resolve this issue, concurrently with the Ausmelt furnace maintenance scheduled for the third quarter of 2023. Complex concentrate smelted is currently tracking at the low-end of the 2023 guidance range, and the Company plans to provide an update with its second quarter financial results.

Returning Capital to Shareholders

In line with its disciplined capital allocation framework, DPM continues to return capital to shareholders through a sustainable quarterly dividend and share repurchases under its Normal Course Issue Bid ("NCIB").

During the second quarter, DPM repurchased approximately 3,507,000 common shares at an average price of US$7.26 (Cdn$9.76) per share for a total of approximately US$25.5 million. Year-to-date, the Company has repurchased approximately 4,798,000 common shares at an average price of US$7.05 (Cdn$9.50) per share for a total of approximately US$33.8 million.

As previously announced in May 2023, DPM will pay a quarterly dividend of US$0.04 per share on July 17, 2023, to shareholders of record on June 30, 2023.

Timing of Second Quarter 2023 Operating and Financial Results

The Company plans to release its second quarter 2023 operating and financial results after market close on Tuesday, August 1, 2023. The news release, MD&A and condensed interim consolidated financial statements will be posted on SEDAR at www.sedar.com and on the Company's website at www.dundeeprecious.com.

On Wednesday, August 2, 2023, at 9 AM EDT, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate via conference call, register in advance at the link in the following table to receive the dial-in information as well as a personalized PIN code to access the call.

About Dundee Precious Metals Inc.

Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia, Ecuador and Serbia. The Company's purpose is to unlock resources and generate value to thrive and grow together. This overall purpose is supported by a foundation of core values, which guides how the Company conducts its business and informs a set of complementary strategic pillars and objectives related to ESG, innovation, optimizing our existing portfolio, and growth. The Company's resources are allocated in-line with its strategy to ensure that DPM delivers value for all of its stakeholders. DPM's shares are traded on the Toronto Stock Exchange (symbol: DPM).

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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 press release relate to, among other things: expected cash flows; the price of gold, copper, silver and sulphuric acid; toll rates, metals exposure and stockpile interest deductions at Tsumeb; the estimation of Mineral Reserves and Mineral Resources and the realization of such mineral estimates; estimated capital costs, all-in sustaining costs, operating costs and other financial metrics, including those set out in the outlook and guidance provided by the Company; the timing of the scheduled maintenance at Tsumeb; the timing and amount of dividends; and the timing and number of common shares of the Company that may be purchased pursuant to the NCIB. 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 which may cause the actual results, performance or achievements of the Company 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, fluctuations in metal and sulphuric acid prices, toll rates and foreign exchange rates; risks arising from the current inflationary environment and the impact on operating costs and other financial metrics; continuation or escalation of the conflict in Ukraine; risks relating to the Company's business generally and the impact of global pandemics, including COVID-19 resulting in changes to the Company's supply chain, production shortages, delivery and shipping issues; possible variations in ore grade and recovery rates; inherent uncertainties in respect of conclusions of economic evaluations, economic studies and mine plans; failure to achieve certain cost savings or the potential benefits of any upgrades and/or expansion; there being no assurance that the Company will purchase common shares under the NCIB; as well as those risk factors discussed or referred to in any other documents (including without limitation the Company's most recent Annual Information Form) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com. 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.