1. JULY 2013
DUNDEE PRECIOUS METALS
BUILDING A PREMIER,
INTERMEDIATE, LOW-COST
GOLD PRODUCER
Proudly celebrating 30 years as a
Toronto Stock Exchange
listed company

2. 2
FORWARD-LOOKING
STATEMENTS
This presentation contains “forward-looking information” or "forward-looking statements" that involve a number of risks and
uncertainties. Forward-looking information and forward-looking statements include, but are not limited to, statements with respect to
the future prices of gold and other metals, the estimation of mineral reserves and resources, the realization of mineral estimates, the
timing and amount of estimated future production and output, costs of production, capital expenditures, costs and timing of the
development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional
capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims,
limitations on insurance coverage and timing and possible outcome of pending litigation. Often, but not always, forward-looking
statements can be identified by the use of words such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or state
that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking
statements are based on 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. Such factors include, among others: the actual results of current exploration activities; actual results of current
reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future
prices of gold; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities, fluctuations in metal prices, as well as those risk factors discussed or referred to
in this news release under and in the Company’s annual information form under the heading "Risk Factors" and other documents filed
from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.
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. Accordingly, readers are cautioned not to
place undue reliance on forward-looking statements.

3. Dundee Precious Metals
Strong
Financial Position
Commodity and
Geographic
Diversification
High Quality Assets
with Proven Operating
Performance and Further
Potential
Experienced Management
Team and Board with
Strong Track Record
Pipeline of Value Adding
Organic Growth
INVESTMENT SUMMARY
3

4. MAINTAINING A SOLID FINANCIAL
POSITION
4Dundee Precious Metals
Share Price C$4.31
Shares Outstanding 139M
Market Capitalization $600M
Fully diluted shares
Additional cash on dilution
146M
C$25M
52 week low - high $3.69 - $9.93
Gross Revenue by Metals Sold
2011A 2012A 2016EGold
Copper
Silver
Zinc
Dundee Corporation 25%
Equinox Partners <10%
$285M
Cash and Credit
including:
$36M from early warrant exercise
$150M undrawn revolving credit
facility
~$100M in Cash
@ Mar. 31, 2013
$121M
Significant 2012 Operating
Cash Flow
$80.5M
Debt
@ Mar. 31, 2013
Total Debt : Total Capital
= 10%
48%
41%
6% 5%
Capital Structure @ July 2, 2013
Top Shareholders

5. DPM’S ASSETS LOCATED IN
POLITICALLY STABLE REGIONS
5Dundee Precious Metals
Head office
Operating assets
Developing asset

6. GOLD COMPOUND ANNUAL GROWTH
RATE OF 14%
6Dundee Precious Metals
Consolidated Gold Production (oz 000’s) Consolidated Copper Production (lbs 000,000)
Copper production has increased 105% over four yearsGold production has increased 70% over four years

7. DECREASING CASH COSTS AND
INCREASING EBITDA
7Dundee Precious Metals
Reduced cash cost per ounce of gold produced
78% over four years1
Consolidated Adjusted EBITDA increased
412% over four years2
($40)
$32
$45
$118
$125
2008 2009 2010 2011 2012
(1) Net of by-product credits
(2) Cdn $

8. 8
Source: Scotia Capital (April 2, 2013), DPM 2013 Guidance
Note: All-in Sustaining Cash Cost = Total cash costs (net of by-products) + sustaining capital + corporate G&A
DPM: A LOW COST PRODUCER
Cash Cost/Tonne of Ore Processed (1) ($/T)
(1) This is a non-GAAP measure. See 2012 Annual Report for further details.
(2) All-in cost is comprised of cash delivered cost which includes mine cash costs, TC’s, RC’s and freight; net of by product credits, sustaining capital; and G&A costs
(allocated based on revenue of operation). All-in costs exclude Avala and Dunav and growth capital expenditures. See Appendix for reconciliation to cost of sales.
Dundee Precious Metals
$665 $714
$782
$838 $842 $875 $884
$1,005
$1,155 $1,178 $1,212
$1,325 $1,362
DPM Argonaut Alamos Allied
Nevada
Primero Timmins Teranga Centerra Alacer AuRico African
Barrick
Golden
Star
Semafo
2013E All-In Sustaining Cash Cost (US$/oz)
Average: $987

9. CORPORATE VISION AND STRATEGY
9Dundee Precious Metals
Building DPM into a premier, intermediate, low-cost
gold producer
Optimize value of existing operating assets
Grow the business beyond existing operating assets
Sustain low quartile operating costs Conceptual
Illustration of
Krumovgrad
Gold Project
3 blocks of
dust-
capturing
chambers
installed in
the new
baghouse at
Tsumeb
Exploration
at Kapan
Mine
Autoclave
fabricated for
the MPF to
be used for
Stage 2
Pyrite
Project at
Chelopech
• Increase mine production and extend LOMs
• Upgrade/expand smelter and establish long-term contracts
that provide a stable return
• Develop Krumovgrad gold project
• Establish deep pipeline of greenfield exploration
opportunities
• Complete acquisitions that offer accretive growth, diversity
and gold exposure, while maintaining a conservative
capital structure
Maintain a strong balance sheet with ample liquidity
Strategy
Vision

10. CHELOPECH MINE:
LOW COST, LONG LIFE PRODUCER
10Dundee Precious Metals
Chelopech Optimization
Grade Ounces
Resources M&I
(at Dec.31, 2012)
Au (oz) 4.0 g/t 3.8M
Cu (lbs) 1.3% 825M
Reserves
(at Dec 31, 2012)
Au (oz) 3.6 g/t 2.5M
Cu (lbs) 1.1% Cu 519M
Estimated Mine Life @ expanded rate 10+ years
Continue to implement
cost/margin improvements
Operating at full capacity of two
million tonnes of ore per annum
Capitalize on lower cost / higher
recovery staged flotation reactor
technology
Perform targeted exploration to
replace depletion and increase
mineral resources / reserves
Install new pyrite concentrate
flotation circuit
Complete feasibility study on the
pyrite gold treatment project
Staged Flotation
Reactor at
Chelopech
Operations

11. Dundee Precious Metals
400,000 T pyrite concentrate produced (E)
Metals Potential Grades Est. Incremental Production Result
Au 6-7 g/t 75,000 - 90,000 oz
Ag 10 - 15 g/t 130,000 - 190,000 oz
Cu 0.5% - 0.7% 4.5M - 6.0M lbs
Cash cost per oz of gold (net of by-product credits) $615
Estimated capital costs $202M
NPV (5% discount rate) after tax(1) $141M
IRR after tax(1) 24%
Item Capex
Stage 1: Concentrator upgrade $23M
Stage 2: POX Facility
Phase 1 - start production 2017 $93M
Phase 2 - start production 2019 $87M
(1) Assumes the following commodity prices after 2016: $1,250/oz Au, $25/oz Ag,
and $2.75/lb Cu
Project HighlightsProject Stages
CHELOPECH MINE:
PYRITE PROJECT TO INCREASE RECOVERIES TO 90%
2013 Catalysts
Complete Stage 1
Concentrator Upgrade
Q4 2013
Stage 2 POX
Facility Feasibility Study
Q3 2013
11

12. Dundee Precious Metals 12Dundee Precious Metals
Kapan Optimization
Complete final portion of drilling of
Shahumyan deposit to support
resource and potential expanded
operation
Complete studies to confirm optimal
mine plan based on new resource
Explore regional license to define
additional Mineral Resources
Continue operational improvements
and cost reductions
Product
Cu & Zn concentrates
containing Au & Ag
Deposit Type
Polymetallic vein deposit
(swarms)
Open Pit Resource Underway
Underground Resource Underway
KAPAN MINE:
POTENTIAL TO INCREASE SIZE AND EXTEND LIFE OF MINE
2012 Metals Production Grades
22,000 oz Au 1.56 g/t
2.5M lbs Cu 0.25%
15.4M lbs Zn 1.67%
450,000 oz Ag 32.20 g/t
Kapan Mine office
2013 Catalysts
Updated NI 43-101
Resource Estimate
Q3
2013
* Kapan operations were on care and maintenance as of November 2008; operations restarted April 2009.

13. Dundee Precious Metals
• One of the few smelters with
ability to process complex
concentrate
• Upgrades designed to meet
internationally accepted
environmental standards and
expand capacity to process
additional 3rd party
concentrate
• Lower per tonne operating
costs and more favourable
smelting terms are expected
to generate significantly higher
margins
Horne Smelter
Operated by Xstrata
Capacity: 825Kt of concentrate (total)
Note: Complex concentrate capacity limited
with little to no 3rd party capacity
Tsumeb Smelter
Operated by Dundee Precious Metals
Capacity: 240Kt-320Kt of complex concentrate
Operating Smelters
Closed Smelters
Other smelters that process various amounts of complex concentrates
La Oroya Smelter(1)
Operated by Doe Run
Kosaka Smelter
Shut down in Q1 2008San Luis de Potosi Smelter
Shut down in 2012
Note: Currently closed
Limited Global Smelting Capacity for Complex Concentrate
TSUMEB SMELTER:
A UNIQUE STRATEGIC ASSET
13

14. Dundee Precious Metals
DPM Ownership 100%
Location Namibia
Technology Ausmelt
Product
Copper blister
bars
2012 concentrate throughput 159,356 tonnes
Emissions & dust capture upgrades $99M
Sulphuric acid capture plant (Q3 2014) $204M
Electric holding furnace (Q1 2016) ~$70M+
Asset Overview
TSUMEB SMELTER HAS POTENTIAL
TO POSITIVELY IMPACT EARNINGSComplexConSmelterCapacity(000’s)
14

15. KRUMOVGRAD GOLD PROJECT:
LOW CASH COST OPERATION
15Dundee Precious Metals
Proposed Mine Type Open Pit
Gold Recoveries 85%
Grade 3.4 g/t
Annual ore tonnage production 850,000 tpy
Annual Au production 74,000 ounces
Mine Life 9 years
Capital Costs to complete US$127M
Total cash cost per oz Au Eq $404
Conceptual
Illustration of
Krumovgrad
Gold Project
Secure final local approvals
required prior to proceeding with
ordering long lead items /
construction
Seek opportunities to increase
recoveries through use of SFR
technology
Update / finalize mine plan
Complete detailed engineering that
optimizes value of project
Evaluate other exploration
opportunities within existing
licenses and establish targeted drill
program
Based on Jan. 2012 DFS; Estimated recoveries, capital & operating costs in process of being updated.
Future Catalysts
Start Construction 2015
Start Production 2016

16. Dundee Precious Metals
• NI-43-101 resources include:
 Bigar Hill initial Inferred Resource of 26.4 MT @
1.6 g/t Au for 1.4Moz
 Korkan initial Inferred Resource of 20.1 MT @
1.5 g/t Au for 1.0 Moz
 Kraku Pester initial Indicated resource of 6.3 MT
@ 1.3 g/t Au for 0.27 Mozs and Inferred
Resource of 2.2 MT @ 1.0 g/t Au for 0.07 Moz
• Total Inferred Resource of 48.7 MT @ 1.5 g/t Au for
2.5 Moz
• NI-43-101 inferred resources include:
 Kiseljak Mineral Resource initial estimate 300
MT grading 0.27% Cu & 0.26 g/t Au for 1.8 Blbs
Cu and 2.5 Moz Au
• Bakrenjaca Au-Ag base metal epithermal system,
drilling intersected 11m @ 5.13 g/t Au, 346 g/t Ag and
1.19% Cu
DPM EXPLORATION UPDATE:
PARTIALLY-OWNED ENTITIES
Securities
Shares
(m)
% Held
Value
(C$M)
Avala Resources
Special Warrants
Warrants (strike at C$0.30)
Total
135.0
50.0
25.0
53% 8.1
-
-
8.1
Dunav Resources
Warrants (strike at C$0.42)
Total
56.0
27.5
46% 6.2
-
6.2
Total shares & securities ~ 14.3
Avala Resources Ltd. (TSX-V: AVZ) Equity Portfolio Overview as at July 2, 2013
Dunav Resources Ltd. (TSX-V: DNZ)
16

17. DPM VALUE PROPOSITION:
TRADING AT A SIGNIFICANT DISCOUNT TO OUR PEERS
17Dundee Precious Metals
as at July 2, 2013
Market Capitalization (FD) $630M
Debt $80.5M
Corporate Cash (1) ($140M)
Strategic Investments ($31M)
Enterprise Value $540M
2017 @ $1,400 Au; $3.20 Cu
Chelopech $220M
Kapan (excluding open pit expansion) $23
Krumovgrad $42
Tsumeb Smelter $100
G & A ($35)
Average EBITDA $350(2)
EV/EBITDA 1.5x
Estimated Capital expenditure to 2017 $640 - $750M
Estimated Cash Flow to 2017(3) $1.0B
(1) At Mar. 31, 2013;
AVZ and DNV are
assumed at $0; Fully
Diluted; includes cash on
dilution
(2) Assumes avg LOM
EBITDA for Chelopech,
Kapan (assuming Kapan
can be extended &
operated at current rates),
Krumovgrad and estimate
for NCS at 310,000 tpa
(3) Based on $1,400 Au
and $3.20 Cu.

18. Dundee Precious Metals
Strong
Financial Position
Commodity and
Geographic
Diversification
High Quality Assets
with Proven Operating
Performance and Further
Potential
Experienced Management
Team and Board with
Strong Track Record
Pipeline of Value Adding
Organic Growth
COMPELLING INVESTMENT
OPPORTUNITY
18

19. DUNDEE PRECIOUS METALS
MANAGEMENT TEAM
19Dundee Precious Metals
Rick Howes
President & Chief Executive Officer
David Rae
Senior Vice President,
Operations
Adrian Goldstone
Executive Vice President,
Sustainable
Business Development
Michael Dorfman
Senior Vice President,
Corporate Development
Hume Kyle
Executive Vice
President &
Chief Financial Officer
Lori Beak
Senior Vice President,
Investor &
Regulatory Affairs &
Corporate Secretary
Hans Nolte
Vice President & General
Manager, Namibia Custom
Smelters
Reuben Mills
Vice President, Safety &
Asset Risk Management
Rob Taylor
Vice President Projects
Jeremy Cooper
Vice President,
Commercial Affairs
Simon Meik
Vice President, Processing
Hratch Jabrayan
Vice President & General
Manager,
Kapan Mine
Nikolay Hristov
Vice President & General
Manager,
Chelopech Mine
Iliya Garkov
Vice President & General
Manager, Krumovgrad
Gold Project
Richard Gosse
Senior Vice
President,
Exploration
Jonathan Goodman
Executive Chairman
Paul Proulx
Senior Vice President,
Corporate Services

20. dundeeprecious.com
One Adelaide Street East
Suite 500
Toronto, Ontario M5C 2V9
T: 416 365-5191
Investor Relations
T: 416 365-2851
ssrubiski@dundeeprecious.com
TSX:
DPM – Common Shares
DPM.WT.A – 2015 Warrants
Proudly celebrating 30 years as
a Toronto Stock Exchange listed
company

21. 21
APPENDICIES

22. ANALYST COVERAGE
22Dundee Precious Metals
BMO John Hayes
CIBC World Markets Leon Esterhuizen
Cormark Securities Mike Kozak
Dundee Securities Josh Wolfson
GMP Securities Oliver Turner
Paradigm Capital Don MacLean
RBC Capital Markets Sam Crittenden
Scotia Capital Leily Omoumi
Stifel, Nicolaus & Co. Michael Scoon

23. 2013 GUIDANCE
23Dundee Precious Metals
Metals Contained in Concentrate Produced Chelopech Kapan Total
Gold (ounces) 125,000 – 143,000 25,000 – 30,000 150,000 – 173,000
Copper (million pounds) 43.0 – 46.0 2.5 – 3.0 45.5 – 49.0
Zinc (million pounds) - 12.0 – 14.5 12.0 – 14.5
Silver (ounces) 182,000 – 195,000 438,000 – 528,000 620,000 – 723,000
Sustaining Capital expenditures $14 - $17 million $8 - $12 million $22 - $29 million
Total growth capital expenditures $210 - $240 million
Construction of acid plant at Tsumeb
Pyrite Project at Chelopech
Krumovgrad development and construction work
Kapan Gold exploration and/or development work
Mine output at Chelopech (tonnes of ore) 1.9 – 2.05 million
Mine out put at Kapan (tonnes of ore) 550,000 – 600,000
Concentrate smelted at Tsumeb (tonnes) 185,000 – 200,000
Sustaining capital expenditures at Tsumeb $13 - $16 million

24. Q1 2013 SUMMARY
24Dundee Precious Metals
Q1 2013 Q1 2012
Adjusted Net Earnings $6.6 million $31.3 million
Adjusted basic EPS $0.05 $0.25
Gross profit (loss)
Chelopech $36.4 million $52.4 million
Kapan ($1.4 million) $1.8 million
Tsumeb Smelter ($10.7 million) ($5.8 million)
Total Gross profit $24.3 million $48.4 million
Chelopech Production
Gold (ounces) 39,313 35,582
Copper (lbs) 12,048,521 11,620,465
Silver (ounces) 61,058 59,050
Cash cost/T ore processed (incl. royalties) $41.16 $46.80
Cash cost/T ore processed (excl. royalties) $36.55 $41.97
Kapan Production
Gold (ounces) 5,159 6,328
Copper (lbs) 553,731 613,397
Zinc (lbs) 3,358,133 4,443,184
Silver (ounces) 94,346 128,476
Cash cost/T ore processed (incl. royalties) $75.83 $75.18
Cash cost/T ore processed (excl. royalties) $72.36 $66.29

25. COPPER HEDGE POSITION
25Dundee Precious Metals
Year of projected payable copper
production
Volume Hedged (lbs) * Average fixed price ($/lb)
2013 5,019,920 $3.94
2014 7,195,880 $3.73
Total 12,215,800 $3.81
• As at March 31, 2013, the Company had outstanding derivative contracts to mitigate a portion of its price exposure
related to its by-products. These are summarized below:

26. CHELOPECH MINE:
UPDATED MINERAL RESERVES AND RESOURCES
26Dundee Precious Metals
Chelopech Mineral Reserves – December 31, 2012
Category
Tonnes
(M)
Gold Copper Silver
Grade
(g/t)
Ounces
(M)
Grade
(%)
Pounds
(M)
Grade
(g/t) Ounces (M)
Proven 12.3 3.4 1.4 1.3 340 9.3 3.7
Probable 9.3 3.8 1.1 0.9 180 5.7 1.7
Total 21.6 3.6 2.5 1.1 519 7.7 5.4
Chelopech Mineral Resources – December 31, 2012
Category
Tonnes
(M)
Gold Copper Silver
Grade (g/t)
Ounces
(M)
Grade
(%)
Pounds
(M)
Grade
(g/t) Ounces (M)
Measured 15.1 4.0 2.0 1.5 490 10.3 5.0
Indicated 14.0 4.0 1.8 1.1 336 8.5 3.8
M&I 29.1 4.0 3.8 1.3 825 9.4 8.8
Inferred 9.3 2.9 0.9 0.9 182 10.6 3.2
1. The rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.
2. All Mineral Resources and Mineral Reserves Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.
3. Chelopech Mineral Reserves are based on a gold equivalent cut-off of 4 g/t (Au g/t + 2.06xCu%) and a cut-off of USD 10 profit/tonne using NSR analysis, as of December 31, 2012. This information has been
prepared by Gordon Fellows who is a QP as defined in NI 43-101 and not independent of the Company.
4. Chelopech Mineral Resources are based on a gold equivalent cut-off 3 g/t (Au g/t + 2.06xCu%) and a greater than USD 0 profit/tonne test using NSR analysis, as of December 31, 2012. This information has
been prepared by Petya Kuzmanova and reviewed and approved by Julian Barnes. Julian Barnes is a QP as defined in NI 43-101 and not independent of the Company.
5. Mineral Reserves and Mineral Resources for Chelopech are based on long term metals prices of USD 1,250/oz Au, USD 2.75/lb Cu, USD 25/oz Ag.
6. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves.

27. CHELOPECH MINE:
EXPLORATION RESULTS Q1 2013
27Dundee Precious Metals
Significant intercepts (cut-off grade 3g/tAuEq)
Hole ID Northing
(mRL)
Easting
(mRL)
Dip Az From
(m)
To (m) Interval
(m)
Grades
Cu (%) Au (g/t)
EXT19_260_13 29786 6042 -28.1 018.7 121.5 148.5 27.0 0.68 3.60
EXT19_260_14 29785 6042 -42.1 019.1 145.5 162.0 16.5 1.42 3.47
EXT19W_320_23 29778 5846 -25.9 43.7 25.5 49.5 24.0 1.06 3.90
129.0 138.0 9.0 0.93 2.36
EXT19W_320_24 29778 5846 -43.8 42.6 28.5 64.5 36.0 1.21 3.65
EXT19W_320_25 29777 5843 -8.8 336.2 120.0 153.0 33.0 0.26 4.51
EXT151_165_04 29305 5463 -60.6 134.2 40.5 54.0 13.5 0.71 2.67
G103_225_03 29178 5706 -58.4 346.4 85.5 126.0 40.5 0.79 2.07
1) Significant intercepts are located within the Chelopech Mine Concession and proximal to the mine workings.
2) Gold Equivalent calculation is based on the following formula: (Au g/t + 2.05xCu%).
3) Minimum downhole width reported is 1.5 metres with a maximum internal dilution of 4.5 metres.
4) True widths are approximately 90% of the intersection width.
5) Drill holes with prefix G indicate grade control drilling which is performed using BQ diamond drill core. All other holes are drilled with NQ
diamond core.
6) Coordinates are in mine-grid.
7) No factors of material effect have hindered the accuracy and reliability of the data presented above.
8) No upper cuts applied.
9) For detailed information on drilling, sampling and analytical methodologies refer to the NI 43-101 “Preliminary Economic Assessment Report
for the Chelopech Pyrite Recovery Project” (the “PEA Technical Report”) filed on SEDAR at www.sedar.com on September 10, 2012.

28. CHELOPECH MINE:
CASH COST RECONCILIATION
28Dundee Precious Metals
US$ thousands, unless otherwise indicated
Q1 2013
Actual
Year 2012
Actual
Year 2011
Actual
Year 2010
Actual
Year 2009
Actual
Year 2008
Actual
Cost of Sales:
31,991 98,298 88,838 $72,707 74,499 67,245
Less amortization & other
(7,948) (19,542) (15,499) (14,425) (14,242) (11,966)
Plus other charges, including freight
23,832 86,228 65,125 41,234 38,317 26,006
Less by-product credits
(41,434) (163,940) (147,812) (87,320) (64,198) (59,376)
Cash cost of sales after by-product credits
6,441 1,044 (9,348) 12,196 34,376 21,909
Gold oz (payable metal)
34,732 116,644 83,796 58,065 93,081 70,878
Cash cost of sales/oz gold,
(net of by-product credits)
$1851 $92 $(112)3 $2104 $3695 $3096
5Based on US$2.34/lb copper 6
Based on US$3.16/lb copper4
Based on US$3.42/lb copper
3
Based on US$4.27/lb copper2
Based on US$3.95/lb copper
1
Based on US$3.64/lb copper

29. CHELOPECH MINE:
CASH COST PER TONNE OF ORE RECONCILIATION
29Dundee Precious Metals
1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.
2. For other periods please refer to past MD&As available on the corporate web site.
US$ thousands, unless otherwise indicated
For the periods indicated
Q1
2013
Year 2012
Actual
Year 2011
Actual
Year 2010
Actual
Year 2009
Actual
Year 2008
Actual
Ore processed (mt) 513,360 1,819,687 1,353,733 1,000,781 980,928 900,563
Cost of sales 31,991 98,298 $ 88,838 $ 72,707 75,647 67,423
Add (deduct):
Depreciation, amortization & other non-cash costs (7,948) (19,542) (15,499) (14,425) (15,390) (11,966)
Change in concentrate inventory (2,911) 4,535 862 (2,018) (419) (178)
Total cash cost of production 21,132 83,291 $ 74,201 $ 56,264 59,838 55,279
Cash cost per tonne of ore processed, including
royalties $41.16 $ 45.77 $ 54.81 $ 56.22 $ 61.00 $ 61.38
Cash cost per tonne of ore processed, excluding
royalties $36.55 $ 41.16 $ 49.99 $ 51.54 $ 55.23 $ 57.87

30. KAPAN MINE:
MINERAL RESOURCE ESTIMATE
30Dundee Precious Metals
Cut off
(AuEq - g/t)
Tonnage
(Mt)
Gold Equiv.
(g/t)
Copper
(%)
Gold
(g/t)
Silver
(g/t)
Zinc
(%)
0.50 335.8 1.19 0.11 0.48 8.39 0.41
0.75 226.5 1.47 0.13 0.61 10.32 0.49
1.00 147.1 1.80 0.15 0.79 12.62 0.57
1.25 98.3 2.14 0.17 0.99 14.99 0.65
1.50 69.8 2.45 0.18 1.19 17.00 0.72
1.75 49.2 2.80 0.19 1.43 19.14 0.78
2.00 36.3 3.13 0.19 1.68 20.87 0.83
Shahumyan Deposit – September 2008
Inferred Mineral Resource – Ordinary Kriging Estimate
10mE x 10mN x 10mRL Block Size – 5m Capped Input Composite Data
AuEq US$ price assumptions: Cu $2.50/lb, Au $850/oz, Ag $16/oz and Zn $1.00/lb

31. KAPAN MINE:
EXPLORATION RESULTS Q1 2013
31Dundee Precious Metals
Surface significant intercepts (SHDDR holes, cut-off grade 0.5 g/t AuEq) and underground significant intercepts (E
holes, cut-off grade 1.0g/t AuEq)
Hole ID
Northing
(mRL)
Easting
(mRL)
RL Dip Azi From
(m)
To
(m)
Interval
(m) & AuEQ
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
E712DE014 4343208 8623975 713 -23.1 358.4 79.0 81.0 2m @ 20.17 11.55 358.5 0.06 2.47
E712DE028 4343208 8623974 712 -54.9 352.2 367.0 369.0 2m @ 13.09 8.72 69.5 1.79 0.07
E712DW007 4343184 8623803 713 -20.0 6.9 423.0 425.2 2.2m @ 17.74 8.20 184.6 2.45 3.33
E712DW009 4343184 8623803 712 -40.7 6.2 48.0 54.0 6m @ 11.71 3.72 54.4 2.18 6.05
SHDDR0516 4344044 8623467 975 -59.8 2.7 49.0 54.0 5m @ 3.68 2.30 22.2 0.04 1.58
SHDDR0517 4343950 8623467 963 -59.4 1.5 48.0 59.0 11m @ 2.49 0.96 34.8 0.30 0.64
SHDDR0517 4343950 8623467 963 -59.4 1.5 76.0 94.5 18.5m @ 1.93 0.36 17.5 0.36 1.14
SHRCR0111 4343334 8623777 904 -60.6 0.6 54.0 63.0 9m @ 3.56 1.36 22.0 0.31 2.29
SHRCR0115 4343370 8623867 895 -60.5 0.4 69.0 82.0 13m @ 5.93 5.59 9.3 0.01 0.24
SHRCR0117 4343245 8623880 882 -60.4 1.1 20.0 35.0 15m @ 2.43 0.91 21.8 0.15 1.51
SHDDR0539 4343234 8623596 906 -60.3 1.4 134.0 150.0 16m @ 2.72 1.03 25.8 0.25 1.40
SHDDR0539 4343234 8623596 906 -60.3 1.4 269.0 283.0 14m @ 4.42 2.45 49.5 0.26 1.01
1) In situ gold equivalent (AuEq) grade based on the following long-term metal prices: $1,250 per ounce for gold, $25 per ounce for silver, $3.00 per pound for copper and $1.00 per pound for
zinc.
2) Holes with the prefix SHDDR and SHRCR are surface HQ diamond and RC open pit drilling, respectively, while E holes are underground BQ drilling.
3) Significant intercepts for surface holes are located within the Central and Southern Zones while underground drilling is located within the Central Zone of the Shahumyan Deposit.
4) True widths are approximately 90% of the intersection width.
5) Minimum width reported is 2 metres and a maximum internal dilution of 4 metres.
6) All survey coordinates are transformed to AUSPOS.
7) No factors of material effect have hindered the accuracy and reliability of the data presented above.
8) No upper cuts have been applied.

32. KAPAN MINE:
CASH COST RECONCILIATION
32Dundee Precious Metals
US$ thousands, unless otherwise indicated
Q1 2013
Actual
Year 2012
Actual
Year 2011
Actual
Year 2010
Actual
Year 2009
Actual
Year 2008
Actual
Cost of Sales:
9,502 50,547 47,276 33,637 21,072 36,319
Less amortization & other
(1,617) (9,989) (9,140) (7,056) (6,996) (5,400)
Plus other charges, including freight
1,672 6,218 11,893 8,912 5,142 4,976
Less by-product credits
(5,780) (32,075) (47,588) (28,562) (13,591) (13,520)
Cash cost of sales after by-product credits
3,777 14,701 3,028 6,931 5,627 22,375
Gold oz (payable metal)
3,541 18,204 26,230 22,287 11,233 11,388
Cash cost of sales/oz gold,
(net of by-product credits)
$1,0671 $8082 $1153 $3114 $5015 $1,9656
5Based on US$2.34/lb copper 6
Based on US$3.16/lb copper4
Based on US$3.42/lb copper
3
Based on US$4.27/lb copper2
Based on US$3.95/lb copper
1
Based on US$3.64/lb copper

33. KAPAN MINE:
CASH COST PER TONNE OF ORE RECONCILIATION
33Dundee Precious Metals
1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.
2. For other periods please refer to past MD&As available on the corporate web site.
US$ thousands, unless otherwise indicated
For the periods indicated
Q1
2013
Year 2012
Actual
Year 2011
Actual
Year 2010
Actual
Year 2009
Actual
Year 2008
Actual
Ore processed (mt) 119,663 509,419 581,852 428,865 218,235 269,033
Cost of sales 9,502 50,547 $ 47,276 $ 33,637 $ 21,197 $ 36,319
Add (deduct):
Depreciation, amortization & other non-cash
costs
(1,617) (10,883) (9,140) (7,056) (4,047) (3,668)
Care and maintenance costs - - - - (3,074) (1,732)
Change in concentrate inventory 1,189 (718) 416 3,572 1,696 (1,485)
Total cash cost of production 9,074 38,946 $ 38,552 $ 30,153 $ 15,772 $ 29,434
Cash cost per tonne of ore processed
(royalties not applicable in 2009) $75.83 $ 76.45 $ 66.26 $ 70.31 $ 72.27 $ 109.40
Cash cost per tonne of ore processed,
excluding royalties $72.36 $ 69.10 $ 62.57 $ 66.33 $ 72.27 $ 109.40

34. KRUMOVGRAD GOLD PROJECT
34Dundee Precious Metals

35. KRUMOVGRAD GOLD PROJECT
35Dundee Precious Metals
Krumovgrad Mineral Reserves – December 31, 2011
Category
Tonnes
(M)
Gold Silver
Grade
(g/t)
Ounces
(M)
Grade
(g/t) Ounces (M)
Proven 2.94 4.70 0.44 2.54 0.24
Probable 4.30 2.44 0.34 1.52 0.21
Total 7.24 3.36 0.78 1.92 0.45
Krumovgrad Mineral Resources – December 31, 2011
Category
Tonnes
(M)
Gold Silver
Grade (g/t)
Ounces
(M)
Grade
(g/t) Ounces (M)
Measured 3.30 4.90 0.52 3.00 0.28
Indicated 4.69 2.50 0.38 2.00 0.24
M&I 7.99 3.50 0.90 2.00 0.51
Inferred 0.40 1.20 0.02 1.00 0.01
1. Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.
2. All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.
3. Krumovgrad Mineral Reserves and Resources are based on the Krumovgrad 2012 Technical Report using a variable economic cut-off grade and 0.5 g/t Au respectively.
4. All Mineral Reserves and Resources are based on long term metals prices of $1,250 Au, $3/lb Cu, $25/oz Ag and $1/lb Zn.
5. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.

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