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DUNDEE PRECIOUS METALS

BUILDING A PREMIER,
INTERMEDIATE, LOW-COST
GOLD PRODUCER

AUGUST 2013
Proudly celebrating 30 years as a
Toronto Stock Exchange
listed company
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 forwardlooking 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.

2
INVESTMENT SUMMARY

Strong
Financial Position

High Quality Assets
with Proven Operating
Performance and Further
Potential

Pipeline of Value Adding
Organic Growth

Dundee Precious Metals

Commodity and
Geographic
Diversification

Experienced Management
Team and Board with
Strong Track Record

3
MAINTAINING A SOLID FINANCIAL
POSITION
$250M

Capital Structure @ August 13, 2013

$150M undrawn revolving credit facility
~$99M in Cash and Short-term
Investments
@ June 30, 2013

$121M
Significant 2012 Operating
Cash Flow

Share Price

C$5.29

Shares Outstanding

139M

Market Capitalization

$735M

Fully diluted shares
Additional cash on dilution

146M
C$37M

52 week low - high

Cash and Credit
including:

$3.69 - $9.93

Top Shareholders

Debt
@ June 30, 2013
Total Debt : Total Capital
= 9%
Dundee Precious Metals

25%

Equinox Partners

$74.3M

Dundee Corporation

<10%

Gross Revenue by Metals Sold

2011A

Gold
Copper
Silver

2012A

2016E

6% 5%
48%
41%

Zinc

4
DPM’S ASSETS LOCATED IN
POLITICALLY STABLE REGIONS

Head office
Operating assets
Developing asset
Dundee Precious Metals

5
GOLD COMPOUND ANNUAL GROWTH
RATE OF 14%
Consolidated Gold Production (oz 000’s)

Consolidated Copper Production (lbs 000,000)

Gold production has increased 70% over four years

Copper production has increased 105% over four years

Dundee Precious Metals

6
DECREASING CASH COSTS AND
INCREASING EBITDA
Reduced cash cost per ounce of gold produced
78% over four years1

Consolidated Adjusted EBITDA increased
412% over four years2

$118

$32

2008

2009

$125

$45

2010

2011

2012

($40)

(1)

Net of by-product credits

(2)

Cdn $

Dundee Precious Metals

7
DPM: A LOW COST PRODUCER
Cash Cost/Tonne of Ore Processed (1) ($/T)

2013E All-In Sustaining Cash Cost (US$/oz)
$1,325 $1,362

$1,212
$1,155 $1,178

Average: $987

$665

$714

$782

DPM Argonaut Alamos

$838

$842

$875

$1,005
$884

Allied Primero Timmins Teranga Centerra Alacer AuRico African Golden Semafo
Nevada
Barrick Star

Source: Scotia Capital (April 2, 2013), DPM 2013 Guidance
Note: All-in Sustaining Cash Cost = Total cash costs (net of by-products) + sustaining capital + proportionate share of corporate G&A
(1)

Dundee Precious Metals (2)

This is a non-GAAP measure. See 2012 Annual Report for further details.
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.

8
CORPORATE VISION AND STRATEGY
Vision
Building DPM into a premier, intermediate, low-cost
gold producer

Autoclave
fabricated for
the MPF to
be used for
Stage 2
Pyrite
Project at
Chelopech

Strategy
Optimize value of existing operating assets
•
•

Increase mine production and extend LOMs
Upgrade/expand smelter and establish long-term contracts
that provide a stable return

Exploration
at Kapan
Mine

Grow the business beyond existing operating assets
•
•
•

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

Sustain low quartile operating costs

Tsumeb
Smelter,
Namibia

Conceptual
Illustration of
Krumovgrad
Gold Project

Maintain a strong balance sheet with ample liquidity
Dundee Precious Metals

9
CHELOPECH MINE:
LOW COST, LONG LIFE PRODUCER
Chelopech Optimization

Grade

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

Resources M&I
(at Dec.31, 2012)

Reserves
(at Dec 31, 2012)

Ounces

Au (oz)

4.0 g/t

3.8M

Cu (lbs)

1.3%

825M

Au (oz)

3.6 g/t

2.5M

Cu (lbs)

1.1% Cu

519M

Estimated Mine Life @ expanded rate

10+ years

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

Dundee Precious Metals

10
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

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

Project Stages
Item
Stage 1: Concentrator upgrade

Project Highlights
Capex

Cash cost per oz of gold (net of by-product credits)

$615

Stage 2: POX Facility
Phase 1 - start production 2017

$93M

Phase 2 - start production 2019

Estimated capital costs

$202M

NPV (5% discount rate) after tax(1)

$23M

$141M

IRR after

tax(1)

24%

$87M
(1) Assumes the following commodity prices after 2016: $1,250/oz Au, $25/oz Ag,
and $2.75/lb Cu

Dundee Precious Metals

11
KAPAN MINE:

POTENTIAL TO INCREASE SIZE AND EXTEND LIFE OF MINE
2013 Catalysts

Kapan Optimization

Updated NI 43-101
Resource Estimate

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)

Q3
2013

22,000 oz Au

1.56 g/t

0.25%

15.4M lbs Zn

Underground Resource

Grades

2.5M lbs Cu
Open Pit Resource

2012 Metals Production

1.67%

450,000 oz Ag

32.20 g/t

Underway

Underway

Kapan Mine office
* Kapan operations were on care and maintenance as of November 2008; operations restarted April 2009.

Dundee Precious Metals

12
TSUMEB SMELTER:
A UNIQUE STRATEGIC ASSET
Limited Global Smelting Capacity for Complex Concentrate
• 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

Horne Smelter
Operated by Xstrata
Capacity: 825Kt of concentrate (total)
Note: Complex concentrate capacity limited
with little to no 3rd party capacity
San Luis de Potosi Smelter
Shut down in 2012

• Lower per tonne operating
costs and more favourable
smelting terms are expected
to generate significantly higher
margins

La Oroya Smelter(1)
Operated by Doe Run
Note: Currently closed

Kosaka Smelter
Shut down in Q1 2008

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

Dundee Precious Metals

13
TSUMEB SMELTER HAS POTENTIAL
TO POSITIVELY IMPACT EARNINGS
Asset Overview
DPM Ownership

100%
Namibia

Technology

Complex Con Smelter Capacity (000’s)

Location

Ausmelt

Product
2012 concentrate throughput

Copper blister
bars
159,356 tonnes

Emissions & dust capture upgrades

$103M

Sulphuric acid capture plant (Q3 2014)

$204M

Electric holding furnace (Q1 2016)

~$70M+

Tsumeb
Smelter

Dundee Precious Metals

14
KRUMOVGRAD GOLD PROJECT:
LOW CASH COST OPERATION
Conceptual
Illustration of
Krumovgrad
Gold Project

Future Catalysts

Update / finalize mine plan
Seek opportunities to increase
recoveries through use of SFR
technology

Proposed Mine Type
Gold Recoveries
Grade
Annual ore tonnage production
Annual Au production
Mine Life
Capital Costs to complete
Total cash cost per oz Au Eq

Open Pit
85%
3.4 g/t
850,000 tpy
74,000 ounces

2015

Start Production

Secure final local approvals
required prior to proceeding with
ordering long lead items /
construction

Start Construction

2016

Complete detailed engineering that
optimizes value of project
Evaluate other exploration
opportunities within existing
licenses and establish targeted drill
program

9 years
US$127M
$404

Based on Jan. 2012 DFS; Estimated recoveries, capital & operating costs in process of being updated.

Dundee Precious Metals

15
DPM EXPLORATION UPDATE:
PARTIALLY-OWNED ENTITIES
Avala Resources Ltd. (TSX-V: AVZ)
•

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

Dunav Resources Ltd. (TSX-V: DNV)
•

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

•

Equity Portfolio Overview as at August 13, 2013
Securities

Shares
(m)

% Held

Value
(C$M)

Sabina Gold & Silver
Special Warrants
Warrants (strike at C$1.07)
Total

18.5
10
5

9.9%

24
24

Avala Resources
Special Warrants
Warrants (strike at C$0.30)
Total

135
50
25

53%

8.8
8.8

Dunav Resources
Warrants (strike at C$0.42)
Total

56
27.5

46%

5.0
5.0

Total shares & securities

~ 37.8

Bakrenjaca Au-Ag base metal epithermal system,
drilling intersected 11m @ 5.13 g/t Au, 346 g/t Ag and
1.19% Cu

Dundee Precious Metals

16
CAPITAL EXPENDITURES:

SIGNIFICANT COMPONENT OF CAPEX IS
DISCRETIONARY
2013-2017 Total Spend – Sustaining vs Growth ($M)
2013-17 Total - 856
2013-17 Sustaining / Growth - 212 / 644

257
237

164

150

47

Dundee Precious Metals

17
DPM VALUE PROPOSITION:

TRADING AT A SIGNIFICANT DISCOUNT TO OUR PEERS
Enterprise Value ($ Millions unless noted)
Market Capitalization (Fully diluted) (1)

758

Debt (2)

74

Corporate Cash (2)

(106)

Strategic Investments (2)

(22)

Ent. value, excl cash & strategic investments

704

EBITDA Potential (3)
Chelopech (4)

220

Kapan (4)

25

Krumovgrad (4)

85

Tsumeb (4)

100

G&A

(35)

Total EBITDA (4)

395

Enterprise value / EBITDA

(5)

1.8x

EBITDA Exceeds Capex during 2H2013 – 2017
Capital expenditures (6)

EBITDA (3,4)
Dundee Precious Metals

650 - 750

1,100

1. Fully diluted value based
on closing share price of
$5.18/share on Aug. 12,
2013 and add’l shares
issued from outstanding
warrants
2. As at June 30, 2013; cash
excludes Avala and Dunav
cash of $18 million and
includes cash from issuing
additional shares; strategic
investments assumes
Sabina warrants, Avala
and Dunav valued at nil
3. Pro forma completion of
capital projects and based
on $1,400 Au and $3.20
Cu
4. Reflects estimated avg
LOM EBITDA for
Chelopech, Kapan (at
existing not expanded
capacity), and
Krumovgrad; and Tsumeb
annual throughput is
320,000 tpa of complex
concentrate at recently
contracted toll rates
5. Enterprise value excludes
potential excess cash
generated during 2H2013
– 2017 period
6. Includes estimated
sustaining capital and
growth capital, including
Tsumeb acid plant and
electric holding furnace;
Chelopech pyrite projects;
and Krumovgrad gold
project

18
DPM FUTURE CATALYSTS

Q3 2013

Q3 2014

Tsumeb
Ramps Up
to 100%
Capacity

Tsumeb Acid
Plant
Commissioning

Kapan Initial
Resource
Estimate

Chelopech
Pyrite Stage 2
Feasibility
Study

2015

Krumovgrad
Construction
Begins

Q4 2013

Krumovgrad
Capital Cost
and Mine
Plan Update

2016

Chelopech
Pyrite Stage 1
Construction
Complete

Krumovgrad
Begins
Production

Chelopech Mine

Dundee Precious Metals

19
COMPELLING INVESTMENT
OPPORTUNITY

Strong
Financial Position

High Quality Assets
with Proven Operating
Performance and Further
Potential

Pipeline of Value Adding
Organic Growth

Dundee Precious Metals

Commodity and
Geographic
Diversification

Experienced Management
Team and Board with
Strong Track Record

20
DUNDEE PRECIOUS METALS
MANAGEMENT TEAM
Jonathan Goodman
Executive Chairman

Rick Howes
President & Chief Executive Officer

David Rae
Senior Vice President,
Operations

Adrian Goldstone

Paul Proulx

Michael Dorfman

Hume Kyle

Richard Gosse

Lori Beak

Executive Vice President,
Sustainable
Business Development

Senior Vice President,
Corporate Services

Senior Vice President,
Corporate Development

Executive Vice
President &
Chief Financial Officer

Senior Vice
President,
Exploration

Senior Vice President,
Investor &
Regulatory Affairs &
Corporate Secretary

Simon Meik

Hans Nolte

Vice President, Processing

Vice President & General
Manager, Tsumeb Smelter

Hratch Jabrayan
Vice President & General
Manager,
Kapan Mine

Iliya Garkov
Vice President & General
Manager, Krumovgrad
Gold Project

Nikolay Hristov
Vice President & General
Manager,
Chelopech Mine

Reuben Mills
Vice President, Safety &
Asset Risk Management

Rob Taylor
Vice President Projects

Jeremy Cooper
Vice President,
Commercial Affairs

Dundee Precious Metals

21
Proudly celebrating 30 years as
a Toronto Stock Exchange listed
company

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
dundeeprecious.com
APPENDICES

23
ANALYST COVERAGE

BMO
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.

Dundee Precious Metals

John Hayes

Michael Scoon

24
2013 GUIDANCE
Metals Contained in Concentrate Produced

Chelopech

Kapan

Total

125,000 – 143,000

25,000 – 30,000

150,000 – 173,000

43.0 – 46.0

2.5 – 3.0

45.5 – 49.0

-

16.5 – 18.5

16.5 – 18.5

210,000 – 230,000

Gold (ounces)

490,000 – 520,000

700,000 – 750,000

$14 - $17 million

$8 - $12 million

$22 - $29 million

Copper (million pounds)
Zinc (million pounds)
Silver (ounces)
Sustaining Capital expenditures

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)
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

Dundee Precious Metals

1.9 – 2.05 million

$13 - $16 million

25
Q2 2013 SUMMARY
Q2 2013

Q2 2012

$3.6 million

$9.4 million

$0.03

$0.08

Chelopech

$20.4 million

$36.4 million

Kapan

($2.4 million)

$(2.2)million

Tsumeb Smelter

($1.6 million)

($6.0 million)

$16.3 million

$28.1 million

31,936

29,250

10,599,954

9,682,137

Silver (ounces)

51,987

52,462

Cash cost/T ore processed (incl. royalties)

$40.25

$48.68

Cash cost/T ore processed (excl. royalties)

$36.24

$43.56

8,681

4,803

830,875

505,706

5,843,821

3,387,510

Silver (ounces)

163,031

96,596

Cash cost/T ore processed (incl. royalties)

$67.48

$76.03

Cash cost/T ore processed (excl. royalties)

$60.61

$76.03

Adjusted Net Earnings
Adjusted basic EPS

Gross profit (loss)

Total Gross profit
Chelopech Production
Gold (ounces)
Copper (lbs)

Kapan Production
Gold (ounces)
Copper (lbs)
Zinc (lbs)

Dundee Precious Metals

26
HEDGE POSITION
•

As at June 30, 2013, the Company had outstanding derivative contracts to mitigate a portion of its price exposure.
These are summarized below:
Commodity Hedged

Volume Hedged (lbs) *

Average fixed price

Payable gold

545 ounces

$1,425.96/ounce

Payable silver

7,435 ounces

$23.12/ounce

Year of projected payable copper
production

Volume Hedged (lbs) *

Average fixed price ($/lb)

2013

$3.94

2014

7,195,880

$3.73

Total

Dundee Precious Metals

3.346,613

10,524,493

$3.79

27
CHELOPECH MINE:

UPDATED MINERAL RESERVES AND RESOURCES
Chelopech Mineral Reserves – December 31, 2012
Gold

Tonnes
(M)

Grade
(g/t)

Ounces
(M)

Grade
(%)

Proven

12.3

3.4

1.4

1.3

Probable

9.3

3.8

1.1

Total

21.6

3.6

2.5

Copper
Pounds
(M)

Category

Silver
Grade
(g/t)

Ounces (M)

340

9.3

3.7

0.9

180

5.7

1.7

1.1

519

7.7

5.4

Chelopech Mineral Resources – December 31, 2012
Gold
Category
Measured

Silver

Pounds
(M)

Grade
(g/t)

Ounces (M)

15.1

4.0

2.0

1.5

490

10.3

5.0

14.0

4.0

1.8

1.1

336

8.5

3.8

29.1

4.0

3.8

1.3

825

9.4

8.8

Inferred

5.
6.

Grade
(%)

M&I

4.

Grade (g/t)

Ounces
(M)

Indicated

1.
2.
3.

Tonnes
(M)

Copper

9.3

2.9

0.9

0.9

182

10.6

3.2

The rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.
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.
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.
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.
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.
Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves.

Dundee Precious Metals

28
CHELOPECH MINE:
EXPLORATION RESULTS Q2 2013
Significant intercepts (cut-off grade 3g/tAuEq)
Grades
Hole ID

Northing
(mRL)

Easting
(mRL)

Dip

Az

From
(m)

To (m)

Interval
(m)

Cu (%)

Au (g/t)

EXT19_260_17

29786

6043

-10.0

031.7

109.5

148.5

39.0

0.69

3.19

EXT19_260_18

29785

6042

-35.8

030.9

163.5

186.0

22.5

0.65

8.03

EXT19_290_03

29778

6042

-18.5

017.1

132.0

144.0

12.0

0.53

4.16

EXT151_165_12

29305

5459

-39.5

211.8

21.0

40.5

19.50

0.98

3.32

EXT151_165_11

29305

5460

-16.0

211.6

27.0

39.0

12.0

1.39

2.84

EXT151_165_14

29306

5459

-23.7

231.5

28.5

45.0

16.5

0.43

2.71

EXT151_225_01

29186

5611

-18.0

132.5

10.5

34.5

24.0

0.68

3.14

EXT151_225_02

29186

5611

-39.7

132.1

10.5

64.5

54.0

0.83

2.52

EXT151_225_03

29185

5610

-21.5

154.2

6.0

28.5

22.5

1.56

5.21

G103_225_16

29175

5710

-26.9

87.8

16.5

64.7

48.2

0.98

2.24

1.
2.
3.
4.
5.
6.
7.
8.
9.

Dundee Precious Metals

Significant intercepts are located within the Chelopech Mine Concession and proximal to the mine workings.
Gold Equivalent calculation is based on the following formula: (Au g/t + 2.06xCu%).
Minimum downhole width reported is 1.5 metres with a maximum internal dilution of 4.5 metres.
True widths are approximately 90% of the intersection width.
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.
Coordinates are in mine-grid.
No factors of material effect have hindered the accuracy and reliability of the data presented above.
No upper cuts applied.
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.

29
CHELOPECH MINE:
CASH COST RECONCILIATION

Cost of Sales:
Less amortization & other
Plus other charges, including freight
Less by-product credits
Cash cost of sales after by-product
credits
Gold oz (payable metal)

Q2 2013
Actual

Q1 2013
Actual

Year 2012
Actual

Year 2011
Actual

Year 2010
Actual

Year 2009
Actual

Year 2008
Actual

27,381

31,991

98,298

88,838

$72,707

74,499

67,245

(8,264)

(7,948)

(19,542)

(15,499)

(14,425)

(14,242)

(11,966)

21,490

23,832

86,228

65,125

41,234

38,317

26,006

(33,560)

(41,434)

(163,940)

(147,812)

(87,320)

(64,198)

(59,376)

7,047

6,441

1,044

(9,348)

12,196

34,376

21,909

32,392

34,732

116,644

83,796

58,065

93,081

70,878

$2181

US$ thousands,
unless otherwise indicated

$1852

$93

$(112)4

$2105

$3696

$3097

Cash cost of sales/oz gold,
(net of by-product credits)

1Based

on US$3.34/lb copper

2Based

on US$3.64/lb copper

3Based

on US$3.95/lb copper

4

Based on US$4.27/lb copper

5Based

on US$3.42/lb copper

6Based

on US$2.34/lb copper

7

Based on US$3.16/lb copper

Dundee Precious Metals

30
CHELOPECH MINE:

CASH COST PER TONNE OF ORE RECONCILIATION

US$ thousands, unless otherwise indicated
For the periods indicated

Q2 2013
Actual

Q1
2013

Year 2012
Actual

Year 2011
Actual

Year 2010
Actual

Year 2009
Actual

Year 2008
Actual

Ore processed (mt)

501,134

513,360

1,819,687

1,353,733

1,000,781

980,928

900,563

Cost of sales

27,381

31,991

98,298

$ 88,838

$ 72,707

75,647

67,423

Add (deduct):
Depreciation, amortization & other non-cash
costs

(8,264)

(7,948)

(19,542)

(15,499)

(14,425)

(15,390)

(11,966)

1,054

(2,911)

4,535

862

(2,018)

(419)

(178)

Total cash cost of production

20,171

21,132

83,291

$ 74,201

$ 56,264

59,838

55,279

Cash cost per tonne of ore processed, including
royalties

$40.25

$41.16

$ 45.77

$ 54.81

$ 56.22

$ 61.00

$ 61.38

Cash cost per tonne of ore processed, excluding
royalties

$36.24

$36.55

$ 41.16

$ 49.99

$ 51.54

$ 55.23

$ 57.87

Change in concentrate inventory

1.

Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.

Dundee Precious Metals

31
KAPAN MINE:
MINERAL RESOURCE ESTIMATE
Shahumyan Deposit – September 2008
Inferred Mineral Resource – Ordinary Kriging Estimate
10mE x 10mN x 10mRL Block Size – 5m Capped Input Composite Data

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

AuEq US$ price assumptions: Cu $2.50/lb, Au $850/oz, Ag $16/oz and Zn $1.00/lb

Dundee Precious Metals

32
KAPAN MINE:
EXPLORATION RESULTS Q2 2013
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
(%)

E712DE039

4343207

8623972

712

-46.4

313.8

87.0

90.0

3m @ 19.67

11.11

187.2

1.81

3.37

E712DE040

4343207

8623972

712

-54.8

315.4

87.0

89.0

2m @ 60.32

47.47

343.9

2.65

2.94

E712DE044

4343208

8623974

714

-54.8

302.6

97.0

99.0

2m @ 28.07

19.06

161.0

1.72

5.42

E712DW015

4343183

8623801

714

-50.4

355.6

140.0

143.0

3m @ 7.46

4.59

18.4

1.49

0.07

SHDDR0557

4343577

8623580

916

-60.9

0.9

28.0

35.0

7m @ 6.22

1.54

78.7

0.59

3.89

SHDDR0560

4343572

8623579

916

-72.7

352.4

0.0

6.6

6.6m @ 4.93

2.87

39.3

0.30

1.45

SHDDR0560

4343572

8623579

916

-72.7

352.4

95.0

102.0

7m @ 5.11

1.19

54.2

0.36

4.09

SHDDR0560

4343572

8623579

916

-72.7

352.4

248.0

254.0

6m @ 4.88

1.82

64.5

0.75

1.07

SHDDR0561

4343636

8623531

927

-55.0

7.3

223.0

228.0

5m @ 6.58

3.50

43.2

0.50

2.53

SHDDR0562

4343540

8623470

929

-59.3

355.5

296.0

298.0

2m @ 23.72

17.52

130.4

0.17

6.05

SHDDR0563A

4343634

8623531

927

-63.2

6.8

239.0

244.0

5m @ 7.96

3.22

49.2

1.70

1.75

SHDDR0568

4343560

8623517

923

-62.3

8.1

142.0

157.0

15m @ 6.82

2.57

43.9

0.86

3.57

1.
2.
3.
4.
5.
6.
7.
8.

Dundee Precious Metals

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.
Holes with the prefix SHDDR are surface HQ diamond drilling, while E holes are underground drilling.
Significant intercepts for surface holes are located within the Central and Southern Zones while underground drilling is located within the Central Zone and Southern Zones of the
Shahumyan Deposit.
True widths are approximately 90% of the intersection width.
Minimum width reported is 2 metres and a maximum internal dilution of 2 metres.
All survey coordinates are transformed to AUSPOS.
No factors of material effect have hindered the accuracy and reliability of the data presented above.
No upper cuts have been applied.

33
KAPAN MINE:
CASH COST RECONCILIATION

Cost of Sales:
Less amortization & other
Plus other charges, including freight
Less by-product credits
Cash cost of sales after by-product
credits
Gold oz (payable metal)

Q2 2013
Actual

Q1 2013
Actual

Year 2012
Actual

Year 2011
Actual

Year 2010
Actual

Year 2009
Actual

Year 2008
Actual

13,445

9,502

50,547

47,276

33,637

21,072

36,319

(1,578)

(1,617)

(9,989)

(9,140)

(7,056)

(6,996)

(5,400)

2,874

1,672

6,218

11,893

8,912

5,142

4,976

(8,827)

(5,780)

(32,075)

(47,588)

(28,562)

(13,591)

(13,520)

5,914

3,777

14,701

3,028

6,931

5,627

22,375

5,733

3,541

18,204

26,230

22,287

11,233

11,388

$1,0321

US$ thousands, unless otherwise indicated

$1,0672

$8083

$1154

$3115

$5016

$1,9657

Cash cost of sales/oz gold,
(net of by-product credits)

1Based

on US$3.34/lb copper

2Based

on US$3.64/lb copper

3Based

on US$3.95/lb copper

4

Based on US$4.27/lb copper

5Based

on US$3.42/lb copper

6Based

on US$2.34/lb copper

7

Based on US$3.16/lb copper

Dundee Precious Metals

34
KAPAN MINE:

CASH COST PER TONNE OF ORE RECONCILIATION

US$ thousands, unless otherwise indicated
For the periods indicated

Q2 2013
Actual

Q1 2013
Actual

Year 2012
Actual

Year 2011
Actual

Year 2010
Actual

Year 2009
Actual

Year 2008
Actual

Ore processed (mt)

162,648

119,663

509,419

581,852

428,865

218,235

269,033

13,445

9,502

50,547

$ 47,276

$ 33,637

$ 21,197

$ 36,319

(1,578)

(1,617)

(10,883)

(9,140)

(7,056)

(4,047)

(3,668)

-

-

-

-

-

(3,074)

(1,732)

(892)

1,189

(718)

416

3,572

1,696

(1,485)

7,263

9,074

38,946

$ 38,552

$ 30,153

$ 15,772

$ 29,434

Cash cost per tonne of ore processed
(royalties not applicable in 2009)

$67.48

$75.83

$ 76.45

$ 66.26

$ 70.31

$ 72.27

$ 109.40

Cash cost per tonne of ore processed,
excluding royalties

$60.61

$72.36

$ 69.10

$ 62.57

$ 66.33

$ 72.27

$ 109.40

Cost of sales

Add (deduct):
Depreciation, amortization & other non-cash
costs
Care and maintenance costs
Change in concentrate inventory
Total cash cost of production

1.

Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.

Dundee Precious Metals

35
KRUMOVGRAD GOLD PROJECT

Dundee Precious Metals

36
KRUMOVGRAD GOLD PROJECT
Krumovgrad Mineral Reserves – December 31, 2011
Gold

Silver

Tonnes
(M)

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

Category

Krumovgrad Mineral Resources – December 31, 2011
Gold
Category
Measured

Grade
(g/t)

Ounces (M)

3.30

4.90

0.52

3.00

0.28

4.69

2.50

0.38

2.00

0.24

M&I

7.99

3.50

0.90

2.00

0.51

Inferred

Dundee Precious Metals

Grade (g/t)

Ounces
(M)

Indicated

1.
2.
3.
4.
5.

Tonnes
(M)

Silver

0.40

1.20

0.02

1.00

0.01

Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.
All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.
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.
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.
Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.

37
Proudly celebrating 30 years as
a Toronto Stock Exchange listed
company

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
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Dundee Precious Metals Investor Presentation August 2013

  • 1. DUNDEE PRECIOUS METALS BUILDING A PREMIER, INTERMEDIATE, LOW-COST GOLD PRODUCER AUGUST 2013 Proudly celebrating 30 years as a Toronto Stock Exchange listed company
  • 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 forwardlooking 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. 2
  • 3. INVESTMENT SUMMARY Strong Financial Position High Quality Assets with Proven Operating Performance and Further Potential Pipeline of Value Adding Organic Growth Dundee Precious Metals Commodity and Geographic Diversification Experienced Management Team and Board with Strong Track Record 3
  • 4. MAINTAINING A SOLID FINANCIAL POSITION $250M Capital Structure @ August 13, 2013 $150M undrawn revolving credit facility ~$99M in Cash and Short-term Investments @ June 30, 2013 $121M Significant 2012 Operating Cash Flow Share Price C$5.29 Shares Outstanding 139M Market Capitalization $735M Fully diluted shares Additional cash on dilution 146M C$37M 52 week low - high Cash and Credit including: $3.69 - $9.93 Top Shareholders Debt @ June 30, 2013 Total Debt : Total Capital = 9% Dundee Precious Metals 25% Equinox Partners $74.3M Dundee Corporation <10% Gross Revenue by Metals Sold 2011A Gold Copper Silver 2012A 2016E 6% 5% 48% 41% Zinc 4
  • 5. DPM’S ASSETS LOCATED IN POLITICALLY STABLE REGIONS Head office Operating assets Developing asset Dundee Precious Metals 5
  • 6. GOLD COMPOUND ANNUAL GROWTH RATE OF 14% Consolidated Gold Production (oz 000’s) Consolidated Copper Production (lbs 000,000) Gold production has increased 70% over four years Copper production has increased 105% over four years Dundee Precious Metals 6
  • 7. DECREASING CASH COSTS AND INCREASING EBITDA Reduced cash cost per ounce of gold produced 78% over four years1 Consolidated Adjusted EBITDA increased 412% over four years2 $118 $32 2008 2009 $125 $45 2010 2011 2012 ($40) (1) Net of by-product credits (2) Cdn $ Dundee Precious Metals 7
  • 8. DPM: A LOW COST PRODUCER Cash Cost/Tonne of Ore Processed (1) ($/T) 2013E All-In Sustaining Cash Cost (US$/oz) $1,325 $1,362 $1,212 $1,155 $1,178 Average: $987 $665 $714 $782 DPM Argonaut Alamos $838 $842 $875 $1,005 $884 Allied Primero Timmins Teranga Centerra Alacer AuRico African Golden Semafo Nevada Barrick Star Source: Scotia Capital (April 2, 2013), DPM 2013 Guidance Note: All-in Sustaining Cash Cost = Total cash costs (net of by-products) + sustaining capital + proportionate share of corporate G&A (1) Dundee Precious Metals (2) This is a non-GAAP measure. See 2012 Annual Report for further details. 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. 8
  • 9. CORPORATE VISION AND STRATEGY Vision Building DPM into a premier, intermediate, low-cost gold producer Autoclave fabricated for the MPF to be used for Stage 2 Pyrite Project at Chelopech Strategy Optimize value of existing operating assets • • Increase mine production and extend LOMs Upgrade/expand smelter and establish long-term contracts that provide a stable return Exploration at Kapan Mine Grow the business beyond existing operating assets • • • 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 Sustain low quartile operating costs Tsumeb Smelter, Namibia Conceptual Illustration of Krumovgrad Gold Project Maintain a strong balance sheet with ample liquidity Dundee Precious Metals 9
  • 10. CHELOPECH MINE: LOW COST, LONG LIFE PRODUCER Chelopech Optimization Grade 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 Resources M&I (at Dec.31, 2012) Reserves (at Dec 31, 2012) Ounces Au (oz) 4.0 g/t 3.8M Cu (lbs) 1.3% 825M Au (oz) 3.6 g/t 2.5M Cu (lbs) 1.1% Cu 519M Estimated Mine Life @ expanded rate 10+ years 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 Dundee Precious Metals 10
  • 11. 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 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 Project Stages Item Stage 1: Concentrator upgrade Project Highlights Capex Cash cost per oz of gold (net of by-product credits) $615 Stage 2: POX Facility Phase 1 - start production 2017 $93M Phase 2 - start production 2019 Estimated capital costs $202M NPV (5% discount rate) after tax(1) $23M $141M IRR after tax(1) 24% $87M (1) Assumes the following commodity prices after 2016: $1,250/oz Au, $25/oz Ag, and $2.75/lb Cu Dundee Precious Metals 11
  • 12. KAPAN MINE: POTENTIAL TO INCREASE SIZE AND EXTEND LIFE OF MINE 2013 Catalysts Kapan Optimization Updated NI 43-101 Resource Estimate 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) Q3 2013 22,000 oz Au 1.56 g/t 0.25% 15.4M lbs Zn Underground Resource Grades 2.5M lbs Cu Open Pit Resource 2012 Metals Production 1.67% 450,000 oz Ag 32.20 g/t Underway Underway Kapan Mine office * Kapan operations were on care and maintenance as of November 2008; operations restarted April 2009. Dundee Precious Metals 12
  • 13. TSUMEB SMELTER: A UNIQUE STRATEGIC ASSET Limited Global Smelting Capacity for Complex Concentrate • 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 Horne Smelter Operated by Xstrata Capacity: 825Kt of concentrate (total) Note: Complex concentrate capacity limited with little to no 3rd party capacity San Luis de Potosi Smelter Shut down in 2012 • Lower per tonne operating costs and more favourable smelting terms are expected to generate significantly higher margins La Oroya Smelter(1) Operated by Doe Run Note: Currently closed Kosaka Smelter Shut down in Q1 2008 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 Dundee Precious Metals 13
  • 14. TSUMEB SMELTER HAS POTENTIAL TO POSITIVELY IMPACT EARNINGS Asset Overview DPM Ownership 100% Namibia Technology Complex Con Smelter Capacity (000’s) Location Ausmelt Product 2012 concentrate throughput Copper blister bars 159,356 tonnes Emissions & dust capture upgrades $103M Sulphuric acid capture plant (Q3 2014) $204M Electric holding furnace (Q1 2016) ~$70M+ Tsumeb Smelter Dundee Precious Metals 14
  • 15. KRUMOVGRAD GOLD PROJECT: LOW CASH COST OPERATION Conceptual Illustration of Krumovgrad Gold Project Future Catalysts Update / finalize mine plan Seek opportunities to increase recoveries through use of SFR technology Proposed Mine Type Gold Recoveries Grade Annual ore tonnage production Annual Au production Mine Life Capital Costs to complete Total cash cost per oz Au Eq Open Pit 85% 3.4 g/t 850,000 tpy 74,000 ounces 2015 Start Production Secure final local approvals required prior to proceeding with ordering long lead items / construction Start Construction 2016 Complete detailed engineering that optimizes value of project Evaluate other exploration opportunities within existing licenses and establish targeted drill program 9 years US$127M $404 Based on Jan. 2012 DFS; Estimated recoveries, capital & operating costs in process of being updated. Dundee Precious Metals 15
  • 16. DPM EXPLORATION UPDATE: PARTIALLY-OWNED ENTITIES Avala Resources Ltd. (TSX-V: AVZ) • NI-43-101 resources include:  Bigar Hill initial Inferred Resource of 26.4 MT @ 1.6 g/t Au for 1.4Moz   • Korkan initial Inferred Resource of 20.1 MT @ 1.5 g/t Au for 1.0 Moz Kraku Pester initial Indicated resource of 6.3 MT @ 1.3 g/t Au for 0.27 Mozs and Inferred Resource of 2.2 MT @ 1.0 g/t Au for 0.07 Moz Total Inferred Resource of 48.7 MT @ 1.5 g/t Au for 2.5 Moz Dunav Resources Ltd. (TSX-V: DNV) • NI-43-101 inferred resources include:  Kiseljak Mineral Resource initial estimate 300 MT grading 0.27% Cu & 0.26 g/t Au for 1.8 Blbs Cu and 2.5 Moz Au • Equity Portfolio Overview as at August 13, 2013 Securities Shares (m) % Held Value (C$M) Sabina Gold & Silver Special Warrants Warrants (strike at C$1.07) Total 18.5 10 5 9.9% 24 24 Avala Resources Special Warrants Warrants (strike at C$0.30) Total 135 50 25 53% 8.8 8.8 Dunav Resources Warrants (strike at C$0.42) Total 56 27.5 46% 5.0 5.0 Total shares & securities ~ 37.8 Bakrenjaca Au-Ag base metal epithermal system, drilling intersected 11m @ 5.13 g/t Au, 346 g/t Ag and 1.19% Cu Dundee Precious Metals 16
  • 17. CAPITAL EXPENDITURES: SIGNIFICANT COMPONENT OF CAPEX IS DISCRETIONARY 2013-2017 Total Spend – Sustaining vs Growth ($M) 2013-17 Total - 856 2013-17 Sustaining / Growth - 212 / 644 257 237 164 150 47 Dundee Precious Metals 17
  • 18. DPM VALUE PROPOSITION: TRADING AT A SIGNIFICANT DISCOUNT TO OUR PEERS Enterprise Value ($ Millions unless noted) Market Capitalization (Fully diluted) (1) 758 Debt (2) 74 Corporate Cash (2) (106) Strategic Investments (2) (22) Ent. value, excl cash & strategic investments 704 EBITDA Potential (3) Chelopech (4) 220 Kapan (4) 25 Krumovgrad (4) 85 Tsumeb (4) 100 G&A (35) Total EBITDA (4) 395 Enterprise value / EBITDA (5) 1.8x EBITDA Exceeds Capex during 2H2013 – 2017 Capital expenditures (6) EBITDA (3,4) Dundee Precious Metals 650 - 750 1,100 1. Fully diluted value based on closing share price of $5.18/share on Aug. 12, 2013 and add’l shares issued from outstanding warrants 2. As at June 30, 2013; cash excludes Avala and Dunav cash of $18 million and includes cash from issuing additional shares; strategic investments assumes Sabina warrants, Avala and Dunav valued at nil 3. Pro forma completion of capital projects and based on $1,400 Au and $3.20 Cu 4. Reflects estimated avg LOM EBITDA for Chelopech, Kapan (at existing not expanded capacity), and Krumovgrad; and Tsumeb annual throughput is 320,000 tpa of complex concentrate at recently contracted toll rates 5. Enterprise value excludes potential excess cash generated during 2H2013 – 2017 period 6. Includes estimated sustaining capital and growth capital, including Tsumeb acid plant and electric holding furnace; Chelopech pyrite projects; and Krumovgrad gold project 18
  • 19. DPM FUTURE CATALYSTS Q3 2013 Q3 2014 Tsumeb Ramps Up to 100% Capacity Tsumeb Acid Plant Commissioning Kapan Initial Resource Estimate Chelopech Pyrite Stage 2 Feasibility Study 2015 Krumovgrad Construction Begins Q4 2013 Krumovgrad Capital Cost and Mine Plan Update 2016 Chelopech Pyrite Stage 1 Construction Complete Krumovgrad Begins Production Chelopech Mine Dundee Precious Metals 19
  • 20. COMPELLING INVESTMENT OPPORTUNITY Strong Financial Position High Quality Assets with Proven Operating Performance and Further Potential Pipeline of Value Adding Organic Growth Dundee Precious Metals Commodity and Geographic Diversification Experienced Management Team and Board with Strong Track Record 20
  • 21. DUNDEE PRECIOUS METALS MANAGEMENT TEAM Jonathan Goodman Executive Chairman Rick Howes President & Chief Executive Officer David Rae Senior Vice President, Operations Adrian Goldstone Paul Proulx Michael Dorfman Hume Kyle Richard Gosse Lori Beak Executive Vice President, Sustainable Business Development Senior Vice President, Corporate Services Senior Vice President, Corporate Development Executive Vice President & Chief Financial Officer Senior Vice President, Exploration Senior Vice President, Investor & Regulatory Affairs & Corporate Secretary Simon Meik Hans Nolte Vice President, Processing Vice President & General Manager, Tsumeb Smelter Hratch Jabrayan Vice President & General Manager, Kapan Mine Iliya Garkov Vice President & General Manager, Krumovgrad Gold Project Nikolay Hristov Vice President & General Manager, Chelopech Mine Reuben Mills Vice President, Safety & Asset Risk Management Rob Taylor Vice President Projects Jeremy Cooper Vice President, Commercial Affairs Dundee Precious Metals 21
  • 22. Proudly celebrating 30 years as a Toronto Stock Exchange listed company 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 dundeeprecious.com
  • 24. ANALYST COVERAGE BMO 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. Dundee Precious Metals John Hayes Michael Scoon 24
  • 25. 2013 GUIDANCE Metals Contained in Concentrate Produced Chelopech Kapan Total 125,000 – 143,000 25,000 – 30,000 150,000 – 173,000 43.0 – 46.0 2.5 – 3.0 45.5 – 49.0 - 16.5 – 18.5 16.5 – 18.5 210,000 – 230,000 Gold (ounces) 490,000 – 520,000 700,000 – 750,000 $14 - $17 million $8 - $12 million $22 - $29 million Copper (million pounds) Zinc (million pounds) Silver (ounces) Sustaining Capital expenditures 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) 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 Dundee Precious Metals 1.9 – 2.05 million $13 - $16 million 25
  • 26. Q2 2013 SUMMARY Q2 2013 Q2 2012 $3.6 million $9.4 million $0.03 $0.08 Chelopech $20.4 million $36.4 million Kapan ($2.4 million) $(2.2)million Tsumeb Smelter ($1.6 million) ($6.0 million) $16.3 million $28.1 million 31,936 29,250 10,599,954 9,682,137 Silver (ounces) 51,987 52,462 Cash cost/T ore processed (incl. royalties) $40.25 $48.68 Cash cost/T ore processed (excl. royalties) $36.24 $43.56 8,681 4,803 830,875 505,706 5,843,821 3,387,510 Silver (ounces) 163,031 96,596 Cash cost/T ore processed (incl. royalties) $67.48 $76.03 Cash cost/T ore processed (excl. royalties) $60.61 $76.03 Adjusted Net Earnings Adjusted basic EPS Gross profit (loss) Total Gross profit Chelopech Production Gold (ounces) Copper (lbs) Kapan Production Gold (ounces) Copper (lbs) Zinc (lbs) Dundee Precious Metals 26
  • 27. HEDGE POSITION • As at June 30, 2013, the Company had outstanding derivative contracts to mitigate a portion of its price exposure. These are summarized below: Commodity Hedged Volume Hedged (lbs) * Average fixed price Payable gold 545 ounces $1,425.96/ounce Payable silver 7,435 ounces $23.12/ounce Year of projected payable copper production Volume Hedged (lbs) * Average fixed price ($/lb) 2013 $3.94 2014 7,195,880 $3.73 Total Dundee Precious Metals 3.346,613 10,524,493 $3.79 27
  • 28. CHELOPECH MINE: UPDATED MINERAL RESERVES AND RESOURCES Chelopech Mineral Reserves – December 31, 2012 Gold Tonnes (M) Grade (g/t) Ounces (M) Grade (%) Proven 12.3 3.4 1.4 1.3 Probable 9.3 3.8 1.1 Total 21.6 3.6 2.5 Copper Pounds (M) Category Silver Grade (g/t) Ounces (M) 340 9.3 3.7 0.9 180 5.7 1.7 1.1 519 7.7 5.4 Chelopech Mineral Resources – December 31, 2012 Gold Category Measured Silver Pounds (M) Grade (g/t) Ounces (M) 15.1 4.0 2.0 1.5 490 10.3 5.0 14.0 4.0 1.8 1.1 336 8.5 3.8 29.1 4.0 3.8 1.3 825 9.4 8.8 Inferred 5. 6. Grade (%) M&I 4. Grade (g/t) Ounces (M) Indicated 1. 2. 3. Tonnes (M) Copper 9.3 2.9 0.9 0.9 182 10.6 3.2 The rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals. 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. 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. 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. 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. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves. Dundee Precious Metals 28
  • 29. CHELOPECH MINE: EXPLORATION RESULTS Q2 2013 Significant intercepts (cut-off grade 3g/tAuEq) Grades Hole ID Northing (mRL) Easting (mRL) Dip Az From (m) To (m) Interval (m) Cu (%) Au (g/t) EXT19_260_17 29786 6043 -10.0 031.7 109.5 148.5 39.0 0.69 3.19 EXT19_260_18 29785 6042 -35.8 030.9 163.5 186.0 22.5 0.65 8.03 EXT19_290_03 29778 6042 -18.5 017.1 132.0 144.0 12.0 0.53 4.16 EXT151_165_12 29305 5459 -39.5 211.8 21.0 40.5 19.50 0.98 3.32 EXT151_165_11 29305 5460 -16.0 211.6 27.0 39.0 12.0 1.39 2.84 EXT151_165_14 29306 5459 -23.7 231.5 28.5 45.0 16.5 0.43 2.71 EXT151_225_01 29186 5611 -18.0 132.5 10.5 34.5 24.0 0.68 3.14 EXT151_225_02 29186 5611 -39.7 132.1 10.5 64.5 54.0 0.83 2.52 EXT151_225_03 29185 5610 -21.5 154.2 6.0 28.5 22.5 1.56 5.21 G103_225_16 29175 5710 -26.9 87.8 16.5 64.7 48.2 0.98 2.24 1. 2. 3. 4. 5. 6. 7. 8. 9. Dundee Precious Metals Significant intercepts are located within the Chelopech Mine Concession and proximal to the mine workings. Gold Equivalent calculation is based on the following formula: (Au g/t + 2.06xCu%). Minimum downhole width reported is 1.5 metres with a maximum internal dilution of 4.5 metres. True widths are approximately 90% of the intersection width. 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. Coordinates are in mine-grid. No factors of material effect have hindered the accuracy and reliability of the data presented above. No upper cuts applied. 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. 29
  • 30. CHELOPECH MINE: CASH COST RECONCILIATION Cost of Sales: Less amortization & other Plus other charges, including freight Less by-product credits Cash cost of sales after by-product credits Gold oz (payable metal) Q2 2013 Actual Q1 2013 Actual Year 2012 Actual Year 2011 Actual Year 2010 Actual Year 2009 Actual Year 2008 Actual 27,381 31,991 98,298 88,838 $72,707 74,499 67,245 (8,264) (7,948) (19,542) (15,499) (14,425) (14,242) (11,966) 21,490 23,832 86,228 65,125 41,234 38,317 26,006 (33,560) (41,434) (163,940) (147,812) (87,320) (64,198) (59,376) 7,047 6,441 1,044 (9,348) 12,196 34,376 21,909 32,392 34,732 116,644 83,796 58,065 93,081 70,878 $2181 US$ thousands, unless otherwise indicated $1852 $93 $(112)4 $2105 $3696 $3097 Cash cost of sales/oz gold, (net of by-product credits) 1Based on US$3.34/lb copper 2Based on US$3.64/lb copper 3Based on US$3.95/lb copper 4 Based on US$4.27/lb copper 5Based on US$3.42/lb copper 6Based on US$2.34/lb copper 7 Based on US$3.16/lb copper Dundee Precious Metals 30
  • 31. CHELOPECH MINE: CASH COST PER TONNE OF ORE RECONCILIATION US$ thousands, unless otherwise indicated For the periods indicated Q2 2013 Actual Q1 2013 Year 2012 Actual Year 2011 Actual Year 2010 Actual Year 2009 Actual Year 2008 Actual Ore processed (mt) 501,134 513,360 1,819,687 1,353,733 1,000,781 980,928 900,563 Cost of sales 27,381 31,991 98,298 $ 88,838 $ 72,707 75,647 67,423 Add (deduct): Depreciation, amortization & other non-cash costs (8,264) (7,948) (19,542) (15,499) (14,425) (15,390) (11,966) 1,054 (2,911) 4,535 862 (2,018) (419) (178) Total cash cost of production 20,171 21,132 83,291 $ 74,201 $ 56,264 59,838 55,279 Cash cost per tonne of ore processed, including royalties $40.25 $41.16 $ 45.77 $ 54.81 $ 56.22 $ 61.00 $ 61.38 Cash cost per tonne of ore processed, excluding royalties $36.24 $36.55 $ 41.16 $ 49.99 $ 51.54 $ 55.23 $ 57.87 Change in concentrate inventory 1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue. Dundee Precious Metals 31
  • 32. KAPAN MINE: MINERAL RESOURCE ESTIMATE Shahumyan Deposit – September 2008 Inferred Mineral Resource – Ordinary Kriging Estimate 10mE x 10mN x 10mRL Block Size – 5m Capped Input Composite Data 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 AuEq US$ price assumptions: Cu $2.50/lb, Au $850/oz, Ag $16/oz and Zn $1.00/lb Dundee Precious Metals 32
  • 33. KAPAN MINE: EXPLORATION RESULTS Q2 2013 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 (%) E712DE039 4343207 8623972 712 -46.4 313.8 87.0 90.0 3m @ 19.67 11.11 187.2 1.81 3.37 E712DE040 4343207 8623972 712 -54.8 315.4 87.0 89.0 2m @ 60.32 47.47 343.9 2.65 2.94 E712DE044 4343208 8623974 714 -54.8 302.6 97.0 99.0 2m @ 28.07 19.06 161.0 1.72 5.42 E712DW015 4343183 8623801 714 -50.4 355.6 140.0 143.0 3m @ 7.46 4.59 18.4 1.49 0.07 SHDDR0557 4343577 8623580 916 -60.9 0.9 28.0 35.0 7m @ 6.22 1.54 78.7 0.59 3.89 SHDDR0560 4343572 8623579 916 -72.7 352.4 0.0 6.6 6.6m @ 4.93 2.87 39.3 0.30 1.45 SHDDR0560 4343572 8623579 916 -72.7 352.4 95.0 102.0 7m @ 5.11 1.19 54.2 0.36 4.09 SHDDR0560 4343572 8623579 916 -72.7 352.4 248.0 254.0 6m @ 4.88 1.82 64.5 0.75 1.07 SHDDR0561 4343636 8623531 927 -55.0 7.3 223.0 228.0 5m @ 6.58 3.50 43.2 0.50 2.53 SHDDR0562 4343540 8623470 929 -59.3 355.5 296.0 298.0 2m @ 23.72 17.52 130.4 0.17 6.05 SHDDR0563A 4343634 8623531 927 -63.2 6.8 239.0 244.0 5m @ 7.96 3.22 49.2 1.70 1.75 SHDDR0568 4343560 8623517 923 -62.3 8.1 142.0 157.0 15m @ 6.82 2.57 43.9 0.86 3.57 1. 2. 3. 4. 5. 6. 7. 8. Dundee Precious Metals 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. Holes with the prefix SHDDR are surface HQ diamond drilling, while E holes are underground drilling. Significant intercepts for surface holes are located within the Central and Southern Zones while underground drilling is located within the Central Zone and Southern Zones of the Shahumyan Deposit. True widths are approximately 90% of the intersection width. Minimum width reported is 2 metres and a maximum internal dilution of 2 metres. All survey coordinates are transformed to AUSPOS. No factors of material effect have hindered the accuracy and reliability of the data presented above. No upper cuts have been applied. 33
  • 34. KAPAN MINE: CASH COST RECONCILIATION Cost of Sales: Less amortization & other Plus other charges, including freight Less by-product credits Cash cost of sales after by-product credits Gold oz (payable metal) Q2 2013 Actual Q1 2013 Actual Year 2012 Actual Year 2011 Actual Year 2010 Actual Year 2009 Actual Year 2008 Actual 13,445 9,502 50,547 47,276 33,637 21,072 36,319 (1,578) (1,617) (9,989) (9,140) (7,056) (6,996) (5,400) 2,874 1,672 6,218 11,893 8,912 5,142 4,976 (8,827) (5,780) (32,075) (47,588) (28,562) (13,591) (13,520) 5,914 3,777 14,701 3,028 6,931 5,627 22,375 5,733 3,541 18,204 26,230 22,287 11,233 11,388 $1,0321 US$ thousands, unless otherwise indicated $1,0672 $8083 $1154 $3115 $5016 $1,9657 Cash cost of sales/oz gold, (net of by-product credits) 1Based on US$3.34/lb copper 2Based on US$3.64/lb copper 3Based on US$3.95/lb copper 4 Based on US$4.27/lb copper 5Based on US$3.42/lb copper 6Based on US$2.34/lb copper 7 Based on US$3.16/lb copper Dundee Precious Metals 34
  • 35. KAPAN MINE: CASH COST PER TONNE OF ORE RECONCILIATION US$ thousands, unless otherwise indicated For the periods indicated Q2 2013 Actual Q1 2013 Actual Year 2012 Actual Year 2011 Actual Year 2010 Actual Year 2009 Actual Year 2008 Actual Ore processed (mt) 162,648 119,663 509,419 581,852 428,865 218,235 269,033 13,445 9,502 50,547 $ 47,276 $ 33,637 $ 21,197 $ 36,319 (1,578) (1,617) (10,883) (9,140) (7,056) (4,047) (3,668) - - - - - (3,074) (1,732) (892) 1,189 (718) 416 3,572 1,696 (1,485) 7,263 9,074 38,946 $ 38,552 $ 30,153 $ 15,772 $ 29,434 Cash cost per tonne of ore processed (royalties not applicable in 2009) $67.48 $75.83 $ 76.45 $ 66.26 $ 70.31 $ 72.27 $ 109.40 Cash cost per tonne of ore processed, excluding royalties $60.61 $72.36 $ 69.10 $ 62.57 $ 66.33 $ 72.27 $ 109.40 Cost of sales Add (deduct): Depreciation, amortization & other non-cash costs Care and maintenance costs Change in concentrate inventory Total cash cost of production 1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue. Dundee Precious Metals 35
  • 36. KRUMOVGRAD GOLD PROJECT Dundee Precious Metals 36
  • 37. KRUMOVGRAD GOLD PROJECT Krumovgrad Mineral Reserves – December 31, 2011 Gold Silver Tonnes (M) 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 Category Krumovgrad Mineral Resources – December 31, 2011 Gold Category Measured Grade (g/t) Ounces (M) 3.30 4.90 0.52 3.00 0.28 4.69 2.50 0.38 2.00 0.24 M&I 7.99 3.50 0.90 2.00 0.51 Inferred Dundee Precious Metals Grade (g/t) Ounces (M) Indicated 1. 2. 3. 4. 5. Tonnes (M) Silver 0.40 1.20 0.02 1.00 0.01 Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals. All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM. 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. 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. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves. 37
  • 38. Proudly celebrating 30 years as a Toronto Stock Exchange listed company 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 dundeeprecious.com