BUILDING A PREMIER, LOW-COST GOLD PRODUCER

2014 RBC CAPITAL MARKETS’ GLOBAL MINING & MATERIALS CONFERENCE JUNE 17-18

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 presentation 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 forwardn looking statements.

TSX:DPM

2

DPM’S GLOBAL PORTFOLIO OF ASSETS Chelopech Mine, Bulgaria

Kapan Mine, Armenia

Tsumeb Smelter, Namibia

• Ownership: 100%

• Ownership: 100%

• Ownership: 100%

• Stage: Producing

• Stage: Producing

• Technology: Ausmelt

• Mine Life: 12 + years

• Mine Life: 10 + years

• 2013 Production: 132 koz Au; 46 Mlbs Cu

• 2013 Production: 24 koz Au; 2.3 Mlbs Cu

• 2013 Concentrate Smelted: 152,457 tonnes

Krumovgrad Project, Bulgaria • Ownership: 100%

Avala 53%

• Stage: Feasibility

Chelopech 100%

• Mine Life: 8 years • Startup: Q1 2017

Krumovgrad 100% Dunav 46%

• Avg. Production: 85.7 koz Au/yr Kapan 100% Sabina 12%

Tsumeb Smelter 100%

Operating assets Development assets Exploration assets

TSX:DPM

3

COMMITTED TO MAINTAINING A SOLID FINANCIAL POSITION

̴ $140M

Net Debt / Capitalization (%) (2)

Available Liquidity

1

Net Debt / EBITDA (x) (2)

20

2

15

1.5

10

4

5

0

̴ $115M Total Debt

1

-5

0

(6)

-10

1

(0.13)

-0.5

-15 (15) -20

0.49

0.5

2011

Major Shareholders

2012

2013

-1

(0.74) 2011

2012

2013

Share Capital @ June 13, 2014

Dundee Corporation

25.42%

Share Price (Cdn $ per share)

$4.48

Van Eck

7.22%

52 week low – high (Cdn $ per share)

$2.50 - $7.00

Norges Bank

4.14%

USAA

3.86%

Market Capitalization – Curr / Incl warrants

C$623M / $648M

TD Asset Management

2.86%

Shares Outstanding – Curr / Incl warrants

139M / 147M

1. 2.

TSX:DPM

As at March 31, 2014. Liquidity includes cash and undrawn amount under revolving credit facility Debt/EBITDA and Debt to Total Capitalization are based on total debt, net cash

4

FOCUS ON BECOMING A PREMIER, LOW-COST GOLD PRODUCER Optimize our Existing Operations • Lower costs and increase production • Extend life of existing mines

Kapan Underground

• Assess Kapan underground expansion • Upgrade Tsumeb and secure long term contracts

Execute New Growth Projects • Construct Krumovgrad Gold Project

Second Oxygen Plant at Tsumeb

Establish Growth Pipeline Through Exploration and M&A • Avala and Dunav - advanced exploration • Generate brownfield and greenfield exploration opportunities

Maintain a Solid Balance Sheet and Low-Cost Position TSX:DPM

Conceptual Illustration of Krumovgrad Gold Project

5

DIVERSE PORTFOLIO OF ASSETS IN PRO MINING JURISDICTIONS •

Operations in Bulgaria, Armenia and Namibia, which are politically stable and mining friendly jurisdictions

•

Diversification across multiple commodities Revenue Diversification (year ended Dec 31, 2013)

Revenue Diversification (2018E)

Geographic Diversification (revenue at year ended Dec 31, 2013)

TSX:DPM

6

HISTORICAL ANNUAL FINANCIAL PERFORMANCE Au (koz) and Cu (Mlbs) production

Revenue (US$M)

156 142 121

338

95

40

30

2010

48

45

2011

2012 Au

2013

345

202

2010

2011

2012

2013

Cu

Adjusted EBITDA (US$M)1

118

385

Cash Cost, net of by-product credit ($/oz)2

124

329 103

238 117

45

(63) 2010

2011

2012

2013 2010

1.

2.

2011

2012

2013

Adjusted EBITDA represents earnings before income tax plus D&A, finance costs, losses / (gains) on impairment provisions and reversals, unrealized losses / (gains) on derivative contracts and investments at fair value, realized and unrealized losses (gains) on equity settled warrants and minus interest income. Represents cash cost of sales per ounce of gold sold, net of by-product credits .

TSX:DPM

7

LOW-COST GOLD PRODUCER WITH PROVEN OPERATING TRACK RECORD Gold Production Profile and Cash Costs, Net of By-Products ($/oz)

300

Cash Cost/Tonne of Ore Processed 1 ($/T)

1500 60

329

117

Koz

238 (63) 121

142

335 - 505

156

155174

2013

2014E

59 52

51-56 47

0

95

0

2010

2011

2012

-1500

2010

2011

2012

2013

2014E

2014E Au All-In-Sustaining Costs ($/oz)2 $1,500 $1,250

Average = $1045/oz

$1,000

DPM AISC 2014E = $710 $815/oz

$750

$500 $250 $0 NGD

1. 2.

TSX:DPM

CG

AGI

TMM

AR

ANV

BTO

SMF

DGC

P

AUQ

GSS

This is a non-GAAP measure. See Q1 2014 MDA. See Appendix for reconciliation to cost of sales. Source: Scotia Capital (May 2014)

8

CHELOPECH MINE: SIGNIFICANT PRODUCTION PROFILE AT LOW COST Outlook

Q1 2014 Accomplishments

• Maintain low cost operations

• Mine output of 496,066 tonnes of ore

• Perform targeted exploration to replace depletion and increase mineral resources through reserves

• Produced 22,026 oz Au and 8.9 Mlbs Cu

• Continue to implement cost/margin improvements

• Cash cost/oz Au sold net of by-product credits: $475

• Au head grade of 3.3 g/mt; Cu head grade of 1.07% • Payable Au in pyrite concentrate sold: 2,878 oz • Cash cost/oz Au sold in pyrite concentrate: $901

Production and Cost Profile1

Asset Overview

285 - 430

Location

Bulgaria

Au (Koz) Cu (Mlbs)

226

$ cost/oz Au sold

126 - 138 132

46

Reserves (at Dec 31, 2013)

Gold (Moz)

(3.26 g/t)

2.5

Copper (Mlbs)

(0.99%)

524

Mine Type

Underground

Deposit Type

High sulphidation epithermal

43 - 46

Estimated Mine Life @ expanded rate 2013 1.

2014E

2013 Adjusted EBITDA (US$)

12+ years 153 M

Cast cost per ounce of gold sold is net of by-product credits, gold production and estimates excludes pyrite production

TSX:DPM

9

CHELOPECH MINE: WORLD CLASS ASSET

Chelopech Pyrite Recovery Project Completed • Flotation of pyrite concentrate recovers previously unrecovered gold • Contracts in place with Third Parties

Creating Competitive Advantage Through Innovation • “Taking the lid off the mine” - Real time data available from Chelopech underground operations

TSX:DPM

10

KAPAN MINE: EXPANSION OPPORTUNITY

Q1 2014 Results

Outlook • Rebuild development inventory and return to normal sustainable operating levels • Complete internal study on expanded underground mine based on new Mineral Resource estimate • Focus on operational improvements and cost reductions

• Mine output of 97,155 tonnes of ore • Produced 4,581 oz Au • Gold head grade of 1.79 g/mt • Cash cost per oz Au sold, net of by-product credits: $1,018

Production and Cost Profile1

Asset Overview Location Au (Koz)

964

Cu (Mlbs) $ cost/oz Au sold

Resources M&I (at Jan.31, 2013)

Armenia Gold (Koz)

(2.63g/t)

238

Copper (Mlbs)

(0.39%)

24

Gold (Koz)

(2.32 g/t)

791

Copper (Mlbs)

(0.42%)

98

485 - 855 Resources Inferred (at Jan.31, 2013)

29 - 36

Mine Type

24

Deposit Type 2

3-4 Estimated Mine Life

2013 1.

TSX:DPM

2014E

2013 Adjusted EBITDA (US$)

Underground Polymetallic vein (Au, Cu, Ag, Zn) 10+ years 3M

Cast cost per ounce of gold sold is net of by-product credits

11

UNIQUE SMELTER EQUIPPED TO TREAT COMPLEX CONCENTRATES One of a few smelters with ability to process large volumes of complex concentrate • Toll rates for complex concentrate command a premium • Most recent 3rd party contracts at higher rates than pre-existing arrangements prior to DPM ownership

Project 2012 dust and emissions upgrades complete Ausmelt Offgas Bag-House

Production curtailment has been lifted • Ramping up to 100% capacity

Additional upgrades reduce SO2 emissions, increase capacity and lower costs • New sulphuric acid plant subject to lump sum turnkey contract • Long-term acid off-take agreement with Rössing and Weatherly • Initial scoping study underway on possible capacity expansion and holding furnace Acid Plant 3D Schematic TSX:DPM

12

SECURES CHELOPECH PROCESSING AND TREATS THIRD PARTY CONCENTRATES 350

Third Party

Chelopech

$/tonne

$500

Q1 2014 Accomplishments

320

• Achieved positive EBITDA

$450 433

300

• Toll treatment charges on Third Party contracts improved

240

240

$350

190-220

295

$300

268 180

159

150

$250 152

$200 120

$150

100

$100 50

Cash Cost per tonne of concentrate smelted

Complex Con Smelter Production/Capacity (000’s)

280 - 350

250

200

• Increased volumes smelted resulted in decreased cash cost per tonne of concentrate smelted

$400

374

Q1 2014

Q1 2013

49,150

34,493

Cash Cost/tonne of concentrate smelted

$307

$486

EBITDA1

$10 M

($7 M)

Total Concentrate Smelted

Outlook • Ramp up throughput to 100% of installed capacity • Complete acid plant commissioning in early 2015 • Position smelter as a sustainable, cost-competitive niche processor of complex concentrate

$50 0

$0 2010

2011

2012

2013

2014E 2015E 2016E 2017E Anticipated Future Capacity

1.

TSX:DPM

Refers to non-GAAP measure. See Q1 2014 MDA.

Additional Capacity from installation of Holding Furnace (discretionary) 13

KRUMOVGRAD GOLD PROJECT: DESIRABLE IRR AT CURRENT GOLD PRICES Updated Project Economics1

• Secure final local approvals required to proceed with ordering long lead items/construction

• Improved mine plan increases metals production at lower throughput rate Low sulphidation epithermal Au

Deposit Type Proposed Mine Type Gold Recoveries

Open Pit

Annual ore tonnage production Annual gold production Mine Life Capital Costs to complete Total cash cost per oz Au Eq

• Achieve 85,700 oz average annual gold production

Recent Accomplishments

775,500 tpy

• Successfully completed the EIA permitting process

85,700 ounces

• Obtained a 30-year concession to develop deposit

8 years

• Finalized archaeological work to support clearing of project site

~US$164mm1 $389 2015 / 2017

Average Annual EBITDA 2

$64.9 mm

IRR

• Start construction in 2015

4.04 g/t

Construction / Production

2

• Complete detailed engineering that optimizes value of project

85%

Gold Grade

After-Tax NPV @

Outlook

7.5%2

• Completed basic engineering and initiated detailed engineering of process plant and integrated mine waste facility

$143.9 mm 26%

Conceptual Illustration of Krumovgrad Gold Project 1. 2.

TSX:DPM

As per Krumovgrad Dec. 31, 2013 Technical Report Assuming gold and silver prices of $1,250/oz and $23.00/oz, respectively

14

DPM EXPLORATION STRATEGY

2014 Key Objectives and Initiatives • Identify and evaluate new exploration projects, globally, with potential for >1m oz Au • Discover a deposit through brownfields exploration around existing assets • Chelopech – focus on existing concession and surrounding Sveta Petka license • Kapan - focus on mapping and sampling around concession

Brownfields Exploration Highlights Chelopech – Sveta Petka • Improved understanding of the Chelopech deposit − Relogging of 16,000m of historical core − Integration of new and historical geophysical data − Fact mapping of surface geology and alteration • Define first phase drill targets • Application for new exploration license in progress Kapan – Near mine and regional • Systematic geological mapping and follow-up sampling of regional soil geochemistry anomalies that were identified in 2013 Krumovgrad • Maintenance of key licenses TSX:DPM

15

DPM EXPLORATION ASSETS; PARTIALLY-OWNED ENTITIES Sabina Gold & Silver Corp. (TSX:SBB), Nunavut • •

Equity Portfolio Holdings Overview (C$M)1

Canadian-based, precious metals company with assets in Nunavut Assets include: • High Grade Back River Gold Project: PFS indicates avg. annual Au production of 287K oz @ $685/oz cash cost and $831M LOM capex; post-tax NPV 5%, 1,350/oz Au of 290M and IRR of 16.5% • Hackett River payable silver royalty from Xstrata Zinc: 22.5% of first 190M oz Ag, 12.5% thereafter • Other gold claims

Avala Resources Ltd. (TSX-V:AVZ), Serbia •

Serbian-based exploration company; holds the Timok Gold Project with 2.7M oz of gold resources Proceeding toward PEA, targeted for completion in Q2 2014 Reported Resources include: • Bigar Hill Indicated Resource of 25.5 MT @ 1.6 g/t for 1.3 Moz

• •

• •

Korkan Indicated Resource of 14.5 MT @ 1.5 g/t for 0.7 Moz

Shares (m)

Securities

Value ($M)

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

23.6 5.0 5.0 2.5

12%

17.7 $17.7

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$0.50) Total

56.0 23.0

46%

2.5 $2.5

Total shares and securities 1

% Held

$28.3

Based on intrinsic value as at May 9, 2014

Kraku Pester Indicated Resource of 6.3 MT @ 1.3 g/t Au for 0.27 Moz Avala

Dunav Resources Ltd. (TSX-V:DNV), Serbia • •

1.

TSX:DPM

Serbian-based exploration company holding the Kiseljak and Yellow Creek copper/gold porphyry project Reported Inferred Resources include: • Kiseljak Mineral Resource initial estimate 300 MT grading 0.27% Cu and 0.26 g/t Au for 1.8B lbs Cu and 2.5M oz Au

Sabina 12%

Dunav

As at June 13, 2014

16

DPM CATALYSTS

Tsumeb Achieves 100% Capacity Rate Internal Conceptual Study on Expanded Kapan Underground Mine Completed

2014

Tsumeb Acid Plant Commissioned Krumovgrad Construction Begins

2015

2016

Krumovgrad Begins Production

2017

Chelopech Mine TSX:DPM

17

2014 - LAST YEAR OF HIGH NON-DISCRETIONARY CAPEX

250

200 Discretionary Projects • Krumovgrad Gold Project • Kapan UG Mine Expansion

150 ($M)

• Tsumeb Holding Furnace

100

50

0 2014E Sustaining CAPEX TSX:DPM

2015E

2016E Non-Discretionary CAPEX

2017E

2018E

Discretionary CAPEX 18

CAPITAL INVESTMENT EXPECTED TO DRIVE INCREASED PRODUCTION Targeted Production Growth 128%

3551 consistent

Gold (koz)

Copper (Mlbs)

156

2013

2018E 111% Smelted Con. (kt)

TSX:DPM

48

2013

2018E

320

152

2013 1.

48

2018E

Includes gold in pyrite concentrate

19

EBITDA GROWTH POTENTIAL

Adjusted EBITDA ($M)

Optimizing existing operations and executing new growth projects expected to have a significant positive impact on EBITDA

115%

At Current Prices

121

2013 1 1. 2.

TSX:DPM

260

2018E 2

2013 EBITDA exclusive of Avala and Dunav. 2018E EBITDA based on completion of identified investment opportunities, current metal prices and tolling rates in line with most recent contract.

20

COMPELLING INVESTMENT OPPORTUNITY

Solid Financial Position

High Quality Assets with Further Potential

Pipeline of Organic Growth Opportunites

TSX:DPM

Commodity and Geographic Diversification

Experienced Management Team and Board with Strong Track Record 21

DUNDEE PRECIOUS METALS MANAGEMENT TEAM

Rick Howes President & Chief Executive Officer

Hume Kyle

David Rae

Adrian Goldstone

Executive Vice President & Chief Financial Officer

Executive Vice President & Chief Operating Officer

Executive Vice President, Sustainable Business Development

Lori Beak

Paul Proulx

Senior Vice President, Investor & Regulatory Affairs & Corporate Secretary

Michael Dorfman

Richard Gosse

John Lindsay

Senior Vice President, Corporate Services

Senior Vice President, Corporate Development

Senior Vice President, Exploration

Senior Vice President, Projects

TSX:DPM

22

Corporate Head Office: One Adelaide Street East, Suite 500 Toronto, Ontario M5C 2V9 Tel: 416-365-5191 Investor Relations: Tel: 416-365-2549 / 416-365-2851 Email: [email protected] / [email protected] TSX: DPM – common shares DPM.WT.A – 2015 Warrants www.dundeeprecious.com

TSX:DPM

APPENDICES

TSX:DPM

ANALYST COVERAGE

TSX:DPM

BMO

**In transition**

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

**In transition**

25

2014 GUIDANCE

Metals Contained in Concentrate Produced Gold (ounces) Copper (million pounds)

Chelopech

Sustaining Capital expenditures

Total

126,000 – 138,000

29,000 – 36,000

155,000 – 174,000

42.7 – 46.2

2.8 – 3.8

45.5 – 50.0

-

11.6 – 15.9

11.6 – 15.9

210,000 – 230,000

468,000 – 640,000

678,000 – 870,000

$10 - $12 million

$15 - $18 million

$25 - $30 million

Zinc (million pounds) Silver (ounces)

Kapan

Total growth capital expenditures

$160 - $175 million

Construction of acid plant at Tsumeb Phase I Pyrite Project at Chelopech Krumovgrad development and construction work Kapan exploration and/or development work

TSX:DPM

Mine output at Chelopech (tonnes of ore)

1.9 – 2.05 million

Mine out put at Kapan (tonnes of ore)

475,000 – 525,000

Concentrate smelted at Tsumeb (tonnes)

190,000 – 220,000

Sustaining capital expenditures at Tsumeb

$12 - $15 million

26

HEDGE POSITION AS AT MARCH 31, 2014

QP Hedged

Average fixed price

Payable gold

19,385 oz

$1,280.94/oz

Payable copper

10,273,529 lbs

$3.17/lb

Payable silver

88,260 oz

$20.41/oz

Payable zinc

1,003,102 lbs

$0.90/lb

Year of projected payable copper production

Volume Hedged (lbs)

Average fixed price ($/lb)

2014

32,629,477

3.31

2015

40,035,811

3.21

Total

72,665,288

3.25

Year of projected payable gold production

TSX:DPM

Volume Hedged

Volume Hedged (oz)

Average fixed price ($/oz)

2014

28,000

1,249.21

2015

30,000

1,233.70

Total

58,000

1,241.19

27

CONSOLIDATED ADJISTED EBITDA RECONCILIATION

US$ thousands

Year 2013 Actual

Year 2012 Actual

Year 2011 Actual

Year 2010 Actual

26,859

49,564

88,605

10,433

Depreciation and amortization

53,594

40,208

31,438

26,762

Finance Cost

10,323

5,703

5,451

5,807

(492)

(1,048)

(1,411)

(1,667)

19,175

9,803

22,771

(49,732)

5,639

20,155

(23,174)

124

(22,383)

-

-

-

10,076

85

-

52,896

-

-

(6,149)

687

102,791

124,560

117,531

45,310

For the periods indicated Earnings before income taxes Add (deduct):

Interest Income Unrealized losses (gains on Sabina warrants and special warrants Unrealized losses (gains) on derivative commodity contracts Net gains on equity settled warrants Impairment loss on property, plant & equipment and other Other Adjusted EBITDA TSX:DPM

28

CHELOPECH MINE: UPDATED MINERAL RESERVES AND RESOURCES Chelopech Mineral Reserves – December 31, 2013 Gold

Copper Grade Pounds (%) (M)

Tonnes (M)

Grade (g/t)

Ounces (M)

Proven

10.6

3.30

1.128

1.21

Probable

13.3

3.24

1.384

Total

23.9

3.26

2.512

Category

Category Measured Indicated M&I Inferred 1. 2. 3. 4. 5. 6. 7. 8.

TSX:DPM

Silver Grade (g/t)

Ounces (M)

284

9.93

3.395

0.82

240

5.33

2.279

0.99

524

7.37

5.674

Chelopech Mineral Resources – December 31, 2013 Gold Copper Tonnes Ounces Grade Pounds (M) Grade (g/t) (M) (%) (M) 18.6 4.07 2.431 1.35 553 10.2 3.95 1.293 1.06 237 28.7 4.03 3.724 1.25 791 8.2 2.71 0.712 0.92 166

Silver

Grade (g/t) 9.72 8.39 9.25 11.22

Ounces (M) 5.808 2.742 8.550 2.952

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; Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves; Mineral Resources and Mineral Reserves may be subject to legal, political, environmental and other risks and uncertainties. See ”Operating Mines”, “Development Projects” and “Risk Factors – Mineral Resources and Mineral Reserves” of the 2013 AIF filed on www.sedar.com on March 31, 2014; Mineral Resources and Mineral Reserves estimates have been reviewed and prepared by CSA, that provides multi-disciplinary services to the global resources industry and is independent of the Company; Mineral Resources and Mineral Reserves estimates are based on long term metals prices of USD 1,250/oz Au, USD 23/oz Ag, and USD 2.75/lb Cu as of 31 December 2013; Chelopech Mineral Resources are based on a gold equivalent cut-off 3.0 g/t (Au + Cu*2.06) and a greater than USD 0 profit/tonne test using NSR analysis; Chelopech Mineral Reserves are based on a gold equivalent cut-off of 3.0 g/t (Au + Cu*2.06) and a cut-off of USD 10 profit/tonne using NSR analysis.

29

CHELOPECH MINE: CASH COST RECONCILIATION

US$ thousands, unless otherwise indicated

Q1 2014

Year 2013 Actual

Year 2012 Actual

Year 2011 Actual

Year 2010 Actual

29,712

120,480

98,298

88,838

$72,707

(7,902)

(32,905)

(19,542)

(15,499)

(14,425)

19,381

94,421

86,228

65,125

41,234

(30,338)

(152,148)

(163,940)

(147,812)

(87,320)

10,853

29,848

1,044

(9,348)

12,196

22,869

131,923

116,644

83,796

58,065

$4751

$2262

$93

$(112)4

$2105

Cost of Sales:

Less amortization & other Plus other charges, including freight Less by-product credits Cash cost of sales after byproduct credits Gold oz (payable metal) Cash cost of sales/oz gold, (net of by-product credits)

1. 2. 3. 4. 5.

TSX:DPM

Based on $3.25/lb Based on $3.36/lb Based on $3.95/lb Based on $4.27/lb Based on $3.42/lb

copper copper copper copper copper

30

CHELOPECH MINE: CASH COST PER OUNCE OF GOLD SOLD IN PYRITE

US$ thousands, unless otherwise indicated

Q1 2014

For the periods indicated

Treatment charges and refining costs

1,386

Transportation costs

1,207

Cash cost of sales related to pyrite concentrate sold

2,593

Payable gold in pyrite concentrate sold (ounces)

2,878

Cash cost of sales per ounce of gold sold in pyrite concentrate

$901

TSX:DPM

31

CHELOPECH MINE: CASH COST PER TONNE OF ORE RECONCILIATION

US$ thousands, unless otherwise indicated For the periods indicated

Q1 2014

Year 2013 Actual

Year 2012 Actual

Year 2011 Actual

Year 2010 Actual

Ore processed (mt)

471,614

2,032,002

1,819,687

1,353,733

1,000,781

29,712

120,480

98,298

88,838

72,707

Depreciation, amortization & other non-cash costs

(7,902)

(32,905)

(19,542)

(15,499)

(14,425)

Change in concentrate inventory

(1,701)

(6,135)

4,535

862

(2,018)

Total cash cost of production

20,109

81,440

83,291

74,201

56,264

Cash cost per tonne of ore processed, including royalties

$42.64

$40.08

$45.77

$54.81

$56.22

Cash cost per tonne of ore processed, excluding royalties

$39.23

$36.26

$41.16

$49.99

$51.54

Cost of sales Add (deduct):

1.

TSX:DPM

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

32

KAPAN MINE: UNDERGROUND MINERAL RESOURCE ESTIMATE

Kapan Mineral Resources – January 31, 2013 Gold

Copper

Silver

Zinc

Tonnes (M)

Grade (g/t)

Ounces (M)

Grade (%)

Pounds (M)

Grade (g/t)

Ounces (M)

Grade (%)

Pounds (M)

M&I

2.8

2.63

0.238

0.39

24

49.82

4.506

2.06

128

Inferred

10.6

2.32

0.791

0.42

98

41.18

14.041

1.66

388

Category

1. 2. 3. 4. 5. 6.

TSX:DPM

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; Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves; Mineral Resources and Mineral Reserves estimates have been reviewed and prepared by CSA, that provides multi-disciplinary services to the global resources industry and is independent of the Company; Mineral Resources and Mineral Reserves estimates are based on long term metals prices of USD 1,250/oz Au, USD 25/oz Ag, USD 2.75/lb Cu and USD 0.85/lb Zn, and as of 31 January 2013; Kapan Mineral Resources are based on a gold equivalent cut-off of 2.24 g/t (Au + Cu*1.34 + Ag*0.023 + Zn*0.42) and a greater than USD 0 profit/tonne test using NSR analysis.

33

KAPAN MINE: CASH COST RECONCILIATION

US$ thousands, unless otherwise indicated Cost of Sales: Less amortization & other Plus other charges, including freight Less by-product credits Cash cost of sales after byproduct credits Gold oz (payable metal)

Q1 2014

Year 2013 Actual

Year 2012 Actual

Year 2011 Actual

Year 2010 Actual

11,310

46,823

50,547

47,276

33,637

(3,099)

(7,459)

(9,989)

(9,140)

(7,056)

1,150

9,268

6,218

11,893

8,912

(4,827)

(28,046)

(32,075)

(47,588)

(28,562)

4,534

20,586

14,701

2,441

6,931

4.456

21,351

18,204

26,230

22,287

$1,0181

$9642

$8083

$934

$3115

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

1. 2. 3. 4. 5.

TSX:DPM

Based on $3.25/lb Based on $3.36/lb Based on $3.95/lb Based on $4.27/lb Based on $3.42/lb

copper copper copper copper copper

34

KAPAN MINE: CASH COST PER TONNE OF ORE RECONCILIATION US$ thousands, unless otherwise indicated For the periods indicated

Q1 2014

Year Actual 2013

Year 2012 Actual

Year 2011 Actual

Year 2010 Actual

Ore processed (mt)

96,978

465,894

509,419

581,852

428,865

Cost of sales

11,310

46,823

50,547

47,276

33,637

(3,099)

(7,459)

(10,883)

(9,140)

(7,056)

733

(2,407)

(718)

416

3,572

8,944

36,957

38,946

38,552

30,153

$92.22

$79.32

$76.45

$66.26

$70.31

$86.39

$72.32

$69.10

$62.57

$66.33

Add (deduct): Depreciation, amortization & other non-cash costs Change in concentrate inventory Total cash cost of production Cash cost per tonne of ore processed (royalties not applicable in 2009) Cash cost per tonne of ore processed, excluding royalties

1.

TSX:DPM

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

35

KRUMOVGRAD GOLD PROJECT: UPPER ZONE MINERAL RESERVE AND RESOURCE ESTIMATES

Krumovgrad Mineral Reserves – December 31, 2013 Gold

Silver

Tonnes (M)

Grade (g/t)

Ounces (M)

Grade (g/t)

Ounces (M)

Proven

1.1

3.46

0.124

1.91

0.068

Probable

3.5

3.00

0.337

1.75

0.197

Total

4.6

3.11

0.461

1.79

2.66

Category

Krumovgrad Mineral Resources – December 31, 2013 Gold Category Measured Indicated M&I Inferred

1. 2. 3. 4. 5. 6. 7. TSX:DPM

Silver

Tonnes (M) 1.1 3.9

Grade (g/t) 3.46 2.86

Ounces (M) 0.125 0.357

Grade (g/t) 1.91 1.7

Ounces (M) 0.069 0.212

5.0 0.3

2.99 1.31

0.482 0.013

1.75 1.06

0.281 0.011

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; Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves; Mineral Resources and Mineral Reserves may be subject to legal, political, environmental and other risks and uncertainties. See ”Operating Mines”, “Development Projects” and “Risk Factors – Mineral Resources and Mineral Reserves” of the 2013 AIF filed on www.sedar.com on March 31, 2014; Mineral Resources and Mineral Reserves estimates have been reviewed and prepared by CSA, that provides multi-disciplinary services to the global resources industry and is independent of the Company; Mineral Resources and Mineral Reserves estimates are based on long term metals prices of USD 1,250/oz Au and USD 23/oz Ag as of 31 December 2013,: Krumovgrad Mineral Resources and Mineral Reserves are based on a gold cut-off grade of 0.6 g/t for the Upper Zone and Overburden and of 0.8 g/t for the Wall. 36

KRUMOVGRAD GOLD PROJECT: WALL MINERAL RESERVE AND RESOURCE ESTIMATES

Krumovgrad Mineral Reserves – December 31, 2013

Category Proven Probable Total

Tonnes (M) 1.5 0.1 1.6

Gold Grade (g/t) 6.83 5.54 6.74

Silver Ounces (M) 0.325 0.020 0.345

Grade (g/t) 3.50 2.93 3.46

Ounces (M) 0.166 0.011 0.177

Krumovgrad Mineral Resources – December 31, 2013 Gold

Silver

Category

Tonnes (M)

Grade (g/t)

Ounces (M)

Grade (g/t)

Ounces (M)

Measured

1.7

6.32

0.353

3.27

0.183

Indicated

0.2

4.28

0.024

2.38

0.014

M&I

1.9

6.13

0.377

3.19

0.196

Inferred

0.0

0.87

0.00

0.88

0.000

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

TSX:DPM

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; Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves; Mineral Resources and Mineral Reserves may be subject to legal, political, environmental and other risks and uncertainties. See ”Operating Mines”, “Development Projects” and “Risk Factors – Mineral Resources and Mineral Reserves” of the 2013 AIF filed on www.sedar.com on March 31, 2014; Mineral Resources and Mineral Reserves estimates have been reviewed and prepared by CSA, that provides multi-disciplinary services to the global resources industry and is independent of the Company; Mineral Resources and Mineral Reserves estimates are based on long term metals prices of USD 1,250/oz Au and USD 23/oz Ag as of 31 December 2013,: Krumovgrad Mineral Resources and Mineral Reserves are based on a gold cut-off grade of 0.6 g/t for the Upper Zone and Overburden and of 0.8 g/t for the Wall.

37

SUSTAINABLE DEVELOPMENT

People, Health and Safety

Environment

Local Communities

Develop and operate sustainable businesses where the health and safety of our employees is paramount

Promote sustainable growth and responsibility through pragmatic environmental solutions and practices across the business

Provide economic benefits and participate in community development in meaningful and innovative ways

•

•

Ongoing investment in plant upgrades and modernization at all sites has resulted in significant energy efficiency and GHG emissions improvements

•

Appoint corporate and local operational executives to manage political relationships and corporate social responsibility (CSR)

•

•

Award-winning environmental conservation at Chelopech

Award-winning CSR initiatives at Chelopech

2,803 full-time and 1,579 subcontracted employees worldwide − 99% of employees and 86% at the manager level (or above) are local nationals

•

•

•

TSX:DPM

Local hiring, ongoing safety improvements, employee training and fair compensation assist in maintaining healthy labour relations Corporate, regional and human resource policies and programs reflect local needs to attract, retain and motivate employees 2013 focused on reducing Lost Time Injuries (LTI) and Lost Time Injury Frequency Rate (LTIFR) and achieving zero fatalities at all sites

−

•

− Established the Dundee Foundation in Bulgaria in 2012, to separate our national and sitespecific CSR spending

Chelopech tailings and waste management policies compliant with international best practices

Emissions control project (Project 2012) completed −

Continued environmental improvements at Tsumeb in 2013 and beyond

−

A sulphuric acid plant is being installed to capture sulphur dioxide emissions. Physical completion expected in late 2014. Outotec is builder and total cost is approximately $240mm

•

Foster stakeholder engagement with public information centers at all sites (two in Chelopech)

38 38

Corporate Head Office: One Adelaide Street East, Suite 500 Toronto, Ontario M5C 2V9 Tel: 416-365-5191 Investor Relations: Tel: 416-365-2549 / 416-365-2851 Email: [email protected] / [email protected] TSX: DPM – common shares DPM.WT.A – 2015 Warrants www.dundeeprecious.com

TSX:DPM