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News Update

TICKERS: DPM

Miner Posts Strong Q3 Gold Production; Expects to Meet High Range of FY Guidance
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Dundee Precious Metals reported preliminary Q3/20 production results at its two gold mines in Bulgaria and its complex copper concentrate smelter operation in Namibia.

In a news release, Dundee Precious Metals Inc. (DPM:TSX), announced preliminary production results from both of its mines in Bulgaria and the Tsumeb smelter for the three and nine months ended September 30, 2020.

The company advised that the strong performance it delivered in Q3/20 and year-to-date keeps the firm on track with previously issued FY/20 guidance of 257,000-299,000 ounce (257-299 Koz) gold and that it expects that FY/20 gold production will come in at the higher end of the range of those estimates.

Dundee Precious Metals' President and CEO David Rae commented, "Our operations continue to perform extremely well and delivered another strong quarter of production in the third quarter...Our impressive performance year-to-date reflects outstanding efforts at all of our sites to proactively manage the challenges of the COVID-19 pandemic."

The company highlighted production results from its two projects in Bulgaria in Q3/20. The firm noted that the Ada Tepe mine produced higher than planned production of 30 Koz gold due to higher gold grade and higher volumes of ore treated. Dundee noted that the Chelopech project also continued to deliver in the quarter by producing approximately 49.8 Koz gold and 9.2 million pounds (Mlb) of copper. The company stated that gold production met expectations as a result of higher recoveries to pyrite concentrate and in-line copper production.

The firm indicated that for the nine months ended September 30, 2020, Ada Tepe produced 92.6 Koz gold and Chelopech produced 141.5 Koz gold and 28.0 Mlb copper. The company pointed out that the strong year-to-date operational performance at both Ada Tepe and Chelopech are aiding the firm to remain on target to achieve the higher end of prior gold production guidance for 2020.

The firm added that complex concentrate smelted for the year is expected to be in line with previously issued 2020 guidance and that the Tsumeb smelter located in Namibia processed 55,900 tons of complex concentrate in Q3/20 and a total of 179,400 tons year-to-date through September 30, 2020.

The company stated that it has been successful at managing the COVID-19 pandemic, prioritizing the health and safety of its workforce and host communities and that it has not experienced any material inbound or outbound supply disruptions in its operations.

Dundee confirmed that as it previously announced, the company will pay a quarterly dividend of US$0.02 per share to shareholders of record as of September 30, 2020, on October 15, 2020.

The company indicated it will release its complete Q3/20 operating and financial results on November 12, 2020, after markets close for trading and will discuss the results in detail during a webcast the following morning.

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