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• Preliminary metallurgical tests: Achieved copper rougher recoveries associated with samples from the Dumitru Potok, Rakita North and Frasen prospects of over 90% at a grind size of 75µm. These preliminary results indicate the potential for lower energy consumption and consistent copper concentrate grades. This aligns with the average bond work index figures and indicates promising characteristics for ore processing.

• Next steps: DPM is pursuing potential skarn and manto-like stratabound targets with a 55,000-metre scout and target delineation drilling campaign, focused on the Čoka Rakita licence, including the Dumitru Potok prospect, as well as the Potaj Čuka and Pešter Jug licences. Based on these positive results, dedicated target delineation drilling will be allocated to high priority targets with up to 15 rigs expected to be deployed by early spring.

“These impressive results at Dumitru Potok clearly demonstrate the existence of a large copper-gold deposit that has the potential to provide additional high-grade mineral resources adjacent to the planned infrastructure of Čoka Rakita. The drill program continues to expand the Dumitru Potok discovery, and we have yet to define its limits as it remains open in multiple directions and at depth,” said David Rae, President and Chief Executive Officer of Dundee Precious Metals.

“Our exploration team and strong financial position has continued to add value through the drill bit, supported by our strategy to create a robust platform for growth to deliver above-average returns for our shareholders.”

Scout Drilling Program Overview

The Company has continued to progress its scout drilling program, completing over 18,000 metres and 23 drill holes since the previous update on September 11, 2024, with nine drill holes in progress.

See Figures 1, 2 and 3 for plan, section and 3D views highlighting recent drilling at the Dumitru Potok, Rakita North and Valja Saka prospects.

At the Dumitru Potok prospect, located approximately one kilometre northeast of Čoka Rakita, a directional target delineation drilling program is ongoing with multiple daughter holes outlining a sub-vertical monzodiorite intrusive body, with proximal high-grade stratabound copper-gold-silver mineralization on the conglomerate-marble unconformity and along the marble-intrusive contact zone.

Based on the drilling to date, stratabound conglomerate-marble unconformity hosted mineralization extends outward from the eastern and western margins of the causative intrusion. Mineralization can be traced for more than one kilometre of strike length and up to 500 hundred metres away from the causative intrusion and varies in thickness from five metres to up to 40 metres. Mineralization on the marble-intrusive contact zone is developed for more than 300 metres vertically, either as contact skarns or as stratabound lenses within reactive marbles, including on the lower marble-basement contact. The mineralization is open in all directions and its full footprint and grade continuity have yet to be defined.

On the east flank of the Dumitru Potok intrusive, DPDD025A was collared to test below holes DPDD012 and DPDD012A, and encountered a wide zone of strong skarn alteration and mineralization developed on marbles and returned an intercept of 190 metres at 2.07% Cu, 1.23 g/t Au and 12.19 g/t Ag, which includes a higher grade zone of 49 metres at 4.18% Cu, 1.48 g/t Au and 21.7 g/t Ag.

See Figure 4 for details of the mineral assemblage in DPDD025A.

On the west flank of Dumitru Potok intrusive, drill hole DPDD026 confirmed the extension of strong mineralization to the south on the upper marble contact, returning 36 metres at 1.8% Cu, 1.4 g/t Au and 11.76 g/t Ag from 953 metres downhole. The extension of the hole aimed to test the potential of the lower marble-basement contact target and successfully intercepted a wide zone of strong skarn alteration and mineralization of 115 metres at 1.47% Cu, 2.73 g/t Au and 9.69 g/t Ag from 1,170 metres downhole, including 38 metres at 2.59% Cu, 4.05 g/t Au and 17 g/t Ag from 1,195 metres.

These new intercepts confirm the potential for more than 300 metres of vertical extension in proximity to the causative intrusion when viewed in conjunction with other drillholes.

See Figure 5 for details of the mineral assemblage in DPDD026.

Table 1. Drill holes results from the scout drilling campaign testing stratabound and marble-intrusive contact hosted targets at Dumitru Potok.

Based on these strong results, DPM is accelerating the systematic target delineation drilling campaign at Dumitru Potok to further extend these high-grade zones and build additional confidence on the shape, size and grade tenor of the encountered mineralization.

At the Rakita North target, located on the northwestern flank of the Čoka Rakita deposit and proximal to planned underground development, two deep holes have been completed that intercepted significant copper-gold mineralization over most of the 300-metre thickness of the marbles. Mineralization is a combination of manto-like skarn mineralization on the upper and lower contact, as well as more discrete replacement and stockwork veins over the entire marble lithological package.

These results include hole RADDHG008, which reported 30 metres at 0.52% Cu, 0.42 g/t Au and 2.31 g/t Ag from 1,074 metres downhole and 105 metres at 0.69% Cu, 0.51 g/t Au and 2.81 g/t Ag from 1,120 metres downhole. Additional results include hole RADD050, which returned 40 metres at 0.64% Cu, 0.49 g/t Au and 1.81 g/t Ag from 780 metres downhole and 140 metres at 0.88% Cu, 0.6 g/t Au and 2.94 g/t Ag from 990 metres downhole. These drill intercepts are approximately 500 metres below the Čoka Rakita planned underground infrastructure (see Figure 3).

These new drill intercepts show significant copper-gold mineralization developed over an up to 300-metre vertical section, by more than 300 metres by 150 metres laterally, and remains open in multiple directions. Further drilling is ongoing, including daughter holes to follow-up hole RADD050 as well as additional scout holes from surface aimed to test continuity towards Dumitru Potok and the larger potential extensions to east and southeast.

Table 2. Drill holes results from the scout drilling campaign testing the copper-gold-silver marble hosted targets at Rakita North.

Scout exploration drilling commenced at the Valja Saka prospect, which is located approximately two kilometres north of Čoka Rakita, targeting shallow skarn-altered marble and sandstone-hosted gold-silver-base metals mineralization, previously mapped in the area. Several holes from the program encountered strong skarn-altered sediments with garnet and magnetite and occasionally with visible gold, analogous to the Čoka Rakita style of mineralization.

Of note is VSDD010 drillhole which was collared as a long scout hole to follow-up on a magneto-telluric (“MT”) conductivity anomaly. This hole intersected a zone of skarn alteration with visible gold that returned 8.3 metres at 5.31 g/t Au from 325 metres downhole. The hole continued into a weakly mineralized copper-gold porphyry, which then passed into a zone of polymetallic, carbonate replacement mineralization that returned 15 metres at 0.62 % Cu, 0.66 g/t Au and 21.9 g/t Ag from 808 metres downhole, and 20 metres at 0.17 % Cu, 93 g/t Ag, 5.15 % Zn and 1.48 % Pb from 848 metres downhole.

The shallow gold skarn target was followed up by VSDD011 that reported a narrow interval with coarse visible gold of 4.6 metres at 43.95 g/t Au and 0.15% Cu from 302.4 metres downhole and by VSDD012 that reports 9 metres at 2.69 g/t Au and 0.14 % Cu from 237 metres downhole.

Table 3. Drill holes results from the scout drilling campaign at Valja Saka skarn gold target.

The mineralization remains open in multiple directions and will be tested as part of DPM’s upcoming 55,000-metre drilling campaign.

See Figure 3 for a better understanding of the spatial disposition of different targets.

Preliminary Metallurgical Testwork Results

Metallurgical testing is ongoing, with five representative 30 kilogram composite samples from the Frasen, Dumitru Potok and Rakita North discoveries. Refer to Table 4 for key parameters of the composites. Testing is being undertaken at the Wardel Armstrong International laboratory in the United Kingdom.

Table 4. Description, bond work index and head assay values from composite samples taken from of copper-gold-silver mineralization at Dumitru Potok, Frasen and Rakita North.

Initial bulk rougher tests at a grind size of 75µm indicate that copper responds well to flotation with recoveries above 90% after the first ten minutes of testing. These preliminary results indicate the potential for lower energy consumption and consistent copper concentrate grades. This aligns with the average bond work index figures and indicates promising characteristics for ore processing. However, pyrite (for sample BI1) and non-sulphide gangue (for the rest of the samples) recoveries increase into the concentrate in the last ten minutes of float, which is suspected to be diluting rougher concentrate copper grades and will be an area for improvement in subsequent metallurgical testing programs.

Table 5. Preliminary results of Rougher Flotation tests on four samples from the Dumitru Potok and Rakita North prospects.

Table 6. Preliminary selective Rougher Flotation test results from polymetallic mineralization from the Frasen prospect.

Initial gravity testing indicated a variable gravity gold recoverable component from between 22.3% to 57.6% for the DP1 sample. Copper losses to gravity concentrate also vary, with BI1 having a low copper loss of only 1.6% whilst DP2, DP3 and RA1 lost 9.2%, 16.4% and 12.3% respectively. The results indicate limited amounts of freely recoverable gold, which generally aligns with the flotation testwork where both the silver and gold appeared to respond well to flotation. Importantly, silver and gold experienced relatively quick recovery to the concentrates, suggesting an association with sulphides.

Table 7. Preliminary results of Knelson Gravity tests from representative copper-gold-silver mineralization at Dumitru Potok, Frasen and Rakita North.

The results to date demonstrate high recoveries are achievable, albeit with a significant mass pull, attributed to elevated levels of pyrite in certain samples, while others exhibit a higher presence of unspecified gangue. Future testing will focus on reducing mass pull by examining the effects of grind size on non-sulphide gangue and pyrite recovery, as well as exploring the advantages of incorporating a cleaning circuit for concentrate enhancement. Ongoing testwork includes a detailed mineralogical investigation to determine a range of key mineralogical criteria.

Significant 2025 Exploration Program Ongoing

DPM’s exploration program includes approximatively 55,000 metres of drilling to follow-up on positive results to extend existing zones of mineralization and to continue testing enhanced targeting models. A portion of this drilling will be dedicated to the Dumitru Potok and Frasen target delineation programs, which will aim to define the stratabound-hosted mineralization, which is open in multiple directions, and to better understand the continuity of the mineralization along strike and away from the causative intrusions.

Furthermore, the Company is following up on a full-tensor MT survey that has been conducted over Dumitru Potok and the eastern portion of the northmost Potaj Čuka licence, which highlighted several significant conductive targets that can be traced over six kilometres along strike north of the Dumitru Potok prospect. The Potaj Čuka licence shares the same geological setting as the Dumitru Potok and Frasen prospects and is highly prospective for skarn, carbonate replacement and porphyry style mineralization.

The mineralized domains at Dumitru Potok are identified as distinct conductive areas, likely influenced by intrusive rocks such as dykes and sills, as well as the surrounding skarn alteration and mineralization. In most cases, the intercepted mineralization spatially aligns with the edges of conductive anomalies or directly with the most conductive sections. The resistivity model indicates the presence of subvertical conductive "channels" extending to depths greater than two kilometres.

A 3D seismic survey, using irregular source grid and >9000 Stryde geophones at 25 metres by 25 metres, was completed over Dumitru Potok that aimed to evaluate the relationship between structures, intrusive bodies and the sedimentary unconformities that are coincident with the wide, high-grade mineralization zones encountered to date. The analysis of the 3D seismic model is ongoing and it is expected that this model will provide information concerning the system architecture to guide scout and target delineation drilling campaigns.

The Company has budgeted between $23 million and $25 million for exploration activities in Serbia in 2025.

Figure 1. Project scale map highlighting the updated targets and results from the ongoing scout drilling.

Figure 2. Cross section looking north at the Frasen and Dumitru Potok targets, located approximately one kilometre north of the Čoka Rakita deposit, showing scout drilling, the conceptual geology model and interpretation of target mineralization styles.

Figure 3. Snapshot of 3D model looking west displaying the positions of different geological targets relative to the Čoka Rakita orebody and the planned underground development pre-feasibility study design, as well as highlights from the reported intercepts. The target shapes were generated using currently available drilling information, which provides limited geological understanding and may change as additional drilling is conducted.

Figure 4. Images showing the core photos of copper-gold-silver skarn mineralization from hole DPDD025A, taken from the start of the interval reporting 49 metres at 4.18 % Cu, 1.48 g/t Au and 21.7 g/t Ag from 842 metres downhole.

Figure 5. Images showing the core photos of copper-gold-silver skarn mineralization from hole DPDD026, taken from within the interval reporting 38 metres at 2.59% Cu, 4.05 g/t Au and 17 g/t Ag from 1,195 metres downhole.

Sampling, Analysis and QAQC of Exploration Drill Core Samples

Most exploration diamond drill holes are collared with PQ size, continued with HQ, and are sometimes finished with NQ and BQ diameters. Triple tube core barrels and short runs are used whenever possible to improve recovery. All drill core is cut lengthwise into two halves using a diamond saw: one half is sampled for assaying and the other half is retained in core trays. The common length for sample intervals within mineralized zones is one metre. Weights of drill core samples range from three to eight kilograms (“kg”), depending on the size of core, rock type, and recovery. A numbered tag is placed into each sample bag, and the samples are grouped into batches for laboratory submission.

Drill core samples are shipped to the Company’s own exploration laboratory in Bor, Serbia, which is independently managed by SGS. SGS methods and procedures are accredited at SGS hub labs and independent internal lab QAQC check samples are sent to an SGS accredited laboratory. The Bor lab also participates in SGS monthly round robins, and other international Round Robins. Quality control samples, comprising certified reference materials, blanks, and field duplicates, are inserted into each batch of samples and locations for crushed duplicates and pulp replicates are specified. All drill core and quality control samples are tabulated on sample submission forms that specify sample preparation procedures and codes for analytical methods. For internal quality control, the laboratory includes its own quality control samples comprising certified reference materials, blanks and pulp duplicates. All QAQC monitoring data are reviewed, verified and signed off by an independent QAQC geologist. Chain of custody records are maintained from sample shipments to the laboratory until analyses are completed and remaining sample materials are returned to the Company. The chain of custody is transferred from the Company to SGS at the laboratory door.

At the SGS Bor laboratory, the submitted drill core samples are dried at 105°C for a minimum of 12 hours and then jaw crushed to approximately 80% passing four millimetres. Sample preparation duplicates are created by riffle splitting crushed samples on a 1-in-20 basis. Larger samples are riffle split prior to pulverizing, whereas smaller samples are pulverized entirely. Pulverization specifications are 90% passing 75 microns. Gold analyses are done using a conventional 50-gram fire assay and AAS finish. Multi-element analyses for 49 elements, including Ag, Cu, Mo, As, Bi, Pb, Sb, and Zn, are done using a four-acid digestion and an ICP-MS finish at SGS Bor and SGS Ankara laboratories. Samples returning over 10 ppm for Ag and 1% for Cu, Pb or Zn are analyzed with AAS finish. Sulphur is analyzed using an Eltra Analyzer equipped with an induction furnace.

Technical Information

Ross Overall, Director, Corporate Technical Services of the Company, who is a Qualified Person as defined under NI 43-101, and Paul Ivascanu, Vice President Exploration of the Company, have reviewed, and approved the scientific and technical content of this news release. Mr. Overall has verified the accuracy of the information presented in this disclosure.

About Dundee Precious Metals

Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Serbia and Ecuador. Our strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from our portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for our shareholders. DPM’s shares are traded on the Toronto Stock Exchange (symbol: DPM).

For further information please contact:

Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
jcameron@dundeeprecious.com

Cautionary Note Regarding Forward Looking Statements

This news release contains “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”) that involve a number of risks and uncertainties. Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The Forward Looking Statements in this news release relate to, among other things: the geology and metallurgy at exploration prospects located near to the Company’s Čoka Rakita project and the future exploration potential at each such prospect; next steps in the Company’s exploration activities in Serbia and the anticipated results thereof; amounts of expenditures expected to be incurred in connection with the Company’s exploration activities in Serbia; and the price of commodities. Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and the Qualified Persons, as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this news release, such factors include, among others, uncertainties with respect to actual results of current and future exploration activities; variations in mineralization; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company’s activities; accidents, labour disputes and other risks of the mining industry; fluctuations in metal prices; delays in obtaining governmental approvals for exploration activities; opposition by social and non-governmental organizations to exploration activities and mining operations; unanticipated title disputes; claims or litigation; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; cyber-attacks and other cybersecurity risks; as well as those risk factors discussed or referred to in any other documents (including without limitation the Company’s most recent Annual Information Form) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR+ at www.sedarplus.ca. The reader has been cautioned that the foregoing list is not exhaustive of all factors which may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company’s Forward Looking Statements reflect current expectations regarding future events and speak only as of the date hereof. Unless required by securities laws, the Company undertakes no obligation to update Forward Looking Statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on Forward Looking Statements.

Figures accompanying this announcement are available at:

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