GROWTH OPTIMIZATION INNOVATION PEOPLE

Metal Riches of the Western Tethyan Belt

BulgariaRichard Gosse, SVP Exploration

PDAC - March 5, 2015

TSX:DPM 2

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, copper and acid, toll rates, metals exposure and stockpile interest rate deductions, 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 (including sustaining capex, non-discretionary capex and discretionary capex), 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, copper and acid; 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

and smelting industries; delays in obtaining governmental approvals or financing or in the completion of development or construction

activities, fluctuations in metal prices and toll rates, 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 forward looking statements.

Forward Looking Statements

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Timok Gold Project

Serbia

Tsumeb Smelter

Namibia

Chelopech Mine

Bulgaria

Sabina

Canada

11%

Krumovgrad Gold Project

Bulgaria

Geographic and Commodity Diversification

2016 Asset Diversification 2016 Revenue Diversification

Bulgaria

56% Namibia

38%

Canada

6%Ag 1%

Smelter

31%Gold

47%

Copper

22%

Operating assets

Development asset

Exploration assets

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Stable business environment

• Area – 110,994 square kilometres

• Population – 7.5 million

• Approximately 80% of the working-age population have

secondary or higher education

• GDP – 44.16 billion Euro (2015). GDP forecast +2.8% in 2017 (IMF).

• GDP per capita – 5,700 Euro

• Official language – Bulgarian

• 46% speak at least one foreign language,

• Credit Rating: Baa2 (Moody’s), BBB- (Fitch), BB+ (S&P)

• Low budget deficit and government debt

• Currency board

• Fixed Exchange Rate - €1 = BGN 1.95583

• Tax – 10% Corporate and Personal Tax Rates

• Competitive cost of labor

• Government type - Parliamentary Democracy

• Member of - EU, NATO, WTO

• Doing Business – WBG 2016, 38th place

Bulgaria at a glance

Source – http://investbg.government.bg

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A long mining history• Gold mining at Krumograd started 3500 years ago.

• Today the 4th largest gold producer in Europe.

Mining Friendly Country

40383

29349 2838926124 25743 24743 24641 24268 23709 24617

22,342

0

10000

20000

30000

40000

50000

2000 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016*

Direct employees in the mining sector

24890

51429

80958

73591

88802

113252120522

105366 102608

104749

0

20000

40000

60000

80000

100000

120000

140000

2000 2006 2008 2009 2010 2011 2012 2013 2014 2015

Production (in Leva) per number of direct employees in the sector

1233513804

14843 1493815933 16192 16527

0

5000

10000

15000

20000

2010 2011 2012 2013 2014 2015 2016

Average annual salary (in BGN) for the sector

• 112 million tonnes (worth of 2,6 billion Leva) were mined during 2015, a 12% increase over 2014.

• Increased production is recorded in all sub-sectors, except for oil and gas and natural stone materials.

• Lost Time Injuries for the sector for 2015 - frequency rate about 3 times that of MSRT

• Average annual salary for the sector -BGN 16,527 compared to BGN 11,534 average for the country.

Source – Bulgarian Mining Chamber, www.bmgk-bg.org

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• Permitting – as a member of EU, Bulgaria is highly regulated.

• Exploration, mining and primary processing of underground resources are carried out on

the basis of life of mine and annual work plans. They are approved by the Minister of

Energy, subject to the preliminary opinion of the environmental authorities on the necessity

of conducting an Environmental Impact Assessment (EIA).

• Exploration activities, if successful, result in a commercial discovery registration, which

entitles the right holder to obtain a mining concession. The registration of a commercial

discovery is subject to a favourable assessment by the environmental authorities.

• If the land is located within protected zones (such as the European network of protected

zones, “Natura 2000”), the EIA report should include an assessment of the project’s

conformity with the protected zone restrictions.

• Right holders whose activities produce mining waste are responsible for its management,

which includes closure, conservation and re-cultivation of sites at their expense. Closure

and rehabilitation activities are also subject to approval by the competent authorities.

Financial guarantee is required prior to commencing the permitted activities.

Mining Friendly Country

Source – http://investbg.government.bg, http://iclg.com

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• Mining Concessions

• Regulated by the Concession Act (CA) and the Underground Resources Act (URA). The

CA lays down the general legal order for granting a concession (i.e. the right for operating

a site of public interest), whereas the URA sets out the specific requirements for granting of

mining concessions.

• The granting of a concession presupposes the establishment of the concession area which

includes the area covering the site of the concession, i.e. the deposit or separate parts

thereof, and other areas thereof required for the implementation of the concession

activities.

• The concessionaire is required to negotiate and conclude agreements with landowners to

acquire ownership or obtain the respective property rights.

• Royalties

• Subject of negotiation with the state and are based on a financial analyses before the

concession contract to be signed.

• Calculated in accordance with the provisions of a specific regulation.

• Based on the value of the metal recovered from the ground (using the annual arithmetic

mean of the price, LBMA for gold) and a project specific royalty rate, which can vary

between 0.8% and 4% based on the profitability of the project.

• 50% of the royalty goes to the municipality on which territory the concession is located.

Mining Friendly Country

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Metal Endowment of Bulgaria• Main Au-Cu deposits are associated with the Late Cretaceous and the Paleogene magmatic belts.

• DPM’s Chelopech Au-Cu and Krumovgrad Au projects located in Panagyurishte and Eastern

Rhodopes districts, respectively.

Metallogenic map of Bulgaria and surrounding areas (MDRU, 2015)

Sofia

Black Sea

Eastern Rhodopes

district

Panagyurishte

district

Chelopech

Krumovgrad

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Chelopech

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Highlights:

Chelopech results were in upper end of 2016 original guidance

• Copper production – 38.5 million pounds

• Gold production (incl. gold in pyrite produced) – 165,665 ounces

• Cash cost/ounce gold sold, net of by-product credits, including payable gold in

pyrite concentrate sold - $610

• Adjusted EBITDA – $87 million

Chelopech – Solid Performer Focused on Optimization

Mineral Reserves Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)

Chelopech

Proven

Probable

11.88

9.64

1.167

1.020

266

178

3.06

3.29

1.02

0.84

Mineral Resources Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)

Chelopech

M&I

Inferred

14.2

2.8

1.533

0.82

329

51

3.37

2.48

1.06

0.82

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1.09

1.31

1.812.03 2.05 2.04

2.21

2010 2011 2012 2013 2014 2015 2016

Ore Mined (Mt)

2006 2015

Ore Mined / Reserves (Mt)

21.5 21.5

14.1

Cash Cost / tonne of ore processed (US$/t) (3)

Total ore

mined to date

Ore Reserve

Continue to optimize by

• Increasing production

− Ramped up production to 2.2 Mtpy –

underground wireless technology to optimize

operating performance

− Successful reserves replacement since 2006

• Reducing costs

• Exploring to extend the LOM & increase

throughput

− Drilling around old cave zones to add

additional resources; regional exploration on

newly acquired licence

− Discovery of new zone 153: high grade Cu

and Au mineralization located near existing

infrastructure

− EXT150_440_06: 84m @ 13.58g/t Au and 2.87%

Cu incl. 46.5m @ 22.09g/t Au and 4.26% Cu

− EXT150_440_02: 16.8m @ 6.60g/t Au and

1.86% Cu incl. 6.7m @ 13.50g/t Au and 3.73%

Cu

Chelopech – Optimization Through Innovation

3 See footnotes contained in Appendix on slide 27

2006

56 55

46

40 4037

33

2010 2011 2012 2013 2014 2015 20162010 2011 2013 20142012 2015 2016

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Chelopech Au-Cu Mine• The ore bodies vary from 150-300 meters in length, are 30-120 meters thick and can

extend at least 350 meters down plunge.

• The main ore bodies are spatially grouped into two mining areas, with semi-circular

distribution and controlled by favorable breccia and host rock contact zones and

structure intersections within the breccias.

3D perspective view of Chelopech Underground Mine Development.

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Chelopech Au-Cu MineralizationOre Mineralization

Stockwork, vein and disseminated

type of ore are most common among

the different types breccia and among

intrusive bodies.

Ore Minerals

Py, Tn, En-Luz, Au, Cpy & Bn with

late stage Sp/Ga

Orebodies Morphology

Columnar pipe like bodies that

typically plunge steeply towards the S

& SE.

Alteration

Advanced argillic zone with “vuggy” silica and massive silica localities with quartz, dickite, kaolinite, pyrite, pyrophillite and alunite

Sericitic zone, characterized with quartz, sericite, illite, kaolinite, pyrite, rutile ± APS minerals;

Propylitic zone, composed of quartz, albite, calcite, chlorite, pyrite, sericite and epidote.

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Chelopech Au-Cu Mineralization: New Geology Model

• It is interpreted that Chelopech deposit was formed in shallow intrusive setting, related to phreato-

magmatic breccias which formed a maar-diatreme and numerous blind breccia-pipe structures.

Drillcore PTDD020: m 873-888

Tuffisite

Pipe boundary

Marginal fluidization

structure

Fluidization structure

Matrix-supported

pipe breccia with wispy

juvenile clasts

Dispersed and

abraded country

rock clasts

Flow channel

Coherent diorite country rock

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Drilling commenced at SE Breccia Pipe Zone

Hole 555-01 Southeast Breccia Pipe • First of 7 UG holes commenced in September 2016

• Confirms HSE system is open to southeast beneath the

Chelopech Thrust Fault

Brevene Exploration License• Granted on September 1, 2016

• Comprehensive work program approved by MOE

Chelopech – Brownfields Exploration

Plan view of level 440 (top) and section (below) showing ore-body outlines

as per current grade control model, Si licaenvelopes and level development.

An initial interpretation of Zone 153 is presented.

New High Grade Zone 153

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Chelopech: Diatreme & Mineralization Types

Simplified N-S section (looking to E) through the Vozdol-Petrovden-Chelopech area, showing the distribution

patterns of selected ore-related metals.

Petrovden porphyry min.

(potassic, phyllic alt.)

Vozdol & wedge areas

Pb-Zn-Ag-Au veinsChelopech HS ore bodies

Diorit

e

Coherent diorite country rock

Metamorphic basement

Diatreme brecciaSE Breccia

PipeGranodiorite

Tur.

sandstone

Post-mineral epiclastics

Diorite

RAB

2MS

LIM

SFL

Mo-Cu-Au

(±Bi, Te)

Cu-Au-Sb-

As-Te-BiCu-Au-Sb-

As-Te-Bi

Zn-Pb-Ag-

Au-Mn

Zn-Pb-Ag-

Au-Mn

Zn-Pb-Ag-

Au-Mn

N SMn-Pb-Zn-Ag±Au

Mo-Cu-Bi-Te±AuCu-As>Au-Sb-Ag

Au-Sb-Ag>Cu-As

Mn-Zn-Pb-Bi-Te

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Krumovgrad

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Milestone Actual / Expected Completion (2)

Completion of the Detailed Project Execution Plan Q1 2016 (complete)

Complete Detailed Engineering Q1 2016 (complete)

Updated Capital Cost Estimate and Baseline Project Schedule Q1 2016 (complete)

Land Re-designation and Purchase Q1/2 2016 (both complete)

Approval of Technical Packages Q2 2016 (complete)

Construction Permit RECEIVED AUGUST 9, 2016

Mobilize Earthworks Contractor to Site and Commence Earthworks Q4 2016

Commence Main Civil/Mechanical/Electrical Construction Q3 2017

Commissioning and Start Up Q3 2018

First Concentrate Production Q4 2018

Krumovgrad 2016-2018 Project Milestones

2 See footnotes contained in Appendix on slide 27

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Krumovgrad Business OutlookProduction and Operating Costs

Annual gold production 85,700 oz

Annual silver production 38,700 oz

First concentrate production Q4 2018

LOM 8 years

Total Annual Operating Costs / t ore

processed

Mining costs

Processing costs

Tailings treatment & IMWF costs

General & administration

Royalty

$45.41

$15.03

$19.39

$1.88

$5.33

$3.78

9,11 See footnotes contained in Appendix on slide 27

Capital Costs

Construction capital to complete

Direct Costs

Indirect Costs

Contingency P50 (7.5% of direct +

indirect costs)

$178.2 million

$117.1 million

$48.7 million

$12.4 million

Sustaining Capital $6.2 million

Closure and Rehabilitation Costs $6.0 million

Total cash cost per oz AuEq $403

Average Annual EBITDA (11) $66 million

Mineral Reserves Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)

Krumovgrad

Proven

Probable2.6

3.6

0.449

0.357

6.83

3.00

Mineral Resources Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)

Krumovgrad

Inferred (upper) 0.3 0.013 1.31

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Top of the hill

Temporary access road

Equipment arriving at site Temporary access road

Krumovgrad Site Photos

Temporary access roadTop of the hill

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Krumovgrad Process Plant

Temporary access road

Crushing (0100)

Coarse ore

Storage (0100)

and Pebble Crushing (0200)

Flotation (0300)

Conc Thickening

and Filtration (0400)

Grinding (0200)

Tailings Thickening

Plant (1400) and HV Area (0900/1050)

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Ada Tepe Epithermal Au-Ag Ore Deposit

Representative N–S section (looking to West) through the Ada Tepe deposit, showing the

interpreted lithological units, ore types and the main alteration zones.

The dominant structure at the Ada Tepe deposit is the detachment structure that separates the

metamorphic basement rocks from the overlying sedimentary rocks, and forms a 10° to 15°

north dipping lower structural bounding surface to the deposit.

• “Wall Zone” mineralization: massive shallow dipping, siliceous body forming the hanging wall to

the detachment and defining the contact between the core complex and the overlying sedimentary

rocks;

• “Upper Zone” mineralization: east-west trending steeply dipping veins that exhibit textures

indicative of formation within the epithermal environment and extend upwards into the sedimentary

breccia unit above the Wall Zone.

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Ada Tepe Epithermal Au-Ag Ore Deposit

Ore mineralogy reflects boiling of mineralized fluids; gold was transported and deposited with other elements like As, Ag, Sb, Te, and Se.

Representative ore textures from Ada Tepe.

Typical ore textures:

Banded and • crustifrom

opaline and chalcedonic

silica ̶ adularia (Al/Si

disordered) ̶ calcite veins

with electrum, pyrite and

telluride.

Lattice• -bladed carbonate

replaced by silica.

Upper level sinter• -like

deposits

0 1 cm0.5

0 1 cm0.5

0 1 cm0.5 0 2 cm1

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Krumovgrad – Kupel NorthGold and silver mineralization in the Krumovgrad area is predominantly hosted within

the Paleogene Shavar Formation proximal to the unconformable underlying basement

rocks of the Kessebir-Kardamos core complex.

Geology map of Krumovgrad project with the Ada Tepe Au deposit

and other Au prospects.

• The host Shavar Formation

typically forms laterally

discontinuous lenses ranging

from chaotic breccia to

conglomerate to inter-bedded

pebbly sandstone, siltstone

and marl to marl-argillite.

• Upward variations in the

stratigraphy reflect increasing

basin maturity.

HOLEID From To Width Au (ppm) Ag (ppm)

KPDD009 277 285 8 12.81 4.95

KPDD012 366 371 5 17.35 7.06

KPDD011 307 308 1 14.79 2.59

KPDD016 318 322.3 4.3 5.19 4.90

KUPEL NORTH DRILL RESULTS

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An Attractive Investment Opportunity Through

Operational Excellence & Disciplined Growth

1Company Highlights

Optimization of Existing Assets

2

3

4

Near Term Growth

Future Growth Pipeline• Exploration upside potential

• Strong balance sheet with financial flexibility

• Geographic & commodity diversification

• Long established relationships & successful track record in low cost, mining friendly jurisdictions

• Attractive valuation metrics

Recognized as a leading innovator in the mining industry•

Solid EBITDA growth with growing free cash flow commencing • 2017

Strong reserve and resource base•

• Low cost gold production growth of over 60% by 2019 from the Krumovgrad Gold Project, with

first concentrate production expected in Q4 2018

GROWTH OPTIMIZATION INNOVATION PEOPLE

Rick Howes, CEO, Room 801A, MTCC: Level 800; 2pm Monday, March 6

Chelopech Mine, Bulgaria

THANK YOU

TSX:DPM

Corporate Head Office:

One Adelaide Street East, Suite 500

Toronto, Ontario, M5C 2V9

T: 416 365-5191

Investor Relations

T: 416 365-2549

jreid@dundeeprecious.com

TSX:DPM

www.dundeeprecious.com

TSX:DPM 27

Footnotes and Disclaimers1. Includes payable gold in pyrite concentrate sold and related costs, when applicable

2. Forecast/guidance information is subject to a number of risks. 2017F is based on guidance issued February 15, 2017 and 2018 to 2020 forecast data is based on the completion of several growth

projects within currently contemplated time frames. See “Forward Looking Statements” on slide 2

3. A non-GAAP measure. Refer to the “non-GAAP Financial Measures” section of the Full Year 2016 MD&A for reconciliations to IFRS

4. Data Source “Yahoo Finance”

5. Refers to Primero 2017 guidance which is not yet released, using revised 2016 AISC

6. Source: Capital IQ Feb 15, 2017 and RBC

7. AISC per ounce of gold represents cost of sales at Chelopech less depreciation, amortization and other non-cash items plus treatment charges, penalties, transportation and other selling costs,

sustaining capital expenditures, rehabilitation related to accretion expenses and an allocated portion of the Company’s G&A expenses less by-product revenues in respect of copper and silver

including realized gains on copper derivative contracts divided by the payable gold in copper and pyrite concentrates sold

8. Chelopech figures as per 2016 public filings; AISC includes gold production in pyrites

9. Krumovgrad figures as per latest NI 43-101

10. Tsumeb figures as per 2016 public filings

11. Adjusted EBITDA represents earnings before income tax plus depreciation and amortization, finance costs, impairment charges, unrealized losses/gains on derivative contracts and investments at

fair value, minus interest income

12. NI 43-101 Technical Report dated May 1, 2014

13. Dunav press release dated June 23, 2014

14. Based on ZAR exchange rate of 14.0

15. Includes EBRD investments of $33.2 million

16. Midpoint of 2017 Company guidance

Without limitation to the foregoing, the following outlines certain specific forward looking statements contained in this presentation and provides certain material assumptions used to develop such forward looking statements and material risk

factors that could cause actual results to differ materially from the forward looking statements (which are provided without limitation to the additional general risk factors discussed herein and in the Full Year 2016 MD&A). Sustaining CAPEX, Non-

Discretionary CAPEX and Discretionary CAPEX: assumes foreign exchange rates remain at or around current levels, and all capital projects proceed as planned and at a cost that is consistent with the budget established for each project. Subject

to a number of risks, the more significant of which are: technical challenges; delays related to securing necessary approvals, equipment deliveries, equipment performance, and the speed with which work is performed; availability of qualified

labour; and changes in project parameters, timing and decision to proceed with projects and/or any components there of and estimated costs, including foreign exchange impacts. Gold and Copper Production: projected levels of metal production

assumes grades and recoveries are consistent with current estimates of Mineral Resources and Mineral Reserves and DPM’s current expectations and construction of Krumovgrad project and decision to proceed with projects and/or any

components there of; and ore mined/milled is consistent with planned levels. Subject to a number of risks, the more significant of which are: lower than anticipated ore grades, recovery rates and ore mined/milled. Smelted Concentrate: assumes

no significant disruption in equipment availability or concentrate supply. Subject to a number of risks, the more significant of which are: unanticipated operational issues; timing and decision to proceed with expansion projects, including the holding

furnace, and/or any components there of; and any further expansion components including a holding furnace; lower than anticipated equipment availability; disruptions to or changes in the supply of concentrate; and toll rates lower than

anticipated.

Technical Information related to slide 20 – Krumovgrad Project Economics

The Mineral Resource and Mineral Reserve estimates and other scientific and technical information which supports this presentation was prepared by CSA Global (UK) Ltd. (“CSA”), in accordance with Canadian regulatory requirements set out in

National Instrument 43-101 Standards of Disclosure for Mineral Projects, and were reviewed and approved by, as relates to Mineral Resources, Galen White, BSc (Hons) FAusIMM FGS, Director and Principal Consultant of CSA, and Julian

Bennett, BSc ARSM FIMMM CEng, as relates to Mineral Reserves. Both Galen White and Julian Bennett are independent Qualified Persons (“QP”), as defined under NI 43-101. The NI 43-101 technical report (the “Krumovgrad Technical Report”)

entitled “NI 43-101 Technical Report, Ada Tepe Deposit, Krumovgrad Project, Bulgaria” dated March 21, 2014, in respect of the study for the construction and operation of its Krumovgrad gold project disclosed herein, was filed March 31, 2014 on

SEDAR at www.sedar.com. Simon Meik, Processing, and Edgar Urbaez, formerly Corporate Director, Technical Services, both of DPM, who are QPs and not independent of the Company, have reviewed and approved the contents of this

presentation. The Mineral Resource and Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Resources. See the

Krumovgrad Technical Report for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing Mineral Resource estimates.

Cautionary note to U.S. Investors concerning estimates of Mineral Resources. These estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The

terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms under the U.S. Securities and

Exchange Commission (“SEC”) Guide 7 (“SEC Guide 7”) or recognized under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to mineral reserves.

“Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever by upgraded

to a higher category. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not to assume that all or any part of an inferred mineral

resource exists or is economically or legally mineable. Accordingly, these mineral resource estimates and related information may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure

requirements under the U.S. federal securities laws and the rules and regulations thereunder, including SEC Guide 7.