Scotiabank Global Banking and Markets

Mining Conference

November 2012

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 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 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.

TSX:DPM

3

Dundee Precious Metals Highlights

TSX:DPM

$1.2B gold producer

2 operating mines in Bulgaria & Armenia

Strategic complex concentrate smelter in Namibia

2012 gold production of 132,000 to 145,000 oz

Low cash cost/ounce gold produced

Growing pipeline of growth opportunities

Experienced management team

Attractive value proposition Operating assets

Development assets

Exploration assets

Canada

Namibia Custom Smelter

Deno Gold

Chelopech

Krumovgrad

Avala 51%

Dunav 47%

Sabina 11%

4

Strong Balance Sheet

Cash on Hand

@ Sept. 30, 2012

(excluding AVZ & DNV)

Significant Operating Cash Flow

Annualized 9 months 2012

TSX:DPM

Debt

@ Sept. 30, 2012

Total Debt:Total Capital = 10%

Capital Structure @ November 27, 2012

Share Price C$8.34

Shares Outstanding 125M

Fully diluted shares

Additional cash on dilution

147M

C$66M

52 week high - low $10.72 - $5.82

$121M

$82M

$120M Top shareholders

Gross Revenue by Metals Sold

6% 5%

41% 48% 36%

5% 4%

55% 64%

24%

6% 6%

2011A 2012E 2016E

Gold

Copper

Silver

Zinc

Dundee Corporation 22.6%

Equinox Partners 10.3%

5

Corporate Strategy

TSX:DPM

Build DPM into an intermediate, low-cost gold producer:

Optimize value of existing operating assets

Grow business beyond existing operating assets

Sustain low quartile operating cost position

Chelopech – production expansion and pyrite recovery project

Smelter – complete dust emission upgrades & expansion

Deno Gold Mine - open pit evaluation and underground extension

Maintain a solid financial position

Develop Krumovgrad Gold Project

Establish deep pipeline of greenfield exploration opportunities

Complete acquisitions that offer accretive growth, diversity and gold exposure

6

Consolidated Production and Financial Highlights

TSX:DPM

2007 2008 2009 2010 2011 2012E 2007 2008 2009 2010 2011 2012E

42-

46

Gold Production (000s ounces) Copper Production (pounds in millions)

2007 2008 2009 2010 2011 2012E

Silver Production (000s ounces)

84 84 95

103

25 22

28 30

40 121

408 399

($40)

EBITDA (US$MM)

$32 $45

333

640 671

($2)

132-

145

640-

715

$118

* In CDN dollars 2007*

2008*

2009 2010 2011 9 mos 2012

$87

7

Chelopech Mine

• Low Cost, Long Life Producer

TSX:DPM

DPM Ownership 100%

Location Bulgaria

Acquired Sept. 2003

Resources

Measured &

Indicated

(at Oct. 31, 2011)

Gold (oz) (4.09 g/t) 3,930,000

Copper (lbs) (1.31% Cu) 862,840,000

Reserves

(@ Jan. 1, 2012)

Gold (oz) (3.66 g/t) 2,660,000

Copper (lbs) (1.15% Cu) 572,600,000

Mine Type Underground

Deposit Type High sulphidation

epithermal deposit

Estimated Mine Life @ expanded rate 10 + yrs

Complete expansion to 2 mtpy Q4 2012 – commissioning underway

Continue to replace depletion and increase Mineral Resources and Mineral Reserves through exploration

Complete feasibility study on the pyrite gold recovery project

Strategy

8

Chelopech Mine

• Reducing Costs & Increasing Throughput

TSX:DPM

* Cash cost of sales/oz gold (net of by product credits). Reconciliation included in Appendices

$0

$200

$400

0

40

80

120

2008 2009 2010 2011 2012E

Ou

nce

s (

00

0‟s

)

Cash

Cost * (G

old

$U

S/o

z)

71

88

65

2008 2009 2010 2011 2012E

Gold Production & Cost/Ounce Copper Production (pounds in millions)

19

27 26

$309

$369

94

37

$210

900 981 1,001

1,359

$0

$20

$40

$60

0

1,000

2,000

To

nn

es o

re p

roce

sse

d p

er

ye

ar

(00

0‟s

)

Ore Processed & Cost/Tonne

Cost/to

nn

e ($

US

) (Exclu

din

g ro

ya

lties) 2008 2009 2010

1,700–

1,850

2011

2008 2009 2010 2011 9 mos 2012

EBITDA (US$MM)

51

27

57

133

110-

120 40 - 43

2012E

($112)

146

9

Chelopech Mine

• Pyrite Project to Increase Gold Recoveries to 90%

TSX:DPM

@ 2 mtpy ore mined 400,000 T pyrite concentrate produced (E)

Metals Grades Estimated Production Result

Gold 6-7 g/t 75,000 - 90,000 oz

Silver 10-15 g/t 130,000 - 190,000 oz

Copper 0.5%-0.7% 4.5 million – 6.0 million pounds

Pyrite Project Highlights

Cash cost per tonne of pyrite $156

Cash cost per oz of gold (net of by-product credits) $615

Project capital costs $202M

Average annual EBITDA(1) $49M

NPV (5% discount rate) after tax(1) $141M

IRR after tax(1) 24%

Timeline: concentrator upgrade - POX facility production 2013 - 2017

Project will

economically recover

most of the contained

gold, silver & copper

associated with

rejected pyrite minerals

POX process can be

used to produce a low

mass residue resulting

in a metal rich product

for sale

(1)Assuming $1,250/oz gold, $25/oz silver and $2.75/lb copper after 2016.

Pyrite Project Stages

Stage 1 – concentrator upgrade – start production mid 2013 $22M

Stage 2 – POX Facility

Phase 1 – Start production 2016 $93M

Phase 2 – Start production 2017 $87M

Consistently replacing depletion

Spend $3-$4 M/yr on exploration

10

Chelopech Mine

• Successful Low Cost Exploration Program

TSX:DPM

150

149

147

145

151

19

Plan view of ore bodies and structure

T181 & 182

18

16

103

Near Mine

• +500,000 T high grade

deposits

Greenfields

• +5MT low grade deposits

• Chelopech SW

Strategy

11

Namibia Custom Smelter

• A Unique Strategic Asset

TSX:DPM

DPM Ownership 100%

Location Namibia

Acquisition March 2010 $50M

Capital expenditures to date $75M

Project 2012 Costs $75M

Technology Ausmelt

Product Copper blister bars

2011 concentrate throughput 180,403 tonnes

Expanding smelter capacity 240k – 310k tpy

Sulphuric acid capture plant FS Complete

Build a one of a kind asset to treat DPM and

third party complex concentrate

Upgrade operation to meet global standards

Increase capacity and lower costs

Contract other third party sources of complex

concentrate to optimize throughput

Strategy

0

50

100

150

200

250

Tonnes (

000s)

Smelter Capacity

2009 2011 2010 2012E

Chelopech con Third party con

2013E: +O2 H1 2012

12

Namibia Custom Smelter

• Environmental & Production Upgrades

TSX:DPM

Upgrade Initiatives Status Costs

Emissions control

Fugitive emissions (arsenic) Completion Q1 2013 $75M

Sulphur emissions (acid plant) Completion Q4 2014 $167M

Further Production Facility Optimization Initiatives

Additional oxygen for Ausmelt furnace

All primary smelting in Ausmelt furnace

3 blocks of dust-capturing chambers

installed in the new baghouse

New vehicle designed to vacuum

dust off the ground for disposal New dust disposal site New oxygen plant

13

Deno Gold Mine

• Potential to Increase Size and Life of Mine

TSX:DPM

DPM Ownership 100%

Location Armenia

Acquired August 2006

Mine Type Underground

Product Au/Cu & Zn concentrate

Deposit Type Polymetallic vein deposit (swarms)

Open Pit Resource Q1 2013

Underground Resource Q2 2013

Strategy

Define the potential open

pit and underground

resource for the

Shahumyan deposit

Complete open pit and

underground studies

based on the new

resources

Explore regional license

to define additional

Mineral Resources

Continue operational

improvements & cost

reductions

14

Deno Gold Mine

• Operating & Financial Highlights

TSX:DPM

2008* 2009* 2010 2011 2012E

450 - 510

2008* 2009* 2010 2011 2012E2008* 2009* 2010 2011 2012E2008* 2009* 2010 2011 2012E

* Deno Gold operations were on care and maintenance as of November 2008; operations restarted April 2009.

296

527

290

519

12

29

15

27

1.9

2.9

1.5

3.0 19.1

9.1 8.8

19.6

Gold Production

(000s ounces)

Copper Production

(pounds in millions) Zinc Production

(pounds in millions)

EBITDA (US$MM) Silver Production

(000s ounces)

($17.1)

$1.9

$16.7

$31.9

2008* 2009* 2010 2011

22 - 25

2.3 – 2.6 16 - 18

Cash Cost

(per tonne ore produced)

2008 2009 2010 2011

$109

$72 $66 $63

2008*

9 mos. 2012

$6.8

15

Deno Gold Mine

• Underground & Open Pit Potential

TSX:DPM

Complete drill hole plan outlining Shahumyan East (yellow) and

significant intercepts. Intervals are shown with the hole number

followed by the interval in meters and gold equivalence in gram per

tonnes.

Determine expansion potential of underground mine and open pit

Determine expansion potential of underground – newly defined Shahumyan East mineralized zone

285,000 m of historic Soviet drilling plus 110,000 m of DPM drilling completed

Define 43-101 compliant resource estimate

Study to determine optimum pit size and production rate

16

Deno Gold

• Regional Exploration Opportunities

TSX:DPM

Shahumyan

Polymetallic

Deposit

Kapan Exploration License

(Black/White Outline)

Conductive

anomaly

Central Deposit

+25Mt HG Cu

Regional target generation

continued

Highlighted several strong

conductive units for follow-up

investigation

Identified several strong

conductors in poorly explored

areas

Several conductors are spatially

related to alteration and known

copper occurrences

Exploration License – 350 km2

17

Krumovgrad Gold Project

• Low Cost, High Return Project

TSX:DPM

Location Bulgaria; 100% DPM ownership

Proposed Mine Type Open Pit; low-sulphidation epithermal Au deposit

Gold Recoveries & Grade 85%; 3.4 g/t

Annual ore production 850,000 tpy

Annual gold production 74,000 ounces

Mine Life 9 years

Capital Cost to complete US$127M*

Total cash cost per oz AuEq $404*

Waste Small integrated tailings and mine waste facility

Recovery process Conventional crushing, grinding & flotation

Advance project to a

2014 production date –

subject to appeals

Achieve 74,000

ounces of annual gold

production

Seek opportunities to

further increase

recoveries

Evaluate other

exploration

opportunities within

existing licenses

Strategy

Achievements Status

30 year mining concession

Definitive Feasibility Study & NI 43-101

Final EIA approval granted Nov. 2011 Final appeal pending

Detailed engineering schedule Q2 2012 – Q4 2013

Estimated construction timeline 2013 - 2014

Estimated production timeline 2014/2015

* As per NI 43-101 technical report filed on SEDAR January 13, 2012

18

Partially Owned Exploration Investments

• Source of Additional Value & Growth

TSX:DPM

SECURITIES HOLDINGS % HELD VALUE @ Nov 27, 2012

Sabina Gold & Silver Corp. (TSX: SBB) 18.5M 10.7% $52M

Special Warrants 10M 28M

Warrants (strike C$1.07) 5M 9M

Total SBB $89M

Avala Resources Ltd. (TSX-V: AVZ) 110M 51.4% $28M

Special Rights 50M 13M

Total AVZ* $41M

Dunav Resources Ltd. (TSX-V: DNV) 56M 47.3% 10M

Warrants (strike C$0.42) 27.5M 0

Total DNV* $10M

Total shares and other securities ~$140M

*AVZ and DNV are consolidated

19

Serbian Exploration Investments (Controlled & Consolidated)

• Support Longer Term Growth

TSX:DPM

Avala Resources (TSX-V: AVZ) Dunav Resources (TSX-V: DNV)

Gold discovery in emerging sediment-hosted gold belt in Serbia

$8M in treasury @ Sept 30, 2012

Initial Resource Estimate (80m x 80m drill spacing w subset of 40m x 40m & NI 43101 compliant)

• Bigar Hill – 38 MT @ 1.3 g/t Au for 1.5 M oz (0.4 g/t Au cut-off)

• Korkan – 20MT grading 1.5 g/t Au inferred resource for 1M oz Au (0.6 g/t Au cut-off)

• Kraku Pestar – Expected Q4 2012

Preliminary economic assessment – Underway

Copper-gold and molybdenum projects in Serbia

$4M in treasury @ Sept 30, 2012

Resource Definition Drilling complete (NI 43101 compliant)

• Kiseljak copper-gold porphyry – Initial Resource Estimate – 300MT grading 0.27% Cu & 0.26 g/t Au in inferred resource for 1.8B lbs Cu & 2.5M oz Au (0.25% Cu eq cut-off)

• Preliminary Economic Assessment - Underway

Exploration „footprint‟ Drilling – Underway

• Copper-gold porphyry

• Carbonate-base metal vein system

20

DPM Value Proposition

TSX:DPM

2017

Market Capitalization (FD) $1.2B

Debt $82M

Corporate Cash (1) ($187M)

Strategic Investments ($140M)

Enterprise Value $955M

2017 @ $1,600 Au; $3.50 Cu

Chelopech $230M

Deno (excluding open pit) $22

Krumovgrad $65

NCS $75

G & A ($35)

Average EBITDA $357(2)

EV/EBITDA 2.6x

Estimated Capital expenditure to 2017 $720M

Estimated Cash Flow to 2017 $1.35B

(1) At Sept 30,

2012; AVZ and

DNV are assumed

at $0; Fully

Diluted; includes

cash on dilution

(2) Assumes avg

LOM EBITDA for

Chelopech, Deno

(assuming Deno

can be extended &

operated at current

rates), Krumovgrad

and estimate for

NCS at 310,000 tpa

21

Compelling Investment Opportunity

TSX:DPM

Solid operating assets with overall cost profile

Significant cash flow and capital available to fund growth

Strong balance sheet

Proven Management and Board

Attractive Value Proposition

Underground at Chelopech Namibia Custom Smelter Entrance to Deno Gold Mine Krumovgrad

Growing pipeline of development/investment opportunities

22

Dundee Precious Metals

1 Adelaide St. East

Suite 500

Toronto, ON, M5C 2V9

T: 410 365-5191

www.dundeeprecious.com

Investor Relations

T: 416 365 2549

jreid@dundeeprecious.com

TSX:

DPM – Common Shares

DPM.WT.A – 2015 Warrants

THANK YOU

23

Appendices

24

Portfolio of Assets

TSX:DPM

Avala 51%

Krumovgrad 100%

Chelopech 100%

Dunav 47%

Kapan 100%

Tsumeb Smelter 100%

Operating assets

Development assets

Exploration assets

Canada

Sabina 10.7%

25

Analyst Coverage

TSX:DPM

BMO John Hayes

Cormark Securities Mike Kozak

Dundee Securities Ron Stewart

RBC Capital Markets Stephen Walker

Scotia Capital Leily Omoumi

Stifel, Nicolaus & Co. Michael Scoon

26

Q3 and First 9 Months 2012 Summary

TSX:DPM

Q3 2012 Q3 2011 9 months 2012 9 months 2011

Net Earnings attributable to common shareholders $19 million $32 million $59 million $48 million

Adjusted basic EPS $0.15 $0.26 $0.47 $0.39

Gross profit (loss)

Chelopech $38.2 million $37.6 million $127.0 million $71.1 million

Deno $1.8 million $13.1 million $1.2 million $25.8 million

NCS $1.0 million $0.4 million ($10.9 million) ($5.0 million)

Total Gross profit $41.0 million $51.1 million $117.3 million $91.9 million

Chelopech Production

Gold (ounces) 28,296 26,407 93,128 58,888

Copper (lbs) 11,144,786 10,354,381 32,447,388 23,616,055

Silver (ounces) 60,847 39,308 172,359 97,142

Cash cost/T ore processed (incl. royalties) $43.24 $58.14 $46.15 $56.55

Cash cost/T ore processed (excl. royalties) $39.01 $54.25 $41.43 $51.70

Deno Gold Production

Gold (ounces) 5,548 5,814 16,679 20,825

Copper (lbs) 720,640 785,883 1,839,743 2,250,251

Zinc (lbs) 4,714,540 4,691,881 12,545,234 14,455,113

Silver (ounces) 124,925 113,557 349,997 395,807

Cash cost/T ore processed (incl. royalties) $71.29 $61.37 $74.54 $69.48

Cash cost/T ore processed (excl. royalties) $66.12 $58.01 $69.60 $65.15

27

2012 Guidance

TSX:DPM

Metals Contained in Concentrate Produced Chelopech Deno Gold Total

Gold (ounces) 110,000 – 120,000 22,000 – 25,000 132,000 – 145,000

Copper (million pounds) 40.0 – 43.0 2.3 – 2.6 42.3 – 45.6

Zinc (million pounds) - 16.0 – 18.0 16.0 – 18.0

Silver (ounces) 190,000 – 205,000 450,000 – 510,000 640,000 – 715,000

Total capital expenditures $130 - $140 million

Mine/mill expansion at Chelopech ~35%

NCS environmental and plant optimization ~40%

Krumovgrad development work ~15%

Deno Gold ~10%

Mine output at Chelopech (tonnes of ore) 1.7 – 1.85 million

Mine out put at Deno (tonnes of ore) 500,000 – 550,000

Concentrate smelted at NCS (tonnes) 145,000 – 155,000

28

Copper Hedge Position

TSX:DPM

Copper derivative contracts to provide price protection on a portion of 2012, 2013

and 2014 projected payable copper production.

Approximately 50% of the Company‟s expected copper production for the year

2012 has been hedged.

Year of projected payable copper

production Volume Hedged (lbs) * Average fixed price ($/lb)

2012 5,681,306 $4.23

2013 6,693,226 $3.94

2014 7,195,880 $3.73

29

Senior Management

TSX:DPM

P.Eng., MBA and CFA with over 25 yrs in the resource sector as a geologist, senior analyst, portfolio manager and senior executive. Joined

BGR in 1990, DPM 2003.

P.Eng. with over 30 yrs in the mining sector, previously with Vale-Inco. Joined DPM in 2009.

M.Sc. with >20 yrs in the minerals sector. Recognized internationally as a water management and cyanide use expert. Joined DPM in 2006.

C.A. & C.F.A with >25 yrs in strategic planning, M&A, financial planning & reporting, taxation, treasury & risk mgmt. Joined DPM in 2011.

Ph.D. Mining of Minerals with over 17 yrs experience with Chelopech Mining EAD. Joined DPM in 2003.

Ph.D. with >30 yrs in many aspects of the mineral processing industry, in both project engineering and operations. Joined DPM in 2003.

Ph.D. mineral processing with extensive experience in research and development. Joined Chelopech Mining EAD in 2004.

Chemical engineer with over 25 yrs in the mining sector, specifically as a metallurgist in the smelting industry. Joined DPM in 2010.

Corporate and commercial financier with over 20 yrs investment banking experience. Joined DPM in 2003.

Investment banker with over 10 yrs experience in the mining sector. Joined DPM in 2011.

Jonathan Goodman, President & CEO

Hume Kyle, EVP & CFO

Rick Howes, EVP & COO

Adrian Goldstone, EVP, Sustainable Business Development

Jeremy Cooper, VP, Commercial Affairs

Nikolay Hristov, VP & GM, Chelopech Mine

Michael Dorfman, SVP, Corporate Development

Iliya Garkov, VP & GM Deno Gold

Hans Nolte, VP & GM Namibia Custom Smelter

Simon Meik, VP Processing

International mining and smelting executive with extensive experience in Africa, Europe and Canada. Joined DPM in 2012.

David Rae, SVP, Operations

30

Chelopech Mine

Updated Mineral Reserves and Resources

TSX:DPM

Chelopech Mineral Reserves – January 1, 2012

Category

Tonnes

(M)

Gold Copper Silver

Grade

(g/t)

Ounces

(M)

Grade

(%)

Pounds

(M)

Grade

(g/t)

Ounces

(M)

Proven 14.29 3.54 1.63 1.30 408.93 9.39 4.32

Probable 8.33 3.86 1.04 0.89 163.67 5.93 1.59

Total 22.62 3.66 2.66 1.15 572.60 8.12 5.91

Chelopech Mineral Resources – October 31, 2011

Category

Tonnes

(M)

Gold Copper Silver

Grade

(g/t)

Ounces

(M)

Grade

(%)

Pounds

(M)

Grade

(g/t)

Ounces

(M)

Measured 16.38 4.10 2.16 1.49 538.00 11.06 5.82

Indicated 13.49 4.09 1.77 1.09 324.36 7.79 3.38

M&I 29.87 4.09 3.93 1.31 862.84 9.58 9.20

Inferred 9.59 2.53 0.78 0.82 173.31 10.09 3.11 1. Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.

2. All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.

3. Chelopech Mineral Reserves are based on a cut-off of $10 profit/tonne using NSR analysis as of January 1, 2012. This information has been prepared by

Gordon Fellows and reviewed by Julian Barnes, both of whom are QPs, as defined in NI 43-101 and not independent of the Company.

4. Chelopech Mineral Resource cut-off grade @3.0 g/t Gold Equivalent is based on the following formula: (Au g/t + 2.25xCu%). The Mineral Resource has

been depleted as of October 31, 2011. This information has been prepared by Craig Barker and reviewed by Julian Barnes, both of whom are QPs, as

defined in NI 43-101 and not independent of the Company.

5. 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.

6. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.

31

Chelopech – Cash Cost Reconciliation

TSX:DPM

US$

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Cost of Sales: 88,838 $ 72,707 $74,499 $ 67,245

Less amortization (15,499) (14,425) (14,242) (11,966)

Plus other charges, including freight 65,125 41,234 38,317 26,006

Less by-product credits (147,812) (87,320) (64,198) (59,376)

Cash cost of sales after by-product credits (9,348) $ 12,196 $ 34,376 $ 21,909

Gold oz (payable metal) 83,796 58,065 93,081 70,878

Cash cost of sales/oz gold,

(net of by-product credits) $ (112)1 $ 2102 $ 3693 $ 3094

3Based on US$2.34/lb copper 4Based on US$3.16/lb copper

2Based on US$3.42/lb copper

1Based on US$4.27/lb copper

32

Chelopech – Cash cost/tonne Ore Processed Reconciliation

TSX:DPM

US$ thousands, unless otherwise indicated

For the periods indicated

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Ore processed (mt) 1,353,733 1,000,781 980,928 900,563

Cost of sales $ 88,838 $ 72,707 75,647 67,423

Add (deduct):

Depreciation, amortization & other non-cash costs (15,499) (14,425) (15,390) (11,966)

Change in concentrate inventory 862 (2,018) (419) (178)

Total cash cost of production $ 74,201 $ 56,264 59,838 55,279

Cash cost per tonne of ore processed, including royalties $ 54.81 $ 56.22 $ 61.00 $ 61.38

Cash cost per tonne of ore processed, excluding royalties $ 49.99 $ 51.54 $ 55.23 $ 57.87

33

Chelopech Exploration Results – Q3 2012

TSX:DPM

Significant Intercept Results (cut-off grade 3 g/t AuEq)

Hole_ID From (m) To (m) Interval (m) Cu (%) Au (g/t)

EXT19W_320_01 201.0 213.0 12.0 0.61 2.60

EXT19W_320_02 13.50 86.8 73.3 0.89 3.02

180.0 193.5 13.5 0.91 1.53

EXT19W_320_03 24.0 51.0 27.0 1.57 4.83

61.5 81.0 19.5 3.28 4.78

G19E_380_47 42.0 52.6 10.6 0.80 2.32

G19E_380_67 117.0 147.0 30.0 0.96 1.37

235.5 237.0 7.5 0.69 2.76

DP151_225_05 246.0 261.0 15.0 0.31 3.11

268.5 288.0 19.5 0.98 2.47

EXT150_135_02 49.5 75.0 25.5 0.53 2.25

1. Significant intercepts are located within the Chelopech Mine concession and proximal to the mine workings.

2. Gold Equivalent calculation is based on the following forumula: (Au g/t + 2.25xCu%).

3. Minimum down hole width reported is 1.5 m with a maximum internal dilution of 4.5 m.

4. True widths are approximately 90% of the intersection width except for EXT19W_320_02 which was drilled along strike.

5. 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.

6. Coordinates are in mine-grid.

7. No factors of material effect have hindered the accuracy and reliability of the data presented above.

8. No upper cuts applied.

9. For detailed information on drilling, sampling, analytical methodologies refer to the NI 43-101 “Preliminary Economic Assessment Report for the Chlopech Pyrite

Recovery Project: filed on Sedar at www.sedar.com on Sept. 7, 2012.

34

Deno Gold Mineral Resource Estimate

TSX:DPM

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

Shahumyan Deposit – September 2008

Inferred Mineral Resource – Ordinary Kriging Estimate

10mE x 10mN x 10mRL Block Size – 5m Capped Input Composite Data

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

35

Deno Exploration Results – Q3 2012

TSX:DPM

Significant Intercept Results (SHDD holes, cut-off grade 0.5 g/t AuEq) and underground significant intercepts (E holes, cut-off

grade 1.0 g/t AuEq) received during Q3 2012

Hole_ID From (m) To (m) Interval (m) & AuEq Cu (%) Au (g/t) Zn (%) Ag (g/t)

E702S014 226 228.5 2.5m @ 19.72 1.55 12.65 0.59 209.85

E703S016 258 260 2m @ 15.70 1.11 13.73 0.06 6.05

E703S019 44 48 4m @ 59.98 1.24 42.43 11.58 458.86

E703S019 175 178 3m @ 7.70 0.6 6.86 0.15 32.97

E712DE002 364 366 2m @ 8.13 0.45 2.93 5.65 69.00

E712DE005 193 198 5m @ 120.31 0.27 114.11 0.54 272.50

SHDDR0309 200 226 26m @ 2.30 0.24 1.33 0.47 15.40

SHDDR0314 7 40 33m @ 7.05 0.32 4.38 2.14 48.35

SHDDR0315 107 124 17m @ 2.70 0.19 1.86 0.69 7.22

SHDDR0315 206 230 24m @ 3.08 0.20 1.90 0.54 27.67

SHDDR0328 35 63 28m @ 2.21 0.57 0.45 0.83 18.66

SHDDR0352 263 279 16m @ 3.41 0.91 0.82 1.05 26.32

SHDDR0397 87 120 33m @ 3.20 0.19 1.29 1.91 27.47

SHDDR0406 30 65 35m @ 2.97 0.26 1.48 0.55 38.31

SHDDR0406 216 245 29m @ 2.49 0.25 1.35 0.68 17.80

SHDDR0430 195 225 30m @ 2.79 0.11 1.56 1.36 15.23

1. In situ gold equivalent (AuEq) grade based on the following long-term metal prices $1,250/oz Au, $25/oz Ag, $3.00/lb Cu, $1.00/lb Zn.

2. Holes with prefix SHDDR are surface HQ open pit drilling while E holes are underground BQ and NQ drilling.

3. Significant intercepts for surface holes are located in the North, Central and Southern zones while underground drilling is located in the Central zone of Shahumyan Deposit.

4. True widths are approximately 90% of the intersection width.

5. Minimum width reported is 2m and a maximum internal dilution of 4m.

6. All survey coordinates are transformed to AUSPOS.

7. No factors of material effect have hindered the accuracy and reliability of the data presented above.

8. No upper cuts have been applied.

36

Deno Gold – Cash Cost Reconciliation

TSX:DPM

US$ thousands, unless otherwise indicated

For the periods indicated

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Ore processed (mt) 581,852 428,865 218,235 269,033

Cost of sales $ 47,863 $ 33,637 $ 21,197 $ 36,319

Add (deduct):

Depreciation, amortization & other non-cash

costs (9,140) (7,056) (4,047) (3,668)

Care and maintenance costs - - (3,074) (1,732)

Change in concentrate inventory 416 3,572 1,696 (1,485)

Total cash cost of production $ 39,139 $ 30,153 $ 15,772 $ 29,434

Cash cost per tonne of ore processed

(royalties not applicable in 2009) $ 67.27 $ 70.31 $ 72.27 $ 109.40

Cash cost per tonne of ore processed,

excluding royalties $ 63.58 $ 66.33 $ - $ -

37

Krumovgrad Gold Project

TSX:DPM

38

Krumovgrad Gold Project

Updated Mineral Reserves & Resources

TSX:DPM

Krumovgrad Mineral Reserves – December 31, 2011

Category

Tonnes

(M)

Gold Silver

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

Krumovgrad Mineral Resources – December 31, 2011

Category

Tonnes

(M)

Gold Silver

Grade

(g/t)

Ounces

(M)

Grade

(g/t)

Ounces

(M)

Measured 3.30 4.90 0.52 3.00 0.28

Indicated 4.69 2.50 0.38 2.00 0.24

M&I 7.99 3.50 0.90 2.00 0.51

Inferred 0.40 1.20 0.02 1.00 0.01

1. Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.

2. All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.

3. 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.

4. 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.

5. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.

39

Avala Resources Ltd. TSX-V: AVZ

51.4% Held

TSX:DPM 39

Hole From (m) To (m) Int. (m) Au (g/t)

KORC036 213 251 38 1.03

KORC053 96 109 13 1.89

KORC057 44 112 68 3.15

KORC069 208 245 37 2.59

KORC070 228 259 31 1.56

KORC078 2 11 9 3.36

KORC078 58 75 17 1.25

Cut off grade (Au g/t) Million Tonnes Au (g/t) Million Ouces (Au)

0.2 63.9 0.9 1.8

0.4 38.0 1.3 1.5

0.6 26.4 1.6 1.4

0.8 20.4 1.9 1.3

1.0 16.5 2.1 1.1

1.2 13.0 2.4 1.0

1.4 10.8 2.6 0.9

1.6 9.2 2.8 0.8

1.8 7.5 3.0 0.7

2.0 6.3 3.2 0.6

Cross section through the Bigar Hill target area showing summary stratigraphy and gold mineralized drill intersections to date .

Bigar Hill Inferred

Resource Estimate

Combined mineralized

zones

In situ Resources

5m x 5m x 5m selective

mining unit

40

Dunav Resources Ltd. TSX-V: DNV

47.3% Held

TSX:DPM

• Holds Tulare copper and gold project, Surdulica molybdenum project

and other early stage projects in Serbia

• Tulare Cu-Au Porphyry

– Cu-Au porphyry mineralization at surface to over 800 m by 300

m

– Located within Lece Volcanic complex – 2nd largest magmatic

complex in Serbia after Timok

– Discovery of Yellow Creek Copper-Gold Porphyry – Drilling

returned the following strong to moderate Cu-Au intercepts

(0.19% CuEq COG) (Press released April 10, 2012)

– Drilling to test depth potential of Cu-Au mineralization at Kiseljak, approx. 350 m below current drilling returned the following strong to moderate intercepts and remains open at depth (0.19% CuEq COG) (Press released April 10, 2012)

Tulare

Hole From (m) To (m) Int. (m) Au (g/t) Cu (%) AuEq (g/t) CuEq (%)

YCDD008 20 400.0 380 0.48 0.37 1.22 0.61

YCDD008 406 416.0 10 0.21 0.24 0.70 0.35

YCDD008 426 667.0 241 0.36 0.37 1.10 0.55

YCDD008 673 691.5 18.5 0.29 0.24 0.77 0.38

Hole From (m) To (m) Int. (m) Au (g/t) Cu (%) AuEq (g/t) CuEq (%)

KIDD040 11 312 301 0.73 0.56 1.85 0.93

KIDD040 318 620 302 0.38 0.39 1.17 0.58

KIDD040 626 657 31 0.26 0.32 0.91 0.45

KIDD040 693 829 136 0.22 0.31 0.85 0.42

North-South cross section

(looking east) through Kiseljak

target area highlighting recently

drilled deep hole (KIDD040)

together with all drill hole

intersections (0.19% CuEq cut-

off. Cu-Au mineralization

remains open at depth. Grid

spacing is 200 m.

0.19% CuEq cut-off

significant intervals