bmo global metals & mining conference february 26...

GROWTH OPTIMIZATION INNOVATION PEOPLE

BMO GLOBAL METALS &

MINING CONFERENCE

February 26 – March 1, 2017

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

TSX:DPM 3

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

TSX:DPM 4

Avala

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

TSX:DPM 5

Strong Growth Profile – 2020 Targets

687747

210-240200

Gold Production

oz/year

266,000

610

736

780-910

760660

520

2013 2014 2015 2016 2017F 2018F 2019F 2020F

Complex

Concentrate

Smelted

t/year

370,000

All-in Sustaining Cost (US$/oz) (1)(3)(7)

153 161 170 147 135-150 160

212

266

2013 2014 2015 2016 2017F 2018F 2019F 2020F

Smelter Production (kt)

Copper Concentrate Throughput (2)

Gold (000s oz)

Payable Gold Production (1)(2)

198

282

370

2013 2014 2015 2016 2017F 2018F 2019F 2020F

196

152

1,2,3,7 See footnotes contained in Appendix on slide 31

335

TSX:DPM 6

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

• Corporate Tax Rate: 10%

• Chelopech Royalty Rate: fixed at 1.5% of gross Cu, Au

and Ag metals contained in the ore during the period

• Krumovgrad Royalty Rate: variable rate applied to gross

value of the Au and Ag metals combined in ore mined.

Rate depends on profitability of the operation –

• @ pretax profit to sales ratio of 10% or less, rate

will be 1.44% of the value of the metals.

• @ pre‐tax profit to sales ratio of 50% or more, rate

will be 4% of the value of the metals.

• @ intermediate levels of profitability, the rate will

vary on a sliding scale between 1.44% and 4%

• @ Au $1,250/oz and Ag $23/oz, the rate will be

2.5% of the gross value of Au and Ag metals

contained in the ore produced

• GDP Forecast: +2.8% in 2017 (IMF)

• Overview:

− A member of the European Union (since 2007)

− Mining industry has grown significantly since 1998 and

currently employs ~120,000 Bulgarians in the country

− The 4th largest gold producer and 6th largest

coal producer in Europe

Namibia…• Credit Rating: Baa3 (Moody’s), BBB- (Fitch), NR (S&P)

• Corporate Tax Rate: 0% as Tsumeb has been granted Export

Processing Zone status

• GDP Forecast: +5.3% in 2017 (IMF)

• Overview:

− Ranked as Africa’s 4th most attractive country on Fraser

Institute’s Investment Attractiveness Index (ranked #33

globally) (2015 survey)

− World’s 5th largest producer of uranium and 9th largest

producer of diamonds

− Mining companies in the country include Glencore, Rio Tinto,

Anglo American, Paladin Energy, etc.

Mining Friendly Jurisdictions

TSX:DPM 7

$725

$845 $903 $935 $958

1,326 (5)

Alacer New Gold DPM Argonaut Alamos Primero

Avg. $949/oz

Attractive Valuation Metrics

Below Average 2017F All-In-Sustaining costs (US$/oz) (1,3,6,7,16)

1.1x 1.1x

0.8x 0.8x 0.8x

0.5x

Alamos New Gold DPM Alacer Argonaut Primero

Avg. 0.83x

13.9x

7.2x 7.1x 6.8x

5.0x 3.9x

Alamos DPM New Gold Alacer Argonaut Primero

Avg. 7.3x

EV/2017F EBITDA (Cons. Est.) (6) P / NAV(Cons. Est.) (6)

1,3,5,6,7,16 See footnotes contained in Appendix on slide 31

Chelopech Mine, Bulgaria

OPTIMIZATION OF EXISTING ASSETS

TSX:DPM

CHELOPECH MINE TSUMEB SMELTER

TSX:DPM 9

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

SAG Mill

Chelopech – Solid Performer Focused on Optimization

Chelopech Mine Control Room

TSX:DPM 10

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 31

2006

56 55

46

40 4037

33

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

TSX:DPM 11

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

Krumovgrad

Inferred (upper) 0.3 0.013 1.31

Timok (12)

Indicated

Inferred

67.42

4.3

2.48

0.2

1.14

1.0

Tulare (13)

Inferred 547 3.8 2,800 0.22 0.23

Total Mineral Resources

Indicated

Inferred

81.62

554

4.013

4.833

329

2,800

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

Krumovgrad

Proven

Probable2.6

3.6

0.449

0.357

6.83

3.00

Total Mineral Reserves 27.72 2.993 444

Strong Resources and Reserve Base

12,13 See footnotes contained in Appendix on slide 31

TSX:DPM 12

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 showing ore-body outlines as per current grade

control model, Si envelopes and level development. An initial interpretation

of Zone 153 is presented.

New High Grade Zone 153

Plan view of current drilling position and location of Zone 153,

outlined in red box in above figure

TSX:DPM 13

3.0

18.5

6.89.7

2011 2014 2015 2016

26

63

140130

44

19

2011 2012 2013 2014 2015 20162012

2013

(2.5) (7)

Highlights:

• Total 2016 concentrate smelted – 200,272 tonnes

• Acid production – 191,630 tonnes

• Cash cost/t complex con smelted, net of by-product credits – $440

• Adjusted EBITDA – $9.7 million

Tsumeb Smelter Operating Results

Total Capital Expenditures (US$M) Smelter Adjusted EBITDA (US$M) (11)


TSX:DPM 14

(4) (4) (4)(4)(4)

198 196 200

300-370

120

180

159152

370

312

341

420

479

394

418

440400-485

395

345

320

2010 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F

Recent Achievements

• Major post purchase optimization and

environmental upgrade capital

completed

• Acid plant now capturing all of the

converter and furnace SO2 offgasses

Building on that success

• Completed Expansion Feasibility

Study to 370,000tpa in Q4 2016

• Sourcing additional concentrate

tonnage for 2018 and beyond

• Completing Environmental Impact

Assessment for submission in Q1

2017

• Exploring partnership options for

expansion funding

210-

240

265-

300

Third Party

con supplied

to smelter

(‘000s t)

Chelopech

concentrate

supplied to

smelter

(‘000s t)

Cash cost per

tonne of

concentrate smelted

(net of by product

credits)

Anticipated

future capacity

Tsumeb Smelter – Optimizing Performance

2,3,14 See footnotes contained in Appendix on slide 31

2 2 2 2

(3,14)

TSX:DPM 15

Outlook for Complex Concentrates

Mines In Operation Annual Tonnage As (%)

Chelopech 80,000 – 100,000 5.5%

South America(6) 120,000 – 180,000 4.0% - 8.0%

Blend 30,000 – 50,000 5.5% - 7.0%

Total Complex 230,000-330,000

Other Pyrite/Cu

Con/Antimony30,000 – 70,000 4.0% - 5.0%

Total Concentrate 260,000 – 400,000

Not in Operation Annual Tonnage As (%)

Copper and Pyrite

Concentrates450,000 5.0% – 10.0%


NEAR TERM GROWTH

TSX:DPM

KRUMOVGRAD GOLD PROJECT

TSX:DPM 17

Krumovgrad Business Outlook (9)

Project

Economics

Remain Robust

with a

25% After-Tax

IRR

Production 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

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

9,11 See footnotes contained in Appendix on slide 31

TSX:DPM 18

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


TSX:DPM 19

Top of the hill

Temporary access road

Equipment arriving at site Temporary access road

Krumovgrad Site Photos


TSX:DPM 20

Krumovgrad Process Plant


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)

TSX:DPM 21


Krumovgrad Mine Plan Summary

TSX:DPM 22


Kupel North Drill Program

Krumovgrad – Brownfields Exploration



FUTURE GROWTH PIPELINE

TSX:DPM

SERBIAN EXPLORATION

TSX:DPM 24


Timok, Serbia – Brownfields Exploration

Chelopech Mine, BulgariaChelopech Mine, Bulgaria


Near Resource Drill Programs

• 3000m drill program to find additional near-surface

resources in proximity to existing resources at

Bigar Hill and Korkan

• Near resource drilling at the Timok gold project

identified potential for additional mineralization 1km

NW of Bigar Hill and 1.5km SW of Korkan:

• KWDD016 - intersected 105m @ 1.21 g/t Au

from surface and including 51m @ 2.00 g/t Au

from 17m down the hole

• 60m SW of KWDD016 – two drill holes:

35m @ 1.29 g/t Au from 12m down the hole &

23m @ 1.29 g/t Au from 8m down the hole

• 50m SE of KWDD016 – a single hole:

93m @ 1.16 g/t Au from surface

• Almost all core is completely oxidized

• Dundee Sustainable Technologies

• Chlorination of ore after oxidation and acid

leaching increased Au recovery to 84%

Korkan Resource

Target Area 2

Target Area 1

Target Area 3

Bigar Hill Resource

KorkanWest

TSX:DPM 25TSX:DP

M

Chelopech Mine, BulgariaChelopech Mine, Bulgaria


Korkan North

Bigar South

Umka license

Bigar Istok

Coka Rakita

Umka “porphyry”

Bkgrd: Au in soils

IP & resistivity surveys (lines)

Infill soil surveys (points)

5km

Timok & Umka – Greenfields Exploration

IP, Soil Geochemistry and Trenching

• Soil survey sampling

• IP & resistivity geophysics

• Coka Rakita (Au-porphyry target) – trench program

completed; drill targeting underway to expand target

volume

• RATR043: 8m @ 2.61g/t Au, inc. 2m @ 4.53g/t Au

• RATR045: 10m @ 1.14g/t Au

• Umka license under evaluation, infill soils collected on

western sediment units and along monzonite contact.

• Technical Review in October 2016 – generating drill

targets for 2017

TSX:DPM 26


Strong Balance SheetAvailable Liquidity

(As at December 31, 2016)

Revolving CreditFacility

Cash and CashEquivalents

Available Liquidity

$275M$20M $295M

• Actions taken in 2016 that increased financial flexibility:

• Amended $275M RCF to align with Krumovgrad project schedule

• Sale of Kapan - $25M + working capital adjustment of $5M and 2% NSR

• Equity offering – Net proceeds of $41.3M

• Prepaid forward gold sales - $50M or ~9% of forecast 2019 & 2020 Au

production

• Strategic equity investment by EBRD – Gross proceeds of $33.2M

• Increased Cu and Au hedge positions

• Cu – Hedged 92% and 53% of 2017 and 2018 payable production at an

average price of $2.40 and $2.62 per pound, respectively

• Au – Hedged 31% of 2017 payable gold production using collars with an

average floor/cap of $1,200/$1,497

15


TSX:DPM 27

Chelopech • Continue to

optimize

performance

• 153 ore body

definition drilling

• Incorporate 153

into mine plan

Krumovgrad • Construction • Q4 first

concentrate

production

• Q1 commercial

production

• Commercial

production

Smelter • Expansion

engineering

• Expansion build • Ramp up to

operate at

expanded

capacity

• Production at

expanded

capacity

2017 2018 2019 2020

Key Milestones


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

[email protected]

TSX:DPM

www.dundeeprecious.com


APPENDICES

TSX:DPM

TSX:DPM 30

APPENDIX CONTENTSAppendix Contents

Footnotes and Disclaimers……………………………………. 31

Market Cap., Major Shareholders, Analyst Coverage……… 32

2017 Full Year Guidance……………………………………… 33

Hedge Positions at September 30, 2016….………………… 34

Exploration – Partially Owned Exploration Assets………… 35

Chelopech Mine: Cash Cost/tonne of Ore Reconciliation… 36

Tsumeb Smelter: Cash Cost/tonne of Concentrate Smelted 37

All In Sustaining Cost Per Ounce of Gold Calculation…… 38

TSX:DPM 31

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. Based on metals prices that approximate current rates. The assumed

copper prices reflect the impact of 92% of payable copper hedged at $2.40/lb in 2017 and 53% of payable copper hedged at $2.62/lb in 2018.

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.

All-in sustaining costs: assumes metals contained in concentrate produced and cash cost per tonne of ore processed are each in line with planned levels; copper and silver prices remain at or around planned levels; concentrate deliveries are consistent

with DPM’s planned levels; general and administrative expenses and sustaining capital expenditures are consistent with current expectations. Subject to a number of risks, the more significant of which are: lower than anticipated metals contained in

concentrate produced, concentrate deliveries and metal prices; a higher than anticipated cash cost per tonne of ore processed; and higher than anticipated sustaining capital expenditures and general and administrative expenses.

Cash cost per tonne of complex concentrate smelted, net of by-product credits: assumes complex concentrate smelted is at planned levels; acid prices are at or around current levels; acid production and operating expenses are at planned levels; and

foreign exchange rates remain at or around current levels. Subject to a number of risks, the more significant of which are: complex concentrate smelted and acid production are lower than anticipated; acid prices are lower than anticipated; strengthening of

the ZAR relative to the U.S. dollar; and higher than anticipated operating and transportation costs due to a variety of factors, including higher than anticipated inflation, labour and other operating costs.

http://www.sedar.com/

TSX:DPM 32

Market Cap, Major Shareholders and Analyst Coverage

Share Price (C$ per share) $3.58

Shares Outstanding – Current 178,440,698

Market Capitalization – Current C$639 M

52 week low – high (C$ per share) $1.10 – $4.14

Share Capital @ February 22, 2017 Analyst Coverage

Firm Analyst

BMO **In transition**

CIBC Capital Markets Jeff Killeen

Dundee Capital Partners Josh Wolfson

GMP Securities Oliver Turner

Paradigm Capital Don MacLean

Raymond James **In transition**

RBC Capital Markets Sam Crittenden

Scotia Capital Trevor TurnbullDundee Corporation 20.39%

GMT Capital 11.17%

EBRD 9.99%

Van Eck Associates 7.12%

Kopernik Global Investors 3.49%

Major Shareholders

TSX:DPM 33

2017 Full Year GuidanceUS millions, unless otherwise indicated Chelopech Tsumeb Consolidated (5)

Ore mined/milled (‘000s tonnes) 2,040-2,200 - 2,040-2,200

Complex concentrate smelted (‘000s tonnes) - 210-240 210-240

Metals contained in copper and zinc concentrates produced (1)(2)

Gold (‘000s ounces) 157-174 - 157-174

Copper (million pounds) 33.7-37.0 - 33.7-37.0

Payable metals in concentrate sold (2)

Gold (‘000s) 135-150 - 135-150

Copper (million pounds) 32.0-35.0 - 32.0-35.0

Cash cost per tonne of ore processed ($) (3)(4) 32-36 - 32-36

Cash cost per ounce of gold sold, net of by-product credits ($) (3)(4)(5) 670-810 - 670-810

All-in sustaining cost per ounce of gold ($) (3)(4)(5) - - 840-965

Cash cost per tonne of complex concentrate smelted, net of by-product credits ($) (3)(4) - 400-485 400-485

General & administrative expenses (3)(6) - - 18-22

Exploration expenses (3) - - 7-9

Sustaining capital expenditures (3) 13-15 12-17 25-32

1) Includes gold in pyrite concentrate produced of 42,000 to 47,000 ounces and payable gold in pyrite concentrate sold of 27,000 to 30,000 ounces.

2) Metals contained in concentrate produced are prior to deductions associated with smelter terms.

3) Based on foreign exchange rates and, where applicable, metal prices that approximate current rates and prices. The assumed copper price reflects the impact of 92% of 2017 payable copper

production being hedged at $2.40 per pound.

4) Cash cost per tonne of ore processed, cash cost per ounce of gold sold, net of by-product credits, all-in sustaining cost per ounce of gold and cash cost per tonne of complex concentrate smelted,

net of by-product credits, have no standardized meaning under GAAP. Refer to the “Non-GAAP Financial Measures” section of Q4 2016 MD&A for reconciliations to IFRS.

5) Includes the treatment charges, transportation and other selling costs related to the sale of pyrite concentrate, and payable gold in pyrite concentrate sold. Cash cost per ounce of gold sold, net of by-

product credits, excluding payable gold in pyrite concentrate sold and related costs, is expected to range between $640 and $790 in 2017. All-in sustaining cost per ounce of gold, excluding payable

gold in pyrite concentrate sold and related costs, is expected to range between $850 and $985 in 2017.

6) Excludes mark-to-market adjustments on share-based compensation.

TSX:DPM 34

Hedge Position at December 2016

Year of projected payable copper production Volume Hedged (lbs) % Hedged Average fixed price ($/lb)

2017 32,542,387 92% $2.40

2018 19,166,966 53% $2.62

QP Commodity Hedged Volume Hedged % Hedged Average fixed price

Payable gold 33,460 oz 100% $1,209.02/oz

Payable copper 8,476,764 lbs 100% $2.38/lb

Payable silver 34,875 oz 100% $17.05/oz

Year of projected operating

expensesForeign currency hedged

Amount hedged in

foreign currency% Hedged

Average exchange rate

Foreign currency/US$

2017Euro

ZAR

10,800,000

720,000,000

20%

56%

1.1287

13.8699

Year of projected payable gold production Volume Hedged (oz) Average ceiling

price ($/oz)Floor Price ($/oz)

2017 45,000 1,497 1,200

TSX:DPM 35

Sabina Gold & Silver Corp. (TSX:SBB), Nunavut

• Assets include:

•High Grade Back River Gold Project:

• September 2015 updated feasibility study*:

o Mill throughput of 3,000 tpd

o Avg. annual gold production of 198,100 oz

@ $US534/oz cash cost

o LOM 11.8 years

o Pre-production capital C$415M;

Sustaining capital C$185M; Closure

capital C$64M

o Post-tax IRR of 24.2% and NPV of

C$480.3M

•Hackett River payable silver royalty from

Glencore Zinc:

22.5% of first 190M oz Ag, 12.5% thereafter

*Calculated using US$1,150/oz Au price

Partially Owned Exploration /Development Assets

• Canadian-based, precious metals

company with assets in Nunavut

• DPM holds 11.8%

TSX:DPM 36

Chelopech Mine: Cash Cost/tonne of Ore Reconciliation

US$ thousands, unless otherwise

indicated

For the periods indicatedYear 2016

Actual

Year 2015

Actual

Year 2014

Actual

Year 2013

Actual

Year 2012

Actual

Year 2011

Actual

Year 2010

Actual

Ore processed (mt) 2,212,340 2,052,138 2,076,112 2,032,002 1,819,687 1,353,733 1,000,781

Cost of sales 108,180 112,634 116,146 120,480 98,298 88,838 72,707

Add (deduct):

Depreciation, amortization & other

non-cash costs (37,201) (36,382) (34,006) (32,905) (19,542) (15,499) (14,425)

Change in concentrate inventory 1963 (26) 688 (6,135) 4,535 862 (2018)

Total cash cost of production 1 72,942 76,226 82,828 81,440 83,291 74,201 56,264

Cash cost per tonne of ore

processed, including royalties 32.97 37.14 $39.90 $40.08 $45.77 $54.81 56.22

Cash cost per tonne of ore

processed, excluding royalties 30.15 34.08 $36.38 $36.26 $41.16 $49.99 51.34

1. Before silver by-product credits.

TSX:DPM 37

Tsumeb Smelter: Cash cost/tonne of Concentrate Smelted 1

US$ thousands, unless otherwise

indicated


Actual

Year 2015

Actual

Year 2014

Actual

Year 2013

Actual

Year 2012

Actual

Year 2011

Actual

Year 2010

Actual

Concentrate smelted (mt) 200,272 196,107 198,346 152,547 159,356 180,403 119,557

Cost of sales 149,833 113,479 102,676 87,584 78,796 70,589 44,436

Add (deduct):

Depreciation, amortization &

other non-cash costs (41,181) (26,444) (23,650) (13,158) (9,745) (7,407) (6,012)

Realized losses (gains) on

forward foreign exchange

contracts (3,866) (639) - - - - -

Total cash cost before by-product

credits 104,786 86,396 79,026 74,426 69,051 63,182 38,424

By-product credits (16,621) (4,369) (873) (1,292) (2,000) (1,607) (1,102)

Total cash cost after by-product

credits 88,165 82,027 78,153 73,134 67,051 61,575 37,322

Cash cost per tonne of

concentrate smelted, net of by-

product credits $440 $418 $394 $479 $420 $341 $312

1. Net of by-product credits

TSX:DPM 38

All In Sustaining Cost Per Ounce of Gold Calculation

US$ thousands, unless otherwise indicated


Actual (3)

Year 2015

Actual (1,2)

Year 2014

Actual (1,2)

Year 2013

Actual (1,2)

Cash cost of sales, net of by-product credits (4) 85,034 84,254 75,837 50,434

Accretion expenses 358 1,435 1,867 1,874

General and administrative expenses 9,423 12,213 18,871 19,419

Cash outlays for sustaining capital 9,191 18,112 21,761 21,727

All-in sustaining costs 104,006 116,014 118,336 93,454

Payable gold in concentrate sold (ounces) (4) 139,324 168,755 160,734 153,274

All-in sustaining cost per ounce of gold $747 $687 $736 $610

1. Represents the cash cost of sales, net of by-product credits, accretion expenses and cash sustaining capital expenditures that are specific to Chelopech and Kapan.

2. Represents an allocated portion of DPM’s general and administrative expenses, including share-based remuneration and excluding depreciation and expenses related to Avala,

Dunav and Krumovgrad, based on Chelopech and Kapan’s proportion of total revenue, excluding revenue related to pyrite concentrate.

3. From continuing operations, excludes Kapan which was sold in April 2016

4. Includes payable metals in pyrite concentrate sold and related costs

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