investor presentation june 13,...

INVESTOR PRESENTATION

JUNE 13, 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, potential benefits of the rotary furnace installation, 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• Organic growth potential with exploration assets in Serbia

• Actively evaluating M&A opportunities

• Attractive investment opportunity for a growth oriented value minded investor

• Strong management team with track record for successfully turning around poor performing assets

• Strong balance sheet with financial flexibility

• Focused on operational excellence and innovation to achieve margin improvements

• Strong reserve and resource base with continued exploration success

• Generating positive operating free cashflows

• 75% growth in gold production (first 5 year avg.) from the Krumovgrad open pit mine with first

production expected in Q4 2018

• Tsumeb smelter expansion growth potential

GROWTH OPTIMIZATION INNOVATION PEOPLE

TSX:DPM 4

Timok Gold Project

Serbia

Tsumeb Smelter

Namibia

Chelopech Mine

Bulgaria

Sabina

Canada

11%

Krumovgrad Gold Project

Bulgaria

DPM’s Global Portfolio of Assets

Operating assets

Development asset

Exploration assets

2016 Asset Diversification 2016 Revenue Diversification

Bulgaria

56% Namibia

38%

Canada

6%Ag 1%

Smelter

31%Gold

47%

Copper

22%

TSX:DPM 5

Business Strategy

TSX:DPM 6

Bulgaria… • 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 contained in ore

mined. Rate depends on profitability of the operation,

based on a sliding scale between 1% and 4%

• GDP Forecast: +2.8% in 2017 (IMF)

• Mining industry forms 5% of the GDP (2015)

• Overview:

• Uninterrupted operations for 14 years (2003-

2017)

• Member of the EU since 2007

• 4th largest gold producer and 6th largest coal

producer in Europe

• Stable regulatory environment

• Elections held on March 26, 2017 – centre

right party won again

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

Export Processing Zone status

• GDP Forecast: +5.3% in 2017 (IMF)

• Mining industry forms 12% of the GDP (2014)

• Overview:

• Political party stability

• 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

Mineral Resources (11) Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)

Chelopech

M&I

Inferred

12.6

1.8

1.399

0.138

301

37

3.45

2.4

1.08

0.96

Krumovgrad

Inferred (Upper Zone) 0.3 0.013 1.31

Timok (12)

Indicated

Inferred

34.7

0.4

1.720

0.000

1.54

1.4

Tulare (13)

Inferred (Kiseljak)

Inferred (Yellow Creek)

459.0

88.0

3.000

0.800

2,200

600

0.2

0.3

0.22

0.3

Total Mineral Resources

Measured & Indicated

Inferred

47.4

549.5

3.119

3.951

301

2,837

Mineral Reserves (11) Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)

Chelopech

Proven

Probable

11.4

8.4

1.075

0.920

232

166

2.92

3.42

0.92

0.90

Krumovgrad

Proven (Upper Zone)

Proven (Wall)

Probable (Upper Zone)

Probable (Wall)

1.1

1.5

3.5

0.1

0.124

0.325

0.337

0.020

3.46

6.83

3.00

5.54

Total P&P Mineral Reserves 26.00 2.801 398 3.35

Strong Resources and Reserve Base

11 See footnotes contained in Appendix on slide 34

TSX:DPM 8

Trends- Metal prices and DPM share price

Historical Relative Trading, Year-to-Date (5)

Gold and Copper Price Trend, 2010 to Present (5)

GDXJ

GDX

Tier I

Tier III

Tier II

(25%)

0%

25%

50%

Jan-17 Feb-17 Mar-17 Apr-17 May-17

0%

6%

3%

(0%)

(7%)

(13%)

$1.80

$2.10

$2.40

$2.70

$3.00

$3.30

$3.60

$3.90

$4.20

$4.50

$4.80

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

Gold Price Trend (US$/oz)

Copper Price Trend (US$/lb)

2010 201620152014201320122011 2017

Jan 2017 Feb 2017 Apr 2017Mar 2017 May 20175 See footnotes contained in Appendix on slide 34

Chelopech Mine, Bulgaria

OPTIMIZATION OF EXISTING ASSETS

TSX:DPM

CHELOPECH MINE

TSX:DPM 10

Chelopech – Continually Improving

Reduce Cash Cost / tonne of ore processed (US$/t) (3) Increase Ore Mined (Mt)

Reduced Total Capital Expenditures ($USM)

CONTINUE TO OPTIMIZE THROUGH INNOVATION

133

196

153

118

9987

27

2011 2012 2013 2014 2015 2016 Q1 2017

1.09

1.31

1.812.03 2.05 2.04

2.21 2.04-2.20

0.562

2010 2011 2012 2013 2014 2015 2016 2017F Q12017

56 55

4640 40

3733 32-36 33

2010 2011 2012 2013 2014 2015 2016 2017F Q12017

72.1

62.4

42.3

30.1

18.513.2 13-15

2.4

2011 2012 2013 2014 2015 2016 2017F Q12017

Adjusted EBITDA (US$M) (10)

3,10 See footnotes contained in Appendix on slide 34

TSX:DPM 11

Chelopech-Near Mine Exploration

Ore Mined / Reserves (Mt)

2006 2015 2016

21.5 21.5

14.1 Total ore

mined

since 2006

Ore Reserve

16.3

19.8

Drilling commenced at SE Breccia pipe zone

Plan view of level 440 showing ore-body outlines.

New High Grade Zone 153

•Essentially replaced depletion over the last 10 years

•Discovery of new Zone 153: high grade Cu and Au

mineralization located near existing infrastructure (11)

− 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



NEAR TERM GROWTH

TSX:DPM

KRUMOVGRAD GOLD PROJECT

TSX:DPM 13

Highlights

• High grade open pit mine producing gold concentrate through flotation

• 8 year mine life

• Total initial construction capital – $178.2 million

• Estimated annual production: gold = 85,700 oz; silver = 38,700 oz

• Project site falls entirely within the Eastern Rhodopes Natura 2000 protected area

• Ancient gold mine - extensive archaeological research completed

• Project designed in line with the environmental and social policy of the European Bank for

Reconstruction and Development and to meet the Performance Requirements of the bank

Krumovgrad–Fully Funded Near Term Growth

TSX:DPM 14

Krumovgrad – Robust Economics

Project

Economics

Remain Robust

with a

25% After-Tax

IRR

Production and Operating Costs (8)

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 (10) $66 million


TSX:DPM 15

Krumovgrad – Production Profile

* 85% recovery

Wall Upper Total Ore

kt kt W:O kt kt kt koz koz g/t

-1 648 419 1.83

1 2,663 1,822 2.16 13 796 809 89 50 3.42

2 2,148 1,015 0.90 221 583 803 129 67 5.01

3 2,034 1,156 1.32 177 636 813 146 74 5.59

4 3,211 2,466 3.31 19 818 837 91 51 3.40

5 3,211 2,513 3.60 399 375 773 151 79 6.06

6 3,211 2,645 4.67 326 460 785 83 49 3.29

7 3,096 2,441 3.73 320 469 789 72 44 2.83

8 2,224 1,765 3.85 119 476 595 45 29 2.37

Total / Avg 22,446 16,242 2.62 1,593 4,611 6,204 807 443 4.04

Year (-1) represents pre-strip period of 3 months.

Total Au Total Ag Au Grade

MINE PLAN (SCENARIO 2A) AND MILL FEED (CONSTRAINED BY ORE TYPE

THROUGHPUT) SUMMARY

YearRock Total Waste Strip Ratio

Ore Feed

0.0

1.0

2.0

3.0

4.0

5.0

0

1,000

2,000

3,000

4,000

-1 1 2 3 4 5 6 7 8

Strip

Rat

io (t

:t)

Tonn

age

(kt)

MINING SCHEDULE

Upper Wall Waste Strip Ratio

0

50

100

150

200

0

200

400

600

800

1,000

-1 1 2 3 4 5 6 7 8

Oun

ces

Au (k

oz)

Tonn

age

(kt)

PROCESSING

Mill Feed - Upper Mill Feed - Wall

Mill Feed Gold - Total

0

200

400

600

-1 1 2 3 4 5 6 7 8

Tonn

age

(kt)

STOCKPILE BALANCE

HGO LGO

89

129146

91

151

8372

45

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

3.42

5.015.59

3.4

6.06

3.292.83

2.37

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Mining Schedule (8)

Total Au contained in ore (000s oz)* (8)

Au Grade (g/t) (8)


TSX:DPM 16

Krumovgrad – Project Progress

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


TSX:DPM 17

Krumovgrad – Earthworks Progress

South IMWF Road

The first concrete at the site – April 25th

Earthworks in the Process Plant Area

Hydro-seeding ROM Pad Slopes

TSX:DPM 18

• Extensive consultation program with stakeholders

• 33% reduction in project footprint in response to stakeholder concerns; integrated mine

waste facility instead of conventional tailings dam

• Mine design to minimize community health risks and environmental impact

• Stakeholders engagement plan, social management plan based on community needs

assessment, local consultative forums - operating at 8 nearby settlements

• Significant job creation

• Maximizing local employment during construction - equal opportunity program

• 230 jobs during operations phase (90% sourced locally)

• Vocational training and skills development for employees

• Significant SME funding available to build sustainable local business capacity

• Support for infrastructure development, education, health and social services

• Local procurement during all phases of the project

• Extensive biodiversity and water management plans and standards

• Water discharge to the environment will be drinking quality

• Minimization of noise, dust, vibration, traffic and blasting impacts

Krumovgrad - Sustainable Mining in Europe

TSX:DPM 19

Krumovgrad - Near Mine Exploration

Ada Tepe Gold Deposit and Surrounding Gold Prospects


FUTURE GROWTH PIPELINE

TSX:DPM

EXPLORATION

TSX:DPM 21

Serbia Exploration

Timok

Brownfields Exploration

Near Resource Drill Programs

Timok

Greenfields Exploration

TSX:DPM 22

Khalkos Exploration

Earn-in Arrangement

1) 51%: interest in the first three years:

$412,500 in cash, 70,000 DPM shares, $2.5 MM in expenditures

2) Additional 20% interest (for a total of 71%) in the following three years:

Exploration expenditures totalling $3,500,000

Dundee shall act as operator during both periods

Highlights

• Consists of 91 contiguous claims

covering 35 square kilometers of

prospective Abitibi geology about

25 km west of Val-d’Or

• Situated 10 km along strike to the

east of the Doyon–Bousquet-

LaRonde gold camp and 8 km

north of the Canadian Malartic

mine

• Potential for both quartz

carbonate vein gold deposits and

gold-rich VMS lenses and related

sulphide stockworks.

• One of the largest land positions

held by any junior mining

company in the camp

• Consolidation of these claims

allows for a systematic approach,

integrating geology with new

geochemical and geophysical

datasets to develop drill targets

on a wider scale


OPTIMIZATION OF EXISTING ASSETS

TSX:DPM

TSUMEB SMELTER

TSX:DPM 24

Tsumeb Smelter – Key Accomplishments

26

63

140130

44

1912-17

4.5

2011 2012 2013 2014 2015 2016 2017F Q1 2017

Reduced Total Capital Expenditures ($USM)

Significantly reduced SO2 levels

198 196 200

120

180159 152

2010 2011 2012 2013 2014 2015 2016 2017F

210-

240

Third Party con supplied to

smelter (‘000s t)

Chelopech concentrate

supplied to smelter

(‘000s t)

Increased Production

134 134 126

4138 46

22 7

94

123 118

2113

6242

311 0 3 80

40

80

120

160

2013 2014 2015 2016

Sewage Plant

Stadium Site

Hill site

Info Centre

NAMFO

3.0

18.5

6.8

9.7

(5)

2011 2014 2015 2016

Q1 20172012 2013

(2.5)

(7)

Adjusted EBITDA (US$M) (10)


2

TSX:DPM 25

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

(2)

(3),(4)

198 196 200

265-300

300-370

120

180

159152

312

341

420

479

394

418

440400-485

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

The Tsumeb Smelter

• Unique ability to process large volumes of

complex concentrate

• Purchased to process the concentrate from

Bulgaria

• Major environmental upgrade capital

completed

Building on that success

• Completed the commissioning of the

sulphuric acid plant Q4 2015 and copper

converters Q1 2016

• Optimization gained traction in Q4 2016 with

record concentrate treatment

• Matte holding vessel opened process

flexibility and was commissioned in April

2017 ahead of original plans

• Smelter remains on target to demonstrate

consistent increased throughput in Q2 2017

as the smelter transformation project

continues to yield results

210-

240

240-

265

Third Party

con supplied

to smelter

(000s)

Chelopech

concentrate

supplied to

smelter

(000s)

Cash cost per

tonne of

concentrate

smelted (net of

by product

credits) (3)

Anticipated

future

capacity

Tsumeb Smelter – Optimizing Performance


2 2 2 2

465

425

370

TSX:DPM 26

Tsumeb Smelter - Expansion

Potential Expansion

• Expansion project considering the installation

of a rotary holding furnace has progressed to

a feasibility study

• Completed expansion feasibility study to

370,000 tonnes/year

• Completing environmental and social impact

assessment

• Remains a robust project subject to the

market timing of additional concentrate and

completion of the permitting for 370,000

tonnes/year

TSX:DPM 27

Growing Complex Concentrates Market

Mines In Operation Annual Tonnage As (%)

Chelopech 90,000 – 105,000 5.5%

South America 150,000 – 200,000 4.0% - 9.0%

Small Producers

(into blends)30,000 – 50,000 2.5% - 7.0%

Total Complex 270,000 - 355,000

Other Pyrite/Cu

Con/Antimony100,000 – 150,000 4.0% - 5.0%

Total Concentrate 370,000 – 505,000

Projects – Possible

ProductionAnnual Tonnage As (%)

Copper and Pyrite

Concentrates400,000 4.0% – 10.0%

SUMMARY

TSX:DPM

GROWTH OPTIMIZATION INNOVATION

TSX:DPM 29

Committed To Maintaining A Strong Balance

Sheet Supported With Sufficient Available Liquidity

$311 M in Available Liquidity

Top Down Financing Structure

• Utilize equity for vast majority of core funding requirements

• Maintain long term credit facilities with a core lending group

• Supplement with high yield bond, project debt, or equity

partner financing, where appropriate

Maintain financial strength and flexibility• Limit debt component of capital – Targeted Max. 20%

• Adhere to targeted credit metrics – Targeted Max 2.0 x

• Maintain sufficient liquidity – Targeted Min. $75 million

Selectively hedge exposures to manage risk• Provisional metal sales pricing

100% hedged

• Future production

92%/53% of 2017/18 Payable Cu production @ $2.40 / $2.62

30% of 2017 Payable Au production - $1,200/$1,497 floor/cap

• Foreign denominated operating costs

53% of balance of 2017 Nam$ costs hedged @ 13.98

21% of balance of 2017 Euro costs hedged @ 1.13

• Foreign denominated capital project costs

50% of Euro capital costs hedged @ 1.08

Net Debt (US$M) & Net Debt/EBITDA (x)

34

121 120(19)

0.1

1.081.67

0.56

0.0

0.6

1.2

1.8

-50

0

50

100

150

As of

March 31, 2017

RCF

$275M

Cash $36M

29

20162014 20152013 Q1 2017

0.04

TSX:DPM 30

Smelter • Expansion

detailed

engineering

• EIA approval

• Commercial

agreements

• Expansion

approval

• Commence

construction

• Start ramp-up

to operate at

expanded

capacity

• Production

at expanded

capacity

Krumovgrad • Construction • Q4 first

concentrate

production

Chelopech • Continue to

optimize

performance

• Zone 153

definition drilling

• Incorporate

Zone 153 into

mine plan

2017 2018 2019 2020

Key Value Generating Catalysts

TSX:DPM 31

5 Year Outlook – Growing Low Cost Producer

AuEq Production

by 2020

>351,000 oz

Complex

Concentrate

Smelted

t/year

370,000

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

Smelter Concentrate Throughput (kt) (2)

AuEq Production (000s oz) (2)

198

240-265

300-370

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

274

222 227243

295

351

271275Au Cu other

210-240200196

152

265-300

479394 418 440

400-485 450-485400-450

340-400

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

Smelter Cash Cost / tonne of concentrate smelted (net of by product credits) (2,3,13)

687747

610736

780-910

755633

498

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

All-in Sustaining Cost (US$/oz) (2,3,6)

2,3,6,12 See footnotes contained in Appendix on slide 34

TSX:DPM 32

Growth and Value Investment Opportunity

0.970.92

0.81

0.670.64

0.62 0.61 0.600.56 0.54 0.52

0.44

Roxgold TMAC Klondex Guyana Asanko Premier Alacer Argonaut Resolute Terenga DPM Primero

Avg. 0.66x

P / NAV(Cons. Est.) *

8.5x

4.4x

2.3x

2.0x 1.9x 1.7x

Alamos New Gold DPM Argonaut Primero Alacer

EV/2019F EBITDA (Cons. Est.)

Avg. 3.5x

* Source: RBC at June 9, 2017


APPENDICES

TSX:DPM

TSX:DPM 34

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 in February 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 Q1 2017 MD&A for reconciliations to IFRS

4. Data Source “Yahoo Finance”

5. Source: Capital IQ May 4, 2017 and RBC

6. 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.

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

8. Krumovgrad figures as per latest NI 43-101

9. Tsumeb figures as per 2016 public filings

10. 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

11. Contained in the 2016 Annual Information Form dated March 28, 2017

12. Based on ZAR exchange rate of 14.0

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 14 – 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 35

Market Cap, Major Shareholders and Analyst Coverage

Share Price (C$ per share) $2.31

Shares Outstanding – Current 178,440,698

Market Capitalization – Current C$412 M

52 week low – high (C$ per share) $1.87 – $4.14

Share Capital @ June 9, 2017 Analyst Coverage

Firm Analyst

BMO **In transition**

CIBC Capital Markets Jeff Killeen

Eight Capital Research 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 10.77%

EBRD 9.99%

Van Eck Associates 7.12%

Kopernik Global Investors 3.25%

Major Shareholders

TSX:DPM 36

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 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.


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

investor presentation june 13,...

Documents