Head Office
600 de Maisonneuve West,
Suite 2750
Montreal, QC, Canada, H3A 3J2
514-866-6001
Plant
3700 rue du Lac Noir
Thetford Mines, QC, Canada, G6H 1S9
418-423-7247
www.dundeetechnologies.com
March, 2016
Forward Looking Statements
This presentation contains forward-looking statements that address future events and conditions,
which are subject to various risks and uncertainties. Actual results could differ materially from those
anticipated in such forward-looking statements as a result of numerous factors, some of which may
be beyond the Corporation’s control. These factors include: general market and industry conditions,
risks related to continuous operations and to commercialization of a new technology and other risks
disclosed in the Corporation's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation's
management on the date the statements are made. The assumptions used in the preparation of
such statements, although considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on forward-looking statements. The
Corporation expressly disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise, except as required by
applicable law.
3
Confidential – Not For Distribution
Our Mission
To develop environment-friendly
extractive technologies for the mining
industry.
4
Confidential – Not For Distribution
The Problem
Environmental

Cyanide
– Government authorities have the obligation to legislate to
protect the environment and the population
– Jurisdictions and countries have banned or restricted
cyanide

Arsenic
– Arsenic deprived ore bodies are being depleted worldwide
– Industry is turning to deposits with greater quantities of
arsenic
– Very few facilities are treating high arsenic material without
liabilities
– Lack of viable, stable and permanent arsenic disposal
processes
Metallurgical
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Confidential – Not For Distribution

Gold recovery in refractory ores

Base metal (Cu, Zn), Tellurium or organic carbon in gold
ores
The Problem
Current Global situation
Canada
Giant Mine
Northern Ireland
ARSENIC
CYANIDE RESTRICTIONS
United States
Montana
CYANIDE BAN
Romania
CYANIDE BAN
El Salvador
Mexico
Morelos State
CYANIDE OPPOSITION
CYANIDE RESTRICTIONS
Argentina
Chile
ARSENIC CONTAMINATION
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Confidential – Not For Distribution
Chubut Province
CYANIDE BAN
The Solution
DST’s Patented Processes:

Gold Extraction by Chlorination

Arsenic Sequestration
ENVIRONMENT
 Cyanide-Free
 Stable & Permanent Arsenic Disposal
 Allows Treatment of Refractory Ores
METALLURGY
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Confidential – Not For Distribution
 Handles Base Metals (Cu, Zn), Tellurium
& Organic Carbon in Gold Ores
Patents
LIST OF DST PATENTS
 42 Patents
(granted, filed
or pending)
 16 countries
#
Title
1
Gold and silver recovery from polymetallic sulfides by treatment with halogens
2
A method and a system for gold extraction with halogens
3
Method and composition for sequestration of arsenic
4
Recovery of base and precious metals by extractive chlorination
5
Potassium magnesium fertilizer
6
Method and system for the production of potassium sulfate from potassium chloride
7
Method for selective precipitation of iron, arsenic and antimony
8
Method and system for gold recovery
9
An improved closed loop method for gold and silver extraction by halogens
10 Method and system for sonic-assisted production of fertilisers
11 A method and composition for sequestration
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Confidential – Not For Distribution
Dundee Sustainable Technologies
Environmental Reconnaissance
9
$700,000
grant
$5,000,000
grant
$5,000,000
funding
GREEN TECHNOLOGIES
DEMONSTRATION
PROGRAMME
SUSTAINABLE
DEVELOPMENT
TECHNOLOGY CANADA
INVESTISSEMENT
QUÉBEC
Québec Government 2011-2012
Canadian Government 2013-2014
Québec Government 2015
Confidential – Not For Distribution
Cyanide-Free Process

Patented process for precious metals (Au & Ag)
extraction.

Environmentally safe extraction process:
– Cyanide-Free - chlorination instead of cyanidation
– Not acid generating - solid residues are sulphur & base
metal depleted
– No tailings pond - closed loop, full recycling of reagents
and water

Lower capital costs due to:
– Shorter process time, gold extraction in hours instead of
days
– Mild conditions - Leaching at atmospheric pressure and
ambient temperature
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Confidential – Not For Distribution

Technology developed for treatment of refractory ores

If present, Base Metals (Cu, Zn) are recovered
DST’s Technology
FAST
GREEN
FLEXIBLE
PROFITABLE
 1-2 hour contact time
 Cyanide-free process
 Sulphur recycled as
sulphuric acid
 No effluents, no tailings
pond
 Barren and stable solid
residues
 Tolerate base metals
 May treat ores
containing organic
carbon
 May treat ores
containing Tellurium
 Process costs ($/oz)
similar to cyanidation
 Lower capital cost
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Confidential – Not For Distribution
Process Overview
SULPHIDE ORE
CONTROLLED OXIDATION
SULPHURIC ACID
ACID DIGESTION
BASE METALS
CHLORINATION
PRECIOUS METALS
BARREN RESIDUES
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Confidential – Not For Distribution
Chlorination Chemistry Involved
Chlorine, along with a
catalytic amount of bromine,
are used as oxidizing agents
because of the particularly
fast reaction of bromine
with gold.
The capability of chlorine to
oxidize bromides to
bromine, explains the low
concentration of bromide
required in the brine.
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Confidential – Not For Distribution
2 HOCl + 2 HCl
2 Cl2 + H2O
2 NaBr + Cl2
2 NaCl + Br2
2 Au + 3 Br2
2 AuBr3
2 AuBr3 + 3 Cl2
2 AuCl3 + 3 Br2
Chlorination Circuit Overview
Ore
Sulfuric Acid
Slurry Preparation
Reactor
Vat Leaching
Reactor
Sodium Hypochlorite
Rinsing
Water
Electrolysis
Barren
Solid
Filtration
CaCO3
Na2SO4
Polishing
Na2SO4
Crystallization
Na2CO3
Pregnant
Brine
Ca(OH)2
CounterCurrent
Washing
Barren Brine
Neutralization
Silica Absorption
Fe(OH)3
Melting
Au/Ag
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Confidential – Not For Distribution
Sodium Sulphite
Successfully Demonstrated
 1 TPD Pilot built in 2010
 300 TPD (15 TPD) plant
built in 2015
 Over 200 T of ore and
concentrates processed
 Extraction yield
- > 90% in all cases
- 95% in most cases
Type
Gold Grade
(g/T)
Yield (%)
1: Canada (Quebec)
Ore
2.58 g/T
97.5%
2: Canada (Quebec)
Ore
3.45 g/T
93.2%
3: Canada (Quebec)
Ore
13.9 g/T
95.4%
4: Canada (Ontario)*
Concentrate
55.3 g/T
94.0%
5 : Eastern Europe*
Concentrate
7.5 g/T
91.0%
6: Canada (Quebec)*
Concentrate
53.5 g/T
94.1%
7: Western USA*
Concentrate
382 g/T
97.7%
Sources
*Flotation concentrates requiring pre-treatment by oxidation
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Confidential – Not For Distribution
Chlorination Market
Environmentally constrained gold
deposits:
Environmental
Issues

Pascua Lama (Chile-Arg.) 23 M oz Au

Suyai (Argentina) 2.5 M oz Au

El Dorado (El Salvador) 2.0 M oz Au

Cerro Blanco (Guatemala) 2.0 M oz Au

Rosia Montana (Romania) 18.5 M oz Au
Targeted
Projects
Gold associated with the presence of:
Metallurgical
Issues
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Confidential – Not For Distribution

Base Metals (Cu, Zn)

Tellurium

Carbonaceaous Material

Arsenic
Chlorination Targets
Production
Jurisdiction
Time + Investment
Development
Project
Status
Feasibility
Pre-feasibility
Targeted
Projects
Grade
Advanced Exploration
Exploration
Project Stages
Suitable Properties
100+ projects identified to be suitable for DST’s technology:


17
Filtered based on project status, jurisdiction and grade
Projects in the pre-feasibility phase in jurisdictions with cyanide bans or concerns
Confidential – Not For Distribution
Economic Comparison to Cyanidation

Operation costs are similar to cyanidation on a
$/oz basis

Lower capital costs due to:
– Reaction time, gold extraction in hours instead of days
(shorter process time)
– Smaller plant and site
– No need of costly tailings pond facilities
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Confidential – Not For Distribution

Allows for valuation of deposits that are
refractory to cyanidation

Reduced site rehabilitation costs due to smaller
site footprint and less environmental liabilities
DST Chlorination Plant
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Confidential – Not For Distribution
Business Case: Chlorination
TECHNOLOGY IMPLEMENTATION
2014
Laboratory Tests
2015
Piloting Campaign
Current Stage
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2016
Feasibility Study
2019
COMMERCIAL OPERATION
Confidential – Not For Distribution
Arsenic Sequestration
 Patented arsenic
sequestration by
vitrification technology.
 Formation of a glass
incorporating
up to 20% of arsenic
oxide
 Cost is up to ten times
lower than the
conventional scorodite
approach.
 Allows for material with
up to 45% arsenic to be
processed with good
control and sane
environmental practices.
 Provides a stable,
insoluble and permanent
arsenic product
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Confidential – Not For Distribution
Arsenic Sequestration Pilot
 Pilot built in 2015
Feed
Mixture
• Rec. Glass
• Hematite
• As (III)
 500 Tonnes/year
equivalent
As (III)
Binder
Solution
Na2SiO3
Scrubber
Out
As (IIII) + Mixture
 Addresses arsenic
contamination issues
in gold and smelting
operations.
Gases
Powder
Mixer
Dryer
Glass Product
Briquetter
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Confidential – Not For Distribution
Bag House
Furnace
Arsenic Process
Unlocking values from gold
deposits
Gold
Mines

Cuba

Canada (Quebec, Ontario)

Chile…
Arsenic collected as flue dusts
Arsenic
Sequestration
Smelters
Remediation
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Confidential – Not For Distribution

Smelter (Namibia)

Smelter (Chile)

Peruvian operation…
Arsenic in abandoned mine sites

Giant Mine (Canada)

Taltal tailings (Chile)

El Triunfo (Mexico)…
Business Case: Arsenic
TECHNOLOGY IMPLEMENTATION
2014
Laboratory Tests
2015
Piloting Campaign
Current Stage
2016
Feasibility Phase
2017
COMMERCIAL OPERATION
Partner #1 & #2 - Major Copper Producers & Smelters
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Confidential – Not For Distribution
Development Strategy
Continue operation at the demonstration plant:

Process high grade concentrates

Establish feasibility criteria for onsite implementation
Target deposits for technology implementation:
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Confidential – Not For Distribution

In jurisdictions that have banned or restricted the use of
cyanide

That are blocked from going into production faced with
community opposition and environmental challenges

That face metallurgical constraints

That require arsenic sequestration
Dundee Sustainable Technologies
BUSINESS MODEL
Joint Venture with mine
owners facing
Environmental and/or
Metallurgical issues
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Confidential – Not For Distribution
Acquire properties prevented
from operating due to
Cyanide, Arsenic or
Metallurgical constraints
Timeline
Gold Plant (ENAMI)
Chlorination
Feasibility
Engineering
Construction
$100 M
2016
Arsenic
2017
2018
Piloting
Arsenic Plants
Eng. & Construction
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Confidential – Not For Distribution
Eng. & Construction
$15 M
$15 M
(Partner #1)
(Partner #2)
2019
Corporation information
A public entity
listed on the
Canadian
Securities
Exchange in 2014
Symbol: DST
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Confidential – Not For Distribution
Issued and Outstanding
Subordinate voting shares:
297 M
Multiple voting shares:
50 M
Major Shareholders
Dundee Corporation
(66% equity interest)
(85% voting interest)
Quebec Government
(4% equity interest)
Directors and Officers
Directors
Management
 Jean-Marc Lalancette,
Chairman Emeritus
 John W. Mercer,
President & CEO
 Bertrand Dubreuil,
Technical Director
 Mark E. Goodman,
Chairman
 David Lemieux,
Executive VicePresident
 Caroline Chouinard,
Director of
Engineering
 Vatche
Tchakmakian,
Chief Financial
Officer
 Jean-Philippe Mai,
Senior Geologist
 Ned Goodman
 John W. Mercer
 Brian Howlett
 Brahm M. Gelfand
 Hubert Marleau
 David A. Whyte
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Confidential – Not For Distribution
 Luce Saint-Pierre,
Corporate Secretary
Aut inveniam viam aut faciam
Head Office
600 de Maisonneuve West,
Suite 2750
Montreal, QC, Canada, H3A 3J2
514-866-6001
Plant
3700 rue du Lac Noir
Thetford Mines, QC, Canada, G6H 1S9
418-423-7247
www.dundeetechnologies.com