SEE Business Forum
Istanbul, Turkey
November 22 - 23, 2012
Dundee Precious Metals Highlights
Canada
Sabina 11%
$1.3B gold producer
2 operating mines in Bulgaria & Armenia
Avala 51%
Strategic complex concentrate smelter in Namibia
Chelopech
Dunav 47%
Krumovgrad
Deno Gold
2012 gold production of 132,000 to 145,000 oz
Low cash cost/ounce gold produced
Growing pipeline of growth opportunities
Experienced management team
Namibia Custom Smelter
Attractive value proposition
TSX:DPM
Operating assets
Development assets
Exploration assets
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Portfolio of Assets
Canada
Sabina 10.7%
Avala 51%
Chelopech 100%
Dunav 47%
Krumovgrad 100%
Kapan 100%
Tsumeb Smelter 100%
Operating assets
Development assets
Exploration assets
TSX:DPM
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Strong Balance Sheet
Capital Structure @ October 10, 2012
$115M
Cash on Hand
@ June 30, 2012
(excluding AVZ & DNV)
Share Price
C$9.13
Shares Outstanding
125M
Fully diluted shares
Additional cash on dilution
147M
C$66M
52 week high - low
$10.72 - $5.82
$110M
Significant Operating Cash Flow
Annualized H1 2012
$83M
Debt
@ June 30, 2012
Total Debt:Total Capital = 10%
TSX:DPM
Gross Revenue by Metals Sold
2011A
Gold
Copper
Silver
Zinc
6% 5%
41%
48%
2012E
2016E
5% 4%
6% 6%
36%
24%
55%
64%
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Corporate Strategy
Build DPM into an intermediate, low-cost gold producer:
Optimize value of existing operating assets
Chelopech – production expansion and pyrite recovery project
Smelter – complete Project 2012 upgrades & expansion
Deno Gold Mine - open pit evaluation and underground extension
Grow business beyond existing operating assets
Develop Krumovgrad Gold Project
Establish deep pipeline of greenfield exploration opportunities
Complete acquisitions that offer accretive growth, diversity and gold exposure
Sustain low quartile operating cost position
Maintain a solid financial position
TSX:DPM
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Chelopech Mine
• Low Cost, Long Life Producer
Strategy
DPM Ownership
Complete expansion to 2
mtpy Q4 2012
100%
Location
Bulgaria
Acquired
Sept. 2003
Continue to replace
depletion and increase
Mineral Resources and
Mineral Reserves through
exploration
Resources
Measured &
Indicated
(at Oct. 31, 2011)
Complete feasibility study
on the pyrite gold recovery
project
Reserves
(@ Jan. 1, 2012)
Gold (oz)
(4.09 g/t)
Copper (lbs) (1.31% Cu)
Gold (oz)
(3.66 g/t)
Copper (lbs) (1.15% Cu)
Mine Type
Deposit Type
Estimated Mine Life @ expanded rate
TSX:DPM
3,930,000
862,840,000
2,660,000
572,600,000
Underground
High sulphidation
epithermal deposit
10 + yrs
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Namibia Custom Smelter
• A Unique Strategic Asset
Strategy
Build a one of a kind asset to treat DPM and
third party complex concentrate
DPM Ownership
Location
100%
Namibia
Upgrade operation to meet global standards
Increase capacity and lower costs
Acquisition March 2010
Contract other third party sources of complex Capital expenditures to date
concentrate to optimize throughput
Project 2012 Costs
Smelter Capacity
Technology
Tonne (000s)
Product
$57M
$75M
Ausmelt
Copper blister bars
2011 concentrate throughput
180,403 tonnes
Expanding smelter capacity
240k – 310k tpy
Sulphuric acid capture plant FS
2009
$50M
Complete
2010 2011 H1 2012 2012E 2013E: +O2
Chelopech con
Third party con
TSX:DPM
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Namibia Custom Smelter
• Environmental & Production Upgrades
Upgrade Initiatives
Status
Costs
Fugitive emissions (arsenic)
Completion Q4 2012
$75M
Sulphur emissions (acid plant)
Completion Q4 2014
$167M
Emissions control (Project 2012)
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
TSX:DPM
New oxygen plant
New vehicle designed to vacuum
dust off the ground for disposal
New dust disposal site
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Deno Gold Mine
• Potential to Increase Size and Life of Mine
Strategy
DPM Ownership
100%
Location
Armenia
Acquired
August 2006
Mine Type
Underground
Product
Au/Cu & Zn concentrate
Explore regional license
to define additional
Mineral Resources
Deposit Type
Polymetallic vein deposit (swarms)
Open Pit Resource
Q4 2012
Continue operational
improvements & cost
reductions
Underground Resource Q2 2013
Define the potential open
pit and underground
resource for the
Shahumyan deposit
Complete open pit and
underground studies
based on the new
resources
TSX:DPM
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Krumovgrad Gold Project
• Low Cost, High Return Project
Strategy
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
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
Annual silver production
35,000 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
* As per NI 43-101 technical report filed on SEDAR January 13, 2012
Achievements
30 year mining concession
Definitive Feasibility Study & NI 43-101
Final EIA approval granted Nov. 2011
Appeal decision pending
Detailed engineering schedule
Q2 2012 – Q4 2013
Estimated construction timeline
2013 - 2014
Estimated production timeline
TSX:DPM
Status
2014/2015
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Gold Production (000 oz)
Forecast Significant Growth Over Next Three Years
• Growing Pipeline of Development Opportunities
Pyrite Stream
Krumovgrad
Deno
Chelopech
Source: Cormark Securities, July 26, 2012
TSX:DPM
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Partially Owned Exploration Investments
• Source of Additional Value & Growth
SECURITIES
HOLDINGS
% HELD
Sabina Gold & Silver Corp. (TSX: SBB)
18.5M
10.7%
VALUE @ Oct. 10, 2012
$54M
Special Warrants
10M
29M
Warrants (strike C$1.07)
5M
10M
Total SBB
$93M
Avala Resources Ltd. (TSX-V: AVZ)
Special Rights
110M
51.4%
50M
$57M
26M
Total AVZ*
$83M
Dunav Resources Ltd. (TSX-V: DNV)
56M
Warrants (strike C$0.42)
27.5M
Total DNV*
47.3%
14M
0
$14M
Total shares and other securities
~$190M
*AVZ and DNV are consolidated
TSX:DPM
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Compelling Investment Opportunity
Solid operating assets with overall cost profile
Growing pipeline of development/investment opportunities
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
TSX:DPM
Entrance to Deno Gold Mine
Krumovgrad
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Dundee Precious Metals
Dundee Place
1 Adelaide St. East
Suite 500
Toronto, ON, M5C 2V9
www.dundeeprecious.com
The Toronto Stock Exchange
DPM – Common Shares
DPM.WT.A – 2015 Warrants
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