Mr. David Rae reports

DUNDEE PRECIOUS METALS ANNOUNCES RECEIPT OF ENVIRONMENTAL LICENCE FOR THE LOMA LARGA PROJECT AND PROVIDES UPDATE ON THE FEASIBILITY STUDY RESULTS TIMING

The government of Ecuador has granted the environmental licence for exploitation for Dundee Precious Metals Inc.'s Loma Larga project.

The Loma Larga project environmental licence for exploitation was issued by the Ministry of Environment, Water and Ecological Transition (MAATE) on June 23, 2025, and is the result of a rigorous process by the government to ensure high Ecuadorean standards are applied in the development of mining projects. Dundee Precious Metals' commitment to these standards is consistent with the company's proven development practices and adoption of international standards and best practices that meet or exceed national standards. Following the environmental licence issuance, Dundee Precious Metals is preparing for formal negotiations for the exploitation agreement.

"This is an important milestone for Loma Larga, which is an attractive future growth opportunity for DPM with significant potential to deliver strong returns for our investors and stakeholders," said David Rae, president and chief executive officer of Dundee Precious Metals.

"We are designing and advancing Loma Larga in line with the highest standards for environmental and water management. The responsible development of Loma Larga offers significant economic and social opportunities for the local communities and country of Ecuador. We are committed to fostering strong, constructive relationships with local communities and the government, and we are investing in the development of the local work force."

Commitment to responsible mining

Loma Larga's project design and execution plan has been optimized to minimize its footprint and reflect high standards of environmental stewardship and responsible water management.

Permitting: The approval of the environmental licence follows the successful completion of the prior, informed indigenous consultation process in May, 2025, and the fulfilment of the requirements of the August, 2023, ruling by the Provincial Court of Azuay.

Stakeholder engagement and social development: Consistent with Dundee Precious Metals' approach across all operations, Dundee Precious Metals is committed to fostering strong, constructive relationships with local communities and government authorities. Since acquiring the Loma Larga project in 2021, Dundee Precious Metals has focused on engagement and collaboration in the region, working pro-actively with all stakeholders.

The company's intention is to develop the Loma Larga project in accordance with Ecuadorean and international standards, with a focus on maximizing benefits for local communities and stakeholders, including the use of local suppliers and implementing training programs, while delivering the best value for shareholders.

Responsible water management: Responsible management of water and safeguarding the sensitive environmental ecosystem near the Loma Larga project are key priorities in Dundee Precious Metals' design for the Loma Larga project. Dundee Precious Metals' approach to water management minimizes the use of fresh water and maximizes the recycling of processed water.

The Loma Larga project includes the development of waste water treatment and storage facilities as well as fully lined tailings and contact water storage ponds. Contact water will be collected and recycled within the mine's processing facility and treated at the water treatment plant, in line with International Finance Corp. and Ecuadorean standards and industry best practices. Non-contact water is designed to be diverted from the Loma Larga project area with lined diversion channels.

Dundee Precious Metals will continue to engage with stakeholders regarding the rigorous standards and practices for responsible water management and environmental stewardship it will implement to ensure alignment with the company's plans and the concerns of the local communities.

Feasibility study update

During the second quarter of 2025, Dundee Precious Metals completed an updated feasibility study for the Loma Larga project. This included an update to the project economics to reflect the current gold price environment and revised capital and operating cost estimates. It is the company's intention to disclose the results in due course to focus on the acquisition of Adriatic Metals PLC announced on June 13, 2025.

About Dundee Precious Metals Inc.

Dundee Precious Metals is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Serbia and Ecuador. Dundee Precious Metals' strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from Dundee Precious Metals' portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for the company's shareholders. Dundee Precious Metals' shares are traded on the Toronto Stock Exchange (symbol: DPM).

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