2013 Annual Shareholders' Meeting

MAY 9, 2013
DUNDEE PRECIOUS METALS
WELCOME TO THE 2013
ANNUAL & SPECIAL
MEETING

CHAIRMAN’S AGENDA
2Dundee Precious Metals
JONATHAN GOODMAN,
EXECUTIVE CHAIRMAN OF THE BOARD
• Opening Remarks
 Introduction of Head Table
 Introduction of Board of Directors
• Appointment of Secretary and Scrutineer
• Constitution of the Meeting

BOARD OF DIRECTORS
Jonathan Goodman
Executive Chairman
Derek Buntain Peter Gillin Rick Howes Murray John
Jeremy Kinsman Garth MacRae Peter Nixon Ronald Singer
Eira Thomas Anthony Walsh William Wilson Donald Young

BUSINESS OF THE MEETING
• Presentation of Financial Statements and Auditor’s Report
• Nomination and Election of Directors (ballot)
• Resolution to Approve a Reduction of the Exercise Price of the
Listed Common Share Purchase Warrants (ballot)
• Amendment to Section 4.3 of the By-Laws
• Appointment of the Auditor
• Termination of the Meeting
 Jonathan Goodman
 Derek Buntain
 Peter Gillin
 Rick Howes
 Murray John
 Jeremy Kinsman
 Garth MacRae
 Peter Nixon
 Ronald Singer
 Eira Thomas
 Anthony Walsh
 William Wilson
 Donald Young

MANAGEMENT TEAM
Rick Howes
President & Chief Executive Officer
David Rae
Senior Vice President,
Operations
Adrian Goldstone
Executive Vice President,
Sustainable
Business Development
Michael Dorfman
Corporate Development
Hume Kyle
Executive Vice
President &
Chief Financial Officer
Lori Beak
Investor &
Regulatory Affairs &
Corporate Secretary
Michael Frilegh
Vice-President & Treasurer
Hans Nolte
Vice President & General
Manager, Namibia Custom
Smelters
Reuben Mills
Vice President, Safety &
Asset Risk Management
Rob Taylor
Vice President Projects
Jeremy Cooper
Vice President,
Commercial Affairs
Simon Meik
Vice President, Processing
Hratch Jabrayan
Manager,
Kapan Mine
Nikolay Hristov
Manager,
Chelopech Mine
Iliya Garkov
Manager, Krumovgrad
Gold Project
Richard Gosse
Senior Vice
President,
Exploration
Jonathan Goodman
Executive Chairman
Paul Proulx
Corporate Services

7
FORWARD-LOOKING
STATEMENTS
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 and other metals, 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, 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; 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 industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities, fluctuations in metal prices, as well as those risk factors discussed or referred to
in this news release 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.

FORMAT FOR TODAY’S MEETING
• Rick Howes – Introduction and Opening Remarks
• Hume Kyle – Financial Summary
• David Rae – Mining Operations
• Adrian Goldstone – Tsumeb Smelter and Krumovgrad
Gold Project
• Rick Howes – Closing Remarks
• Question and Answer Period

DPM’S GLOBAL PORTFOLIO OF ASSETS
Avala 53%
Krumovgrad 100%
Chelopech 100%
Dunav 47%
Tsumeb Smelter 100% Operating assets
Development assets
Exploration assets
Canada
Sabina 11%

TRANSFORMING OUR BRAND IDENTITY
• VISION
Precious Metals Focused
Company that Grows Through
Responsibly Developing Great
Assets and People
• MISSION
Our Commitment is to Deliver
Excellence in Sustainability and
Creating Value for all Stakeholders
• VALUES
Dignity & Respect
Transparency
Safety
Continuous Improvement
Environmental Responsibility
Community Investment
We Succeed
Because We Care Chevrons suggest
forward movement,
community and
collaboration with
all stakeholders
Globe position
highlights key
continents and
areas within which
development and
exploration occurs
Integration of
globe icon and
wordmark
showing unity
and cohesion

THE INDUSTRY CHALLENGE
• 13 consecutive years of gold price increases – what next?
• Costs escalating / margins declining
• Low investor interest in gold stocks
• Gold equities trading at very low multiples to earnings or NAV
Recent Trends
What Must Gold Companies do to Turn This Situation
Around?
• Make a compelling case to
investors for investing in gold
stocks again
© 2013 Kitco Metals Inc.

WHAT WE ARE FOCUSED ON
Operations
Projects
Managing the Business
• Optimizing the value potential of each asset
• Delivering predictable results
• Industry innovation
• Responsible mining practices
• Delivering projects that meet expectations
• Taking out as much uncertainty as possible
• Disciplined capital allocation
• Managing and mitigating risks
• Maintaining a strong balance sheet
Staged Flotation Reactor at Chelopech
Operations
Control room at Chelopech Mine allows for real time
process monitoring and control

OUR ACCOMPLISHMENTS IN 2012
Tailings Management Facility
Innovation and Responsible Mining
Chelopech Expansion Completed On Time and On Budget
Underground Crushing System Chelopech Conveyor & Crusher Expansion
Chelopech Simulator Development and Technology Centre

Gold (oz) Adjusted EBITDA (1) ($mm)
VALUE FOCUSED GROWTH
(1) This is a non-GAAP measure. See 2012 Annual Report for further details..

15
Source: Scotia Capital (April 2, 2013), DPM 2013 Guidance
Note: All-in Sustaining Cash Cost = Total cash costs (by product basis) + sustaining capital + corporate G&A
LOW COST PRODUCER
Cash Cost/Tonne of Ore Processed (1) ($/T)
(1) This is a non-GAAP measure. See 2012 Annual Report for further details.
(2) All-in cost is comprised of cash delivered cost which includes mine cash costs, TC’s, RC’s and freight; net of by product credits, sustaining capital; and G&A costs
(allocated based on revenue of operation). All-in costs exclude Avala and Dunav and growth capital expenditures. See Appendix for reconciliation to cost of sales.Dundee Precious Metals
$665 $714
$782
$838 $842 $875 $884
$1,005
$1,155 $1,178 $1,212
$1,325 $1,362
2013E All-In Sustaining Cash Cost (US$/oz)
Average: $987

CREATING VALUE - 2013 AND BEYOND
Focus on Organic/Internal Value Creation
First
Wholly Owned or Partially Owned
Greenfield Projects
Greenfield & Brownfield Exploration
• Existing Assets
 Chelopech – Pyrites
 Kapan Expansion
 Tsumeb – Upgrade & Capacity Expansion
• Krumovgrad Gold Project
• Avala Resources – advanced exploration
• Dunav Resources – advanced exploration
• Sabina Gold & Silver – advanced exploration
Value Creation Through Acquisitions
Conceptual
Illustration of
Krumovgrad Gold
Project
3 blocks of dust-
capturing
chambers
installed in the
new baghouse at
Tsumeb
Exploration at
Kapan Mine
Autoclave
fabricated for the
MPF to be used for
Pyrite Project at
Chelopech
• New Senior Vice President of Exploration targeting
and developing a strategy
• Acquisition strategy

FINANCIAL SUMMARY
HUME KYLE
EXECUTIVE VICE PRESIDENT
& CHIEF FINANCIAL OFFICER
17

2012 FINANCIAL HIGHLIGHTS
Revenue ($mm) Adjusted EBITDA (1) ($mm)
(2) Calculated as FFO less sustaining capex, lease payments, interest payments and mandatory debt repayment.
Free Cash Flow (2) ($mm)Adjusted Earnings Per Share (1) ($/share)
2009-’12
179%

Q1 2013 FINANCIAL HIGHLIGHTS
Revenue ($mm) Adjusted EBITDA (1) ($mm)
Adjusted Earnings Per Share (1) ($/share) Free Cash Flow (2) ($mm)
(1) This is a non-GAAP measure. See Q1 2013 MD&A for further details.
(2) Calculated as FFO less sustaining capex, lease payments, interest payments and mandatory debt repayment.

GOLD & COPPER MARKET PRICES
Gold (US$/oz) Copper (US$/lb)
(1) 2013 forecast prices are based on Q1 actual average prices and current prices for balance of year.
Favourable price environment contributed to significant
cash flow generation

GOLD & COPPER PRODUCTION
Gold (oz) Copper (M/lbs)
Four year track record of delivering production growth

Cash Cost/Tonne of Ore Processed (1) ($/T)
MINE CASH COSTS
All-in Cash Cost Per Oz of Gold, Net of By-products (1,2) ($/oz)
Comparatively low with further opportunities to reduce
(2) All-in cost is comprised of cash delivered cost which includes mine cash costs, TC’s, RC’s and freight; net of by product credits, sustaining capital; and G&A costs
(allocated based on revenue of operation). All-in costs exclude Avala and Dunav and growth capital expenditures. See Appendix for reconciliation to cost of sales.
Delivered Cash Cost Sustaining Capital G&A

Smelter Concentrate Production
(tonnes)
SMELTER PRODUCTION & CASH COSTS
Smelter Cash Cost (1)
(US$/tonne)
* DPM acquired Tsumeb on March 24, 2010
Cap-x program expected to deliver increased throughput
& lower cash costs

Growth Capital
2013-2017
($mm)
IDENTIFIED INVESTMENT OPPORTUNITIES
Growth Capital by Business
2013-2017
(Midpoint of Range - %)
Represents preliminary estimates, with most projects subject to detailed engineering.
Excludes potential investments related to Dunav and Avala projects.
Accretive investments with potential to add significant value
Chelopech
32%
Krumovgrad
19%
Tsumeb
43%
Kapan
6%

TARGETED PRODUCTION GROWTH
Gold (oz) Copper (M/lbs)
Smelter Complex Concentrate Production (tonnes)
2017F based on completion of identified investment opportunities and estimated production levels.
107% 22%
101%

Adjusted EBITDA ($mm)
EBITDA GROWTH POTENTIAL
2017F based on completion of identified investment opportunities, current and LT metal prices and tolling rates in line with most recent contract. Assumed LT prices - Gold $1,250 /
oz; Copper $2.75 / lb; Silver - $23 / oz; Zinc - $0.85 / lb.
Capital investments expected to deliver additional value
- Implied current share price / 2017F EBITDA ~ 2-3 x
At Assumed LT
Prices
At Current Prices
- May 3, 2013
Incremental EBITDA
$165mm - $245mm
196%

FINANCIAL POSITION
Funds from Operations
(2013F-2017F Ann. Avg)
Publicly traded
investments
Corporate Cash
53
105
Sources of Liquidity
($mm)
Solid Balance Sheet
($mm)
As at March 31, 2013
Discretionary cap-x provides flexibility to prudently pace spend
Capital commitments fully funded
180- 220
Undrawn credit lines150
2013F - 2017F based on completion of identified investment opportunities, current metal prices and tolling rates in line with most recent contract.
Debt/Cap
10%
Warrants58

MINING OPERATIONS
DAVID RAE
SENIOR VICE PRESIDENT,
OPERATIONS
28

HEALTH AND SAFETY PERFORMANCE
AT DPM OPERATIONS
Chelopech Kapan
Q1 2013 2012 2011 Q1 2013 2012 2011
Number of Lost Time Injuries 2 11 7 1 8 9
Number of Medical Treatment
Injuries
8 25 29 1 12 16
Lost Time Injuries Frequency
Rates(1) 0.63 0.76 0.52 0.37 0.77(2) 0.84
Number of Fatalities 0 0 0 0 0 1
1. LTIFR = Number of occurrences/man hours worked x 200,000. The factor of 200,000 is derived from 50 working weeks at 40 hours per 100 employees.
2. Does not include contractor hours.
Workers at Chelopech
Underground Operations
Benchmark Lost Time Injury Frequency Rates: Canada per 200,000 man hours, Ontario all mines 0.9

CHELOPECH MINE
REDUCING COSTS & INCREASING THROUGHPUT
Ounces(000’s)
CashCost*(Gold$US/oz)
71
88
65
Gold Production & Cost/Ounce Copper Production (pounds in millions)
19
27
26
$309
$369
94 37
$210
Tonnesoreprocessedperyear(000’s)
Ore Processed & Cost/Tonne
Cost/tonne($US)(Excludingroyalties)
2008 2009 2010
1,819
2011
Adjusted EBITDA (US$MM)
51
27
57
133
125-
143
43 - 46
2012
($112)
196
121
$9
43
1,900-
2,050
2013E
39
$185
12
Q1
2013

CHELOPECH UNDERGROUND
EXPANSION PROJECT COMPLETED
Underground
crusher
installation
commissioned
October 2012
Underground Crusher Chamber Commissioned
June 2012
Crusher Excavation Design

CHELOPECH SURFACE
EXPANSION CHANGES
SAG mill and upgraded flotation
Cash cost per tonne ore processed excl. royalty
* Based on March 24, 2011 Technical report for the Chelopech Project.
Exchange rate of US$1.35/Euro, US$900/oz Au, US$2.50/lb Cu and US$17/oz Ag. 32Dundee Precious Metals
Surface Stockpile Commissioned November
2012
Technical
Report Target

• Gold and copper recoveries have
exceeded budget in Q1 2013
• Gold recoveries show a 3%
improvement and copper 1%, in part
because of this technology
• SFR technology is being installed in
2013 for the pyrite recovery project and
additional main plant cell replacements
CHELOPECH INNOVATION –
STAGED FLOTATION REACTOR

CHELOPECH GOLD IN PYRITE
RECOVERY & TREATMENT PROJECTS
• Pyrite Recovery Project being
constructed in 2013 with capacity
to produce 380,000 to 420,000
tonnes of concentrate per annum
containing:
 75,000 - 90,000 ounces gold
 130,000 - 190,000 ounces silver
 4.5 - 6 million pounds copper
• Pilot Scale POX test work
completed to treat 50% of this
concentrate
• Feasibility study ongoing for
completion in Q3 2013
Autoclave test facility at SGS Lakefield

KAPAN MINE
OPERATING AND FINANCIAL HIGHLIGHTS
35Dundee Precious Metals * Kapan operations were on care and maintenance as of November 2008; operations restarted April 2009.
296
12
29
15
27
1.9
2.9
1.5
3.0
Gold Production
(000s ounces) Copper Production
(pounds in millions)
EBITDA (US$MM)
($17.1)
$1.9
$16.7
$32.5
2009* 2010 2011
22
2.5–3.0
Cash Cost
(per tonne ore produced)
(excl. royalties)
$109
$72 $66 $63
2008*
2012
$12.5
25-30
2.5
$69
5
0.6
$72
($0.7)
Q1
2013

1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
1,900
2,000
orehauledtosurface(t)/day
period Jan 01 - Apr 23
Kapan Mine Production Track
7-day rolling production
Weekly Average Mined Tons
Target
KAPAN OPERATION IMPROVEMENTS
Change of
Shift
Cycle
Changes to
North section
• Fleet rebuilds largely completed in Q1 2013
• Activities on training, manuals, facilities for
engine and transmission re-builds
• Workshops completed: tires, hydraulic pumps
and components in Q1 2013
• Plant maintenance and production
management
Equipment
back in
production

KAPAN EXPLORATION
• Open pit resource activity is continuing
• An external consultant is generating pit shells from which
the mineral resources will be defined
Open Pit
Underground
• Current activity is on
wire-framing additional
vein intersections

38
TSUMEB SMELTER
ADRIAN GOLDSTONE
EXECUTIVE VICE PRESIDENT,
SUSTAINABLE BUSINESS
DEVELOPMENT

OUR PURPOSE
• Urgently address capital needs at the smelter
• Reverse the legacy of poor environmental and health performance
• Move toward international best practice in every field in the smelter
business
• Improve our stakeholder and government relations
• Address the issues raised by government mandated audit and return
to full production
• Manage long term risk and protect Chelopech
• Long range move to successful stand alone business model
and realize the latent value

DELIVERING SOLUTIONS IN 2012
Project 2012 Dust and Emissions Controls
• New off-gas and emissions management
• New dust management systems
• Smelter hygiene improvements
Addressing the Audit and Production Cut
• Temporary hygiene management and fugitive
controls
• Production cut to 50% Increased to 75%
Acid Plant and SO2 Emissions Control
• Feasibility study
• Lump sum turn key contract
• Memorandum of Understanding for
acid off take with Rossing
Ausmelt Offgas Bag-House
Acid Plant 3D Schematic

DELIVERING SOLUTIONS IN 2012
Environment, Occupational Health & Safety and
Responsibility
• Particulate and arsenic emissions at
smelter boundary
• Community exposure risk
• Trends in employee exposures
• Arsenic life-cycle audit and
stewardship program
• 2 million man-hours lost time injury free
Stakeholders
• Prominent Namibians appointed to Smelter Advisory
Council
• Black Economic Empowerment (BEE) program outlined
• Government relations significantly improved
• Local community relations very strong
Oxygen Plant at Tsumeb Smelter
Funding Education

TOWARD THE COMMERCIAL VISION
Electric Holding and Slag Cleaning Furnace
• Feasibility study completed
• Positive impact on costs and recoveries
• Strong Financials
Negotiation of improved smelting terms
on 3rd party concentrate completed
Materials handling upgrade 80%
complete
New oxygen plant
• 80% complete
• Commissioning expected July 2013
• Will significantly increase smelting performance and throughput in H2
New Oxygen Plant

2013 KEY EXPECTATIONS
• Project 2012
 Hygiene and environmental components commissioned Q1
 Production increase components delivered Q2
 H2 Throughput 22,000 tonnes per month
• Decommission old reverb furnace
• Continuous improvement in operating and health, safety and environment
performance and costs
• AP project award and progress to Q3 2014 commissioning
• Meet government directive
• Maintain and improve all stakeholder relationships
• Advance 10% BEE ownership to cross section of Namibian society
• Advance other BEE elements in management and governance
• ON TRACK FOR 2013

THE BIGGER PICTURE:
2014 AND BEYOND
• Acid plant and new converters Q3 2014
• Holding and slag cleaning furnace 2015
 Improved metallurgical recoveries
 Increased throughput and lower unit costs
• World class environmental and occupational health and safety
performance
• Full stakeholder “buy-in" to the business case for custom smelting
• Targeting costs below $200 per tonne
• Throughput of 320,000+ tonnes per annum for complex concentrate
• EBITDA between $50 - $100 million
• World class asset securing Chelopech and also delivering as a stand
alone commercial enterprise

45
KRUMOVGRAD GOLD
PROJECT
ADRIAN GOLDSTONE
EXECUTIVE VICE PRESIDENT,
SUSTAINABLE BUSINESS
DEVELOPMENT

THE HISTORY
First Project: 2005
• Environmental, social and political
issues
• Could not clear the hurdles
New Project Feasibility Study: 2011
• Resolved the issues
• Reduced footprint
• Removed cyanide
• New approach to tailings
• Social contract with community
• Water supply guarantees
Exploration at Krumovgrad Gold
Project

THE PROJECT
Krumovgrad Mineral Reserves – December 31, 2011
Category
Tonnes
(M)
Gold Silver
Grade
(g/t)
Ounces
(M)
Grade
(g/t) Ounces (M)
Proven 2.94 4.70 0.44 2.54 0.24
Probable 4.30 2.44 0.34 1.52 0.21
Total 7.24 3.36 0.78 1.92 0.45
Krumovgrad Mineral Resources – December 31, 2011
Category
Tonnes
(M)
Gold Silver
Grade (g/t)
Ounces
(M)
Grade
(g/t) Ounces (M)
Measured 3.30 4.90 0.52 3.00 0.28
Indicated 4.69 2.50 0.38 2.00 0.24
M&I 7.99 3.50 0.90 2.00 0.51
Inferred 0.40 1.20 0.02 1.00 0.01
1. Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.
2. All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.
3. Krumovgrad Mineral Reserves and Resources are based on the Krumovgrad 2012 Technical Report using a variable economic cut-off grade and 0.5 g/t Au respectively.
4. All Mineral Reserves and Resources are based on long term metals prices of $1,250 Au, $3/lb Cu, $25/oz Ag and $1/lb Zn.
5. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.

THE PROJECT
Project Highlights 2015 – 2024 (1)
Average annual mine production 850,000 tonnes
Average annual concentrate production 11,500 tonnes
Average annual gold production 74,000 oz
Average annual silver production 35,000 oz
Total cash cost/tonne ore processed $38.11
Total cash cost per oz gold equivalent (2)(3) $404
Initial capital costs (4) $127.4 million
Sustaining capital $12.5 million
Closure and rehabilitation costs $13.5 million
Average annual EBITDA (3) $52.6 million
Item Life of Mine
Total gold production 663,641 oz
Total silver production 314,939 oz
NPV at a discount rate of 7.5%, after tax (3)(4) $165.3 million
Internal Rate of Return, after tax (IRR) (4) 31.0%
Payback Period, after tax 3.3 years
Mine Life 9 years
1. Representative period. Based on current Mineral Reserves, the Project has a mine life of 9 years assuming an annual operating rate of 850,000 tonnes ore.
2. Gold equivalent ounces includes silver ounces produced and sold converted to a gold equivalent based on the ratio of the average metal prices for the
commodities.
3. Assuming gold and silver prices of $1,250/oz and $25.00/oz, respectively.
4. Excludes sunk capital.

DELIVERING ON OUR PROGRAM
IN 2012
• Mining concession
• Appeals to concession
• Environmental Impact Assessment approval
• All appeals resolved
• Water permit granted
• Basic Engineering
• Project team in place and resourced
• Engineering contracts awarded
• Hybrid self-perform engineering, procurement and
construction management
• Operating group established

FORWARD MOMENTUM AND
MANAGING OUTCOMES
Balancing Risk Mitigation and Forward Momentum
• Political situation and elections cause slow progress
• Keep capital spend controlled and slowed, and minimize capital at risk while;
• Keeping project moving and not creating additional schedule risk
Balanced and Constructive Political and
Stakeholder Dialogue
• Non-partisan
• Constructive
• Negotiate social contract with community
• Business as usual with caretaker government
Use Scheduled Hiatus to Review and Optimize
the Project
• Refine engineering and optimize costs
• Trade off studies to generate best return
• Testing of SFR floatation technology and taking gold recovery upside
• Optimized mine plan; bring ounces forward and improve financials
Visible Gold in Krumovgrad Sample

STATUS AND GOING FORWARD
What Has Been Delivered
• Permits are secured
• Engineering well advanced
• Current hiatus expected to clear mid year
What We Expect
• Some cost escalation expected but not undue; under
review
• Construction now expected 2014/15
• Commissioning now expected 2016
Project Outcome
• New capital, schedule and mine plan scenarios modeled
• No change expected to economics; project still very
attractive
• + 30% internal rate of return
Conceptual Illustration of
Krumovgrad Gold Project

CLOSING REMARKS
RICK HOWES
PRESIDENT &
CHIEF EXECUTIVE OFFICER
52

2013 Annual Shareholders' Meeting

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