The document discusses Dundee Precious Metals' goal of building a mid-tier, low-cost precious metals producer. It provides an overview of DPM's global portfolio of operating and development assets. DPM achieved record production in 2012 at decreasing cash costs. The company is focused on organic growth through projects at existing assets to create value in 2013 and beyond, while maintaining a solid financial position.

1. MAY 2013
DUNDEE PRECIOUS METALS
BUILDING A MID TIER,
LOW-COST PRECIOUS
METALS PRODUCER

2. 2
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.

3. DPM’S GLOBAL PORTFOLIO OF ASSETS
3Dundee Precious Metals
Avala 53%
Krumovgrad 100%
Chelopech 100%
Dunav 46%
Tsumeb Smelter 100% Operating assets
Development assets
Exploration assets
Canada
Sabina 11%
Kapan 100%

4. 2012: RECORD PRODUCTION AT
DECREASING CASH COSTS
4Dundee Precious Metals
Chelopech expansion completed on time and
under budget
Secured new revolving credit facility of
US$150 million - undrawn
Contracted additional third-party concentrate
for Tsumeb Smelter
Broadened senior management team;
strengthened operations and exploration
Chelopech Adjusted EBITDA increased to $196
million, up 47% from 2011
Lowered cash cost per ounce of gold
produced
Maintained growing pipeline of growth
opportunities
Continue to be an attractive value
proposition
* In CDN dollars
Consolidated Gold Production and Cash Cost Decreases Consolidated Adjusted EBITDA (US$MM)
Ounces(000’s)
CashCost*(Gold$US/oz)
-$40
$32
$45
$118 $125
2008 2009 2010 2011 2012
84
103
95
121
142
150 - 173
$543
$425
$238
-$63
$117
-$100
$0
$100
$200
$300
$400
$500
$600
0
50
100
150
200
2008 2009 2010 2011 2012 2013F

5. 5
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

6. CREATING VALUE - 2013 AND BEYOND
6Dundee Precious Metals
Focus on Organic/Internal Value Creation First
Wholly Owned or Partially Owned Greenfield
Projects
Greenfield & Brownfield Exploration
• Existing Assets
 Chelopech – Pyrite Project
 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
Stage 2 Pyrite Project at
Chelopech
• New Senior Vice President of Exploration targeting and
developing corporate strategy
• Acquisition strategy

7. MAINTAINING A SOLID FINANCIAL
POSITION
7Dundee Precious Metals
Capital Structure @ May 30, 2013
Share Price C$5.02
Shares Outstanding 125M
Fully diluted shares
Additional cash on dilution
147M
C$46M
52 week high - low $4.20 - $9.93
Top shareholders
Gross Revenue by Metals Sold
2011A 2012A 2016E
Gold
Copper
Silver
Zinc
Dundee Corporation 24%
Equinox Partners <10%
Cash on Hand
@ Mar. 31, 2013
(excluding AVZ & DNV)
Significant 2012 Operating
Cash Flow
Debt
@ Mar. 31, 2013
Total Debt : Total Capital
= 10%
$79M
$80.5M
$121M
48%
41%
6% 5%

8. CHELOPECH MINE
BULGARIA
8

9. CHELOPECH MINE:
LOW COST, LONG LIFE PRODUCER
9Dundee Precious Metals
DPM Ownership 100%
Location Bulgaria
Acquired Sept. 2003
Resources
Measured &
Indicated
(@ Dec. 31, 2012)
Gold (oz) (4.0 g/t) 3,800,000
Copper (lbs) (1.3% Cu) 825,000,000
Reserves
(@ Dec. 31, 2012)
Gold (oz) (3.6 g/t) 2,500,000
Copper (lbs) (1.1% Cu) 519,000,000
Mine Type Underground
Deposit Type
High sulphidation
epithermal deposit
Estimated Mine Life @ expanded rate 10 yrs
• Continue to drive costs down
through numerous reduction
efforts
 Completed “Taking the Lid off
the Mine”
 Implemented Staged Flotation
Reactor
• Continue to replace depletion and
increase Mineral Resources and
Mineral Reserves through
exploration
• Complete feasibility study on the
pyrite gold recovery project
Strategy

10. CHELOPECH MINE
REDUCING COSTS & INCREASING THROUGHPUT
10Dundee Precious Metals
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

11. CHELOPECH UNDERGROUND
EXPANSION PROJECT COMPLETED
11Dundee Precious Metals
Underground
crusher
installation
commissioned
October 2012
Underground Crusher Chamber Commissioned
June 2012
Crusher Excavation Design

12. CHELOPECH SURFACE
EXPANSION CHANGES
SAG mill and upgraded flotation
55 52 50
41
37 34
2009 2010 2011 2012 Q1' 2013 after
expansion
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. 12Dundee Precious Metals
Surface Stockpile Commissioned November
2012
Technical
Report Target

13. CHELOPECH MINE:
PYRITE PROJECT TO INCREASE GOLD RECOVERIES TO 90%
13Dundee Precious Metals
@ 2 mtpy ore mined 400,000 T pyrite concentrate produced (E)
Metals Grades Estimated Production Result
Gold 6 - 7 g/t 75,000 - 90,000 oz
Silver 10 - 15 g/t 130,000 - 190,000 oz
Copper 0.5% - 0.7% 4.5 million - 6.0 million pounds
Stage 2 Pyrite Project Highlights
Cash cost per oz of gold (net of by-product credits) $615
Project capital costs $202M
IRR after tax(1) 24%
Timeline: concentrator upgrade - POX facility production 2013 - 2017
• Project will economically
recover most of the
contained gold, silver &
copper associated with
rejected pyrite minerals
• POX process can be
used to produce a low
mass residue resulting in
a metal rich product for
sale
• Up to 200,000 tpy of
pyrite concentrate,
containing 28,000 to
30,000 oz of payable
gold, will be sold to
Xiangguang Copper Co.
from 2014 to 2016
(1)Assuming $1,250/oz gold, $25/oz silver and $2.75/lb copper after 2016.
Pyrite Project Stages
Stage 1 – concentrator upgrade – start production Q4 2013 $23M
– necessary environmental permits obtained; no appeals
Stage 2 – POX Facility
Phase 1 – Start production 2016 $93M
Phase 2 – Start production 2017 $87M

14. CHELOPECH MINE:
SUCCESSFUL LOW COST EXPLORATION PROGRAM
14Dundee Precious Metals
Continue to replace mined Reserves and
discover additional Mineral Resources
Near-mine
• +500Kt high-grade 149 style deposits
plus extensions to existing ore zones
• Chelopech NE behind Block 19, Block
145-25
Deep Exploration Targets
• 2013 – Block 151/150
• 2014 – Block 150
• 2015 – Block 103
Discover New Mineralization
Greenfields
• +5Mt Cu-rich 151 style deposits
• Chelopech NW & E
• Expanded regional exploration program
16_270 Central Deeps
>4g/tAuEq shell & >2g/tAuEq shell

15. KAPAN MINE
ARMENIA
15

16. KAPAN MINE:
POTENTIAL TO INCREASE SIZE AND EXTEND LIFE OF MINE
16Dundee Precious Metals
Strategy
DPM Ownership 100%
Location Armenia
Acquired August 2006
Mine Type Underground
Product
Cu & Zn concentrates
containing
Au & Ag
Deposit Type
Polymetallic vein deposit
(swarms)
Open Pit Resource Underway
Underground
Resource
Underway
• Define the potential resource for
the Shahumyan deposit
• Complete feasibility studies
based on the new resources
• Explore regional license to define
additional Mineral Resources
• Continue operational
improvements & cost reductions

17. KAPAN MINE
OPERATING AND FINANCIAL HIGHLIGHTS
17Dundee 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

18. 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
18Dundee Precious Metals

19. KAPAN MINE:
SHAHUMYAN EXPLORATION POTENTAIL
19Dundee Precious Metals
Central Shahumyan
Good grades/widths from
historic exploration
Excellent results from
both surface and UG
exploration
Shahumyan
North
Information
required for
production and
mine planning
Old Shahumyan
Below 800 level
poorly explored –
historical
producing area of
high grade ore
Shahumyan South
Program designed to prove
up resources below 700Rl
for mine plan

20. KAPAN MINE:
REGIONAL EXPLORATION OPPORTUNITIES
20Dundee Precious Metals
SHAHUMYAN
CENTRALNI
KNOWN
PROSPECT
• Regional target generation
continued
• Highlighted several strong
conductive units for follow-up
investigation
• Identified several strong
conductors in poorly explored
areas
• Several conductors are spatially
related to alteration and known
copper occurrences
Exploration License – 350 km2

21. TSUMEB SMELTER
NAMIBIA
21

22. TSUMEB SMELTER:
A UNIQUE STRATEGIC ASSET
22Dundee Precious Metals
Strategy
• Pursue third party complex concentrate producers to
secure favourable rates under long-term contracts
• Continue to treat Chelopech complex concentrate
• Environmental Upgrades
 Upgrade dust emissions capture
 SO2 gas emissions capture
• Increase capacity and lower costs
Chelopech con Third party con
185,000 – 200,000
Tonnes(000s)
2009 20112010 2013E2012
DPM Ownership 100%
Location Namibia
Acquisition March 2010 $50M
Technology Ausmelt
Product Copper blister bars
2012 concentrate throughput 159,356 tonnes
Expanding smelter capacity >300,000 tpy
Sulphuric acid capture plant Q3 2014

23. TSUMEB SMELTER:
ENVIRONMENTAL PROTECTION & UPGRADES
23Dundee Precious Metals
Upgrade Initiatives Status Costs
Emissions Control
Fugitive emissions and dust capture upgrades & handling Commissioning Complete $99M
Sulphur emissions capture (acid plant) Completion Q3 2014 ~$204M
Electric Arc holding furnace Completion early 2015 ~$66M
Further Production Facility Optimization Initiatives
Additional oxygen for Ausmelt furnace Commissioning Q3 2013
3 blocks of dust-capturing chambers installed in the
new baghouse
New vehicle designed to vacuum
dust off the ground for disposal
New dust disposal site
New oxygen plant

24. KRUMOVGRAD GOLD
PROJECT
BULGARIA
24

25. KRUMOVGRAD GOLD PROJECT:
LOW COST, HIGH RETURN
25Dundee Precious Metals
Strategy
• Advance project to a 2016
production date
• 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
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
Visible Gold in Krumovgrad Sample

26. STATUS AND GOING FORWARD
26Dundee Precious Metals
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

27. DPM EXPLORATION ASSETS
27Dundee Precious Metals
Exploration assets
Avala 53%
Dunav 46%
Avala Resources (TSX.V:AVZ) - Serbia
• In 2012 DNV completed 43,809m drilling. Resource definition drilling
indicates:
 Kiseljak Mineral Resource initial estimate 300MT grading 0.27%
Cu & 0.26 g/t Au for 1.8 Blbs Cu and 2.5 Moz Au
 Bakrenjaca Au-Ag base metal epithermal system, drilling
intersected 11m @ 5.13 g/t Au, 346 g/t Ag and 1.19% Cu
Dunav Resources (TSX.V:DNV) - Serbia
Sabina Gold & Silver Corp. (TSX:SBB) - Northern Canada
CanadaSabina 11%
• In 2012 AVZ completed 172,528m drilling. Resource definition drilling
indicates:
 Bigar Hill Initial Inferred Resource of 26.4 MT @ 1.6 g/t Au for 1.4Moz
 Korkan initial Inferred Resource of 20.1 MT @ 1.5 g/t Au for 1.0 Moz
 Kraku Pester initial Inferred Resource of 2.2 MT @ 1.0 g/t Au for 0.07
Moz
• In 2012 SBB completed 68,861m drilling at Back River. Resource definition drilling indicates a M&I Resource of 24.2
MT grading 6.0 g/t for 4.7 Moz Au and Inferred Resources of 7.7 MT grading 7.8 g/t for 1.9 Moz Au
• Back River PEA indicates a project with an average annual production of 300,000 oz Au over 12 years and total LOM
capital of $838M
• Back River prefeasibility study expected Q3 2013

28. DPM VALUE PROPOSITION:
TRADING AT A SIGNIFICANT DISCOUNT TO OUR PEERS
28Dundee Precious Metals
2013
Market Capitalization (FD) $650M
Debt $80.5M
Corporate Cash (1) ($125M)
Strategic Investments ($50M)
Enterprise Value $555M
2017 @ $1,600 Au; $3.50 Cu
Chelopech $230M
Kapan (excluding open pit) $22
Krumovgrad $65
NCS $75
G & A ($35)
Average EBITDA $357(2)
EV/EBITDA 1.6x
Estimated Capital expenditure to 2017 $640 - $750M
Estimated Cash Flow to 2017 $1.35B
(1) At Mar. 31, 2013;
AVZ and DNV are
assumed at $0; Fully
Diluted; includes cash on
dilution
(2) Assumes avg LOM
EBITDA for Chelopech,
Kapan (assuming Kapan
can be extended &
operated at current rates),
Krumovgrad and estimate
for NCS at 310,000 tpa

29. COMPELLING INVESTMENT
OPPORTUNITY
29Dundee Precious Metals
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 SmelterEntrance to Kapan Mine Krumovgrad

30. dundeeprecious.com
One Adelaide Street East
Suite 500
Toronto, Ontario M5C 2V9
T: 416 365-5191
Investor Relations
T: 416 365-2851
ssrubiski@dundeeprecious.com
TSX:
DPM – Common Shares
DPM.WT.A – 2015 Warrants
Proudly celebrating 30 years as
a Toronto Stock Exchange listed
company

31. 31
APPENDICIES

32. DUNDEE PRECIOUS METALS
MANAGEMENT TEAM
32Dundee Precious Metals
Rick Howes
President & Chief Executive Officer
David Rae
Senior Vice President,
Operations
Adrian Goldstone
Executive Vice President,
Sustainable
Business Development
Michael Dorfman
Senior Vice President,
Corporate Development
Hume Kyle
Executive Vice
President &
Chief Financial Officer
Lori Beak
Senior Vice President,
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
Vice President & General
Manager,
Kapan Mine
Nikolay Hristov
Vice President & General
Manager,
Chelopech Mine
Iliya Garkov
Vice President & General
Manager, Krumovgrad
Gold Project
Richard Gosse
Senior Vice
President,
Exploration
Jonathan Goodman
Executive Chairman
Paul Proulx
Senior Vice President,
Corporate Services

33. ANALYST COVERAGE
33Dundee Precious Metals
BMO John Hayes
CIBC World Markets Leon Esterhuizen
Cormark Securities Mike Kozak
Dundee Securities Josh Wolfson
GMP Securities George Albino
Paradigm Capital Don MacLean
RBC Capital Markets Sam Crittenden
Scotia Capital Leily Omoumi
Stifel, Nicolaus & Co. Michael Scoon

34. 2013 GUIDANCE
34Dundee Precious Metals
Metals Contained in Concentrate Produced Chelopech Kapan Total
Gold (ounces) 125,000 – 143,000 25,000 – 30,000 150,000 – 173,000
Copper (million pounds) 43.0 – 46.0 2.5 – 3.0 45.5 – 49.0
Zinc (million pounds) - 12.0 – 14.5 12.0 – 14.5
Silver (ounces) 182,000 – 195,000 438,000 – 528,000 620,000 – 723,000
Sustaining Capital expenditures $14 - $17 million $8 - $12 million $22 - $29 million
Total growth capital expenditures $210 - $240 million
Construction of acid plant at Tsumeb
Pyrite Project at Chelopech
Krumovgrad development and construction work
Kapan Gold exploration and/or development work
Mine output at Chelopech (tonnes of ore) 1.9 – 2.05 million
Mine out put at Kapan (tonnes of ore) 550,000 – 600,000
Concentrate smelted at Tsumeb (tonnes) 185,000 – 200,000
Sustaining capital expenditures at Tsumeb $13 - $16 million

35. Q1 2013 SUMMARY
35Dundee Precious Metals
Q1 2013 Q1 2012
Adjusted Net Earnings $6.6 million $31.3 million
Adjusted basic EPS $0.05 $0.25
Gross profit (loss)
Chelopech $36.4 million $52.4 million
Kapan ($1.4 million) $1.8 million
Tsumeb Smelter ($10.7 million) ($5.8 million)
Total Gross profit $24.3 million $48.4 million
Chelopech Production
Gold (ounces) 39,313 35,582
Copper (lbs) 12,048,521 11,620,465
Silver (ounces) 61,058 59,050
Cash cost/T ore processed (incl. royalties) $41.16 $46.80
Cash cost/T ore processed (excl. royalties) $36.55 $41.97
Kapan Production
Gold (ounces) 5,159 6,328
Copper (lbs) 553,731 613,397
Zinc (lbs) 3,358,133 4,443,184
Silver (ounces) 94,346 128,476
Cash cost/T ore processed (incl. royalties) $75.83 $75.18
Cash cost/T ore processed (excl. royalties) $72.36 $66.29

36. COPPER HEDGE POSITION
36Dundee Precious Metals
Year of projected payable
copper production
Volume Hedged (lbs) * Average fixed price ($/lb)
2013 5,019,920 $3.94
2014 7,195,880 $3.73
Total 12,215,800 $3.81
• As at March 31, 2013, the Company had outstanding derivative contracts to mitigate a portion of its price exposure
related to its by-products. These are summarized below:

37. CHELOPECH MINE
BULGARIA
37

38. CHELOPECH MINE:
UPDATED MINERAL RESERVES AND RESOURCES
38Dundee Precious Metals
Chelopech Mineral Reserves – December 31, 2012
Category
Tonnes
(M)
Gold Copper Silver
Grade
(g/t)
Ounces
(M)
Grade
(%)
Pounds
(M)
Grade
(g/t) Ounces (M)
Proven 12.3 3.4 1.4 1.3 340 9.3 3.7
Probable 9.3 3.8 1.1 0.9 180 5.7 1.7
Total 21.6 3.6 2.5 1.1 519 7.7 5.4
Chelopech Mineral Resources – December 31, 2012
Category
Tonnes
(M)
Gold Copper Silver
Grade (g/t)
Ounces
(M)
Grade
(%)
Pounds
(M)
Grade
(g/t) Ounces (M)
Measured 15.1 4.0 2.0 1.5 490 10.3 5.0
Indicated 14.0 4.0 1.8 1.1 336 8.5 3.8
M&I 29.1 4.0 3.8 1.3 825 9.4 8.8
Inferred 9.3 2.9 0.9 0.9 182 10.6 3.2
1. The rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.
2. All Mineral Resources and Mineral Reserves Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.
3. Chelopech Mineral Reserves are based on a gold equivalent cut-off of 4 g/t (Au g/t + 2.06xCu%) and a cut-off of USD 10 profit/tonne using NSR analysis, as of December 31, 2012. This information has been
prepared by Gordon Fellows who is a QP as defined in NI 43-101 and not independent of the Company.
4. Chelopech Mineral Resources are based on a gold equivalent cut-off 3 g/t (Au g/t + 2.06xCu%) and a greater than USD 0 profit/tonne test using NSR analysis, as of December 31, 2012. This information has
been prepared by Petya Kuzmanova and reviewed and approved by Julian Barnes. Julian Barnes is a QP as defined in NI 43-101 and not independent of the Company.
5. Mineral Reserves and Mineral Resources for Chelopech are based on long term metals prices of USD 1,250/oz Au, USD 2.75/lb Cu, USD 25/oz Ag.
6. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Mineral Reserves.

39. CHELOPECH MINE:
EXPLORATION RESULTS Q1 2013
39Dundee Precious Metals
Significant intercepts (cut-off grade 3g/tAuEq)
Hole ID Northing
(mRL)
Easting
(mRL)
Dip Az From
(m)
To (m) Interval
(m)
Grades
Cu (%) Au (g/t)
EXT19_260_13 29786 6042 -28.1 018.7 121.5 148.5 27.0 0.68 3.60
EXT19_260_14 29785 6042 -42.1 019.1 145.5 162.0 16.5 1.42 3.47
EXT19W_320_23 29778 5846 -25.9 43.7 25.5 49.5 24.0 1.06 3.90
129.0 138.0 9.0 0.93 2.36
EXT19W_320_24 29778 5846 -43.8 42.6 28.5 64.5 36.0 1.21 3.65
EXT19W_320_25 29777 5843 -8.8 336.2 120.0 153.0 33.0 0.26 4.51
EXT151_165_04 29305 5463 -60.6 134.2 40.5 54.0 13.5 0.71 2.67
G103_225_03 29178 5706 -58.4 346.4 85.5 126.0 40.5 0.79 2.07
1) Significant intercepts are located within the Chelopech Mine Concession and proximal to the mine workings.
2) Gold Equivalent calculation is based on the following formula: (Au g/t + 2.05xCu%).
3) Minimum downhole width reported is 1.5 metres with a maximum internal dilution of 4.5 metres.
4) True widths are approximately 90% of the intersection width.
5) Drill holes with prefix G indicate grade control drilling which is performed using BQ diamond drill core. All other holes are drilled with NQ
diamond core.
6) Coordinates are in mine-grid.
7) No factors of material effect have hindered the accuracy and reliability of the data presented above.
8) No upper cuts applied.
9) For detailed information on drilling, sampling and analytical methodologies refer to the NI 43-101 “Preliminary Economic Assessment Report
for the Chelopech Pyrite Recovery Project” (the “PEA Technical Report”) filed on SEDAR at www.sedar.com on September 10, 2012.

40. CHELOPECH MINE:
CASH COST RECONCILIATION
40Dundee Precious Metals
US$ thousands, unless otherwise indicated Q1 2013 Q1 2012
Cost of Sales:
31,991 21,703
Less amortization & other
(7,948) (4,611)
Plus other charges, including freight
23,832 18,350
Less by-product credits(1)
(41,434) (41,806)
Cash cost of sales after by-product credits
6,441 (6,364)
Gold oz (payable metal)
34,732 29,809
Cash cost of sales/oz gold
(net of by-product credits)
$ 185 $ (213)
1. Includes realized gains on copper derivative contracts of $0.6 million in the first quarter of 2013 compared to $2.4 million in the corresponding prior year period.
2. For other periods please refer to past MD&As available on the corporate web site.

41. CHELOPECH MINE:
CASH COST PER TONNE OF ORE RECONCILIATION
41Dundee Precious Metals
$ thousands, unless otherwise indicated
For the quarter ended March 31, 2013
Chelopech
Ore processed (mt) 513,360
Metals contained in concentrate produced:
Gold (ounces) 39,313
Copper (pounds) 12,048,521
Cost of sales 31,991
Add/(deduct):
Depreciation, amortization & other non-cash costs (7,948)
Change in concentrate inventory (2,911)
Total cash cost of production before by-product credits 21,132
Silver by-product credits (1,840)
Total cash cost of production after by-product credits 19,292
Cash cost per tonne ore processed ($) 41.16
Cash cost per pound copper produced ($)(1) 0.65
Cash cost per ounce gold produced ($)(1) 292
1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.
2. For other periods please refer to past MD&As available on the corporate web site.

42. KAPAN MINE
ARMENIA
42

43. KAPAN MINE:
MINERAL RESOURCE ESTIMATE
43Dundee Precious Metals
Cut off
(AuEq - g/t)
Tonnage
(Mt)
Gold Equiv.
(g/t)
Copper
(%)
Gold
(g/t)
Silver
(g/t)
Zinc
(%)
0.50 335.8 1.19 0.11 0.48 8.39 0.41
0.75 226.5 1.47 0.13 0.61 10.32 0.49
1.00 147.1 1.80 0.15 0.79 12.62 0.57
1.25 98.3 2.14 0.17 0.99 14.99 0.65
1.50 69.8 2.45 0.18 1.19 17.00 0.72
1.75 49.2 2.80 0.19 1.43 19.14 0.78
2.00 36.3 3.13 0.19 1.68 20.87 0.83
Shahumyan Deposit – September 2008
Inferred Mineral Resource – Ordinary Kriging Estimate
10mE x 10mN x 10mRL Block Size – 5m Capped Input Composite Data
AuEq US$ price assumptions: Cu $2.50/lb, Au $850/oz, Ag $16/oz and Zn $1.00/lb

44. KAPAN MINE:
EXPLORATION RESULTS Q1 2013
44Dundee Precious Metals
Surface significant intercepts (SHDDR holes, cut-off grade 0.5 g/t AuEq) and underground significant
intercepts (E holes, cut-off grade 1.0g/t AuEq)
Hole ID
Northing
(mRL)
Easting
(mRL)
RL Dip Azi From
(m)
To
(m)
Interval
(m) & AuEQ
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
E712DE014 4343208 8623975 713 -23.1 358.4 79.0 81.0 2m @ 20.17 11.55 358.5 0.06 2.47
E712DE028 4343208 8623974 712 -54.9 352.2 367.0 369.0 2m @ 13.09 8.72 69.5 1.79 0.07
E712DW007 4343184 8623803 713 -20.0 6.9 423.0 425.2 2.2m @ 17.74 8.20 184.6 2.45 3.33
E712DW009 4343184 8623803 712 -40.7 6.2 48.0 54.0 6m @ 11.71 3.72 54.4 2.18 6.05
SHDDR0516 4344044 8623467 975 -59.8 2.7 49.0 54.0 5m @ 3.68 2.30 22.2 0.04 1.58
SHDDR0517 4343950 8623467 963 -59.4 1.5 48.0 59.0 11m @ 2.49 0.96 34.8 0.30 0.64
SHDDR0517 4343950 8623467 963 -59.4 1.5 76.0 94.5 18.5m @ 1.93 0.36 17.5 0.36 1.14
SHRCR0111 4343334 8623777 904 -60.6 0.6 54.0 63.0 9m @ 3.56 1.36 22.0 0.31 2.29
SHRCR0115 4343370 8623867 895 -60.5 0.4 69.0 82.0 13m @ 5.93 5.59 9.3 0.01 0.24
SHRCR0117 4343245 8623880 882 -60.4 1.1 20.0 35.0 15m @ 2.43 0.91 21.8 0.15 1.51
SHDDR0539 4343234 8623596 906 -60.3 1.4 134.0 150.0 16m @ 2.72 1.03 25.8 0.25 1.40
SHDDR0539 4343234 8623596 906 -60.3 1.4 269.0 283.0 14m @ 4.42 2.45 49.5 0.26 1.01
1) In situ gold equivalent (AuEq) grade based on the following long-term metal prices: $1,250 per ounce for gold, $25 per ounce for silver, $3.00 per pound for copper and $1.00 per pound for
zinc.
2) Holes with the prefix SHDDR and SHRCR are surface HQ diamond and RC open pit drilling, respectively, while E holes are underground BQ drilling.
3) Significant intercepts for surface holes are located within the Central and Southern Zones while underground drilling is located within the Central Zone of the Shahumyan Deposit.
4) True widths are approximately 90% of the intersection width.
5) Minimum width reported is 2 metres and a maximum internal dilution of 4 metres.
6) All survey coordinates are transformed to AUSPOS.
7) No factors of material effect have hindered the accuracy and reliability of the data presented above.
8) No upper cuts have been applied.

45. KAPAN MINE:
CASH COST RECONCILIATION
45Dundee Precious Metals
1. Includes realized gains on copper derivative contracts of $nil million in the first quarter of 2013 compared to realized gains of $0.2 million in the corresponding prior year period.
2. For other periods please refer to past MD&As available on the corporate web site.
US$ thousands, unless otherwise indicated Q1 2013 Q1 2012
Cost of Sales:
9,502 9,957
Less amortization & other
(1,617) (2,007)
Plus other charges, including freight
1,672 2,097
Less by-product credits(1)
(5,780) (7,460)
Cash cost of sales after by-product credits
3,777 2,587
Gold oz (payable metal)
3,541 3,776
Cash cost of sales/oz gold
(net of by-product credits)
1,067 685

46. KAPAN MINE:
CASH COST PER TONNE OF ORE RECONCILIATION
46Dundee Precious Metals
$ thousands, unless otherwise indicated
For the quarter ended March 31, 2013
Kapan
Ore processed (mt) 119,663
Metals contained in concentrate produced:
Gold (ounces) 5,159
Copper (pounds) 553,731
Zinc (pounds) 3,358,133
Cost of sales 9,502
Add/(deduct):
Depreciation, amortization & other non-cash costs (1,617)
Change in concentrate inventory 1,189
Total cash cost of production before by-product credits 9,074
Silver by-product credits (2,832)
Total cash cost of production after by-product credits 6,242
Cash cost per tonne ore processed ($) 75.83
Cash cost per pound copper produced ($)(1) 1.66
Cash cost per ounce gold produced ($)(1) 747
Cash cost per pound zinc produced ($)(1) 0.44
1. Gold, copper and zinc are accounted for as co-products. Total cash costs are net of by-product silver revenue.
2. For other periods please refer to past MD&As available on the corporate web site.

47. KRUMOVGRAD GOLD
PROJECT
BULGARIA
47

48. KRUMOVGRAD GOLD PROJECT
48Dundee Precious Metals

49. KRUMOVGRAD GOLD PROJECT
49Dundee Precious Metals
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.

50. PARTIALLY OWNED EXPLORATION INVESTMENTS:
SOURCE OF ADDITIONAL VALUE AND GROWTH
50Dundee Precious Metals
SECURITIES HOLDINGS % HELD VALUE @ May 30, 2013
Sabina Gold & Silver Corp. (TSX: SBB) 18.5M 11% $25M
Special Warrants 10M 12M
Warrants (strike C$1.07) 5M 1.5M
Total SBB $38.5M
Avala Resources Ltd. (TSX-V: AVZ) 135M 53% $13.5M
Special Rights 50M 3M
Warrants (strike C$0.30) 25M 0
Total AVZ* $16.5M
Dunav Resources Ltd. (TSX-V: DNV) 56M 46% $6.5M
Warrants (strike C$0.42) 27.5M 0
Total DNV* $6.5M
Total shares and other securities ~$61.5M
*AVZ and DNV are consolidated

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T: 416 365-5191
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