The document provides an overview of Dundee Precious Metals' Tsumeb smelter in Namibia. It discusses the smelter's history and upgrades, including new emissions controls that reduced arsenic levels. It also outlines the smelter's production levels and costs, noting issues like shutdowns that impacted 2013 performance. Additionally, it describes plans to further increase capacity through a new oxygen plant and holding furnace, and highlights the smelter's ability to process complex concentrates.

1. DPM TSUMEB LUNCH AND LEARN
MARCH 20, 2014
DUNDEE PRECIOUS METALS
UNDERSTANDING THE
TSUMEB SMELTER

2. 2
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 presentation 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.
FORWARD LOOKING STATEMENTS

3. SITE OVERVIEW
Dundee Precious Metals 3
Effluent plant Acid plant
Ausmelt
New converters
Acid storage tanks
Oxygen plants
Ausmelt baghouse
Hygiene baghouse
Arsenic plant
Old converters
Acid plant
laydown area

4. Dundee Precious Metals
UNIQUE SMELTER EQUIPPED TO TREAT
COMPLEX CONCENTRATES
• Secures capacity to treat Chelopech concentrate and derives additional
revenues processing complex concentrates from 3rd parties
• Toll rates for complex concentrate command a substantial premium
• Most recent 3rd party contracts at higher rates than pre-existing
arrangements prior to DPM ownership
One of a few smelters with ability to process large volumes of complex
concentrate
Project 2012 dust and emissions upgrades complete
Production curtailment has been lifted
Additional upgrades reduce SO2 emissions, increase capacity and
lower costs
4
• New off-gas and emissions management
• New dust management systems
• Smelter hygiene improvements
• Ramping up to 100% capacity in Q1 2014
• New sulphuric acid plant subject to lump sum turnkey contract
• Long-term acid off-take agreement with Rössing
• Potential installation of a holding furnace

5. Dundee Precious Metals
HISTORY OF TSUMEB SMELTER
• Built in 1960-62, commissioned 1963
• Designed specifically to treat complex
polymetallic ores from Tsumeb Mine which
contained high levels of copper, lead, zinc,
arsenic and cadmium
• DPM Tsumeb Smelter purchased from
Weatherly Mining in March 2010
• Capacity increased from 147,000 tonnes
concentrate in 2010 to a current capacity of
240,000 tonnes per annum
5
Asset Overview
DPM Ownership 100%
Location Namibia
Acquisition March 2010 $50M
Technology / Product Ausmelt
Product Copper blister bars
2013 concentrate throughput 152,457 tonnes
Expanding smelter capacity 320 ktpy
Emissions & dust capture upgrades $110 M
Sulphuric acid capture plant (Q3 ’14) ~$240 million
Holding furnace (2017) $70+ million E
Complex
Concentrate
Smelted (‘000 t)
2010 2011 2012 2013 2014E
Chelopech
Concentrate
56 89 112 74
190-220
3rd Party
Concentrate
64 92 47 78
Cash Cost (US$/t) 268 293 374 433 280-350
EBITDA (US$M) 2 3 (3) (7) n/a

6. Dundee Precious Metals
IMPACT OF CAPITAL SPEND ON ARSENIC
CONTROLS
6
mg/m3
mg/m3

7. Dundee Precious Metals
COPPER SMELTING OVERVIEW
Feed
preparation
Offgas
cleaning
As2O3
production
Slag Mill
Copper
making
(converting)
Concentrate
Reverts
Fluxes
Fuels
Cu Dusts
Matte
55% Cu
Slag
2.5% Cu
Feed
20% Cu
Offgas
Dust
Copper
98.5% Cu
7

8. Dundee Precious Metals
CU CONVERTER NORMAL
8

9. Dundee Precious Metals
COPPER CONVERTING
Oxides (slag) to slagmill
Cu-sulfide (Matte)
To Converters
Offgas to gas cleaning section
Blister copper
9

10. Dundee Precious Metals
ACID PLANT SIMPLIFIED PROCESS
Process
Gases
Drying Tower Converter Absorption
Tower
Clean &
Dry SO2
Conversion of
SO2 to SO3
SO3
Sulphuric
Acid
Product
(98%)

11. Dundee Precious Metals
PRODUCTION
11
119,557
180,403
159,356
152,457
220,000
-
190,000
0
50,000
100,000
150,000
200,000
250,000
2010
(Q2-Q4)
2011 2012 2013 2014
(guidance)
Concentrate(tonnes)
Concentrate smelted
152
52 11
8
3
(11)
215
100
120
140
160
180
200
220
240
Actual 2013
performance
Oxygen
plant late
Project
2012 tie-in
shut overrun
Water leaks,
buildups, tap
block issues
Project
2012 follow-
up
shutdowns
Higher
smelting
rates +
better
availabilities
2013
Expected
performance
Concentratessmelted('000tonnes)
2013 Smelting Performance Factors

12. Dundee Precious Metals
OPERATIONAL EXPENSES
12
Fixed cost Variable costinv. variable cost
268
295
374
433
0
100
200
300
400
500
2010
(Q2-Q4)
2011 2012 2013 2014
(guidance)
Cashcost/tonne
ofconcentratesmelted(USD)
Cash cost / tonne of concentrate smelted
380 -
305
27%
16%
12%
4%
2%
3%
7%
9%
5%
6% 2%
7% 100%
0%
20%
40%
60%
80%
100%
percentagefromtotalexpenses
Expenses breakdown

13. Dundee Precious Metals
MOVING TO OPPORTUNITY -
NEW OXYGEN PLANT – 420 T/D
•Smelting capacity increased
from 170kt per annum
to potential of 420kt per annum
•Old Plant 170t/d
13

14. Dundee Precious Metals
INCREASING SMELTING CAPACITY
Approved capital Anticipated future capacity
170
70
36
44
100
240
420
0
50
100
150
200
250
300
350
400
450
base capacity
(170 tpd O2)
new oxygen
plant
operational (420
tpd O2)
optimise smelter
availability
holding furnace 2 oxygen plants
(590 tpd O2) +
coolant
concentratesktpa
14

15. Dundee Precious Metals
AUSMELT AVAILABILITY
OPERATIONAL PERFORMANCE IMPROVEMENT
• Ausmelt availability (excl. annual shut down): Currently: 78%
Aim 2014: 87%
Aim 2015: 90%
• Further availability gains targeted by:
− Decreasing shutdown duration
− Increasing campaign life
− Increasing crane availability
Current
2014
improvements
2015
improvements
Dropbox cleaning 3% - 3% -
Build ups in offgas system 7% - 3% - 1 %
Taphole brick replacement 3% - 1% - 1 %
Water leaks 2% - 1% - 0.5 %
Feed rate reductions 1% - 1% -
Power outages (O2 plant) 0.5% - -
TOTAL: 16.5% - 9 % - 2.5%
15

16. Dundee Precious Metals
TREATMENT CHARGES
Bulk Smelting Market
• Global copper concentrate sales have transparent benchmarks.
• These typically range from $90 to 130/t between contract and spot tonnage.
• Contract durations are normally 1-year and therefore negotiated annually.
• Concentrates need to be free of deleterious materials or face being rejected
or attract penalties for treatment.
• Treating complex elements requires blending with clean concentrates.
Complex Concentrates Market
• Tsumeb is a niche complex concentrate treatment facility with core arsenic
capability.
• The complex market concludes multi-year agreements and attracts TC
premiums to the clean market of $30 to $50/t.
• Thresholds for core arsenic penalties vary but generally start above 0.5%
• Charges are on a $ per 0.1% increment over 0.5% and the $ per 0.1%
penalty will increase as the arsenic level increases.
• Additional Penalties possible - Lead, Zinc, Se, Te, Bi, moisture, etc.
16

17. Dundee Precious Metals
CAPEX SPEND
17
8,357 8,820 6,108 9,281
17,051
56,926
130,528
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2010 (Q2-Q4) 2011 2012 2013
thousandUSD
Capital expenditures
Growth
Sustaining

18. Dundee Precious Metals
EBITDA PERFORMANCE
18
2,214
2,798
-2,593
-6,998
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
2010 (Q2-Q4) 2011 2012 2013
thousandUSD
EBITDA

19. ACID PLANT PROJECT
PS converters, Gas Cleaning plant, Sulphuric
Acid plant and Effluent Treatment plant

20. Dundee Precious Metals
• Gas Capture and conversion to H2SO4
• Environmental systems upgrade
• High Efficiency Scrubbing
• Metals Recovery
• Dispatch by rail and road
• Water reclamation
• Pearce-Smith Converter Replacement
• Operational readiness
ACID PLANT PROJECT
20

21. Dundee Precious Metals
ACID PLANT PROJECT
21

22. 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
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