Dundee Precious Metals Inc. announced the discovery of a high-grade deposit at the Coka Rakita exploration prospect in eastern Serbia and report exceptional results from recent drilling. Coka Rakita is located three kilometres southeast of the Company's Timok gold project and is 100% owned by DPM. Exceptional new high-grade intercepts, including: RADDMET01 ­ 40 metres at 63.46 g t Au from 548 to 549 metres) RIDD001 ­ 71 metres at 3.46 g t Au from 511 metres including 38 metres at 19.43 g t Au, including 6 metres at 11.44 g t Au, from 567 metres depth RADD020 ­ 26 metres at 7.52 g t Au, from 533 metres depth Large defined footprint, deposit remains open: Shallow-dipping tabular body between 250 and 450 metres below surface, drilled over an area measuring 500 metres long, 250 metres wide and up to 80 metres thick, which remains open in multiple directions.

Significant additional exploration potential: Approximately 40,000 metres of infill, extensional and target delineation drilling is planned for 2023, with a focus on further evaluating the deposit geometry, grade continuity and mineral resource potential. Encouraging metallurgical results: Preliminary metallurgical test results indicate that the mineralized material is amenable to conventional flotation and produces a clean gold concentrate, achieving total combined (flotation and tails leach) gold recoveries of greater than 93%. Test work to potentially improve overall gold recovery using a combined gravity and flotation circuit is planned for 2023.

As previously disclosed, exploration activities at the Coka Rakita prospect resumed in the fourth quarter of 2022 following receipt of a newly granted exploration licence. In this most recent drill program, DPM drilled 8,750 metres and completed ten holes, with five additional holes currently ongoing. This program was designed to follow-up on positive results returned from holes drilled prior to the expiry of the previous exploration licence.

Some previously disclosed intercepts, which were drilled prior to 2022, have been updated following the receipt of screen fire assay results. These updated results are presented in Table 2, along with other significant intercepts from pre-2022 drilling at Coka Rakita. The Coka Rakita prospect is located three kilometres southeast of the Bigar Hill sediment-hosted deposit and forms part of the Timok Magmatic Complex (TMC) in eastern Serbia.

The surface footprint of the target, which was delineated by a combination of soil geochemistry, alteration mapping and geophysical signatures, extends more than 1,000 metres by 500 metres. The latest phase of drilling has defined a manto-like zone of shallow-dipping gold-rich skarn mineralization located within the contact zone of a carbonaceous sedimentary package and fertile diorite intrusives. The high-grade mineralization starts at roughly 250 metres below surface and has been drilled over an area measuring 500 metres long, 250 metres wide and up to 80 metres thick, and remains open in multiple directions.

Three principal mineralization environments have been identified at Coka Rakita: Porphyry gold-copper mineralization: At shallow levels: structurally controlled and hosted by epiclastic rocks and volcanics; and At deeper levels: disseminated in syn-mineral diorites, often overlapped with endoskarn formation on the contacts. High-grade manto-like retrograde exoskarn gold-copper mineralization, hosted by carbonaceous sandstones and located on the hanging wall of the mineralized porphyry. This is the most prospective exploration target, providing the best exploration results in terms of assay grades and geologic continuity.

3. Strata-bound conglomerate-hosted copper-gold-polymetallic mineralization, located at depth and situated on the footwall of the mineralized porphyry.