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Unlocking Resources. Generating Value

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Unlocking Resources. Generating Value Unlocking Resources. Generating Value. Annual Report 2020 Dundee Precious Metals At a Glance Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia and Serbia. Our purpose is to unlock resources and generate value to thrive and grow together. This purpose is supported by a foundation of core values, which guide how we conduct our business and inform a set of complementary strategic pillars and objectives related to ESG, innovation, optimizing our existing portfolio, and growth. DPM’s resources are allocated in-line with its strategy to ensure that DPM delivers value for all of its stakeholders. Production and Financial Highlights GOLD AND COPPER IN ALL-IN SUSTAINING COST ADJUSTED EBITDA CONCENTRATE PRODUCED ($/OZ.)1 (US$M)1 Gold (000s ounces) Copper (Mlbs) $725 $319 298 231 201 $660 $654 $140 $100 37 37 36 2018 2019 2020 2018 2019 2020 2018 2019 2020 CASH FLOW FROM FREE CASH FLOW OPERATIONS (US$M)1 (US$M) $211 $197 $98 $96 $70 $54 1All-in sustaining cost, adjusted EBITDA and free cash flow are not defined measures under IFRS. Refer to the “Non-GAAP Financial Measures” as disclosed on pages 58 to 64 of the Management’s Discussion 2018 2019 2020 2018 2019 2020 & Analysis contained in this report. TMX:DPM 1 Global CHELOPECH Location Operation Portfolio Chelopech, Bulgaria Underground mine Ownership 2021 Guidance 10 0% 156 – 176 koz Au of Assets 34 – 39 Mlbs Cu 2 ADA TEPE Location Operation Southern Bulgaria Open-pit mine Ownership 2021 Guidance 10 0% 115 – 141 koz Au 3 TSUMEB Location Operation Tsumeb, Namibia Specialty smelter 5 Ownership 2021 Guidance 92% 220 – 250k tonnes of concentrate smelted 7 1 4 4 2 TIMOK Corporate Location Stage Head Office Serbia Feasibility study Toronto, Canada Ownership Production 10 0% 80 koz Au per annum (first 6 years) 6 3 STRATEGIC INVESTMENT PORTFOLIO 5 SABINA GOLD & SILVER Location Ownership Nunavut, Canada 9% 6 INV METALS Location Ownership Southern Ecuador 23.5% 7 VELOCITY MINERALS Location Ownership Forecast/guidance information is subject to a number of risks. Refer to the Company’s 2021 guidance and three-year Southern Bulgaria 8.5% outlook as disclosed on pages 17 to 21 of the Management’s Discussion & Analysis contained in this report. DUNDEE PRECIOUS METALS 2020 ANNUAL REPORT 1 11664__Dundee_2020_AR_Typeset_v3f.indd 1 2021-04-01 8:20 AM STRONG GOLD STABLE COPPER Solid Three-Year PRODUCTION PROFILE PRODUCTION Outlook Gold contained in concentrate Copper contained in concentrate produced (‘000s ounces) produced (Mlbs) Highlights strong production profile, attractive all-in sustaining cost and DPM’s potential to generate significant free cash flow. 271 – 317 – 317 271 265 – 310 265 298 240 – 280 32 – 39 32 34 – 39 32 – 39 32 36 Forecast/guidance information is subject to a number of risks. Refer to the Company’s 2021 guidance and three-year outlook as disclosed on pages 17 to 21 of the Management’s Discussion and Analysis contained in this report. 2 All-in sustaining cost is not a defined measure under IFRS. Refer to the “Non-GAAP Financial Measures” as disclosed on pages 58 to 64 of the Management’s Discussion & Analysis 2020 2021 2022 2023 2020 2021 2022 2023 contained in this report. Guidance Outlook Outlook Guidance Outlook Outlook IMPROVING SMELTER ATTRACTIVE ALL-IN PERFORMANCE SUSTAINING COST2 Complex concentrate smelted All-in sustaining cost ($/oz Au) (‘000 tonnes) $730 – $810 – $810 $730 $630 – $710 $625 – $695 230 – 265230 $654 220 – 250 220 – 250 232 2020 2021 2022 2023 2020 2021 2022 2023 Guidance Outlook Outlook Guidance Outlook Outlook 2 DUNDEE PRECIOUS METALS 2020 ANNUAL REPORT TMX:DPM Defining Our Corporate Purpose In 2020, we engaged the entire organization, from our mine site staff to our Board of Directors, in a comprehensive, collaborative process to further define DPM’s corporate purpose. As a result of this process, we established an updated purpose statement: unlocking resources and generating value to thrive and grow together. This purpose is supported by a strong foundation of six core values that guide how we conduct our business and how we behave as an organization. PURPOSE Unlocking resources and generating value to thrive and grow together STRATEGIC OBJECTIVES Total long-term Generate net All-in sustaining cost Leader in mining shareholder returns Sustainable positive impact in the bottom half innovation and in the top quartile mid-tier producer from our operations of the industry operating excellence in the industry STRATEGIC PILLARS ESG Innovation Optimize Portfolio Growth Secure Social Licence Transform Assets Unlock Value Leverage Unique Skills VALUES We put safety & We are stewards of We are transparent well-being of the environment and accountable people first We respect each other We innovate We partner with and embrace inclusion with courage our communities DUNDEE PRECIOUS METALS 2020 ANNUAL REPORT 3 11664__Dundee_2020_AR_Typeset_v3f.indd 3 2021-04-01 8:20 AM 2020 Message to Shareholders Unlocking Resources. Generating Value. 2020 Message to Shareholders It goes without saying that 2020 was a very REVIEW OF 2020 PERFORMANCE We also made progress on a number of social and environmental initiatives during the year, challenging year around the world as a result It would normally be my pleasure to begin augmented our existing sustainability reporting of the COVID-19 pandemic. Despite these a review of our annual performance by framework, and released our inaugural challenges, the strength of our people and highlighting our strong health and safety climate change report in December 2020. relationships with our stakeholders, as well as record, but that is sadly not the case for the quality of our asset portfolio, enabled us to 2020. Tragically, as previously reported, In 2020, we continued to deliver strong deliver an exceptional year. there was a fatality at our smelter operation operating performance, producing a record in Namibia, which overshadows what was 298,289 gold ounces and 36 million pounds otherwise an exceptional year. The safety of copper, at an all-in sustaining cost of $654 DEFINING OUR CORPORATE PURPOSE and well-being of our people is our highest per gold ounce. Combined with strong gold During the year, we engaged the entire priority, and we are focused on applying what prices, this translated into record financial organization, from our mine site employees we have learned from this incident across the results, including significant free cash flow to our Board of Directors, in a comprehensive, organization to ensure every employee arrives generation of $211 million and adjusted net collaborative process to further define DPM’s home safely each day. earnings of $193 million. corporate purpose. As a result of this process, Our values, which help form the basis of the During the year, we also made significant we established an updated purpose statement: respect we have earned from our stakeholders, steps towards building for our future. Our unlocking resources and generating value were exemplified in 2020 by the efforts exploration programs yielded strong results, to thrive and grow together. This purpose of our teams to support local communities including the addition of 2 years of mine life is supported by a strong foundation of six that were significantly impacted by the at Chelopech, and encouraging results at core values that guide how we conduct COVID-19 pandemic. our Timok gold project in Serbia. We also our business and how we behave as completed a pre-feasibility study for the Timok We launched a number of initiatives designed an organization. gold project and made a strategic investment to assist and respond to the needs of our local in Velocity Minerals Ltd. (“Velocity”), a Informed by our purpose and core values, we communities in Bulgaria, Namibia and Serbia. gold exploration company operating in also refreshed DPM’s strategic objectives this Collectively, we contributed approximately southeastern Bulgaria. year, which are focused around four strategic US$1 million, which was primarily focused ESG, innovation, optimizing pillars: on assisting hospitals by providing additional In the fourth quarter, we increased our our existing portfolio, growth. and medical facilities, supplies, transportation and quarterly dividend by 50% to US$0.03 per We believe these strategic themes drove medical equipment. We will continue to prioritize share, less than a year after initiating our our achievements in 2020 and laid a strong the health and safety of our workforce inaugural dividend. This increase reflects our foundation for the future. and local communities as we manage the ongoing strong operational performance, challenges of the ongoing pandemic. significant free cash flow generation and growing cash balance. It further demonstrates our confidence in our operations as well as our commitment to delivering superior returns to our shareholders through disciplined capital allocation. 4 DUNDEE PRECIOUS METALS 2020 ANNUAL REPORT 11664__Dundee_2020_AR_Typeset_v3f.indd 4 2021-04-01 8:20 AM 2020 Message to Shareholders Industry-Leading ESG As we witness the evolution and growth of Being a leader in the areas of Environmental, ESG-centric investing, we feel well-prepared Social and Governance (“ESG”) has always and comfortable with DPM’s position as a leader in the mining sector. This leadership We were pleased to been a key focus area for DPM. After many years on the periphery of investing, ESG has position is demonstrated by positive ratings see that our significant become an integral component to mainstream the company has achieved from a growing achievements in 2020 investing. This has resulted in a proliferation of number of ESG rating agencies. As of December 2020, DPM received a rating of were recognized by ESG data and tools and a push for companies, from investors, governments and other “A” from MCSI ESG Research LLC, a well- the market, with our stakeholders, to disclose how these areas of respected independent ESG rating agency.
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