2013 annual shareholders' meeting

MAY 9, 2013

DUNDEE PRECIOUS METALS

WELCOME TO THE 2013

ANNUAL & SPECIAL

MEETING

CHAIRMAN’S AGENDA

2 Dundee 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

MESSAGE FROM CEO

RICK HOWES

5


MANAGEMENT TEAM


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

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 lines 150

2013F - 2017F based on completion of identified investment opportunities, current metal prices and tolling rates in line with most recent contract.

Debt/Cap

10%

Warrants 58

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


Ou

nce

s (

00

0’s

)

Cash

Cost * (G

old

$U

S/o

z)

71

88

65

Gold Production & Cost/Ounce Copper Production (pounds in millions)

19

27 26

$309

$369

94 37

$210

To

nn

es o

re p

roce

sse

d p

er

ye

ar

(00

0’s

)

Ore Processed & Cost/Tonne

Cost/to

nn

e ($

US

) (Exclu

din

g ro

ya

lties) 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. 32 Dundee 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

35 Dundee 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

ore

ha

ule

d t

o s

urf

ac

e (

t) /

da

y

period Jan 01 - Apr 23

Kapan Mine Production Track7-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

53

QUESTION AND ANSWER PERIOD