TORONTO - Dundee Precious Metals Inc. (TSX: DPM)('DPM' or 'the Company') announced preliminary production results from both of its mines in Bulgaria and the Tsumeb smelter in Namibia for the three and twelve months ended December 31, 2020.

DPM met or exceeded production guidance at each of its operations, with total gold production for the year being at the high end of the Company's 2020 guidance range.

'2020 was another milestone year for DPM, as we delivered record gold production and met or exceeded our production guidance at each of our operations,' said David Rae, President and CEO. 'Our impressive operating results throughout the year reflect outstanding efforts by our teams to effectively manage the challenges of the COVID-19 pandemic while continuing to prioritize the health and safety of our workforce and local communities.'

About Dundee Precious Metals Inc.

Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. The Company's operating assets include the Chelopech operation, which produces a gold-copper concentrate containing gold, copper and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; the Ada Tepe operation, which produces a gold concentrate containing gold and silver, located in southern Bulgaria and the Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold and exploration properties located in Canada, Serbia and Ecuador, including its 9.4% interest in Sabina Gold & Silver Corp. and its 19.4% interest in INV Metals Inc.

Contact:

David Rae

Tel: (416) 365-5092

Email: drae@dundeeprecious.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains 'forward looking statements' or 'forward looking information' (collectively, 'Forward Looking Statements') that involve a number of risks and uncertainties. Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'outlook', 'intends', 'anticipates', 'believes', or variations of such words and phrases or that state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The Forward Looking Statements in this news release relate to, among other things: statements with respect to the potential payments and upside from the MineRP earn-out, the timing of the closing of the sale of MineRP, expected benefits to the Company and MineRP from the sale of MineRP, South African competition approval, the Company's expected use of proceeds, the impact on the Company's balance sheet, measures the Company is undertaking in response to the COVID-19 (coronavirus) outbreak, including its impacts across the Company's global supply chains, the level of and duration of reductions or curtailments in operating levels at any of the Company's operations or in its exploration and development activities, expected cash flows; the price of gold, copper, silver and acid, and other commodities; toll rates, metals exposure and stockpile interest deductions at Tsumeb; the estimation of Mineral Reserves and Mineral Resources and the realization of such mineral estimates; estimated capital costs, operating costs, and other financial metrics, including those set out in the outlook provided by the Company; currency fluctuations; the impact of impairment charges; the processing of Chelopech concentrate; timing of further optimization work at Tsumeb; potential benefits of any upgrades and/or expansion, including the planned rotary furnace installation, at the Tsumeb smelter; results of economic studies; government regulation of mining and smelting operations; the payment of dividends and the timing and number of common shares of the Company that may be purchased pursuant to the Company's normal course issuer bid. Forward Looking Statements are based on certain key assumptions and 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. In addition to factors already discussed in this news release, such factors include, among others, there being no assurance that the sale of MineRP will close, uncertainties with respect to obtaining required South African regulatory approvals, discretion of the Company with respect to the use of proceeds from the sale of MineRP, uncertainties with respect to realizing the targeted MineRP earn-outs, uncertainties with respect to realizing the benefits of the sale of MineRP, risks relating to the Company's business generally and the impact of COVID-19, including, changes to the Company's supply chain; product shortages; delivery and shipping issues; closures and/or failure of plant, equipment or processes to operate as anticipated; employees and contractors becoming infected with COVID-19; lost work hours; labour force shortages; fluctuations in metal and acid prices, toll rates and foreign exchange rates; possible variations in ore grade and recovery rates; conclusions of economic evaluations and economic studies; changes in project parameters, including schedule and budget, as plans continue to be refined; uncertainties with respect to actual results of current exploration activities; uncertainties and risks inherent to developing and commissioning new mines into production, which may be subject to unforeseen delays; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company's activities; limitation on insurance coverage; 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; actual results of current and planned reclamation activities; opposition by social and non-government organizations to mining projects and smelting operations; unanticipated title disputes; claims or litigation; cyber attacks and other cybersecurity risks; there being no assurance that the Company will purchase additional common shares of the Company under the normal course issuer bid; risks related to the implementation, cost and realization of benefits from digital initiatives; failure to realize projected financial results from MineRP Holdings Inc.; risks related to operating a technology business reliant on the ownership, protection and ongoing development of key intellectual properties; as well as those risk factors discussed or referred to in any other documents (including without limitation the Company's most recent Annual Information Form) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com. The reader has been cautioned that the foregoing list is not exhaustive of all factors which may have been used. 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. The Company's Forward Looking Statements reflect current expectations regarding future events and speak only as of the date hereof. Unless required by securities laws, the Company undertakes no obligation to update Forward Looking Statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on Forward Looking Statements.

(C) 2021 Electronic News Publishing, source ENP Newswire