TSX: DPM

Gold:

Dundee Precious Metals Provides Čoka Rakita Project Update and Additional Results from Infill Drilling Program, including 74 metres at 27.3 g/t Au

September 13, 2024

TORONTO, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) today provided an update on its Čoka Rakita project, where the pre-feasibility (“PFS”) is advancing on track for completion in the first quarter of 2025. The Company also reported new assay results from the recently completed PFS infill drilling program.

Highlights
(Refer to Table 1 full results)

  • Pre-feasibility study on track: Continue to target completion of PFS the first quarter of 2025.
  • Completion of the PFS infill drilling program: Results continue to confirm the continuity of a core zone of high-grade mineralization with the Mineral Resource outline (see Figure 1 ). Highlights include:
    • RIDD055 – 74 metres at 27.3 g/t Au, from 426 metres downhole,
      including 37 metres at 47.44 g/t Au and 0.11% Cu from 460 metres downhole.
    • RIDD057 – 83 metres at 3.90 g/t Au and 0.24% Cu from 385 metres.
    • RIDD060 – 71 metres at 3.39 g/t Au from 414 metres,
      including 7 metres at 10.71 g/t Au from 473 metres downhole.
    • RIDD069 – 67 metres at 10.61 g/t Au and 0.23% Cu, from 387 metres.
    • RIDD078A – 42 metres at 11.13 g/t Au and 0.18 % Cu from 263 metres.

Visit https://vrify.com/decks/16804 to view an interactive 3D model highlighting these results.

“We continue to unlock Čoka Rakita’s potential to add production growth and strong margins to our portfolio, with first production targeted for 2028,” said David Rae, President and Chief Executive Officer.

“As we accelerate the project through our development pipeline, we are progressing the PFS, which remains on track for Q1 2025, and advancing permitting activities to support start-up of construction in 2026.

“We have the financial and technical resources to advance this high-quality growth project and continue our exploration programs to further define the significant potential of Čoka Rakita and the surrounding licences.”

Čoka Rakita Project Update

DPM continues to advance the Čoka Rakita project, with first production of concentrate targeted for 2028. The PFS is advancing well and remains on track for completion in the first quarter of 2025.

With the completion of the PFS infill drilling program, discussed below, the Company is now updating the Mineral Resource Estimate (“MRE”). All planned trade-off studies have been completed, allowing DPM to advance the flowsheet and site layout for the PFS engineering and permitting process. In addition, the geotechnical and hydrogeological drilling program, which will support the PFS design and cost estimates, is nearing completion. Metallurgical testwork results continue to support the assumption of approximately 90% gold recovery by gravity concentration and conventional flotation outlined in the preliminary economic assessment issued in May 2024. 1

In parallel, permitting activities have continued to advance. Baseline monitoring studies for the environmental impact assessment are expected to be submitted in the first quarter of 2026. Permitting preparation activities are underway, with a detailed timeline focused on supporting commencement of construction in mid-2026. The Company has had a local presence in Serbia since 2004 and has developed strong relationships in the region and will continue its proactive engagement with all stakeholders as the project advances.

Čoka Rakita benefits from good infrastructure, including nearby existing roads and power lines. The project is a strong fit with the Company’s underground mining and processing expertise and is in close regional proximity to DPM’s existing operations in Bulgaria, with opportunities to leverage existing technical, administration and permitting functions as well as transfer of knowledge and skills.

Infill Drilling Program Results

The PFS infill drilling program at Čoka Rakita focused on upgrading of the MRE to an Indicated Mineral Resource category, with an additional 30,900 metres of drilling and new results from 68 drill holes completed since the Company’s previous update in February 2024.

With the PFS infill drilling now complete, drill hole spacing is approximately 30 metres by 30 metres over the deposit footprint, with some areas locally reaching a tighter grid, nearing 20 metres by 20 metres within the high-grade core of the deposit.

Results from the infill drilling program returned numerous wide and high-grade gold intercepts that confirm the continuity of a core zone of high-grade gold mineralization within the Mineral Resource outline (see Figure 1 ). This is particularly evident in holes RIDD054A, RIDD055, RIDD057 and RIDD078, which returned intervals within the higher-grade core zone that correlate well with neighbouring drill holes.

1 Refer to the news release dated May 1, 2024, and the Čoka Rakita Technical Report “Preliminary Economic Assessment – Čoka Rakita Project, Eastern Serbia,” dated June 11, 2024, both available at www.dundeeprecious.com .

An updated MRE for Čoka Rakita, which is currently underway, will build on the maiden MRE, announced in December 2023, 2 incorporating a more detailed understanding of the geologic controls and deposit architecture. Interpretations of the mineralization include improved modelling approaches of late-stage intrusive sills, as well as a more constrained domaining strategy. Initial testing of MRE parameters indicates that more selective estimation approaches are appropriate, relative to the previous estimate, given the geostatistical and geometallurgical characteristics observed.

For the full results of the 68 new infill drill holes, refer to Table 1 of this news release. The table includes new screen fire assay results from drill holes RIDD049, RIDD049A, RIDD050, RIDD050A, RIDD052, RIDD052A, RIDT030A, RIDT030B and RIDT036A, which were previously reported in February 2024 using 50g fire assay results. 3

Additional near-resource extension and definition drilling is ongoing and is focused on locally ascertaining the orientation of structurally controlled mineralization on the eastern flank of the deposit, as well as testing potential extensions of sandstone hosted mineralization that may persist towards the northwest and southwest. Technical drilling programs continue to evaluate local variability of geotechnical and hydrogeological conditions for improved understanding.

2 Refer to the news release dated December 11, 2023, and the Čoka Rakita Technical Report dated June 11, 2024, both available at www.dundeeprecious.com .

3 For more information regarding DPM’s previously reported infill drilling results at Čoka Rakita, refer to the Company’s news release dated February 26, 2024, available on our website at www.dundeeprecious.com .

Figure 1. Tilted slice along high-grade skarn mineralization highlighting new intercepts from the infill drilling program at Čoka Rakita.

Tilted slice along high-grade skarn mineralization highlighting new intercepts from the infill drilling program at Čoka Rakita.

Table 1: New drill intercepts from the Čoka Rakita infill drilling.

HOLEID EAST NORTH RL AZ DIP FROM TO LENGTH AuEq Au Cu
(m) (m) (m) (g/t) (g/t) (%)
RIDD049 573255 4895878 927 267 -61 609 619 10 1.86 1.86 -
and           625 651 26 6.00 6.00 -
including           633 648 15 9.64 9.64 -
RIDD049A 573048 4895878 562 273 -63 195 245 50 1.98 1.98 -
RIDD050 573042 4895848 919 260 -64 129 137 8 1.45 1.45 -
and           423 428 5 3.62 3.62 -
and           470 502 32 12.66 12.66 -
RIDD050A 572933 4895829 693 258 -64 192 204 12 7.84 7.84 -
including           194 204 10 8.99 8.99 -
and           218 264 46 8.50 8.50 -
including           226 245 19 14.90 14.90 -
including           249 259 10 7.32 7.32 -
RIDD051 573095 4895789 931 265 -73 140 148 8 3.21 3.21 -
and           156 161 5 2.05 2.05 -
and           509 549 40 5.56 5.56 -
including           521 537 16 11.81 11.81 -
RIDD051A 573003 4895782 643 266 -71 182 199 17 2.54 2.54 -
and           210 238 28 3.19 3.19 -
including           225 233 8 9.00 9.00 -
RIDD052 572997 4895940 915 271 -67 380 387 7 1.13 0.99 0.10
and           411 496 85 9.81 9.65 0.13
including           474 490 16 39.58 39.36 0.16
RIDD052A 572885 4895946 649 271 -69 94 100 6 2.20 1.71 0.36
and           123 203 80 53.38 53.18 0.15
including           133 144 11 8.19 7.91 0.21
including           163 180 17 234.78 234.58 0.15
RIDD053 573040 4895848 919 270 -66 438 447 9 0.90 0.90 -
and           481 520 39 3.30 3.30 -
including           507 513 6 11.10 11.10 -
RIDD053A** 572922 4895846 646 274 -67 129 160 31   3.69  
and           161 180 19   2.93  
and           185 196 11   1.63  
and           198 213 15   10.39  
RIDD054 572954 4895843 901 266 -66 342 442 100 3.32 2.96 0.27
including           403 411 8 7.44 7.21 0.17
RIDD054A 572840 4895838 652 271 -65 74 84 10 1.47 1.26 0.15
and           91 154 63 4.55 4.29 0.19
including           98 105 7 7.46 7.46 -
RIDD055 572999 4895938 915 257 -65 357 367 10 1.18 1.18 -
and           401 417 16 1.77 1.77 -
and           426 500 74 27.30 27.30 -
including           427 451 24 10.52 10.52 -
including           460 497 37 47.59 47.44 0.11
RIDD055A 572888 4895914 657 259 -68 128 206 78 9.38 9.19 0.13
including           149 182 33 15.54 15.40 0.11
including           187 194 7 7.49 7.09 0.30
RIDD056 573195 4895772 940 282 -65 530 567 37 3.23 3.23 -
including           548 553 5 6.03 6.03 -
and           605 638 33 2.00 2.00 -
RIDD056A** 573077 4895801 691 283 -61 299 322 23   1.26  
and           340 364 24   3.24  
including           346 354 8   6.16  
RIDD057 573001 4895938 915 255 -62 369 378 9 1.30 1.30 -
and           385 468 83 4.22 3.90 0.24
including           460 467 7 14.12 13.68 0.32
RIDD057A** 572882 4895909 670 256 -64 103 109 6 3.54 3.04 0.37
and           120 135 15   1.04  
and           154 173 19   3.5  
and           187 196 9   7.28  
RIDD058 573221 4895694 938 278 -61 556 601 45 1.89 1.89 -
RIDD059 573086 4895929 920 260 -63 217 224 7 3.82 3.82 -
and           446 451 5 1.25 0.91 0.25
and           479 536 57 7.01 7.01 0.03
including           501 516 15 9.68 9.68 -
including           520 531 11 14.38 14.38 -
RIDD060** 572904 4896042 912 277 -75 401 406 5   3.33  
and           414 485 71   3.39  
including           449 454 5   5.78  
including           473 480 7   10.71  
RIDD060A** 572835 4896048 640 275 -75 146 166 20   7.67  
including           147 156 9   15.31  
RIDD061 573094 4895788 931 263 -63 474 487 13 1.13 1.13 -
and           499 516 17 26.15 26.15 -
including           501 515 14 31.45 31.45 -
and           531 549 18 1.63 1.22 0.30
RIDD061A** 572966 4895770 680 262 -62 206 249 43   10.79  
including           221 230 9   32.93  
RIDD062 572853 4896121 900 252 -78 387 406 19 1.08 0.81 0.2
RIDD062A 572792 4896099 609 250 -78 no significant intervals
RIDD063 573087 4895929 920 258 -71 430 443 13 0.98 0.98 -
and           500 525 25 0.96 0.96 -
RIDD063A** 572987 4895910 633 266 -70 135 165 30   2.47  
including           150 155 5   6.33  
and           199 225 26   2.61  
including           199 204 5   8.80  
RIDD064** 573050 4896005 910 245 -71 545 552 7   1.17  
RIDD065** 572904 4896042 912 258 -79 435 445 10   1.11  
and           461 466 5   2.03  
RIDD066** 573022 4895686 928 283 -58 155 163 8 5.76 5.76 -
and           452 457 5   1.24  
RIDD066A 572877 4895717 688 281 -58 no significant intervals
RIDD067 572971 4896085 903 285 -71 477 507 30 0.96 0.96 -
RIDD068* 573144 4895675 943 278 -66 548 587 39 2.64 2.64 -
RIDD068A 572995 4895699 613 287 -64 aborted for technical reasons
RIDD068B** 573004 4895696 633 285 -64 207 230 23   5.12  
including           208 224 16   6.88  
RIDD069 572851 4896120 900 243 -82 387 454 67 10.92 10.61 0.23
including           419 446 27 23.05 22.56 0.36
RIDD070 573048 4896006 910 271 -69 aborted for technical reasons
RIDD071* 573092 4895927 920 260 -67 478 498 20 1.19 1.19 -
and           516 528 12 2.04 2.04 -
RIDD072* 573093 4895789 931 245 -65 508 521 13 3.89 3.89  
RIDD073 572855 4896122 900 291 -83 no significant intervals
RIDD073A 572824 4896135 629 300 -83 no significant intervals
RIDD073B 572808 4896145 479 302 -83 aborted for technical reasons
RIDD074* 572903 4896043 912 260 -78 396 404 8 1.53 1.23 0.22
and           421 428 7 1.37 1.11 0.19
and           439 454 15 1.08 0.77 0.23
RIDD075* 572968 4896089 903 265 -77 479 484 5 1.90 1.73 0.12
RIDD075A* 572910 4896092 659 265 -78 183 190 7 1.00 0.66 0.25
and           234 247 13 2.30 2.16 0.10
RIDD076* 572998 4895939 915 261 -60 382 400 18 1.13 0.62 0.38
and           425 438 13 10.89 10.35 0.40
RIDD077 573198 4895770 940 272 -66 529 542 13 2.80 2.80 -
and           575 617 42 2.41 2.41 -
including           590 598 8 6.66 6.66 -
RIDD077A** 573066 4895777 647 272 -64 242 258 16   3.88  
RIDD078* 573045 4895853 919 270 -61 400 415 15 2.24 2.24 -
and           421 450 29 2.30 2.30 -
and           458 501 43 11.05 10.85 0.15
including           471 492 21 20.91 20.77 0.10
RIDD078A* 572950 4895853 741 271 -62 199 253 54 5.36 5.36 -
including           231 247 16 15.04 15.04 -
and           263 305 42 11.37 11.13 0.18
including           276 298 22 18.25 17.98 0.20
RIDD079* 573023 4895685 928 277 -62 166 178 12 4.93 4.93 -
including           169 174 5 8.46 8.46 -
RIDD080* 572903 4896043 912 261 -73 393 406 13 2.76 2.43 0.25
RIDD081 572915 4895986 911 266 -72 no significant intervals
RIDD082* 573000 4895943 915 277 -66 320 328 8 1.21 1.21 -
and           425 464 39 1.87 1.72 0.11
RIDD083* 573096 4895787 931 267 -58 513 528 15 4.19 3.99 0.15
RIDD084 572967 4896088 903 274 -70 aborted for technical reasons
RIDD085** 572954 4895850 901 248 -63 366 398 32   2.14  
RIDD086 572913 4895985 910 276 -76 no significant intervals
RIDD087** 573024 4895687 928 282 -67 440 447 7   1.20  
and           466 471 5   1.39  
and           487 494 7   13.63  
including           488 494 6   15.57  
RIDD088** 573000 4895942 915 262 -65 420 453 33   5.06  
including           426 434 8   11.39  
RIDD089** 573090 4895926 920 270 -59 428 450 22   8.85  
RIDD090 572996 4895775 913 274 -63 completed / awaiting results
RIDD091 573048 4896010 910 290 -62 completed / awaiting results
RIDD092 572591 4896071 846 105 -54 in progress
RIDD093 572715 4895835 838 119 -61 in progress
RIDT030A 572894 4896040 647 293 -70 162 215 53 2.65 2.32 0.25
including           202 208 6 8.46 8.22 0.18
RIDT030B 572884 4896044 619 291 -69 106 116 10 1.33 0.75 0.43
and           125 137 12 1.13 0.80 0.24
and           147 168 21 1.16 0.89 0.20
RIDT032 572991 4896003 916 266 -68 406 444 38 1.46 1.12 0.26
and           460 500 40 6.04 6.04 -
including           470 478 8 25.01 24.83 0.14
RIDT032A 572884 4895996 639 267 -73 150 161 11 1.20 0.90 0.22
and           169 193 24 3.55 3.32 0.17
and           206 212 6 1.03 1.03 -
RIDT033** 572992 4896001 917 265 -76 380 391 11   1.75  
RIDT033A 572915 4895992 621 266 -76 170 180 10 2.69 2.69 -
RIDT036A 572963 4895878 610 253 -66 156 196 40 2.36 2.22 0.10
RIDT037 573086 4895926 920 250 -70 455 471 16 2.54 2.54 -
and           492 534 42 6.89 6.89 -
including           501 519 18 5.62 5.62 -
and           540 553 13 1.17 1.17 -
RIDT037A 572987 4895883 643 245 -69 134 151 17 1.41 0.58 0.62
and           176 188 12 1.34 1.34 -
and           195 222 27 4.67 4.67 -
including           201 216 15 7.05 7.05 -
and           233 245 12 3.06 2.92 0.10
RIDT038 573085 4895929 920 262 -69 466 471 5 1.14 1.14 -
and           479 484 5 1.38 1.38 -
and           507 526 19 5.11 4.95 0.12
RIDT038A 572976 4895914 632 263 -70 196 210 14 1.26 0.99 0.19
RIDT041* 573250 4895885 927 275 -61 620 636 16 2.46 2.46 -
including           629 634 5 5.29 5.29 -
RIDT043A 573150 4895774 833 280 -64 no significant intervals
RADDHG002* 573144 4895669 943 268 -69 560 593 33 2.95 2.95 -
RADDHG003* 573024 4895687 928 267 -73 481 501 20 6.78 6.78 -
including           487 493 6 18.52 18.52 -
RADDHG004** 573043 4895851 919 260 -71 471 495 24   3.49  
and           502 507 5   4.2  
RADDHG005 572810 4895874 869 85.8 -64 completed / awaiting results
RADDHG006 572739 4895865 850 233 -80 completed / awaiting results
RADDHG007 572995 4896004 917 355 -67 completed / awaiting results
RADDHG008 572992 4896006 917 275 -85 in progress
RADDGTH001 572707 4895652 826 65.7 -75 completed / awaiting results
RADDGTH002 572694 4896102 873 161 -80 completed / awaiting results
RADDGTH003* 572914 4895986 910 227 -84 363 380 17 3.44 3.2 0.18
including           365 370 5 7.67 7.24 0.32
and           400 406 6 1.6 1.29 0.23
and           434 448 14 1.12 1.01 -
and           450 464 14 1.71 1.61 -
RADDGTH004* 572801 4895680 857 11.8 -77 23 29 6 1.59 1.25 0.25
and           367 377 10 6.84 6.84 -
including           372 377 5 11.09 11.09 -
and           378 396 18 4.46 4.30 0.11
including           378 384 6 11.49 11.21 0.21
RADDGTH005** 572771 4896030 887 185 -80 155 163 8   1.05  
and           309 321 12 1.25 0.81 0.33
RADDGTH006 572903 4896043 912 302 -70 completed / awaiting results
RADDGTH007 572813 4895875 869 100 -74 in progress
1) Coordinates are in UTM Zone 34 North WGS84 datum.
2) Intervals are reported at a cut-off grade of 1 g/t AuEq using 5 metres minimum length and 5 metres maximum internal dilution. Higher grade sub-intervals denoted with ‘Including’ are reported at a cut-off grade of 5 g/t AuEq using 5 metres minimum length and 3 metres maximum internal dilution.
3) The AuEq calculation is based on the following formula: Au g/t + 1.35 x Cu %, based on a gold price of $1,400/oz. and a copper price of $2.75/lb.; and assumes metallurgical recoveries of 90% for gold and 90% for copper within the equivalency calculation. These assumptions are based on PEA level metallurgical testwork results. Copper below 0.1% has not been reported and is not included in the equivalency calculation.
4) No upper cuts have been applied.
5) Based on the current understanding of the geometry of the mineralized body, true widths are considered to be 90% or more of the reported downhole interval.
6) “DT” within the hole naming nomenclature (e.g. RIDT005) indicates that the hole is a diamond tail of a reverse circulation pre-collar drillhole.
7) Daughter holes identified with “A” (e.g. RIDT030A) are navigational holes with collar coordinates and depth indicating the exit point from the parent hole.
8) “HG” within the hole naming nomenclature (e.g. RADDHG001) indicates that the hole is a hydrogeological monitoring hole.
9) “GTH” within the hole naming nomenclature (e.g. RADDGTH001) indicates that the hole is drilled for geotechnical purposes.
10) Holes marked with (*) have been assayed using a 50 g Fire Assay method, Screen Fire Assays (SFA) results pending.
11) Holes marked with (* *) have been reported only based on Au assays as Cu assays are pending.
   

Sampling, Analysis and QAQC of Exploration Drill Core Samples

Given the presence of coarse gold at Čoka Rakita, a rigorous sampling and QAQC procedure has been selected which includes the use of laboratory screen metallic assaying.

Most exploration diamond drill holes are collared with PQ size, continued with HQ, and are sometimes finished with NQ. Triple tube core barrels and short runs are used whenever possible to improve recovery. All drill core is cut lengthwise into two halves using a diamond saw: one half is sampled for assaying and the other half is retained in core trays. The common length for sample intervals within mineralized zones is one metre. Weights of drill core samples range from three to eight kilograms (“kg”), depending on the size of core, rock type, and recovery. A numbered tag is placed into each sample bag, and the samples are grouped into batches for laboratory submission.

Drill core samples are shipped to the Company’s own exploration laboratory in Bor, Serbia, which is independently managed by SGS. SGS methods and procedures are accredited at SGS hub labs and independent internal lab QAQC check samples are sent to an SGS accredited laboratory. The Bor lab also participate in SGS monthly round robins, and other international round robins. Quality control samples, comprising certified reference materials, blanks, and field duplicates, are inserted into each batch of samples and locations for crushed duplicates and pulp replicates are specified. All drill core and quality control samples are tabulated on sample submission forms that specify sample preparation procedures and codes for analytical methods. For internal quality control, the laboratory includes its own quality control samples comprising certified reference materials, blanks and pulp duplicates. All QAQC monitoring data are reviewed, verified and signed off by an independent QAQC geologist. Chain of custody records are maintained from sample shipments to the laboratory until analyses are completed and remaining sample materials are returned to the Company. The chain of custody is transferred from the Company to SGS at the laboratory door.

At the SGS Bor laboratory, the submitted drill core samples are dried at 105°C for a minimum of 12 hours, and then jaw crushed to approximately 80% passing four millimetres. Sample preparation duplicates are created by riffle splitting crushed samples on a 1-in-20 basis. Larger samples are riffle split prior to pulverizing, whereas smaller samples are pulverized entirely. Pulverization specifications are 90% passing 75 microns. Gold analyses are done using a conventional 50-gram fire assay and AAS finish. Multi-element analyses for 49 elements, including Ag, Cu, Mo, As, Bi, Pb, Sb, and Zn, are done using a four-acid digestion and an ICP-MS finish at SGS Bor and SGS Ankara laboratories. Samples returning over 10 ppm for Ag and 1% for Cu, Pb or Zn are re-analyzed with AAS finish. Sulphur is analyzed using an Eltra Analyzer equipped with an induction furnace.

All fire assays performed at SGS Bor with results exceeding 1 g/t gold grade from the Čoka Rakita deposit are re-assayed by means of a specifically designed gold screen fire assay program at the ALS Global laboratory located in Romania. For re-analyses, 1 kg of 2 mm sized coarse reject material is split, pulverized and screened at 106 microns to separate the sample into a coarse fraction (>106 µm) and a fine fraction (<106 µm). After screening, two 50-gram aliquots of the fine fraction are analyzed using the traditional fire assay method and AAS finish. The entire coarse fraction is assayed to determine the contribution of the coarse gold using fire assay and gravimetric finish. A “total” gold calculation for the 1kg sample is based on the weighted average of the coarse and fine fractions.

Technical Information

Ross Overall, Corporate Director Technical Services of the Company, who is a Qualified Person as defined under NI 43-101, and Paul Ivascanu, General Manager, Exploration of the Company, have reviewed, and approved the scientific and technical content of this news release. Mr. Overall has verified the accuracy of the information presented in this disclosure.

About Dundee Precious Metals

Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Serbia and Ecuador. The Company’s purpose is to unlock resources and generate value to thrive and grow together. This overall purpose is supported by a foundation of core values, which guides how the Company conducts its business and informs a set of complementary strategic pillars and objectives related to ESG, innovation, optimizing our existing portfolio, and growth. The Company’s resources are allocated in-line with its strategy to ensure that DPM delivers value for all of its stakeholders. DPM’s shares are traded on the Toronto Stock Exchange (symbol: DPM).

For further information please contact:

David Rae
President and Chief Executive Officer
Tel: (416) 365-5191
Jennifer Cameron
Director, Investor Relations
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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: future exploration potential at Čoka Rakita; additional potential of sandstone hosted mineralization; timing for the submission of the environmental impact assessment, the completion of the preliminary feasibility study, commencement of construction and production of first concentrate for Čoka Rakita; the geology and metallurgy at Čoka Rakita; Čoka Rakita’s potential for high margin production; the price of commodities; metallurgical recoveries; the future estimation of Mineral Resources and the realization of such mineral estimates; and success of exploration activities. Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and the Qualified Persons, 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, fluctuations in foreign exchange rates; risks arising from the current inflationary environment and the impact on operating costs and other financial metrics, including risks of recession; continuation or escalation of the conflict in Ukraine or elsewhere in the world; risks relating to the Company’s business generally and the impact of global pandemics, including COVID-19, resulting in changes to the Company’s supply chain, product shortages, delivery and shipping issues; possible variations in ore grade and recovery rates; inherent uncertainties in respect of conclusions of economic evaluations, economic studies and mine plans; 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 and additional costs; 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; limitations 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; opposition by social and non-governmental organizations to mining projects and smelting operations; unanticipated title disputes; claims or litigation; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; cyber-attacks and other cybersecurity risks; 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.sedarplus.ca . 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bf112f38-9c9a-49be-bcb5-1eae9c969f48

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