MANAGEMENT’S DISCUSSION AND ANALYSIS
of Consolidated Financial Condition and Results of Operations
for the Three and Six Months Ended June 30, 2022
(All monetary figures are expressed in U.S. dollars unless otherwise stated)
The following is Management’s Discussion and Analysis (“MD&A”) of the consolidated financial condition and results of operations of Dundee Precious Metals Inc. (“DPM” and, together with its consolidated
subsidiaries, collectively referred to as the “Company”) as at June 30, 2022 and for the three and six months ended June 30, 2022. This MD&A should be read in conjunction with DPM’s unaudited condensed interim
consolidated financial statements for the three and six months ended June 30, 2022 prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. Additional Company information, including the Company’s most recent
annual information form (“AIF”) and other continuous disclosure documents, can be accessed through the System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com and the
Company’s website at www.dundeeprecious.com. To the extent applicable, updated information contained in this MD&A supersedes older information contained in previously filed continuous disclosure documents.
Capitalized terms used in this MD&A that have not been defined have the same meanings attributed to them as in DPM’s unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2022. Information contained on the Company’s website is not incorporated by
reference herein and does not form part of this MD&A.
This MD&A contains forward looking statements that are based on certain estimates and assumptions and involve risks and uncertainties. Actual results may vary materially from management’s expectations. See
the “Cautionary Note Regarding Forward Looking Statements” and “Risks and Uncertainties” sections later in this MD&A for further information.
Certain financial measures referred to in this MD&A are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. The definitions
established and calculations performed by DPM are based on management’s reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP
financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

The Company uses the following non-GAAP financial measures and ratios in this MD&A:
? mine cash cost
? cash cost per tonne of ore processed
? mine cash cost of sales
? cash cost per ounce of gold sold
? all-in sustaining cost
? all-in sustaining cost per ounce of gold sold
? smelter cash cost
? cash cost per tonne of complex concentrate smelted
? adjusted earnings (loss) before interest, taxes, depreciation and amortization (“EBITDA”)
? adjusted net earnings (loss)
? adjusted basic earnings per share
? cash provided from operating activities, before changes in working capital
? free cash flow
? average realized metal prices
For a detailed description of each of the non-GAAP financial measures and ratios used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the “NonGAAP Financial Measures” section commencing on page 45 of this MD&A.
The technical and scientific information in this MD&A has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) – Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”) for Mineral Resources and Mineral Reserves, and has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), Corporate Mineral Resource Manager of DPM, who is a Qualified Person (“QP”) as defined under NI 43-101, and who is not independent of the Company.
This MD&A has been prepared as at July 28, 2022.

Our Business
DPM is a Canadian based, international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. Its common shares (symbol: DPM) are traded on the Toronto Stock Exchange (“TSX”).
The Company’s purpose is to unlock resources and generate value to thrive and grow together. As illustrated in the graphic below, this overall purpose is supported by a foundation of core values, which
strategic pillars and objectives relating to Environmental Social Governance (“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.

see & read more on
https://s27.q4cdn.com/486073686/files/doc_financials/2022/Second-Quarter-report-colour.pdf