WELCOME TO THE 2012

ANNUAL & SPECIAL MEETING

May 9, 2012

TSX: DPM

CHAIRMAN’S AGENDA

Opening Remarks

• Introduction of head table

• Introduction of the Board of Directors

Appointment of Secretary and Scrutineer

Constitution of the Meeting

WILLIAM WILSON – CHAIRMAN OF THE BOARD

BUSINESS OF THE MEETING

Presentation of Financial Statements and Auditor’s Report

Nomination and Election of Directors (ballot)

• William Wilson

• Derek Buntain

• Peter Gillin

• Jonathan Goodman

• Ned Goodman

• Murray John

• Jeremy Kinsman

• Garth MacRae

• Peter Nixon

• Ronald Singer

• Donald Young

Amendment to Stock Option Plan (ballot)

Appointment of Auditor

Termination of the Meeting

MESSAGE FROM JONATHAN GOODMAN PRESIDENT & CHIEF EXECUTIVE OFFICER

TSX: DPM

FORWARD LOOKING STATEMENTS

5

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, 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

Jonathan Goodman – Introduction and Opening Remarks

Hume Kyle - Financial Summary

Rick Howes - Mining Operations

Jonathan Goodman - Smelting and Development,

Exploration Assets, Strategy & Closing

Question and Answer Period

FINANCIAL UPDATE HUME KYLE – EVP & CFO

TSX: DPM

MARKET PRICES

Gold (US$/oz)

8

1,224

1,569

1,386

1,691

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2010 2011 Q1 2011 Q1 2012

3.42

4.00

4.38

3.77

3.0

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6

4.8

5.0

2010 2011 Q1 2011 Q1 2012

Copper (US$/lb)

Silver (US$/oz)

20.16

35.12

31.71 32.62

3

8

13

18

23

28

33

2010 2011 Q1 2011 Q1 2012

Zinc (US$/lb)

0.98 0.99

1.09

0.92

0.5

0.6

0.7

0.8

0.9

1.0

1.1

2010 2011 Q1 2011 Q1 2012

PRODUCTION & CASH COSTS

Mine Concentrate Production

(tonnes)

9

96,035

125,253

19,135

36,978

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2010 2011 Q1 2011 Q1 2012

119,557

180,403

41,924

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2010* 2011 Q1 2011 Q1 2012

Smelter Concentrate Production

(tonnes)

*DPM acquired NCS on March 24, 2010

Gold Cash Cost, net of by-product credits

(US$/oz)

268

295

337

0

50

100

150

200

250

300

350

400

2010* 2011 Q1 2011 Q1 2012

Smelter Cash Cost

(US$/tonne)

238

-57

-110 -120

-70

-20

30

80

130

180

230

280

2010 2011 Q1 2011 Q1 2012

323

38,532

34

METALS IN CONCENTRATE PRODUCED

Gold (oz)

10

30.4

39.8

40.9- 46.2

5.8

12.2

0

5

10

15

20

25

30

35

40

45

2010 2011 2012 Est Q1 2011 Q1 2012

Copper (M/lbs)

Silver (oz)

640,454 670,819

659,000- 732,000

157,666 187,526

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

2010 2011 2012 Est Q1 2011 Q1 2012

Zinc (M/lbs)

19.1 19.6

18.00- 20.0

4.8 4.4

0

5

10

15

20

25

2010 2011 2012 Est Q1 2011 Q1 2012

94,728

120,757

128,000- 143,000

19,585

41,910

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2010 2011 2012 Est Q1 2011 Q1 2012

FINANCIAL RESULTS

Adjusted Earnings

($/share)

11

45.3

117.5

19.2

40.8

15

35

55

75

95

115

2010 2011 Q1 2011 Q1 2012

Adjusted EBITDA

(US$/M)

0.19

0.64

0.08

0.25

0.01

0.11

0.21

0.31

0.41

0.51

0.61

0.71

2010 2011 Q1 2011 Q1 2012

Funds from Operations

(US$/M)

Free Cash Flow

(US$/M)

53.9

123.6

21.9

48.1

0

20

40

60

80

100

120

140

2010 2011 Q1 2011 Q1 2012

17.3

82.3

14.7

40.6

0

10

20

30

40

50

60

70

80

90

2010 2011 Q1 2011 Q1 2012

FINANCIAL POSITION AND

DEBT SERVICE COVERAGE AT MARCH 31, 2012

12

Funds from

operations

Publicly traded

investments

Corporate Cash

$ 183

$144

Ample Liquidity

(US$M)

Solid Balance Sheet

722

84

0

100

200

300

400

500

600

700

800

(US$M)

Debt Capitalization 10%

Equity

Debt

Strong Debt Service Coverage

(Ratio)

6.5

11.7

17.8

0

2

4

6

8

10

12

14

16

18

20

2010 2011 Q1 2012

Targeted Minimum 1.5X

GROWTH CAPITAL

(US$/M)

13

51.6

85.3

18.1 20.5

150-175

0

20

40

60

80

100

120

140

160

2010 2011 Q1 2011 Q1 2012 2012 Est.

Chelopech

Krumovgrad

NCS

Deno

Growth Capital by Business Growth Capital

POTENTIAL GROWTH CAPITAL & EBITDA

14

Chelopech

Krumovgrad

NCS

Deno

Potential Growth Capital

2013-2015

(US$/M)

0

50

100

150

200

250

300

350

400

450

500

Potential Future Annual EBITDA (1)

(US$/M)

(1) Based on current market prices and the

completion of capital program

0

50

100

150

200

250

300

Growth Capital by Business

2013-2015

FINANCIAL STRATEGY

Invest in projects that exceed our cost of capital

• Assess based on risks of each investment

Maintain a strong balance sheet to support requirements of business and

provide financial flexibility to grow throughout commodity cycles

• Utilize modest amounts of long term debt

• Adhere to conservative credit metrics

• Maintain sufficient liquidity to meet unforeseen market downturns and operating disruptions

Periodically hedge exposures to reduce risk

• Provisional product pricing

• Project capital costs

• Future metal production

15

OPERATIONS UPDATE

CHELOPECH MINE RICK HOWES – EVP & COO

TSX: DPM

DPM PROPERTIES

17

CHELOPECH MINE

Operating and Financial Highlights

$0

$200

$400

0

40

80

120

2008 2009 2010 2011 Q1'2012

2012E

36

Ou

nce

s (

00

0’s

)

Cash

Cost * (G

old

$U

S/o

z)

71

88

65

20

26 28

37

12

2008 2009 2010 2011 Q1'2012

2012E

Gold Production (000s ounces) Copper Production (pounds in millions)

$309

$369

94 $210

18

901 981 1,001

1,354

436

$0

$20

$40

$60

0

1,000

2,000

2008 2009 2010 2011 Q1'2012

2012E

To

nn

es o

re p

roce

sse

d p

er

ye

ar

(00

0’s

)

Ore Processed and Cost/Tonne

Cost/to

nn

e ($

US

) (Exclu

din

g ro

ya

lties)

1,700 –

1,850

28

51 57

133

59

2008 2009 2010 2011 Q1'2012

Adjusted EBITDA (US$MM)

103-

115 38 - 43

($112)

CHELOPECH EXPANSION

Completion Q3 2012

Final Steps

Underground crushing and conveying project (schedule completion in August)

Introduce Real Time Operations Management System for Production Management

19

Haulage to the dump

Hoisting

Dump and wagon loading

735 m asl

100 m asl

Crusher is

located 585 m

below surface

149

Expansion Cost/Tonne Benefits

Ore processed in 2011 1,353,733 tonnes

Cash cost/tonne (excl.

royalties) in 2011 $49.99

Expanded ore production

rate

2 million tonnes

per year

Savings from:

Economies of Scale ~ $12.00

Crushing and Conveying ~ $6.00

Other (SAG mill etc.) ~ $2.00

Feasibility study cost/tonne

at 2 mtpy ~ $34.00*

(before royalties)

* 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.

59 55 52 50

42 34

2008 2009 2010 2011 Q1' 2012 afterexpansionCash cost per tonne ore processed excl. royalty

WORLD LEADING REAL TIME MINE OPERATIONS

MANAGEMENT SYSTEM BEING INSTALLED

Mining

Planning & Scheduling

Maintenance

Planning & Scheduling

Supply chain / Logistics

Planning & Scheduling

Pla

nn

ing In

form

atio

n

Feed

back In

form

atio

n

Mining Execution Business Processes

Support & Maintenance Processes

Drilling Loading Transportation Chrushing Conveying

Real time Process Monitoring and Control

Mining Operations Management System

Crushing

MINE/MILL EXPANSION PROJECTS UNDERGROUND CRUSHER

177 level Plate Feeder area

Crusher, ROM and Gantry Crane

21

Crusher Excavation–Compl. July 2011

MINE/MILL EXPANSION PROJECTS UNDERGROUND CONVEYOR

Conveyor Excavation Completed - (April 2012) CV 2701 and Apron Feeder Chute

22 CV 2703 STR Civil works CV 2702 Transformer Station

2011 MINERAL RESOURCE RESERVES

Successful exploration program

continuing to replace depletion

2011 M+I Resources –

29.87Mt@1.31%Cu, 4.09g/t Au

2011 Proven + Probable Reserves

– 22.62Mt@1.15%Cu, 3.66g/t Au

Life of mine is now extended to

2023

Current exploration targeting

surrounding areas to west and

north of existing mining with

success

23

100m 100m

Plan View of Chelopech Deposits and Structures

GOLD IN PYRITE RECOVERY PROJECT

24

Potential to produce separate gold/pyrite

concentrate currently rejected into

tailings; Containing ~85,000 oz of Au,

225,000 oz of Ag and 4.8 Mlb Cu; which

can be recovered with POX process.

Laboratory scale batch testing

completed

Concentrate options test work

Preliminary Economic Assessment to

be released in early Q3 2012

Pilot scale test work scheduled to

begin in June

Feasibility study to be completed in

Q1 2013

Autoclave and oxygen plant from previous metals

processing project in storage will be evaluated for suitability

OPERATIONS UPDATE

DENO GOLD MINE RICK HOWES – EVP & COO

TSX: DPM

2008* 2009* 2010 2011 Q1'2012

2012E

473 - 526

128

2008* 2009* 2010 2011 Q1'2012

2012E

4.4

2008* 2009* 2010 2011 Q1'2012

2012E

0.6

2008* 2009* 2010 2011 Q1'2012

2012E

6

DENO GOLD

Operating and Financial Highlights

* Deno Gold operations were on care and maintenance as of November 2008 and operations restarted April 2009. 26

296

527

290

519

12

29

15

27

1.9

2.9

1.5

3.0 19.1

9.1 8.8

19.6

Gold Production

(000s ounces)

Copper Production

(pounds in millions) Zinc Production

(pounds in millions)

Adjusted EBITDA (US$MM) Silver Production

(000s ounces)

$3.7

($17.1)

$1.9

$16.7

($10.7)

$31.9

2008* 2009* 2010 2011

25 - 28

2.9 – 3.2 18 - 20

Q1’

2012 2007

84

109

72 66 64 68

2007 2008 2009 2010 2011 Q1'2012

Cash cost per tonne

(excl. royalty) (US$)

DENO GOLD

2012 Key Initiatives

Lead Separation Project

Fine size screening

Current final

Cu/Au

concentrate

Screening @53

microns

Screen oversize (Pb < 2% )

Gravity

separation

Screen undersize

> 2% Pb

Gravity tail (Pb < 5%)

Pb

concentrate

Cu/Au

concentrate

(Pb < 5%)

Lead concentrate

Lead mineral gravity separator

DENO GOLD

Key Accomplishments

Safe production initiative

• Start with house keeping and ownership

• Introduce and enforce safe work practices

Supply Chain Management Process

Cost and budget control

People focus

• Reorganization, accountability, involve

local people, development programs

• Introduce proper HR policies &

procedures

• Proper pay structure, including bonuses

Environmental compliance

• Monitoring

• TMF stability assessment

0.94

0.10

0.84 0.78

2009 2010 2011 Q1'2012

LTI Frequency rate

(per 200,000 hours)

TMF rehabilitation Artsvanik

TMF wall stability assessment - Geghanush

DENO GOLD

Quality Management

Work practices underground

Work projects

Standards: drilling, stope design, dilution

control

DENO GOLD

2012 Key Initiative – Maintenance Improvements

Improve equipment maintenance

• Maintenance Management Practices

• Workforce skills training

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1/1

/201

2

1/3

/201

2

1/5

/201

2

1/7

/201

2

1/9

/201

2

1/1

1/20

12

1/1

3/20

12

1/1

5/20

12

1/1

7/20

12

1/1

9/20

12

1/2

1/20

12

1/2

3/20

12

1/2

5/20

12

1/2

7/20

12

1/2

9/20

12

1/3

1/20

12

2/2

/201

2

2/4

/201

2

2/6

/201

2

2/8

/201

2

2/1

0/20

12

2/1

2/20

12

2/1

4/20

12

2/1

6/20

12

2/1

8/20

12

2/2

0/20

12

2/2

2/20

12

2/2

4/20

12

2/2

6/20

12

2/2

8/20

12

3/1

/201

2

3/3

/201

2

3/5

/201

2

3/2

4/20

12

3/2

6/20

12

3/2

8/20

12

3/3

0/20

12

4/1

/201

2

4/3

/201

2

4/5

/201

2

4/7

/201

2

4/9

/201

2

4/1

1/20

12

4/1

3/20

12

4/1

5/20

12

4/1

7/20

12

4/1

9/20

12

4/2

1/20

12

4/2

3/20

12

4/2

5/20

12

Pe

rce

nt

Date

Remote Loader 29 Availability

Base Target

Rebuild

DENO GOLD EXPLORATION STRATEGY

Define Mineral Resources and Reserves for Kapan to increase the LOM

Surface

• Mobilize 3 Diamond Rigs & 2 RC Rigs

• Define Mineral Resources for the Open Pit Project (1 - 2.4 - 10Mpta)

• Update Mineral Resource by Q3

UG

• Mobilize 3 UG Rigs

• Define Mineral Resources between the 700mL (Central, Southern & Northern Zones)

• Define Mineral Reserves for LOM

31

DENO GOLD

SHAHUMYAN MINE - POTENTIAL UG TARGETS

32

Shahumyan South - Current focus - Program designed to prove up resources below 700Rl for mine plan Old Shahumyan

- Below 800 level poorly explored. - Historical producing area of high grade ore - V46 good target

Shahumyan North Information required for production and mine planning

Central Shahumyan - Good grades/widths from historic exploration - Excellent results from surface exploration

Shahumyan East - Exciting new prospect - Possibility to drill from 780 crosscut

SURFACE EXPLORATION 2012-14

REGIONAL PLANNED DRILLING

Planned Regional Drilling

Of 14 prospect areas, 5 have planned holes

Total 49 holes for 14,700m

45% is within the Shahumyan prospect area

Targets include mine-sequence rocks that

are under younger cover sequences

Other targets include mapped alteration

zones in the mine sequence rocks of the

North West corridor

Conceptual Prospects

Northwest Shahumyan – 22 holes, 6,600m

Vein 50 – 6 holes, 1,800m

Dzorastan – 9 holes, 2,700m

Noraradjadzor – 9 holes, 2,700m

Aghvani – 3 holes, 900m

33

NAMIBIA CUSTOM SMELTER JONATHAN GOODMAN

TSX: DPM

NAMIBIA CUSTOM SMELTER

A Unique Strategic Asset

DPM Ownership 100%

Location Namibia

Acquisition March 2010 $50M

Capital expenditures to date $45M

Project 2012 Costs $75M

Technology Ausmelt

Product Copper blister bars

2011 concentrate throughput 180,403 tonnes

Expanding smelter capacity 240,000 tpy

Sulphuric acid capture plant FS Q2 2012

35

NAMIBIA CUSTOM SMELTER

CURRENT FOCUS

Newly constructed waste disposal site at NCS

Fugitive emissions control initiatives

• Improvements to gas and materials handling systems

Upgrade Initiatives

Production facility optimization

• Additional O2 capacity for Ausmelt furnace

• All primary smelting in new Ausmelt furnace

• Potential replacement of reverb with electric furnace

Results

• Improved environmental performance – reduce smelter emissions as per good practices

• Commitments to government and community met

MOVING FORWARD IN 2012 JONATHAN GOODMAN

TSX: DPM

38

NEW KRUMOVGRAD GOLD PROJECT

Advance project to a 2014

production date – subject to meeting

key milestones relating to the appeal

process

Achieve 74,000 ounces of annual

gold production and seek

opportunities to increase further

Other exploration opportunities

within existing licenses

Strategy DPM Ownership 100%

Location Bulgaria

Proposed Mine Type Open Pit

Gold Recoveries 85%

Grade 3.4 g/t

Annual ore tonnage production 850,000 tpy

Annual gold production 74,000 ounces

Annual silver production 35,000 ounces

Mine Life 9 years

Capital Cost to complete US$127M *

Total cash cost per oz AuEq $404

Deposit Type Low-sulphidation

epithermal Au/Ag deposit

KRUMOVGRAD GOLD PROJECT, BULGARIA

KEY ACCOMPLISHMENTS

Achievements Status

Re-engineered 2005 project

30 year mining concession

Definitive Feasibility Study & NI 43-101

Final EIA Approval granted

Detailed engineering schedule

Estimated construction timeline

Estimated production timeline

Q2 2012 – Q4 2013

Hearing May 14, 2012

2014

2013 - 2014

EXPLORATION ASSETS

AVZ, DNV, SBB

Securities Holdings % Held Value @ May 8, 2012

Sabina Gold & Silver Corp. (TSX:SBB) 18.5M 11.5% $42M

Special Warrants 10M 23M

Warrants (strike C$1.07) 5M 6M

Total SBB $71M

Avala Resources Ltd. (TSX-V:AVZ) 110M 51.4% 102

Special Rights 50M 47

Total AVZ* $149M

Dunav Resources Ltd. (TSX-V:DNV) 56M 47.3% 23M

Warrants (strike C$0.42) 27.5M 0

Total DNV* $23M

Total shares and other securities ~US$243M

0

100

200

300

400

500

2009 2010 2011 2012 YTD

Va

lue

of p

ort

folio

($m

illio

ns)

*AVZ and DNV are consolidated

KEY ELEMENTS OF STRATEGY

Optimize value of existing

operating assets

Grow business beyond existing

operating assets

Maintain strong balance sheet

QUESTION AND ANSWER PERIOD

Questions?

THANK YOU FOR ATTENDING

THE 2012 DUNDEE PRECIOUS METALS

ANNUAL & SPECIAL MEETING