From GlobeNewswire: 2025-06-13 02:30:00

Dundee Precious Metals Inc. has agreed to acquire Adriatic Metals plc for approximately $1.3 billion, adding the Vareš operation in Bosnia and Herzegovina to its portfolio. The acquisition is expected to increase DPM’s production up to 425,000 gold equivalent ounces in 2027 and enhance its mineral reserve life with an initial 15-year operating life for Vareš. The transaction will create a premier mining business with strong returns and growth potential. The board of directors of DPM recommends that shareholders vote in favor of the transaction, which is subject to regulatory approvals and expected to be completed by the end of 2025.

Vareš is an underground precious metals mine with an offsite processing facility and a prospective land package. The Technical Report for Vareš highlights an estimated 15-year operating life with average annual payable production of 168,000 ounces of gold equivalent at an all-in sustaining cost of $893 per ounce. The project has a post-tax NPV of $1.6 billion based on current metal prices and offers significant optimization opportunities for DPM to explore. The Transaction will result in DPM shareholders owning approximately 75% of the enlarged company, with Adriatic shareholders owning the remaining 25%.

The forward-looking statements in this news release are subject to risks and uncertainties that could impact the outcome of the transaction and the future performance of DPM and Adriatic. These risks include changes in global economic conditions, commodity prices, regulatory environments, and other factors that may affect the mining industry. Investors are advised to carefully consider these factors when evaluating the potential impact of the transaction on both companies.



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