Dundee Precious Metals updates Čoka Rakita Project, Serbia

Dundee Precious Metals Inc. [TSX-DPM] provided an update on its Čoka Rakita project, Serbia, 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 – 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.

Highlights – 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.

“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 CEO.

“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.”

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.

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.

An updated MRE for Čoka Rakita, currently underway, will build on the maiden MRE, announced in December 2023, incorporating a more detailed understanding of the geologic controls and deposit architecture.

For the full results of the 68 new infill drill holes, refer to original news release.

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.

Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Serbia and Ecuador.