Rule 8 Announcement to Shareholders

Dundee Precious Metals (DPM) is reminding shareholders of disclosure requirements under UK takeover rules related to its potential offer for Adriatic Metals plc. Specifically, Rule 8.3 of the UK City Code on Takeovers and Mergers mandates that any party with a 1% or greater interest in relevant securities of either company involved in the possible offer must make specific disclosures, including an Opening Position Disclosure and Dealing Disclosures if they trade in any relevant security during the offer period; DPM's common shares are considered relevant securities for this purpose.

Analysis

Dundee Precious Metals Inc. (DPM) has issued a formal communication to its shareholders highlighting specific disclosure obligations under Rule 8.3 of the UK City Code on Takeovers and Mergers. This requirement pertains to its potential offer for Adriatic Metals plc, announced on May 20, 2025. The rule mandates that any party holding a 1% or greater interest in relevant securities of either DPM or Adriatic Metals must make an Opening Position Disclosure and subsequent Dealing Disclosures if they trade these securities during the offer period. DPM's common shares, listed on the Toronto Stock Exchange, are classified as relevant securities in this context. This procedural announcement aligns with DPM's stated strategic goal of becoming a mid-tier precious metals company through sustainable production from its assets in Bulgaria, Serbia, and Ecuador, complemented by disciplined strategic transactions. The overall sentiment for this news is rated as "mildly positive" with a score of 0.15, and it carries a low market impact score of 0.25, suggesting the market perceives this as a routine regulatory update. DPM's individual sentiment score is 0.3.

Key Decisions for Investors

• Shareholders holding, or intending to deal in, 1% or more of Dundee Precious Metals or Adriatic Metals securities must ensure full compliance with the UK Takeover Panel's Rule 8.3 disclosure requirements.
• Investors should recognize this announcement primarily as a procedural step in the potential acquisition of Adriatic Metals, reflecting DPM's adherence to regulatory frameworks rather than a new substantive development in the offer itself.
• Continue to monitor developments concerning the 'Possible Offer' for Adriatic Metals, as its progression is key to DPM's strategy of expanding through strategic acquisitions to achieve mid-tier producer status.