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Exploration

Serbia

In early 2016 Dundee Precious Metals entered into a definitive agreement to acquire all of the issued and outstanding common shares of Avala Resources. Here is an overview of Avala Resources exploration projects:

Lenovac Project

The 100% ‐ held Lenovac license covers 132 km2 and is located 170 kilometers south ‐ east of Belgrade. This project is located 10 kilometer due south of the Cukaru Pekicopper gold deposit discovered by Reservoir Minerals/Freeport‐McMoran.

In 2015, Avala carried out early exploration work on the Lenovac license, including mapping, rock chip sampling and ground geophysics. Interpretation and modeling of the data indicated a number of potential drill targets interpreted to lie beneath post mineral cover. Following the completion of an earn‐in and joint venture agreement with Rio Tinto, Avala drilled a single deep hole in the north portion of the project area.

Timok Gold Project

This 100% ‐ held project comprises several sediment - hosted gold deposits, including Bigar Hill, Korkan, and Korkan East. Mineral Resource estimates were completed on these four deposits n 2014. A Preliminary Economic Assessment was also completed.

In early 2015, an extensive review of geological, geochemical and geophysical data sets was carried out on the Bigar Istok license, which hosts part of the Timok Gold Project, with an aim to expand the existing resource base at the overall project. This work highlighted a number of interpreted structural corridors, which link deeper porphyry mineralization to the sediment‐hosted gold mineralization. A trenching and channel sampling program, totaling 1,280 meters, on the Bigar Istok license was also completed. This program returned a number of intervals of gold and associated base metal mineralization that is interpreted as a higher temperature style of mineralization similar to that found at Korkan East. Further interpretation of these results led to the design of a1, 500 meter drilling program within the Bigar Istok license, which began in late 2015.

Tulare Project

This project, lies within the Lece Volcanic Complex of Southern Serbia and comprises several porphyry copper‐gold targets including the Kiseljak and Yellow Creek deposits. In 2014, a Mineral Resource estimate for Kiseljak and Yellow Creek was completed. The Tulare Project also includes the Gubavce ‐ Bakrenjaca carbonate ‐ base metal gold vein system located in the southern half of the Tulare Project area.

In 2015, a first phase of trench and channel sampling was conducted on the Gubavce ‐ Bakrenjaca prospect. Interpretation of the results indicates a number of east ‐ west structural zones hosting brecciated quartz veins with low‐grade base metal and gold mineralization.

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