Dundee Precious Metals Inc. (WKN 872063) - hat die wirklich niemand ? - 500 Beiträge pro Seite

[Sozzi]

DPM ist kein Fond, sondern eine Beteiligungsgesellschaft die in verschiedene Rohstoffgesellschaften investiert.

weiter Info´s Thread: Die Cmgi der Edelmetallaktien


Freut sich niemand über eine solche Investitionsmöglichkeit mit mir ?

@Plusquamperfect

[Sozzi]

komplettes Beteiligungsportfolio von DPM:

Altius Minerals Corporation

American Bonanza Gold Mining Corporation

Anatolia Minerals

Apollo Gold Corporation

Argosy Minerals

Ariane Gold Corporation

Atikwa Minerals Limited

Bolivar Gold Corp.

Cambior

Campell Res. Inc.

Canadian Royalities Inc.

Cumberland Resources

Diagem International Res.

Eastmain Resources Inc.

Eldorado Gold Corporation

European Goldfields Ltd.

FNX Mining Company

Gabriel Resources Ltd.

GlobeStar Mining Corp.

Golden Queen Mining

Greystar Resources

Hedman Resources Ltd.

Manhattan Minerals Corporation

Major Drilling Group

McWatters Mining

Metallic Ventures

Metallica Resources

Miramar Mining Corporation

Nichromet Extractions Inc.

Northern Orion Resources

Northgate Exploration Ltd.

Opti Canada

Pacific Rim Corporation

Pele Mountain Resources Inc.

Quest Ventures

Ranchgate Oil & Gas

Rio Narcea

South Atlantic Ventures Ltd.

Stratic Energy Corp.

Tahera Corporation

Titanium Corporation

Twin Mining Corporation

Verena Minerals Corporation

Western Canadian Coal Corp.

Wolfden Resources

Revesco Group Ltd.

Red Back Mining NL

Buenaventura

[Sozzi]

Friday, November 28, 2003
METALLICA RESOURCES INC.

Metallica Resources plans to raise CAD85.14 million via a preliminary prospectus to develop the Cerro San Pedro gold and silver project in Mexico, satisfy debt obligations to Glamis Gold resulting from its acquisition of Glamis`s 50% interest in the Cerro San Pedro project in February, and for general working capital purposes. Metallica will offer 38.7 million units at CAD2.20, with Canaccord Capital as lead agent for a syndicate of agents that includes Griffiths McBurney & Partners, Westwind Partners and Orion Securities. Each unit will consist of one common share and one-half of one common share purchase warrant, with each full common share purchase warrant entitling the holder to purchase an additional share of the company. Shares of Metallica currently trade at CAD2.40 on the Toronto Stock Exchange with 43 million shares currently issued and outstanding. Metallica anticipates construction at the Cerro San Pedro project to begin in the first quarter of 2004 with production commencing by the end of 2004. The gold-silver project is estimated to contain a mineable reserve of 61.1 million tonnes grading 0.59 g/t Au and 24 g/t Ag at a waste-to-ore ratio of 1.2:1. Average annual production for the project is estimated to be approximately 90,400 ounces of gold and 2.1 million ounces of silver, or approximately 120,000 ounces of gold equivalent, over an estimated mine life of approximately 8.5 years.

[Sozzi]

Toronto, November 28, 2003 - Dundee Precious Metals Inc. (DPM.A, DPM.WT.A-TSX) is pleased to announce that, due to the recent share price performance whereby the Company`s class A shares have traded in excess of the exercise price of the share purchase warrants for a sustained period of time, effective today the Company will report Net Asset Value on both a basic and diluted basis. As at November 28, 2003, the Basic Net Asset Value of the Company is 1.94 per share and the Diluted Net Asset Value is $38.18 per share. Current information will be available on the Company’s website located as www.dundeeprecious.com.
To date more than 400,000 share purchase warrants, which expire on February 20, 2004 and entitle the holder to purchase one class A share of Dundee Precious Metals Inc. at $25.00, have been exercised for net proceeds to the Company in excess of $10 million. As a result, there are 7,303,446 class A shares and 2,084,126 share purchase warrants outstanding as of November 28, 2003.

[Sozzi]

Ariane Gold Corporation (DPM besitzt mehr als 3 Mio Aktien)
Cambior (DPM besitzt mehr als 7 Mio Aktien)

Cambior (NA, MKP 954 Mio. A$) meldet für das Septemberquartal eine Goldproduktion von 124.000 oz, was einer Jahresrate von etwa 500.000 oz entspricht. Damit liegt die Produktionsrate unter dem Produktionsziel von 522.000 oz für 2003. Die wichtigste Produktionsstätte blieb die Omai Mine in Guyana mit einer Produktion von 62.200 oz bei Nettoproduktionskosten von 213 $/oz. In der kanadischen Doyon Mine erreichte die Produktion 53.000 oz bei Nettoproduktionskosten von 267 $/oz. Bei Nettoproduktionskosten von 238 $/oz und einem Verkaufspreis von 341 $/oz stieg die Bruttogewinnspanne auf 103 $/oz an. Der Gewinn erreichte marginale 1,0 Mio. A$. Auf der Basis einer jährlichen Produktion von 500.000 oz beträgt die Lebensdauer der Reserven 8,4 Jahre und die Lebensdauer der Ressourcen 16,2 Jahre. In das Rosebel Projekt in Surinam hat Cambior mittlerweile 95,5 Mio. A$ investiert. Ab dem Märzquartal 2004 ist eine jährliche Produktion von 220.000 oz über einen Zeitraum von 8 Jahren vorgesehen, wobei die Nettoproduktionskosten bei 187 $/oz liegen sollen. Die Vorwärtsverkäufe wurden auf 0,8 Mio. oz reduziert, was einen Produktionszeitraum von 1,6 Jahren abdeckt. Die Vorwärtsverkäufe sollen bis Ende 2004 vollständig abgebaut worden sein. Cambior macht keine Angaben über die Höhe der unrealisierten Verluste aus den Vorwärtsverkäufen, die etwa bei 100 Mio. A$ liegen dürften. Nach einer Kapitalerhöhung über 104,5 Mio. A$ stieg der Cashbestand zum 30.09.03 auf 101,4 Mio. A$. Cambior macht keine Angaben über die gesamte Kreditbelastung. Am 26.09.03 meldete Cambior die Absicht einer Fusion mit Ariane Gold (NA). Jeweils 2,91 Ariane Aktien sollen in 1 Cambior Aktie getauscht werden. Ariane Gold plant in einem Projekt in Französisch Guyana eine jährliche Goldproduktion von 96.000 oz über einen Zeitraum von 10 Jahren.

[Sozzi]

Rio Narcea (NA, MKP 379 Mio. A$) meldet für das Juniquartal aus der spanischen El Valle Mine eine Goldproduktion von 42.196 oz, was einer Jahresrate von etwa 170.000 oz entspricht. Bei Nettoproduktionskosten von 127 $/oz und einem Verkaufspreis von 331 $/oz erreichte die Bruttogewinnspanne 204 $/oz. Wegen hoher Abschreibungen, Verwaltungsausgaben, und Explorationsaufwendungen konnte Rio Narcea trotz der hohen Gewinnspanne keinen Gewinn erzielen und verzeichnete einen marginalen Verlust von 0,4 Mio. A$ oder 8 $/oz. Auf der Basis einer jährlichen Produktion von 170.000 oz beträgt die Lebensdauer der Reserven 2,4 Jahre und die Lebensdauer der Ressourcen 10,0 Jahre. Neben der El Valle Mine entwickelt Rio Narcea das Aguablanca Nickelprojekt. Im Aguablanca Nickelprojekt wird eine jährliche Produktion von 8.000 t Nickel, 5.000 t Kupfer und 20.000 oz Platingruppenmetalle angestrebt. Aus einer Nickelreserve von 104.000 t errechnet sich eine Lebensdauer der Reserven von 13,0 Jahren. Der Produktionsbeginn wird zum Ende des Märzquartals 2004 erwartet. Rio Narcea macht keine aktuellen Angaben über die Höhe der Vorwärtsverkäufe, die am 31.12.02 noch bei 125.000 oz lagen. Einem Cashbestand von 33,4 Mio. A$ stand am 30.06.03 eine gesamte Kreditbelastung von 45,5 Mio. A$ gegenüber.
Beurteilung: Rio Narcea profitiert derzeit von der Hausse im Nickelbereich, enttäuscht aber mit den Ergebnissen aus der Goldproduktion. Problematisch ist vor allem die mangelnde Gewinnfähigkeit und die kurze Lebensdauer der Reserven. Nach dem Aktienkursanstieg über unser Kursziel von 3,00 C$ stellen wir Rio Narcea zum Verkauf. Wegen der verbesserten Lage im Nickelbereich erhöhen wir unser Kauflimit für Rückkäufe von 2,20 auf 2,50 C$ und unser Kursziel von 3,00 auf 3,50 C$. (06.11.03)
www.goldseiten.de

[Sozzi]

Gabriel Resources Ltd. (NA, MKP 535 Mio. A$) meldet für das Juniquartal zögerliche Fortschritte in der Erschließung des rumänischen Rosia Montana Projekts, an dem Gabriel einen Anteil von 80 % hält. Mittlerweile konnte Gabriel 30 % der Grundstücke aufkaufen, auf denen die Mine erstellt werden soll. Eine Umweltstudie wird derzeit von rumänischen Experten erarbeitet. Das archäologische Programm konnte für die Übertagemine bereits abgeschlossen werden und wird mit 150 rumänischen und internationalen Archäologen für die Untertagemine fortgesetzt. Die aktuellen Planungen sehen den Beginn für die Erstellung der Verarbeitungsanlagen für Ende 2004 vor, so daß die Produktion möglicherweise noch 2006 beginnen kann. Gabriel weist aber darauf hin, daß weitere Verzögerungen zu erwarten sind. Ursprünglich war der Produktionsbeginn für Anfang 2005 vorgesehen. Im Rosia Montana Projekt konnten bislang Goldreserven von 8,3 Mio. oz (Gabriel Anteil) und Goldressourcen von 10,4 Mio. oz (Gabriel Anteil) nachgewiesen werden. Zusätzlich liegt in dem Projekt eine Reserve von 40 Mio. oz Silber vor. Die Durchführbarkeitsstudie sieht eine jährliche Produktion von 400.000 oz (Gabriel Anteil) über einen Zeitraum von 16 Jahren vor. Dabei werden die Nettoproduktionskosten auf 113 $/oz geschätzt. Innerhalb der ersten 5 Jahre soll die jährliche Produktion 485.000 oz erreichen, wobei die Nettoproduktionskosten bei 88 $/oz liegen sollen. Sollte Gabriel eine Bruttogewinnspanne von 100 A$/oz erzielen, würde sich ein aktuelles KGV von 13,9 errechnen. Da die Goldressourcen alleine im Geschäftsjahr 2001 von 6,4 auf 10,4 Mio. oz (jeweils Gabriel Anteil) erweitert werden konnten, sind weitere umfangreiche Vorkommen sehr wahrscheinlich. Am 08.09.03 konnte Gabriel eine Kapitalerhöhung über 48,1 Mio. A$ erfolgreich abschließen. Im aktuellen Quartalsbericht werden keinerlei Angaben über die finanzielle Situation veröffentlicht.
Beurteilung: Könnte Gabriel die Planungen umsetzen, würde das KGV in den Bereich von 6 bis 8 zurückfallen. Die Möglichkeit, daß das Projekt durch die Aktivitäten von Umweltschutzgruppen ganz gestoppt wird, ist gesunken, aber immer noch vorhanden. Positiv ist die erfolgreiche Kapitalerhöhung. (11.11.03) www.goldseiten.de

[Sozzi]

Cumberland Resources (NA, MKP 295 Mio. A$) meldet für das Juniquartal den Beginn eines Bohrprogramms über 11,5 Mio. A$ im kanadischen Meadowbank Projekt und erhofft sich dadurch eine erhebliche Ausweitung der Ressourcen. Bislang konnte in dem Projekt eine Ressource über 3,5 Mio. oz nachgewiesen werden. Eine vorläufige Projektstudie, die im Mai 2003 fertiggestellt wurde, beinhaltet einen Abbauplan über 3,0 Mio. oz in 3 Lagerstätten mit Goldgehalten zwischen 3,5 und 6,7 g/t. Mit einer Kapitalerhöhung konnten im Juni 37,7 Mio. A$ aufgenommen werden. Cumberland will noch im Geschäftsjahr 2003 eine Durchführbarkeitsstudie für das Projekt erstellen und erhofft sich, eine Goldreserve von über 1,0 Mio. oz ausweisen zu können. Das langfristige Ziel ist die jährliche Produktion von 250.000 oz bei Nettoproduktionskosten von 168 $/oz ab 2007. Cumberland ist nicht durch Vorwärtsverkäufe belastet. Einem Cashbestand von 15,2 Mio. A$ stand am 30.09.02 eine gesamte Kreditbelastung von 1,8 Mio. A$ gegenüber.
Beurteilung: Mit der Aussicht auf eine jährliche Produktion von 250.000 oz bietet Cumberland eine interessante Perspektive. Negativ sind jedoch die lange Vorlaufzeit des Projektes und die nötigen Finanzierungen, die das Aktienkapital verwässern werden. Nachdem das Kursziel von 5,00 C$ überschritten wurde, stellen wir Cumberland zum Verkauf. (07.11.03) www.goldseiten.de

[Sozzi]

Monday, December 01, 2003

Eldorado Gold Corporation announced that it has acquired 2,500,000 units (“Units”) of Fury
Explorations Ltd. (“Fury”) at $0.62 per Unit from Fury pursuant to a private placement.
Each Unit consists of one Common Share and one common share purchase warrant
(“Warrant”) of Fury. The Warrants are exercisable at a price of $0.80 per Warrant until
November 28, 2004. Prior to the acquisition, Eldorado did not own or control any shares
of Fury. The total number of Common Shares of Fury now owned by Eldorado is
2,500,000, which represents 29.83% of the outstanding Common Shares of Fury (45.96%
assuming conversion of the Warrants).
The Common Shares of Fury have been purchased and are presently being held by
Eldorado for investment purposes. In the future, Eldorado may acquire additional
Common Shares of Fury or dispose of the such Common Shares subject to a number of
factors, including general market and economic conditions and other investment and
business opportunities available to it.
Eldorado is a gold producing and exploration company with gold assets in Brazil and
Turkey; two countries that we believe have substantial geological potential. With our
international expertise in mining, finance and project development, together with highly
skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as
we create and pursue new opportunities.

[Sozzi]

December 1, 2003
Verena Minerals Corporation announces that
it has closed private placement of 12,333,988 units at $0.15 a unit for gross proceeds of
$1,850,098.45 to the Company. Each unit is comprised of one common share and ½ of one share
purchase warrant, each whole warrant being exercisable for an additional share for up to eighteen
months at an exercise price of $0.20. The placement was brokered by Dominick & Dominick
Securities Inc., for a commission of 6% paid in cash and broker warrants over units in an amount
equal to 6% of the offering, exercisable at $0.15 for 12 months, on a portion of the placement.
The securities issued under the private placement are subject to a 4 month resale restriction.
The Company also announces it has issued a further 1,718,000 common shares and 778,333
share purchase warrants as consideration for the conversion of $257,700 of debt. The warrants
are also exercisable for an additional share for up to eighteen months at an exercise price of
$0.20. All of these securities are subject to a 4 month resale restriction.
In addition, the Company also announces that the remaining part of its convertible debenture has
been paid.
Toronto based Verena Minerals Corporation, is focussed on the exploration and development of
gold projects in Brazil. Through its wholly owned Brazilian subsidiaries, the Company controls
over 100,000 hectares of prospective exploration concessions covering major mineralised belts in
Goiás, Minas Gerais, Rio Grande do Norte, Para and Tocantins states. Verena currently has
issued and outstanding 50,974,436 common shares.

[Sozzi]

WOLFDEN RESOURCES INC. is pleased to announce that exchange approval
has been received relating to the previously announced agreement with KINROSS GOLD
CORPORATION (TSX:K, NYSE:KGC) whereby Wolfden will acquire a 100% interest in the
Ulu Gold Property located in Nunavut, Canada. For this acquisition, Wolfden will pay to
Kinross USD$2 Million and 2 Million Units of Wolfden. Each Unit consists of one Common
Share and one-half share purchase warrant – each full purchase warrant will entitle Kinross to
acquire an additional Common Share of Wolfden at an exercise price of $5.80, exercisable for 18
months following closing. In addition, Wolfden will purchase mining equipment from Kinross
for CDN$1.127 Million.

[Tsuba]

Übermäßig viel scheint DUNDEE nicht

von GM´s zu verstehen, wenn ich

die Kurse der letzten 3 Monate

anschaue.

Zwar steigend, aber viel zu wenig.

Haben die soviele GM´s im Portefolio,

daß sie den Wald vor lauter Bäumen

nicht mehr sehen?

Gruss

Tsuba

[Sozzi]

@tsuba,

wer langsam steigt fällt auch nicht so stark , z.B. bei manipulierten schmerzhaften Korrekturen...

[Sozzi]

@tsuba,

haste dir schon mal den Net Asset Value von DPM angeschaut ? Allein dort müsste der Kurs nochmal ca. 20 % zulegen...

[Sozzi]

Top Ten Holdings at November 30, 2003



Name Shares (Total%)

Miramar Mining Corporation Common Shares 14,381,145 (15.2)

Cambior Inc. Common Shares 7,264,700 (11.3)

Major Drilling Group Intrenational Common Shares 2,200,000 (7.7)

FNX Mining Company Inc. Common Shares 2,425,000 (6.5)

Gabriel Resources Ltd. Common Shares 3,830,000 (6.0)

Pacific Rim Mining Corporation Common Shares 7,827,258 (4.6)

Tahera Corporation Common Shares 31,138,806
Warrants 3,800,000
Convertible Debenture 2,817,000 (4.6)

Wolfden Resources Inc. Common Shares 1,325,000 (3.2)


Eldorado Gold Corporation Common Shares 2,067,109 (3.2)

Apollo Gold Corporation Common Shares 2,500,000
Purchase Warrants 625,000 (2.8)

[Sozzi]

Titanium Corporation to Build World’s First
Mineral Sand Processing Facility in Saskatchewan
New pilot plant a major step toward making Canada the world’s premier centre
of commercial titanium, zircon production

Regina, Sask., December 10, 2003 - Titanium Corporation Inc. today announced it is investing $5 million to build and operate the world’s first mineral
sand processing facility at the Regina Research Park in Saskatchewan. The pilot plant
will demonstrate Titanium Corporation’s proprietary technology to produce high-grade
titanium bearing minerals and zircon from Syncrude Canada’s centrifuge plant tailings in
Fort McMurray, Alberta.





PS: @tsuba,
siehste, in den "Korrekturphasen" korrigiert DPM nicht nach unten...

[Sozzi]

zu #3

Thursday, December 11, 2003
METALLICA RESOURCES INC.

Metallica Resources has raised CAD85.14 million to develop the Cerro San Pedro gold and silver project in Mexico, satisfy debt obligations to Glamis Gold resulting from its acquisition of Glamis`s 50% interest in the Cerro San Pedro project in February, and for general working capital purposes. Metallica issued 38.7 million units at CAD2.20 a unit, with Canaccord Capital as lead agent and including GMP Securities, Orion Securities and Westwind Partners. Metallica anticipates construction at the Cerro San Pedro project to begin in the first quarter of 2004 with production commencing by the end of 2004. The gold-silver project is estimated to contain a mineable reserve of 61.1 million tonnes grading 0.59 g/t Au and 24 g/t Ag at a waste-to-ore ratio of 1.2:1. Average annual production for the project is estimated to be approximately 90,400 ounces of gold and 2.1 million ounces of silver, or approximately 120,000 ounces of gold equivalent, over an estimated mine life of approximately 8.5 years.

[Sozzi]

Thursday, December 11, 2003
MIRAMAR MINING CORPORATION

Miramar Mining has raised CAD19.7 million to continue the exploration of the Hope Bay belt and for expenditures on the George and Goose Lake properties in Nunavut. Miramar issued 4,151,574 flow-through common shares and 1.5 million units for gross proceeds of CAD19,728,245. Miramar has the option to earn a 60% interest in the large George and Goose Lake projects in Nunavut from Kinross Gold for expenditures of CAD25 million. Last month, Miramar announced that surface exploration at the Hope Bay project had located new gold and base metal showings in under explored regions of the Hope Bay belt. Resources for Goose Lake / George Lake, which encompass approximately 390 sq km of mineral rights located 520 km northeast of Yellowknife, and approximately 165 km southwest of Miramar`s Hope Bay project, were estimated by Watts Griffis and McOuat last year, at a 5 g/t Au cut-off, as 4.37 million tonnes at 9.8 g/t Au indicated and 1.88 million tonnes at 9.9 g/t Au Inferred.

[Sozzi]

Wednesday, December 10, 2003
FNX MINING COMPANY

FNX have exercised the option-to-purchase agreement with Inco and have acquired a 100% interest in the mineral rights to the McCreedy West, Levack, Norman, Victoria and Kirkwood properties. The Sudbury JV also has access to, and use of, such part of the surface rights and facilities on the properties as required to permit exploration, development and mining operations, subject to certain conditions as Inco may reasonably require. In order to exercise the option granted under the agreement, the Sudbury JV was required to incur exploration and development expenditures totaling CAD30 million on the properties over a 52-month period, commencing January 10, 2002. The Sudbury JV`s exploration expenditures totaled CAD15.2 million in 2002 and are expected to total approximately CAD24.5 million in 2003.

[Sozzi]

Wednesday, December 10, 2003
MCWATTERS MINING INC.

Richmont Mines has concluded a transaction with McWatters Mining whereby Richmont acquired from McWatters the East Amphi Property and the Fourax Property, located near Malartic in northwestern Quebec, for a cash consideration paid on closing of CAD7 million. McWatters is to complete a CAD6 million exploration program on the East Amphi Property by December 31, 2004, which will also constitute additional consideration for Richmont Mines under the agreement. Richmont Mines, on behalf of McWatters, will manage the exploration work. McWatters will be entitled to receive a 2% NSR royalty, applicable after 300,000 ounces of gold is produced from the East Amphi and Fourax properties. Richmont Mines has the option to purchase the 2% royalty for CAD1.5 million at any time after the start of production.

[Sozzi]

Eldorado Gold meldet für das Septemberquartal eine Goldproduktion von 23.327 oz aus der brasilianischen Sao Bento Mine, was einer Jahresrate von etwa 100.000 oz entspricht. Bei Nettoproduktionskosten von 245 $/oz und einem Verkaufspreis von 358 $/oz lag die Bruttogewinnspanne bei 113 $/oz. Dennoch verzeichnete Eldorado einen operativen Verlust von 1,7 Mio. A$ oder 52 $/oz. Die Goldreserven der Sao Bento Mine konnten auf 531.000 oz erweitert werden, was einer Lebensdauer von 5,3 Jahren entspricht. Im türkischen Kisladag Projekt konnten die Goldreserven auf 5,1 Mio. oz ausgeweitet werden, was bei einer angestrebten Produktion von 246.000 oz einer Lebensdauer von 20,7 Jahren entsprechen würde. Eine Produktionsentscheidung soll noch im Jahresverlauf 2003 getroffen werden, so daß die Produktion im Dezemberquartal 2004 gestartet werden kann. Im Efemcukuru Projekt, das ebenfalls in der Türkei liegt, konnte Eldorado Goldreserven von 784.000 oz nachweisen. Vorläufig ist der Produktionsbeginn für das Septemberquartal 2006 vorgesehen. In 2 weiteren türkischen Projekten konnten Ressourcen von 430.000 oz bestätigt werden. Eldorado macht keine Angaben über die Höhe der Vorwärtsverkäufe. Am 30.09.03 stand einem Cashbestand von 122,2 Mio. A$ eine gesamte Kreditbelastung von 18,2 Mio. A$ gegenüber.
Beurteilung: Sollte Eldorado bis 2006 eine jährliche Goldproduktion von 450.000 oz bei einer Gewinnspanne von 100 A$/oz umsetzen können, würde sich ein KGV von 26,0 einstellen. Damit nimmt Eldorado bereits jetzt eine positive Entwicklung vorweg und bietet kein überdurchschnittliches Aktienkurspotential mehr. Positiv sind die große Reservenbasis, das Explorationspotential und die niedrige Kreditbelastung. www.goldseiten.de

[GretaSchloch]

NEWS RELEASE TRANSMITTED BY CCNMatthews



FOR: DUNDEE PRECIOUS METALS INC.

TSX SYMBOL: DPM.A DPM.WT.A

DECEMBER 16, 2003 - 18:10 ET

Dundee Precious Metals Announces Third Quarter Financial
Results

TORONTO, ONTARIO--

Management`s Discussion and Analysis

The following chart provides a summary of the total net assets,
basic net asset value per share, diluted net asset value per
share and the share price for Dundee Precious Metals Inc. (the
"Company") compared to the London Gold AM Fix benchmark, for the
periods listed below:


/T/

------------------------------------------------------------------------
------------------------------------------------------------------------
October 31, July 31, January 31,
2003 2003 2003
------------------------------------------------------------------------
Total Net Assets ($ millions) $268.9 $196.7 $188.2
------------------------------------------------------------------------
Basic Net Asset Value Per Share $38.36 $28.62 $27.30
------------------------------------------------------------------------
Diluted Net Asset Value Per Share $34.97 NA NA
------------------------------------------------------------------------
Share Price (DPM.A) $30.19 $23.45 $21.40
------------------------------------------------------------------------
London Gold AM Fix (US $) $384.60 $335.75 $370.35
------------------------------------------------------------------------

/T/

The total net assets of the Company at October 31, 2003 increased
by 36.7% from July 31, 2003 to $268.9 million, and have increased
by 42.9% from January 31, 2003. The increase in total net assets
of $72.2 million, during the third quarter, was the result of
unrealized appreciation in the carrying value of investments of
$59.6 million (net of future income taxes), proceeds from warrant
holders purchasing Class A shares of $3.5 million, and net income
of $9.1 million.

The year-to-date increase in total net assets, of $80.7 million,
was the result of unrealized appreciation in the carrying value
of investments of $41.2 million (net of future income taxes),
proceeds from warrant holders purchasing Class A shares of $3.5
million, net income of $36.4 million and the expenditure of $0.4
million to purchase and cancel 22,400 Class A shares.

A diluted net asset value per share occurs when the market price
of the Class A shares exceeds the $25.00 per share exercise price
of the outstanding Class A Share Purchase Warrants, which was the
case as at October 31, 2003. The diluted net asset value per
share was calculated by adding to the net asset value an amount
equal to the gross proceeds which would have been received by the
Company assuming the exercise of all outstanding warrants, and by
adding to the Class A shares outstanding the number of shares
which would have been issued upon the exercise of such warrants.

Results of Operations

The Company`s reported earnings reflect only interest, dividend
and other income, and realized gains and losses on disposition of
investments. As they do not include unrealized gains and losses
in the investment portfolio, earnings are only a partial measure
of the Company`s performance. Accordingly, the performance of the
Company is best measured by the change in the net asset value per
share.

Income Before Taxes

Income before taxes for the nine months ended October 31, 2003
was $46.6 million compared to $28.4 million for the same period
in 2002. During the three months ended October 31, 2003 income
before taxes was $11.5 million, an increase of $13.1 million for
the comparative period in 2002, and a decrease of $13.1 million
over the second quarter ended July 31, 2003.

During the three months ended October 31, 2003 the Company had
realized net gains on the sale of investments of $14.7 million.
Year-to-date realized gains on the sale of investments are $52.2
million compared to $31.4 million in the same period of 2002. The
Company continues to take advantage of opportunities that become
available in the current gold market. During the nine months
ended October 31, 2003 the Company disposed of an investment in
East African Gold Mines Ltd., which it had held for the last five
years, realizing a gain of $21.0 million. Other significant
realized gains on the sale of investments year-to-date include
Eldorado Gold Corporation ($17.0 million), Rio Narcea Gold Mines
Ltd. ($8.0 million) and Compania de Minas Beunaventura SA ($4.6
million).

Year-to-date the combined dividend, interest and other income was
$0.6 million compared to $1.1 million for the same period in the
previous year. The decrease of $0.5 million was primarily due to
the disposal of certain dividend and interest paying investments.


Expenses

Expenses to October 31, 2003 were $6.2 million compared with $4.1
million in the same period of 2002.

Management fees expense during the nine months ended October 31,
2003 was $1.7 million, compared to $1.3 million for the same
period in 2002. Management fees are calculated based on the
average net assets of the Company. The increase in management
fees is consistent with the increase in these assets.

During the nine month period, the Company has accrued a
performance fee expense of $3.3 million compared to $2.1 million
for the same period in the previous year. The Manager is entitled
to a performance fee of up to 2.0% of the Company`s average total
assets for the year subject to the Company outperforming its gold
bullion benchmark. The performance fee is payable at the end of
the Company`s fiscal year.

Interest, administrative and other expenses increased by $0.5
million year-to-date over those of 2002. Increases in director
fees of $0.2 million and interest charges of $0.2 million
primarily accounted for most of this change. During the nine
month period ended October 31, 2003, the Company had utilized the
line of credit available to it, resulting in interest charges,
whereas these charges were nominal during the same period in the
prior year.

Investment Portfolio

At October 31, 2003, the investment portfolio had unrealized
appreciation (net of future income taxes) of $115.6 million
compared to $74.4 million at January 31, 2003. The Company`s
portfolio mix was 85.2% Canadian, 0.9% Australian, 3.9% Latin
American, 0.5% United States of America, and 9.5% Other
Investments, with approximately 87.7% of the portfolio invested
in gold and precious metals related companies and 12.3% in other
mineral related companies.

On September 30, 2003, through a wholly-owned single purpose
subsidiary, Dundee Precious Acquisition Inc. ("DPAI"), the
Company acquired certain Bulgarian companies holding mining
assets from Navan Mining plc, an entity in administrative
receivership. The assets consist of the following:

- A pre-feasibility stage development project called Ada Tepe,
located near Krumovgrad, Bulgaria;

- a series of exploration licences covering Central and Eastern
Rhodope in southern Bulgaria;

- the Chelopech mine, a producing gold/copper mine, located 75 km
east of Sofia, the capital city of Bulgaria;

- and approximately U.S. $25.0 million in intercompany advances,
which were assigned a nominal value.

DPAI purchased the Bulgarian companies for U.S. $26.5 million
payable as follows; U.S. $10.0 million paid on completion of the
transaction on September 30, 2003, U.S. $4.0 million payable
between December 31, 2004 and December 31, 2005 and U.S. $12.5
million payable when certain governmental approvals for the Ada
Tepe gold project are obtained. A 1% royalty will be payable on
certain grass-roots exploration properties based on any future
gross revenues received from mineral production from these
properties. DPAI intends to spend U.S. $5.0 million to complete
the drilling program and the production feasibility study at the
Ada Tepe deposit. In addition, it is estimated that approximately
U.S. $45.0 million will be required to construct a production
facility at Ada Tepe within the next four years. With respect to
the Chelopech mine, it is estimated that U.S. $36.0 million will
be spent over the next 2.5 years to expand the mine and related
facilities in order to increase mine output to 1.5 million tonnes
per annum.

As at October 31, 2003, the Company had advanced Cdn $28.1
million to DPAI to finance its investment in the Bulgarian
assets. The following table summarizes management`s preliminary
estimates of the fair values of the assets acquired and
liabilities assumed as at the date of acquisition. Currently, the
Company and DPAI are in the process of obtaining third party
valuations for certain assets and liabilities, which may result
in further adjustments to the purchase price. These adjustments
will be recorded once these valuations are complete.


/T/

(US$ millions)
Current assets $ 6.3
Resources assets (1) 33.6
-----
$39.9
-----
Current liabilities $ 6.0
Other liabilities (2) 15.4
-----
21.4
Investment and advances from the Company (3) 18.5
-----
$39.9
-----

/T/

(1) The recoverability of these costs is dependent upon the
future successful development and operation of these assets, or
upon their disposition at an amount in excess of costs incurred.

(2) Other liabilities include the U.S. $4.0 million in notes
payable between December 2004 and December 2005 plus an estimate
of U.S. $10.0 million for environmental and future mine closure,
site reclamation and other costs relating to the Chelopech Gold /
Copper Mine. Excluded from these figures is a U.S. $12.5 million
payment which is contingent on the receipt of the necessary
mining permits for Ada Tepe.

(3) The investment and advances reflects the investment of the
Company in DPAI as at September 30, 2003.

(4) Since acquisition, the Bulgarian operations have incurred
losses of approximately U.S. $700,000 to October 31, 2003 and
certain third party debts aggregating U.S. $2.1 million were
settled for U.S. $700,000.

Liquidity and Capital Resources

The Company`s cash position of $11.6 million at October 31, 2003
was primarily the result of proceeds received on the sale of
investments, and Class A Share Purchase Warrant holders
exercising their right to purchase Class A Shares.

In addition to raising cash through the sale of securities, the
Company has a credit facility with a Canadian chartered bank of
up to $25.0 million that provides the Company with the benefit of
leverage, opportunities to increase returns, and the ability to
better manage cash flows. This facility matures on March 12,
2005, but may be extended for a further year with the approval of
the bank. Draws on the credit facility are secured by the
Company`s assets and bear interest at prime lending rate plus 1/4
of 1%. As at October 31, 2003 the Company does not have any
balance outstanding under this facility.

As described above, the Company`s wholly-owned subsidiary, DPAI,
has entered into various commitments relating to the outstanding
balance of the purchase price of the Bulgarian gold-copper
properties. In addition, the Company has committed to provide
funding for the commencement of the development activities
related to these assets, which is currently estimated to cost US
$20.0 million to April 2004. The Company has sufficient cash and
lines of credit available to support this activity. The Company
is in the process of reviewing alternative methods of financing
DPAI`s costs and commitments. Any decision made in this regard
will be made with the view to optimizing the benefits to the
Company.

Share Capital

A brief analysis of capital stock, warrants and contributed
surplus as at October 31, 2003 is included in the table below.


/T/

------------------------------------------------------------------------
Number of Amount
Shares ($000`s)
------------------------------------------------------------------------

Class A shares 7,007,046 $82,949
Class A share purchase warrants 2,380,526 2,381

Common shares 3,000 1

------------------------------------------------------------------------
85,331
Contributed surplus 456
------------------------------------------------------------------------
$85,787
------------------------------------------------------------------------
------------------------------------------------------------------------

/T/

During the nine month period ended October 31, 2003, the Company
has purchased and cancelled 22,400 Class A shares under its
normal course issuer bid at a cost of $437,248.

During the third quarter ended October 31, 2003, 139,474 Class A
Share Purchase Warrants were exercised for an equivalent number
of Class A Shares at $25.00 per share plus the cost of the Share
Purchase Warrant of $1.00 per Warrant. Non-Canadian resident
warrant holders are encouraged to consult with their legal or
financial advisers as certain exercise restrictions may apply.

Outlook

Management is pleased with the progress achieved in the nine
months ended October 31, 2003. The Company was successful in
increasing its net asset value and is currently determining the
extent and nature of its future investment activities with
respect to the Bulgaria acquisition.

This document contains certain forward-looking statements that
reflect the current views and/or expectations of Dundee Precious
Metals Inc. with respect to its performance, business and future
events. By their nature, these statements involve a number of
risks, uncertainties and assumptions. Actual results and events
may vary materially from those expressed or implied in these
statements. The inclusion of this information herein should not
be regarded as a representation by the Company and investors are
cautioned not to place undue reliance on such information.

Dundee Precious Metals Inc., is a TSX listed closed-end
investment company, managed by Dynamic Mutual Funds Ltd., which
provides investors with an opportunity to invest in a portfolio
of precious metals related and mineral investments. The principal
objectives of the Company are to provide investors with capital
appreciation and the provision of a hedge against inflation,
while providing a portfolio diversified among issuers and
geography.


/T/

DUNDEE PRECIOUS METALS INC.
STATEMENT OF INVESTMENT PORTFOLIO

As at October 31, 2003
(expressed in thousands of Canadian dollars except share or unit
amounts) (unaudited)

------------------------------------------------------------------------
Par value/
shares Carrying % of
or units Cost Value Portfolio
------------------------------------------------------------------------
CANADIAN EQUITIES AND CONVERTIBLES

150,000 Altius Minerals Corporation $168 $412
3,666,667 American Bonanza Gold Mining Corp. 550 1,577
3,666,667 American Bonanza Gold Mining Corp.,
Purchase Warrants, Oct. 18 04 - 953
88,064 American Natural Energy Corporation 42 81
1,000,000 Anatolia Minerals 618 1,543
2,500,000 Apollo Gold Corp. 3,168 5,525
625,000 Apollo Gold Corp., Purchase Warrants,
Mar. 21 04 - 62
479,040 Argosy Minerals Inc. 2,002 101
3,327,945 Ariane Gold Corp. 2,324 4,626
1,033,333 Atikwa Minerals Limited, Special
Warrants 140 196
2,937,500 Bolivar Gold Corporation 1,650 6,169
1,000,000 Bolivar Gold Corporation, Warrants,
Mar. 17 08 - 1,450
468,750 Bolivar Gold Corporation, Purchase
Warrants, Apr. 09 04 - 872
7,264,700 Cambior Inc. 5,649 29,349
1,600,000 Campbell Resources Inc. 960 1,488
200,000 Canadian Royalties Inc. 455 448
500,000 Cumberland Resources Ltd. 1,405 2,450
1,250,000 Dia Bras Exploration Inc. 150 1,800
1,250,000 Dia Bras Exploration Inc., Purchase
Warrants, Sept. 12 05 - 1,588
13,355,617 Diagem International Resource Corp. 2,111 4,007
4,843,750 Dumont Nickel Inc. 775 1,986
2,421,875 Dumont Nickel Inc., Purchase Warrants,
Oct. 05 05 - 412
2,500,000 Eastmain Resource Inc. 750 1,400
2,067,109 Eldorado Gold Corporation 1,048 9,157
533,030 European Goldfields Ltd. 837 1,141
2,425,000 FNX Mining Company Inc. 970 21,219
3,000,000 Full Riches Investment Ltd., Special
Warrants 300 300
3,830,300 Gabriel Resources Ltd. 5,924 15,398
2,000,000 GlobeStar Mining Corporation 1,150 1,710
5,306,200 Golden Queen Mining Co. Ltd. 3,694 3,131
1,200,000 Greystar Resources Ltd. 1,600 3,300
1,562,500 Hedman Resources Ltd., Restricted 500 312
1,562,500 Hedman Resources Ltd., Purchase
Warrants, June 13 04 - 16
2,099,286 Manhattan Minerals Corp. 1,810 2,477
107,143 Manhattan Minerals Corp. - 46
1,529,000 Manhattan Minerals Corp., Purchase
Warrants, Oct. 22 05 - 1,024
$900 Manhattan Minerals Corp. Convertible
Note 900 1,123
2,200,000 Major Drilling Group International
Inc. 7,737 22,000
12,625,000 McWatters Mining Inc., Restricted 2,020 568
6,312,500 McWatters Mining Inc., Purchase
Warrants, June 27 04 - 63
850,000 Metallic Ventures Inc. 1,669 6,103
700,000 Metallica Resources Inc. 1,260 1,701
14,381,145 Miramar Mining Corporation 23,271 39,548
14,650 Nichromet Extractions Inc., Class A
Common Shares (a) 205 205
1,540,000 Northern Orion Resources Inc. 1,848 4,312
770,000 Northern Orion Resources Inc.,
Purchase Warrants, May 29 08 154 1,070
2,698,413 Northgate Exploration Ltd. 4,838 7,475
99,207 Northgate Exploration Ltd., Purchase
Warrants, Dec. 28 06 - 79
833,333 Northgate Exploration Ltd., Special
Warrants 538 708
130,000 Opti Canada, Class C Common Shares,
Restricted (a) 1,885 1,885
7,827,258 Pacific Rim Mining Corporation 7,859 7,984
1,250,000 Pele Mountain Resources Inc. 250 625
625,000 Pele Mountain Resources Inc., Purchase
Warrants, Jun. 18 04 - 125
368,421 Ranchgate Energy Inc. 350 401
600,000 South Atlantic Ventures Ltd. 1,200 3,240
300,000 South Atlantic Ventures Ltd.,
Purchase Warrants, Dec. 16 04 - 945
852,273 Stratic Energy Corporation, Special
Warrants - 9
31,138,806 Tahera Corporation 4,056 5,916
3,800,000 Tahera Corporation, Purchase
Warrants, Aug. 29 04 - 190
7,250,000 Tahera Corporation, Purchase Options,
Jun. 15 04 - 290
$2,817 Tahera Corporation, 8.00%,
Convertible, Aug. 04 04 2,817 4,282
1,600,000 Titanium Corporation Inc. 2,738 3,360

400,000 Titanium Corporation Inc., Escrow
Shares $492 $714
869,329 Twin Mining Corporation 468 296
1,222,033 Verena Minerals Corporation 896 318
1,000,000 Western Canadian Coal Corp. 549 520
500,000 Western Canadian Coal Corp., Purchase
Warrants, Nov. 22 04 1 25
1,825,000 Wolfden Resources Inc. 2,573 9,089
------------------------------------------------------------------------
111,324 252,895 85.2%
------------------------------------------------------------------------
AUSTRALIAN EQUITIES

3,957,016 Revesco Group 316 554
3,957,016 Revesco Group, Purchase Options,
Nov. 11 11 117 443
3,129,063 Red Back Mining NL 963 1,754
------------------------------------------------------------------------
1,396 2,751 0.9%
------------------------------------------------------------------------
LATIN AMERICAN EQUITIES

182,530 Compania de Minas Buenaventura SA,
Sponsored ADR, Series "B" 1,037 11,465
------------------------------------------------------------------------
1,037 11,465 3.9%
------------------------------------------------------------------------
US EQUITIES

625,000 Western Goldfield Inc., Units 657 1,649
------------------------------------------------------------------------
657 1,649 0.5%
------------------------------------------------------------------------
OTHER INVESTMENTS

1 Investment in Bulgarian Project
(Note 2 to the Financial
Statements) 28,112 28,112
------------------------------------------------------------------------
28,112 28,112 9.5%
------------------------------------------------------------------------
------------------------------------------------------------------------
$142,526 $296,872 100.0%
------------------------------------------------------------------------
------------------------------------------------------------------------

See accompanying notes to the unaudited interim financial statements.

(a) Shares of a private company which are not freely tradeable.


DUNDEE PRECIOUS METALS INC.
STATEMENTS OF FINANCIAL POSITION

As at October 31, 2003 and January 31, 2003
(expressed in thousands of Canadian dollars except per share amounts)
(unaudited)

------------------------------------------------------------------------
October 31, January 31,
2003 2003
------------------------------------------------------------------------

Assets
Investments at carrying value
(cost - $142,526; January 31, 2003 - $127,903) $296,872 $227,482
Cash 11,620 910
Interest, dividends and other receivables 93 372
Income taxes recoverable 3,605 -
------------------------------------------------------------------------
$312,190 $228,764
------------------------------------------------------------------------
------------------------------------------------------------------------

Liabilities
Accounts payable and accrued liabilities $654 $675
Performance fee payable 3,325 3,744
Bank loan - 3,800
Income taxes payable - 6,101
Future income taxes 39,337 26,253
------------------------------------------------------------------------
43,316 40,573
------------------------------------------------------------------------

Shareholders` Equity
Capital stock, warrants and contributed surplus
(Note 3) 85,787 82,738
Retained earnings 67,463 31,033
Unrealized appreciation in carrying value
of investments, net of future income taxes
of $38,722;
January 31, 2003 - $25,159 115,624 74,420
------------------------------------------------------------------------
Net Assets Represented By Shareholders` Equity 268,874 188,191
------------------------------------------------------------------------
$312,190 $228,764
------------------------------------------------------------------------
------------------------------------------------------------------------
Basic Net Asset Value Per Share $38.36 $27.30
------------------------------------------------------------------------
------------------------------------------------------------------------
Diluted Net Asset Value Per Share $34.97 N/A
------------------------------------------------------------------------
------------------------------------------------------------------------

See accompanying notes to the unaudited interim financial statements.


DUNDEE PRECIOUS METALS INC.
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS

For the three and nine month periods ended October 31
(expressed in thousands of Canadian dollars except per share amounts)
(unaudited)

------------------------------------------------------------------------
Three Months Nine Months
2003 2002 2003 2002
------------------------------------------------------------------------
Investment Income
Dividends $74 $39 $162 $386
Interest and other income 192 289 442 725
------------------------------------------------------------------------
266 328 604 1,111
Net realized gain (loss) on sale of
investments 14,729 (812) 52,226 31,390
------------------------------------------------------------------------
14,995 (484) 52,830 32,501
------------------------------------------------------------------------
Expenses
Management fee 686 430 1,708 1,322
Performance fee 2,402 475 3,325 2,099
Interest on bank loan 12 58 218 65
Administrative and other expenses 191 130 565 364
Goods and services and other taxes 226 71 394 264
------------------------------------------------------------------------
3,517 1,164 6,210 4,114
------------------------------------------------------------------------
Income (Loss) Before Taxes 11,478 (1,648) 46,620 28,387
Provision for (Recovery of) Income Taxes
Current 4,569 (843) 10,670 6,691
Future (2,203) 63 (480) (1,687)
------------------------------------------------------------------------
2,366 (780) 10,190 5,004
------------------------------------------------------------------------
Net Income (Loss) $9,112 $(868) $36,430 $23,383
------------------------------------------------------------------------
------------------------------------------------------------------------
Net Income (Loss) Per Share $1.32 $(0.09) $5.29 $3.39
------------------------------------------------------------------------
------------------------------------------------------------------------

Retained Earnings
Balance, beginning of period $58,351 $33,324 $31,033 $9,073
Net income (loss) 9,112 (868) 36,430 23,383
------------------------------------------------------------------------
Balance, end of period $67,463 $32,456 $67,463 $32,456
------------------------------------------------------------------------
------------------------------------------------------------------------

See accompanying notes to the unaudited interim financial statements.


DUNDEE PRECIOUS METALS INC.
STATEMENTS OF CHANGES IN NET ASSETS

For the three and nine month periods ended October 31
(expressed in thousands of Canadian dollars except per share amounts)
(unaudited)

------------------------------------------------------------------------
Three Months Nine Months
2003 2002 2003 2002
------------------------------------------------------------------------
Net income (loss) $9,112 $(868) $36,430 $23,383
Change in unrealized appreciation
in carrying
value of investments, net of
future income taxes 59,606 1,533 41,204 2,155
Purchase of Class A shares - (1,093) (438) (1,706)
Exercise of Class A Share Purchase
Warrants 3,487 - 3,487 -
------------------------------------------------------------------------
Changes in net assets during the
period 72,205 (428) 80,683 23,832
Net assets, beginning of period 196,669 140,516 188,191 116,256
------------------------------------------------------------------------
Net assets, end of period $268,874 $140,088 $268,874 $140,088
------------------------------------------------------------------------
------------------------------------------------------------------------
Basic Net Asset Value Per Share $38.36 $20.32 $38.36 $20.32
------------------------------------------------------------------------
------------------------------------------------------------------------
Diluted Net Asset Value Per Share $34.97 N/A $34.97 N/A
------------------------------------------------------------------------
------------------------------------------------------------------------

See accompanying notes to the unaudited interim financial statements.


DUNDEE PRECIOUS METALS INC.
STATEMENTS OF CHANGES IN INVESTMENTS

For the three and nine month periods ended October 31
(expressed in thousands of Canadian dollars) (unaudited)

------------------------------------------------------------------------
Three Months Nine Months
2003 2002 2003 2002
------------------------------------------------------------------------

Investments at carrying value,
beginning of period $197,607 $160,251 $227,482 $122,869
Unrealized appreciation in the
carrying value of investments,
beginning of period (74,779) (30,462) (99,579) (30,356)
------------------------------------------------------------------------
Investments at cost, beginning of
period 122,828 129,789 127,903 92,513
------------------------------------------------------------------------
Cost of investments purchased
during the period 24,291 15,544 45,334 82,881
------------------------------------------------------------------------
Cost of investments sold during
the period
Proceeds from sales (19,322) (11,097) (82,937) (73,360)
Net realized gain (loss) on
sale of investments 14,729 (812) 52,226 31,390
------------------------------------------------------------------------
(4,593) (11,909) (30,711) (41,970)
------------------------------------------------------------------------
Investments at cost, end of
period 142,526 133,424 142,526 133,424
Unrealized appreciation in the
carrying value of investments,
end of period 154,346 33,309 154,346 33,309
------------------------------------------------------------------------
Investments at carrying value,
end of period $296,872 $166,733 $296,872 $166,733
------------------------------------------------------------------------
------------------------------------------------------------------------

See accompanying notes to the unaudited interim financial statements.


DUNDEE PRECIOUS METALS INC.
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
For the three and nine month periods ended October 31, 2003 and 2002

(tabular amounts expressed in thousands of Canadian dollars except per
share amounts) (unaudited)

/T/

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF
PRESENTATION

The interim financial statements of Dundee Precious Metals Inc.
(the "Company") have been prepared in accordance with Canadian
generally accepted accounting principles and follow the same
accounting principles and methods of application as those
disclosed in note 2 to the Company`s audited financial statements
for the year ended January 31, 2003. These interim financial
statements should be read in conjunction with the Company`s
audited financial statements for the year ended January 31, 2003.


The Company created a single purpose wholly-owned subsidiary,
Dundee Precious Acquisition Inc. ("DPAI"), to facilitate the
investment in Bulgaria. Dundee Precious Metals Inc. is an
investment company and accounts for this subsidiary at fair
value.

2. INVESTMENT

On September 30, 2003, the Company through DPAI acquired certain
Bulgarian companies holding mining assets from Navan Mining plc,
an entity in administrative receivership. The assets consist of
the following:

- A pre-feasibility stage development project called Ada Tepe,
located near Krumovgrad;

- a series of exploration licences covering Central and Eastern
Rhodope in southern Bulgaria;

- the Chelopech mine, a producing gold/copper mine, located 75 km
east of Sofia, the capital city of Bulgaria; and

- approximately U.S. $25 million in intercompany advances, which
were assigned a nominal value.

DPAI purchased the Bulgarian companies for U.S. $26.5 million
payable as follows; U.S. $10.0 million paid on completion of the
transaction, U.S. $4.0 million payable between December 31, 2004
and December 31, 2005 and U.S. $12.5 million when certain
governmental approvals for the Ada Tepe gold project are
obtained. A 1% royalty will be payable on certain grass-roots
exploration properties based on any future gross revenues
received from mineral production from these properties.

As at October 31, 2003, the Company had advanced $28.1 million to
DPAI to finance its investment in the Bulgarian assets.

DPAI has entered into various commitments relating to the
outstanding balance of the purchase price of the Bulgarian
gold-copper properties. In addition, the Company has committed to
provide funding for the commencement of the development
activities related to these assets, which is currently estimated
to cost US$20.0 million to April 2004.

3. CAPITAL STOCK, WARRANTS AND CONTRIBUTED SURPLUS

Total capital stock, warrants and contributed surplus outstanding
at October 31, 2003 and January 31, 2003 was:


/T/

------------------------------------------------------------------------
October 31, 2003 January 31, 2003
Number Amount Number Amount
------------------------------------------------------------------------
Class A Shares
Balance, January 31 6,889,972 $79,582 6,991,972 $80,760
Shares purchased and cancelled (22,400) (259) (102,000) (1,178)
Shares issued on exercise of
warrants 139,474 3,626 - -
---------- ------- --------- -------
Balance, end of period 7,007,046 82,949 6,889,972 79,582
---------- ------- --------- -------
Class A Share Purchase Warrants 2,520,000 2,520 2,520,000 2,520
Warrants exercised (139,474) (139) - -
---------- ------- --------- -------
Balance, end of period 2,380,526 2,381 2,520,000 2,520
---------- ------- --------- -------
Common shares 3,000 1 3,000 1
Contributed surplus 456 635
-------- --------
$85,787 $82,738
-------- --------
-------- --------

/T/

a) Warrants

Each warrant entitles the holder to purchase one Class A share at
any time up to February 20, 2004 at $25.00 per share. At October
31, 2003, a total of 139,474 warrants were exercised for
$3,486,850 cash to purchase Class A shares. The total of
$3,626,324 that was allocated to cost of Class A Shares includes
the cash consideration received on the exercise of these
warrants, and $139,474 for the cost of warrants.

b) Shares Purchased

During the period from February 1, 2003 to October 31, 2003, the
Company purchased and cancelled 22,400 Class A shares under its
normal course issuer bid. The difference between the stated
capital of $258,720 of these shares and the cash consideration
paid of $437,248 ($19.52 per share) was allocated to contributed
surplus.

c) Net Asset Value Per Share Calculation

Basic net asset value per share was calculated by dividing total
net assets over total shares outstanding at the end of the
period.

Diluted net asset value per share was calculated by adding to the
total net asset value an amount equal to the gross proceeds which
would have been received by the Company assuming the exercise of
all outstanding warrants, and by adding to the Class A shares
outstanding the number of shares which would have been issued
upon the exercise of such warrants. The adjusted total net asset
value is then divided by adjusted total shares outstanding to
calculate diluted net asset value per share.

4. INCOME TAXES

In 1999 the Company reached a settlement with the Canada Customs
and Revenue Agency ("CCRA") and in 2001 with the Ontario Ministry
of Finance for the taxation years up to and including January 31,
1995, relating to the tax treatment of investment gains. Since
then the Company has accounted for income taxes based on the same
criteria used in the settlement. In 2000, the CCRA audited the
taxation years January 31, 1996 to January 31, 2000 and has
proposed modifying the previously agreed upon criteria for this
period. The Company is in discussions with the CCRA.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Dundee Precious Metals Inc.
C. Bruce Burton
Chief Financial Officer & Vice President of Finance
[phone]

[Sozzi]

Toronto, December 17, 2003 - Dundee Precious Metals Inc. (DPM.A, DPM.WT.A -TSX)
is pleased to announce that John Lydall joined the Corporation’s board of directors
on December 16, 2003. Mr. Lydall has had a distinguished career in the Canadian
financial markets, initially as a top ranked mining analyst and more recently as a senior
investment banker. He spent the majority of his 26 year career at National Bank
Financial and its predecessor company, First Marathon, and recently retired from
National Bank Financial as Managing Director of its mining investment banking group.
During his career as an investment banker, Mr. Lydall has advised and participated in
financings for many North American mining companies.
Mr. Lydall, P.Eng. graduated from Nottingham University with a mining engineering
degree and has an MBA from Cranfield University in the UK. He is a professional
engineer with extensive practical underground mining experience and has served on the
boards and committees of several professional and educational organizations. Jonathan
Goodman, President and Chief Executive Officer of Dundee Precious Metals stated “We
are honoured to have John Lydall join our board. John has had a tremendous career
and we know that all of our shareholders will benefit greatly from his involvement in the
company.”
Mr. Lydall replaces Donn Morgan who has served as a director of the Corporation since
1983. Mr. Goodman stated “We would like to thank Donn Morgan for his 20 years of
service and for the many contributions he has made to the Company during that time.
We wish him the best of luck in his future endeavours.”
Dundee Precious Metals Inc. is a TSX listed, closed-end investment company, managed
by Dynamic Mutual Funds Ltd., which provides investors with an opportunity to invest in
a portfolio of precious metals related and mineral investments.