Dundee Precious Metals Inc.. The Company's principal activity is to provide investors with an opportunity to invest in a closed-end managed portfolio of precious metals related investments and mineral companies. The portfolio of the Company is managed by Dynamic Mutual Funds Ltd. The objective of the Company is to provide investors with capital appreciation and a hedge against inflation while providing a portfolio diversified among issuers and between producing and exploration companies. The Company invests in North American and overseas equities and precious metals using a flexible asset mix policy model. As on 31-Jan-2002, the Company's portfolio mix was 78.2% Canadian, 8.6% Australian and 13.2% Latin American. In addition 84% of the portfolio is invested in gold related companies and 16.0% in other minerals related companies. The Company's major holdings in the portfolio are Buenaventura Ciap de Minas S.A., Cambior Inc., Hope Bay Gold Corporation Inc. and Gabriel Resources Ltd.