<SEC-DOCUMENT>0001144204-17-051644.txt : 20171006
<SEC-HEADER>0001144204-17-051644.hdr.sgml : 20171006
<ACCEPTANCE-DATETIME>20171006145807
ACCESSION NUMBER:		0001144204-17-051644
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20171006
DATE AS OF CHANGE:		20171006

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DGSE COMPANIES INC
		CENTRAL INDEX KEY:			0000701719
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-JEWELRY STORES [5944]
		IRS NUMBER:				880097334
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-220852
		FILM NUMBER:		171126899

	BUSINESS ADDRESS:	
		STREET 1:		15850 DALLAS PARKWAY
		STREET 2:		SUITE 140
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248
		BUSINESS PHONE:		9725874049

	MAIL ADDRESS:	
		STREET 1:		15850 DALLAS PARKWAY
		STREET 2:		SUITE 140
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DALLAS GOLD & SILVER EXCHANGE INC /NV/
		DATE OF NAME CHANGE:	19930114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN PACIFIC MINT INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CANYON STATE CORP
		DATE OF NAME CHANGE:	19860819
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>v476563_s3.htm
<DESCRIPTION>FORM S-3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on October 6, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registration No. 333-_______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT&nbsp;UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF&nbsp;1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Nevada</U></B></FONT></TD>
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>88-0097344</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(State or other jurisdiction of</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(I.R.S. Employer</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>incorporation or organization)</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Identification Number)</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>13220 Preston Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dallas, Texas 75240</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(972) 587-4049</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John R. Loftus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>DGSE Companies,
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>13220 Preston Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dallas, Texas 75240</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(972) 587-4049</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Name, address, including zip code, and
telephone number, including area code, of agent for service)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 55%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John A. Bonnet III, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Stewart &amp; Bonnet, LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>500 N. Akard, Suite 1830</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dallas, Texas 75201</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(214) 740-4260</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximate date of commencement of proposed sale to public<B>:
From time to time after the effective date of this registration statement at the discretion of the Selling Stockholder.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please
check the following box. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act of&nbsp;1933, other than securities offered only in connection with dividend or interest reinvestment
plans, check the following box.</FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following
box. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the Registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer&nbsp; </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer&nbsp; </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(Do not check if a smaller reporting company)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth company&nbsp; </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title of Each Class of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities to be Registered</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount to</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>be Registered(1) </B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed maximum</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>per Unit(3)</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed Maximum </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate offering </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price(3) </B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration Fee</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%">Common Stock, par value $0.01 per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: center">8,500,000 <BR>Shares(2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 17%; text-align: right">1.28</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 17%; text-align: right">10,880,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 17%; text-align: right">1354.56</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Pursuant to Rule 416(a) under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement shall also cover any additional shares of the Registrant&rsquo;s
Common Stock that become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected
without receipt of consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) All common stock offered hereby is for the account of the
Selling Security holder and pursuant to Rule 416 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)
Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under the Securities Act.
Pursuant to Rule 457(c),</FONT> t<FONT STYLE="font-family: Times New Roman, Times, Serif">he offering price per share and aggregate
offering price are based on the average of the high and low sales prices of our common stock for any of the five business days
preceding the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act or until the registration statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to said Section&nbsp;8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>







<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: red"><B>The information in this prospectus
is not complete and may be changed. The Selling Stockholder may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: red"><B>PRELIMINARY PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: red"><B>SUBJECT TO COMPLETION, DATED
OCTOBER 6, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>8,500,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DGSE COMPANIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus relates
to 8,500,000 shares (the &ldquo;Shares&rdquo;) of our common stock, par value $0.01 per share, owned by the Selling Stockholder
listed under the caption &ldquo;Selling Stockholder&rdquo; on page 8. All of the Shares were issued by us in private placement
transactions.&nbsp;The Shares may be sold from time to time by the Selling Stockholder. None of the shares registered herein will
be sold for our account and we will not receive any proceeds from the sale of the common stock. See &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Selling Stockholder
may determine the prices at which it will sell the common stock, which prices may be at market prices prevailing at the time of
such sale or some other price.&nbsp;&nbsp;The Selling Stockholder may sell these shares through underwriters, brokers-dealers or
agents, who may receive compensation in the form of discounts, concessions or commissions.&nbsp;&nbsp;We will bear all costs associated
with the offering and sale of the Shares, other than any underwriting discounts, agency fees, brokerage commissions or similar
costs applicable to the sale of any Shares. See &ldquo;Plan of Distribution&rdquo; for a more complete description of the ways
in which the common stock may be sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our common stock is
traded on the NYSE MKT exchange under the symbol &ldquo;DGSE.&rdquo; On October 4, 2017, the last reported sale price of our common
stock on the NYSE MKT exchange was $1.30 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>INVESTING IN OUR COMMON STOCK INVOLVES RISKS.
SEE &ldquo;RISK FACTORS&rdquo; ON PAGE 6.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
prospectus is truthful and complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">___________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The date of this Prospectus is October 6,
2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 88%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS&nbsp;&nbsp;&nbsp;</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DILUTION</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SELLING STOCKHOLDER</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMISSION POSITION ON INDEMNIFICATION&nbsp;&nbsp;FOR SECURITIES ACT LIABILITIES</FONT></A></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is
part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
using a &ldquo;shelf&rdquo; registration process. Under this process, the Selling Stockholder may sell the securities described
in the prospectus in one or more offerings. This prospectus provides you with a general description of the securities the Selling
Stockholder may offer. A prospectus supplement may also add, update or change information contained in this prospectus. You should
read both this prospectus and any prospectus supplement together with additional information described under the heading &ldquo;Where
You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
this offering, no person is authorized to give any information or to make any representations not contained or incorporated by
reference in this prospectus. If information is given or representations are made, you may not rely on that information or representations
as having been authorized by us. This prospectus is neither an offer to sell nor a solicitation of an offer to buy any securities
other than those registered by this prospectus, nor is it an offer to sell or a solicitation of an offer to buy securities where
an offer or solicitation would be unlawful. You may not imply from the delivery of this prospectus, nor from any sale made under
this prospectus, that our affairs are unchanged since the date of this prospectus or that the information contained in this prospectus
is correct as of any time after the date of this prospectus. The information contained and incorporated by reference in this prospectus
and any accompanying prospectus supplement is accurate only as of the date of this prospectus or the prospectus supplement or the
date of the document incorporated by reference, as the case may be, regardless of the time of delivery of the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not consider
any information in this prospectus to be legal, business or tax advice. You should consult your own attorney, business advisor
and tax advisor for legal, business and tax advice regarding an investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our securities
involves a high degree of risk. You should carefully consider the section entitled &ldquo;Risk Factors&rdquo; in this prospectus
and in any accompanying prospectus supplement before you invest in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
information contained elsewhere in this prospectus and in filings with the SEC incorporated by reference. You should carefully
read the entire prospectus, including &ldquo;Risk Factors&rdquo; beginning on page 6, as well as any accompanying prospectus supplement
and the documents incorporated herein and therein, before investing in the common stock. When we use the terms &ldquo;DGSE,&rdquo;
&ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our,&rdquo; we are referring to DGSE Companies, Inc., unless the context requires
otherwise or we expressly state otherwise in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DGSE Companies, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Company Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were originally
formed as a corporation in the State of Nevada on September 16, 1965 under the name &ldquo;Canyon State Mining Corporation of Nevada.&rdquo;
After several name changes through the years, in 2005 we changed our name to DGSE Companies, Inc. Our principal executive offices
are located at 13022 Preston Rd., Dallas, Texas 75240. Our telephone number is 972-587-4049. Our primary commercial internet addresses
are www.DGSE.com and www.CGDEinc.com, and we also maintain www.DGSECompanies.com primarily as a corporate information and investor
relations website. We hold registered trademarks for the company name &ldquo;Dallas Gold &amp; Silver Exchange&rdquo; and the corresponding
logo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We buy and sell jewelry,
diamonds, fine watches, rare coins and currency, precious metal bullion products, scrap gold, silver, platinum and palladium as
well as collectibles and other valuables. Our customers include individual consumers, dealers and institutions throughout the United
States. Our operations are organized around two primary types of customers, retail customers and wholesale customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Customer Types</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Retail</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After closing several
locations in 2014, 2015 and 2016, our retail products and services are currently marketed through five retail locations in South
Carolina and Texas, including in a new 4,400 square foot retail space in Euless, Texas, which in January 2016 replaced two smaller
locations in the western part of DFW, and a new 15,120 square foot retail space in Dallas, Texas, which, in December 2016, replaced
our main showroom and corporate offices. Our retail locations operate under several banners, including Charleston Gold &amp; Diamond
Exchange, and Dallas Gold &amp; Silver Exchange, and are supported by websites at www.CGDEinc.com and www.DGSE.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our retail footprint
has evolved significantly in recent years, growing and contracting largely in line with changes in the precious metals market.
In 2011, as we acquired Southern Bullion, precious metal prices hit all-time highs, but by 2012 the markets had softened significantly.
During the year ended December 31, 2013 (&ldquo;Fiscal 2013&rdquo;), the precious metals market experienced a significant downturn,
as evidenced by a nearly 30% decrease in the price of an ounce of gold, as measured by London PM Fix, between January 1 and December
31, 2013. While prices were more stable in 2014, they remained well below levels reached in 2011. This downturn significantly changed
the economics of our business, and led us to further evaluate the number and locations of retail stores, resulting in the closure
of all Southern Bullion locations in the first half of Fiscal 2014. The volatility in the price per ounce of gold continued in
Fiscal 2015, which decreased 11.5% as compared to Fiscal 2014. The price per ounce of gold did rebound somewhat by August 2016
to $1,350 an ounce, jumping 26%, only to fall to $1,147 an ounce, by years end. Although this resulted in an 8% net gain, in gold
prices from December 31, 2015 to December 2016, the volatility was still prevalent during Fiscal 2016 and during the 1st and 2nd
quarters of 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Wholesale</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Fairchild International
(&ldquo;Fairchild&rdquo;) division is one of the country&rsquo;s leading dealers of pre-owned fine watches. Fairchild supplies
over 1,100 regional jewelry stores across the country, with pre-owned Rolexes and aftermarket Rolex accessories such as bands,
bezels and dials. A dealer-only online catalog of Fairchild&rsquo;s fine watch inventory can be found at our web site at www.Fairchildwatches.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to our
Fairchild operations, we transact a significant amount of business with wholesalers and other companies in our industry. This wholesale
transactional activity occurs at industry-specific trade shows held periodically throughout the year, during in-person and telephonic
sales calls, and on industry trade websites that facilitate wholesale trades for our industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are currently in
the process of attempting to divest the wholesale fine watch business, but there is no assurance that such divestiture will occur.
The Company intends to focus its fine watch business on retail sales and repair services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Products and Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Jewelry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We sell items in every
major jewelry category, including bridal jewelry, fashion jewelry, custom-made jewelry, diamonds and other gemstones, watches and
findings (jewelry components).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A substantial percentage
of our jewelry inventory is purchased directly from our customers at one of our retail locations. These jewelry items and fine
watches are then cleaned, serviced and repaired by our experienced jewelers so that they are in a like-new condition and suitable
for resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The higher-quality
diamonds and gemstones we purchase are certified by the Gemological Institute of America (&ldquo;GIA&rdquo;) and other third-party
certifying authorities for an independent assessment of their quality. This process aides us in readily reselling these stones
individually or as a component of our custom bridal and fashion jewelry. Mid-quality diamonds and gemstones are often utilized
in custom fashion jewelry or packaged with lower quality stones and sold to wholesalers across the country and abroad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain relationships
with numerous commercial consignment vendors across the country, which supply us with new and estate jewelry, which supplements
jewelry that we purchase over the counter and enhances our overall jewelry offering. During Fiscal 2015 and continuing in 2016,
we accepted consignment merchandise from individuals. Any sales made from this consignment jewelry stock are settled with our commercial
and individual consignment vendors on a monthly or quarterly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also maintain jewelry
repair centers in three of our locations and accept repair, polishing and service orders through all of our retail locations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jewelry retailing is
highly fragmented and competitive. We compete for jewelry sales primarily against specialty jewelers such as Zales, Jared, and
Kay&rsquo;s, as well as other retailers that sell jewelry including department stores, discount stores, apparel outlets, and internet
retailers. The jewelry category competes for a share of our customers&rsquo; disposable income with other consumer sectors such
as electronics, clothing and furniture, as well as travel and restaurants. This competition for consumers&rsquo; discretionary
spending is particularly relevant to gift giving, and also has some relevance with respect to bridal jewelry (e.g. engagement,
wedding, and anniversary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Bullion</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bullion trading
operation buys and sells all forms of gold, silver, platinum and palladium precious metals products, including United States and
other government coins, private mint medallions, wafers, art bars and trade unit bars. Retail bullion transactions are conducted
with individual consumers at all of our store locations and online at www.USBullionExchange.com. Wholesale bullion transactions
are conducted through our main bullion trading operation in Dallas, Texas, which maintains numerous vendor relationships with major
industry wholesalers, mints and institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Bullion products are
purchased and sold based on current market pricing for precious metals. This bullion inventory is subject to market value changes
created by the underlying commodity markets. We periodically enter into futures contracts and utilize offsetting customer orders
in order to hedge our exposure against changes in market prices. While we believe that we have effectively managed the commodity
risk associated with our bullion activity, there are several national and international factors, which are out of our control but
may affect margins, customer demand and transactional volume in our bullion business. These factors include but are not limited
to: U.S. Federal Reserve policies, inflation rates, global economic uncertainty, governmental and private mint supply and other
factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Rare Coins, Currency and Collectibles</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We buy and sell most
numismatic items, including rare coins, currency, medals, tokens and other collectibles. The majority of our rare coin, currency
and collectible revenue is derived from individual customers selling their collections to us. We then consolidate these collections
and resell them through our retail activities, on the wholesale market through national trade shows, through in-person and telephonic
sales calls, and on industry trade websites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Scrap</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Individual and wholesale
customers sell their unwanted jewelry and other precious metals items to us at all of our retail locations. After we have purchased
these valuables, they are processed at a centralized clearing house, where expert jewelers, gemologists and watchmakers sort items
into three main resale categories: Retail Appropriate, Wholesale Appropriate and Refiner Appropriate. Those items deemed appropriate
for resale at one of our retail locations are cleaned, serviced and repaired by our experienced jewelers so that they are in a
like-new condition. The vast majority of these items are then individually tagged and sent to one of our retail locations for future
retail sales. Other items that are not appropriate for our retail locations are grouped into wholesale lots and liquidated at national
trade shows or through in-person dealer to dealer transactions. Items that are not appropriate for either retail or wholesale purposes
are sold to the refiner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Elemetal is also the
principal refiner of our scrap related products. Several other refiners compete for our business on a regular basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Recent Development</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 19, 2017,
DGSE entered into a non-binding letter of intent with Elemetal, LLC (&ldquo;Elemetal&rdquo;) and Elemetal Recycling, LLC (&ldquo;Recycling&rdquo;)
and together with Elemetal, (&ldquo;Sellers&rdquo;) to purchase and acquire Sellers&rsquo; interest in and to the tangible personal
property assets, including inventory, located at 2101 W. Belt Line Road, Carrollton, Texas (the &ldquo;Belt Line Location&rdquo;)
and certain equipment located at 10707 Composite Drive, Dallas, Texas, and the accounts receivables of Recycling arising from the
conduct by Recycling of its business at the Belt Line Location.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration for
the assets, DGSE would pay Sellers $16,000,000 in cash along with paying the Sellers approximately $3,800,000 owed by DGSE to Elemetal,
or any of its subsidiaries, as a result of bullion-related transactions. Thus, the cash purchase price along with paying the bullion
related obligation is expected to be approximately $19,800,000. DGSE would also accept an assignment from Sellers of their rights
and obligations under their existing lease for the Belt Line Location and would assume the accounts payable and other liabilities
of Recycling arising from the conduct of business at the Belt Line Location.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The letter of intent
is non-binding and is subject to numerous conditions, including negotiation and execution of a definitive agreement, approval of
the Boards of the parties and approval of Elemetal&rsquo;s members. No assurance can be made that DGSE will be able to negotiate
a mutually satisfactory definitive agreement with Sellers or that the necessary approvals will be obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Selling Stockholder</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Elemetal is a precious
metals conglomerate based in Dallas, Texas. Its principal holdings include: Elemetal Direct, a Texas-based wholesale dealer of
precious metals; Elemetal Capital, LLC, a leading market maker in the precious metals industries; and Elemetal Recycling, LLC (formerly
known as Echo Environmental), a Texas-based firm focusing on electronic waste recycling and precious metal recovery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through a series of
transactions beginning in 2010, Elemetal now owns 12,814,727 shares of Common Stock (47.7%) (excluding shares that may be purchased
upon exercise of a warrant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to being
our largest shareholder, they are the parent of Elemetal Recycling, LLC, from which we are currently negotiating the purchase of
certain assets. See also &ldquo;The Selling Stockholder&rdquo; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We were formed as
a Nevada corporation in 1965 under the name &ldquo;Canyon State Mining Corporation of Nevada.&rdquo; After several name changes
through the years, in 2005 we changed our name to DGSE Companies, Inc. Our principal executive offices are located at 13022 Preston
Rd., Dallas, Texas 75240. Our telephone number is 972-587-4049. Our primary commercial internet addresses are www.DGSE.com and
www.CGDEinc.com, and we also maintain www.DGSECompanies.com primarily as a corporate information and investor relations website.
The contents of the website are not part of this prospectus, nor is any of its content incorporated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Implications of Being a Smaller Reporting Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">We are a &ldquo;smaller reporting company&rdquo;
as defined in the Securities Exchange Act of 1934, or the Exchange Act, and have elected to take advantage of certain of the scaled
disclosures available to smaller reporting companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DGSE Companies, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seller</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Selling Stockholder. For information about the Selling Stockholder, see &ldquo;Selling Stockholder.&rdquo; We are not selling the securities to the public.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Offered</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,500,000 shares of our common stock, par value $.01.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock Outstanding <SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,924,381 shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are agreeing to use our best efforts to keep the registration statement, of which this prospectus forms a part, effective until the earlier to occur of (i) three (3) years from the date the registration statement becomes effective, (ii) the date on which the registered shares are disposed of in accordance with this prospectus or (iii) the date when the registered shares cease to be Registrable Securities under the registration rights agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our common stock trades on the NYSE MKT exchange under the symbol &ldquo;DGSE.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &ldquo;Risk Factors&rdquo; beginning on page 6 for a discussion of factors you should carefully consider before deciding to invest in our common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not receive any of the proceeds from the sale by the Selling Stockholder of the shares of common stock.&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">As of the date of this Prospectus. Does not include (a) 1,000,000 shares underlying outstanding
warrants held by the Selling Stockholder, which may be purchased at a price of $0.65 per share exercisable within two years from
December 9, 2016, as part of an agreement to exchange debt for equity in 2016, or (b) 15,000 shares issuable upon exercise of outstanding
options as of June 30, 2017, at a weighted exercise price of $2.17 per share, of which all shares were fully vested at such date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our securities
involves a high degree of risk. Before making an investment decision, you should carefully consider the risks described in (i)
the sections entitled &ldquo;Risk Factors&rdquo; in our most recent Annual Report on Form 10-K and subsequent quarterly, annual
and other reports, each as filed with the SEC, which are incorporated by reference in this prospectus in their entirety and (ii)
any amendment or updates to our risk factors reflected in subsequent filings with the SEC, including in any applicable prospectus
supplements. For more information, see the sections entitled &ldquo;Incorporation of Certain Documents by Reference&rdquo; and
&ldquo;Where You Can Find More Information.&rdquo; In addition to the foregoing risks, you should also carefully consider the risks
described below. Our business, financial condition or results of operations could be materially adversely affected by any of these
risks. In addition, the trading price of our securities could decline due to any of these risks, and you may lose all or part of
your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect
our business, financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have received a notice of non-compliance
with a continued listing standard from the NYSE MKT for our Common Stock. If we are unable to avoid the delisting of our Common
Stock from the NYSE MKT, it could have a substantial negative effect on the liquidity and market price of our Common Stock, our
access to capital markets and our liquidity and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 12, 2016,
we received a notice from the NYSE MKT LLC (the &ldquo;MKT&rdquo;) indicating that we did not meet continued listing standards
of the MKT. We were not in compliance with Section 1003(a)(ii) of the MKT Company Guide (the &ldquo;Company Guide&rdquo;) because
we reported stockholders&rsquo; equity of $3.87 million as of December 31, 2015 and had net losses in three out of our four most
recent fiscal years. As a result, we became subject to the procedures and requirements of Section 1009 of the Company Guide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We submitted a plan
of compliance to the MKT on May 12, 2016 addressing how we intend to regain compliance with the continued listing standards of
the MKT. The plan was accepted, DGSE was subject to periodic reviews and continued compliance with the plan. If DGSE is not in
compliance with the plan as of October 12, 2017 or if DGSE did not make progress consistent with the plan, the MKT may initiate
delisting procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 20, 2017,
we were notified by the NYSE MKT that DGSE continued to be in non-compliance with certain MKT continued listing standards relating
to stockholders&rsquo; equity. Specifically, DGSE was not in compliance with Section 1003(a)(iii) of the MKT Company Guide (requiring
stockholders&rsquo; equity of $6.0 million or more if it has reported losses from continuing operations and/or net losses in its
five most recent fiscal years) and Section 1003 (a)(ii) (requiring stockholders&rsquo; equity of $4.0 million or more if it has
reported losses from continuing operations and/or net losses in its four most recent fiscal years). As of December 31, 2016, the
Company had stockholders&rsquo; equity of approximately $5.9 million and net losses in its five most recent fiscal years ended
December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 24, 2017,
we were notified by the MKT that we were back in compliance with certain continuing listing standards relating to stockholders&rsquo;
equity. Specifically, DGSE was back in compliance with Section 1003(a)(iii) of the MKT Company Guide (requiring stockholders&rsquo;
equity of $6.0 million or more if it has reported losses from continuing operations in its five most recent fiscal years.) and
Section 1003(a)(ii) (requiring stockholders&rsquo; equity of $4.0 million or more if it has reported losses from continuing operations
in its four most recent fiscal years.) As of June 30, 2017, DGSE had stockholders&rsquo; equity of approximately $6.4 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DGSE will now be subject
to the MKT&rsquo;s normal continued listing monitoring. However, in accordance with Section 1009(h) of the MKT Company Guide, if
DGSE is again determined to be below any of the continued listing standards within 12 months of August 24, 2017, the MKT will examine
the relationship between the two incidents of noncompliance and re-evaluate DGSE&rsquo;s method of financial recovery from the
first incident. The MKT will then take the appropriate action, which, depending on the circumstances, may include truncating the
compliance procedures described in Section 1009 of the MKT Company Guide or immediately initiate delisting proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our common stock
ultimately were to be delisted for any reason, it would negatively impact us by (i) reducing the liquidity and market price of
our common stock; and (ii) reducing the number of investors willing to hold or acquire our common stock, which would negatively
impact our ability to raise equity financing, which would negatively affect our liquidity and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and
the documents we incorporate by reference in this prospectus contain forward-looking statements that involve risks and uncertainties.
Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors,
including the risks described in this prospectus and in the documents incorporated by reference in this prospectus. For more information,
see &ldquo;Special Note Regarding Forward-Looking Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus, any
accompanying prospectus supplement, and the documents we incorporate by reference in this prospectus and any accompanying prospectus
supplement, contains forward-looking statements within the meaning of the federal securities laws, which statements are subject
to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are
forward-looking statements. We have attempted to identify forward-looking statements by using words such as &ldquo;may,&rdquo;
&ldquo;believe,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;project,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;should,&rdquo; &ldquo;continue,&rdquo; &ldquo;potential,&rdquo; &ldquo;plan,&rdquo; &ldquo;forecasts,&rdquo;
&ldquo;goal,&rdquo; &ldquo;seek,&rdquo; &ldquo;intend,&rdquo; other forms of these words or similar words or expressions or the
negative thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have based our forward-looking
statements on our expectations and projections about trends affecting our business and industry and other future events. Although
we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their
accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial
condition, results of operations or performance, to differ materially from our historical results or those expressed or implied
in any forward-looking statement. Some of the risks and uncertainties that may cause actual results to differ from those expressed
or implied in the forward-looking statements are described in the section entitled &ldquo;Risk Factors&rdquo; in this prospectus
and in any accompanying prospectus supplement, as well as in our other filings with the SEC. In addition, actual results may differ
as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material
to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read this
prospectus in its entirety, together with any accompanying prospectus supplement, the documents that we file as exhibits to the
registration statement of which this prospectus is a part, and the documents that we incorporate by reference into this prospectus
and any accompanying prospectus supplement, with the understanding that our future results may be materially different from what
we currently expect. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim
any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results
or to changes in our opinions or expectations, except as required by applicable law or the rules of the NASDAQ Stock Market. If
we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We qualify all of our
forward-looking statements by these cautionary statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">None of the Shares are to be sold by us
or for our account, and we will not receive any proceeds from the sale thereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The sale of our common stock by the Selling
Stockholder pursuant to this prospectus will not result in any dilution to our stockholders because the Selling Stockholder is
selling outstanding shares of our common stock that it has previously acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_007"></A>The
Selling Stockholder</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Elemetal, LLC (&ldquo;Elemetal&rdquo;)
is the &ldquo;Selling Stockholder.&rdquo; Elemetal is a precious metals conglomerate based in Dallas, Texas. Its principal holdings
include: Elemetal Direct, a Texas-based wholesale dealer of precious metals; Elemetal Capital, LLC, a leading market maker in the
precious metals industries; and Elemetal Recycling, LLC (formerly known as Echo Environmental), a Texas-based firm focusing on
electronic waste recycling and precious metal recovery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through a series of
transactions beginning in 2010, NTR Metals, LLC (&ldquo;NTR&rdquo;) became the largest shareholder of our common stock, par value
$0.01 per share (&ldquo;Common Stock&rdquo;). In April 2012, NTR announced its merger with OPM, the largest American-owned refiner
of &ldquo;good delivery&rdquo; gold and silver. The combined company was originally called Global Metals Holdings, LLC, and has
since been rechristened as Elemetal. In January 2013, NTR announced it would contribute 4,393,142 of its shares of our Common Stock
to Elemetal, in exchange for ownership units in Elemetal. NTR also agreed to contribute its option to buy 5,000,000 additional
shares of DGSE Common Stock at $15 a share, which expired unexercised on October 25, 2016. On December 9, 2016, DGSE and NTR closed
the transactions contemplated by the Stock Purchase Agreement dated June 20, 2016 (the &ldquo;Elemetal Agreement&rdquo;) whereby
DGSE issued NTR 5,948,560 shares of Common Stock for $0.41 per share in exchange for the cancellation and forgiveness of indebtedness
under a Loan Agreement dated July 19, 2012 and an associated Revolving Credit Note (which indebtedness and accrued interest was
$2,438,909). Also on the same date and pursuant to the Elemetal Agreement, DGSE issued Elemetal 8,536,585 shares of its Common
Stock for $0.41 per share and a warrant to purchase an additional 1,000,000 shares of Common Stock at an exercise price of $0.65
per share, exercisable within two years after December 9, 2016, in exchange for the cancellation and forgiveness of $3,500,000
of trade payables owed to Elemetal as a result of bullion-related transactions. Following these stock issuances Elemetal owns 12,814,727
shares of Common Stock (47.7%) (excluding shares that may be purchased upon exercise of the warrant) and NTR owns 6,365,460 shares
of Common Stock (23.7%). In connection with the December 9, 2016 transaction, DGSE entered into a Registration Rights Agreement
with Elemetal and NTR, pursuant to which Elemetal has requested that the shares hereunder be registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to being
our largest shareholder, they are the parent of Elemetal Recycling, LLC, from which we are currently negotiating the purchase of
certain assets. For more information, see &ldquo;Summary.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Shares may be offered
from time to time by the Selling Stockholder and any of its assignees and succesors-in-interest. No Shares are being offered or
sold by us or for our account and we will not receive any proceeds from the sale of the Shares. We will bear all costs associated
with the offering and sale of the Shares, other than any underwriting discounts, agency fees, brokerage commissions or similar
costs applicable to the sale of any Shares. These costs will be borne by the holder of the Shares sold. We have also agreed to
indemnify Elemetal and, if applicable, certain other participants in the offering against certain liabilities under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Shares could be sold by one or more
of the following methods, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately
negotiated transactions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
brokerage transactions and transactions in which the broker solicits purchases;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
one or more underwritten offerings on a firm commitment or best efforts basis;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
trades in which the broker or dealer so engaged will attempt to sell the Shares as agent but may position and resell a portion
of the block as principal to facilitate the transaction;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases
by a broker or dealer as principal and resale by the broker or dealer for its own account pursuant to this prospectus;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">short
sales;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
the writing of options on the Shares, whether or not the options are listed on an options exchange;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
exchange distribution in accordance with the rules of any stock exchange on which the Shares are listed; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
combination of any of these methods of sale.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A holder of the Shares
may effect transactions by selling the Shares directly to purchasers or through or to brokers or dealers, and brokers or dealers
may receive compensation in the form of commissions, discounts or concessions from the selling holder or from the purchasers of
the Shares for whom they may act as agent or to whom they may sell as principal, or both (which compensation as to a particular
broker or dealer may be in excess of customary commissions). Any brokers and dealers engaged by a selling holder may arrange for
other brokers or dealers to participate in effecting sales of the Shares.&nbsp;&nbsp;These brokers or dealers may act as principals,
or as agents of a selling holder. Broker-dealers may agree with a selling holder to sell a specified number of Shares at a stipulated
price per share. If the broker-dealer is unable to sell Shares acting as agent for a selling holder, it may purchase as principal
any unsold Shares at the stipulated price. Broker-dealers who acquire Shares as principals may thereafter resell the Shares from
time to time in transactions on any stock exchange or automated interdealer quotation system on which the Shares are then listed,
at prices and on terms then prevailing at the time of sale, at prices related to the then-current market price or in negotiated
transactions. Broker-dealers may use block transactions and sales to and through broker-dealers, including transactions of the
nature described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any of the Shares
which qualify for sale pursuant to Rule 144 or Rule 144A under the Securities Act of 1933 may be sold under those rules rather
than under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A selling holder may
enter into hedging transactions with broker-dealers, and the broker-dealers may engage in short sales of the Shares in the course
of hedging the positions they assume with that selling holder, including without limitation in connection with distributions of
the Shares by those broker-dealers. A selling holder may enter into option or other transactions with broker-dealers that involve
the delivery of the Shares to the broker-dealers, who may then resell or otherwise transfer those Shares pursuant to this prospectus
(as supplemented or amended to reflect that transaction). In addition, a selling holder may, from time to time, sell the shares
short, and in those instances, this prospectus may be delivered in connection with the short sales and the Shares offered under
this prospectus may be used to cover short sales. A selling holder may also pledge the Shares offered hereby to a broker-dealer
or other financial institution, and, upon a default, the broker-dealer or other financial institution may effect sales of the pledged
Shares under this prospectus (if required, as supplemented or amended to reflect those transactions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At the time a particular
offering of the Shares is made, if required, a prospectus supplement will be distributed that will set forth the number of Shares
being so offered and the terms of the offering, including the name or names of any underwriters, brokers, dealers or agents, the
purchase price paid by any underwriter for Shares purchased, any discounts, commissions and other compensation and any discounts,
commissions or concessions allowed or reallowed or paid to dealers, and the proposed selling price to the public. Any underwriters,
brokers, dealers or agents who participate in the distribution of such Shares may be deemed to be &quot;underwriters&quot; under
the Securities Act, and any discounts, commissions or concessions received by them may be deemed to be underwriting compensation
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with
this offering, if made through an underwriter, the underwriter may engage in transactions on the Nasdaq National Market that stabilize,
maintain or otherwise affect the price of our common stock. Specifically, the underwriter may over-allot this offering, creating
a syndicate short position. The underwriter may bid for and purchase shares of our common stock in the open market to cover this
syndicate short position or to stabilize the price of our common stock. In addition, an underwriting syndicate may reclaim selling
concessions from syndicate members and selected dealers if a participating underwriter repurchases previously distributed common
stock in syndicate covering transactions, in stabilization transactions or otherwise, or if a participating underwriter receives
a report that indicates that the clients of such syndicate members have &quot;flipped&quot; the common stock. Also, in connection
with this offering, certain underwriters and selling group members (if any) who are qualified market makers on the Nasdaq National
Market may engage in passive market making transactions in our common stock on the Nasdaq National Market in accordance with Rule
103 of Regulation M under the Exchange Act. Passive market makers must comply with applicable volume and price limitations and
must be identified as such. In general, a passive market maker must display its bid at a price not in excess of the highest independent
bid for such security; if all independent bids are lowered below the passive market maker's bid, however, its bid must then be
lowered when certain purchase limits are exceeded. These activities may stabilize or maintain the market price of our common stock
at a level above that which might otherwise prevail in the open market. The underwriters are not required to engage in these activities
and may end any of these activities at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to comply
with the securities laws of some states, if applicable, the common stock may be sold in these jurisdictions only through registered
or licensed brokers or dealers. In addition, in some states the common stock may not be sold unless they have been registered or
qualified for sale or an exemption from registration or qualification requirements is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Selling Stockholder
and any underwriters, broker-dealers or agents that participate in the sale of the common stock may be &ldquo;underwriters&rdquo;
within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale
of the shares may be deemed to be underwriting discounts and commissions under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A Selling Stockholder
who is an &ldquo;underwriter&rdquo; within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus
delivery requirements of the Securities Act and may be subject to statutory liabilities, including, but not limited to, liability
under Sections 11, 12 and 17 of the Securities Act and Rule 10b-5 under the Exchange Act. The Selling Stockholder has acknowledged
that it understands its obligations to comply with the provisions of the Exchange Act and the rules thereunder relating to stock
manipulation, particularly Regulation M.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To our knowledge,
there are currently no plans, arrangements or understandings between the Selling Stockholder and any underwriter, broker-dealer
or agent regarding the sale of the common stock. The Selling Stockholder may not sell any common stock described in this prospectus
and may not transfer, devise or gift these securities by other means not described in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are obligated to
use our reasonable best efforts to keep the registration statement of which this prospectus is a part effective until the earlier
to occur of (i) three (3) years from the effective date of this registration statement, (ii) the date when all of the securities
registered hereby are disposed of in accordance with the terms of the registration statement or (iii) the date when the shares
are no longer Registrable Securities under the registration rights agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Our obligation to keep the shelf registration
statement of which this prospectus is a part effective is subject to specified, permitted exceptions.&nbsp;&nbsp;In these cases,
we may prohibit offers and sales of the shares of common stock pursuant to the shelf registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">When we are notified by the Selling Stockholder
that any material arrangement has been entered into with a broker-dealer for the sale of the shares covered by this prospectus
through a block trade, special offering, exchange distribution or secondary distribution or purchase by a broker or dealer, we
will file a supplement to this prospectus, if required, pursuant to Rule 424(b) under the Securities Act, or, if appropriate, a
post-effective amendment to the registration statement of which this prospectus is a part, disclosing (a) the name of the Selling
Stockholder and of the participating broker-dealer or dealers, (b) the number of shares of common stock involved, (c) the price
at which the common stock was sold, (d) the commissions paid or discounts or concessions allowed to such broker-dealer or dealers,
if applicable, and (e) other facts material to the transaction. In addition, when we are notified by the Selling Stockholder that
a donee or pledgee intends to sell more than 500 shares, a supplement to this prospectus will be filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">We may suspend the use of this prospectus
if we learn of any event that causes this prospectus to include an untrue statement of a material fact required to be stated in
the prospectus or necessary to make the statements in the prospectus not misleading in light of the circumstances then existing.
If this type of event occurs, a prospectus supplement or post-effective amendment, if required, will be distributed to each Selling
Stockholder. The Selling Stockholder may not trade securities from the time the Selling Stockholder receives notice from us of
this type of event until the Selling Stockholder receives a prospectus supplement or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain legal matters, including the validity of the issuance
of the shares of common stock offered by this prospectus will be passed upon for us by Kolesar &amp; Leatham, Las Vegas, Nevada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Whitley Penn LLP, an independent
registered public accounting firm, has audited the consolidated financial statements of DGSE included in our Annual Report on Form
10-K, for the years ended December 31, 2015 and 2016 as set forth in their report on our consolidated financial statements, which
is incorporated by reference in this prospectus and elsewhere in this registration statement. Such consolidated financial statements
of DGSE are incorporated by reference in reliance on Whitley Penn LLP&rsquo;s reports, given on the authority of such firm as experts
in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This
prospectus &ldquo;incorporates by reference&rdquo; certain of the reports and other information that we have filed with the SEC
under the Exchange Act. This means that we are disclosing important information to you by referring you to those documents. Information
filed with the SEC after the date of this prospectus will update and supersede this information. The following documents filed
with the SEC are incorporated by reference (other than information in such documents that is deemed, in accordance with SEC rules,
to have been furnished and not filed):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Annual Report on Form 10-K for the year ended December 31, 2016;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 and for the quarter ended June 30, 2017;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Current Reports on Form 8-K and filed with the SEC on January 19, 2017, April 21, 2017, April 27, 2017, May 18, 2017, July 7,
2017 and August 14, 2017; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description of our common stock contained in our Registration Statement on Form 8-A12G (File No. 000-10305-99650741), filed June
23, 1999.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any subsequent filings
we make with the SEC (other than information in such documents that is deemed, in accordance with SEC rules, to have been furnished
and not filed) under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (File No. 0-28104) prior to the termination of the offering,
as well as after the date of the initial registration statement and prior to effectiveness of the registration statement, shall
be deemed to be incorporated by reference into this prospectus. Any statement contained in this prospectus or in a document incorporated
by reference shall be deemed to be modified or superseded for all purposes to the extent that a later statement contained in those
documents modifies or supersedes that earlier statement. Any statements so modified or superseded will not be deemed to constitute
a part of this prospectus except as so modified or superseded. In addition, any supplement prepared in relation to this prospectus
shall be deemed to supersede for all purposes any earlier supplement prepared in relation to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will provide each
person to whom a copy of this prospectus has been delivered, without charge, upon receipt of a written or oral request, a copy
of any of the documents referred to above as being incorporated by reference. You may request a copy by writing or telephoning
Investor Relations, c/o DGSE Companies, Inc., 13022 Preston Rd., Dallas, Texas 75240 (telephone: 972-587-4049 )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We
have filed with the SEC a &ldquo;shelf&rdquo; registration statement on Form S-3 under the Securities Act relating to the resale
of the Shares offered by this prospectus.&nbsp;&nbsp;This prospectus is part of that registration statement, but does not contain
all of the information in the registration statement.&nbsp;&nbsp;We have omitted parts of the registration statement in accordance
with the rules and regulations of the SEC.&nbsp;&nbsp;For more detail about us and any securities that may be offered by this prospectus,
you may examine the registration statement on Form S-3 and the exhibits filed or incorporated by reference into the registration
statement at the locations listed below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are subject to
the information requirements of the Securities Exchange Act of 1934. In accordance with the Exchange Act, we file reports, proxy
statement and other information with the SEC. Such reports, proxy statements and other information can be inspected and copied
at prescribed rates at the SEC&rsquo;s public reference room at 100 F Street, N.E., Washington, D.C. 20549. The SEC also maintains
a website at <U>http://www.sec.gov</U> that contains reports, proxy and information statements and other information. Please call
the SEC at 1-800-SEC-0330 for further information on the Public Reference Room. Our common stock is listed on the NYSE MKT exchange
and reports and information concerning us can also be inspected through such exchange. We intend to furnish our stockholders with
annual reports containing audited financial statements and such other periodic reports as we deem appropriate or as may be required
by law. Our website is www.dgse.com and the investor relations section is on our website. We make available, free of charge, on
or through the investor relations section of our website, annual reports on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section&nbsp;13(a) or 15(d) of the Exchange
Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B><A NAME="a_013"></A>COMMISSION POSITION ON INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; color: #222222"><FONT STYLE="background-color: white">As
described in Item 15 of this Registration Statement, DGSE has agreed to indemnify its directors and officers, which may extend
to liability under the Securities Act of 1933. Insofar as indemnification for liabilities arising under the Securities Act of 1933
may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant
has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is therefore unenforceable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
sets forth the various expenses payable by the Registrant in connection with the sale and distribution of the securities being
registered hereby. The Registrant is paying all of the Selling Stockholder&rsquo; expenses related to this offering, except that
the Selling Stockholder will pay any applicable broker&rsquo;s commissions and expenses. All amounts are estimated except the Securities
and Exchange Commission registration fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 83%; text-align: left">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">1,261</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing and Edgarization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total expenses*</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23,261</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Does not include expense of preparing prospectus supplements
and other expenses relating to specific offerings made pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sections 78.7502 and
78.751 of the Nevada General Corporation Law authorizes a corporation&rsquo;s board of directors or shareholders to grant, by articles
of incorporation, bylaws, agreement, vote or otherwise, and authorizes a court to award, indemnity to officers, directors and other
corporate agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DGSE&rsquo;s articles
of incorporation, as amended (the &ldquo;Articles&rdquo;), provide that directors and officers are not personally liable for breaches
of their fiduciary duties, except to the extent such liability cannot be eliminated by applicable law. DGSE&rsquo;s bylaws, as
amended (the &ldquo;Bylaws&rdquo;), provided that the board of directors may authorize the indemnification of its directors and
officers to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to this authority,
DGSE has entered into various indemnification agreements whereby it has agreed to indemnify its directors and officers for specific
liabilities that they may incur while serving in such capacities so long as they acted in good faith and in a manner they reasonably
believed to be in or not opposed to the best interests of DGSE, and, with respect to any criminal proceeding, had no reasonable
cause to believe their conduct was unlawful. These agreements further provide that, notwithstanding anything in the agreement,
to the extent that a director or officer is, by reason of his corporate status, a party to (or a participant in) and is successful,
on the merits or otherwise, in any proceeding, he shall be indemnified to the maximum extent permitted by law against all expenses
actually and reasonably incurred by him or on his behalf in connection therewith. These indemnification agreements provide for
the maximum indemnity allowed to directors and officers by applicable law. DGSE believes that these agreements are necessary to
attract and retain qualified individuals to serve as directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Nevada General
Corporation Law permits DGSE to purchase and maintain insurance or make other financial arrangements on behalf of any person who
is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as
a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise for any liability
asserted against the person and liability and expenses incurred by the person in his or her capacity as a director, officer, employee
or agent, or arising out of his or her status as such, whether or not the corporation has the authority to indemnify such a person
against such liability and expenses. In accordance with this provision, DGSE currently maintains directors&rsquo; and officers&rsquo;
liability insurance, which may insure against director or officer liability arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The limitation of
liability and indemnification provisions that are included in the Articles, Bylaws, applicable law and in indemnification agreements
that DGSE enters into with its directors and officers may discourage stockholders from bringing a lawsuit against DGSE&rsquo;s
directors and officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against
DGSE&rsquo;s directors and officers, even though an action, if successful, might benefit DGSE and other stockholders. Further,
a stockholder&rsquo;s investment may be adversely affected to the extent that DGSE pays the costs of settlement and damage awards
against directors and executive officers as required by the applicable indemnification provisions. At present, DGSE is not aware
of any pending litigation or proceeding involving any person who is or was one of its directors, officers, employees or other agents
or is or was serving at its request as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, for which indemnification is sought, and DGSE is not aware of any threatened litigation that may result
in claims for indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The foregoing statements are subject to
the detailed provisions of the Nevada General Corporation Law and the full text of the corporate documents and agreements referenced
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Reference is made to Item 17 for the Registrant&rsquo;s
undertakings with respect to indemnification for liabilities arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers, or persons controlling the Registrant pursuant
to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission, such
indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBITS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See Index of Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERTAKINGS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp; To file, during any period in which offers or
sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section 10(a)(3)
of the Securities Act of 1933;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising
after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding
the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">To include any material information with respect to
the plan of distribution not previously disclosed in this registration statement or any material change to such information in
this registration statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided, however, that paragraphs (i),
(ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form
of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">That, for purposes of determining any liability under the
Securities Act of 1933, each filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section
15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">To deliver or cause to be delivered with the prospectus,
to each person to whom the prospectus is sent or given, the latest annual report, to security holders that is incorporated by
reference in the prospectus and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities
Exchange Act of 1934; and, where interim financial information required to be presented by Article 3 of Regulation S-X is not
set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the
latest quarterly report that is specifically incorporated by reference in the prospectus to provide such interim financial information.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such
issue.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_101"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form&nbsp;S-3 and has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on October 6, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DGSE COMPANIES, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John R. Loftus</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John R. Loftus</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman of the Board,</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL MEN BY THESE
PRESENTS, that each person whose signature appears below hereby constitutes and appoints each of John R. Loftus and Bret Pedersen,
and each of them singly, his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him in his name, place and stead, in any and all capacities, to sign any or all amendments to this registration statement and
additional registration statements relating to the same offering, and to file the same, with all exhibits thereto, and all other
documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents,
and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, or their substitutes, may lawfully do or cause to be done by virtue
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
dates indicated.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John R. Loftus</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman, Chief Executive Officer, President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 6, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John R. Loftus</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Principal Executive Officer)</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Bret A. Pedersen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 6, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bret A. Pederson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Principal Financial and Accounting Officer)</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joel S. Friedman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 6, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joel S. Friedman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alexandra C. Griffin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 6, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexandra C. Griffin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jim R. Ruth</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 6, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jim R. Ruth</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX OF EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following documents are filed as exhibits
to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Filed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Herein</B></P></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporated </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>by Reference</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date Filed </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>with SEC</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Incorporation dated September 17, 1965</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-A12G</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 23, 1999</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation, dated October 14, 1981</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-A12G</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 23, 1999</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Resolution, dated October 14, 1981</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-A12G</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 23, 1999</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation , dated July 15, 1986</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-A12G</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 23, 1999</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation, dated August 23, 1988</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-A12G</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 23, 1999</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation, dated June 26, 1992</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-A12G</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;23, 1999</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054901500231/dgs8k62501ex1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054901500231/dgs8k62501ex1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation, dated June 26, 2001</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054901500231/dgs8k62501ex1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054901500231/dgs8k62501ex1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054901500231/dgs8k62501ex1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 3, 2001</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054901500231/dgs8k62501ex1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407029131/v076374_ex3-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407029131/v076374_ex3-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation, dated May 22, 2007</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407029131/v076374_ex3-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407029131/v076374_ex3-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-8</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407029131/v076374_ex3-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 29, 2007</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407029131/v076374_ex3-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-laws, dated March 2, 1992</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-A12G</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 23, 1999</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000101054999000179/0001010549-99-000179.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415054535/v420113_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415054535/v420113_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to By-laws, dated September 4, 2015</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415054535/v420113_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415054535/v420113_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415054535/v420113_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 11, 2015</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415054535/v420113_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415058912/v421959_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415058912/v421959_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to By-laws, dated October 9, 2015</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415058912/v421959_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415058912/v421959_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415058912/v421959_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 9, 2015</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420415058912/v421959_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420417020541/v462680_ex3-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.12</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420417020541/v462680_ex3-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation, dated December 7, 2016</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420417020541/v462680_ex3-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420417020541/v462680_ex3-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10-K</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420417020541/v462680_ex3-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 14, 2017</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420417020541/v462680_ex3-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407010016/v065446_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407010016/v065446_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Common Stock Certificate</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407010016/v065446_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407010016/v065446_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-4</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407010016/v065446_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    26, 2007</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420407010016/v065446_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416139147/v454735_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416139147/v454735_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant to Purchase Shares of Common Stock of DGSE Companies, Inc. issued to Elemetal, LLC dated December 9, 2016</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416139147/v454735_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416139147/v454735_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416139147/v454735_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 13, 2016</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416139147/v454735_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="v476563_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="v476563_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Kolesar &amp; Leatham regarding validity</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="v476563_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416081284/v431691_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416081284/v431691_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnification Agreement between DGSE Companies, Inc. and each executive officer and director of DGSE</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416081284/v431691_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416081284/v431691_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416081284/v431691_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 12, 2016</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416081284/v431691_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Filed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Herein</B></P></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporated </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>by Reference</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date Filed </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>with SEC</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Purchase Agreement by and between DGSE Companies, Inc., Elemetal, LLC and NTR Metals, LLC, dated June 20, 2016</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 22, 2016</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant to Purchase Shares of Common Stock of DGSE Companies, Inc.</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 22, 2016</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Registration Rights Agreement</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 22, 2016</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/701719/000114420416109257/v442552_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="v476563_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="v476563_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Whitley Penn LLP</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="v476563_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="v476563_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.2</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="v476563_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Kolesar &amp; Leatham</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="v476563_ex5-1.htm" STYLE="-sec-extract: exhibit">See Exhibit 5.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="#a_101"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="#a_101"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="#a_101"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Signature page</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v476563_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="v476563_ex5-1img1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ATTORNEYS AT LAW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;400 SOUTH RAMPART BLVD., SUITE 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">LAS VEGAS, NEVADA 89145</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">702.362.7800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">klnevada.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">October 6, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">DGSE
Companies, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13022 Preston Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, TX 75240</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B><I>Registration
                                         Statement on Form S-3</I></B></TD>
</TR></TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as special
Nevada counsel to DGSE Companies, Inc., a Nevada corporation (the &ldquo;<I>Company</I>&rdquo;), for the purpose of issuing this
opinion letter in connection with the Company&rsquo;s filing of a registration statement on Form S-3 (together with any and all
amendments thereto, the &ldquo;<I>Registration Statement</I>&rdquo;), with the United States Securities and Exchange Commission
(the &ldquo;<I>Commission</I>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<I>Act</I>&rdquo;), covering the
registration of 8,500,000 shares of the Company&rsquo;s common stock, $0.01 par value per share (the &ldquo;<I>Shares</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We understand that
the Shares were issued by the Company pursuant to a Stock Purchase Agreement, dated June 20, 2016 (the &ldquo;<I>Agreement</I>&rdquo;),
among the Company; Elemetal, LLC (the &ldquo;<I>Selling Shareholder</I>&rdquo;); and NTR Metals, LLC. We further understand that
the Shares are to be offered and sold exclusively by the Selling Shareholder pursuant to the Registration Statement, with none
of the proceeds of such sales being paid to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter is being
issued in accordance with the requirements of Part II, Item 16 of Form S-3 and Item 601(b)(5)(i) of Regulation S-K, each as promulgated
by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the capacity stated
above, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of (i) the Registration
Statement; (ii) the Agreement, as furnished to us by the Company; (iii) an Officer&rsquo;s Certificate, dated September 28, 2017,
executed by the Secretary and Chief Financial Officer of the Company (the &ldquo;<I>Officer&rsquo;s Certificate</I>&rdquo;); (iv)
a Certificate of Existence with Status in Good Standing, dated August 31, 2017, issued by the Secretary of State of the State of
Nevada (the &ldquo;<I>Secretary of State</I>&rdquo;) with respect to the Company; (v) the articles of incorporation of the Company,
certified by the Secretary of State as of September 5, 2017 and certified by the Secretary and Chief Financial Officer of the Company
in the Officer&rsquo;s Certificate; and (vi) the bylaws of the Company, certified by the Secretary and Chief Financial Officer
of the Company in the Officer&rsquo;s Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;<FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">DGSE
        Companies, Inc.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page 2<BR>
        October 6, 2017</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; font-variant: small-caps"><B>Kolesar
        &amp; Leatham</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ATTORNEYS AT LAW</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, without
independent verification or investigation, we have reviewed and relied upon statutes, published rules and regulations of State
of Nevada governmental authorities, published judicial decisions of courts located in the State of Nevada interpreting or applying
the same, other official interpretations, other records of the Company (including (i) minutes of a June 17, 2016 meeting of the
board of directors of the Company and authorizing resolutions attached as an exhibit to the Officer&rsquo;s Certificate and (ii)
the Company&rsquo;s Form 8-K, as filed with the Commission on December 13, 2016, reporting the voting results of the Company&rsquo;s
2016 annual meeting of shareholders) and other documents and records as we deemed relevant or appropriate for the purpose of issuing
this letter. Also without independent verification or investigation, we have relied on the accuracy and completeness of factual
statements and factual matters contained in the documents and records we reviewed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have assumed (i)
conformity to the executed originals of all documents submitted to us as copies or as unexecuted forms of such originals; (ii)
the authenticity of any and all documents submitted to us as originals; (iii) the genuineness of all signatures on documents reviewed
by us; (iv) the legal capacity of natural persons executing all relevant documents; (v) the accuracy and completeness of all records
reviewed by us; (vi) the veracity as of the date of this letter of all certificates, records and other documents or instruments
furnished to us even if they were issued on an earlier date (without our independent verification of the statements made therein
or investigation of the basis for the representations contained therein); (vii) the issuance by the Company of the Shares in accordance
with the Agreement, against delivery of the consideration therefor as specified in the Agreement; (viii) that the Agreement constitutes
a valid and binding obligation of the parties thereto; and (ix) no changes in applicable law between the date of this letter and
the date of the events that are the subject of this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on our review
and subject to the assumptions, qualifications and limitations set forth herein, we are of the opinion that the Shares are legally
issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are licensed to
practice law in the State of Nevada and the opinion set forth herein is expressly limited to the laws of the State of Nevada, including
all applicable provisions of Nevada statutes and the Constitution of the State of Nevada and published decisions of Nevada courts
interpreting those provisions. No opinion is given or implied regarding federal law or the laws of any jurisdiction other than
the laws of the State of Nevada as currently in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter is being
issued to the Company solely in connection with the Company&rsquo;s filing of the Registration Statement with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We consent to the filing
of this letter as Exhibit 5.1 to the Registration Statement and the reference to Kolesar &amp; Leatham in the Registration Statement
under the caption &ldquo;Legal Matters.&rdquo; In giving this consent, we do not admit that we are within the category of persons
whose consent is required under the Act or the rules and regulations of the Commission promulgated under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">DGSE
        Companies, Inc.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page 3<BR>
        October 6, 2017</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; font-variant: small-caps"><B>Kolesar
        &amp; Leatham</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ATTORNEYS AT LAW</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion herein
is rendered as of the date of this letter and we disclaim any obligation to advise you of any facts, circumstances, events or developments
that hereafter come to our attention and that may alter, affect or modify such opinion. Our opinion herein is expressly limited
to the matters set forth above and we render no opinion, by implication or otherwise, as to any other matters relating to the Company,
the Selling Shareholder, the Agreement, the Registration Statement, the Shares or any securities other than the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter is issued
in the State of Nevada and by issuing this letter, we shall not be deemed transacting business in any other state. Furthermore,
we do not consent to the jurisdiction of any state or local governmental authority other than the State of Nevada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-variant: small-caps; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-variant: small-caps; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-variant: small-caps; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-variant: small-caps; font-weight: bold"><FONT STYLE="font-weight: normal"><I>/s/ <FONT STYLE="font-variant: normal">Kolesar &amp; Leatham</FONT></I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-variant: small-caps; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-variant: small-caps; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-variant: small-caps; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-variant: small-caps; font-weight: bold">Kolesar &amp; Leatham</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RLG/chk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>v476563_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in this Registration Statement on Form S-3 of <FONT STYLE="background-color: white">DGSE Companies, Inc.</FONT> of our report dated
April 14, 2017, relating to our audits of the consolidated financial statements of DGSE <FONT STYLE="background-color: white">Companies,
Inc.</FONT> as of and for the years ended December 31, 2016 and 2015. We also consent to the reference to our firm under the heading
&ldquo;Experts&rdquo; in this Registration Statement on Form S-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Whitley Penn LLP</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Dallas, Texas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">October 6, 2017</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>v476563_ex5-1img1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 v476563_ex5-1img1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ *0$" P$1  (1 0,1 ?_$ .4   $%  ,!
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MQX<)Z(8V^W]47E*CP I@VEY5 >'#C^L5>N(='DUDL9%ZXX-D1+[I$@;P<]S
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MC/>D].H2DH:\./7,^5WL(L9ZN&8KAO2R"+S;S;P'CN4W:%S^A+G_ +N)$>+
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$JC__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
