DPM.TO · 2026-07-30

DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026

Production Results Financials

News Release

DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026

Toronto, Ontario, July 30, 2026 – DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or the “Company”) announced its operating and financial results for the second quarter and first half of the year ended June 30, 2026.

Highlights

(Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars.)

Record free cash flow generation: Generated $227 million of free cash flow¹ and $271 million of cash provided from operating activities in the second quarter.
Record earnings: Reported second quarter adjusted net earnings¹of $211 million ($0.95 per share¹) and record net earnings of $230 million ($1.04 per share).
Major discovery at Brevene South: In June 2026, DPM announced the discovery of high-grade copper-gold porphyry mineralization at the Brevene South Porphyry (“BSP”) target at Chelopech, with initial drill results demonstrating the potential for scale and continuity. BSP remains open, and DPM has continued its 15,000-metre drilling program to expand known mineralization.
Vareš ramp-up to full production on-track: DPM has continued to make strong progress at Vareš, with development rates in-line with expectations. Vareš is on track to achieve the 850,000 tonnes per year rate by year-end 2026.
Near-term growth potential at Chelopech: DPM expects to complete an initial mineral resource estimate for the Wedge Zone target by year-end 2026.
Dumitru Potok drilling program: 20,000-metre drilling program was initiated in the second quarter, focused on increasing drill hole density. Upon completion of the drilling, DPM intends to update the mineral resource estimate for the Rakita camp.
Advancing Čoka Rakita: Permitting continues to advance as planned, in support of targeted start-up of mine construction in early 2027.
On-track to meet guidance: Produced 102,690 and 186,732 gold equivalent ounces (“GEO”)² in the second quarter and first half of 2026. DPM is on-track to achieve 2026 production guidance.
All-in sustaining cost: Reported cost of sales per GEO sold of $1,085 and $1,187, and all-in sustaining cost per GEO sold² of $1,214 and $1,417 in the second quarter and first half of 2026, respectively. DPM reconfirmed its 2026 guidance for all-in sustaining cost of $1,300 to $1,450 per GEO sold.
Substantial liquidity for growth: Ended the quarter with a total of $761.2 million in cash and cash equivalents and an undrawn revolving $400.0 million credit facility with accordion feature to $550.0 million.
Continued capital discipline: Returned $91.2 million to shareholders during the first half of 2026 through dividends paid and shares repurchased, including $57.6 million in the second quarter, representing 25% of free cash flow.

1 Free cash flow, adjusted net earnings, adjusted basic earnings per share, and all-in sustaining cost per GEO sold are non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. Refer to the “Non-GAAP Financial Measures” section commencing on page 16 of this news release for more information, including reconciliations to IFRS measures.

2 The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metal produced or sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price.

p.1 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026

CEO Commentary

David Rae, President and Chief Executive Officer, made the following comments in relation to the second quarter results:

“DPM generated exceptional financial results in the second quarter, including a record $227 million of free cash flow, a result of our strong operating performance and the benefit of higher metals prices. With strong performance in the first half of the year, we are well-positioned to achieve our production guidance for the twelfth consecutive year.

“We are very pleased with the progress we are making at Vareš, which continues to be on track to achieve the 850,000 tonne per year run-rate by year-end. Development rates are exceeding 400 metres per month, and we processed 48% more ore quarter-over-quarter.

“During the quarter, we announced the exciting high-grade Brevene South Porphyry discovery, continuing our remarkable exploration track record with our fourth significant discovery since 2023. Results from BSP demonstrate the potential for scale and continuity, and the target remains open. Together with the discoveries of Čoka Rakita, Dumitru Potok and the Wedge Zone, our exploration success is transforming our future growth outlook, which is fully funded, and generating significant value for our shareholders.”

Use of non-GAAP Financial Measures

Certain financial measures referred to in this news release are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by DPM are based on management’s reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

The Company uses the following non-GAAP financial measures and ratios in this news release:

mine cash cost
cash cost per tonne of ore processed
mine cash cost of sales
cash cost per GEO sold
all-in sustaining cost
all-in sustaining cost per GEO sold
adjusted earnings (loss) before interest, taxes, depreciation and amortization (“adjusted EBITDA”)
adjusted net earnings (loss)
adjusted basic earnings (loss) per share
cash provided from operating activities, before changes in working capital
free cash flow
average realized metal prices

For a detailed description of each of the non-GAAP financial measures and ratios used in this news release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the “Non-GAAP Financial Measures” section commencing on page 16 of this news release.

p.2 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026

Key Operating and Financial Highlights

$ millions, except where noted		Three Months			Six Months
Ended June 30,	2026 2025 Change 2026 2025 Change
Operating Highlights(1) Ore processed t GEO produced(2) oz GEO sold(2) oz Cost of sales per GEO sold(3) $/oz All-in sustaining cost per GEO sold(3,4) $/oz Capital expenditures incurred(5): Sustaining(6) Growth and other(7) Total capital expenditures		884,326 102,690	730,980 21% 70,231 46% 60,215 45% 1,165 (7%) 1,292 (6%) 5.9 (46%) 16.3 72%	1,617,292	1,411,122 15% 129,458 44% 113,197 35% 1,146 4% 1,393 2% 13.5 (53%) 28.0 122%
				186,732
		87,031		153,016
		1,085		1,187
		1,214		1,417
		3.2 28.0		6.4 62.1
		31.2	22.2 40%	68.5	41.5 65%
Financial Highlights(1) Revenue Cost of sales Earnings before income taxes Adjusted EBITDA(4) Net earnings Basic earnings per share $/sh Adjusted net earnings(4) Adjusted basic earnings per share(4) $/sh Cash provided from operating activities(8) Free cash flow(4) Dividends paid Payments for share repurchases(9)		361.5 94.4 255.9	186.5 94% 70.2 35% 92.0 178% 114.1 126% 82.4 179% 0.49 112% 87.6 141% 0.52 83% 99.5 172% 94.6 140% 6.8 30% 33.9 44%	671.9 181.7 445.0 471.3 396.0 1.79 379.0 1.71 425.6	330.6 103% 129.7 40% 130.6 241% 189.3 149% 115.9 242% 0.68 163% 143.0 165% 0.84 104% 154.5 175% 173.7 148% 13.8 28% 116.1 (37%)
		257.8
		230.1 1.04 210.8 0.95 271.1 227.3
				430.6
		8.8		17.7
		48.8		73.5

$ thousands, unless otherwise indicated		Three Months		Six Months
Ended June 30,	2026 2025 Change 2026 2025 Change
Metal Prices Average market prices: Gold $/oz Silver $/oz Copper $/lb Zinc $/lb Lead $/lb Average realized prices(4): Gold $/oz Silver $/oz Copper $/lb Zinc $/lb Lead $/lb			3,280 38% 33.64 118% 4.32 40% - 100% - 100% 3,334 31% 34.28 97% 4.36 38% - 100% - 100%		3,071 53% 32.77 141% 4.28 39% - 100% - 100% 3,183 46% 35.00 117% 4.36 37% - 100% - 100%
		4,517		4,696
		73.44		78.91
		6.05		5.94
		1.57 0.88		1.52
				0.88
		4,375		4,635
		67.54		75.86
		6.03		5.96
Zinc Lead		1.61		1.58
		0.88		0.87

(1) Operating and financial highlights for the second quarter and first half of 2025 did not include Vareš results, which was acquired on September 3, 2025.

(2) The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metal produced or sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price.

(3) Cost of sales per GEO sold represents total cost of sales for Chelopech, Ada Tepe and Vareš, where applicable, divided by GEO sold, while all-in sustaining cost per GEO sold includes treatment and freight charges, where applicable, all of which are reflected in revenue.

(4) All-in sustaining cost per GEO sold; average realized metal prices; adjusted EBITDA; adjusted net earnings; adjusted basic earnings per share and free cash flow are non-GAAP financial measures or ratios. Refer to the “Non-GAAP Financial Measures” section commencing on page 16 of this news release for more information, including reconciliations to IFRS measures.

(5) Capital expenditures incurred are reported on an accrual basis and do not represent the cash outlays for capital expenditures.

p.3 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026

(6) Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the asset or business without any associated increase in capacity, life of assets or future earnings. This measure is used by management and investors to assess the extent of nondiscretionary capital spending being incurred by the Company each period.

(7) Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase life of assets and/or increase future earnings. This measure is used by management and investors to assess the extent of discretionary capital spending being undertaken by the Company each period.

(8) Excluded cash provided from operating activities of $13.0 million (2025 – cash used in operating activities of $5.3 million) and $13.0 million (2025

cash provided from operating activities of $167.9 million), respectively, during the second quarter and first half of 2026 related to DPM’s

disposition of the Tsumeb smelter in August 2024 and the subsequent four-month tolling agreement between DPM and Sinomine Resource Group Co. Ltd. (the “DPM Tolling Agreement”).

(9) Excluded payments for taxes on share repurchases of $2.3 million (2025 – $1.0 million) for the first half of 2026.

p.4 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026

Performance Highlights

The following table compares production, sales and cash cost measures by asset for the second quarter and first half of 2026 against 2026 guidance:

		Q2 2026 YTD June 2026						2026 Consolidated Guidance
	Chelopech Ada Tepe		Vareš	Consolidated Chelopech Ada Tepe		Vareš	Consolidated
Ore processed Kt Metals contained in concentrates produced Gold Koz Silver Koz Copper Mlbs Zinc Mlbs Lead Mlbs GEO Koz Payable metals in concentrates sold Gold Koz Silver Koz Copper Mlbs Zinc Mlbs Lead Mlbs GEO Koz Cost of sales per tonne of ore processed $/t Cash cost per tonne of ore processed(1) $/t Cost of sales per GEO sold $/oz All-in sustaining cost per GEO sold $/oz		549.1 218.0 117.2 884.3 42.7 10.7 7.6 61.0 216.2 8.2 1,043.5 1,267.9 7.8 – 1.3 9.1 – – 14.3 14.3 – – 10.6 10.6 56.7 10.8 35.2 102.7 37.9 11.6 6.2 55.7 178.9 7.2 899.5 1,085.6 6.5 – 0.3 6.8 – – 8.8 8.8 – – 7.4 7.4 49.5 11.6 25.9 87.0 89 154 103 74 79 205 986 2,883 467 1,085 1,174 1,695 563 1,214			1,055.6 365.4 196.3 1,617.3 75.1 22.9 14.5 112.5 333.1 15.9 1,955.9 2,304.9 14.7 – 2.1 16.8 – – 24.3 24.3 – – 18.1 18.1 99.4 23.1 64.2 186.7 67.9 23.4 9.6 100.9 304.4 13.5 1,377.9 1,695.8 13.0 0.4 13.4 – – 13.6 13.6 – – 11.8 11.8 89.5 23.6 39.9 153.0 90 174 117 74 90 310 1,063 2,693 576 1,187 1,318 1,549 679 1,417			2,870 - 3,100
								195 - 225
								3,700 - 4,400
								34 - 40
								59 - 71
								35 - 42
								305 - 365
								175 - 205 3,300 - 4,000 26 - 31
								44 - 53
								27 - 32
								265 - 310
								1,300 - 1,450

(1) At Vareš, cash cost per tonne of ore processed is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed. On a net basis, cash cost was $78 and $120 per tonne of ore processed, respectively, for the second quarter and first half of 2026.

p.5 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026 With continued strong operating performance in the second quarter and first half of 2026, the Company is on track to meet its guidance for 2026. The ramp-up of Vareš continues to advance well, and the operation remains on track to achieve full production by year-end. The operating results of Vareš have been included in the Company's consolidated results since September 3, 2025, the date of acquisition.

Highlights include the following:

Chelopech, Bulgaria: GEO produced in the second quarter of 2026 was comparable to 2025, due primarily to higher production and prices for copper and silver, largely offset by lower production and higher prices for gold. GEO produced in the first half of 2026 was lower than 2025, due primarily to lower production and higher prices for gold, partially offset by higher production and prices for copper and silver. Chelopech is on-track to achieve its GEO production guidance for 2026.

Gold contained in concentrates produced in the second quarter and first half of 2026 was lower than 2025 due primarily to lower gold grades and recoveries, in line with the mine plan. Silver contained in concentrates produced in the second quarter and first half of 2026 was higher than 2025 due primarily to significantly higher than anticipated silver grades and recoveries. Copper production in the second quarter and first half of 2026 was higher than 2025 due primarily to higher copper grades.

GEO sold in the second quarter and first half of 2026 was higher than 2025 due primarily to timing of deliveries, partially offset by lower GEO produced for the first half of 2026. Payable gold in concentrates sold in the second quarter and first half of 2026 was lower than 2025 reflecting lower gold production, partially offset by timing of deliveries. Payable silver and copper in concentrates sold in the second quarter and first half of 2026 was higher than 2025 due primarily to higher silver and copper production.

All-in sustaining cost per GEO sold in the second quarter and first half of 2026 was higher than 2025 due primarily to higher labour costs, a stronger Euro relative to the U.S. dollar, higher freight charges and higher royalties, as well as higher maintenance costs for the first half of 2026, partially offset by higher volumes of GEO sold.

Ada Tepe, Bulgaria: Ada Tepe has reached the end of its mine life, with production having concluded as of July 15, 2026. Gold contained in concentrate produced and GEO produced in the second quarter and first half of 2026 were lower than 2025 due primarily to mining in lower grade zones, in line with the mine plan, partially offset by higher volumes of ore processed.

Payable gold in concentrate sold and GEO sold in the second quarter and first half of 2026 were consistent with gold production compared to 2025.

All-in sustaining cost per GEO sold in the second quarter and first half of 2026 was higher than 2025 due primarily to higher labour costs, a stronger Euro relative to the U.S. dollar, and lower volumes of GEO sold, as well as lower cash outlays for sustaining capital expenditures.

Vareš, Bosnia and Herzegovina: DPM continued to make strong progress at Vareš, achieving targeted development rates averaging over 400 metres per month and processed 117,250 tonnes in the second quarter, a 48% quarter-over-quarter increase. Construction of the paste backfill plant and second tailings filter continue to advance, and both are expected to be operational before the end of the year. Commissioning of the water treatment plant has commenced. The planned shutdown of the processing plant was completed in seven days, ahead of schedule. This allows for reduced downtime in the second half of the year when DPM anticipates higher production rates associated with the ramp-up to full production, which is progressing according to plan.

p.6 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026 Payable metals in concentrates sold were lagging metals produced due primarily to timing of deliveries during the second quarter and first half of 2026.

All-in sustaining cost per GEO sold at Vareš for the second quarter and first half of 2026 was below the low end of its 2026 guidance range due primarily to the capitalization of certain pre-commercial production operating costs. It is expected to increase in the second half of the year and remain within guidance for the full year as Vareš ramps up to commercial production when the gross operating costs will be reflected in its all-in sustaining cost.

Consolidated Operating Highlights

Production: GEO production in the second quarter and first half of 2026 was 46% and 44% higher than 2025, respectively, reflecting higher overall metal production with the addition of Vareš, partially offset by lower gold production at Ada Tepe.

Deliveries: GEO sold in the second quarter and first half of 2026 was 45% and 35% higher than 2025, respectively, due primarily to higher metal production, partially offset by timing of deliveries.

Cost measures: Cost of sales in the second quarter and first half of 2026 was 35% and 40% higher than 2025, respectively, due primarily to the inclusion of Vareš, higher labour costs, a stronger Euro relative to U.S. dollar, and higher royalties reflecting higher metal prices.

All-in sustaining cost per GEO sold was 6% lower than 2025 in the second quarter of 2026 and comparable to 2025 in the first half of 2026. All-in sustaining cost per GEO sold at Vareš for the second quarter and first half of 2026 was below the low end of its 2026 guidance range due primarily to the capitalization of certain pre-commercial production operating costs. It is expected to increase in the second half of the year and remain within the guidance range as Vareš ramps up to commercial production when the gross operating costs will be reflected in its all-in sustaining cost. All-in sustaining cost at Vareš was partially or largely offset, respectively, for the second quarter and first half of 2026, by higher costs at Chelopech and Ada Tepe, due primarily to higher labour costs, a stronger Euro relative to the U.S. dollar, and higher royalties reflecting higher metal prices, as well as the impact of mark-to-market adjustments to share-based compensation expenses, which resulted in an increase of $26 and $95 per GEO sold, respectively, in the second quarter and first half of 2026, compared to an increase of $64 and $122 per GEO sold in the corresponding periods in 2025.

Capital expenditures: Sustaining capital expenditures incurred in the second quarter and first half of 2026 were 46% and 53% lower than 2025, respectively, due primarily to no capital expenditures at Ada Tepe as the mine reached the end of its life in July 2026.

Growth capital expenditures incurred in the second quarter and first half of 2026 were 72% and 122% higher than 2025, respectively, due primarily to the capital expenditures at Vareš, including the capitalization of certain pre-commercial production operating costs, partially offset by lower capital costs related to the Čoka Rakita project due primarily to timing of expenditures.

Consolidated Financial Highlights

DPM delivered record financial results in the second quarter and first half of 2026 in revenue, earnings and free cash flow, benefiting from higher metal prices and the addition of the Vareš mine to its portfolio. The financial results of Vareš have been included in the Company's consolidated financial statements since September 3, 2025, the date of acquisition.

p.7 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026 Revenue: Revenue in the second quarter and first half of 2026 was 94% and 103% higher than 2025, respectively, due primarily to higher realized metal prices and the inclusion of Vareš pre-commercial production revenue.

Net earnings: Net earnings in the second quarter of 2026 were 179% higher than 2025, due primarily to higher revenue, and a $32.9 million reversal of certain provisions at Vareš, partially offset by higher cost of sales and income taxes, as well as a $9.5 million loss on settlement of a previously recognized receivable related to the DPM Tolling Agreement. Net earnings in the first half of 2026 were 242% higher than 2025, due primarily to the same factors affecting the quarter, partially offset by higher exploration expenses. The first half of 2025 also included a one-time levy of $24.4 million to the Bulgarian state budget related to Chelopech and Ada Tepe.

Adjusted net earnings: Adjusted net earnings in the second quarter and first half of 2026 were 141% and 165% higher than 2025, respectively, due primarily to the same factors affecting net earnings, with the exception of adjusting items primarily related to the reversal of certain provisions at Vareš, the loss on settlement of tolling receivable, as well as the 2025 Bulgarian levy.

Cash provided from operating activities: Cash provided from operating activities in the second quarter and first half of 2026 was 172% and 175% higher than 2025, respectively, due primarily to higher earnings generated in the periods and the timing of deliveries and subsequent receipt of cash, partially offset by higher annual cash redemption under the share-based compensation plans reflecting DPM’s strong share price performance, the timing of payments to suppliers, and higher income taxes paid. The first half of 2026 also included a cash redemption of certain Deferred Share Units.

Free cash flow: Free cash flow in the second quarter and first half of 2026 was 140% and 148% higher than 2025, respectively, due primarily to the same factors impacting adjusted net earnings. Free cash flow is calculated before changes in working capital.

Development Projects Update

Čoka Rakita, Serbia

Project execution readiness as well as operational readiness planning for the Čoka Rakita project continued, leveraging the project’s proximity to DPM’s Chelopech underground mine and Ada Tepe processing facilities to support training and development of key personnel for future operating roles. The Ada Tepe processing plant concluded operations on July 15, 2026, and DPM has initiated the dismantling and refurbishing of equipment to be deployed for Čoka Rakita.

The Company continues to advance permitting for the Čoka Rakita project in-line with the well-defined Serbian permitting process to support commencement of construction in early 2027. The Special Purpose Spatial Plan, which was initiated in November 2025 and is a key permitting milestone, continues to progress well and is expected to be approved and adopted in the second half of 2026. Following that, DPM anticipates submission of the exploitation field application. Most baseline studies required for the Environmental and Social Impact Assessment have been completed, and it is expected to be submitted at year-end. The Company continues to proactively engage with relevant authorities and stakeholders to support timely advancement of remaining permits and approvals.

p.8 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026 The Company has planned to spend between $49 million to $53 million of growth capital expenditures for the Čoka Rakita project in 2026, with $8.3 million incurred in the first half of the year. Consistent with the project execution plan, the Company expects to ramp up its contractor engagement and procurement activities for long lead items, as well as accelerate the development of detailed engineering, in the second half of 2026.

Exploration

Chelopech Camp, Bulgaria

BSP Discovery: In early June 2026, DPM announced a major new discovery of high-grade, copper-gold porphyry mineralization at the BSP target, located in the southeastern part of the Brevene exploration licence. Initial results from drilling, including 713 metres at 2.52 g/t (comprising 1.31 g/t Au and 1.16% Cu), demonstrate the potential for scale and continuity with broad, continuous intervals of high-grade copper-gold porphyry mineralization. A large phyllic alteration envelope exceeding 1,000 metres by 1,500 metres indicates a substantial hydrothermal system, with the BSP target remaining open for expansion. Given the significance of this discovery, drilling continues with the aim of expanding known mineralization, with five high-capacity drill rigs dedicated to the target and up to 15,000 metres planned through the end of the third quarter of 2026.

In parallel with ongoing exploration activities, the Company continues to progress the technical work required to support conversion of the Brevene exploration licence to a mining concession under the welldefined Bulgarian permitting process. Surface drilling continues with 12 drill rigs focused on assessing the mineral resource potential in the Vozdol area and the BSP discovery as well as prioritized targets within the exploration licence. Upon completion of the current phase of exploration work, which ends in September 2026, DPM plans to submit a final report in support of a Commercial Discovery Certificate. At this point, and while the process to convert Brevene to an exploration licence is underway, DPM will not be able to conduct drilling activities on the Brevene licence. BSP remains open towards the southeastern flank of the Chelopech mine concession, and DPM intends to further test the target from underground positions within the mine.

Wedge Zone: Delineation drilling of the Wedge Zone target, located within the northern flank of the Chelopech mine concession, continued with two drill rigs and a total of 4,354 metres drilled during the second quarter of 2026. In May 2026, DPM reported new results from drilling, which confirmed and extended the high-grade mineralization. The mineralized zone is currently defined over approximately 170 metres along strike, 130 metres in width, and 300 metres in vertical extent, and forms a steeply dipping body elongated parallel to the hanging wall of the Petrovden Fault. The target remains open along strike and down-dip, with strong potential for further expansion through additional drilling.

Initial metallurgical testwork, conducted at the Chelopech facility, on material from the Wedge Zone indicates that the mineralization is amenable to flotation processing and would produce both a goldcopper concentrate and a pyrite concentrate using the existing flowsheet at the Chelopech plant, supporting the Wedge Zone’s potential to augment the existing Chelopech mine plan.

Drilling at the Wedge Zone prospect is proceeding as planned and remains focused on expanding the mineralized footprint while refining the geometry and continuity of the system. DPM will continue to explore the broader Wedge Zone corridor for additional mineralization, informed by the possibility of telescoping within the Chelopech hydrothermal system, whereby alteration and mineralization

p.9 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026 assemblages typically developed at higher structural levels may occur at greater depth than would normally be expected. Exploration will also test analogous structural settings along the Petrovden Fault.

The Company is planning further drilling over the balance of 2026, with an initial mineral resource estimate expected by year-end as part of the Chelopech annual Mineral Resource and Mineral Reserve update. As part of ongoing exploration programs, the Company continues to test different targets within the Chelopech mine concession.

To support potential future engineering and investment decisions at the Wedge Zone prospect, the Company has initiated a series of technical studies, including an initial geotechnical assessment to inform conceptual mining approaches, an assessment of decline development strategies, and further metallurgical testwork to better evaluate metallurgical characteristics.

The Company has planned a total of $16 million to $17 million for Chelopech brownfield exploration activities in 2026, primarily focused on testing near-mine targets on the Chelopech mine concession, with $13.3 million incurred in the first half of the year.

Rakita Camp, Serbia

During the second quarter of 2026, exploration activities in Serbia were performed on the Potaj Čuka, Čoka Rakita and Pester Jug licences. A total of 17,457 metres of drilling was completed during the quarter.

Between nine and eleven drill rigs were active at the Čoka Rakita licence during the second quarter of 2026, with 10,347 metres drilled. The drilling commenced infill and extension programs at the Dumitru Potok prospect, with a main focus on increasing the drill density. Upon completion of the drilling, DPM intends to update the mineral resource estimate for the Rakita camp. Two drill rigs are dedicated to dual targeting, the Frasen porphyry/adjacent stratabound mineralization and deeper contact skarn mineralization at Dumitru Potok contact skarn area. One drill rig is dedicated for the Rakita North area drill program.

The Company continued its drilling campaign on the Potaj Čuka licence, with 6,014 metres drilled during the second quarter of 2026, which was primarily focused on the Valja Saka prospect, and additional targets across the licence. The Valja Saka drill program aims to test the continuation of mineralized zones and different mineralization styles intersected in previous campaigns, as well as to confirm the interpreted structural pattern of the area. Drill testing of several best-ranked target areas is in progress, aiming to confirm the stratigraphy sequence, structural patterns and possible mineralized domains.

The Company has planned to spend between $25 million and $30 million in 2026 for Serbian exploration activities, with $17.1 million incurred in the first half of the year, primarily focused on Čoka Rakita and Potaj Čuka licences.

Vareš, Bosnia and Herzegovina

During the second quarter of 2026, work at Vareš focused on advancing near-mine growth at Rupice while improving the broader camp pipeline. As planned, the Company initiated its surface drilling program in the second quarter, with a total of 1,694 metres drilled during the period, mainly at Rupice-Borovica, alongside 6,638 metres of re-logging and 3,223 assay samples submitted from historical extension holes. Detailed mapping, rock sampling and geophysics were completed across Borovica and Medujak, where 127 samples were collected and encouraging surface results were returned. During the quarter, rebuilding

p.10 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026 of the Rupice 3D geological model continued, along with activities to strengthen the geological framework and improve targeting.

In the third quarter, the Company expects to continue focusing on Rupice-Borovica as the main near-mine growth priority while increasing activity at Droskovac-Brezik and integrating pending assay, mapping and geophysical results into drill-ready targets. Key deliverables include continued advancement of the Rupice model and further technical assessment of the Droskovac siderite-hosted silver mineralization.

The Company has planned a total of $10 million to $11 million in expenditures for Vareš brownfield exploration, and $1 million to $2 million for Bosnia and Herzegovina greenfield exploration in 2026, with a total of $1.9 million incurred in the first half of the year.

Balance Sheet Strength and Financial Flexibility

The Company continues to maintain a strong cash and liquidity position and is well-positioned to fund growth, ending the year with a cash position of $761.2 million, no debt and an undrawn $400.0 million revolving credit facility with an accordion feature to $550.0 million.

Cash and cash equivalents increased by $263.4 million in the first half of 2026 due primarily to earnings generated in the period, partially offset by cash outlays for capital expenditures, payments for shares repurchased under the NCIB, cash redemptions under the share-based compensation plans, and dividends paid.

Return of Capital to Shareholders

In line with its disciplined capital allocation framework, DPM continues to return excess capital to shareholders, which currently includes a sustainable quarterly dividend and periodic share repurchases under the NCIB.

During the first half of 2026, the Company returned a total of $91.2 million to shareholders through the repurchase of approximately 2.1 million shares, for a total cash payment of $73.5 million, and $17.7 million of dividends paid. From July 1 to July 30, 2026, the Company purchased additional 0.8 million shares, bringing year-to-date 2026 repurchases to 2.9 million shares for an aggregate cost of $101.7 million.

The Company’s Board of Directors has authorized management to repurchase up to $200 million of the Company’s shares in 2026 under the NCIB.

On July 30, 2026, the Company declared a dividend of $0.04 per common share payable on October 15, 2026 to shareholders of record on September 30, 2026.

2026 Guidance and Three-year Outlook

With continued strong operating performance in the second quarter and first half of 2026, the Company is on track to meet its guidance for 2026, including expected GEO production of 305,000 to 365,000 ounces, and an all-in sustaining cost of $1,300 to $1,450 per GEO sold, subject to dynamics such as the mark-tomarket impact of DPM's share price, as well as other movements as outlined below relative to guidance assumptions.

p.11 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026 Certain key cost measures in the Company’s detailed guidance for 2026 are sensitive to market assumptions, including metal prices, oil prices and foreign exchange rates. The following table demonstrates the sensitivity in these market assumptions over the balance of the year on the consolidated GEO sold and all-in sustaining cost per GEO sold provided in the 2026 guidance.

All-in sustaining Hypothetical GEO sold cost per GEO sold Assumptions change (Koz) ($/oz) Metal Prices

Gold	$4,200/oz	+/- 10%	-6/+7	+26/-30
Silver	$50/oz	+/- 10%	+/- 3	-/+11
Copper	$5.00/lb	+/- 10%	+/-1	-/+6
Zinc	$1.30/lb	+/- 10%	+/- 1	-/+6
Lead	$0.90/lb	+/- 10%	+/- 1	-/+ 3
Oil Price(1)	$65/barrel	+/-$10/barrel	N/A	+/- 6

Foreign Exchange

Euro/US$ 1.20 +/- 10% N/A +/- 49

(1) The Company’s 2026 guidance assumes an oil price of $65 per barrel. The increase in crude oil prices beginning in March 2026 did not have a significant impact on the Company’s all-in sustaining cost per GEO sold in the first half of 2026. However, if oil prices remain elevated under the current geopolitical environment, the Company expects higher costs for diesel consumed in mine operations, as well as for freight charges included in selling cost, which are sensitive to oil prices. For the balance of 2026, each $10 per barrel change in the oil price is expected to impact the Company’s all-in sustaining cost by approximately $6 per GEO sold, comprising an estimated $2 per GEO impact from direct diesel costs and $4 per GEO impact from freight charges.

For additional information regarding the Company's detailed guidance for 2026 and current three-year outlook, please refer to the “Three-Year Outlook” section of the MD&A.

Second Quarter 2026 Results Conference Call and Webcast

At 9 a.m. EDT on Friday, July 31, 2026, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate via conference call, register in advance at the link provided below to receive the dial-in information as well as a unique PIN code to access the call.

The call registration and webcast details are as follows:

Conference call date and time	Friday, July 31, 2026 9 a.m. EDT
Call registration	https://register-conf.media-server.com/register/BI88408c885403433fbed52ebb4d65443e
Webcast link	https://edge.media-server.com/mmc/p/phd4h9pd
Replay	Archive will be available on www.dpmmetals.com

This news release and DPM’s unaudited condensed interim financial statements and MD&A for the three and six months ended June 30, 2026 are posted on the Company’s website at www.dpmmetals.com and have been filed on SEDAR+ at www.sedarplus.ca.

p.12 DPM Metals Reports Record Q2 2026 Free Cash Flow and Earnings; Vareš On-Track to Achieve Full Production by Year-end 2026

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