DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
DPM Metals Reports Record Financial Results in 2025;
Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
Toronto, Ontario, February 10, 2026 – DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894)
(“DPM” or the “Company”) announced its operating and financial results for the fourth quarter and full year
ended December 31, 2025.
Highlights
(Unless otherwise state d, all monetary figures in this news release are expressed in U.S. dollars, and all operational and financial
information contained in this news release is related to continuing operations.)
• Record free cash flow generation: Generated $505 million of free cash flow 1 and $492 million of
cash provided from operating activities of continuing operations.
• Record adjusted net earnings per share: Reported adjusted net earnings1 of $443 million ($2.39 per
share1) and net earnings from continuing operations of $369 million ($1.99 per share).
• 11-year track record of operational delivery: DPM achieved its gold production guidance, producing
244,979 ounces of gold and 30.0 million pounds of copper.
• Vareš ramp-up to full production on-track: On track to achieve 850,000 tonnes per year by year-
end, with an improved 2026 production forecast of 30,000 to 35,000 ounces of gold and 3.5 to 4.1
million ounces of silver.
• Advancing Čoka Rakita: Approval to initiate the Special Purpose Spatial Plan, a key milestone,
received in November 2025. Mine construction is expected to commence in early 2027.
• Rakita camp district scale potential: Announced initial Inferred Mineral Resource Estimate for the
Rakita camp of 84.4 million tonnes at a grade of 0.97 g/t Au for 2.6 million ounces of gold and at a
grade of 1.02% Cu for 1.9 billion pounds of contained copper, with significant potential for continued
growth as all three deposits remain open in multiple directions.2
• Chelopech mine life extended to 2036 : Updated Mineral Reserve and Mineral Resource estimate
and life of mine plan for Chelopech extends mine life to 2036 and sustains production at an annual
average of approximately 160,000 GEO.3
• Adding value through exploration: Discovered high-grade Wedge Zone Deep prospect, located on
the Chelopech mine concession, close to existing mine infrastructure and Mineral Reserves.
• Growing high-margin production: Average annual production of 350,000 gold equivalent ounces 4
("GEO") over the next three years, with an all-in sustaining cost of $1,450 per GEO sold1.
• Substantial liquidity for growth: Ended the quarter with a total of $497.8 million in cash and cash
equivalents. New revolving $400 million credit facility with accordion feature to $550 million.
• Continued capital discipline: Returned $145.5 million , representing 29% of free cash flow, to
shareholders during 2025 through dividends paid and shares repurchased. Board of Directors has
authorized the repurchase of up to $200 million of shares within 2026.
• Track record of responsible mining: DPM scored in the top decile among metals and mining
companies in the S&P Global Corporate Sustainability Assessment for the fifth consecutive year.
p.1 DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
1 Free cash flow, adjusted net earnings, adjusted basic earnings per share, all-in sustaining cost per ounce of gold sold 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 20 of this news release for more information, including
reconciliations to IFRS measures.
2 Refer to the "Technical Report - Mineral Resource Estimate for Dumitru Potok, Frasen and Rakita North Prospects, Eastern Serbia," dated January 16, 2026, available on the
Company's website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.
3 Refer to the news release "DPM Extends Chelopech Mine Life to Ten Years; Provides Updated Mineral Reserve and Resource Estimate and Life of Mine Plan" dated
February 5, 2026, available on the Company's website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.
4 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 assumed metal prices, and dividing the resulting figure by assumed gold price.
News Release
CEO Commentary
David Rae, President and Chief Executive Officer, made the following comments in relation to the fourth
quarter and year-end 2025 results:
“We once again generated record financial results in 2025, including $505 million of free cash flow,
demonstrating the quality of our low-cost, high-margin mining operations. Our exceptional 11-year track
record of delivery has created long-term shareholder value and underpins our ability to realize Vareš' full
potential and grow the business with Čoka Rakita, which is on track for first concentrate production in the
first half of 2029.
“Together with the Čoka Rakita project, the initial Inferred Mineral Resource Estimates for Dumitru Potok,
Frasen and Rakita North prospects completed in December highlight the Rakita camp's potential as a Tier
One gold asset for DPM, offering a rare combination of scale, grade and longevity. Further upside
potential remains as we test the continuation of the system with step-out drilling on the adjacent licence.
“DPM continues to be in a very strong position to carry out our strategy of becoming a mid-tier gold
producer. This is driven by the quality of our team, our high-margin production base generating significant
free cash flow, and our financial strength to internally fund growth and exploration activities while
continuing to return capital to 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 ounce of gold sold
• all-in sustaining cost
• all-in sustaining cost per GEO sold
• all-in sustaining cost per ounce of gold 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 20 of this news release.
p.2 DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
Key Operating and Financial Highlights from Continuing Operations
$ millions, except where noted Fourth Quarter Full Year
Ended December 31, 2025 2024 Change 2025 2024 Change
Operating Highlights(1)
Ore processed t 786,091 748,196 5% 2,978,137 2,916,027 2%
Metals contained in concentrates produced:
Gold
Chelopech oz 45,714 41,901 9% 174,434 167,029 4%
Ada Tepe oz 24,552 28,918 (15%) 70,545 94,306 (25%)
Total gold in concentrates produced oz 70,266 70,819 (1%) 244,979 261,335 (6%)
Copper Klbs 9,879 7,781 27% 29,995 29,671 1%
Payable metals in concentrates sold:
Gold
Chelopech oz 40,142 36,862 9% 150,524 142,004 6%
Ada Tepe oz 23,319 28,003 (17%) 68,515 92,124 (26%)
Total payable gold in concentrates sold oz 63,461 64,865 (2%) 219,039 234,128 (6%)
Copper Klbs 7,647 6,652 15% 24,834 25,062 (1%)
Cost of sales per ounce of gold sold(2):
Chelopech $/oz 1,172 1,027 14% 1,129 1,070 6%
Ada Tepe $/oz 1,638 1,002 63% 1,781 1,181 51%
Consolidated $/oz 1,343 1,016 32% 1,333 1,113 20%
All-in sustaining cost per ounce of gold
sold(3):
Chelopech $/oz 453 799 (43%) 616 695 (11%)
Ada Tepe $/oz 989 694 43% 1,101 745 48%
Consolidated $/oz 1,082 904 20% 1,121 872 29%
Capital expenditures incurred(4):
Sustaining(5) 10.7 9.8 9% 32.8 34.2 (4%)
Growth and other(6) 17.9 2.1 762% 55.5 17.2 223%
Total capital expenditures 28.6 11.9 140% 88.3 51.4 72%
Financial Highlights(1)
Average realized prices(3):
Gold $/oz 4,323 2,663 62% 3,632 2,434 49%
Copper $/lb 5.15 3.91 32% 4.64 4.16 12%
Revenue 352.5 179.1 97% 950.5 607.0 57%
Cost of sales 101.0 65.9 53% 344.6 260.7 32%
Earnings before income taxes 183.1 94.3 94% 422.0 276.1 53%
Adjusted EBITDA(3) 230.0 110.8 108% 585.6 326.9 79%
Net earnings 157.3 86.7 81% 369.2 243.2 52%
Basic earnings per share $/sh 0.71 0.49 45% 1.99 1.35 47%
Adjusted net earnings(3) 170.4 82.6 106% 443.2 232.2 91%
Adjusted basic earnings per share(3) $/sh 0.77 0.46 67% 2.39 1.29 85%
Cash provided from operating activities(7) 152.5 82.7 84% 491.6 296.8 66%
Free cash flow(3) 182.8 91.7 99% 504.9 305.1 66%
(1) Operating highlights for the fourth quarter and full year of 2025 did not include the operating results of Vareš. For a more detailed discussion on
the operating results of Vareš, refer to the “Review of Operating Results by Segment – Review of Vareš Results” section of the Management’s
Discussion and Analysis (“MD&A”). In the meantime, financial highlights for the year of 2025 included the pre-commercial production financial
results of Vareš during the period from September 3 to December 31, 2025, in compliance with IFRS, with the exception of average realized
metal price, which is a non-GAAP measure and its exclusion of Vareš was consistent with the operating highlights above.
(2) Cost of sales per ounce of gold sold represents total cost of sales for Chelopech and Ada Tepe, divided by total payable gold in concentrates
sold.
(3) All-in sustaining cost per ounce of gold 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
20 of this news release for more information, including reconciliations to IFRS measures.
(4) 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 Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
(5) 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 non-
discretionary capital spending being incurred by the Company each period.
(6) 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.
(7) Excludes cash used in operating activities of discontinued operations of $7.4 million (2024 – $61.0 million) and cash provided from operating
activities of discontinued operations of $160.5 million ( 2024 – cash used in operating activities of discontinued operations of $152.1 million),
respectively, during the fourth quarter and full year of 2025.
Performance Highlights
A table comparing production, sales and cash cost measures by asset for the fourth quarter and full year ended December 31, 2025
against 2025 guidance is located on page 17 of this news release.
In the fourth quarter and full year of 2025, the Company’s Chelopech and Ada Tepe operations delivered
gold production in line with expectations, and both mines achieved production guidance for the year 2025.
Highlights include the following:
Chelopech, Bulgaria: Gold contained in concentrates produced in the fourth quarter and full year of
2025 was higher than 2024 due primarily to higher gold grades, in line with the mine plan.
Copper production in the fourth quarter of 2025 was higher than 2024 due primarily to higher copper
grades. Copper production in 2025 was comparable to 2024.
Payable gold in concentrates sold in the fourth quarter and full year of 2025 was higher than 2024 due
primarily to higher gold production, with favourable payable gold terms for the full year.
Payable copper in concentrate sold in the fourth quarter of 2025 was 15% higher than 2024 due primarily
to higher copper production. Payable copper in concentrate sold in 2025 was comparable to 2024.
All-in sustaining cost per ounce of gold sold in the fourth quarter and full year of 2025 was lower than
2024 due primarily to higher by-product credits reflecting higher realized prices and volumes of copper
sold, and higher volumes of gold sold, partially offset by a stronger Euro relative to the U.S. dollar, higher
labour costs, higher royalties, and lower cash outlays for sustaining capital expenditures.
Ada Tepe, Bulgaria: Gold contained in concentrate produced in the fourth quarter and full year of 2025
was lower than 2024 due primarily to mining in lower grade zones, in line with the mine plan.
Payable gold in concentrate sold in the fourth quarter and full year of 2025 was consistent with the gold
production compared to 2024.
All-in sustaining cost per ounce of gold sold in the fourth quarter and full year of 2025 was higher than
2024 due primarily to lower volumes of gold sold and a stronger Euro relative to the U.S. dollar , and
higher rehabilitation related depreciation expenses as a result of an updated closure plan for Ada Tepe, as
well as lower cash outlays for sustaining capital expenditures in the fourth quarter of the year.
p.4 DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
Consolidated Operating Highlights
Operating highlights discussed below exclude the operating results of Vareš, except for cost of sales.
Production: Gold contained in concentrates produced in the fourth quarter of 2025 was comparable to
2024, due primarily to higher gold grades at Chelopech offset by mining in lower grade zones at Ada
Tepe. Gold contained in concentrates produced in 2025 was 6% lower than 2024, due primarily to lower
gold grades and recoveries at Ada Tepe.
Copper production in the fourth quarter of 2025 was 27% higher than 2024 due primarily to higher copper
grades. Copper production in 2025 was comparable to 2024.
Deliveries: Payable gold in concentrates sold in the fourth quarter and full year of 2025 was 2% lower
than and 6% lower than 2024, respectively, primarily reflecting gold production.
Payable copper in concentrate sold in the fourth quarter of 2025 was 15% higher than 2024 due primarily
to higher copper production. Payable copper in concentrate sold in 2025 was comparable to 2024.
Cost measures: Cost of sales in the fourth quarter and full year of 2025 was 53% and 32% higher than
2024, respectively, due primarily to Vareš operating costs and a non-cash fair value adjustment on
inventories recognized in cost of sales at Vareš following the acquisition of Adriatic, higher depreciation
expense, higher labour cost, a stronger Euro relative to the U.S. dollar and higher royalties reflecting
higher metal prices.
All-in sustaining cost per ounce of gold sold in the fourth quarter of 2025 was 20% higher than 2024 due
primarily to higher mark-to-market adjustments to share-based compensation expenses reflecting DPM’s
strong share price performance, and a stronger Euro relative to the U.S. dollar, partially offset by higher
by-product credits reflecting higher realized prices and volumes for copper sold. All-in sustaining cost per
ounce of gold sold in 2025 was 29% higher than 2024 due primarily to higher mark-to-market adjustments
to share-based compensation expenses, lower volumes of gold sold and a stronger Euro relative to the
U.S. dollar, partially offset by higher by-product credits reflecting higher realized prices for copper and
silver sold.
Mark-to-market adjustments to share-based compensation expenses resulted in an increase of $344 and
$242 per ounce of gold sold, respectively, in the fourth quarter and full year of 2025, compared to a
decrease of $7 and an increase of $28 per ounce of gold sold in the corresponding periods in 2024.
Capital expenditures: Sustaining capital expenditures incurred in the fourth quarter of 2025 were 9%
higher than 2024, due primarily to timing of expenditures at Chelopech, partially offset by lower deferred
stripping costs as a result of lower stripping ratios at Ada Tepe. Sustaining capital expenditures incurred in
2025 were 4% lower than 2024 due primarily to changes in deferred stripping costs as a result of changes
in the stripping ratios at Ada Tepe, in line with the mine plan.
Growth and other capital expenditures incurred in the fourth quarter and full year of 2025 were $15.8
million and $38.3 million higher than 2024, respectively, due primarily to costs related to the Čoka Rakita
project being capitalized from 2025 as a result of the project’s advancement to the feasibility study (“FS”)
stage.
p.5 DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
Consolidated Financial Highlights
DPM achieved record financial results for 2025 in revenue, earnings and free cash flow, reflecting high
realized metal prices, combined with the Company’s stable operating performance for the year . Financial
results in 2025 also reflected the inclusion of Vareš for the period of September 3 to December 31, 2025.
Revenue: Revenue in the fourth quarter and full year of 2025 was 97% and 57% higher than 2024,
respectively, due primarily to higher realized metal prices, partially offset by lower volumes of gold sold at
Ada Tepe. Revenue in the fourth quarter and full year of 2025 also benefited from the post-acquisition
revenue from Vareš.
Net earnings: Net earnings from continuing operations in the fourth quarter of 2025 were 81% higher
than 2024, due primarily to higher revenue, partially offset by higher cost of sales, higher mark-to-market
adjustments to share-based compensation expenses and a fair value loss on copper stream liability of
$8.5 million. Net earnings from continuing operations in 2025 were 52% higher than 2024, due primarily to
the same factors affecting the quarter, partially offset by the 2025 Bulgarian levy of $24.4 million Adriatic
acquisition related costs of $15.4 million and a fair value loss on copper stream liability of $9.2 million.
Adjusted net earnings: Adjusted net earnings from continuing operations in the fourth quarter and full
year of 2025 were 106% and 91% higher than 2024, respectively, due primarily to the same factors
affecting net earnings from continuing operations, with the exception of adjusting items primarily related to
the 2025 Bulgarian levy, Adriatic acquisition related costs, the non-cash fair value adjustment on
inventories at Vareš, and the fair value loss on copper stream liability, as well as a net termination fee
received from Osino Resources Corp. (“Osino”) in 2024.
Cash provided from operating activities: Cash provided from operating activities of continuing
operations in the fourth quarter and full year of 2025 was 84% and 66% higher than 2024, respectively,
due primarily to higher earnings generated in the periods and the timing of deliveries and subsequent
receipt of cash, partially offset by the timing of payments to suppliers, the payments of the 2025 Bulgarian
levy and higher income taxes paid.
Free cash flow: Free cash flow from continuing operations in the fourth quarter and full year of 2025 was
99% and 66% higher than 2024, respectively, due primarily to higher adjusted net earnings generated in
the periods, partially offset by the payments of the 2025 Bulgarian levy. Free cash flow is calculated
before changes in working capital.
Vareš Update
On September 3, 2025, DPM completed the acquisition of Adriatic, integrating the Vareš operation into its
portfolio. Integration activities have progressed well, and DPM continues to advance its priorities for Vareš
with a focus on ramping up to full production by year-end 2026. Development rates have continued to
progress in-line with plan, and mine production recommenced in January 2026. Construction of the paste
backfill plant is well-advanced, and expected to be commissioned in the third quarter.
Vareš production in 2026 is now expected to be better as compared to the estimates in the technical
report entitled "Amended and Rested NI 43-101 Technical Report on the Vareš Operation, Bosnia and
Herzegovina" dated June 9, 2025, with increased ore processed and higher gold and silver grades. This
technical report has been posted on the Company’s website at www.dpmmetals.com and filed on
SEDAR+ at www.sedarplus.ca. See the section of the news release entitled "2026 Guidance and Three-
Year Outlook" for further details.
p.6 DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
Development Projects Update
Čoka Rakita, Serbia
During the fourth quarter, DPM completed the FS for the Čoka Rakita project as planned. The FS
confirmed robust economics for a high-margin underground gold mining operation with first quartile life of
mine all-in sustaining costs of $644 per ounce of gold sold, and an attractive internal rate of return of 68%
and net present value of $2.2 billion, using a $3,500 per ounce gold price assumption. Based on the
positive results, DPM is proceeding to execution readiness and construction permitting, with first
concentrate production anticipated in the first half of 2029.
Activities during 2025 focused on completing various technical studies and the FS, while advancing the
design to a basic engineering level. Project execution readiness as well as operational readiness planning
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.
In November 2025, a key permitting milestone was achieved with the approval to initiate the Special
Purpose Spatial Plan process. Permitting activities continue, with a detailed permitting timeline focused
on supporting commencement of construction in early 2027. Most baseline studies required for the
Environmental and Social Impact Assessment have been completed. The approval and adoption of the
SPSP is expected in the second half of 2026, following which DPM anticipates submitting the exploitation
field application in accordance with the Serbian permitting process. The Company continues to
proactively engage with relevant authorities and stakeholders to support timely advancement of remaining
permits and approvals.
Consistent with its approach across all operations, DPM seeks to build and maintain strong partnerships
with local communities and governments. The Company has had a local presence in Serbia since 2004
and has developed strong relationships in the region. Proactive stakeholder engagement continued
throughout 2025 and remains a core component of the Company’s approach as the project advances.
Planning for the Čoka Rakita project continues to emphasize responsible environmental management,
social development, and the design, operation, and closure of the mine in accordance with industry best
practices and applicable Serbian and European Union standards.
In 2025, the Company incurred $38.4 million of growth capital expenditures for the Čoka Rakita project.
For 2026, the Company has planned $49 million to $53 million of growth capital expenditures primarily
related to pre-construction activities, including detailed engineering, environmental and permitting
activities, early works, and operational readiness planning. Subject to permitting progress and schedule
acceleration, approximately $42 million of pre-committed initial capital for the project was also included in
the 2026 detailed guidance related to early contractor engagement and procurement activities in advance
of a formal construction decision, which is expected in early 2027.
See the “NI 43-101 Technical Report Čoka Rakita Project Feasibility Study, Eastern Serbia” dated
January 9, 2026, for additional information, which has been posted on the Company’s website at
www.dpmmetals.com and filed on SEDAR+ at www.sedarplus.ca.
p.7 DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
Exploration
Rakita Camp, Serbia
During the fourth quarter, DPM published an Inferred Mineral Resource Estimate for the Dumitru Potok,
Frasen and Rakita North prospects. The prospects are located on the Čoka Rakita and the Potaj Čuka
exploration license, and are within one kilometre of the Čoka Rakita project. The total Inferred Mineral
Resource Estimate, effective as of October 23, 2025, comprises 2.6 million ounces of gold and 1.9 billion
pounds of copper contained within 84.4 million tonnes grading 0.97 g/t gold and 1.02% copper, and
assumes an underground mining scenario. The Inferred Mineral Resource Estimate demonstrates the
Rakita camp’s potential as a district-scale gold-copper system. Each of Dumitru Potok, Rakita North and
Frasen remain opens in multiple directions and sits alongside several high-potential targets along a six-
kilometre trend.
When viewed separately, the Dumitru Potok Mineral Resource represents a significant higher-grade core
totalling 64.1 Mt grading 1.07 g/t gold for 2.2 million ounces of contained gold and 1.08% copper for 1.5
billion pounds of contained copper. The Rakita North Inferred Mineral Resource totals 17.9 million tonnes
grading 0.56 g/t gold for 0.3 million ounces of contained gold and 0.84% copper for 0.3 billion pounds of
contained copper. The Frasen Inferred Mineral Resource totals 2.4 million tonnes grading 1.21 g/t gold for
95 thousand ounces of contained gold and 0.70% copper for 37 million pounds of contained copper.
Drilling is currently paused on the Čoka Rakita licence pending the normal course renewal of permits and
is anticipated to recommence in the second quarter of 2026. Field work focused on the Potaj Čuka and
Pešter Jug exploration licences, including scout drilling campaigns at the Valja Saka prospect and other
Potaj Čuka targets, with 13,674 metres of drilling completed during the fourth quarter of 2025 and 60,528
metres year-to-date.
On the Potaj Čuka licence, the main focus was the Valja Saka prospect, which has been prioritized for
further exploration. During the fourth quarter, the drilling campaign continued with six drill rigs to test
higher-grade mineralization. Drilling also encountered different mineralization styles and confirmed the
interpreted structural architecture. At other Potaj Čuka targets, individual gold grades were intersected
along with alteration styles that represent an excellent vector toward potentially mineralized zones, which
will support the design of a follow-up program.
In 2025, the Company incurred $36.1 million for Rakita camp exploration activities. In 2026, the Company
has planned a total of $25 million to $30 million, primarily focused on Čoka Rakita and Potaj Čuka
licences.
Chelopech, Bulgaria
DPM remains committed to extending the life of the Chelopech mine through its focused in-mine
exploration program targeting resource development. During 2025, the Company completed 44,464
metres of drilling with 14,798 meters dedicated to extensional drilling. The program aimed to expand the
existing mineralization, improve ore boundary definition, and increase confidence in the Mineral Resource
Estimate.
In November 2025, DPM announced the discovery of new high-grade mineralization at the WZD target,
which is located within the northern flank of the Chelopech mine concession and approximately 300
metres below existing Mineral Reserves and current mine infrastructure. This significant discovery, which
was made in a relatively underexplored and deep area of the mine concession demonstrates that the
p.8 DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position