Dundee Precious Metals Delivers Record Free Cash Flow and Adjusted Net Earnings ; Announces Second Quarter 2025 Results
Dundee Precious Metals Delivers Record Free Cash Flow and Adjusted
Net Earnings ; Announces Second Quarter 2025 Results
Toronto, Ontario, July 31, 2025 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”)
announced its operating and financial results for the second quarter and first half ended June 30, 2025.
Highlights
(Unless otherwise stated, 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 $94.5 million of free cash flow 1 and $99.5 million of
cash provided from operating activities of continuing operations in the second quarter.
• Record adjusted net earnings per share: Reported second quarter adjusted net earnings1 of $87.6
million ( $0.52 per share 1) and net earnings from continuing operations of $82.4 million ( $0.49 per
share).
• Creating a premier mining business: Announced on June 13, 2025 that it had agreed with Adriatic
Metals plc ("Adriatic") to the terms pursuant to which it would acquire Adriatic and its high-quality Vareš
silver-lead-zinc-gold operation for an implied equity value of approximately $1.3 billion2, forming a peer-
leading growth profile.
• Advancing growth pipeline: Čoka Rakita feasibility study (“FS”) advancing well and on-track for
completion at year-end 2025. Received the environmental licence for Loma Larga in June, a significant
milestone for the project.
• Substantial liquidity for growth: Ended the quarter with a total of $796.6 million, consisting of $331.7
million in cash and cash equivalents and $464.9 million in restricted cash pursuant to the agreement to
acquire Adriatic.
• Record capital returns: Returned $129.9 million, or 75% of free cash flow, to shareholders during the
first half of 2025 through the repurchase of approximately 10 million shares and the quarterly dividend
of $0.04 per share.
• On-track to meet 2025 guidance: With strong production of 61,212 ounces of gold and 6.4 million
pounds of copper during the second quarter, and 111,075 ounces of gold and 12.3 million pounds of
copper during the first half of 2025, DPM is well-positioned to meet its 2025 production guidance.
• Generating robust margins: Reported cost of sales per ounce of gold sold 3 of $1,328 and an all-in
sustaining cost per ounce of gold sold 1,3 of $1,118 for the first half of the year, compared to an average
realized gold price of $3,183 per ounce. DPM reconfirmed its 2025 guidance for all-in sustaining cost of
$780 to $900 per ounce of gold sold, subject to dynamics such as the mark-to-market impact of DPM's
share price, as well as metal prices and foreign exchange movements relative to guidance
assumptions.
1 Free cash flow, adjusted net earnings, adjusted basic earnings per share and all-in sustaining cost per ounce of gold 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 13 of this news release for more information, including reconciliations to IFRS measures.
2 Based on the June 11, 2025 closing price of DPM shares of Cdn$20.33, and a GBP/CAD exchange rate of 1.85.
3 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, while all-in sustaining cost
per ounce of gold sold includes treatment and freight charges, net of by-product credits, all of which are reflected in revenue.
CEO Commentary
David Rae, President and Chief Executive Officer, made the following comments in relation to the second
quarter results:
“We continue to consistently deliver robust free cash flow, generating a record $174 million year-to-date,
further strengthening our financial capacity to fund growth. At the same time, our investors are benefiting
from our low-cost, high-margin gold production as we continue to return capital to shareholders,
demonstrated by the repurchase of a record 10 million shares during the first half of the year.
“We received the environmental licence for Loma Larga at the end of June, achieving a significant
milestone for the project, which is an attractive future growth opportunity for DPM. We continue to
advance permitting and the feasibility study for the Čoka Rakita project, which is on track for completion
by year-end.
“The proposed acquisition of Adriatic is an excellent fit with our operating expertise and financial strength,
and offers a clear and compelling value proposition for all of our shareholders. This is an exciting time for
DPM and our shareholders, as we look to our future as a growing precious metals producer, offering a
peer-leading development pipeline, a strong balance sheet and capital returns, all of which are
underpinned by our exceptional operational track record.”
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 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 13 of this news release.
Dundee Precious Metals Delivers Record Free Cash Flow and Adjusted Net Earnings | 2
Key Operating and Financial Highlights from Continuing Operations
$ millions, except where noted Three Months Six Months
2025 2024 Change 2025 2024 Change
Operating Highlights
Ore Processed t 730,980 755,543 (3%) 1,411,122 1,456,741 (3%)
Metals contained in concentrates produced:
Gold
Chelopech oz 47,032 43,734 8% 84,445 81,229 4%
Ada Tepe oz 14,180 23,910 (41%) 26,630 49,142 (46%)
Total gold in concentrates produced oz 61,212 67,644 (10%) 111,075 130,371 (15%)
Copper Klbs 6,439 7,880 (18%) 12,344 14,572 (15%)
Payable metals in concentrates sold:
Gold
Chelopech oz 38,333 37,849 1% 70,755 67,417 5%
Ada Tepe oz 14,544 22,974 (37%) 26,911 48,618 (45%)
Total payable gold in concentrates sold oz 52,877 60,823 (13%) 97,666 116,035 (16%)
Copper Klbs 5,204 6,469 (20%) 10,367 11,926 (13%)
Cost of sales per ounce of gold sold(1):
Chelopech $/oz 1,097 1,003 9% 1,103 1,094 1%
Ada Tepe $/oz 1,933 1,188 63% 1,920 1,105 74%
Consolidated $/oz 1,327 1,073 24% 1,328 1,099 21%
All-in sustaining cost per ounce of gold
sold(2):
Chelopech $/oz 682 531 28% 678 670 1%
Ada Tepe $/oz 1,166 699 67% 1,246 638 95%
Consolidated $/oz 1,011 710 42% 1,118 793 41%
Capital expenditures incurred(3):
Sustaining(4) 5.9 7.9 (24%) 13.5 13.6 0%
Growth and other(5) 16.3 3.6 343% 28.0 11.9 134%
Total capital expenditures 22.2 11.5 92% 41.5 25.5 63%
Financial Highlights
Average realized prices(2):
Gold $/oz 3,334 2,369 41% 3,183 2,254 41%
Copper $/lb 4.36 4.57 (5%) 4.36 4.26 2%
Revenue 186.5 156.8 19% 330.6 280.6 18%
Cost of sales 70.2 65.2 8% 129.7 127.5 2%
Earnings before income taxes 92.0 80.2 15% 130.6 126.5 3%
Adjusted EBITDA(2) 114.1 93.1 23% 189.3 147.6 28%
Net earnings 82.4 70.9 16% 115.9 110.3 5%
Basic earnings per share $/sh 0.49 0.39 26% 0.68 0.61 11%
Adjusted net earnings(2) 87.6 70.9 24% 143.0 103.4 38%
Adjusted basic earnings per share(2) $/sh 0.52 0.39 33% 0.84 0.57 47%
Cash provided from operating activities(6) 99.5 125.8 (21%) 154.5 161.6 (4%)
Free cash flow(2) 94.6 82.4 15% 173.7 142.5 22%
Dundee Precious Metals Delivers Record Free Cash Flow and Adjusted Net Earnings | 3
(1) 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.
(2) 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
13 of this news release for more information, including reconciliations to IFRS measures.
(3) Capital expenditures incurred are reported on an accrual basis and do not represent the cash outlays for capital expenditures.
(4) 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.
(5) 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.
(6) Excludes cash used in operating activities of discontinued operations of $5.3 million ( 2024 – $9.1 million ) and cash provided from operating
activities of discontinued operations of $167.9 million (2024 – $8.5 million), respectively, during the second quarter and first half of 2025.
Performance Highlights
A table comparing production, sales and cash cost measures by asset for the second quarter and first half ended June 30, 2025
against 2025 guidance is located on page 10 of this news release.
In the second quarter and first half of 2025, the Company’s operations delivered gold production in line
with expectations. With higher grades at Chelopech and increased production from both mines planned
for the second half of the year, DPM is on track to achieve its 2025 production guidance.
Highlights include the following:
Chelopech, Bulgaria: Gold contained in concentrates produced in the second quarter and first half of
2025 was higher than 2024 due primarily to higher gold grades, partially offset by lower volumes of ore
processed and lower gold recoveries, in line with the mine plan. As per the mine plan, the Company
continues to expect higher grades and increased production over the balance of the year.
Copper production in the second quarter and first half of 2025 was lower than 2024 due primarily to lower
copper grades and recoveries, in line with the mine plan.
Payable gold in concentrates sold in the second quarter of 2025 was comparable to 2024 due primarily to
higher gold production offset by timing of shipments . Payable gold in concentrates sold in the first half of
2025 was higher than 2024 due primarily to higher production and favourable payable gold terms, partially
offset by timing of shipments.
Payable copper in concentrate sold in the second quarter and first half of 2025 was lower than 2024 due
primarily to lower copper production.
All-in sustaining cost per ounce of gold sold in the second quarter and first half of 2025 was higher than
2024 due primarily to lower by-product credits reflecting lower volumes of copper sold, a stronger Euro
relative to the U.S. dollar and higher labour costs including higher mark-to-market adjustments for share-
based compensation as a result of DPM's strong share price performance, partially offset by lower freight
charges and lower cash outlays for sustaining capital expenditures for the year, as expected. All-in
sustaining cost per ounce of gold sold in the second quarter of 2025 also benefited from lower treatment
charges as a result of favourable market conditions.
Ada Tepe, Bulgaria: Gold contained in concentrate produced in the second quarter and first half of 2025
was lower than 2024 due primarily to mining in lower grade zones, as well as lower volumes of ore
processed and lower gold recoveries, in line with the mine plan. As disclosed in February 2025, gold
production at Ada Tepe is forecast to nearly double in the second half of 2025, relative to the first half, due
to the cell sequencing of its integrated mine waste facility.
All-in sustaining cost per ounce of gold sold in the second quarter and first half of 2025 was higher than
2024 due primarily to lower volumes of gold sold, higher labour costs and a stronger Euro relative to the
U.S. dollar, as well as higher cash outlays for sustaining capital expenditures , partially offset by lower
royalties reflecting lower contained ounces mined.
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Consolidated Operating Highlights
Production: Gold contained in concentrates produced in the second quarter and first half of 2025 was
10% and 15% lower than 2024, respectively, due primarily to lower gold grades at Ada Tepe, as well as
lower volumes of ore processed and lower gold recoveries at both mines, partially offset by higher gold
grades at Chelopech, in line with the mine plan for each operation.
Copper production in the second quarter and first half of 2025 was 18% and 15% lower than 2024,
respectively, due primarily to lower copper grades and recoveries, in line with the mine plan.
Deliveries: Payable gold in concentrates sold in the second quarter and first half of 2025 was 13% and
16% lower than 2024, respectively, primarily reflecting lower gold production.
Payable copper in concentrate sold in the second quarter and first half of 2025 was 20% and 13% lower
than 2024, respectively, due primarily to lower copper production.
Cost measures: Cost of sales in the second quarter and first half of 2025 was 8% and 2% higher than
2024, respectively, due primarily to higher labour costs and a stronger Euro relative to the U.S. dollar.
All-in sustaining cost per ounce of gold sold in the second quarter and first half of 2025 was 42% and 41%
higher than 2024, respectively, due primarily to lower volumes of gold sold, higher mark-to-market
adjustments to share-based compensation expenses reflecting DPM’s strong share price performance,
lower by-product credits reflecting lower volumes of copper sold and a stronger Euro relative to the U.S.
dollar, partially offset by lower freight charges. Mark-to-market adjustments to share-based compensation
expenses resulted in an increase of $138 per ounce of gold sold in the first half of 2025 compared to an
increase of $26 per ounce of gold sold in 2024.
Capital expenditures: Sustaining capital expenditures incurred in the second quarter of 2025 were 24%
lower than 2024, due primarily to lower expenditures at Chelopech, as expected, partially offset by higher
deferred stripping costs as a result of higher stripping ratios, in line with the mine plan at Ada Tepe.
Sustaining capital expenditures incurred in the first half of 2025 were comparable to 2024.
Growth and other capital expenditures incurred in the second quarter and first half of 2025 were 343%
and 134% 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 FS stage.
Consolidated Financial Highlights
The Company reported record financial results for the second quarter and first half of 2025, including
record revenue, earnings and free cash flow. Financial results in the second quarter and first half of 2025
continued to reflect higher realized metal prices, partially offset by lower volumes of gold sold at Ada
Tepe.
Revenue: Revenue in the second quarter and first half of 2025 was 19% and 18% higher than 2024,
respectively, due primarily to higher realized metal prices , partially offset by lower volumes of gold sold at
Ada Tepe.
Net earnings: Net earnings from continuing operations in the second quarter of 2025 was 16% higher
than 2024 due primarily to higher revenue and lower evaluation expenses as a result of the capitalization
of costs related to the Čoka Rakita project, partially offset by higher employee costs reflecting primarily
higher mark-to-market adjustments to share-based compensation expenses and Adriatic acquisition
related costs of $5.1 million . Net earnings from continuing operations in the first half of 2025 was 5%
higher than 2024, due primarily to the same factors affecting the quarter, partially offset by the 2025
Bulgarian levy of $24.4 million.
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Adjusted net earnings: Adjusted net earnings from continuing operations in the second quarter and first
half of 2025 was 24% and 38% 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 and Adriatic acquisition related costs, as well as a net termination fee received from
Osino Resources Corp. (“Osino”) in 2024.
Cash provided from operating activities of continuing operations in the second quarter and first half of
2025 was 21% and 4% lower than 2024, respectively, du e primarily to the timing of deliveries and
subsequent receipt of cash, the timing of payments to suppliers and the first payment of the 2025
Bulgarian levy, partially offset by higher earnings generated in the periods.
Free cash flow: Free cash flow from continuing operations in the second quarter and first half of 2025
was 15% and 22% higher than 2024, respectively, due primarily to higher adjusted net earnings
generated in the periods, partially offset by the first payment of the 2025 Bulgarian levy. Free cash flow is
calculated before changes in working capital.
Proposed Acquisition of Adriatic
On June 13, 2025, the Company announced that it had agreed with Adriatic to the terms of a
recommended acquisition of the entire issued, and to be issued, ordinary share capital of Adriatic (the
“Transaction”) for an implied equity value of approximately $1.3 billion. Upon completion of the
Transaction, DPM will acquire 100% of the Vareš operation in Bosnia and Herzegovina, a producing
silver-lead-zinc-gold underground mine.
Under the terms of the Transaction, shareholders of Adriatic (“Adriatic Shareholders”) will be entitled to
receive 0.1590 of a common share of DPM (each whole share, a “DPM Share”) and 93 pence in cash for
each ordinary share of Adriatic (each, an “Adriatic Share”). The implied value for each Adriatic Share is
£2.68 (and CHESS Depository Interests of Adriatic at AUD$5.56), based on the closing price of
Cdn$20.33 per DPM Share and a GBP/CAD exchange rate of 1.85 on June 11, 2025. Immediately
following completion of the Transaction, it is expected that current shareholders of DPM (the “DPM
Shareholders”) will own approximately 75%, and former Adriatic Shareholders will own approximately
25%, of DPM’s issued share capital.
The Transaction will be subject to certain closing conditions, including, among other things: (i) approval of
the Transaction by Adriatic Shareholders; (ii) court approval; (iii) the issuance of the DPM Shares to be
issued in the Transaction being approved by DPM Shareholders; (iv) receipt of the approval for listing of
such DPM common shares by the TSX; (v) receipt by DPM of an unconditional approval of the
Transaction by the Bosnian Competition Council in accordance with the Bosnian Competition Act; and (vi)
the Transaction becoming effective no later than December 31, 2025. The TSX has conditionally
approved the listing of the DPM Shares to be issued under the Transaction, subject to DPM satisfying the
customary listing conditions of the TSX and filing (or causing to be filed) certain documents in connection
with the closing of the Transaction.
Balance Sheet Strength and Financial Flexibility
The Company continues to maintain a strong financial position, with a growing cash position, no debt and
an undrawn $150 million revolving credit facility.
Cash and cash equivalents decreased by $303.1 million to $331.7 million in the first half of 2025, due
primarily to the restricted cash set aside pursuant to the agreement to acquire Adriatic, payments for
shares repurchased under the Normal Course Issuer Bid (“NCIB”), cash outlays for capital expenditures
and dividends paid, partially offset by earnings generated in the period and cash interest received, as well
as a net cash inflow of $167.9 million under a DPM tolling agreement related to the disposition of the
Tsumeb smelter in 2024.
Dundee Precious Metals Delivers Record Free Cash Flow and Adjusted Net Earnings | 6
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 2025, the Company returned a total of $129.9 million to shareholders through the
repurchase of approximately 10.0 million shares, for a total cash payment of $116.1 million, and $13.8
million of dividends paid.
On July 31, 2025, the Company declared a dividend of $0.04 per common share payable on October 15,
2025 to shareholders of record on September 30, 2025.
Development Projects Update
Čoka Rakita, Serbia
The Company continues to advance the Čoka Rakita project, targeting first concentrate production in
2028. The FS is advancing as planned and is expected to be completed by year-end 2025. Most of the
surface and underground geotechnical and hydrogeological drilling is now complete. Advancing the
design to the basic engineering level, the project execution readiness, and commencing operational
readiness activities are all proceeding as planned.
Permitting activities have continued to advance, with a detailed permitting timeline focused on supporting
commencement of construction in mid-2026.
Work continues on various baseline studies required for the Environmental and Social Impact
Assessment. DPM continues to focus on completing all preparatory work for the Special Purpose Spatial
Plan, pending a decision by the Serbian government to initiate the process, and is proactively engaging
with relevant stakeholders to mitigate the risk of administrative delays.
The Company has planned to spend $40 million to $45 million of growth capital expenditures for the Čoka
Rakita project in 2025, with $19.0 million incurred in the first half of the year.
Loma Larga, Ecuador
During the second quarter, t he environmental licence for the Loma Larga project was issued by the
Ministry of Environment, Water and Ecological Transition, which represents a significant milestone for the
project and is the result of a rigorous process by the government to ensure high Ecuadorian standards
are applied in the development of mining projects. DPM’s commitment to these standards is consistent
with the Company’s proven development practices and adoption of international standards and best
practices which meet or exceed national standards. Following the environmental licence issuance,
negotiations for the exploitation agreement are in progress.
The approval of the environmental licence follows the successful completion of the prior, informed
indigenous consultation process in May 2025, and the fulfilment of the requirements of the August 2023
ruling by the Provincial Court of Azuay.
Preparations are ongoing for a planned 23,000-metre drilling campaign at Loma Larga, with additional
mapping, re-logging and drilling and site logistics planning. The drilling program will prioritize
geotechnical and hydrological monitoring holes, as well as metallurgical and resource infill and
extensional drilling, and is planned to commence in the second half of 2025.
Following receipt of the environmental licence, the Company increased its guidance for growth capital
expenditures related to the Loma Larga project in 2025 to a total of $23 million to $25 million, up from the
previous guidance range of $12 million to $14 million , to support the planned drilling and certain early
works in 2025. The Company has incurred $7.5 million in the first half of the year.
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Exploration
Čoka Rakita and Dumitru Potok, Serbia
Exploration activities in Serbia continued to focus on the Čoka Rakita and Potaj Čuka licences, including
scout drilling campaigns at the Dumitru Potok, Frasen, Valja Saka and various Potaj Čuka targets,
completing 10,787 metres of drilling during the second quarter of 2025 and 22,411 metres in total during
the first half of 2025.
At Dumitru Potok, drilling continues to confirm the presence of a large, high-grade copper-gold-silver
skarn system with mineralization concentrated along both the eastern and western sides of a causative
intrusion. Based on drilling to date, a one-kilometre strike length of the mineralization has been outlined
and will be the focus of further delineation drilling.
Drilling confirmed the high potential for shallow porphyry copper-gold mineralization in the Frasen area,
with one drill hole demonstrating significant intercepts within a fertile diorite intrusion. This relatively
narrow zone, approximately 150 metres wide, was intersected 350 metres along strike to the northwest,
with previous drill holes where a vertical distribution of up to 450 metres from surface was confirmed with
most recent drilling. It still remains open up to some extent towards the northwest and southeast, as well
as at depth.
At the Rakita North prospect, the drilling continued to highlight the marble-hosted copper-gold-silver
mineralization on the northern flank of the Čoka Rakita deposit, proximal to the Čoka Rakita planned
underground development. The overall dimensions of the orebody are yet to be defined but drilling to date
has outlined a high-grade zone of approximately 300 metres by 150 metres. It remains open in multiple
directions, with the prospect demonstrating the highest potential towards the east.
Within the Potaj Čuka licence, exploration drilling has continued at the Valja Saka prospect, which is
located approximately two kilometres north of Čoka Rakita, as well as several target areas in the central
and northern part of the licence, supported by magneto-telluric, soil and magnetic anomalies. Exploration
drilling at the Valja Saka prospect continued to encounter strong skarn (garnet and magnetite) altered
sediments, zones of porphyry type copper-gold mineralization, weak strata-bound and marble hosted
copper-gold mineralization. DPM has integrated the collected information regarding the alteration and
mineralization assemblages into its exploration targeting models, which will be used for vector exploration
drilling towards potentially higher grade mineralization. These geological observations are strong
indications of the prospectivity of the Potaj Čuka licence for additional copper and gold mineralization.
Tulare, Serbia
Drilling continued at the Tulare exploration licence, which is located in southern Serbia, with 3,370 metres
in total drilled during the second quarter of 2025 and 3,708 metres during the first half of 2025. The
Company continued drilling at the Kiseljak and Yellow Creek prospects and commenced drill testing the
conceptual target at the Gubavce prospect, which is supported by a combination of geophysics, soil
geochemistry, short-wave-infrared and portable X-ray fluorescence measurement anomalies.
The Company has planned to spend between $23 million and $25 million for Serbian exploration activities
in 2025, with $15 .9 million incurred in the first half of the year. These activities are primarily focused on
testing prospective targets around the Čoka Rakita project and defining the upside potential of the
Dumitru Potok and Frasen discoveries, as well as planned scout drilling on the Potaj Čuka and Pešter Jug
licences.
Chelopech, Bulgaria
DPM continues to prioritize in-mine and brownfield exploration activities with the objective of extending
Chelopech’s mine life to over 10 years. During the second quarter of 2025, the Company completed
approximately 10,557 metres of drilling with 2,409 metres dedicated to extensional drilling, which was
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