DPM Metals Announces Robust Feasibility Study Results for the Čoka Rakita Project with $782M of NPV5% and 36% IRR
p.1 DPM Metals Announces Feasibility Study Results for the Čoka Rakita Project
News Release
DPM Metals Announces Robust Feasibility Study Results for the Čoka Rakita Project with
$782M of NPV5% and 36% IRR
Toronto, Ontario, November 26, 2025 – DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or “the
Company”) is pleased to announce the results of a feasibility study (“FS”) for the Čoka Rakita project in
Serbia. The FS confirms robust economics for a high -margin underground mining operation with first
quartile costs and high rate of return using a $1,900 per ounce gold price assumption.
FS Highlights:
(All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)
Improvements for the project outlined in the FS compared to the pre -feasibility study (“PFS”) include an
additional year of mine life, increased ounces in the initial years, with improved net present value (“NPV”).
Project highlights include:
• Mineral Reserves tonnage increased by 10% and contained gold increased by 11%.
• Higher gold production in the first five years, averaging 189,000 ounces of gold per year.
• First quartile all-in sustaining cost1 of $644 per ounce of gold (life of mine average).
• Attractive initial capital of $448 million, well-within DPM’s funding capacity.
• Robust NPV 5% of $ 782 million (after-tax) and an IRR of 36% at a $1,900 per ounce gold price
assumption.2 Using a $3,500 gold price assumption, NPV5% is $2.2 billion (after-tax) and IRR is 68%.2
• Strategic position of project infrastructure, considering discovery of Dumitru Potok target.
• Permitting milestone achieved prompting initiation of the Special Purpose Spatial Plan process.
• Execution readiness advancing with detailed engineering and early works preparations.
David Rae, President and Chief Executive Officer commented on the results:
“The Čoka Rakita feasibility study marks a significant milestone , confirming a high -margin, low -cost
operation that will generate significant returns for our shareholders. We have rapidly advanced Čoka Rakita,
completing a feasibility study within less than 36 months of announcing its discovery in 2023, an exceptional
pace driven by the high-quality nature of this deposit and the well-established process in Serbia.
“Based on the project’s excellent economics, including a 36% IRR at a gold price of $1,900 per ounce, we
are proceeding to execution readiness and continue to advance permitting to support start -up of mine
construction in early 2027, with first concentrate production anticipated in the first half of 2029.
1 All-in sustaining cost per ounce of gold sold is a non-GAAP ratio. This measure has no standardized meaning under IFRS Accounting
Standards (“IFRS”) and may not be comparable to similar measures used by other issuers Refer to the “Non -GAAP Financial
Measures” section of this news release for more information, including a detailed description of these measures.
2 Economics are from construction forward and assumes no initial capital is spent in advance of a construction decision.
p.2 DPM Metals Announces Feasibility Study Results for the Čoka Rakita Project
“We believe Čoka Rakita is a pivotal stepping stone that unlocks the broader potential of the Rakita camp,
where our exploration activities continue to confirm the presence of a large copper-gold system. We expect
to complete mineral resource estimates for Dumitru Potok, Rakita North and Frasen by year -end, all of
which are within one to two kilometres of planned Čoka Rakita infrastructure, and to target additional high-
potential areas within the six-kilometre trend.”
Feasibility Study Overview
Čoka Rakita is located approximately 35 kilometres by road northwest of the city of Bor in Serbia, and
benefits from established infrastructure, including nearby roads and power lines. The project is a strong fit
with the Company’s underground mining and p rocessing expertise and is within proximity of DPM’s
Chelopech mine with readily available access to well-established technical support functions.
The FS is based on a Mineral Reserve Estimate of 7.34 million tonnes (“Mt”) at 6.44 grams per tonne (“g/t”)
for 1.52 million contained gold ounces. The FS contemplates underground mining of the Čoka Rakita
deposit via long hole open stoping (LHOS) with cemented paste backfill and a relatively standard
comminution, gravity and flotation flowsheet to process 850,000 tonnes of ore per annum . Saleable
products include gravity and flotation gold concentrates , with a portion of the gravity concentrate to be
smelted and sold as a doré for improved sales terms.
Optimizations to the project from the PFS include:
• Optimization of the development layout and design;
• Ground support design optimized based on geotechnical drilling results;
• Refined stope design, resulting in additional Mineral Reserve ounces;
• Optimized ventilation, improving airflow efficiency for reduced power demands;
• Improved d ewatering infrastructure and layout to handle higher estimated mine dewatering
requirements; and
• Improved gold recoveries based on additional metallurgical testwork.
The FS assumes start of construction in early 2027 with first ore on surface in 2028, and production of gold
concentrate targeted for the first half of 2029. The FS excludes any pre-construction activities.
The process flowsheet and project schedule allow DPM to leverage the use of existing processing
equipment and infrastructure from the Ada Tepe operation in Bulgaria, which will be decommissioned and
refurbished following the mine’s closure in mid -2026. Several benefits of this approach were identified,
including de-risking the project timeline in terms of long -lead items and supply chain risk, as well as the
ability to leverage the Company’s processing expertise, training and maintenance practices.
p.3 DPM Metals Announces Feasibility Study Results for the Čoka Rakita Project
The following table summarizes key inputs, operating statistics and results of the FS:
Key operating and financial assumptions and metrics
Macroeconomic parameters
Gold price $/oz. $1,900
Corporate tax rate1 % 15%
Royalty % 5% NSR
Production (life of mine averages, unless otherwise noted)
Mineral Reserve Mt 7.3
Average gold grade mined g/t 6.44
Annual throughput Ktpa 850
Average gold grade processed g/t 6.44
Average gold metallurgical recovery % 87.9
Total gold produced Moz. 1.34
Average annual gold production (life of mine) Koz. 148
Average annual gold production (first five years) Koz. 189
Capital estimates1
Initial capital $ million $448
Sustaining capital (life of mine) $ million /year avg $3.2
Closure costs2 $ million $30
Project economics
Cash flow (after-tax)1,4 $ million $1,203
NPV (after-tax, 5% discount) 1,4 $ million $782
IRR (after-tax) 1,4 % 36%
Payback period1,4 years 1.8
1. Current legislation in Serbia allows for tax relief for large investments for a maximum period of 10 years, subject to certain eligibility
conditions being maintained through the 10 -year period. The FS assumes that the Čoka Rakita project is eligible for t his tax relief
and the effective income tax rate applied is 0% over the project’s 10-year mine life.
2. Initial capital and sustaining capital include import duties.
3. Closure costs include a non-refundable VAT of $2.6 million.
4. Economics are construction forward and assumes no initial capital is spent in advance of a construction decision
Unit Operating and all-in sustaining cost (life of mine averages)
$ millions $/t of ore processed $/oz. payable gold
Mining $267 $36 $203
Processing $205 $28 $156
General & administrative $115 $16 $88
Royalties $121 $16 $92
Total cash costs $786 $96 $538
Offsite cost $78 $69
All-in sustaining cost per ounce $644
1. Cash cost; cash cost per tonne of ore processed; cash cost per ounce of gold sold; and all-in sustaining cost per ounce of gold sold
are non-GAAP measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to
similar measures used by other issuers. Refer to the “Non -GAAP Financial Measures” section of this news release for more
information, including a detailed description of these measures.
p.4 DPM Metals Announces Feasibility Study Results for the Čoka Rakita Project
Mining and processing
The FS mine plan assumes access from surface via two declines and a spiral ramp to truck mined material
to surface. The anticipated mining method is conventional sublevel long -hole open stoping utilizing paste
backfill with cemented rock fill, and unconsolidated rock fill used where the mining sequence permits. These
mining practices leverage DPM’s experience and expertise from its Chelopech and Vareš underground
mines.
The FS is based on a Probable Mineral Reserve of 7.34 million tonnes. The FS mine plan and design has
been optimized to access the high -grade core of mineralization in the initial years. Production in the first
five full years is expected to average 189,000 ounces per year from an average gold head grade of 8.1 g/t.
The average life of mine gold production is expected to be approximately 148,000 ounces per year from an
average gold head grade of 6.44 g/t.
The FS is based on a process flowsheet consisting of crushing and grinding to a particle size (P80) of 53
µm, followed by gravity concentration and sulphide flotation. The gravity concentrate will be marketable
directly to gold refineries, and the sulphide flotation concentrate will be suitable for processing by smelters
in the region. A portion of the gravity concentrate will be smelted and sold as a doré. Over the life of mine,
27% of gold reports to doré, 16% to the gravity concentrate and 45% to flotation concentrate for an overall
average gold recovery of 88%.
All tailings are filtered and approximately 41% is used for paste backfill in the mine, with the remainder
stored in the dry tailings storage facility (DTSF) on surface.
The production schedule as outlined in the FS is presented in the following table:
Metric Unit Total /
average
Pre
production 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Ore mined Kt 7,345 2 433 846 855 855 855 855 855 855 835 99
Gold grade g/t 6.44 3.7 9.7 10.4 9.8 7.31 5.44 4.6 4.1 4.3 4.4 3.0
Ore processed Kt 7,345 - 400 829 850 850 850 850 850 850 850 166
Gold grade g/t 6.44 - 9.5 10.2 10.3 7.3 5.5 4.8 4.1 4.2 4.4 3.3
Recoveries
Flotation % 45.3 - 41.5 40.4 40.3 45.3 48.6 49.9 51.2 51.0 50.5 52.8
Doré % 26.8 - 29.3 30.8 30.9 26.9 24.2 23.2 22.2 22.3 22.7 20.9
Gravity % 15.8 - 17.2 18.1 18.1 15.8 14.2 13.6 13.0 13.1 13.3 12.3
Combined % 87.9 - 88.1 89.3 89.3 88.0 87.1 86.7 86.4 86.4 86.6 86.0
Payable gold production Koz. 1.3 - 106 239 247 174 128 111 95 97 103 15
All-in sustaining cost1 $/oz. 644 - 722 455 425 542 710 771 916 830 740 2,872
1. All-in sustaining cost per ounce of gold sold is a non -GAAP ratio. Refer to the “Non -GAAP Financial Measures” section of this
news release for more information, including a detailed description of these measures.
p.5 DPM Metals Announces Feasibility Study Results for the Čoka Rakita Project
Capital estimates
The FS estimates initial project capital costs of approximately $ 448 million includes development of the
underground mine, construction of an 850,000 tonne per annum processing plant utilizing existing
equipment from the Ada Tepe mine and processing facility, a 4.1 Mt fully lined dry tailings storage facility,
and additional infrastructure, including haul and access roads, water treatment, power supply and site
services.
The increase in the initial capital estimate relative to the PFS is primarily driven by the updated mine
development contracting strategy, which accelerated decline development and access to the first stoping
levels, as well as the reclassification of certain early operating cost items into initial capital.
The FS reflects cost escalation impacts, including an assumed 10% labour inflation rate and a Euro to U.S.
dollar exchange rate of 1.135, capturing the approximately 7% depreciation of the U.S. dollar. In addition,
higher earthworks volumes and increased requirements for imported fill material contributed to the higher
estimate.
The following table breaks down the initial capital estimate:
$ millions
Initial capital estimates1
Mine development $129
Ore handling $19
Processing plant $63
Tailings and water treatment $52
Infrastructure (on and off-site) $68
Total direct costs $331
General indirect costs $33
Owner’s cost $40
Total indirect costs $73
Contingency $44
Total initial capital expenditures $448
Sustaining and closure
Sustaining capital expenditures (life of mine)1 $32
Closure costs2 $30
1. Initial capital and sustaining capital estimates include import duties.
2. Closure costs include a non-recoverable VAT of $2.6 million.
3. Rounding of figures may result in totals not adding precisely.
As at September 30, 2025, DPM’s cash balance was approximately $414 million . With no debt, a $150
million revolving credit facility and significant free cash flow generation from current operations, Čoka
Rakita’s initial capital is well-with DPM’s funding capacity.
p.6 DPM Metals Announces Feasibility Study Results for the Čoka Rakita Project
Gold Price Sensitivity Estimates
The table below shows the gold price sensitivity on project economics for Čoka Rakita, including at $3,500
per ounce gold to provide investors with a view of the project’s economics across varying gold prices.
Sensitivity of project economics to gold price
Average gold price
($/oz.) $1,500 $1,700 $1,900 $2,300 $2,500 $3,500
NPV
(after-tax, 5% discount) $427 $605 $782 $1,139 $1,317 $2,207
IRR
(after-tax) 24.3% 30.3% 35.6% 45.2% 49.5% 67.8%
Payback
(years) 2.3 2.0 1.8 1.5 1.4 1.0
Permitting and Stakeholder Engagement
Consistent with its approach across all operations and projects, 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 and will continue to proactively engage
with all stakeholders as the project advances.
Permitting to support start-up of mine construction in early 2027
In mid-November, DPM received approval to initiate the Special Purpose Spatial Plan for Čoka Rakita, a
key permitting milestone. Key technical workstreams are advancing as planned, and proactive stakeholder
engagement continues to support progress towards receipt of the necessary approvals. Most of the
baseline studies for the environmental and social impact assessment have been com pleted, and DPM is
maintaining close and proactive engagement for timely project development.
Basic and detailed en gineering is progressing in parallel to the permitting process to feed into the Main
Mine Design, the key technical input associated with the mine construction permit. Construction of the Čoka
Rakita mine is expected to commence in early 2027, with preparatory and early works planned for the
second half of 2026. First ore to surface is expected in the second half of 2028 , with the build -up of a n
80,000-tonne run of mine stockpile to help facilitate a smooth ramp-up of the processing plant. Concentrate
production anticipated in the first half of 2029. DPM is monitoring permitting timelines closely and
implementing mitigation measures to maintain readiness for construction, and will continue to look for
opportunities to accelerate the schedule.
Environmental and Social
The Company’s intention is to develop Čoka Rakita in accordance with industry, Serbian and international
best standards, with a focus on maximizing benefits for local communities and stakeholders in Serbia while
delivering the best value for shareholders.
p.7 DPM Metals Announces Feasibility Study Results for the Čoka Rakita Project
DPM intends to utilize local suppliers to the extent possible, and, as it does in all of its operations globally,
maximize the proportion of local workforce employed at the operation . Čoka Rakita is expected to create
over 500 jobs, and the Company is developing a robust training plan to support the hiring and training of
local personnel , including planned training modules at Chelopech and Ada Tepe . DPM also plans to
leverage its experience integrating and ramping -up production at the Vares operation in Bos nia into its
operational readiness and execution planning for Čoka Rakita.
Mineral Resource and Mineral Reserve (“MRMR”) Estimate
In preparation for the FS, DPM has updated the Mineral Resource Estimate (“MRE”) for Čoka Rakita. The
database cut-off was January 17, 2025, which is also the effective date of the MRE. Drill hole spacing is
approximately 20 metres by 20 metres over the deposit footprint, with infill drilling locally reaching a spacing
of between 15 metres to 15 metres within the high-grade core of the deposit. The updated MRE incorporates
detailed understanding of the geologic controls and deposit architecture.
The MRE satisfies reasonable prospects of eventual economic extraction (“RPEEE”) by demonstrating the
spatial continuity of the mineralization by reporting within optimized underground mining shapes that were
generated at a 2g/t Au cutoff. The cut-off grade assumes a gold price of $1,900 per ounce. The MRE was
classified as Indicated and Inferred Mineral Resources, informed by drill spacing supported by a drill hole
spacing study, QA/QC, quality of data, confidence in geological and mineralization interpretations.
The Mineral Reserve Estimate is based only on Indicated Mineral Resources identified in the block model.
Optimized stope shapes were generated with respect to the design and economic criteria established such
as cut-off grade, deposit geometry criteria and stope shape parameters. The stopes were then sequenced
to suit the mining method (long -hole longitudinal retreat) and scheduled to produce the production profile
and life of mine plan. Mineral Reserves are based on an in-situ cut-off grade of 2.5 g/t Au which is based
on a gold price of $1, 600 per ounce. Additional ly, a 2.0 g/t cutoff for marginal stopes and a 1.0 g/t Au
incremental cutoff for development was used to generate the Mineral Reserve inventory.
The Probable Mineral Reserve for Čoka Rakita totals 7.4 Mt of diluted ore, grading 6.44 g/t of gold,
containing approximately 1.52 million ounces of gold. This represents a 10% increase in tonnage and an
11% increase in contained ounces, compared to the PFS Mineral Reserve estimate. This is a result of
engineering changes to stope design parameters and optimization of cut-off grade assumptions.
The Mineral Reserve Estimate for Čoka Rakita is shown in the following table and is effective as of January
17, 2025.
p.8 DPM Metals Announces Feasibility Study Results for the Čoka Rakita Project
Čoka Rakita Mineral Reserve Estimate
(As of January 17, 2025)
Classification Tonnes (Mt) Gold Grade (g/t) Gold Content (Koz.)
Proven - - -
Probable 7.34 6.44 1,520
Total 7.34 6.44 1,520
1. At the time of this Report, there are no Proven Mineral Reserves for the Čoka Rakita Project.
2. The Mineral Reserves disclosed are classified as Probable and are based on the 2014 CIM Definition Standards and 2019 CIM Estimation
of Mineral Resources and Mineral Reserves Best Practice Guidelines.
3. The Inferred Mineral Resources are treated as waste and do not contribute to reserves estimation.
4. Mineral Reserves has an effective date of January 17, 2025.
5. The reference point at which the Mineral Reserves are defined is where the ore is delivered to the process plant and therefore not inclusive
of milling recoveries or payable metal deductions.
6. Long-term metal price assumed for the evaluation of the Mineral Reserves is $1,600/oz for gold.
7. Mineral Reserves are reported using variable cut-off grades which include Stope full cost in-situ cut-off grade of 2.5 g/t, Stope marginal in-
situ cut-off grade of 2.0 g/t and development cut-off grade of 1.0 g/t.
8. Mineral Reserves account for hanging wall (HW) and footwall (FW) ELOS external dilution of 1.0 m and 0.5 m, respectively applied to the
stopes at matching Au grades of the block model, Back fill dilution of 6% applied to the stopes at zero Au grade and Mining recovery of 95
% applied to the stopes and 100% applied to development tonnes.
9. Contained Metal (CM) is calculated as follows: Au Contained Metal, (oz) = Tonnage (Mt) * Grade (g/t) / 31.1035 (g/oz).
10. The Mineral Reserve Estimation was completed under the supervision of Mr. Khalid Mounhir, P.Eng., Principal Mining Engineer a t WSP
Canada Inc., who is a Qualified Person (“QP”) as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”).
11. The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might affect
the estimate of Mineral Reserves.
12. Sum of individual table values may not equal due to rounding.
The Mineral Resource Estimate, exclusive of Mineral Reserves, is shown below and is effective as of
January 17, 2025.
Čoka Rakita Mineral Resource Estimate
(As of January 17, 2025)
Classification Tonnes (Mt) Gold Grade (g/t) Gold Content (Koz.)
Measured - - -
Indicated 0.53 3.94 67
Inferred 0.09 3.60 11
1. The cut-off grade value of 2 g/t assumes $1,900/oz gold price, 86.75% gold recovery, 0% dilution, $77.65/t operating cost (mining, process
and G&A), $11.20/t sustaining capital cost, as well as offsite and royalty costs.
2. Mineral Resources are reported within DSO underground mining shapes generated at a 2 g/t Au cut-off grade, to ensure Mineral Resources
meet RPEEE. The stope optimisation process allows for blocks below the cut-off to be included within the final shapes in order to emulate
the internal dilution that would be experienced during underground mining as per CIM Estimation of Mineral Resources and Mine ral
Reserves Best Practices Guidelines prepared by the CIM Mineral Resource and Mineral Reserve Committee and a dopted by the CIM
Council on November 29, 2019.
3. The QP is not aware of any legal, political, environmental, or other risk factors that might materially affect the estimate of Mineral Resources.
4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
5. Mineral Resources are reported exclusive of Mineral Reserves.
6. Figures have been rounded to reflect that this is an estimate, and totals may not match the sum of all components.
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