DPM Metals Announces Inferred Mineral Resource Estimates of 2.6 Million Gold Ounces and 1.9 Billion Pounds of Copper at the Rakita Camp
p.1 DPM Metals Announces Significant Inferred Resource Estimates of 2.6 Million Ounces of Gold and 1.9 Billion Pounds of Copper at the Rakita Camp
News Release
DPM Metals Announces Inferred Mineral Resource Estimates of 2.6 Million Gold Ounces and
1.9 Billion Pounds of Copper at the Rakita Camp
Toronto, Ontario, December 2, 2025 – DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or “the
Company”) is pleased to announce initial Mineral Resource Estimates (“MRE”) for the Dumitru Potok,
Rakita North and Frasen prospects in eastern Serbia, all located within one to two kilometr es of planned
Čoka Rakita infrastructure.
Highlights
• Establishes a potential district scale platform, with a combined Inferred MRE of 84.4 million tonnes at
a grade of 0.97 g/t gold and 1.02% copper for 2.6 million ounces of gold and 1.9 billion pounds of
copper.
• Dumitru Potok prospect represents a significant higher-grade core of the Inferred MRE. When viewed
separately, this prospect comprises 64.1 million tonnes at a grade of 1.07 g/t gold and 1.09% copper
for 2.2 million ounces of gold and 1.5 billion pounds of copper.
• Significant exploration potential for continued mineral resource growth at low-cost per-ounce discovery
costs, as all three deposits remain open in multiple directions.
• Initial phase of metallurgical testwork indicates high recoveries are achievable , generating a
potentially saleable copper and gold concentrate.
• Pathway to low-risk execution, leveraging infrastructure designs based on successful DPM projects,
underpinned by DPM’s competitive advantage of 20+ years of in -country experience, for a camp-wide
development strategy that accelerates value and growth.
“These mineral resources demonstrate the Rakita camp’s potential as a district-scale gold-copper system.
Each of Dumitru Potok, Rakita North and Frasen remain open in multiple directions and sit alongside
several high-potential targets along a six-kilometre trend,” said David Rae, President and Chief Executive
Officer of DPM Metals.
“Since we announced these initial discoveries only 14 months ago, these prospects have rapidly grown into
a significant gold-copper Inferred mineral resource, a remarkable achievement over a short period of time
which underscores the significant potential of the Rakita camp.
“Together with the result of the Čoka Rakita feasibility study, this confirms the Rakita camp as a Tier One
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.”
p.2 DPM Metals Announces Significant Inferred Resource Estimates of 2.6 Million Ounces of Gold and 1.9 Billion Pounds of Copper at the Rakita Camp
Inferred Mineral Resource Estimate
The Dumitru Potok, Rakita North and Frasen prospects are located adjacent to the Čoka Rakita deposit
and situated on the Company’s Čoka Rakita and Potaj Čuka exploration licen ses (Figure 1). The total
Inferred MRE is comprised of 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.
Table 1. Dumitru Potok, Rakita North and Frasen Mineral Resource Estimate , effective as of October 23,
2025.
Deposit Resource
Category
Tonnes
(Mt)
Gold
Grade (g/t)
Contained
Gold (K oz.)
Copper
Grade (%)
Contained
Copper (Mlbs.)
Dumitru Potok Inferred 64.1 1.07 2,206 1.08 1,535
Rakita North Inferred 17.9 0.56 320 0.84 331
Frasen Inferred 2.4 1.21 95 0.70 37
Total Inferred 84.4 0.97 2,621 1.02 1,903
1. Tonnages are rounded to the nearest 0.1 million tonnes to reflect that this is an estimate.
2. Metal content is rounded to the nearest 1 thousand ounces or 1 million pounds to reflect that this is an estimate.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. All blocks include a net smelter revenue (“NSR”) formula that utilises long-term metal prices, metallurgical recoveries, payability
terms, treatment charges, refining charges, penalty charges, concentrate transport costs, and royalties.
5. Mineral Resources are reported within MSO shapes generated at a US$50/t NSR cut-off, to ensure Mineral Resources meet
reasonable prospects for eventual economic extraction as per CIM Estimation of Mineral Resources and Mineral Reserves Best
Practices Guidelines prepared by the CIM Mineral Resource & Mineral Reserve Committee and adopted by the CIM Council on
November 29, 2019.
6. The QP is not aware of any legal, political, environmental, or other risk factors that might materially affect the estimate of Mineral
Resources.
The cut-off date for the drillhole database was October 23, 2025 . The data set includes a total of 194
drillholes, representing 10 2,550 meters of drilling. In the Dumitru Potok area, current drillhole spacing
ranges from approximately 80 metres to 200 metres, while drill density in the Frasen zone ranges from 30
metres to 80 metres. Drillhole spacing in Rakita North is between 80 metres and 150 metres.
Mineral Resource domains were created within areas of logged skarn alteration, guided by economic
composites generated using a 0.5% copper-equivalent cut -off value. The underlying geological
relationships were honoured by lithological and structural model ling, which was used to control domain
geometries and boundaries.
Parent cell b lock grade estimates for Au, Cu, Ag, Pb, Zn, Mo, Fe, Sb, S, and As , were generated using
inverse distance squared interpolation. Mean bulk densities were assigned by lithological unit or mineralized
domain. Grade capping was applied to the composite dataset to mitigate the influence of extreme grade
values. Given the current drill spacing, a parent cell block size of 50 mE × 50 mN × 5 mZ was utilized, with
sub-celling applied to ensure accurate representation of mineralized domain geometries and volumes. A
representative cross section though the block model is shown in Figure 2.
p.3 DPM Metals Announces Significant Inferred Resource Estimates of 2.6 Million Ounces of Gold and 1.9 Billion Pounds of Copper at the Rakita Camp
A Net Smelter Revenue ( “NSR”) calculation has been developed based on initial metallurgical testwork
results combined with DPM’s knowledge of potential smelter terms, royalites, onsite and offsite costs. The
NSR calculation assumes a payable copper-gold-silver concentrate will be generated , as well as a
subordinate zinc concentrate for the Frasen polymetallic prospect. The NSR calculation assumes a copper
price of US$4.00 per pound, gold price of US$2,600 per ounce, silver price of US$26 per ounce for all
prospects as well as a zinc price of US$2,800 for the Frasen prospect.
The MRE meets the requirements of reasonable prospects for eventual economic extraction (RPEEE) by
reporting only material above a US$50 NSR cut-off that falls within the optimized mineable shapes, ensuring
mineralization continuity. Optimized shapes use a minimum length constraint of 50 metres, width between
5 metres and 30 metres and a vertical mining height of 5 metres. The reported minerali zation exceeds a
US$50 NSR cut-off. Any internal or external dilution within the mining shapes is not reported in the MRE.
Oxide and transitional mineralization that constitutes the Chocolate South deposit, part of the Timok Gold
Project, has been excluded from the estimate.
The MRE was classified as Inferred Mineral Resources, informed by adequate drill spacing, appropriate
QA/QC controls ensuring , quality drilling and sampling data, suitable geologic continuity providing,
confidence in the geological and minerali zation interpretations . Further drilling is required to improve
confidence in both the geologic interpretation and the continuity of mineralization.
Prospect Geology
The Dumitru Potok prospect is located approximately one kilometre northeast of Čoka Rakita. The deposit
geology is comprised of a sub -vertical, causative monzo diorite intrusive body and t he mineralization
manifests itself as proximal magnetite-garnet-hematite ± pyroxene copper–gold skarn, along a marble-
intrusive contact. The mineralization has an approximate lens -like form, with a 600-metre strike length, is
up to 200 metres wide and has been traced over a 400-metre vertical extent.
Away from the intrusion, the Dumitru Potok mineralization continues as a stratabound, manto-like skarn,
forming tabular Cu-Au-Ag bodies along a conglomerate-marble unconformity. Mineralization in this zone
has been traced for over one kilometer strike length, up to one kilometer away from the causative intrusive
with variable thickness, from 5 metres to 40 metres.
The Frasen prospect is a more distal manifestation of the same body , characterised as a tabular zone of
manto-like carbonate-hosted replacement and skarn Au-Ag-Cu-Zn-Pb mineralization on the conglomerate-
marble contact. The Frasen porphyry, which is not included within this MRE, cuts through the Dumitru Potok
zone, hosting well-developed stockwork porphyry gold-copper veins at near surface levels.
The Rakita North prospect is a broad zone of marble-hosted copper-gold-silver mineralization on the
northern flank of the Čoka Rakita deposit , located approximately 400 metres below planned underground
infrastructure. The mineralization at Rakita North is a combination of manto-like skarn mineralization on the
upper and lower contact, as well as more discrete stratabound skarns and structurally controlled subvertical
stockwork veins, present over the entire marble lithological package.
The geology, mineralization and metallurgical characteristics of the prospects are different from the Čoka
Rakita project. It is expected to require its own separate project infrastructure for mining and processing.
p.4 DPM Metals Announces Significant Inferred Resource Estimates of 2.6 Million Ounces of Gold and 1.9 Billion Pounds of Copper at the Rakita Camp
Metallurgical Testwork Results
Metallurgical testing from representative 30-kilogram composite samples from the Frasen, Dumitru Potok
and Rakita North discoveries were sent for testwork during 2025 (Table 2). Testing was undertaken at the
Wardell Armstrong International laboratory in the United Kingdom, which is independent of DPM.
Composites BI1, DP1, DP2, DP3 and RA1 were subjected to a preliminary characterization study involving
comminution testing, chemical analysis and mineralogical investigation on three size fractions before being
subjected to a program of gravity and flotation testing to assess the recovery of copper and gold.
Composites DP4, DP5 and DP6 were subjected to characterization only by chemical analysis and flotation
testing to assess the recovery of copper, gold and silver, as part of a subsequent phase of testing.
Table 2. Summary metallurgical head assays based on 1.0kg extracted lot for each example.
Composite ID Prospect Cu Fe Au Ag S TOT
% % ppm ppm %
BI1 Frasen Polymetallic Skarn 2.03 25.03 2.46 91.30 21.11
DP1 Dumitru Potok Contact Skarn E 3.56 20.42 2.87 20.30 3.33
DP2 Dumitru Potok Contact Skarn E 1.16 8.82 1.63 4.70 1.05
DP3 Dumitru Potok Contact Skarn W 2.85 8.25 1.77 17.53 1.14
DP4 Dumitru Potok Contact Skarn E 1.66 10.58 1.56 11.69 0.94
DP5 Dumitru Potok Contact Skarn W 1.9 9.52 1.4 19.61 0.51
DP6 Dumitru Potok Stratabound 1.63 7.57 1.72 9.85 1.00
RA1 Rakita North Skarn 1.17 12.93 0.91 4.86 1.66
Bond ball mill Work Index test classified both the Frasen and Dumitru Potok minerali zation as ‘Medium’
with respect to fine ore grinding . With work index for Frasen BI1 of 10.27kWh/t. Work index values of
11.3kWh/t for DP1, 12.44kWh/t for DP2 and 13.27kWh/t for DP3. Knelson gravity testwork showed highly
variable gold and copper recoveries. Due to the copper losses and poor gold deportment in the gravity
concentrates, further flotation testwork on the Knelson gravity tailings was not undertaken.
Rougher-Cleaner flotation testwork was conducted with various optimi zation steps employed . Table 3
shows testwork results based on a primary grind p80 of 75μm with subsequent regrind at less than 30 μm
before a cleaner flotation stage. Although some variability of recovery, grade and mass pull is evident, the
preliminary flotation testwork on Dumitru Potok, Rakita North and Frasen composites produced saleable
gold-copper concentrate grades between 18% to 39% for copper and 14 g/t to 31 g/t for gold.
p.5 DPM Metals Announces Significant Inferred Resource Estimates of 2.6 Million Ounces of Gold and 1.9 Billion Pounds of Copper at the Rakita Camp
Table 3. Summary of Rougher-Cleaner testwork results.
Composite ID Mass
Weight (%)
Concentrate Grade Recovery (%)
Cu
%
Au
ppm
Ag
ppm
S(TOT)
% Cu Au Ag S(TOT)
BI1 7.44 19.7 17.9 - 32.2 72.2 55.5 - 11.1
DP1 13.43 26.2 20.2 130.7 24.5 90.4 77.5 82.3 90.3
DP2 2.65 18.2 18.2 64.1 17.0 76.4 60.2 71.3 72.5
DP3 7.86 35.5 16.2 243.8 13.7 93.7 70.2 91.5 92.9
DP4 2.71 37.0 21.1 229.5 21.3 60.3 36.6 53.1 61.2
DP5 4.13 39.0 27.4 349.3 10.5 84.9 80.9 73.6 84.8
DP6 4.04 32.1 30.7 176.0 19.4 79.3 72.1 72.1 78.5
RA1 4.25 22.4 14.4 59.6 19.2 82.8 63.0 53.2 49.3
The testwork shows good copper, gold and silver recoveries and significant precious metals credits,
indicating that single cleaner stage concentrate would be adequate for conventional smelter marketing.
Numerous areas for optimization of the testing conditions were identified during the program, which will be
explored during subsequent phases of testing.
Deposits Remain Open for Further Growth Potential
The contact skarn mineral ization at the Dumitru Potok prospect remains open to the north, south and
partially at depth , whereas the Dumitru Potok stratabound mineralization remains open in numerous
locations (Figure 3) . At the Rakita North Prospect, minerali zation remains open to the south and east .
Additionally, at the Frasen prospect, the mineralized horizon is open to the north and south, with opportunity
to infill and improve resource definition with further drilling in the main deposit . At a camp scale, DPM has
identified numerous porphyry, skarn and carbonate replacement type exploration targets.
Next Steps
Drilling is currently paused on the Čoka Rakita e xploration licence pending the normal course renewal of
permits, and is anticipated to re-commence in the second quarter 2026. Meanwhile, active drill testing is
ongoing at the neighboring Potaj Čuka exploration licen ce, where further geophysical surveys combined
with 20,000 metres of diamond drilling are planned for 2026.
Upon renewal of the permit, the Company has planned 20,000 metres of diamond drilling at the Čoka Rakita
exploration licence. A significant component of that drilling will be allocated to infilling and extending
mineralization at the Dumitru Potok pro spect and increasing the drilling density prior to initiating a ny
Preliminary Economic Assessment or other economic study . Additional metallurgical testwork is planned
on samples aligned with the MRE, combined with geometallurgical modelling, to better understand and
classify metallurgical variability.
p.6 DPM Metals Announces Significant Inferred Resource Estimates of 2.6 Million Ounces of Gold and 1.9 Billion Pounds of Copper at the Rakita Camp
Ongoing Stakeholder Engagement
Consistent with the 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 a nd will continue to proactively engage with all
stakeholders as the Čoka Rakita project and additional exploration activities advance.
The Company’s approach to advancing the growth potential of the Rakita camp will leverage its proven
track record in stakeholder engagement, project development and operational readiness , as well as its
proximity to DPM operating mines with readily available access to well -established technical support
functions.
DPM Investor Day to be held December 4, 2025
DPM is hosting an investor day at 9 a.m. EST on Thursday, December 4, 2025, which will feature highlights
of the Rakita camp MRE by key members of the project development team. As well, DPM’s executive and
technical teams will also present updates and insights on:
• The Čoka Rakita feasibility study
• Chelopech exploration
• Progress at Vareš
Q&A sessions will follow the presentations, providing an opportunity for direct engagement with the
Company leadership.
The in-person event will be webcast, and a replay of the event will be available on the Company’s website
at www.dpmmetals.com within two hours of the event’s conclusion.
In order to provide investors in an Australian time zone the opportunity to engage with DPM’s management
team, DPM will also host a virtual Q&A session on December 5, 2025 at 11 a.m. AEDT (December 4, 2025
at 7 p.m. EST).
Event Details
Investor Day December 4, 2025
9 a.m. EST a.m.
• To access the webcast:
https://edge.media-server.com/mmc/p/6w5kyvzs/
• To register to attend in-person, contact Jennifer Cameron at
Management Q&A December 5, 2025
11 a.m. AEDT (December 4, 2025 at 7 p.m. EST)
• Register to participate in the Q&A:
https://register-conf.media-
server.com/register/BI79800b09e7c4418f9e6c22165934bf47
• To access the listen-only webcast:
https://edge.media-server.com/mmc/p/2bd9yxwo
p.7 DPM Metals Announces Significant Inferred Resource Estimates of 2.6 Million Ounces of Gold and 1.9 Billion Pounds of Copper at the Rakita Camp
Figure 1. Surface location of the Dumitru Potok, Rakita North and Frasen prospects, relative to the Čoka
Rakita deposit.
p.8 DPM Metals Announces Significant Inferred Resource Estimates of 2.6 Million Ounces of Gold and 1.9 Billion Pounds of Copper at the Rakita Camp
Figure 2. Cross Section through the block model and geologic model at the Dumitru Potok prospect.
Section 4,896,980mN and thickness 150m. Copper-equivalent values were derived using NSR factors.