DPM Metals Delivers Strong Second Quarter Gold Equivalent Production; Continues to Progress Vareš Ramp-up
p.1 DPM Metals Delivers Strong Second Quarter Gold Equivalent Production; Continues to Progress Vareš Ramp-up
News Release
DPM Metals Delivers Strong Second Quarter Gold Equivalent Production;
Continues to Progress Vareš Ramp-up
Toronto, Ontario, July 8, 202 6 – DPM Metals Inc . (TSX: DPM , ASX: DPM ) (ARBN: 689370894) (“DPM” or “the
Company”) is pleased to announce preliminary production results for the three and six months ended June
30, 2026.
“Driven by strong performance from Chelopech and the ongoing ramp-up of Vareš, we delivered increased
gold equivalent production in the second quarte r,” said David Rae, President and Chief Executive Officer
of DPM Metals.
“Our continued return of capital program, which totaled over US$49 million of share repurchases during the
second quarter, reflect our confidence and excitement for DPM’s continued exploration success, including
the significant new discovery of the high-grade Brevene South Porphyry we announced in June.”
Preliminary Second Quarter 2026 Production Highlights
Preliminary results for the second quarter of 2026 are provided below:
Unit Chelopech Ada Tepe Vareš Consolidated
Ore processed Kt 549 218 117 884
Metals contained in concentrate produced
Gold Koz 43 11 8 62
Silver Koz 216 8 1,043 1,267
Copper Mlbs 8 - 1 9
Zinc Mlbs - - 14 14
Lead Mlbs - - 10 10
Gold equivalent ounces (“GEO”)1 Koz 56 11 35 102
Payable metals in concentrate sold
Gold Koz 38 11 6 55
Silver Koz 178 7 900 1,085
Copper Mlbs 6 - - 6
Zinc Mlbs - - 9 9
Lead Mlbs - - 7 7
GEO1 Koz 50 12 25 87
1. The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are
calculated by multiplying the volumes of metal produced or sold, as applicable, by the respective average market metal prices for
the quarter, and dividing the resulting figure by the average market gold price. See section titled “Gold Equivalent Calculation” on
page 3 for the average market metals prices used in the calculation of second quarter gold equivalent production.
p.2 DPM Metals Delivers Strong Second Quarter Gold Equivalent Production; Continues to Progress Vareš Ramp-up
Preliminary results for the first half of 2026 are provided below:
Unit Chelopech Ada Tepe Vareš Consolidated
Ore processed Kt 1,056 365 196 1,617
Metals contained in concentrate produced
Gold Koz 75 23 15 113
Silver Koz 333 16 1,955 2,304
Copper Mlbs 15 - 2 17
Zinc Mlbs - - 24 24
Lead Mlbs - - 18 18
GEO1 Koz 99 23 64 187
Payable metals in concentrate sold
Gold Koz 68 23 9 100
Silver Koz 304 13 1,378 1,695
Copper Mlbs 13 - - 13
Zinc Mlbs - - 14 14
Lead Mlbs - - 11 11
GEO1 Koz 90 24 39 153
1. The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are
calculated by multiplying the volumes of metal produced or sold, as applicable, by the respective average market metal prices for
the quarter, and dividing the resulting figure by the average market gold price. See section titled “Gold Equivalent Calculation” on
page 3 for the average market metals prices used in the calculation of the first half of 2026 gold equivalent production.
Vareš produced approximately 35,000 GEO in the second quarter, in line with the planned ramp-up of the
mine to full production . DPM has continued to make strong progress at Vareš, achieving targeted
development rates averaging over 400 metres per month and processed 117,000 tonnes in the second
quarter, a 48% quarter-on-quarter increase. Construction of the paste backfill plant and second tailings filter
continue to advance, and both are expected to be operational before the end of the year. Commissioning
of the water treatment plant has commenced. The planned shutdown of the processing plant was completed
in seven days, ahead of schedule and allowing for reduced downtime during the quarter. Overall, the Vareš
ramp-up is proceeding on plan, and DPM expects to achieve the full production run-rate of 850,000 tonne
per annum by the end of 2026.
As anticipated, GEO production at Chelopech increased relative to the first quarter of 2026 due to planned
higher gold and silver grades, with second quarter production of approximately 56,000 GEO. Chelopech is
on-track to achieve its production guidance for 2026.
Ada Tepe produced approximately 11,000 GEO in the second quarter. The final production blast at Ada
Tepe occurred in mid-April, and the processing plant is scheduled to conclude operations on July 15, 2026.
After this, certain processing facilities will be dismantled and refurbished in preparation for the Čoka Rakita
project, which is expected to commence construction in early 2027. The Company is committed to the
responsible closure and rehabilitation of Ada Tepe in -line with the highest standards and in accordance
with the regulatory framework. Upon completion of its rehabilitation plan, DPM expects 95% of Ada Tepe’s
land use to be returned to the Natura 2000, the European Union’s nature protection network.
p.3 DPM Metals Delivers Strong Second Quarter Gold Equivalent Production; Continues to Progress Vareš Ramp-up
Return of Capital to Shareholders
During the second quarter of 2026, DPM repurchase d 1,442,548 common shares at an average price of
US$34.19 (Cdn$47.41) per share for a total cost of approximately US$49.4 million under its Normal Course
Issuer Bid. Year-to-date, the Company has repurchased approximately 2,143,348 common shares at an
average price of US$34.88 (Cdn$48.18) per share for a total of approximately US$74.8 million.
As previously announced in May 2026, DPM will pay a quarterly dividend of US$0.04 per share on July 15,
2026, to shareholders of record on June 30, 2026.
Timing of Second Quarter 2026 Operating and Financial Results
The Company plans to release its second quarter 2026 operating and financial results after market close
on Thursday, July 30, 202 6. The news release, Management’s Discussion and Analysis (“MD&A”) and
condensed interim consolidated financial statements will be posted on SEDAR + at www.sedarplus.ca and
on the Company’s website at www.dpmmetals.com.
On Friday, July 31, 2026, at 9 AM EDT, DPM will host a conference call and audio webcast to discuss the
results, followed by a question-and-answer session. To participate via conference call, register in advance
at the link in the following table to receive the dial -in information as well as a personalized PIN code to
access the call.
Conference call date
and time
Friday, July 31, 2026
9 AM EDT
Call registration https://register-conf.media-server.com/register/BI88408c885403433fbed52ebb4d65443e
Webcast link https://edge.media-server.com/mmc/p/phd4h9pd
Replay Archive will be available on www.dpmmetals.com
Gold Equivalent Calculation
The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production
and sales, which are calculated by multiplying the volumes of metal produced or sold, as applicable, by the
respective assumed metal prices, and dividing the resulting figure by the assumed gold price.
GEO produced and sold for the second quarter and first half of 2026 and DPM’s 2026 guidance are based
on the following metal prices:
Gold
($/oz.)
Silver
($/oz.)
Copper
($/lb.)
Zinc
($/lb.)
Lead
($/lb.)
Second quarter 2026 average market
metal prices 4,517 73 6.05 1.57 0.88
First half of 2026 average market metals prices 4,696 79 5.94 1.52 0.88
2026 guidance assumption 4,200 50 5.00 1.30 0.90
p.4 DPM Metals Delivers Strong Second Quarter Gold Equivalent Production; Continues to Progress Vareš Ramp-up
For more information regarding DPM’s 2026 guidance and three -year outlook, refer to the MD&A for the
three months ended March 31, 2026, issued on May 5, 2026, available on at www.sedarplus.ca and at
www.dpmmetals.com.
Technical Information
The technical and scientific information in this press release has been reviewed and approved by Ross
Overall, Director, Corporate Technical Services, of the DPM, who is a Qualified Person as defined under
National Instrument 43 -101 – Standards of Disclosure for Mineral Projects , and not independent of the
Company.
About DPM Metals Inc.
DPM Metals Inc. is a Canadian -based international gold mining company with operations and projects
located in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador. Our strategic objective is to become a
mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production
from our portfolio, the development of quality assets, and maintaining a strong financial position to support
growth in mineral reserves and production through disciplined strategic transactions. This s trategy creates
a platform for robust growth to deliver above -average returns for our shareholders. DPM trades on the
Toronto Stock Exchange (symbol: DPM) and the Australian Securities Exchange as a Foreign Exempt
Listing (symbol: DPM).
For further information please contact:
Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
Cautionary Note Regarding Forward Looking Statements
This news release contains “forward looking statements” or “forward looking information” (collectively,
“Forward Looking Statements”) that involve a number of risks and uncertainties. Forward Looking
Statements are statements that are not historical facts and are generally, but not always, identified by the
use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and
phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved, or the negative of any of these terms or similar expressions. The Forward Looking
Statements in this press release relate to, among other things: expected rates of production at the
Company’s operating properties; the Company’s future business plans, objectives, and strategy, including,
without limitation, meeting its targeted annual rates of production from its operating mines; anticipated steps
in the development of the Vareš operation , including the construction of a paste backfill plant and second
tailings filter, and the ant icipated t iming for completi on ther eof; anticipated timing for the ramp up to
commercial production at the Vareš operation; anticipated steps in the de velopment of the Čoka Rakita
projects; steps in the process to co mplete operations at Ada Tepe and the succes sful closure and
rehabilitation of the site; exploration activities expected to be undertaken at the Company’s operating and
p.5 DPM Metals Delivers Strong Second Quarter Gold Equivalent Production; Continues to Progress Vareš Ramp-up
project sites; statements with respect to outlook and guidance previously provided by the Company; the
Company’s intentions with respect to repurchases of shares under its Normal Course Issuer Bid; timing and
amounts of dividends; and the anticipated timing for the release of the Company’s financial and operational
results for the three month and period ended June 30, 2026. Forward Looking Statements are based on
certain key assumptions and the opinions and estimates of management, as of the date such state ments
are made, and they involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially different from any other future
results, performance or achievements expressed or implied by the Forward Looking Statements. In addition
to factors already discussed in this news release, such factors include, among others, fluctuations in metal
prices and foreign exchange rates; risks arising from the current economic envir onment and the impact on
operating costs and other financial metrics, including risks of recession; the commencement, continuation
or escalation of geopolitical crises and armed conflicts and their direct and indirect effects on the operations
of DPM; risks arising from counterparties being unable to or unwilling to fulfill their contractual obligations
to the Company; the speculative nature of mineral exploration, development and production, including
changes in mineral production performance, exploitation and exploration results; the Company’s
dependence on its operations at Chelopech and Vareš; changes in tax and tariff regimes in the jurisdictions
in which the Company operates or which are otherwise applicable to the Company’s business, operations,
or financial condition; possible inaccurate estimates relating to future production, operating costs and other
costs for operations; possible variations in ore grade and recovery rat es; inherent uncertainties in respect
of conclusions of economic evaluations, economic studies and mine plans; uncertainties with respect to the
results of technical studies of the Company's exploration and development projects and the results thereof;
the Company’s dependence on continually developing, replacing and expanding its mi neral reserves;
uncertainties and risks inherent to developing and commissioning new mines into production, which may
be subject to unforeseen delays; risks related to the possibility that future exploration results will not be
consistent with the Company’ s expectations, that quantities or grades of reserves will be diminished, and
that resources may not be converted to reserves; risks associated with the fact that certain of the
Company's initiatives are still in the early stages and may not materialize; r isks related to the Company's
ability to develop the Loma Larga project and to obtain necessary permits in respect thereof; changes in
project parameters, including schedule and budget, as plans continue to be refined; risks related to the
financial results of operations, changes in interest rates, and the Company's ability to finance its operations;
the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and
liabilities based on projected future cash flow s; uncertainties inherent with conducting business in foreign
jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may
impact the Company’s activities; accidents, labour disputes and other risks inherent to the mining industry;
failure to achieve certain cost savings; risks related to the Company's ability to manage environmental and
social matters, including risks and obligations related to closure of the Company's mining properties; risks
related to cl imate change, including extreme weather events, resource shortages, emerging policies and
increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting
of risks; land reclamation and mine closure requirements, and costs associated therewith; the Company's
controls over financial reporting and obligations as a public company; delays in obtaining governmental
approvals or financing or in the completion of development or construction activities; opposition by soci al
and non -governmental organizations to mining projects; uncertainties with respect to realizing the
anticipated benefits from the development of the Company's exploration and development projects; cyber -
attacks and other cybersecurity risks; competition in the mining industry; exercising judgment when
undertaking impairment assessments; claims or litigation; limitations on insurance coverage; changes in
values of the Company's investment portfolio; changes in laws and regulations, or judicial interpretations
p.6 DPM Metals Delivers Strong Second Quarter Gold Equivalent Production; Continues to Progress Vareš Ramp-up
thereof, including with respect to taxes, and the Company's ability to successfully obtain all necessary
permits and other approvals required to conduct its operations; employee relations, including unionized and
non-union employees, and the Company's ability to r etain key personnel and attract other highly skilled
employees; ability to successfully integrate acquisitions or complete divestitures; disputes and challenges
with respect to land title ; volatility in the price of the common shares of the Company ; potential dilution to
the common shares of the Company; damage to the Company’s reputation due to the actual or perceived
occurrence of any number of events, including negative publicity with respect to the Company’s handling
of environmental matters or dealings with community groups, whether true or not; risks related to holding
assets in foreign jurisdictions; conflicts of interest between the Company and its directors and officers; the
timing and amounts of dividends; there being no assurance that the Company will purchase additional
common shares of the Company under the Normal Course Issuer Bid , as well as those risk factors
discussed or referred to in the MD&A, the Company's most recent Annual Information Form in any other
documents filed from time to time with the securities regulatory authorities in all provinces and territories of
Canada and available on SEDAR+ at www.sedarplus.ca . The reader has been cautioned that the foregoing
list is not exhaustive of all factors which may have been used. Although the Company has attempted to
identify important factors that could cause actual actions, events or results to differ materially from those
described in Forward Looking Statements, there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no assurance that Forward-Looking Statements
will prove to be accurate, as actual re sults and future events could differ materially from those anticipated
in such statements. The Company’s Forward Looking Statements reflect current expectations regarding
future events and speak only as of the date hereof. Unless required by securities law s, the Company
undertakes no obligation to update Forward Looking Statements if circumstances or management’s
estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on
Forward Looking Statements.