DPM.TO · 2026-02-05 12:00:00

DPM Metals Extends Chelopech Mine Life to Ten Years; Provides Updated Mineral Reserve and Resource Estimate and Life of Mine Plan

Resource Estimates Economic Studies

p.1 DPM Metals Extends Chelopech Mine Life to Ten Years; Announces Updated Mineral Reserve and Resource Estimate and Life of Mine Plan

News Release

DPM Metals Extends Chelopech Mine Life to Ten Years; Provides Updated Mineral Reserve and

Resource Estimate and Life of Mine Plan

Toronto, Ontario, February 5, 2026 – DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or “the

Company”) is pleased to announce an update to the Mineral Resource and Mineral Reserve (“MRMR”)

estimate and life of mine (“LOM”) plan for its Chelopech mine in Bulgaria.

Highlights

(All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)

• Mine life extended to 10 years: Based on the updated Mineral Reserve estimate, mine life extends to

2036 for sustained average production levels of approximately 160,000 gold equivalent ounces (“GEO”)

per year.1

• Increased Mineral Reserves: Proven and Probable Mineral Reserves increased to 23.2 million tonnes

(“Mt”). Relative to the previous Mineral Reserve estimate, this represents a net increase of 42% in

tonnage and increase in metal content of 12% for gold and 10% for copper. The updated Mineral

Reserve estimate incorporates the Sharlo Dere prospect , updated model and design parameters as

well as updated cut-off calculation assumptions.

• Mineral Resource base supports additional life extension potential : Measured and Indicated

Mineral Resource tonnage, exclusive of Mineral Reserves, increased by 20% to 15.3 Mt, with grades

of 1.96 g/t gold and 0.57% copper, in line with Mineral Reserve grades.

• Attractive value potential from Wedge discovery: The MRMR estimate does not include the Wedge

Zone Deep (“WZD”) discovery, located within the northern flank of the Chelopech mine concession and

approximately 300 metres below existing Mineral Reserves and current mine infrastructure , or

prospectivity of the Chelopech North and Brevene exploration licences . An update on drilling results

from WZD is expected in the second quarter of 2026.

“Our updated Mineral Reserve estimate , which extends Chelopech’s mine life to 10 years, is a strong

indication of Chelopech’s track record of replacing Mineral Reserves, and we believe there is potential to

continue this trend going forward,” said David Rae, President and Chief Executive Officer of DPM Metals.

“We continue to be excited by the Wedge Zone Deep discovery, which underscores the potential at our

core operation to add high-grade Mineral Resources within the Chelopech mine concession, extend mine

life and enhance long-term value for all stakeholders.”

1 Based on life of mine production of 1.2 million ounces of gold, 2.4 million ounces of silver and 231 million pounds of copper. R efer

to the “Gold Equivalent Calculations” section on page 9 of this news release and the Current Life of Mine Plan table on page 5.

p.2 DPM Metals Extends Chelopech Mine Life to Ten Years; Announces Updated Mineral Reserve and Resource Estimate and Life of Mine Plan

Updated Mineral Reserve and Resource Estimate

The 2025 MRMR estimate reflects updated Mineral Resource estimation parameters as well as updated

cut-off calculation assumptions, and is effective as at May 31, 2025. Mineral Resources have been updated

to include new geologic information from the Company’s drilling programs , updated modelling and

estimation parameters, as well as the addition of the Sharlo Dere prospect (see Figure 1).

Updated cut-off assumptions were applied to the Net Smelter Return (“NSR”) calculation, which have been

updated to reflect new recovery models based on process plant operational data and updated cost and

price information.

Figure 1. Plan view of the Chelopech deposit showing the location of key mining blocks as well as the

Sharlo Dere Prospect and WZD target

The Proven and Probable Mineral Reserves increased by 6.9 Mt of ore with contained gold increasing by

174,000 ounces and contained copper increasing by 28 Mlbs. relative to the previous Mineral Reserve

estimate as of May 31, 2024.

The updated Proven and Probable Mineral Reserve estimate for Chelopech of 1.6 Moz. of gold and 308

Mlbs. of copper support s a mine life that extends to 2036 and sustains production at an average rate of

p.3 DPM Metals Extends Chelopech Mine Life to Ten Years; Announces Updated Mineral Reserve and Resource Estimate and Life of Mine Plan

approximately 160,000 GEO2 per year. This does not include the potential for further conversion of existing

Mineral Resources and potential additions through ongoing exploration success, including the recent

discovery of the WZD target, an area of high-grade mineralization located on the current Chelopech mine

concession, adjacent to existing Mineral Reserves.

The Sharlo Dere prospect includes a Mineral Reserve inventory of 650,000 tonnes at a grade of 1.49 g/t

gold and 0.52% copper. DPM has progressively developed the Sharlo Dere prospect by way of inclined

surface diamond drill testing, which has been tested to an approximate 30-metre by 30-metre drill spacing.

The prospect has analogous metallurgical characteristics to the main mining areas and metallurgical testing

has confirmed it is amenable to the Chelopech flowsheet. The prospective trend at Share Dere extends

beyond the Chelopech mine concession, onto the adjacent Chelopech North Concession, which is expected

to be granted in 2026.

The updated Mineral Reserves estimate is shown below:

Chelopech Mine Mineral Reserve Estimate

(As of May 31, 2025)

Classification Tonnes

(Kt)

Grade Metal Content

Au (g/t) Ag (g/t) Cu (%) Au (Koz.) Ag (Koz.) Cu (Mlbs.)

Proven 6,977 2.14 6.22 0.61 479 1,396 94.57

Probable 16,232 2.20 9.27 0.60 1,149 4,836 213.81

Total 23,209 2.18 8.35 0.60 1,628 6,231 308.38

1. The Mineral Reserves disclosed herein have been estimated in accordance with the CIM Definition Standards for Mineral

Resources and Mineral Reserves (CIM, 2014).

2. Mineral Reserves has been depleted for mining as of May 31, 2025.

3. The Inferred Mineral Resources do not contribute to the financial performance of the project and are treated in the same way as

waste.

4. The reference point at which the Mineral Reserves are defined is where the ore is delivered to the crusher.

5. Long-term metal prices assumed for the evaluation of the Mineral Reserves are $2,300/oz for gold, $23.00/oz for silver, and

$3.50/lb for copper.

6. Mineral Reserves are based on an NSR-less-costs cut-off value of $0/t. The total cost applied was approximately $61/t which is a

sum of operational costs of approximately $53/t and sustaining capital of approximately $7/t.

7. All blocks include an NSR formula that differentiates the main mineralization type s. The NSR formula utilises long term metal

price, metallurgical recoveries, payability terms, treatment charges, refining charges, penalty charges (deleterious arsenic),

concentrate transport costs, and royalties.

8. Mineral Reserves account for unplanned mining dilution and ore loss by orebody dimension and experience per mining block area.

The average values are 6.9% for unplanned ore loss and 7.4% for unplanned dilution.

9. Mineral Reserves account for planned mining dilution and mining recovery through stope optimisation and stope design. The

stopes are optimised to maximise net cashflow within the constraints of dilution and orebody extractable geometry. The planne d

dilution and recovery alter depending on geotechnical, mineralisation continuity controls and ore zone dimensions. All stopes have

been verified that they are profitable after the application of the cost of capital development.

10. There is no known likely value of mining, metallurgical, infrastructure, permitting or other relevant factors that could materially

affect the estimate. The final seven years of operation occurs after the termination of the mining concession agreement. It is the

opinion of DPM that the mining permit will be extended.

2 Based on life of mine production of 1.2 million ounces of gold, 2.4 million ounces of silver and 231 million pounds of copper . Refer

to the “Gold Equivalent Calculations” section on page 9 of this news release and the Current Life of Mine Plan table on page 5.

p.4 DPM Metals Extends Chelopech Mine Life to Ten Years; Announces Updated Mineral Reserve and Resource Estimate and Life of Mine Plan

11. The Proven Mineral Reserve includes broken stocks of 42 Kt at 1.73 g/t Au, 4.25 g/t Ag and 0.41% Cu as well as stockpiles of 8 Kt

at 2.84 g/t Au, 5.75 g/t Ag and 0.68% Cu.

12. Sum of individual values may not equal due to rounding.

Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, show a net increase of 2.6

Mt, and a decrease of 52,000 ounces of gold and 29 Mlbs. of copper relative to the 2024 Mineral

Resource estimate. The decrease was largely a result of conversion of Mineral Resources to Mineral

Reserves as well as the updated cut-off calculation assumptions.

Further to this, Inferred Mineral Resources increased by 6.2 Mt containing 333,000 ounces of gold and 65

Mlbs. of copper relative to the previous estimate. This is a result of the updated cut -off calculation

assumptions as well as the downgrading of a portion of the Mineral Resource in the upper levels of the

mine, based on updated modelling of historically mined areas. Further drilling is planned to determine the

extents of these mineralized zones and to determine the geotechnical conditions around the historic mining

areas.

The Mineral Resource estimate, reported exclusive of Mineral Reserves, is shown below and is effective

as at May 31, 2025:

Chelopech Mineral Resource Estimate

(As of May 31, 2025)

Resource Category Tonnes (Mt)

Grades Metal Content

Au (g/t) Ag (g/t) Cu (%) Au (Moz.) Ag (Moz.) Cu

(Mlbs.)

Measured 8.1 2.32 8.05 0.72 0.604 2.096 129

Indicated 7.2 2.03 10.47 0.56 0.470 2.424 89

Total Measured and

Indicated 15.3 2.18 9.19 0.64 1.072 4.521 216

Inferred 9.1 1.96 9.38 0.57 0.573 2.744 114

1. The Mineral Resources disclosed herein have been estimated in accordance with the CIM Definition Standards for Mineral

Resources and Mineral Reserves (CIM, 2014).

2. Tonnages are rounded to the nearest 0.1 Mt to reflect that this is an estimate.

3. Metal content is rounded to the nearest 1 thousand ounces or 1 Mlbs. to reflect that this is an estimate.

4. The Mineral Resources are reported exclusive of Mineral Reserves.

5. Long-term metal prices assumed for the evaluation of the Mineral Res ources are $2,500/oz for gold, $2 6.00/oz for silver, and

$3.85/lb for copper.

6. Mineral Resources are based on a NSR-less-costs cut-off value of $0/t in support of reasonable prospects of eventual economic

extraction. It is on average $61/t which is a sum of operational costs of approximately $53/t and sustaining capital

of approximately $7/t.

7. All blocks include a n NSR formula that differentiates the main mineralization types. The NSR formula utilizes long term metal

price, metallurgical recoveries, payability terms. treatment charges, refining charges, penalty charges, concentrate transport costs,

and royalties.

8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

9. Sum of individual values may not equal due to rounding.

p.5 DPM Metals Extends Chelopech Mine Life to Ten Years; Announces Updated Mineral Reserve and Resource Estimate and Life of Mine Plan

Life of Mine Plan

The following table outlines the updated LOM plan, reflecting the updated Mineral Reserve estimate. After

testing a range of different scheduling scenarios , the selected plan best meets production goals and

optimizes net asset value by maintaining a 2.2 Mt per year mining rate through to 2032, optimized within

development rate constraints.

This LOM plan will be the basis for DPM’s 2026 guidance and updated three-year outlook, to be announced

on February 10, 2026, along with the Company’s fourth quarter and year-end 2025 financial results.

For comparison, the current LOM plan, as well as the 2022 LOM plan, are illustrated below:

Current Life of Mine Plan1

Metric Unit 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total /

average

Ore processed Mt 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.0 2.0 1.8 0.7 21.9

Grade

Au g/t 2.63 2.93 2.19 2.09 2.01 1.75 1.97 1.9 1.86 1.83 1.72 2.11

Cu % 0.79 0.65 0.64 0.6 0.54 0.6 0.55 0.53 0.52 0.48 0.48 0.59

Ag g/t 7.2 9.4 7.0 6.0 7.4 10.4 11.3 11.1 9.3 6.3 4.6 8.4

Recoveries

Copper Concentrate

Au % 65.1 57.8 60.5 58.5 51.7 66 64.9 61.7 52.2 51.1 58.9 59.2

Cu % 85.6 79.7 83.5 83.2 79.3 83.9 81.1 79.6 77.8 78.2 83.1 81.6

Ag % 48.2 39.8 44.4 43.9 37.9 43.4 40.2 38.7 36.4 38.2 44.6 41.0

Pyrite Concentrate

Au % 20.3 21.9 23.3 25.4 29.2 14 10.9 11.3 24.6 28.4 24.3 21.1

Production

Au Koz. 159 165 130 124 115 99 106 89 92 84 30 1,193

Cu2 Mlbs. 33 25 26 24 21 24 21 19 18 15 6 231

Ag3 Koz. 247 265 220 187 198 319 322 276 217 138 43 2,432

Total GEO4 Koz. 205 206 175 169 154 146 148 126 126 113 41 1,609

p.6 DPM Metals Extends Chelopech Mine Life to Ten Years; Announces Updated Mineral Reserve and Resource Estimate and Life of Mine Plan

Previous Life of Mine Plan

Metric Unit 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total /

average

Ore processed Mt 2.1 2.1 2 1.8 1.8 1.8 1.2 – – – – 12.7

Grade

Au g/t 2.87 3.04 2.8 2.69 2.47 2.58 2.38 – – – – 2.72

Cu % 0.91 0.7 0.75 0.74 0.72 0.77 0.76 – – – – 0.77

Ag g/t 8.52 8.33 9.51 7.94 7.59 8.11 11.3 – – – – 8.62

Recoveries

Copper Concentrate

Au % 57.1 52.8 54.3 55.5 56.5 63.1 63 – – – – 56.8

Cu % 84.9 81.8 83.3 83.7 84.4 87.1 86.7 – – – – 84.4

Ag % 50.4 45 48.3 48.3 49.3 55.5 56.8 – – – – 50.2

Pyrite Concentrate

Au % 24.7 27.4 27 26.3 25.6 23.5 20.9 – – – – 25.5

Total Production

Total Au Koz. 159 165 147 127 117 128 74 – – – – 916

Total Cu2 Mlbs. 36 26 28 25 24 26 17 – – – – 182

Total Ag3 Koz. 290 253 296 222 216 258 238 – – – – 1,772

Total GEO5 Koz. 225 214 205 179 167 183 111 – – – – 1,283

1. Totals in the table above do not include 2025 production and therefore do not correspond to the Mineral Reserve estimate,

which reflects from May 31, 2025, onward.

2. Total copper production reflects copper recovered from copper concentrate only. Copper recovered from pyrite concentrate

is not payable.

3. Total silver production reflects silver recovered from copper concentrate only. Silver recovered from pyrite concentrate is

not payable.

4. For the gold equivalent calculation and metal price assumptions for the current LOM plan, r efer to the “Gold Equivalent

Calculations” section on page 9 of this news release.

5. For the gold equivalent calculation and metal price assumptions for the previous LOM plan, refer to the “Gold Equivalent

Calculations” section on page 9 of this news release.

p.7 DPM Metals Extends Chelopech Mine Life to Ten Years; Announces Updated Mineral Reserve and Resource Estimate and Life of Mine Plan

Figure 2. Long section of the Chelopech mine, looking northwest, showing mine development and silica

envelope outlines. The current stope designs ( green) are shown overlain, compared to those used in the

previous mine plan (red).

Further value potential from in-mine and brownfield exploration

The updated LOM demonstrates the potential to increase Chelopech’s mine life through a combination of

on-going optimization of the existing MRMR in conjunction with exploration and development of new mineral

resources.

In November 2025, DPM announced the discovery of new high -grade mineralization at the WZD target,

located within the northern flank of the Chelopech mine concession and approximately 300 metres below

existing Mineral Reserves and current mine infrastructure. Initial drilling results from this discovery, made

in a relatively under -explored area of the mine concession , demonstrate that the WZD target is highly

prospective for additional discoveries.

Given the significance of the WZD target, DPM has planned an additional 10,000 metres of drilling, which

is expected to be completed within the first quarter of 2026. DPM intends to provide an update on results

from drilling in the second quarter of 2026.

p.8 DPM Metals Extends Chelopech Mine Life to Ten Years; Announces Updated Mineral Reserve and Resource Estimate and Life of Mine Plan

DPM has also been focused on advancing the Chelopech North and Brevene licences to mining

concessions. The Company expects the Chelopech North concession in 2026, which is an area of 4.6

square kilometers surrounding the Chelopech mine con cession. Concurrently, the Brevene exploration

licence is in the process of being converted to a Commercial Discovery, which is the next phase of work

towards converting the licence to a mining concession under the Bulgarian permitting process. The Brevene

licence includes approximately 27.3 square kilometres and contains several prospective exploration

targets.

Further to the exploration potential, the Mineral Resource continues to exhibit meaningful upside potential

under lower cut-off value assumptions, which is increasingly relevant in the context of the current higher

metal price environment.

A grade tonnage sensitivity analysis is shown below, which highlights the potential additional mineralization

that is currently below the current cut -off. With stronger metal prices supporting lower economic cut -off

values, the Company will focus on opportunities to convert additional material into the mine plan, supporting

potential LOM extension and enhanced long -term optionality, subject to ongoing technical and economic

evaluation, including maintaining or improving margins.

Chelopech Mineral Resource Grade / Tonnage Sensitivity

(Reported exclusive of Mineral Reserves, as of May 31, 2025)

Resource