DPM Metals (DPM) investor relations material

Executive summary

• Achieved record 2025 financial results: $950.5M revenue, $443.2M adjusted net earnings, $504.9M free cash flow, and 11 consecutive years of meeting gold production guidance, supported by strong realized metal prices and operational delivery.

• Maintained top industry safety and environmental standards, recognized in S&P Global Corporate Sustainability Assessment for five years.

• Transformed growth profile with Vareš acquisition, Čoka Rakita feasibility, and Chelopech mine life extension to 2036.

• Ended 2025 with $498M cash, no debt, and a $400M undrawn credit facility, supporting a robust growth pipeline.

• Returned $145.5M to shareholders via dividends and buybacks; board authorized up to $200M for 2026 repurchases.

Financial highlights

• Revenue reached $950.5M (up 57% year-over-year); adjusted net earnings $443.2M ($2.39/share, up 85–91%); free cash flow $504.9M (up 66%).

• All-in sustaining cost for 2025 was $1,121/oz, up 29% year-over-year, mainly due to higher share-based compensation and FX impacts.

• Q4 2025 revenue was $352.4M (up 97% year-over-year); Q4 adjusted net earnings $170.4M.

• Non-recurring items included a $27M non-cash fair value adjustment on Vareš inventory, $22M Bulgarian levy, $15M acquisition costs, and $9M copper stream liability adjustment.

• Dividends paid in 2025 totaled $29.4M; share repurchases amounted to $116.1M.

Outlook and guidance

• 2026–2028 production expected to average 350,000–400,000 gold equivalent ounces annually, with 2026 guidance of 305,000–365,000 GEO and AISC of $1,300–$1,450/GEO.

• Vareš ramp-up on track for 850,000 tonnes/year by Q4 2026; commercial production expected in Q4 2026.

• Čoka Rakita feasibility confirms robust economics: ~190,000 oz/year for first five years at $644/oz AISC; first production expected H1 2029.

• Exploration spend to increase in 2026, focusing on Serbia, Bulgaria, and Bosnia.