DPM Metals (DPM) Q1 2025 earnings summary

Executive summary

• Revenue rose 16% year-over-year to $144 million in Q1 2025, driven by higher gold and copper prices and solid operational performance.

• Generated $79 million in free cash flow and maintained a consolidated cash balance of $763 million with no debt.

• Returned a record $90.4 million to shareholders (114% of free cash flow) via share repurchases and dividends, including a buyback of 7.5 million shares.

• Advanced Čoka Rakita and Loma Larga projects, with feasibility studies progressing on schedule and ongoing exploration success in Serbia.

• Appointed Juanita Montalvo as Chair following the passing of Peter Gillin.

Financial highlights

• Adjusted net earnings increased 70% year-over-year to $55 million ($0.32/share), excluding a one-time Bulgarian levy.

• Free cash flow grew 32% to $79 million; cash from operating activities up 53% to $55 million.

• All-in sustaining cost (AISC) per gold ounce sold: Chelopech $673 (down from $849), Ada Tepe $1,340 (up from $583); consolidated AISC $1,244/oz, up 41% year-over-year.

• Revenue of $144 million, up year-over-year due to higher realized metal prices despite lower gold sales volumes.

• Adjusted EBITDA increased 38% to $75.2 million.

Outlook and guidance

• Reaffirmed 2025 guidance: gold production 225,000–265,000 oz, copper 28–33M lbs, AISC $780–$900/oz.

• Both Chelopech and Ada Tepe mines are on track to meet 2025 production and cost guidance, with higher production expected in H2 2025, especially at Ada Tepe.

• Čoka Rakita feasibility study expected by year-end, with construction targeted to start mid-2026 and production in 2028.

• Loma Larga feasibility study update due in Q2 2025, with further project decisions pending regulatory milestones.

• Enhanced share buyback program up to $200 million in 2025.