DPM Metals (DPM) Q3 2025 earnings summary

Executive summary

• Achieved record financial results in Q3 2025, including record revenue, earnings, and free cash flow, driven by high-margin production, strong gold prices, and robust operational performance.

• Closed the Adriatic acquisition, adding the high-grade Barish/Vareš operation and transforming the long-term production profile; integration progressing well.

• Advanced key growth projects, including Čoka Rakita feasibility study and ongoing exploration at Chelopech, Ada Tepe, Loma Larga, and Rakita camp.

• High-margin production is driving near-term free cash flow and supporting long-term growth initiatives.

• Integration of Barish/Vareš focused on health, safety, and local training.

Financial highlights

• Q3 2025 revenue reached $267.4 million, up 82% year-over-year; YTD revenue up 40% to $598.0 million.

• Adjusted net earnings for Q3 2025 were $129.2 million ($0.73/share), up 180% year-over-year.

• Free cash flow in Q3 2025 was $148 million, up 108% year-over-year.

• Cash flow from operating activities was $185 million for the quarter, up 252% year-over-year.

• Ended Q3 2025 with $414 million in cash and total liquidity of $564 million, with no debt and $150 million undrawn credit facility.

Outlook and guidance

• On track to meet 2025 production and cost guidance for all operating mines; gold production guidance 225,000–265,000 oz, copper 28–33 million lbs, AISC $780–$900/oz.

• Barish/Vareš ramp-up to 850,000 tons per annum targeted by end of 2026, with higher 2026 production expected versus previous forecasts.

• Čoka Rakita feasibility study expected by year-end 2025; first production targeted for H1 2029.

• Exploration budget for 2025 increased to $49–$54 million, mainly for Serbian programs.

• Loma Larga growth capital expenditures for 2025 to remain at $12–$14 million, with spending minimized until license issue is resolved.