DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position

2026-02-10

TSX - Toronto Stock Exchange · Gold · Copper · Silver · Arsenic · Sulfur · Zinc · Lead · Antimony · Canada

TORONTO, Feb. 10, 2026 (GLOBE NEWSWIRE) -- DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894)(“DPM” or the “Company”) announced its operating and financial results for the fourth quarter and full year ended December 31, 2025.

Highlights

(Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars, and all operational and financial information contained in this news release is related to continuing operations.)

Record free cash flow generation: Generated $505 million of free cash flow1and $492 million of cash provided from operating activities of continuing operations. Record adjusted net earnings per share: Reported adjusted net earnings1of $443 million ($2.39 per share1) and net earnings from continuing operations of $369 million ($1.99 per share). 11-year track record of operational delivery: DPM achieved its gold production guidance, producing 244,979 ounces of gold and 30.0 million pounds of copper. Vareš ramp-up to full production on-track: On track to achieve 850,000 tonnes per year by year-end, with an improved 2026 production forecast of 30,000 to 35,000 ounces of gold and 3.5 to 4.1 million ounces of silver. Advancing Čoka Rakita:Approval to initiate the Special Purpose Spatial Plan, a key milestone, received in November 2025. Mine construction is expected to commence in early 2027. Rakita camp district scale potential:Announced initial Inferred Mineral Resource Estimate for the Rakita camp of 84.4 million tonnes at a grade of 0.97 g/t Au for 2.6 million ounces of gold and at a grade of 1.02% Cu for 1.9 billion pounds of contained copper, with significant potential for continued growth as all three deposits remain open in multiple directions.2 Chelopech mine life extended to 2036: Updated Mineral Reserve and Mineral Resource estimate and life of mine plan for Chelopech extends mine life to 2036 and sustains production at an annual average of approximately 160,000 GEO.3 Adding value through exploration:Discovered high-grade Wedge Zone Deep prospect, located on the Chelopech mine concession, close to existing mine infrastructure and Mineral Reserves. Growing high-margin production:Average annual production of 350,000 gold equivalent ounces4("GEO") over the next three years, with an all-in sustaining cost of $1,450 per GEO sold1. Substantial liquidity for growth:Ended the quarter with a total of $497.8 million in cash and cash equivalents. New revolving $400 million credit facility with accordion feature to $550 million. Continued capital discipline:Returned $145.5 million, representing 29% of free cash flow, to shareholders during 2025 through dividends paid and shares repurchased. Board of Directors has authorized the repurchase of up to $200 million of shares within 2026. Track record of responsible mining:DPM scored in the top decile among metals and mining companies in the S&P Global Corporate Sustainability Assessment for the fifth consecutive year.

_ 1Free cash flow, adjusted net earnings, adjusted basic earnings per share, all-in sustaining cost per ounce of gold sold and all-in sustaining cost per GEO sold are non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures. 2Refer to the "Technical Report - Mineral Resource Estimate for Dumitru Potok, Frasen and Rakita North Prospects, Eastern Serbia," dated January 16, 2026, available on the Company's website at www.dpmmetals.comand SEDAR+ at www.sedarplus.ca. 3Refer to the news release "DPM Extends Chelopech Mine Life to Ten Years; Provides Updated Mineral Reserve and Resource Estimate and Life of Mine Plan" dated February 5, 2026, available on the Company's website at www.dpmmetals.comand SEDAR+ at www.sedarplus.ca. 4The 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 assumed gold price.

CEO Commentary

David Rae, President and Chief Executive Officer, made the following comments in relation to the fourth quarter and year-end 2025 results:

“We once again generated record financial results in 2025, including $505 million of free cash flow, demonstrating the quality of our low-cost, high-margin mining operations. Our exceptional 11-year track record of delivery has created long-term shareholder value and underpins our ability to realize Vareš' full potential and grow the business with Čoka Rakita, which is on track for first concentrate production in the first half of 2029.

“Together with the Čoka Rakita project, the initial Inferred Mineral Resource Estimates for Dumitru Potok, Frasen and Rakita North prospects completed in December highlight the Rakita camp's potential as a Tier One gold asset for DPM, offering a rare combination of scale, grade and longevity. Further upside potential remains as we test the continuation of the system with step-out drilling on the adjacent licence.

“DPM continues to be in a very strong position to carry out our strategy of becoming a mid-tier gold producer. This is driven by the quality of our team, our high-margin production base generating significant free cash flow, and our financial strength to internally fund growth and exploration activities while continuing to return capital to shareholders.”

Use of non-GAAP Financial Measures

Certain financial measures referred to in this news release are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by DPM are based on management’s reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

The Company uses the following non-GAAP financial measures and ratios in this news release:

mine cash cost cash cost per tonne of ore processed mine cash cost of sales cash cost per ounce of gold sold all-in sustaining cost all-in sustaining cost per GEO sold all-in sustaining cost per ounce of gold sold adjusted earnings (loss) before interest, taxes, depreciation and amortization (“adjusted EBITDA”) adjusted net earnings (loss) adjusted basic earnings (loss) per share cash provided from operating activities, before changes in working capital free cash flow average realized metal prices

For a detailed description of each of the non-GAAP financial measures and ratios used in this news release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release.

Key Operating and Financial Highlights from Continuing Operations

| $ millions, except where noted | | Fourth Quarter | | Full Year | | | | | | | | Ended December 31, | | 2025 | 2024 | Change | | 2025 | 2024 | Change | | | | Operating Highlights(1) | | | | | | | | | | | | Ore processed | t | 786,091 | 748,196 | 5 | % | | 2,978,137 | 2,916,027 | 2 | % | | Metals contained in concentrates produced: | | | | | | | | | | | | Gold | | | | | | | | | | | | Chelopech | oz | 45,714 | 41,901 | 9 | % | | 174,434 | 167,029 | 4 | % | | Ada Tepe | oz | 24,552 | 28,918 | (15 | %) | | 70,545 | 94,306 | (25 | %) | | Total gold in concentrates produced | oz | 70,266 | 70,819 | (1 | %) | | 244,979 | 261,335 | (6 | %) | | Copper | Klbs | 9,879 | 7,781 | 27 | % | | 29,995 | 29,671 | 1 | % | | Payable metals in concentrates sold: | | | | | | | | | | | | Gold | | | | | | | | | | | | Chelopech | oz | 40,142 | 36,862 | 9 | % | | 150,524 | 142,004 | 6 | % | | Ada Tepe | oz | 23,319 | 28,003 | (17 | %) | | 68,515 | 92,124 | (26 | %) | | Total payable gold in concentrates sold | oz | 63,461 | 64,865 | (2 | %) | | 219,039 | 234,128 | (6 | %) | | Copper | Klbs | 7,647 | 6,652 | 15 | % | | 24,834 | 25,062 | (1 | %) | | Cost of sales per ounce of gold sold(2): | | | | | | | | | | | | Chelopech | $/oz | 1,172 | 1,027 | 14 | % | | 1,129 | 1,070 | 6 | % | | Ada Tepe | $/oz | 1,638 | 1,002 | 63 | % | | 1,781 | 1,181 | 51 | % | | Consolidated | $/oz | 1,343 | 1,016 | 32 | % | | 1,333 | 1,113 | 20 | % | | All-in sustaining cost per ounce of gold sold(3): | | | | | | | | | | | | Chelopech | $/oz | 453 | 799 | (43 | %) | | 616 | 695 | (11 | %) | | Ada Tepe | $/oz | 989 | 694 | 43 | % | | 1,101 | 745 | 48 | % | | Consolidated | $/oz | 1,082 | 904 | 20 | % | | 1,121 | 872 | 29 | % | | Capital expenditures incurred(4): | | | | | | | | | | | | Sustaining(5) | | 10.7 | 9.8 | 9 | % | | 32.8 | 34.2 | (4 | %) | | Growth and other(6) | | 17.9 | 2.1 | 762 | % | | 55.5 | 17.2 | 223 | % | | Total capital expenditures | | 28.6 | 11.9 | 140 | % | | 88.3 | 51.4 | 72 | % | | Financial Highlights(1) | | | | | | | | | | | | Average realized prices(3): | | | | | | | | | | | | Gold | $/oz | 4,323 | 2,663 | 62 | % | | 3,632 | 2,434 | 49 | % | | Copper | $/lb | 5.15 | 3.91 | 32 | % | | 4.64 | 4.16 | 12 | % | | Revenue | | 352.5 | 179.1 | 97 | % | | 950.5 | 607.0 | 57 | % | | Cost of sales | | 101.0 | 65.9 | 53 | % | | 344.6 | 260.7 | 32 | % | | Earnings before income taxes | | 183.1 | 94.3 | 94 | % | | 422.0 | 276.1 | 53 | % | | Adjusted EBITDA(3) | | 230.0 | 110.8 | 108 | % | | 585.6 | 326.9 | 79 | % | | Net earnings | | 157.3 | 86.7 | 81 | % | | 369.2 | 243.2 | 52 | % | | Basic earnings per share | $/sh | 0.71 | 0.49 | 45 | % | | 1.99 | 1.35 | 47 | % | | Adjusted net earnings(3) | | 170.4 | 82.6 | 106 | % | | 443.2 | 232.2 | 91 | % | | Adjusted basic earnings per share(3) | $/sh | 0.77 | 0.46 | 67 | % | | 2.39 | 1.29 | 85 | % | | Cash provided from operating activities(7) | | 152.5 | 82.7 | 84 | % | | 491.6 | 296.8 | 66 | % | | Free cash flow(3) | | 182.8 | 91.7 | 99 | % | | 504.9 | 305.1 | 66 | % |

(1) Operating highlights for the fourth quarter and full year of 2025 did not include the operating results of Vareš. For a more detailed discussion on the operating results of Vareš, refer to the “Review of Operating Results by Segment – Review of Vareš Results” section of the Management’s Discussion and Analysis (“MD&A”). In the meantime, financial highlights for the year of 2025 included the pre-commercial production financial results of Vareš during the period from September 3 to December 31, 2025, in compliance with IFRS, with the exception of average realized metal price, which is a non-GAAP measure and its exclusion of Vareš was consistent with the operating highlights above. (2) Cost of sales per ounce of gold sold represents total cost of sales for Chelopech and Ada Tepe, divided by total payable gold in concentrates sold. (3) All-in sustaining cost per ounce of gold sold, average realized metal prices, adjusted EBITDA, adjusted net earnings, adjusted basic earnings per share, and free cash flow are non-GAAP financial measures or ratios. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures. (4) Capital expenditures incurred are reported on an accrual basis and do not represent the cash outlays for capital expenditures. (5) Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the asset or business without any associated increase in capacity, life of assets or future earnings. This measure is used by management and investors to assess the extent of non-discretionary capital spending being incurred by the Company each period. (6) Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase life of assets and/or increase future earnings. This measure is used by management and investors to assess the extent of discretionary capital spending being undertaken by the Company each period. (7) Excludes cash used in operating activities of discontinued operations of $7.4 million (2024 – $61.0 million) and cash provided from operating activities of discontinued operations of $160.5 million (2024 – cash used in operating activities of discontinued operations of $152.1 million), respectively, during the fourth quarter and full year of 2025.

Performance Highlights

A table comparing production, sales and cash cost measures by asset for the fourth quarter and full year ended December 31, 2025 against 2025 guidance is located on page 17of this news release.

In the fourth quarter and full year of 2025, the Company’s Chelopech and Ada Tepe operations delivered gold production in line with expectations, and both mines achieved production guidance for the year 2025.

Highlights include the following:

Chelopech, Bulgaria:Gold contained in concentrates produced in the fourth quarter and full year of 2025 was higher than 2024 due primarily to higher gold grades, in line with the mine plan.

Copper production in the fourth quarter of 2025 was higher than 2024 due primarily to higher copper grades. Copper production in 2025 was comparable to 2024.

Payable gold in concentrates sold in the fourth quarter and full year of 2025 was higher than 2024 due primarily to higher gold production, with favourable payable gold terms for the full year.

Payable copper in concentrate sold in the fourth quarter of 2025 was 15% higher than 2024 due primarily to higher copper production. Payable copper in concentrate sold in 2025 was comparable to 2024.

All-in sustaining cost per ounce of gold sold in the fourth quarter and full year of 2025 was lower than 2024 due primarily to higher by-product credits reflecting higher realized prices and volumes of copper sold, and higher volumes of gold sold, partially offset by a stronger Euro relative to the U.S. dollar, higher labour costs, higher royalties, and lower cash outlays for sustaining capital expenditures.

Ada Tepe, Bulgaria: Gold contained in concentrate produced in the fourth quarter and full year of 2025 was lower than 2024 due primarily to mining in lower grade zones, in line with the mine plan.

Payable gold in concentrate sold in the fourth quarter and full year of 2025 was consistent with the gold production compared to 2024.

All-in sustaining cost per ounce of gold sold in the fourth quarter and full year of 2025 was higher than 2024 due primarily to lower volumes of gold sold and a stronger Euro relative to the U.S. dollar, and higher rehabilitation related depreciation expenses as a result of an updated closure plan for Ada Tepe, as well as lower cash outlays for sustaining capital expenditures in the fourth quarter of the year.

Consolidated Operating Highlights

Operating highlights discussed below exclude the operating results of Vareš, except for cost of sales.

Production:Gold contained in concentrates produced in the fourth quarter of 2025 was comparable to 2024, due primarily to higher gold grades at Chelopech offset by mining in lower grade zones at Ada Tepe. Gold contained in concentrates produced in 2025 was 6% lower than 2024, due primarily to lower gold grades and recoveries at Ada Tepe.

Copper production in the fourth quarter of 2025 was 27% higher than 2024 due primarily to higher copper grades. Copper production in 2025 was comparable to 2024.

Deliveries:Payable gold in concentrates sold in the fourth quarter and full year of 2025 was 2% lower than and 6% lower than 2024, respectively, primarily reflecting gold production.

Payable copper in concentrate sold in the fourth quarter of 2025 was 15% higher than 2024 due primarily to higher copper production. Payable copper in concentrate sold in 2025 was comparable to 2024.

Cost measures:Cost of sales in the fourth quarter and full year of 2025 was 53% and 32% higher than 2024, respectively, due primarily to Vareš operating costs and a non-cash fair value adjustment on inventories recognized in cost of sales at Vareš following the acquisition of Adriatic, higher depreciation expense, higher labour cost, a stronger Euro relative to the U.S. dollar and higher royalties reflecting higher metal prices.

All-in sustaining cost per ounce of gold sold in the fourth quarter of 2025 was 20% higher than 2024 due primarily to higher mark-to-market adjustments to share-based compensation expenses reflecting DPM’s strong share price performance, and a stronger Euro relative to the U.S. dollar, partially offset by higher by-product credits reflecting higher realized prices and volumes for copper sold. All-in sustaining cost per ounce of gold sold in 2025 was 29% higher than 2024 due primarily to higher mark-to-market adjustments to share-based compensation expenses, lower volumes of gold sold and a stronger Euro relative to the U.S. dollar, partially offset by higher by-product credits reflecting higher realized prices for copper and silver sold.

Mark-to-market adjustments to share-based compensation expenses resulted in an increase of $344 and $242 per ounce of gold sold, respectively, in the fourth quarter and full year of 2025, compared to a decrease of $7 and an increase of $28 per ounce of gold sold in the corresponding periods in 2024.

Capital expenditures:Sustaining capital expenditures incurred in the fourth quarter of 2025 were 9% higher than 2024, due primarily to timing of expenditures at Chelopech, partially offset by lower deferred stripping costs as a result of lower stripping ratios at Ada Tepe. Sustaining capital expenditures incurred in 2025 were 4% lower than 2024 due primarily to changes in deferred stripping costs as a result of changes in the stripping ratios at Ada Tepe, in line with the mine plan.

Growth and other capital expenditures incurred in the fourth quarter and full year of 2025 were $15.8 million and $38.3 million higher than 2024, respectively, due primarily to costs related to the Čoka Rakita project being capitalized from 2025 as a result of the project’s advancement to the feasibility study (“FS”) stage.

Consolidated Financial Highlights

DPM achieved record financial results for 2025 in revenue, earnings and free cash flow, reflecting high realized metal prices, combined with the Company’s stable operating performance for the year. Financial results in 2025 also reflected the inclusion of Vareš for the period of September 3 to December 31, 2025.

Revenue: Revenue in the fourth quarter and full year of 2025 was 97% and 57% higher than 2024, respectively, due primarily to higher realized metal prices, partially offset by lower volumes of gold sold at Ada Tepe. Revenue in the fourth quarter and full year of 2025 also benefited from the post-acquisition revenue from Vareš.

Net earnings:Net earnings from continuing operations in the fourth quarter of 2025 were 81% higher than 2024, due primarily to higher revenue, partially offset by higher cost of sales, higher mark-to-market adjustments to share-based compensation expenses and a fair value loss on copper stream liability of $8.5 million. Net earnings from continuing operations in 2025 were 52% higher than 2024, due primarily to the same factors affecting the quarter, partially offset by the 2025 Bulgarian levy of $24.4 million Adriatic acquisition related costs of $15.4 million and a fair value loss on copper stream liability of $9.2 million.

Adjusted net earnings:Adjusted net earnings from continuing operations in the fourth quarter and full year of 2025 were 106% and 91% higher than 2024, respectively, due primarily to the same factors affecting net earnings from continuing operations, with the exception of adjusting items primarily related to the 2025 Bulgarian levy, Adriatic acquisition related costs, the non-cash fair value adjustment on inventories at Vareš, and the fair value loss on copper stream liability, as well as a net termination fee received from Osino Resources Corp. (“Osino”) in 2024.