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DPM Metals (DPM) investor relations material
DPM Metals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
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.
Quantify Vareš 2026 production upside vs TR
Loma Larga: next steps to resolve license issue?
How do new Serbian resources enhance Čoka Rakita?
What drives Vareš's higher 2026 production?
Coka Rakita permitting delay reasons?
Capital return strategy for next year?
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Next DPM Metals earnings date
Investor Day 20254 Dec, 2025
Next DPM Metals earnings date
Investor Day 20254 Dec, 2025
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Dundee Precious Metals Inc is a Canadian-based mining company engaged in the acquisition, exploration, development, and operation of precious metal properties. The company produces gold and copper concentrates and operates mines and smelting facilities in Eastern Europe and Africa. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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