DPM Metals (DPM) investor relations material

Production and operational performance

• Maintained 11 years of meeting production guidance, with strong free cash flow from assets like Ada Tepe and ongoing operations at Vareš and Chelopech.

• High-margin business supported by capital discipline, with gold equivalent ounces expected to increase until 2027, and a previously anticipated production dip in 2028 now offset by new high-grade discoveries.

• Vareš achieved commercial production, with full metallurgical facility output targeted for Q4; local talent development has been prioritized.

• Operational improvements at Vareš include transitioning to paste fill and reducing expat workforce, aiming for lower costs and improved efficiency.

• Mining method changes, such as bottom-up mining, have reduced dilution and improved grade reconciliation.

Exploration and resource development

• Four major discoveries since 2024, including Čoka Rakita, Dumitru Potok, Wedge Zone, and a significant porphyry at Chelopech, with global recognition for exploration success.

• Čoka Rakita and Dumitru Potok are advancing through feasibility and resource updates, with Čoka Rakita expected online in 2029 at $644/oz all-in sustaining cost.

• Chelopech's new porphyry discovery shows exceptional grades and scale, with ongoing drilling to define its extent and potential expansion of production.

• Dumitru Potok resource update expected in Q1 2027, with a PEA by year-end; Chelopech porphyry initial resource estimate due in H2 2027 and PEA in early 2028.

• Exploration spend remains high at $70 million for the year, with expectations to maintain this level due to ongoing value creation.

Financial and strategic highlights

• Recent $1.3 billion transaction included $430 million in cash, clearing $200 million in debt, and returning $146 million to shareholders via dividends and buybacks.

• Accelerated share buybacks, reaching $121 million (excluding dividends) by the end of last week.

• Average tax rate across operating regions is 12%, supporting high margins and competitive positioning.

• Discovery costs in Serbia are $20/oz, with significant value uplift as projects advance through feasibility.

• Local workforce development and operational readiness have enabled rapid ramp-up and efficiency improvements at new assets.