DPM Metals (DPM) Investor Day 2025 summary

Strategic outlook and growth plans

• Targeting production of 425,000 gold equivalent ounces by 2027, with Čoka Rakita adding 200,000 ounces annually from 2029, aiming for 600,000–800,000 ounces per year by early 2030s.

• Chelopech mine life extended beyond 10 years, with significant new high-grade mineralization at Wedge Zone Deep and ongoing conversion of exploration licenses to mining concessions.

• Vareš operation restructured for efficiency, with a 15-year mine life, ramping up to 850,000 tonnes per annum by Q4 2025, and total payable production of 1.8Moz AuEq.

• Čoka Rakita feasibility study confirms a low-cost, high-margin project with $2.2B NPV at $3,500 gold, IRR close to 70%, and first production targeted for H1 2029, with 7.3Mt reserves at 6.44 g/t.

• Dumitru Potok seen as a separate, larger-scale mine, with conceptual production start in 2032–2033 and ongoing resource growth through aggressive drilling.

Exploration and resource development

• Intensive exploration underway at Chelopech, Čoka Rakita, Dumitru Potok, and Vareš, with over 50,000 m infill drilling at Vareš and 40,000 m planned at Rakita camp in 2024.

• New discoveries at Chelopech and Čoka Rakita driven by rethinking structural geology and targeting previously overlooked zones.

• Rakita camp exploration prioritizes stepwise drilling, targeting high-grade copper-gold skarns and porphyry systems, with an initial inferred resource of 2.6Moz Au and 1.9Blbs Cu.

• Vareš exploration focuses on near-mine expansion and brownfield targets, leveraging favorable permitting and community engagement.

• Resource upgrades expected as drilling density increases, with Dumitru Potok and other targets open for expansion in multiple directions.

Operational optimization and community engagement

• Vareš mine reoriented to bottom-up mining, with rapid development rates and transition from expat to local workforce, aiming for cost reduction and operational readiness.

• Paste backfill plant at Vareš to be operational by Q2 2026, supporting production ramp-up and efficient ore extraction.

• Čoka Rakita and Vareš benefit from shared operational expertise, with best practices transferred from Chelopech and Ada Tepe.

• Strong focus on stakeholder engagement, transparency, and building trust with local communities and authorities, supported by new information centers and sponsorships.

• Legacy issues from previous operators addressed through infrastructure upgrades, environmental management, and community outreach.