DPM Metals (DPM) Q1 2025 earnings summary

Executive summary

• Revenue increased 16% year-over-year to $144–$144.1 million, driven by higher realized metal prices despite lower gold and copper production volumes.

• Free cash flow rose 32% year-over-year to $79–$79.1 million, supporting record capital returns to shareholders.

• Adjusted net earnings increased 70% to $55–$55.4 million ($0.32/share), excluding a one-time $22–$24.4 million Bulgarian levy.

• Returned a record $83–$90.4 million to shareholders via 7.5 million share repurchases and dividends, representing 114% of free cash flow.

• Advanced key growth projects, including Čoka Rakita and Loma Larga, with feasibility studies progressing as planned and ongoing exploration success.

Financial highlights

• Revenue: $144–$144.1 million (+16% YoY); Adjusted EBITDA: $75.2 million (+38% YoY); Net earnings: $33.5 million (-15% YoY, impacted by one-time levy).

• Gold production: 49,863 oz (-21% YoY); Copper production: 5.9 million lbs (-12% YoY).

• All-in sustaining cost per ounce of gold sold: $1,244 (up 41% YoY), with Chelopech at $673/oz and Ada Tepe at $1,340/oz.

• Cash provided from operating activities: $54.9–$55 million (+53% YoY); Free cash flow: $79–$79.1 million (+32% YoY).

• Dividends paid: $7.1 million; Share repurchases: $83–$83.3 million.

Outlook and guidance

• On track to achieve 2025 guidance: gold production of 225,000–265,000 oz, copper 28–33 million lbs, and AISC $780–$900/oz.

• Higher gold production expected in H2 2025, especially at Ada Tepe due to mine sequencing.

• Čoka Rakita feasibility study expected by year-end 2025; Loma Larga FS update due in Q2 2025.

• Growth capital expenditures for 2025 guided at $56–64 million, including Čoka Rakita and Loma Larga.

• Three-year outlook anticipates stable production and cost profile, with major project milestones in Serbia and Ecuador.