DPM Metals (DPM) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly financial results in Q1 2026, driven by strong metals prices and the integration and ramp-up of the Vareš mine, with significant increases in revenue, net earnings, and free cash flow compared to Q1 2025.

• Produced 84,042 gold equivalent ounces, a 42% increase year-over-year, and is on track to meet 2026 production guidance.

• Maintained substantial liquidity with $575.5 million in cash and an undrawn $400 million credit facility.

• Advanced growth pipeline with significant progress at Vareš, Chelopech, and Čoka Rakita projects.

• Ada Tepe mine is nearing closure, with final production blast completed and rehabilitation activities underway.

Financial highlights

• Revenue increased 115% year-over-year to $310.4 million in Q1 2026, reflecting higher realized metal prices and Vareš acquisition.

• Adjusted net earnings rose 203% to $168.2 million ($0.76/share); net earnings up 395% to $165.9 million.

• Free cash flow reached a record $203.3 million, up 157% year-over-year.

• All-in sustaining cost per GEO sold was $1,686, up 12% year-over-year due to FX and royalties.

• Ended the quarter with $575.5 million in cash and nearly $1 billion in total liquidity.

Outlook and guidance

• On track to achieve 2026 consolidated GEO production guidance of 305,000–365,000 at an all-in sustaining cost of $1,300–$1,450 per GEO sold.

• Vareš ramp-up to 850,000 tonnes/year run rate expected by year-end; commercial production targeted by year-end 2026.

• Chelopech and Vareš expected to meet annual production targets; Chelopech North concession anticipated this year.

• Čoka Rakita permitting progressing, with construction start targeted for early 2027 and first production in H1 2029.

• Capital expenditures for 2026 guided at $200–$230 million, with major growth capital allocated to Čoka Rakita and Vareš.