DPM Metals (DPM) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 free cash flow of $227 million and adjusted net earnings of $211 million, with strong liquidity of $761 million cash and an undrawn $400 million credit facility, driven by strong operational performance and higher metal prices.

• Vareš Mine ramp-up progressing ahead of schedule, targeting full production by year-end 2026 and contributing significantly to production growth.

• Major exploration successes at Brevene South Porphyry and Wedge Zone, with high-grade copper-gold discoveries and ongoing drilling expanding the project pipeline.

• Continued disciplined capital allocation with substantial returns to shareholders via buybacks and dividends.

• Advancement of Čoka Rakita project, with feasibility study completed and permitting progressing.

Financial highlights

• Q2 2026 revenue reached $362 million, up 94% year-over-year; H1 2026 revenue was $671.9 million, up 103% year-over-year.

• Adjusted net earnings for Q2 2026 were $211 million ($0.95/share), up 141% year-over-year; net earnings reached $230 million, up 179%.

• Free cash flow hit a record $227.3 million in Q2 2026, up 140% year-over-year; H1 2026 free cash flow was $430.6 million.

• All-in Sustaining Cost (AISC) averaged $1,214 per GEO sold in Q2 2026 and $1,417 in H1 2026; realized gold price was $4,635/oz.

• Ended Q2 with $761 million in cash, $1.2 billion in total liquidity, and no debt.

Outlook and guidance

• On track to meet 2026 production and cost guidance for the twelfth consecutive year.

• Vareš expected to reach 850,000 tonnes/year run-rate and full production by year-end 2026; commercial production anticipated in Q3.

• Chelopech and Vareš both expected to meet or exceed cost and production guidance; Chelopech guidance: 2,100–2,200 kt ore, 185–215 koz GEO, AISC $1,250–$1,400 per GEO.

• Čoka Rakita project targeting first production in H1 2029, with feasibility study outlining 189,000 oz annual gold production (first 5 years) at $644/oz AISC.

• Up to $200 million of share buybacks planned for 2026.