DPM Metals (DPM) Q3 2025 earnings summary

Executive summary

• Achieved record financial results in Q3 2025, including record revenue, net earnings, and free cash flow, driven by high-margin production, strong gold prices, and the addition of Vareš/Barish post-acquisition.

• Completed the Adriatic acquisition for $1.5 billion, adding the high-grade Vareš/Barish operation and transforming the long-term production profile; integration progressing well.

• Advanced key growth projects, including Čoka Rakita feasibility study and ongoing exploration at Chelopech, Ada Tepe, Loma Larga, and Rakita camp.

• Disposed of the Tsumeb smelter in 2024, with all results now presented as discontinued operations.

Financial highlights

• Q3 2025 revenue reached $267.4 million, up 82% year-over-year; nine-month revenue up 40% to $598.0 million.

• Adjusted net earnings for Q3 2025 were $129.2 million ($0.73/share), up 180% year-over-year.

• Free cash flow in Q3 2025 was $148 million, up 108% year-over-year; cash provided from operating activities was $185 million.

• Ended Q3 2025 with $413.6 million in cash and cash equivalents, no debt, and $150 million undrawn credit facility.

• Dividends and share repurchases totaled $137 million YTD, representing 43% of free cash flow.

Outlook and guidance

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

• Čoka Rakita feasibility study expected by year-end 2025; mine construction to start early 2027, first production in H1 2029.

• Vareš/Barish ramp-up to 850,000 t/year targeted by end of 2026, with 2026 production expected to exceed prior forecasts.

• Exploration expenses for 2025 increased to $49–$54 million, mainly for Serbian projects.

• Loma Larga growth capital expenditures for 2025 to remain at $12–$14 million, with spending minimized until license issue is resolved.