DPM Metals (DPM) Q4 2024 earnings summary

Executive summary

• Achieved record financial results in 2024, including record adjusted net earnings of $232.2M and net earnings of $243.2M, with free cash flow of $305.1M, driven by higher realized metal prices and strong cost performance, while maintaining a decade-long track record of meeting or exceeding production guidance and peer-leading sustainability performance.

• Gold production reached 261,335 oz and copper 29.7M lbs, both in line with guidance, with Chelopech and Ada Tepe delivering strong free cash flow.

• Advanced key growth projects, notably Čoka Rakita (pre-feasibility completed, feasibility underway, first production targeted for 2028) and Loma Larga (permitting and feasibility study update expected Q2 2025).

• Maintained a robust balance sheet with $634.8M–$800M in cash at year-end, no debt, and a $150M undrawn credit facility, plus $170.6M received in January 2025 from the Tsumeb smelter tolling agreement.

• Returned $78.8M–$261M to shareholders since 2020 via dividends and share repurchases, with up to $200M in buybacks authorized for 2025.

Financial highlights

• Revenue for 2024 was $607M, up 17% year-over-year, with adjusted net earnings of $232M and free cash flow of $305M, all higher year-over-year.

• Net earnings from continuing operations rose 34% to $243.2M; adjusted EBITDA grew 22% to $326.9M.

• All-in sustaining cost (AISC) per ounce of gold sold was $872, up 3% year-over-year, within guidance.

• Cash flow from operations was $297M; basic earnings per share from continuing operations were $1.35, up from $0.98 in 2023.

• Dividends paid totaled $28.9M; share repurchases under NCIB totaled $49.9M–$50.9M.

Outlook and guidance

• 2025 gold production guidance: 205,000–265,000 oz; copper: 23–30M lbs; AISC: $780–$900/oz.

• Three-year outlook: average annual gold production ~200,000 oz, copper ~30M lbs, and AISC averaging $865/oz.

• Growth capital expenditures in 2025 focused on Čoka Rakita ($40–$45M) and Loma Larga ($12–$14M); sustaining capital $24–$31M.

• Ada Tepe’s production will decline, with mine life ending mid-2026; equipment to be redeployed to Čoka Rakita.

• Loma Larga advancing permitting and stakeholder engagement, with feasibility study update expected in Q2 2025.