DPM Metals (DPM) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with revenue of $950.5M, free cash flow of $505M, and adjusted net earnings of $443.2M, driven by high realized metal prices, stable operations, and the acquisition of Adriatic Metals and the Vareš mine.

• Eleven consecutive years of meeting gold production guidance, with strong operational and sustainability track records, including S&P Global Corporate Sustainability Assessment recognition for five years.

• Maintained strong liquidity with $497.8M cash, no debt, and a new $400M revolving credit facility, supporting a robust growth pipeline.

• Returned $145.5M to shareholders via dividends and share repurchases in 2025; board authorized up to $200M for 2026 buybacks.

• Extended Chelopech mine life to 10 years (to 2036) with updated reserves and resources; advanced Čoka Rakita to feasibility.

Financial highlights

• Revenue reached $950.5M in 2025, up 57% year-over-year; Q4 revenue was $352.4M, up 97% year-over-year.

• Adjusted net earnings were $443.2M (up 91% year-over-year), EPS $2.39; free cash flow $504.9M (up 66%).

• All-in sustaining cost (AISC) for 2025 was $1,121/oz, up 29% year-over-year, mainly due to higher share-based compensation and FX impacts.

• Dividends paid totaled $29.4M; share repurchases amounted to $116.1M.

• Non-recurring items included a $27M non-cash fair value adjustment on Vareš inventory, $22M Bulgarian levy, $15M acquisition costs, and $9M copper stream liability adjustment.

Outlook and guidance

• 2026–2028 production expected to average 350,000–400,000 gold equivalent ounces annually, driven by Vareš ramp-up and stable Chelopech output.

• All-in sustaining costs projected to average $1,450/oz over the next three years; 2026 guidance: 305,000–365,000 GEO produced, AISC $1,300–$1,450.

• Vareš ramping to 850,000 tpa by Q4 2026; commercial production expected in Q4 2026.

• Čoka Rakita feasibility confirms robust economics: ~190,000 oz/year for first five years at $644/oz AISC; first production expected H1 2029.

• Exploration spending to increase in 2026, focusing on Serbia, Bulgaria, and Bosnia.