DPM Metals Posts Record $147.7M Free Cash Flow in Q3 2025

Record Financial Performance

DPM Metals Inc. has reported a landmark third quarter for 2025, posting record free cash flow of $147.7 million and adjusted net earnings of $129.2 million, a 180% increase compared to the same period last year. These results underscore the company’s robust operational execution and the benefits of elevated metal prices, particularly gold and copper.

The company’s consolidated revenue jumped 82% year-over-year in Q3, buoyed by higher volumes of gold sold and favourable metal prices. Cost management remains a focus, with all-in sustaining costs per ounce of gold sold at $1,136 for the first nine months, well below the average realised gold price of $3,351 per ounce, supporting strong margins.

Vareš Acquisition Accelerates Growth

September’s acquisition of Adriatic Metals plc and its Vareš operation in Bosnia and Herzegovina marks a pivotal expansion for DPM. Integration efforts have advanced smoothly, with the company targeting an 850,000 tonne per year operating rate by the end of 2026. Notably, production forecasts for Vareš have been revised upward, reflecting higher ore throughput and improved gold and silver grades than initially anticipated.

CEO David Rae highlighted the strategic value of Vareš, emphasizing the asset’s growth potential and the company’s commitment to embedding its health, safety, and operational standards swiftly. While production at Vareš remains minimal for 2025, commercial-scale output is expected to ramp up significantly next year.

Advancing Development and Exploration

DPM’s development pipeline is progressing well, with the Čoka Rakita feasibility study in Serbia on schedule for completion by year-end 2025. The company anticipates commencing mine construction in early 2027 and producing first concentrate by mid-2029. Exploration drilling at the Rakita camp continues to yield promising results, with initial resource estimates for Dumitru Potok, Rakita North, and Frasen prospects expected by year-end.

However, the Loma Larga project in Ecuador faces a setback following the revocation of its environmental licence by the Ministry of Environment and Energy. DPM is actively exploring legal avenues to resolve this issue while maintaining its original capital expenditure guidance for the project, albeit with minimized spending until clarity is achieved.

Strong Balance Sheet and Shareholder Returns

Financially, DPM Metals remains well-positioned with $413.6 million in cash and equivalents and an undrawn $150 million revolving credit facility. The company continues to return capital to shareholders through dividends and share buybacks, having returned $136.6 million in the first nine months of 2025. A dividend of $0.04 per share was declared, payable in January 2026.

Looking ahead, DPM is on track to meet its full-year 2025 production guidance of 225,000 to 265,000 ounces of gold and 28 to 33 million pounds of copper, with costs expected within the guided range. The company’s strategic focus on disciplined capital allocation and growth through exploration and acquisitions remains clear.