How Did DPM Metals Stretch Chelopech Mine Life to 10 Years?
DPM Metals has extended the life of its Chelopech mine in Bulgaria to 2036, supported by a 42% increase in mineral reserves and promising new discoveries. The updated life of mine plan forecasts sustained production of around 160,000 gold equivalent ounces annually.
- Mine life extended to 10 years through 2036
- Proven and Probable Mineral Reserves increased by 42% in tonnage
- Inclusion of Sharlo Dere prospect boosts reserve base
- Wedge Zone Deep discovery offers further exploration upside
- Updated Life of Mine plan optimises production and development
Chelopech Mine Life Extended
DPM Metals Inc. has announced a significant update to its Chelopech mine in Bulgaria, extending the mine life to 2036. This extension is underpinned by an updated Mineral Reserve estimate that shows a 42% increase in tonnage to 23.2 million tonnes, alongside a 12% rise in gold content and a 10% increase in copper. The company forecasts steady production averaging approximately 160,000 gold equivalent ounces per year over the next decade.
Stronger Reserve and Resource Base
The updated Mineral Reserve estimate incorporates new geological data, including the addition of the Sharlo Dere prospect. This area alone contributes 650,000 tonnes at a grade of 1.49 g/t gold and 0.52% copper, with metallurgical testing confirming compatibility with existing processing methods. Beyond reserves, the measured and indicated Mineral Resources have also grown by 20% to 15.3 million tonnes, maintaining grades consistent with the reserves.
Exploration Upside from Wedge Zone Deep
While the current Mineral Reserve and Resource estimates exclude the Wedge Zone Deep (WZD) discovery, this high-grade zone lies about 300 metres below existing infrastructure and shows promising potential. DPM plans an additional 10,000 metres of drilling in early 2026, with results expected in the second quarter. This discovery, along with exploration licences at Chelopech North and Brevene, could further extend mine life and add value.
Optimised Life of Mine Plan
The updated Life of Mine (LOM) plan reflects a carefully optimised mining rate of 2.2 million tonnes per year through 2032, balancing production goals with development constraints. Compared to previous plans, the new schedule supports higher grades and improved metal recoveries, underpinning robust production forecasts. The company’s guidance for 2026 and beyond will incorporate these updated assumptions.
Looking Ahead
DPM Metals is actively pursuing permit approvals for adjacent exploration licences and advancing the Brevene licence towards commercial discovery status. The company also highlights the potential to convert additional mineralisation under lower cut-off values, a strategy increasingly viable amid current metal price environments. A detailed NI 43-101 technical report will be filed within 45 days, providing further transparency on the updated estimates and plans.
Bottom Line?
DPM Metals’ Chelopech extension signals a decade of steady production ahead, but upcoming drilling results and permit renewals will be key to sustaining growth.
Questions in the middle?
- How will the Wedge Zone Deep drilling results impact the mine’s reserve base and life extension?
- What are the risks and timelines associated with securing mining concessions for Chelopech North and Brevene?
- How sensitive is the updated Life of Mine plan to fluctuations in metal prices and operational costs?
