DPM Metals Inc. (DPM: ASX), a Canadian-based international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals, has announced its financial results for the quarter and year ended December 31, 2025. The company reported record financial results, driven by high realised metal prices and stable operating performance, including the contribution from the recently acquired Vareš operation in Bosnia and Herzegovina, a producing silver-lead-zinc-gold underground mine. The company completed the acquisition of the Vareš mine on September 3, 2025.
Key highlights from the announcement include record revenue of $950.5 million, a 57% increase compared to 2024, and net earnings of $369.2 million, up 52% year-over-year. Adjusted EBITDA reached $585.6 million, a 79% increase from the previous year. Gold production was strong, with payable gold in concentrates sold totaling 219,039 ounces. The company also announced an updated Mineral Reserve estimate for the Chelopech mine, extending the mine life to 10 years. A three-year outlook detailed that the metals production is expected to average approximately 350,000 GEO (gold equivalent ounces) annually over the next three years. Consolidated all-in sustaining cost over the next three years is expected to average approximately $1,450 per GEO sold.
Exploration activities remain a strategic focus, with increased investment planned for 2026. The company is targeting start-up of mine construction at the Coka Rakita project in early 2027, with first concentrate production anticipated in the first half of 2029. DPM Metals ended the year with a strong balance sheet, including cash and cash equivalents of $497.8 million and an undrawn $400 million revolving credit facility. The company has declared a dividend of $0.04 per common share payable on April 15, 2026, to shareholders of record on March 31, 2026.
The acquisition of Adriatic and the Vareš mine enhances the Company’s portfolio of high-margin producing assets and provides exposure to a diversified base metals production profile, with strong growth potential through Vareš’s development and exploration pipeline. As part of its strategy, the Company adheres to a disciplined capital allocation framework that guides decision making for the most effective way to deploy capital.
