DPM metals announces first quarter 2026 preliminary production results; ramp-up of vareš proceeding well

DPM Metals Inc. (TSX: DPM, ASX: DPM) has released preliminary production results for the quarter ended March 31, 2026, reporting solid operating performance across its Chelopech, Ada Tepe and Vareš operations as it continues ramp-up work at Vareš toward full production.

“With solid operating performance in the first quarter, we are on track to meet our guidance for 2026, with higher production planned in the second half of the year as we continue to progress the ramp-up at Vareš to full production,” said David Rae, President and Chief Executive Officer of DPM Metals. “The high-grade, low-cost nature of our operations and our disciplined focus on cost management positions us well to continue delivering consistent margins in the midst of challenging global economic conditions.”

The company also said it has received the renewal of exploration permits for its Čoka Rakita licence in Serbia and has started a 20,000-metre drilling program focused on infilling and extending mineralization at the Dumitru Potok prospect, among other targets.

Preliminary first-quarter production highlights

Preliminary results for the first quarter were summarized for ore processed, metals in concentrate produced (gold, silver, copper, zinc and lead), and gold equivalent ounces (GEO) across Chelopech, Ada Tepe, Vareš and consolidated operations.

Vareš produced approximately 29,000 GEO in the first quarter, consistent with the planned ramp-up to full production. Payable metals sold were approximately 14,000 GEO, lower than GEO produced primarily due to the timing of deliveries. DPM said development at Vareš is progressing in line with expectations and that its paste backfill plant is on track for commissioning in the third quarter of the year.

The company said the processing plant at Vareš will be shut down for approximately 20 days during the second quarter to prepare installation tie-ins for a second tailings filter. DPM said this is intended to allow installation of the tailings filter with minimal impact to the higher production rates anticipated in the second half of the year, and that Vareš remains on track to achieve its 2026 guidance.

Chelopech produced approximately 43,000 GEO during the first quarter. DPM attributed the quarter’s results to lower metal grades and gold recoveries as expected for the type of ore processed. The company expects production to increase in the second quarter and said Chelopech is on track to meet its 2026 production guidance.

Ada Tepe produced approximately 12,000 GEO in the first quarter, in line with expectations. DPM said Ada Tepe is scheduled to reach the end of its life by mid-2026, with the final production blast scheduled for mid-April. The company said it is committed to responsible closure and rehabilitation of Ada Tepe in accordance with regulatory requirements.

Čoka Rakita licence permits renewed; drilling ramps up

DPM said it received the normal course renewal of exploration permits for the Čoka Rakita licence in mid-March 2026. The company initiated a 20,000-metre drilling program with two drill rigs active, ramping up to 10 drill rigs by June.

DPM said the program will allocate a significant portion of drilling to infill and extend mineralization at Dumitru Potok and increase drilling density ahead of initiating an economic study. The company also said an additional 20,000 metres of drilling and six to eight drill rigs will be dedicated to the Putaj Čuka licence, targeting the same north-west geological trend of the Čoka Rakita and Dumitru Potok projects.

Capital return to shareholders and dividend

During the first quarter of 2026, DPM repurchased approximately 700,800 common shares at an average price of US$36.29 (Cdn$49.75) per share for a total cost of approximately US$25.4 million under its Normal Course Issuer Bid, renewed on March 18, 2026. The company’s board has authorized repurchases of up to US$200 million of shares within 2026.

DPM also reiterated that it will pay a quarterly dividend of US$0.04 per share on April 15, 2026 to shareholders of record on March 31, 2026.

Timing for results release and conference call

DPM plans to release its first quarter 2026 operating and financial results after market close on Tuesday, May 5, 2026. The news release, Management’s Discussion and Analysis (MD&A), and condensed interim consolidated financial statements will be posted on SEDAR+ and on the company’s website.

On Wednesday, May 6, 2026, at 9:00 AM EDT, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session.

Gold equivalent methodology and technical review

DPM said it calculates gold equivalent ounces (GEO) by applying conversion ratios for silver, copper, zinc and lead. GEO produced and sold for the first quarter of 2026 and the company’s 2026 guidance are based on assumed metal prices, using the company’s stated conversion approach.

The company said the technical and scientific information in the press release was reviewed and approved by Ross Overall, Director, Corporate Technical Services, of DPM, who is a Qualified Person under National Instrument 43-101 and not independent of the company.