# 2025 Annual Report Source Brief: https://evesgoldminers.com/research/source-briefs/dpm-metals-inc-2025-annual-report-b609583c Original source: https://dpmmetals.com/site/assets/files/18911/dpm_2025_annual_report.pdf EGM generated: 2026-09-30 Company: DPM Metals Inc. (DPM) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # 2025 Annual Report Source: https://dpmmetals.com/site/assets/files/18911/dpm_2025_annual_report.pdf Fetched: 2026-09-30T02:56:27.85+00:00 Source artifact: b609583c-e995-4348-9c3f-b52f91ebd41b Normalizer input: text ## Content # 2025 Annual Report DPM Metals Annual Report 2025 Resources to Grow ABOUT DPM METALS 225 % CHELOPECH ADA TEPE Gold-copper mine Gold mine Location Location Chelopech, Bulgaria Krumovgrad, Bulgaria Ownership Ownership INCREASE IN SHARE PRICE 100% 100% IN 2025 1 Stage Stage Producing Producing $ 505M 1 2 RECORD ANNUAL FREE CASH FLOW IN 2025 2 $ 146M Corporate Office RETURNED TO SHAREHOLDERS Toronto, Canada IN 2025 3 Table of contents RESOURCES TO GROW Production and Financial Highlights. ............. 2 VAREŠ 2025 Performance Highlights. ....................... 4 Silver operation Growing Precious Metals Producer. .............. 6 Location 6. Azuay, Ecuador Three-Year Outlook..................................... 12 Bosnia and Herzegovina 7. Loja, Ecuador Ownership 100% Stage Ramp-up to full production Unless otherwise stated, all monetary figures are expressed in U.S. dollars, and all operational and financial information are related to continuing operations. 1. Source: Bloomberg L.P.. Calculated based on the closing prices of December 31, 2024, and December 31, 2025. 3 2. Free cash flow is a non-GAAP financial measure. This measure has no standardized meanings under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. Refer to the “Non-GAAP Financial Measures” section commencing on page 45 of the MD&A contained in this report for more information, including reconciliations to IFRS measures. 3. Through a combination of share repurchases and dividends paid. DPM Metals is a Canadian-based the development of quality assets, and international gold mining company with maintaining a strong financial position to operations and projects located in Bulgaria, support growth in mineral reserves and Bosnia and Herzegovina, Serbia, and production through disciplined strategic Ecuador. The Company’s purpose is to unlock transactions. This strategy creates a platform resources and generate value to thrive and for robust growth to deliver above-average grow together. Our strategic objective is to returns for our shareholders. DPM trades on become a mid-tier precious metals company, the Toronto Stock Exchange (symbol: DPM) which is based on sustainable, responsible and the Australian Securities Exchange and efficient gold production from our portfolio, (symbol: DPM). Croatia Bosnia and Herzegovina Serbia 3. 5. 4. 1. Bulgaria 2. Italy Greece ČOKA RAKITA DUMITRU POTOK LOMA LARGA TIERRAS COLORADAS Gold project Gold-copper Gold-copper project Gold exploration project exploration project Location Location Location Eastern Serbia Location Azuay, Ecuador Loja, Ecuador Eastern Serbia Ownership Ownership Ownership 100% Ownership 100% 100% 100% Stage Stage Feasibility study Permitting 4 5 6 7 DPM Metals Annual Report 2025 1 PRODUCTION & FINANCIAL HIGHLIGHTS 296 261 245 31 30 30 2023 2024 2025 2023 2024 2025 Gold Contained in Concentrate Produced Copper Contained in Concentrate Produced (Koz.) (Mlbs.) 182 243 369 180 232 443 2023 2024 2025 2023 2024 2025 Net Earnings Attributable to Common Shareholders Adjusted Net Earnings from from Continuing Operations Continuing Operations ($M) ($M)1 2 DPM Metals Annual Report 2025 We once again generated record financial results in 2025, including $505 million of free cash flow, demonstrating the quality of our low-cost, high-margin mining operations. Our exceptional eleven-year track record of delivery has created long-term shareholder value and underpins our ability to realize Vareš’ full potential and grow the business with Čoka Rakita, which is on track for first concentrate production in the first half of 2029. 919 1,113 1,333 849 872 1,121 2023 2024 2025 2023 2024 2025 Cost of Sales All-in Sustaining Cost ($ per Au oz. sold)1 ($ per Au oz. sold)1 262 297 492 228 305 505 2023 2024 2025 2023 2024 2025 Cash Provided from Operating Activities Free Cash Flow from from Continuing Operations Continuing Operations ($M) ($M)1 1. Cost of sales per ounce of gold sold is a supplementary financial measure and represents Chelopech and Ada Tepe cost of sales divided by the payable gold in concentrate sold. All-in sustaining cost per ounce of gold sold; adjusted net earnings; and free cash flow are non-GAAP measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. Refer to the “Non-GAAP Financial Measures” section commencing on page 45 of the MD&A contained in this report for more information, including a detailed description and a reconciliation of each of these measures to the most directly comparable measure under IFRS. DPM Metals Annual Report 2025 3 2025 PERFORMANCE HIGHLIGHTS OPERATING PERFORMANCE ACHIEVED ANNUAL GUIDANCE 244,979 30M ounces of pounds of gold copper GENERATING STRONG MARGINS $ 1,333 1,121 $ cost of sales per all-in sustaining cost per ounce of gold sold1 ounce of gold sold1 /OZ. /OZ. CONSISTENTLY DELIVERING RESULTS 11 of achieving gold production guidance YEARS FINANCIAL PERFORMANCE RECORD CASH FLOW $ 492M 505M $ cash provided from free cash flow1 from operating activities from continuing operations continuing operations RECORD ADJUSTED EARNINGS $ 369M 443M $ net earnings from adjusted net earnings1 from continuing operations continuing operations FINANCIAL STRENGTH TO FUND GROWTH $ 498M NO DEBT in cash on the balance sheet as at December 31, 20252 4 DPM Metals Annual Report 2025 PEER LEADING GROWTH PIPELINE BOSNIA AND HERZEGOVINA ADDED near-term production growth with acquisition of Vareš ON TRACK toby ramp up to full production at Vareš end of 2026 SERBIA ADVANCED feasibility study and permitting for Čoka Rakita project INITIAL MINERAL for Rakita Camp prospects highlight Tier One gold asset RESOURCE ESTIMATES potential BULGARIA NEW 10 of high-grade mineralization of mine life at Chelopech, with potential at the Chelopech mine for further extensions DISCOVERY YEARS STAKEHOLDER VALUE SHAREHOLDER RETURNS 225% increase in share price3, among top performing mid-cap precious metals companies RETURNING CAPITAL TO SHAREHOLDERS $ 146M 29% in dividends & share of free cash flow1 returned repurchases to shareholders STRONG SUSTAINABILITY PERFORMANCE TOP DECILE RECOGNIZED performance in S&P Global Corporate Sustainability Assessment in 2026 S&P Global Corporate Sustainability Yearbook, for the fifth consecutive year featuring companies in the top 15% of their industry 1. Cost of sales per ounce of gold sold is a supplementary financial measure and represents Chelopech and Ada Tepe cost of sales divided by the payable gold in concentrate sold. All-in sustaining cost per ounce of gold sold; adjusted net earnings; and free cash flow are non-GAAP measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. Refer to the “Non-GAAP Financial Measures” section commencing on page 45 of the MD&A contained in this report for more information, including a detailed description and a reconciliation of each of these measures to the most directly comparable measure under IFRS. 2. Reflects DPM’s cash balance as at December 31, 2025. 3. Source: Bloomberg L.P. Calculated based on the closing prices of December 31, 2024, and December 31, 2025. DPM Metals Annual Report 2025 5 Growing Precious Metals Producer Dear shareholders, • Generating a record $505 million in free cash flow and $443 million in adjusted DPM had another excellent year in 2025, net earnings1 one that demonstrated our strengths in operational excellence, disciplined capital, • Maintaining our strong financial position and organic growth. We once again to fund growth, ending the year with delivered on our production guidance, $498 million of cash and no debt generated record financial results and Most importantly, we achieved these added near- and longer-term growth to accomplishments while upholding our long our portfolio, both through our acquisition track record of responsible mining, achieving of Adriatic Metals plc (“Adriatic”) and strong safety performance while continuing through the drill bit, with new discoveries to demonstrate our strengths in sustainability, and ongoing exploration in Serbia adding which is embedded at all levels of the significant new Mineral Resources. These organization. DPM ranked in the top decile David Rae achievements demonstrate our strategy among mining and metals companies in President and CEO to be a premier mining business and are a the S&P Global Corporate Sustainability testament to our commitment to generating Assessment for the fifth consecutive value for our shareholders. year, a testament to our commitment to Highlights from the year include: responsible mining. • Achieving our gold production guidance for Overall, we were pleased to see our the eleventh consecutive year accomplishments in 2025 result in DPM being one of the top performing stocks among • Adding the high quality Vareš operation to mid-cap precious metals producers, with our our portfolio, transforming our near-term shares increasing by 225%.2 growth profile 1. Free cash flow, adjusted net earnings, adjusted basic earnings per share, • Continuing to rapidly progress the Čoka OPERATIONAL PERFORMANCE all-in sustaining cost per ounce of gold Rakita project, completing the feasibility sold and all-in sustaining cost per GEO study and advancing permitting In 2025, we delivered our eleventh sold are non-GAAP financial measures consecutive year of meeting our annual or ratios. These measures have no • Delivering the Rakita Camp initial Inferred gold production guidance, a remarkable standardized meanings under IFRS Resource Estimate, highlighting its potential achievement that demonstrates our Accounting Standards (“IFRS”) and may as a Tier One gold asset not be comparable to similar measures operational strength and consistency. presented by other companies. Refer to the • Discovering the high-grade Wedge Zone We produced approximately 245,000 ounces “Non-GAAP Financial Measures” section Deep target and extending mine life of gold and 30 million pounds of copper, and commencing on page 45 of this report for more information, including reconciliations at Chelopech maintained our low-cost position with an to IFRS measures. all-in sustaining cost of $1,121 per ounce 2. Source: Bloomberg L.P. Calculated of gold sold.1 based on adjusted closing price between December 31, 2024, and December 31, 2025. 6 DPM Metals Annual Report 2025 FULLY FUNDED GROWTH $ 900M OF TOTAL LIQUIDITY5 Our operating performance, combined Chelopech’s updated life of mine plan, Initial drilling results demonstrate that this area with strong metals prices, generated record published in February 2026, sustains an is highly prospective for additional discoveries. financial results, including $505 million of average production level of approximately We are currently completing a 10,000-metre free cash flow and $443 million of adjusted 160,000 GEO per year and extends mine drilling program in the first quarter of 2026, net earnings. life, underpinned by an increase to Proven and expect to provide an update in the and Probable Mineral Reserves to 1.6 million second quarter. We ended the year with $498 million in ounces of gold and 308 million pounds of cash on the balance sheet, no debt, and copper. We were pleased to achieve our in February 2026, entered into a new target of increasing Chelopech’s mine life $400 million revolving credit facility, providing to 10 years, however it is important to note us with approximately $900 million of that this does not incorporate the potential total liquidity. from the new Wedge Zone Deep discovery, Looking ahead, our three-year outlook [Excerpt trimmed for readability. Open the original source for the complete filing or document.]