2025 Annual Report

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# 2025 Annual Report

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## 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

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