DPM Metals
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DPM Metals (DPM) investor relations material

DPM Metals Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Achieved record 2025 financial results: $950.5M revenue, $443.2M adjusted net earnings, $504.9M free cash flow, and 11 consecutive years of meeting gold production guidance, supported by strong realized metal prices and operational delivery.

  • Maintained top industry safety and environmental standards, recognized in S&P Global Corporate Sustainability Assessment for five years.

  • Transformed growth profile with Vareš acquisition, Čoka Rakita feasibility, and Chelopech mine life extension to 2036.

  • Ended 2025 with $498M cash, no debt, and a $400M undrawn credit facility, supporting a robust growth pipeline.

  • Returned $145.5M to shareholders via dividends and buybacks; board authorized up to $200M for 2026 repurchases.

Financial highlights

  • Revenue reached $950.5M (up 57% year-over-year); adjusted net earnings $443.2M ($2.39/share, up 85–91%); free cash flow $504.9M (up 66%).

  • All-in sustaining cost for 2025 was $1,121/oz, up 29% year-over-year, mainly due to higher share-based compensation and FX impacts.

  • Q4 2025 revenue was $352.4M (up 97% year-over-year); Q4 adjusted net earnings $170.4M.

  • Non-recurring items included a $27M non-cash fair value adjustment on Vareš inventory, $22M Bulgarian levy, $15M acquisition costs, and $9M copper stream liability adjustment.

  • Dividends paid in 2025 totaled $29.4M; share repurchases amounted to $116.1M.

Outlook and guidance

  • 2026–2028 production expected to average 350,000–400,000 gold equivalent ounces annually, with 2026 guidance of 305,000–365,000 GEO and AISC of $1,300–$1,450/GEO.

  • Vareš ramp-up on track for 850,000 tonnes/year by Q4 2026; commercial production expected in Q4 2026.

  • Čoka Rakita feasibility confirms robust economics: ~190,000 oz/year for first five years at $644/oz AISC; first production expected H1 2029.

  • Exploration spend to increase in 2026, focusing on Serbia, Bulgaria, and Bosnia.

Čoka Rakita: impact of Ada Tepe facility transfer
Vareš: 2026 cost vs. technical report, 2027+ plan
Explain 2026 vs. 2027-28 exploration spending shift
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Frequently asked questions

Dundee Precious Metals Inc is a Canadian-based mining company engaged in the acquisition, exploration, development, and operation of precious metal properties. The company produces gold and copper concentrates and operates mines and smelting facilities in Eastern Europe and Africa. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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