DPM Metals (DPM) Q2 2026 earnings summary

Executive summary

• Achieved record revenue, net earnings, and free cash flow in Q2 2026, driven by higher metal prices, strong operational performance, and the addition of the Vareš mine following the Adriatic acquisition.

• Vareš ramp-up progressing ahead of schedule, targeting full production by year-end 2026, with commercial production anticipated in Q3 and significant contribution to production growth.

• Major exploration successes at Brevene South Porphyry and Wedge Zone, with aggressive drilling and resource expansion underway, enhancing the growth pipeline.

• Ada Tepe mine concluded production as scheduled in July 2026, with responsible closure and rehabilitation underway; 95% of land to be restored to Natura 2000 standards.

• On track to meet 2026 production and cost guidance for the twelfth consecutive year.

Financial highlights

• Q2 2026 revenue reached $361.5 million, up 94% year-over-year; H1 2026 revenue was $671.9 million, up 103%.

• Q2 2026 net earnings were $230.1 million, up 179% year-over-year; adjusted net earnings were $210.8 million (up 141% YoY); H1 2026 net earnings $396.0 million (up 242%).

• Free cash flow for Q2 2026 was $227.3 million, up 140% year-over-year; H1 2026 free cash flow $430.6 million (up 148%).

• Ended Q2 2026 with $761.2 million in cash, $1.2 billion total liquidity, and no debt; $400 million undrawn credit facility.

• Returned $91.2 million to shareholders in H1 2026 via dividends and share repurchases; up to $200 million buybacks planned for 2026.

Outlook and guidance

• 2026 GEO production guidance reaffirmed at 305,000–365,000 ounces; all-in sustaining cost guidance at $1,300–$1,450 per GEO sold.

• Vareš expected to reach full production run-rate of 850,000 tonnes per year by end of 2026; commercial production anticipated in Q3.

• Chelopech and Vareš expected to remain within cost guidance ranges; Chelopech 2026 guidance: 2,100–2,200 kt ore processed, 185–215 koz GEO produced, AISC $1,250–$1,400 per GEO sold.

• Čoka Rakita project construction targeted for early 2027, with first production in H1 2029 and feasibility study outlining 189,000 oz annual gold production (first 5 years) at $644/oz AISC.

• Three-year outlook unchanged, with continued focus on organic growth and exploration.