DPM Metals Reports Record Third Quarter 2025 Financial Results; Vareš Positioned for Significant Value Creation

Core Viewpoint - DPM Metals Inc. reported record financial results for Q3 and the first nine months of 2025, driven by higher metal prices and effective cost management, while integrating the Vareš operation into its portfolio [4][33][40]. Financial Highlights - Free cash flow reached $147.7 million in Q3 2025, with cash provided from operating activities amounting to $184.5 million [5][39]. - Adjusted net earnings for Q3 were $129.2 million ($0.73 per share), a 180% increase compared to 2024 [5][37]. - Revenue for Q3 was $267.4 million, an 82% increase year-over-year, while revenue for the first nine months was $598.0 million, up 40% [34][33]. Operational Highlights - Gold production in Q3 was 63,638 ounces, a 6% increase from 2024, while copper production was 7.8 million pounds, a 6% increase [9][26]. - The company processed 780,924 tonnes of ore in Q3, a 10% increase from the previous year [9]. - The all-in sustaining cost per ounce of gold sold was $1,168 for the first nine months, a 32% increase from 2024 [29][20]. Vareš Integration - DPM completed the acquisition of Adriatic Metals plc on September 3, 2025, and is on track to achieve an operating rate of 850,000 tonnes per year by the end of 2026 [5][40]. - Production expectations for Vareš in 2026 have improved, with higher ore processing and gold and silver grades anticipated [40][68]. Growth Pipeline - The Čoka Rakita feasibility study is on track for completion by year-end 2025, with mine construction expected to start in early 2027 [5][43]. - The company plans to spend $40 million to $45 million on growth capital expenditures for the Čoka Rakita project in 2025 [47]. Exploration Activities - Exploration at the Rakita camp is ongoing, with initial Inferred Mineral Resource estimates expected by year-end 2025 for several prospects [52]. - The exploration budget for Serbian activities has been increased to between $28 million and $30 million, focusing on prospective targets around the Čoka Rakita project [58]. Balance Sheet and Shareholder Returns - DPM ended Q3 with $413.6 million in cash and cash equivalents, alongside an undrawn $150 million revolving credit facility [5][64]. - The company returned $136.6 million to shareholders in the first nine months of 2025 through share repurchases and dividends [66].