Financial Position & Liquidity - DPM Metals ended Q3 2025 with $414 million in cash after spending $399 million for the Adriatic transaction, $136 million to retire Adriatic's debt, and $137 million of capital returned to investors [12] - The company's total liquidity as of September 30, 2025, was $564 million [11] Chelopech Mine Exploration - A new high-grade mineralization zone (Wedge Zone Deep Discovery) was discovered on the north flank of the Chelopech mine concession, with results including 68.3 meters @ 7.42 g/t AuEq and 48.1 meters @ 9.41 g/t AuEq [18] - An ongoing 10,000-meter exploration program aims to infill and delineate the WZD target [20] - Chelopech has a strong Mineral Resource base of 1.1 million ounces of gold, 4.4 million ounces of silver, and 242 million pounds of copper [23] Čoka Rakita Feasibility Study - Mineral Reserves increased to 7.34 million tonnes at 6.44 g/t gold [33, 36] - The Mineral Resource Estimate includes 0.53 million tonnes Indicated at 3.94 g/t gold and 0.09 million tonnes Inferred at 3.60 g/t gold [32] - The project is expected to have a Life of Mine (LOM) average gold grade of 6.44 g/t and a top decile all-in sustaining cost of $644/oz gold sold [47] - The initial capital expenditure is estimated at $448 million [55] - Average annual gold production is projected at 189,000 ounces for the first five years [65] Rakita Camp Potential - An Inferred Mineral Resource Estimate establishes a district-scale platform with 2.6 million ounces of gold and 1.9 billion pounds of copper [86] - Dumitru Potok contains a significant higher-grade core of the mineral resource with 2.4 million ounces of gold and 1.7 billion pounds of copper [86] Vareš Mine Ramp-Up - Vareš is expected to have an average grade processed of 9.2 g/t AuEq and total payable production of 1.8 million ounces AuEq over its 15-year initial operating life [92] - The post-tax NPV5% is estimated at $1,585 million [92]

Core Viewpoint - DPM Metals Inc. reported preliminary production results for Q3 and YTD 2025, highlighting increased gold and copper production and successful integration of the Vareš operation into its portfolio, with a focus on achieving full production by the end of 2026 [1][2][5]. Production Highlights - For Q3 2025, Chelopech processed 557.5 Kt of ore, producing 44.3 K oz. of gold and 7.8 M lbs. of copper, while Ada Tepe processed 223.4 Kt of ore, yielding 19.4 K oz. of gold [3][4]. - Year-to-date (YTD) 2025, Chelopech processed 1,631.4 Kt of ore, producing 128.7 K oz. of gold and 20.1 M lbs. of copper, and Ada Tepe processed 560.6 Kt of ore, yielding 46.0 K oz. of gold [3][4]. - The consolidated production for Q3 2025 was 780.9 Kt of ore, resulting in 63.7 K oz. of gold and 7.8 M lbs. of copper, while YTD consolidated production was 2,192.0 Kt of ore, yielding 174.7 K oz. of gold and 20.1 M lbs. of copper [3][4]. Vareš Operation Update - DPM completed the acquisition of Adriatic Metals plc on September 3, 2025, and is integrating the Vareš operation, aiming for an operating rate of 850,000 tonnes per year by the end of 2026 [5][6]. - Initial integration steps include implementing health and safety practices and enhancing local personnel training programs [6]. - Minimal production is expected at Vareš for the remainder of 2025, with a three-year outlook to be provided in February 2026 [7]. Financial Results Timing - DPM plans to release its Q3 2025 operating and financial results on November 13, 2025, after market close [9]. - A conference call to discuss the results will be held on November 14, 2025, at 9 AM EST [10].

Core Viewpoint - Queen's Road Capital Investment Ltd. (QRC) has provided an update on its investment portfolio, highlighting significant investments in Moxico Resources plc, Adriatic Metals plc, and IsoEnergy Ltd., along with a strong overall financial position and growth potential [1][6]. Investment Updates - QRC completed an additional US$20 million convertible debenture investment in Moxico Resources plc, bringing its total investment in Moxico to US$70 million, with an 11.0% coupon and a conversion price of GBP0.90 [2]. - Moxico's flagship asset, the Mimbula copper mine in Zambia, is expected to produce at an annual rate of 36,000 tonnes by year-end, with plans to expand to 58,000 tonnes per annum by the end of 2026 [3]. - QRC's investment in Adriatic Metals plc, initially US$20 million in a convertible debenture, is now valued at A$7.04 per share following its acquisition by Dundee Precious Metals Inc., with potential for a higher value if full allocation is granted [4]. - The conversion of a US$6 million debenture in IsoEnergy Ltd. into common shares was completed, with IsoEnergy shares currently trading at C$12.46, significantly above the conversion price of C$3.52 [5]. Financial Position - QRC holds a convertible debenture portfolio valued at US$223 million, earning an average coupon of 9.7%, with 75% of this portfolio currently in the money based on investee share prices [6]. - The company has a US$130 million equity investment portfolio and reports an all-time high net asset value, with annual interest income of US$22 million and a growing dividend, positioning it well for future growth [6]. Company Overview - QRC is a dividend-paying investment company focused on the global resource sector, investing in both privately held and publicly traded companies, with an emphasis on convertible debt securities and resource projects in politically stable regions [7].

Group 1 - Dundee Precious Metals Inc. (DPM) has received court approval for its acquisition of Adriatic Metals plc, with the transaction expected to close on September 3, 2025 [1] - DPM has been granted approval for admission to the official list of ASX Limited as an ASX Foreign Exempt Listing, with official quotation of DPM's CHESS Depositary Interests to follow the completion of the transaction [2] - DPM aims to become a mid-tier precious metals company through sustainable and efficient gold production, focusing on the development of quality assets and maintaining a strong financial position [3]

Core Points - Dundee Precious Metals Inc. (DPM) announced the approval of the issuance of common shares for the acquisition of Adriatic Metals plc and a name change to "DPM Metals Inc." [1][2] - The voting results showed that 99.73% of votes were in favor of the Share Issuance and 99.81% for the Name Change, with significant participation from shareholders [2] - Adriatic Metals has also received the necessary shareholder approvals for the acquisition scheme [3] - The completion of the acquisition is pending court sanction scheduled for August 29, 2025, with an expected effective date of September 3, 2025 [4] Voting Results - A total of 122,182,683 DPM Shares were voted for the Share Issuance, representing approximately 73.19% of the issued shares [2] - For the Name Change, 125,583,567 DPM Shares were voted, representing approximately 75.23% of the issued shares [2] - Detailed voting results indicate 121,852,918 votes (99.73%) for the Share Issuance and 125,346,665 votes (99.81%) for the Name Change [2] Company Overview - Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations in Bulgaria, Serbia, and Ecuador [5] - The company's strategic objective is to become a mid-tier precious metals company focused on sustainable and efficient gold production [5] - DPM aims to maintain a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions [5]

Core Viewpoint - Dundee Precious Metals Inc. has received approval from the Competition Council of Bosnia and Herzegovina for its proposed acquisition of Adriatic Metals plc, allowing the transaction to proceed pending shareholder and court approvals [1] Group 1: Transaction Details - The acquisition of Adriatic Metals was initially announced on June 13, 2025, and is now subject to obtaining shareholder approvals and the approval of the High Court of Justice in England and Wales [1] - DPM's board of directors, advised by BMO Capital Markets, believes the transaction is in the best interest of DPM and recommends shareholders vote in favor of the Share Issuance Resolution at the special meeting on August 13, 2025 [2] Group 2: Company Overview - Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations in Bulgaria, Serbia, and Ecuador, aiming to become a mid-tier precious metals company through sustainable and efficient gold production [4] - The company focuses on developing quality assets and maintaining a strong financial position to support growth in mineral reserves and production [4]

Core Insights - Dundee Precious Metals Inc. reported strong financial and operational results for Q2 and the first half of 2025, highlighting record free cash flow and adjusted net earnings, alongside significant growth initiatives and capital returns to shareholders [4][26][37]. Financial Highlights - Free cash flow reached $94.5 million in Q2 and $174 million year-to-date, marking a 15% increase compared to 2024 [4][31]. - Adjusted net earnings for Q2 were $87.6 million ($0.52 per share), a 24% increase year-over-year, while net earnings from continuing operations were $82.4 million ($0.49 per share), up 16% [4][28][29]. - Revenue for Q2 was $186.5 million, a 19% increase from 2024, driven by higher realized metal prices [27]. - The company returned $129.9 million to shareholders in the first half of 2025, representing 75% of free cash flow [4][37]. Operational Highlights - Gold production in Q2 was 61,212 ounces, a 10% decrease from 2024, while copper production was 6.4 million pounds, down 18% [9][20]. - Cost of sales per ounce of gold sold was $1,328, a 24% increase from the previous year, while all-in sustaining costs were $1,118, up 41% [11][23]. - The company processed 730,980 tonnes of ore in Q2, a 3% decrease from 2024 [9]. Growth Initiatives - The acquisition of Adriatic Metals plc for an implied equity value of approximately $1.3 billion was announced, aimed at enhancing the company's growth profile [4][32]. - The Čoka Rakita feasibility study is on track for completion by year-end 2025, with significant progress in permitting and environmental licensing for the Loma Larga project [4][39][43]. Capital Expenditures - Total capital expenditures in Q2 were $22.2 million, a 92% increase from 2024, with growth capital expenditures for the Čoka Rakita project significantly higher due to project advancement [11][25]. - Growth capital expenditures related to the Loma Larga project are now expected to be between $23 million and $25 million, up from previous guidance [70]. Market Position and Outlook - The company maintains a strong financial position with $796.6 million in liquidity, including $331.7 million in cash and cash equivalents [4][35]. - DPM is on track to meet its 2025 production guidance of 225,000 to 265,000 ounces of gold and 28 to 33 million pounds of copper, with an all-in sustaining cost of $780 to $900 per ounce of gold sold [64].

Core Viewpoint - Dundee Precious Metals Inc. (DPM) is seeking shareholder approval for the acquisition of Adriatic Metals plc and a name change to DPM Metals Inc. to enhance its corporate identity and growth potential [1][3][7]. Group 1: Acquisition Details - DPM has filed management information circulars for a special meeting on August 13, 2025, to approve the issuance of common shares for the acquisition of Adriatic Metals plc [1]. - The acquisition includes Adriatic's Vareš operation, a producing silver-lead-zinc-gold underground mine, which is expected to enhance DPM's high-margin asset portfolio [5][6]. Group 2: Strategic Rationale - The DPM Board believes the acquisition will create value through operational synergies and improved financial flexibility, supporting growth initiatives post-transaction [8][9]. - The Combined Company is anticipated to have a strong balance sheet and significant free cash flow, enabling optimized capital allocation across its mining assets in Bulgaria, Serbia, Ecuador, and Bosnia and Herzegovina [13]. Group 3: Management and Governance - The DPM Board, advised by BMO Capital Markets, considers the transaction to be in the best interest of DPM and fair from a financial perspective, recommending shareholders vote in favor of the share issuance resolution [6][8]. - The transaction is expected to enhance DPM's ability to develop its Čoka Rakita Project in Serbia by integrating experienced personnel from Adriatic [13]. Group 4: Name Change and Market Position - The proposed name change to DPM Metals Inc. aims to better reflect the company's focus on precious metals and improve its market profile [3][7]. - The transaction is expected to increase scale and liquidity, enhancing market relevance and potentially leading to a re-rating of DPM's common shares [13].

Core Viewpoint - The Government of Ecuador has granted an environmental license for the Loma Larga project, marking a significant milestone for Dundee Precious Metals (DPM) and presenting a future growth opportunity with strong potential returns for investors [1][2][3]. Environmental License and Compliance - The environmental license was issued by the Ministry of Environment, Water and Ecological Transition on June 23, 2025, following a rigorous government process to ensure compliance with Ecuadorian standards [2]. - DPM's commitment to high environmental standards aligns with its proven development practices and international best practices [2][4]. Project Development and Community Engagement - DPM is preparing for formal negotiations regarding the exploitation agreement for the Loma Larga project [2]. - The company emphasizes responsible mining practices, focusing on environmental stewardship and water management, which includes minimizing the project's footprint and maximizing the recycling of processed water [4][8]. - DPM has engaged in proactive collaboration with local communities and government authorities since acquiring the project in 2021, aiming to foster strong relationships and invest in local workforce development [6][7]. Water Management and Environmental Stewardship - The project design includes wastewater treatment and storage facilities, fully lined tailings, and contact water storage ponds, adhering to both International Finance Corporation and Ecuadorian standards [9]. - DPM's approach to water management prioritizes the responsible use of water resources, minimizing freshwater use and ensuring the recycling of processed water [8][10]. Feasibility Study Update - An updated feasibility study for the Loma Larga project was completed in Q2 2025, reflecting current gold price conditions and revised capital and operating cost estimates, with results to be disclosed in due course [11]. Company Overview - Dundee Precious Metals Inc. is a Canadian-based international gold mining company with operations in Bulgaria, Serbia, and Ecuador, aiming to become a mid-tier precious metals company through sustainable and efficient gold production [12].

Core Viewpoint - Dundee Precious Metals Inc. has agreed to acquire Adriatic Metals plc for an implied equity value of approximately $1.3 billion, which will enhance DPM's asset portfolio and production capabilities through the acquisition of the Vareš operation in Bosnia and Herzegovina [1][3][6] Strategic Rationale - The acquisition of Vareš is expected to create a premier mining business with a strong growth profile and high-quality development pipeline [2][3] - Vareš will significantly increase DPM's mine life and provide near-term production growth, cash flow diversification, and a prospective land package [4][6] - The transaction is anticipated to unlock further value for shareholders of both companies and benefit local communities [4][6] Vareš Overview - Vareš is a high-grade precious metals underground mine with an initial operating life of 15 years and a prospective land package of 4,400 hectares [5][7] - The mine is expected to ramp up production to 425,000 gold equivalent ounces by 2027 [6] Technical Report Highlights - The independent technical report prepared for Vareš indicates a mineral reserve of 9.5 million tonnes with an average gold equivalent grade of 9.21 grams per tonne [10][11] - The life of mine operating costs are projected at $1,050 million, with an all-in sustaining cost of $893 per gold ounce [10][11] Financial Metrics - The base case NPV5% for Vareš is estimated at $1.6 billion, with projected post-tax cash flow of $2.1 billion over the initial mine life [11][12] - Initial capital expenditures for the project are estimated at $76 million, with sustaining capital of $143 million over the life of the mine [12] Transaction Summary - Under the terms of the transaction, Adriatic shareholders will receive 0.1590 DPM shares and 93 pence in cash for each Adriatic share, valuing each Adriatic share at £2.68 [13][14] - Post-transaction, DPM shareholders are expected to own approximately 75% of the enlarged issued share capital [16][18] Closing Conditions - The transaction is subject to approval from Adriatic shareholders, court approval, and regulatory approvals, including from the Bosnian Competition Council [17][18]