TORONTO, Oct. 09, 2025 (GLOBE NEWSWIRE) -- DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or “the Company”) announced preliminary production results for the three and nine months ended September 30, 2025. “The integration of Vareš into our operating portfolio is proceeding well. As we advance our priorities to achieve full production at Vareš by the end of 2026, we continue to be excited about the growth potential of this high-quality asset,” said David Rae, President and Chief Executive Offi ...

Production and Cost Outlook - The company's 3-Year Outlook (3YO) aims to deliver sustainable production exceeding 470 thousand ounces (koz) of gold by FY28 [15] - FY25 production is projected at 326 koz of gold at an All-In Sustaining Cost (AISC) of A$2,666 per ounce [18] - The company anticipates a decrease in AISC as mill utilization and mill grade increase across its four existing processing hubs with a capacity of approximately 6 million tonnes per annum (Mtpa) [23] - The 3YO plan is underpinned by current Ore Reserves of 56 million tonnes (Mt) at 1.93 grams per tonne (g/t) Au for 3.5 million ounces (Moz) of gold [19, 26] Capital Allocation and Funding - The company has allocated $150 million for exploration and resource conversion within the 3YO [26] - The 3YO plan is fully funded through the company's balance sheet strength and Free Cash Flow (FCF) [23] - Non-sustaining capital expenditure is expected to decrease after peaking in FY27 [23] Processing Capacity and Expansion - The company is focused on fully utilizing its existing processing hubs, leveraging and expanding its existing 6 Mtpa processing capacity to enhance FCF [27] - The Meekatharra Hub's Bluebird-South Junction underground expansion is expected to reach 1.2 Mtpa in FY28 [33] - Beta Hunt infrastructure upgrades are expected to support a 2 Mtpa run rate by the second half of FY26 [36] Growth and Upside Potential - The 3YO plan excludes potential upside from further expansion of the Bluebird-South Junction mine and a potential Higginsville mill expansion to 4 Mtpa [43]

Core Viewpoint - DPM Metals Inc. has officially changed its name from Dundee Precious Metals Inc. as of September 12, 2025, following shareholder approval, marking a strategic shift to enhance its brand identity and operational focus [1][2]. Company Overview - DPM Metals Inc. is a Canadian-based international gold mining company with operations and projects in Bulgaria, Bosnia and Herzegovina, Serbia, and Ecuador [3]. - The company's strategic objective is to become a mid-tier precious metals company, focusing on sustainable and efficient gold production, quality asset development, and maintaining a strong financial position to support growth [3]. Strategic Goals - The company aims to deliver above-average returns for shareholders through disciplined strategic transactions and robust growth in mineral reserves and production [3]. - DPM's core capabilities are highlighted as a foundation for responsible and efficient production, which will continue to support its high-quality development portfolio and trusted community relationships [2]. Market Presence - The trading symbol for DPM on the Toronto Stock Exchange will remain unchanged as DPM, and the company is set to commence official quotation of its CHESS Depositary Interests on the ASX under the same code on September 18, 2025 [2].

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]

Summary of Key Points Core Viewpoint - Baru Gold Corp has granted a total of 4,700,000 stock options to its directors, management, and employees, subject to TSX Venture Exchange approval, with an exercise price of $0.07 per share for a two-year period expiring on August 7, 2028 [1] Group 1: Stock Options - The company has specifically granted 2,088,218 stock options to its CFO, Karen Dyczkowski, at an exercise price of $0.085 per share, also expiring on August 7, 2028 [2] - The stock options granted to insiders are classified as a "related party transaction" under Multilateral Instrument 61-101, but are exempt from formal valuation and minority shareholder approval as the value does not exceed 25% of the company's market capitalization [3] Group 2: Company Overview - Baru Gold Corporation is a junior gold developer with NI 43-101 gold resources located in Indonesia, which is among the top ten gold-producing countries globally [4]

Financial Data and Key Metrics Changes - The company reported second quarter earnings of $13.7 million or $0.07 per share, compared to $60.4 million or $0.30 per share in the same period of 2024 [12] - Income from continuing operations was $14.1 million for the second quarter or $0.07 per share, down from $20.2 million or $0.10 per share in 2024 [12] - The company narrowed its earnings per share guidance to a range of $0.88 to $0.95 per share from a previous range of $0.88 to $0.98 per share [10] Business Line Data and Key Metrics Changes - The electric utility segment reported second quarter earnings of $10.4 million, down from $15.5 million in the same period in 2024, primarily due to higher payroll costs and planned outages [12][13] - The natural gas utility experienced a seasonal loss of $7.4 million in the second quarter, compared to a loss of $5 million in 2024, driven by increased operating expenses and lower volumes due to warmer weather [13] - The pipeline segment posted second quarter earnings of $15.4 million, down from a record $17.3 million in the prior year, impacted by higher operating expenses [14] Market Data and Key Metrics Changes - The utility experienced combined retail customer growth of 1.4% compared to the same time last year, aligning with the targeted annual growth rate of 1% to 2% [5] - The company has signed electric service agreements for 580 megawatts of data center load, with 180 megawatts currently online and additional capacity expected to come online in the coming years [7] Company Strategy and Development Direction - The company is focused on a capital investment of $3.1 billion over the next five years, targeting 7% to 8% compounded annual utility rate base growth and 1% to 2% annual customer growth [11] - The company plans to file general rate cases in Wyoming and Montana, and is refining wildfire mitigation plans across its electric service territory [6][8] - The company remains committed to investing in future expansion projects to meet customer demand, including the Minot expansion project which will add approximately 7 million cubic feet of natural gas transportation capacity per day [9] Management's Comments on Operating Environment and Future Outlook - Management noted unfavorable weather and increased operating costs impacted second quarter results, but expressed confidence in the company's long-term growth strategy [4][10] - The company anticipates a long-term EPS growth rate of 6% to 8% while targeting a 60% to 70% annual dividend payout ratio [11] - Management emphasized the importance of operational excellence and customer focus as key components of their strategy moving forward [11] Other Important Information - The company maintains a strong balance sheet and ample access to working capital, with no equity needs in 2025 based on the current capital plan [16] - The binding open season for the Baker storage field enhancement project concluded in May, and the company is evaluating a smaller project based on customer interest [10] Q&A Session Summary Question: Impact of lower storage project size on Bakken East pipeline - Management indicated that the Baker storage enhancement project does not have implications for the Bakken East project, and there may be opportunities for expansion if Bakken East proceeds [20][22] Question: Revised EPS guidance and its impact on long-term outlook - Management explained that the revision was due to weather impacts and higher operating expenses, but they do not expect these to be long-term trends [23][24] Question: North Dakota Industrial Commission meeting and its implications - Management confirmed the timing of the next meeting and indicated that state support would enhance the Bakken East project, but customer commitments are also crucial [29][30] Question: Quantifying drivers of guidance revision - Management provided insights on the planned outage and weather impacts, estimating a $1 million impact from weather alone in the quarter [33][34] Question: Capacity absorption for data centers before needing new infrastructure - Management stated that there is additional capacity available without new infrastructure, but they are willing to explore investments if necessary [36][38]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $172 million, representing approximately 9% growth year over year [5][19] - Adjusted EBITDA for the quarter was $1.5 million, compared to $1.4 million in the same period last year [28] - The company reported a net loss of $11 million for the quarter, or $0.28 per share, compared to a net loss of $5.5 million or $0.14 per share for the prior year [28] Business Line Data and Key Metrics Changes - Brokerage revenue grew 4% year over year, while financing revenue posted a 44% gain [6][22] - Private client brokerage business reflected revenue growth of 10.3% and transaction growth of 12% [6] - Revenue from financing business grew 44% year over year to $26 million, driven by an 86% increase in transaction volume [22] Market Data and Key Metrics Changes - Revenue from larger transactions valued at $20 million and above declined by nearly 12% for the quarter [7] - The average transaction size increased to $5.8 million, up from $5.6 million a year ago [20] - The auction division sold 273 transactions over the past twelve months, accounting for 27% of all commercially auctioned assets in the US [11] Company Strategy and Development Direction - The company is focused on long-term growth in the private client business and larger transactions through its IPA division [9] - A management reorganization was initiated to streamline decision-making and execute strategies more consistently [15] - The strategy includes investment in talent, technology, and further expansion of capital markets capabilities [14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about improvements in marketing timelines and a record volume of exclusive inventory [11] - The company believes the worst of the tariff-driven volatility is behind them, with investor sentiment stabilizing [12] - The recent tax package is expected to be a tailwind for commercial real estate, with favorable provisions for the sector [12] Other Important Information - The company has no debt and $333 million in cash, cash equivalents, and marketable securities [29] - A semiannual dividend of $0.25 per share was declared, payable on October 6 [30] - The company has returned a total of $190 million of capital to shareholders over the past three years [29] Q&A Session Summary Question: Can you talk about the shifting trends in transaction volume in different size segments? - Management noted that improved client outreach and realistic price expectations have led to a more successful conversion rate of client dialogues into transactions [35][36] Question: Can you discuss the dynamics affecting commission rates? - The decline in commission rates was attributed to a mix of larger transactions, particularly in the $100 million plus range, which typically have lower percentage fees [40] Question: Is the tax accounting change a one-time hit? - The tax methodology change is deemed more appropriate and will normalize in Q4, with the current year-to-date tax rate at 12.5% compared to 14.6% last year [42][43] Question: What external growth opportunities are being explored? - The company is in active discussions for potential acquisitions in its core business and advisory space, with improved attitudes toward valuations [44][46] Question: How does the company prioritize capital deployment options? - The company maintains a balanced strategy for capital deployment, including share repurchases, dividends, and pursuing M&A opportunities [48][51]

Financial Performance - Q1 2026 revenues increased by approximately 6% year-over-year to $736.7 million CAD[14] - Q1 2026 adjusted earnings from operations were $78.6 million CAD, representing a 10.7% adjusted earnings from operations margin[14] - Q1 2026 free cash flow was $139.5 million CAD, a significant increase compared to $(51.3) million CAD in Q1 2025[17] - Net income decreased by 31.2% from $35.3 million CAD to $24.3 million CAD[17] - Basic earnings per share decreased by 30.6% from $0.36 CAD to $0.25 CAD[17] Order Bookings and Backlog - Q1 2026 order bookings totaled $693 million CAD, demonstrating diversification across market verticals[14] - The trailing twelve-month book-to-bill ratio was 1.17[14] - Order backlog remains strong at $2,068 million CAD[14] Revenue Outlook - Q2 F2026 revenue is estimated to be between $700 million CAD and $740 million CAD[19] Market Segment Performance - Life Sciences order backlog is $1,160 million CAD, supported by proven capabilities in regulated markets[15] - Food and Beverage order backlog is $229 million CAD, with opportunities in primary and secondary processing and packaging[15] - Consumer Products order backlog is $262 million CAD, supported by capabilities in warehouse automation and packaging[15]

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