DPM Metals Announces Robust Feasibility Study Results for the Coka Rakita Project with $782M of NPV5% and 36% IRR

On November 26, 2025, DPM Metals announced robust results from the Feasibility Study (FS) for its Coka Rakita gold project in Serbia. The study highlights strong project economics, including an after-tax Net Present Value (NPV) at a 5% discount rate of $782 million and an Internal Rate of Return (IRR) of 36%, based on a $1,900 per ounce gold price.

Key metrics from the FS include: - Mineral Reserves: Increased by 11% in contained gold to 1.52 million ounces (7.34 million tonnes at 6.44 g/t gold). - Initial Capital Cost: Estimated at $448 million. - Operating Costs: A life-of-mine (LOM) All-in Sustaining Cost (AISC) in the first quartile at $644 per ounce. - Production Profile: Average annual gold production is projected at 148,000 ounces over the LOM, with an impressive average of 189,000 ounces per year over the first five years. - Timeline: The company is targeting the start of construction in early 2027, with first concentrate production anticipated in the first half of 2029.

The release of a positive Feasibility Study for the Coka Rakita project is a material and positive development that significantly de-risks a cornerstone growth asset for DPM. This study builds upon the Pre-Feasibility Study (PFS) released on December 18, 2024, and a direct comparison reveals key improvements and trade-offs.

• Positive Developments:

  • The Mineral Reserve increased by a substantial 12% to 1.52 million ounces from 1.36 million ounces in the PFS. This adds significant value and extends the project's potential.
  • The average annual production in the first five years has increased by 11% to 189,000 ounces from 170,000 ounces. This improved production profile accelerates cash flow generation.
  • The after-tax NPV5% increased by 6% to $782 million from $735 million, despite higher capital costs, demonstrating the robustness of the project's economics.
  • The AISC remained flat at an exceptional $644 per ounce, confirming Coka Rakita's position as a potential first-quartile, low-cost producer.

• Negative Developments:

  • The initial capital expenditure increased by 18% to $448 million from $379 million in the PFS. While cost inflation and increased scope are common between study stages, this is a notable increase.
  • The after-tax IRR decreased to 36% from 41%. This is a direct consequence of the higher initial capital outlay. However, a 36% IRR is still a very strong return for a project of this scale.

Overall Impact: The FS is a net positive and a critical milestone. The substantial increase in reserves and the enhanced early-years production profile more than compensate for the higher capital cost. This news solidifies the Coka Rakita project as DPM's key organic growth driver, which is particularly important given the recent permitting setback at its Loma Larga project in Ecuador (license revoked in October 2025) and the planned closure of the Ada Tepe mine in 2026.

The company's strong financial position, with over $413 million in cash as of Q3 2025, places it in an excellent position to internally fund the $448 million capex, mitigating financing risk. This FS provides the market with a clear, bankable plan for DPM's next phase of growth and should be very well-received.

DPM Metals Inc., formerly Dundee Precious Metals, is a Canadian-based international mining company engaged in the acquisition, exploration, development, mining, and processing of precious metals. The company currently has three producing mines: the Chelopech gold-copper mine and the Ada Tepe gold mine in Bulgaria, and the recently acquired Vareš silver-zinc-lead-gold mine in Bosnia and Herzegovina.

The company's flagship development project is the Coka Rakita high-grade underground gold project in Serbia. The November 2025 Feasibility Study outlines a robust, low-cost operation expected to produce an average of 189,000 ounces of gold annually for its first five years with an AISC of $644/oz. This project represents the company's primary organic growth initiative.