DPM Metals files Coka Rakita technical report
DPM Metals Extends Operational Winning Streak as Balkan Expansion Anchors Record-Breaking Growth
The most recent news releases (January 12, 2026) confirm that DPM Metals Inc. has achieved its annual gold production guidance for the eleventh consecutive year. Preliminary production for 2025 reached 244.9 thousand ounces of gold and 30 million pounds of copper. Operational performance was driven by strong quarterly results at the Ada Tepe and Chelopech mines in Bulgaria. Crucially, the Vareš mine in Bosnia and Herzegovina is successfully ramping up following its acquisition in late 2025, with management targeting an 850,000 tonne-per-year operating rate by the end of 2026. Concurrently, the company filed a formal NI 43-101 technical report for the Coka Rakita gold project in Serbia, supporting the previously disclosed feasibility study (FS) which outlined a high-margin, low-cost operation.
The achievement of guidance for over a decade establishes DPM as one of the most reliable operators in the mid-tier mining space. This is not merely routine; it validates management’s ability to navigate complex jurisdictions and maintain production discipline during a significant period of corporate expansion. - Operational Continuity: Meeting guidance despite the integration of the Adriatic Metals (Vareš) acquisition reduces the "integration risk" premium often assigned by the market. - Strategic Pivot: The filing of the Coka Rakita technical report moves the project closer to a construction decision in mid-2026. With an NPV of $782 million and a 36% IRR, this project is a Tier-One catalyst. - Vareš Ramp-up: The transition of Vareš from construction to production is the primary driver for near-term valuation rerating. Management's confidence in exceeding previous technical report estimates by late 2026 is a significant positive signal.
DPM Metals (formerly Dundee Precious Metals) is a mid-tier producer with operations in Bulgaria (Chelopech and Ada Tepe) and Bosnia and Herzegovina (Vareš), and a major development project in Serbia (Coka Rakita). - Flagship Project (Current): Chelopech is a high-grade gold-copper mine that has historically underpinned the company’s cash flow. - Flagship Project (Growth): Coka Rakita in Serbia. It is an underground gold project with a 1.52 Moz gold reserve at 6.44 g/t Au. It is expected to produce 189,000 oz Au per year for the first five years at an AISC of $644/oz.