DPM Metals Expands Brevene Porphyry South Discovery with New High-Grade Intercepts

DPM Metals Inc. (DPM) has released new and updated assay results from the Brevene Porphyry South (BSP) Cu-Au-Mo porphyry discovery, which is contiguous with and now extends onto the Chelopech mine concession.

Key intercepts from the release include:

• EX_BRES_555_02A: 716.60m @ 3.30 g/t AuEq (1.63 g/t Au, 1.58% Cu, 17.09 g/t Mo) from 1,357m, including 286m @ 3.54 g/t AuEq and 138.60m @ 5.71 g/t AuEq from 1,935m. The hole terminated in mineralisation (technical limit) at 2,073.6m.
• EX_BRESPO_03: 1,054m @ 2.49 g/t AuEq (1.20 g/t Au, 1.20% Cu, 43.46 g/t Mo) from 1,172m, including 465m @ 3.02 g/t AuEq from 1,487m. Terminated in mineralisation at 2,226m.
• EX_BRESPO_03A: 707m @ 1.08 g/t AuEq (0.56 g/t Au, 0.48% Cu) from 1,175m, including 40m @ 1.66 g/t AuEq.
• EX_BRESPO_05: 328m @ 3.28 g/t AuEq (1.97 g/t Au, 1.24% Cu) from 1,176m (ongoing).
• EX_BRESPO_06: 540m @ 1.31 g/t AuEq (0.69 g/t Au, 0.57% Cu) from 1,143m (ongoing) — the hole that confirms northward extension onto the Chelopech concession.
• EX_BRESPO_07: 142m @ 1.42 g/t AuEq from 1,455m (ongoing).
• EX_BRESPO_250_01: 98m @ 0.78 g/t AuEq from 1,310m (underground hole, ongoing).
• EX_BRESPO_04A: no significant intervals (disclosed miss).

Metallurgical testing conducted by SLR in the UK on three composites indicates the ore is amenable to conventional rougher-cleaner flotation at P80 75µm. Cleaner concentrates are expected to contain 10-25% Cu and 12-20 g/t Au, with arsenic at trace levels.

Significant intercepts were defined using cutoffs of 0.7 g/t AuEq, a minimum width of 20m, and a maximum dilution of 10m, as well as a tighter cutoff of 1.5 g/t AuEq, a minimum width of 10m, and a maximum dilution of 5m. No upper cuts were applied, and true widths have not been determined.

DPM plans to drill approximately 15,000m more through year-end 2026, shifting onto the Chelopech concession as the Brevene licence exploration phase closes. Delineation is scheduled through 2027, while permitting to convert Brevene to a mining concession is currently underway.

DPM Metals Inc. (DPM) is a producer with H1 2026 revenue of US$672M, net earnings of US$396M, $761M in cash, and no debt. Consequently, a drill result only moves the thesis if it can change resource, mine-life, or NAV. This result can, as it is a large, high-grade porphyry adjacent to an operating mine with existing infrastructure and social licence, and the company already frames it as a potential tier-one growth asset.

The expectation anchor is the June 3, 2026 BSP discovery release, which reported:

• EX_BRESPO_03 713m @ 2.52 g/t AuEq (1,797 AuEq·m) incl. 398m @ 3.00
• EX_BRES_555_02 95m @ 0.93
• EX_BRES_555_02A just 37m @ 1.19 (44 AuEq·m)

The stock closed C$45.97 the day before that release, C$47.43 on the day and then drifted to C$40.66 by June 10. The later move to the C$70 peak (Aug 21) tracks the gold price, Vareš commercial production and Q2 results, not BSP specifically. DPM has not doubled off the BSP discovery.

The delta is strongly positive. EX_BRES_555_02A improved from 44 AuEq·m to 2,365 AuEq·m (>50x) — a hole the market would have written off as marginal is now the best in the programme. EX_BRESPO_03 extended from 713m to 1,054m with grade held (1,797 → 2,625 AuEq·m), proving >1,000m vertical continuity. New high-grade hole 05 (1,076 AuEq·m) and the northward extension onto the Chelopech concession (EX_BRESPO_06) add a new dimension.

The result is genuinely new, market-relevant and positively differentiated from expectations — a successful major step-out that grows the system and de-risks the discovery, with world-class grade × width for the deposit type. It is NOT yet transformational: there is no resource, no true width, no economic study, and the metallurgy is preliminary open-cycle work on three composites. Weighted against a C$13.3B producer, one drill release will not re-rate the business on its own by 15%+.

DPM Metals Inc. (TSX: DPM; ASX: DPM) is a Canadian-headquartered mid-tier precious-metals producer with operations and projects in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador.

The company’s flagship operation is the Chelopech Au-Cu mine in Bulgaria, which holds updated reserves of 23.2 Mt @ 2.18 g/t Au, 8.35% Cu (1.63 moz Au, 308 Mlb Cu). Mine life at Chelopech has been extended to 2036 at a production rate of approximately 160 koz GEO/yr.

In Bosnia and Herzegovina, the company acquired the Vareš Ag-Au-Pb-Zn mine via Adriatic Metals in September 2025. Production is ramping toward 850 kt/yr by the end of 2026, with commercial production declared on August 10, 2026. The mine produced approximately 35 koz GEO in Q2 2026.

The Ada Tepe mine in Bulgaria has reached the end of its life, with the final blast occurring in April 2026 and plant closure scheduled for July 2026. Closure and rehabilitation efforts aim to return 95% of the footprint to Natura 2000 status.

In Serbia, the Čoka Rakita project has completed feasibility studies, defining a resource of 7.34 Mt @ 6.44 g/t Au for 1.52 moz. The project carries an AISC of US$644/oz, with an NPV5% of US$782M at US$1,900/oz and US$2.2B at US$3,500/oz. Construction is targeted for early 2027, with first concentrate expected in H1 2029. Additionally, the Rakita Camp in Serbia includes the Dumitru Potok, Rakita North, and Frasen inferred resources totaling 84.4 Mt @ 0.97 g/t Au and 1.02% Cu (2.6 moz Au, 1.9 Blb Cu).

The Brevene Porphyry South project in Bulgaria, the subject of this release, is a Cu-Au-Mo porphyry discovery adjacent to Chelopech.

In Ecuador, the Loma Larga project had its environmental licence revoked in October 2025, halting development as options are reviewed.

Financially, DPM Metals reported H1 2026 results showing revenue of $671.9M and net earnings of $396.0M ($1.79 EPS). Operating cash flow was $438.6M, with cash on hand of $761.2M and no debt. The company holds a $400M undrawn RCF and total equity of $2,875M ($13.07 book value/share) across 220.0M shares outstanding.