DPM Metals Announces First Quarter 2026 Preliminary Production Results; Ramp-up of Vares Proceeding Well

• On 8 Apr 2026 DPM Metals released its preliminary Q1 2026 operating results.
• Consolidated production was 84 koz gold‑equivalent ounces (GEO), of which 66 koz GEO were sold.
• Site‑specific output: Vareš produced ~29 k GEO (14 k GEO sold) and is on schedule for its ramp‑up; Chelopech contributed ~43 k GEO and Ada Tepe ~12 k GEO.
• The company announced a $25.4 M share repurchase of ~701 k shares at an average price of US$36.29, under the NCIB that authorises up to US$200 M of buy‑backs in 2026.
• A quarterly dividend of US$0.04 per share is payable 15 Apr 2026 (record date 31 Mar 2026).
• Exploration updates: renewal of Čoka Rakita permits, launch of a 20,000 m drilling program at Dumitru Potok with plans to expand to 10 rigs by June and add another 20 k m at Putaj Čuka.
• No guidance change – the company reiterates it remains on track to meet its 2026 production targets (≈350‑400 koz GEO) and cost objectives.

Aspect	Assessment
Production	The Q1 2026 numbers confirm that all operating assets are delivering as forecast. No surprise, but the data removes any near‑term execution risk.
Capital allocation	The share repurchase and dividend are routine capital returns consistent with the NCIB framework; they signal confidence in cash generation but do not materially alter balance‑sheet leverage (the company remains debt‑free).
Exploration	Initiating a large drilling campaign at Dumitru Potok is an incremental, expected step after the 2025 inferred resource announcement. No immediate valuation impact.
Guidance alignment	Production and cash flow remain in line with prior guidance; no upward or downward revision.
Market reaction expectation	Because the results were largely anticipated (the company had already signalled a strong Q1), the news is expected to be priced‑in, resulting in a routine positive classification rather than material.

DPM Metals (formerly Dundee Precious Metals) is a mid‑tier precious‑metals producer with a diversified portfolio across Bulgaria (Chelopech, Ada Tepe), Bosnia & Herzegovina (Vareš), Serbia (Coka Rakita, Dumitru Potok) and Ecuador (Loma Larga).
- Flagship assets: Chelopech (high‑grade underground gold/copper) and the newly acquired Vareš silver‑lead‑zinc‑gold operation, both delivering low all‑in sustaining costs ($550‑$650/oz GEO for Chelopech; $893/oz GEO for Vareš).
- Growth pipeline: Coka Rakita feasibility (PFS cost $644/oz Au), extensive drilling at Dumitru Potok, and permitting progress on Loma Larga.