DPM Metals Delivers Strong Second Quarter Gold Equivalent Production; Continues to Progress Vares Ramp-up
DPM’s free-cash-flow-generating Vareš project ramps production while its exploration pipeline offers tier-one discovery optionality.
DPM Metals Inc. (DPM) released preliminary production results for the second quarter of 2026, reporting consolidated gold equivalent (GEO) production of 102,000 oz. This represents an increase from the 84,000 oz produced in the first quarter of 2026, a rise driven by operations at Chelopech and the ramp-up at Vareš. The company sold 87,000 oz of payable GEO during the quarter. For the first half of 2026, GEO production totaled 187,000 oz, with 153,000 oz sold.
Vareš contributed approximately 35,000 GEO in the second quarter, up from 29,000 oz in the first quarter. The facility processed 117,000 tonnes of material, a 48% increase quarter-over-quarter, and remains on track to reach an 850,000 tonnes per annum (tpa) run-rate by the end of 2026. Chelopech produced approximately 56,000 GEO and is on track for its guidance. Meanwhile, Ada Tepe, which contributed approximately 11,000 GEO, completed its final production blast, with the processing plant scheduled to shut down by July 15, 2026.
In other corporate developments, DPM repurchased $49.4 million in shares during the second quarter, bringing year-to-date repurchases to $74.8 million. The company also declared a quarterly dividend of $0.04. Metal price assumptions used for the GEO calculations included a notably high gold price of $4,517 per oz. Full financial results for the second quarter are scheduled for release on July 30, 2026.
DPM Metals Inc. (DPM) confirmed that operations are proceeding as expected, with no positive or negative surprises relative to the guidance reiterated in May 2026. Production metrics remain solid, aligning with market expectations regarding the Vareš ramp-up trajectory and Chelopech’s planned sequential improvement. The company’s share buyback pace is aggressive but remains within the authorized NCIB envelope.
The release provided no new financial guidance, cost metrics, or reserve changes. The market’s prior price movement, which rose from approximately $44 in mid-May to roughly $49 before the release, already reflected the favorable gold price environment and growth narrative.
DPM Metals Inc. (DPM) is a Toronto-based gold-copper-silver producer with operations in southeastern Europe. Its key producing assets include the Chelopech gold-copper underground mine in Bulgaria, which has a mine life extended to 10 years in 2026; the Ada Tepe gold open-pit in Bulgaria, which is ceasing operations mid-2026; and the Vareš silver-lead-zinc-gold underground mine in Bosnia & Herzegovina, which was acquired in September 2025 and is ramping up to 850ktpa by the end of 2026.
The company’s development pipeline includes the Čoka Rakita high-grade gold project in Serbia, for which a feasibility study is complete and construction is targeted for early 2027. Other projects under evaluation include Loma Larga in Ecuador, where the license has been revoked, and a large exploration portfolio in Serbia’s Rakita camp, which holds 2.6moz AuEq inferred resources, as well as discoveries at Brevene South and Chelopech North in Bulgaria. All operations utilize conventional flotation and gravity processing to produce payable metal concentrates and doré.