DPM Metals Announces Discovery of New High-Grade Mineralization at the Chelopech Mine; Results Include 68.3 metres at 7.42 g/t AuEq

On November 19, 2025, DPM Metals announced the discovery of new high-grade mineralization at its producing Chelopech mine in Bulgaria. The discovery was made at the Wedge Zone Deep (WZD) target. Key drill intercepts from the four-hole, 3,120-metre program include: - Hole EX_WZD_210_01: 68.3 metres at 6.92 g/t gold (Au), which equates to 7.42 g/t gold equivalent (AuEq) when including copper and silver credits. - Hole EX_WZD_165_01: 40.0 metres at 11.54 g/t Au.

The company stated that these results highlight the potential to add high-grade Mineral Resources within the Chelopech mine concession, which could extend the mine's life. DPM has allocated an additional $2-3 million for a 10,000-metre infill and delineation drill program at the WZD target, expected to be completed by the end of Q1 2026.

The discovery of high-grade mineralization at a core, producing asset like Chelopech is a material positive development. From a risk-averse perspective, brownfield exploration success is highly valuable as it leverages existing infrastructure, significantly reducing the capital costs and timeline to bring new ounces into production compared to a greenfield discovery.

• Positive Impact: Chelopech is a foundational cash flow generator for DPM. Extending its mine life with high-grade material directly enhances the company's long-term production profile and profitability. The grades and widths reported are impressive and suggest the potential for a meaningful addition to the mine's resource base. The market typically rewards this type of low-risk, value-accretive news.

• Contextual Analysis: This news follows a period of significant corporate transformation, including the major acquisition of Adriatic Metals and the name change from Dundee Precious Metals. It also serves as a positive counterpoint to the negative news in October 2025 regarding the revocation of the Loma Larga environmental license in Ecuador. This success reinforces the value of DPM's operational base in the Balkans and demonstrates the company's ability to create organic value through exploration. Management had previously flagged the WZD target as promising in its Q2 2025 earnings call, and this news release delivers on that potential, showcasing strong technical execution.

• Limitations: It is crucial to note that this is an early-stage discovery. The press release does not provide true widths for the intercepts, and a formal resource has not yet been defined. The economic viability will depend on the results of the upcoming 10,000-metre drill program and subsequent technical studies. While highly promising, the ultimate impact on the company's valuation is contingent on converting these intercepts into economic reserves.

Overall, the news is materially positive. It strengthens the investment case by demonstrating organic growth potential at a key asset, which supports the company's robust free cash flow generation and de-risks its future production profile.

DPM Metals Inc. is a Canadian-based international mining company engaged in the acquisition, exploration, development, mining, and processing of precious and base metals. The company's portfolio was recently transformed by the acquisition of Adriatic Metals.

The company's asset base now consists of a portfolio of producing, developing, and exploration assets, primarily in the Balkans: - Producing Mines: Chelopech (gold-copper, Bulgaria) and Ada Tepe (gold, Bulgaria). Ada Tepe is scheduled for closure in mid-2026. - Ramp-Up Asset: The Vareš Project (silver-zinc-lead-gold, Bosnia and Herzegovina), acquired through Adriatic Metals, is the company's key near-term growth driver. - Development Project: The Coka Rakita project (high-grade gold, Serbia) is the next major organic growth project, with a PFS showing robust economics and a Feasibility Study due by year-end 2025. - Stalled Project: The Loma Larga project (gold-copper, Ecuador) faces significant uncertainty after its environmental license was revoked in October 2025.

There is no longer a single flagship project; the company's strength lies in its diversified portfolio of high-margin assets in a single geographic region (the Balkans).