DPM Metals Extends Chelopech Mine Life to Ten Years; Provides Updated Mineral Reserve and Resource Estimate and Life of Mine Plan
Chelopech Mine Life Extension To 2036 Provides Critical Buffer Against Impending Ada Tepe Depletion
The most recent news release dated February 5, 2026, announces a significant update to the Mineral Resource and Mineral Reserve estimate for the Chelopech mine in Bulgaria. Key takeaways include: - Mine life has been extended to 2036 (10 years), with an average annual production profile of approximately 160,000 Gold Equivalent Ounces (GEO). - Proven and Probable Mineral Reserves increased by 42% in tonnage compared to the previous estimate. - Contained metal in reserves increased by 12% for gold and 10% for copper. - Measured and Indicated Resources (exclusive of reserves) increased by 20% in tonnage. - The update incorporates the Sharlo Dere prospect into reserves and highlights the new Wedge Zone Deep (WZD) discovery. - Economic assumptions for reserves were set at $2,300/oz Gold and $3.50/lb Copper.
This update is materially positive as it achieves a long-stated management goal of maintaining a 10-year rolling mine life at Chelopech. - Operational Continuity: The extension to 2036 is critical because the company’s other Bulgarian asset, Ada Tepe, is scheduled to cease mining and processing operations in Q2 2026. This extension ensures the company maintains its cash-flow engine in Bulgaria while other projects (Vareš and Coka Rakita) mature. - Resource Conversion: The 42% increase in reserve tonnage demonstrates high efficiency in converting resources to reserves, specifically from the Sharlo Dere area. - Exploration Upside: The news confirms that the Wedge Zone Deep (WZD) discovery is not yet in reserves but represents a high-grade target with 10,000 metres of drilling planned, suggesting further life extensions are probable. - Financial Cushion: Based on the $53/t operating cost and $7/t sustaining capital cited, Chelopech remains a low-cost, high-margin asset that can fund the $448M initial capital needed for Coka Rakita.
DPM Metals (formerly Dundee Precious Metals) is a mid-tier producer with primary operations in the Balkans. - Flagship Project: The Chelopech Mine (Bulgaria) is an underground copper-gold mine using sub-level stoping. It is one of the lowest-cost gold mines globally due to significant copper by-product credits. - Secondary Assets: Ada Tepe (Bulgaria, winding down), Vareš (Bosnia, silver-lead-zinc-gold, ramping up), Coka Rakita (Serbia, high-grade gold, development stage).