DPM Metals Reports Record Financial Results in 2025; Three-Year Outlook Highlights Production Growth and Maintains Low Cost Position
Record-breaking free cash flow and a robust Eastern European growth pipeline offset the stranded capital in Ecuador.
The most recent news release (February 10, 2026) reports record-breaking financial results for the full year 2025. DPM Metals generated $950.5 million in revenue and $504.9 million in free cash flow. Gold production reached 244,979 ounces, with copper production at 30 million pounds. All-in sustaining costs (AISC) for gold were $1,121 per ounce.
The company provided a three-year outlook (2026–2028). For 2026, gold equivalent production is guided between 305,000 and 365,000 ounces, increasing to a peak range of 355,000 to 400,000 ounces in 2027 as the Vareš mine in Bosnia and Herzegovina reaches full capacity.
Key project milestones include the completion of the Coka Rakita feasibility study (Serbia), confirming robust economics with a target for first production in H1 2029. Management changes were also announced, with João Zanon appointed as SVP of Capital Projects, while Kelly Stark-Anderson (EVP Corporate Affairs) and Nikolay Hristov (SVP Sustainable Business Development) are departing. A quarterly dividend of $0.04 USD per share was declared.
The record financial performance is a significant positive confirmation of DPM’s ability to generate cash in a high-gold-price environment. The $505 million in free cash flow generated in 2025 alone represents nearly 6% of the company's current market capitalization, providing a massive internal funding source for the upcoming $448 million construction cost of Coka Rakita.
The three-year outlook is material as it quantifies the production "bump" expected from the Vareš integration. The move from ~245k ounces of gold in 2025 to a potential 400k GEO in 2027 represents a 63% production growth profile, which is rare for a mid-tier producer.
However, the management turnover in the corporate affairs and sustainable development sectors is worth noting, as it follows the October 2025 revocation of the Loma Larga environmental license in Ecuador. While the Bulgarian and Serbian assets are performing exceptionally, the total loss of the Ecuadorian license remains a significant historical "miss" that the company is currently pivoting away from.
DPM Metals (formerly Dundee Precious Metals) is a mid-tier producer focused on Eastern Europe. - Flagship Operation: Chelopech (Bulgaria), a high-grade gold-copper mine that is the company's cash cow. - New Flagship Growth: Vareš (Bosnia and Herzegovina), an ultra-high-grade polymetallic mine currently ramping up. - Development Flagship: Coka Rakita (Serbia), a gold project with a 36% IRR and an AISC of $644/oz.