DPM Metals has reported record financial results in 2025, achieving its gold production guidance and improving its 2026 production forecast.
The Canada-based miner reported adjusted net earnings of US$170.4 million in the fourth quarter ending December 31, 2025, up 106 per cent year over year from US$82.6 million.
Its full-year adjusted net earnings rose 91 per cent to US$443.2 million from US$232.2 million.
DPM Metals CEO David Rae said the company’s record financial results in 2025 demonstrated the quality of the company’s low-cost, high-margin mining operations.
“Our exceptional 11-year track record of delivery has created long-term shareholder value and underpins our ability to realize Vareš’ full potential and grow the business with Čoka Rakita, which is on track for first concentrate production in the first half of 2029,” Rae said.
“DPM continues to be in a very strong position to carry out our strategy of becoming a mid-tier gold producer.
“This is driven by the quality of our team, our high-margin production base generating significant free cash flow, and our financial strength to internally fund growth and exploration activities while continuing to return capital to shareholders.”
DPM achieved its gold production guidance in 2025, producing 244,979 ounces of gold and 30.0 million pounds of copper.
With its Vareš operation in Bosnia and Herzegovina ramping up to full production, DPM is on track to achieve 850,000 tonnes per year by year-end, with an improved 2026 production forecast of 30,000 to 35,000 ounces of gold and 3.5 to 4.1 million ounces of silver.
DPM continues to maintain a strong cash and liquidity position and is well positioned to fund growth, ending the year with US$497.8 million in cash, no debt and an undrawn US$400 million credit facility.
Looking ahead, DPM will accelerate precious metals production from the Vareš mine as it ramps up to full production in the fourth quarter of 2026.
The company expects metals production to average approximately 350,000 GEO annually over the next three years. The production growth is driven primarily by progress at Vareš and stable production at Chelopech.
Consolidated all-in sustaining cost over the next three years is expected to average approximately $1,450 per GEO sold.
