Dpm Metals Inc. · TSX:DPM
Dpm Metals — Investor Presentation (January 2025)
30 slides from Dpm Metals's investor presentation, January 2025
Slide 1: Unlocking Resources and Generating Value to Thrive and Grow Together
Unlocking Resources and Generating Value TO THRIVE AND GROW TOGETHER January 2025 TSX:DPM
Slide 2: Forward Looking Statements
Forwarding Looking Statements Certain statements and other information included in this presentation and our other disclosure documents constitute jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the “forward looking statements” or
Slide 3: Use of Non-GAAP Measures
Use of Non-GAAP Measures Certain financial measures referred to in this presentation are not measures recognized under IFRS and are referred to as Non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by
Slide 4: Investment Highlights
Investment Highlights Strong operators with an attractive development pipeline & financial strength to fund growth High-margin production Growing financial strength to fund generating significant FCF growth internally • First quartile all-in sustaining cost • $658M in cash & no debt4 Strong fundamen
Slide 5: High-Margin Production Base with Attractive Organic Projects
High-Margin Production Base with Attractive Organic Projects CANADA CHELOPECH | gold-copper mine Location Chelopech, Bulgaria CORPORATE HEAD OFFICE Ownership 100% Stage Producing SERBIA ČOKA RAKITA | gold project BULGARIA Location Serbia Stage Pre-feasibility study LOMA LARGA | gold-copper project S
Slide 6: Achieved 2024 Production Guidance
Achieved 2024 Production Guidance Gold Production Copper Production All-in sustaining cost1 Koz. Mlbs. $/oz. Achieved guidance Achieved guidance On-track to achieve guidance $790 - $930 245 - 285 29 – 34 $859 261 30 2024A 2024 Guidance 5 2004A 2024 Guidance 5 First nine months of 2024 2024 Guidance
Slide 7: Chelopech: High-Quality Cornerstone Asset
Chelopech: High-Quality Cornerstone Asset • Acquired by DPM in 2003; transformed into a world-class underground facility • Continued focus on innovation, mine and process plant optimization • Strong, reliable producer with a track record of extending mine life: • 2004: 660ktpa throughput with a mine
Slide 8: Chelopech: Near Mine Exploration to Add Resources
Chelopech: Near Mine Exploration to Add Resources Highlights • Current Mineral Reserve mine life extends to 2032 • Strong Mineral Resource base • Compelling exploration prospects • 2024E exploration spending: $6 to $8 million5 Sharlo Dere • Located within mine concession and proximal to Chelopech un
Slide 9: Ada Tepe: High-Grade Open-Pit
Ada Tepe: High-Grade Open-Pit • First new mine permitted & built in the Balkans in over 40 years • One of the highest-grade open pit mines in the world with a LOM gold grade of 5.2 g/t • Contributing strong free cash flow generation to DPM’s portfolio On-track to meet all 2024 guidance metrics 2024
Slide 10: Ada Tepe: Brownfields Exploration
Ada Tepe: Brownfields Exploration Priorities for 2024 • Scout drilling of epithermal sediment hosted targets at new Krumovitsa licence • Drilling at Kara Tepe expected to commence in Q3 2024 • 2024E exploration spending: $5 to $7 million5 Focused on targets within mine concession and regional licenc
Slide 11: Attractive Development & Exploration Projects Driving Future Growth
Attractive Development & Exploration Projects Driving Future Growth OPERATING ASSETS ČOKA RAKITA ORGANIC PROJECTS & EXPLORATION TARGETS Targeting first • Čoka Rakita & regional exploration licences Gold contained in concentrate produced (k oz. Au) production in 2028 • Loma Larga gold-copper project
Slide 12: Advancing the Čoka Rakita Project
Advancing the Čoka Rakita Project • Feasibility study expected to be completed by year-end 2025 PFS Highlights6 • High-grade Inferred Resource estimate: 1.36 Moz. Au (6.63 Mt at 6.38 g/t)7 170koz. • Strong fit with underground mining and processing expertise annual gold production (first 5 full year
Slide 13: Čoka Rakita: High-Margin Production, Robust Economics
Čoka Rakita: High-Margin Production, Robust Economics PFS Summary Metric Unit Assumption / Result Gold Price $/oz. $1,900 Mineral Reserve Mt 6.6 Average grade mined (LOM) g/t 6.38 Average metallurgical recovery % 87% Operating life years 10 Total gold produced (LOM) Moz. 1.2 Average annual gold prod
Slide 14: New High-Grade Copper-Gold Discoveries
New High-Grade Copper-Gold Discoveries • Located approximately 1 km north of Čoka Rakita Dumitru Potok prospect • High-grade copper-gold-silver stratabound skarn mineralization • Drilling demonstrating continuous zone of strong mineralization along a 250-metre corridor DPDD018A • Open to the north,
Slide 15: Loma Larga Project Update
Loma Larga Project Update Permitting activities • Working with Ministry of Energy and Mines to initiate the free, prior and informed consultation process • Baseline ecosystem and water studies submitted in Q3 2024 • Completed environmental consultation, with communities voting overall in favour of t
Slide 16: Strong Community Relations & Sustainability Track Record
Strong Community Relations & Sustainability Track Record External recognition 2023 performance highlights Approach to climate change Safety • Long track record of managing & improving GHG emissions and energy use • Zero Lost-time Injuries at Ada Tepe • Company-wide climate strategy • Launched “Gener
Slide 17: Track Record of Disciplined Capital Allocation
Track Record of Disciplined Capital Allocation Returning Capital to Shareholders Sustainable quarterly dividend US$0.04/sh $261M Repurchasing shares via NCIB since 2021 $66 $50 Maintaining strong balance sheet to $14 $10 fund growth internally $29 $30 $29 $22 $11 Strong capital returns 2020 2021 202
Slide 18: Track Record of Free Cash Flow Generation
Track Record of Free Cash Flow Generation Free Cash Flow2 Financial Strength & Flexibility $ millions $ millions $252 $150 $228 $211 $213 $166 $658 of cash (as at Sep 30, 2024) $658 2020 2021 2022 2023 First nine Cash from continuing and Undrawn revolving discontinued operations 4 credit facility mo
Slide 19: Attractive Valuation
Attractive Valuation High-margin production Financial strength to fund Advancing organic Returning capital to generating significant FCF growth internally growth pipeline shareholders Price to NAV Dividend Yield Price to 2025E CFPS 6.2% 10.3 1.2 1.0 0.9 0.8 0.8 0.7 3.5% 3.1% 0.6 4.8 4.6 4.7 3.6 1.7%
Slide 20: Key Value Generating Catalysts
Key Value Generating Catalysts CHELOPECH MINE ADA TEPE MINE ČOKA RAKITA LOMA LARGA PROJECT ✓ Optimized recoveries and offtakes ✓ Optimized mine plan and ✓ High-grade discovery ✓ Investor protection agreement updated reserve and resource ✓ 1.8Moz. maiden Mineral • Chelopech North concession ✓ Re-star
Slide 21: Appendix
Dundee PRECIOUS METALS APPENDIX
Slide 22: Corporate Snapshot
Corporate Snapshot Share Price (C$/sh) and Volume (M) Top Shareholders 7,000,000 $14 Blackrock Victory Capital 6,000,000 $12 Van Eck Quantex AG 5,000,000 Share Price (C$) $10 4,000,000 First Eagle RBC Global $8 $6 3,000,000 GMT Capital Ninety One UK 2,000,000 $4 Dimensional Funds Ruffer $2 1,000,000
Slide 23: Business Strategy
Business Strategy Unlocking resources and generating value to thrive and grow together ▪ Strategic focus on organic development pipeline & exploration ▪ Supported by foundation of core values that guide how DPM conducts its business & informs strategic pillars ▪ Resources allocated in-line with stra
Slide 24: Leadership
Leadership Management and Board of Directors Board of Directors Peter Gillin Jaimie Donovan Chair Independent Director David Rae Kalidas Madhavpeddi President & CEO Independent Director Dr. Nicole Adshead-Bell Juanita Montalvo Independent Director Independent Director Robert M. Bosshard Marie-Anne T
Slide 25: 2024 Guidance Update
2024 Guidance Update • May 2024: Revised guidance in for evaluation expenses as a result of advancing Čoka Rakita to a PFS US millions, unless otherwise indicated Chelopech Ada Tepe Tsumeb Corporate and Other Consolidated Ore processed (’000s tonnes) 2,090 – 2,200 710 – 800 – – 2,800 – 3,000 Cash co
Slide 26: Three-Year Outlook
Three-Year Outlook • Detailed 2025 guidance and an updated three-year outlook will be provided on February 13, 2025 alongside our Q4 financial results US millions, unless otherwise indicated 2023 RESULTS 2024 GUIDANCE5 2025 OUTLOOK5 2026 OUTLOOK5 Gold contained in concentrate produced (‘000s oz) Che
Slide 27: Strong Mineral Resource and Mineral Reserve Base
Strong Mineral Resource and Mineral Reserve Base Mineral Reserves Mineral Resources Million Au Cu Million Au Cu Au (g/t) Cu (%) Au (g/t) Cu (%) Tonnes (Moz) (Mlbs) Tonnes (Moz) (Mlbs) Chelopech Chelopech Proven 6.4 0.575 116.9 2.79 0.83 M&I 15.4 1.185 265 2.39 0.78 Probable 11.2 0.998 188.4 2.77 0.7
Slide 28: Endnotes
Endnotes 1. Cost of sales per ounce of gold sold represents cost of sales for Chelopech and Ada Tepe, divided by payable gold in concentrate sold. This measure is before by-product credits. All-in sustaining cost per ounce of gold is a non-GAAP ratio which represents cost of sales less depreciation,
Slide 29: Technical and Regulatory Information
Technical and Regulatory Information Qualified Person Disclosure A. Chelopech: Technical report entitled “NI 43-101 Technical Report – Mineral Resource and Mineral Reserve Update, Chelopech Mine, Chelopech, Bulgaria” dated effective March 31, 2023, and filed on SEDAR+, prepared by Galen White, BSc (
Slide 30: TSX:DPM
Scan to download a copy of this presentation Corporate Head Office 150 King Street West, Suite 902 Toronto, Ontario M5H 1J9 T: 416 365-5191 Investor Relations jcameron@dundeeprecious.com T: 416 219-6177 www.dundeeprecious.com TSX:DPM