Dpm Metals Inc. · TSX:DPM
Dpm Metals — Investor Presentation (June 2025)
30 slides from Dpm Metals's investor presentation, June 2025
Slide 1: Uniquely positioned to deliver superior value
June 2025 Uniquely positioned to DELIVER SUPERIOR VALUE
Slide 2: Forward-Looking Information
Forward-Looking Information Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and Qualified Person (in the case of technical and scientific information), as of the date such statements are made, and they involve known and unknown risks, unce
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: A Robust Platform for Growth
A Robust Platform for Growth Responsible and efficient gold Developing quality orebodies Financial strength to support production from our portfolio growth 10-year track record Čoka Rakita advancing Strong $763M cash position4 of achieving gold production targeting construction mid-2026 well-p
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 Stage Producing SERBIA ČOKA RAKITA | gold project BULGARIA Location Serbia Stage Feasibility study LOMA LARGA | gold-copper project SERBIA REGIONAL | ex
Slide 6: Responsible & Efficient Production from our Portfolio
Responsible & Efficient Production from our Portfolio Chelopech Three-Year Outlook6 High-quality cornerstone asset (2025E to 2027E) • Strong, reliable low-cost gold and copper underground mine ~200koz. per year • 2025E 6 average annual gold production 160-185koz Au; 28-33Mlbs. Cu $550-$650/oz. all-i
Slide 7: Advancing the Čoka Rakita Project
Advancing the Čoka Rakita Project • Feasibility study expected to be completed by year-end 2025 PFS Highlights • High-grade Mineral Reserve estimate: 1.36 Moz. Au (6.63 Mt at 6.38 g/t)5 170koz. annual gold production (first 5 full years) • Strong fit with underground mining and processing expertise
Slide 8: New Wide, High-Grade Intercepts at Dumitru Potok
New Wide, High-Grade Intercepts at Dumitru Potok Encountered wide zone of mineralization • 190m at 2.07% Cu, 1.23 g/t Au and 12.19 g/t Ag from 808m, including 49m at 4.18% Cu, 1.48 g/t Au and 21.7 g/t Ag from 842m • 36m at 1.8% Cu, 1.4 g/t Au and 11.76 g/t Ag from 953 m and 115m at 1.47% Cu, 2.73 g/
Slide 9: Multiple High-Grade Targets in Close Proximity to Čoka Rakita
Multiple High-Grade Targets in Close Proximity to Čoka Rakita 55,000 metre drilling program • Dedicated target delineation allocated to highest priority targets • Increasing number of drill rigs: up to 15 expected to be deployed by early spring All three prospects are located near planned Čoka Rakit
Slide 10: Progressing the Loma Larga Gold Project
Progressing the Loma Larga Gold Project Advancing permitting, stakeholder engagement and technical work in support of a disciplined decision in best interest of shareholder value Continued progress on permitting • Working with Ministry of Energy and Mines to complete the free, prior and informed con
Slide 11: Chelopech: Targeting 10+ Years of Mine Life
Chelopech: Targeting 10+ Years of Mine Life Highlights • Current Mineral Reserve mine life extends to 2032 • Strong Mineral Resource base: 1.2Moz. Au • Compelling exploration prospects on a 4,100 ha land package 2025E exploration expenses at Chelopech $6 to $7 million6 Track record of adding increme
Slide 12: Track Record of On-Time, On-Budget Delivery of Capital Projects
Track Record of On-Time, On-Budget Delivery of Capital Projects Chelopech mine/mill Environmental & Ada Tepe project Čoka Rakita project expansion processing upgrades • $170M capital investment • $400M capital investment • $379M capital investment • $180M capital investment • Doubled production to 2
Slide 13: Record Shareholder Returns in Q1 2025
Record Shareholder Returns in Q1 2025 $351M $305 Maintaining a strong balance sheet $763M in cash $252 $228 $211 $166 Ability to fund growth & exploration internally $96 $90 $79 $79 $43 Enhanced share buyback $32 $11 up to $200M in 2025 2020 2021 2022 2023 2024 Q1 2025 2 Free cash flow Capital retur
Slide 14: Attractive Valuation
Attractive Valuation Price to NAV Dividend Yield Price to 2025E CFPS 12.4 2.6% 1.9 9.9 6.5 6.7 1.2% 1.0 0.9 4.8 0.7 0.8 4.0 4.0 4.0 0.7 0.6% 0.5 0.5 0.4% 0% CG EGO DPM BTG TXG NGD AGI WDO NGD EGO TXG WDO AGI CG DPM BTG NGD TXG CG WDO DPM BTG EGO AGI DPM’s strong fundamentals represent an attractive
Slide 15: Key Value Generating Catalysts
Key Value Generating Catalysts Čoka Rakita Loma Larga Chelopech Exploration ✓ High-grade discovery ✓ Investor protection agreement • Future mine life extensions • Čoka Rakita camp: 55,000m of scout drilling in 2025 ✓ Complete PEA (Q2 2024) ✓ Re-start environmental • Finalize Chelopech North consulta
Slide 16: Appendix
Progressive reclamation of the Ada Tepe Integrated Mine Waste Facility APPENDIX
Slide 17: Experienced Leadership Team
Experienced Leadership Team Board of Directors Juanita Montalvo Jaimie Donovan Chair Independent Director David Rae Kalidas Madhavpeddi President & CEO Independent Director Dr. Nicole Adshead-Bell Marie-Anne Tawil Independent Director Independent Director Robert M. Bosshard Independent Director Exec
Slide 18: Corporate Snapshot
Corporate Snapshot Share Price (C$/sh) and Volume (M) Top Shareholders $20 7,000,000 Blackrock Victory Capital 6,000,000 Van Eck Quantex AG $15 5,000,000 Share Price (C$) First Eagle RBC Global 4,000,000 $10 Helikon Ninety One UK 3,000,000 Dimensional Funds Ruffer 2,000,000 $5 1,000,000 Market Stats
Slide 19: Three-Year Outlook
Three-Year Outlook US millions, unless otherwise indicated 2024 RESULTS 2025 GUIDANCE 6 2026 OUTLOOK6 2027 OUTLOOK6 Gold contained in concentrate produced (Koz.) Chelopech 167 160 - 185 150 - 165 155 - 175 Ada Tepe 94 65 - 80 25 - 35 —-— Total 261 225 - 265 175 - 200 155 - 175 Copper contained in co
Slide 20: Three-Year Outlook Highlights Focus on Next Phase of Growth
Three-Year Outlook Highlights Focus on Next Phase of Growth Maintaining our operational track record 6 3-year annual average: • Gold production: 200,000 ounces • Copper production: 30 million pounds • All-in sustaining cost: $865/oz. Au sold1,4 Investing in future growth $284 to $292 million growth
Slide 21: Strong Mineral Resource and Mineral Reserve Base
Strong Mineral Resource and Mineral Reserve Base Million Au Cu Million Au Cu Mineral Reserves Au (g/t) Cu (%) Mineral Resources Au (g/t) Cu (%) Tonnes (Moz) (Mlbs) Tonnes (Moz) (Mlbs) Chelopech Chelopech Proven 4.1 0.367 72 2.78 0.80 M&I 12.5 1.109 242 2.75 0.87 Probable 10.8 0.949 183 2.74 0.77 Inf
Slide 22: 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 23: Commitment to Responsible Mining
Ongoing monitoring of a rehabilitated area near Ada Tepe, Bulgaria COMMITMENT TO RESPONSIBLE MINING
Slide 24: Strong Community Relations & Sustainability Track Record
Strong Community Relations & Sustainability Track Record External recognition 2024 performance highlights Approach to climate change Safety • Long track record of managing & improving GHG emissions and energy use • 4.7M hours without a Lost-Time Injury • Company-wide climate strategy • Launched “Gen
Slide 25: Community Investments to Support Local Development
Community Investments to Support Local Development We partner with local communities to identify and support their priorities Strong presence & leadership visibility within local communities • Annual community investment program in place to support local infrastructure, education, culture and sports
Slide 26: Small and Medium Enterprise Fund
Small and Medium Enterprise Fund Supporting sustainable livelihoods in businesses outside of the mining industry • Providing access to capital for small and medium businesses in local communities Created • DPM matches its grants with business loans from a partner financial institution 190 new jobs •
Slide 27: Supporting National Identity Causes
Supporting National Identity Causes Bulgarian Eurythmic Gymnastics Federation Private English Language School • DPM started supporting Bulgaria’s eurythmic • Established in 1995, the school celebrates its 30th gymnastics ensemble in 2008 and organised anniversary in 2025; the first Sofia World Cup •
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: Corporate Head Office
Scan to download a Corporate Head Office PDF of this 150 King Street West, Suite 902 presentation Toronto, Ontario M5H 1J9 T: 416 365-5191 Investor Relations jcameron@dundeeprecious.com T: 416 219-6177 www.dundeeprecious.com