Dpm Metals Inc. · TSX:DPM
Dpm Metals — Investor Day (December 2025)
49 slides from Dpm Metals's investor day presentation, Dec 4, 2025
Slide 1: Uniquely Positioned to Deliver Superior Value
Uniquely Positioned to Deliver Superior Value Investor Day December 4, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This pre sen tation contains Forward Loo king Statements. Forward Loo king Statements are sta temen ts that are not historical facts and are gen erally, but not always, iden tified by the use of forward looking terminolog y such as “pla ns” , “expects” , “is expected”, “bu
Slide 3: Welcome to DPM’s Investor Day
Welcome to DPM’s Investor Day
Slide 4: Agenda
Agenda 9:00 AM Welcome and introductions Chelopech exploration potential New high-grade discovery Čoka Rakita feasibility study results Developing a high-margin, low-cost mine Rakita camp District-scale potential 10:40 AM Break Vareš Progress in ramping up to full production 11:30 AM Wrap-up and Q&A
Slide 5: Delivering Value-Generating Catalysts
Delivering Value-Generating Catalysts Significant developments in DPM’s portfolio driving future growth prospects Wedge Zone Deep discovery Čoka Rakita feasibility study results newly discovered high-grade mineralization low-cost, high-grade project Rakita Camp Inferred Mineral Resource Vareš ramp-u
Slide 6: Financial Strength to Fund Growth
Financial Strength to Fund Growth Growing cash position and no debt Financial Position Ended Q3 2025 with $414M in cash, following $ millions spending completed YTD 2025: ▪ $399M in cash for Adriatic transaction ▪ $136M to retire Adriatic's debt Total liquidity ▪ $137M of capital returned to investo
Slide 7: Today’s Speakers
Today’s Speakers Opportunity for direct engagement with DPM’s leadership and technical teams Iliya Garkov Chief Operating Officer Mirco Nolte Vice President, Projects Tsvetomir Velkov Vice President, Technical Services Stefan Metodiev Director, Exploration Ross Overall Director, Corporate Technical
Slide 8: Chelopech exploration potential
Chelopech exploration potential New, high-grade discovery 8
Slide 9: Wedge Zone Deep Discovery
Wedge Zone Deep Discovery New high-grade mineralization at the Chelopech mine ▪ Newly discovered zone of high-grade mineralization on the north flank of Chelopech mine concession ▪ Results highlights include: ▪ 68.3 m @ 7.42 g/t AuEq ▪ 48.1m @ 9.41 g/t AuEq ▪ Broad envelope of mineralization of up t
Slide 10: Wedge Zone Deep Discovery
Wedge Zone Deep Discovery Underscores exploration potential at DPM’s core operation ▪ Historically, deeper levels on the northern flank were low priority for exploration, received very limited attention ▪ Evaluating options for development of underground infrastructure to support exploration drillin
Slide 11: Chelopech: Targeting 10+ Years of Mine Life
Chelopech: Targeting 10+ Years of Mine Life Multi-decade track record of adding incremental mineral reserves to offset depletion ▪ Strong Mineral Resource base: 1.1Moz. Au, 4.4Moz. Ag and 242 Mlbs. of Cu ▪ In the process of converting surrounding exploration licenses to mining concessions ▪ Chelopec
Slide 12: Čoka Rakita feasibility study results
Čoka Rakita feasibility study results Developing a low-cost, high-margin mine 12
Slide 13: Geological Setting
Geological Setting District scale discovery with multiple styles of mineralization ▪ Part of the Western margin of Timok Magmatic Complex (TMC) known as High Sulfidation-Porphyry district ▪ Čoka Rakita is part of large zoned complex hydrothermal system that includes: ▪ Porphyry copper-gold ▪ Skarn c
Slide 14: Čoka Rakita Geology
Čoka Rakita Geology Concentrated high-grade orebody ▪ Gold-bearing exoskarns, developed as massive stratabound bodies in a Ca-rich sandstones, in the hanging wall of a sill-like porphyritic diorite ▪ Endoskarn zone of the diorite, up to several meters from the intrusive contact, rich in copper and g
Slide 15: Feasibility Study Mineral Resource and Reserves
Feasibility Study Mineral Resource and Reserves Mineral Reserves tonnage increased by 10% and contained gold increased by 11% Mineral Resource Estimate (as of January 17, 2025) exclusive of Mineral Reserves Improved Mineral Resource and Mineral Reserve Estimates Gold Content Classification Tonnes (M
Slide 16: Mine Plan Optimized for Early Access to High Grades
Mine Plan Optimized for Early Access to High Grades N 910m RL S 660m RL Optimizations from the PFS include: 735m RL Lower Decline Surface Vent Upper Decline ▪ Improved development layout and overall design efficiency Raise ▪ Ground support design optimized based on geotechnical drilling results 650m
Slide 17: Conventional Flowsheet with Strong Gold Recoveries
Conventional Flowsheet with Strong Gold Recoveries Relatively standard comminution, gravity and flotation flowsheet to process 850ktpa ▪ Processing facility designed for 850ktpa throughput ▪ Conventional flowsheet: crushing & comminution → gravity recovery → flotation ▪ Strong metallurgical performa
Slide 18: Site Layout
Site Layout Optimized design and site layout 18
Slide 19: Production Schedule
Production Schedule First decile margins drive fast capital return LOM average gold grade Higher production in first 5 years Top decile all-in sustaining cost 6.44 g/t 189,000 gold ounces $644/oz. gold ounce sold (LOM avg.) Mined Tonnes & Gold Grades Payable Gold Production & 1000 All-in Sustaining
Slide 20: First Decile All-in Sustaining Cost
First Decile All-in Sustaining Cost Life of Mine Unit Operating and All-in Sustaining Cost $/t of ore $/oz. payable $ millions processed gold Mining $267 $36 $203 Processing $205 $28 $156 General & administrative $115 $16 $88 Royalties $121 $16 $92 Total cash costs $786 $96 $538 Offsite cost $78 $69
Slide 21: Manageable Capital Intensity for a High Return Project
Manageable Capital Intensity for a High Return Project Well-within DPM’s capacity to fund with existing cash and cash flow generation $ millions Changes relative to the PFS: Initial capital estimates1 ▪ Updated mine development contracting strategy Mine development $129 ▪ Accelerated decline develop
Slide 22: Targeting First Concentrate Production in 2029
Targeting First Concentrate Production in 2029 ▪ Revised permitting timeline anticipates start-up of mine construction in early 2027 ▪ DPM confident in project's overall progress ▪ Technical workstreams progressing as planned ▪ Proactive stakeholder engagement ▪ Initiated Special Purpose Spatial Pla
Slide 23: Stakeholder Engagement
Stakeholder Engagement DPM has maintained a local and regional presence for 20+ years Building and maintaining strong partnerships with local communities and governments ▪ Ongoing, consistent engagement with local communities ▪ Prioritizing open and transparent communication ▪ Well-established and r
Slide 24: Čoka Rakita Feasibility Study Results
Čoka Rakita Feasibility Study Results Confirms high-margin, low-cost operation that will generate significant returns for investors Production (life of mine averages, unless otherwise noted) Improvements relative to the PFS: Mineral Reserve Mt 7.3 ▪ Additional year of mine life Average gold grade mi
Slide 25: Rakita camp
Rakita camp District-scale potential 25
Slide 26: Rakita Camp: District Scale Potential
Rakita Camp: District Scale Potential Testing the continuation of the system with step-out drilling Step-out drilling: 20,000 metres planned ▪ Valja Saka ▪ Follow-up results from Valja Saka intercepts reported in Q1 2025 ▪ Shallow sandstone and marble-hosted gold-silver-base metal skarn mineralizati
Slide 27: Infill and Delineation Drilling
Infill and Delineation Drilling 20,000 metres of diamond drilling planned Čoka Rakita licence, expected to commence Q2 2026 ▪ Infill and extension of the contact and stratabound A B skarns based on existing resource shapes ▪ Delineation of the Frasen gold-copper porphyry target A B 27
Slide 28: Deposits Remain Open for Further Growth Potential
Deposits Remain Open for Further Growth Potential Each of Dumitru Potok, Rakita North and Frasen remain open in multiple directions ▪ Sub-vertical contact skarn mineralization Dumitru Potok remains open to the north, south and at depth ▪ Stratabound mineralization remains open in numerous locations
Slide 29: Dumitru Potok Mineralization
Dumitru Potok Mineralization ▪ A large, zoned calcic Cu–Au–Ag skarn system centered on a causative intrusion, with: ▪ Proximal Sulphide dominant Cu-Au skarn near the intrusion grading outward and upward into skarn with oxidized Cu mineral assemblages ▪ Continues as stratabound, manto-like skarn / Ca
Slide 30: Initial Metallurgical Testwork Results
Initial Metallurgical Testwork Results Indicates high recoveries are achievable, generating saleable copper and gold concentrate Positive testwork outcomes ▪ Initial testwork focused on testing key mineralization styles at the Dumitru Potok, Rakita North and Frasen prospects ▪ Medium bond mill index
Slide 31: Initial Inferred MRE Establishes District Scale Platform
Initial Inferred MRE Establishes District Scale Platform Underscores the significant potential of the Rakita camp ▪ Inferred MRE: 2.6 Moz. Au and 1.9 B lbs. Cu ▪ Significant higher-grade and higher-tonnage core of the mineral resource within Dumitru Potok: 2.4 Moz. Au and 1.7 B lbs. Cu ▪ MRE incorpo
Slide 32: Break
Break Session to resume at 11:10 AM EST 32
Slide 33: Vareš
Vareš Progress in ramping up to full production 33
Slide 34: Vareš: High-Grade Precious and Base Metals Underground Mine
Vareš: High-Grade Precious and Base Metals Underground Mine Key Operating and Financial Metrics Integration activities proceeding well Unit Life of Mine Initial operating life Years 15 ▪ Embedding DPM health and safety practices Mill throughput capacity ktpa 850 ▪ Transforming training programs for
Slide 35: Stakeholder Engagement
Stakeholder Engagement Building the foundation for long-term success ▪ Focus on engaging with stakeholders to build trust and introduce DPM ▪ Building relationships with communities and creating local employment ▪ Recently opened an information center in Kakanj, to help facilitate transparent two-wa
Slide 36: Infill Drilling to Improve Mineral Resource Confidence
Infill Drilling to Improve Mineral Resource Confidence Better defining geological and geotechnical understanding of the orebody ▪ Current drill spacing: 40m x 40m ▪ Increasing density to 20m x 20m & 15m x 15m to upgrade the Mineral Resource ▪ Currently 1 drill rig operating with 2nd expected in earl
Slide 37: Accelerating Development Rates
Accelerating Development Rates Leveraging DPM expertise to improve mining practices and accelerate development ▪ Improving blasting techniques ▪ Better ground support and ground control practices ▪ Achieving targeted advance rates Driving decline to bottom of the orebody 37
Slide 38: Strategic Mine Plan Optimization
Strategic Mine Plan Optimization Optimized mine design ▪ Mining blocks: ensuring multiple mining fronts & production flexibility ▪ Bottom-up extraction sequence ▪ Sill pillars: extraction at the end of each mining block Mining method ▪ SLOS and BF as baseline ▪ MCAF in narrow, steep zones Backfill ▪
Slide 39: Improving Ventilation
Improving Ventilation Optimized airflow design to support current operations and potential future growth ▪ New intake ventilation decline: Main Fan ▪ Ensure sufficient air quantity and optimal air- flow velocity RUP Decline ▪ Provides a second independent haulage access ▪ Optimized Return Air Raise
Slide 40: Construction of Paste Backfill Plant on Track
Construction of Paste Backfill Plant on Track Expected to commission in Q2 2026 ▪ Plant shell under construction ▪ Electrical design on track for completion in Q4 2025 ▪ All usage permits currently in place 40
Slide 41: Prospective Vareš Land Package
Prospective Vareš Land Package 22-kilometre corridor in proximity to Vareš infrastructure and mill ▪ Large land package ▪ Well-understood permitting regime ▪ Progressing engagement with local communities ▪ Exploration activities planned for 2026 ▪ Additional geophysics (MT) ▪ 20,000 metres of brownf
Slide 42: Q&A Session & Wrap Up
Q&A Session & Wrap Up 42
Slide 43: DPM Metals: A Premier Mining Business
DPM Metals: A Premier Mining Business Strong fundamentals with a catalyst-rich investment horizon High-margin asset portfolio driving strong free cash flow generation Attractive high-quality growth projects Proven project development capabilities Strong balance sheet and sustainable financial return
Slide 44: Appendix
DPM| METALS
Slide 45: Corporate Snapshot
Corporate Snapshot Share Price (C$/sh) and Volume (M) Top Shareholders 12 35 Helikon Investments Merloni Holding SpA 10 30 Blackrock Victory Capital Volume (Millions) Share Price (C$) 25 8 First Eagle Acadian 20 6 Van Eck LSV Asset Management 15 4 Dimensional Funds Sprott Inc 10 2 5 Market Stats 0 -
Slide 46: Experienced DPM Leadership Team
Experienced DPM 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
Slide 47: DPM’s Technical Team
DPM’s Technical Team Iliya Garkov With over 3 decades of international mining experience, Iliya commenced work in the Chelopech mine in 1994, Chief Operating Officer continuously moving through the ranks. Since 2003, he has held a number of leadership roles within DPM and is a key contributor to the
Slide 48: Non-GAAP Measures
Non-GAAP Measures Certain financial measures referred to in this news release are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other c
Slide 49: Corporate Head Office
Corporate Head Office 150 King Street West, Suite 902 Toronto, Ontario M5H 1J9 T: 416 365-5191 Investor Relations jcameron@dpmmetals.com T: 416 219-6177 www.dpmmetals.com ARBN 689 370 894