Slide 1: Uniquely Positioned to Deliver Superior Value
TSX:DPM TSX: DPM ASX: DPM Uniquely Positioned to Deliver Superior Value Fourth Quarter & Year-End 2025 Results February 11, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “guidance”, “outlook”
Slide 3: Non-GAAP Measures
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 other
Slide 4: 2025 Highlights
2025 Highlights
Slide 5: 2025 Highlights
2025 Highlights Performance demonstrates strengths that underpin growth strategy ☑ Operational Track Record ☑ Strong Liquidity for Growth • 11 consecutive years achieving gold • $498 million in cash production guidance • New revolving $400 million credit facility ☑ Generating Strong Margins ☑ Organi
Slide 6: Vareš Ramping up to Full Production in 2026
Vareš Ramping up to Full Production in 2026 On track to achieve 850,000 tonnes by year-end % of 2026 gold equivalent production by quarter5,6 Integration activities proceeding well • Embedding DPM health and safety practices Achieve • Transforming training programs for local personnel 850ktpa 40 • E
Slide 7: Chelopech: Stable Production with Near-Term Growth Potential
Chelopech: Stable Production with Near-Term Growth Potential Flagship asset underpinning DPM success • Training ground for safety and leadership • Well-established social licence • Multi-decade track record of mineral reserve replacement 2026 production and all-in sustaining cost guidance • Producti
Slide 8: Wedge Zone Discovery
Wedge Zone Discovery Located in Chelopech mine concession approximately 300 m from existing Mineral Reserves • Newly discovered in 2025 high-grade zone • Results include 68.3 m at 7.42 g/t AuEq • Outlined over ~110 m strike length • Potential to expand zone as open in multiple directions • Ongoing 1
Slide 9: Chelopech: Targeting Additional Mine Life
Chelopech: Targeting Additional Mine Life Compelling exploration prospects to continue track record of adding mineral reserves Strategy: Near-mine drill testing and licence conversion • Predictable, proven permitting processes from +20-years of DPM ownership • Multiple exploration targets across the
Slide 10: Advancing the Čoka Rakita Project
Advancing the Čoka Rakita Project High-margin growth project with first production targeted for H1 2029 Feasibility Study Results8 $782M NPV5% | 36% IRR • Feasibility study outlines a robust, high-margin gold operation robust economics at $1,900/oz. Au • NPV5% of $2.2B at $3,500/oz. gold price • DPM
Slide 11: Rakita Camp Inferred Mineral Resource
Rakita Camp Inferred Mineral Resource Demonstrating Rakita camp’s potential for district-scale gold-copper systems • Since 2024: discovery to Mineral Resource estimate • Resource expansion as all three deposits remain open in multiple directions • Completed initial Inferred mineral resources estimat
Slide 12: Rakita Camp: Large, Untested Porphyry-Skarn System
Rakita Camp: Large, Untested Porphyry-Skarn System Multiple prospects within 1 to 2km from Čoka Rakita project infrastructure • Intensive camp-wide exploration campaign ongoing • 5 discoveries since 2022, with several untested targets to the north • Multiple targets on Potaj Čuka and Pester Jug lice
Slide 13: Growing Precious Metals Producer
Growing Precious Metals Producer Organic growth funded from a strong balance sheet Operating Assets Čoka Rakita8 Organic Projects & Exploration Prospects +189,000 ounces • Dumitru Potok (first 5 years) • Rakita Camp exploration • Wedge Zone Deep prospect • Chelopech North & Brevene brownfields explo
Slide 14: Financial Results Highlights
Financial Results Highlights 1414
Slide 15: Financial Results Highlights
Financial Results Highlights Record revenue, earnings and free cash flow $ millions except where noted Q4 2025 Q4 2024 % change 2025 2024 % change Q4 free cash flow2 Revenue 352.4 179.1 97% 950.5 607.0 57% $182.8 million Adjusted net earnings3 170.4 82.7 106% 443.2 232.2 91% Per share ($/sh) 0.77 0.
Slide 16: Key Cost Metrics and Capital Expenditures
Key Cost Metrics and Capital Expenditures All-in sustaining cost1 (excludes Vareš) Capital expenditures (excludes Vareš) $ per ounce of gold sold $ millions 4 5 All in sustaining cost Average realized gold price 2025 2025 Guidance 56 - 64 56 $4,323 $3,632 33 24 - 31 780 - 900 $1,082 $1,121 Q4 2025 2
Slide 17: Three-Year Outlook Underpins Future Growth
Three-Year Outlook Underpins Future Growth Growing production and investing in high-quality growth and exploration prospects 2025 Results (excluding Vares) 2026 Guidance5 2027 Outlook5 2028 Outlook5 Average annual GEO GEO production6 Koz 288 305 - 365 355 - 400 320 - 365 production6 Chelopech 217 18
Slide 18: Financial Strength to Fund Growth
Financial Strength to Fund Growth Record revenue, earnings and free cash flow Financial Position Ended 2025 with $498M in cash, following $ millions spending: • $399M in cash for Adriatic transaction • $136M to retire Adriatic's debt Total liquidity • $146M of capital returned to investors 400 (divi
Slide 19: DPM Metals: A Premier Mining Business
DPM Metals: A Premier Mining Business Strong fundamentals with a peer-leading fully-funded growth pipeline High-margin asset portfolio driving strong free cash flow generation Attractive high-quality growth projects Proven project development capabilities Strong balance sheet and sustainable financi
Slide 20: Appendix
fe BY S METALS Appendix
Slide 21: Chelopech Operating Highlights
Chelopech Operating Highlights Q4 2025 2025 Ore processed Kt 550 2,181 Head grades Gold g/t 3.16 3.04 Copper % 0.96 0.75 Recoveries Gold % 81.8 81.9 Copper % 85.0 83.3 Metals contained in concentrates produced Gold Koz. 45.7 174.4 Copper Mlbs. 9.9 30.0 Payable metals in concentrates sold Gold Koz. 4
Slide 22: Ada Tepe Operating Highlights
Ada Tepe Operating Highlights Q4 2025 2025 Ore processed Kt 236 797 Gold grade g/t 4.04 3.45 Gold recovery % 80.2 79.7 Gold contained in concentrate produced Koz. 24.6 70.5 Payable gold in concentrate sold Koz. 23.3 68.5 Cash cost per tonne of ore processed $/t 72 72 All-in sustaining cost1 $/oz. Au
Slide 23: Footnotes
Footnotes 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, or GEO where applicable, is a non-GAAP ratio which represents cost o
Slide 24: Corporate Head Office Investor Relations
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