Dpm Metals Inc. · TSX:DPM
Dpm Metals — Bank of America Securities Global Metals, Mining & Steel Conference 2026
33 slides from Dpm Metals's conference presentation, May 11, 2026
Slide 1: Uniquely Positioned to Deliver Superior Value
TSX:DPM ASX:DPM Uniquely Positioned to Deliver Superior Value Bank of America Securities Global Metals, Mining & Steel Conference May 11-13, 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: Growing European Precious Metals Producer
Growing European Precious Metals Producer Peer-leading growth and margins for quality returns through the cycle Hungary $7.7B 350,000 GEO4,5 market capitalization producer and growing Croatia Romania Bosnia and Serbia Herzegovina $575M $0.16 / share Rakita Camp prospects Bulgaria Vareš silver mine c
Slide 5: Growing Precious Metals Producer
Growing Precious Metals Producer Organic growth funded from a strong balance sheet Operating Assets Growth Pipeline Gold equivalent production (Koz.) 355 - 400 Growth prospects 305 - 365 320 - 365 Dumitru Potok 288 Čoka Rakita project +189,000 oz.8 Wedge Zone Deep (first 5 years) prospect Rakita Cam
Slide 6: Financial Strength to Fund Growth
Financial Strength to Fund Growth Growing cash position with no debt and a track record of shareholder returns Financial Position Shareholder Returns $ millions $ millions $505 $400 Total liquidity $305 $976M $252 $228 $576 $211 203 $166 $146 $96 $79 $32 $43 34 $11 2020 2021 2022 2023 2024 2025 Q1 2
Slide 7: Chelopech Gold-Copper Mine
Chelopech Gold-Copper Mine Our European flagship asset with decades of expertise in action 7
Slide 8: Chelopech: Efficient Mine Providing Critical Minerals in EU-Member Country
Chelopech: Efficient Mine Providing Critical Minerals in EU-Member Country Flagship asset underpinning DPM success • 2.2Mtpa underground mine in Bulgaria • Conventional LHOS mining and flotation plant • Produces copper-gold and pyrite-gold concentrates • Training ground for safety and leadership • W
Slide 9: Chelopech: 10+ Years of Mine Life
Chelopech: 10+ Years of 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 4,100-h
Slide 10: Wedge Zone Discovery
Wedge Zone Discovery Located in Chelopech mine concession approximately 300 m from existing Mineral Reserves • Newly discovered high-grade zone • Higher than current reserve grade of 2.2 g/t Au • Results include 68.3 m at 7.42 g/t AuEq • Outlined over ~110 m strike length • Potential to expand zone
Slide 11: Vareš Silver-Gold Mine
Vareš Silver-Gold Mine Ramping up to full production in 2026 11
Slide 12: 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 2026 a transitional year for Vareš % of 2026 gold equivalent production by quarter4,5 • Strong Q1 production of 29koz. Au eq. Achieve • Development rates advancing according to plan 850ktpa • Accelerating gold
Slide 13: Progressing Priority Projects at Vareš
Progressing Priority Projects at Vareš On track to achieve 850,000 tonne per annum rate by year-end Installation of the water treatment plant Construction of paste backfill plant advancing well 13
Slide 14: Čoka Rakita (DPM)
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Slide 15: Vareš: Near-Term Opportunities to Add Net Asset Value
Vareš: Near-Term Opportunities to Add Net Asset Value Extending Mineralization to the Ore Sorting Prospective Land Package North-West • Increases ore grades to the mill • Wider, higher-grade zones • 22-km corridor in proximity to Vareš • Priority for stakeholder infrastructure and mill engagement an
Slide 16: Čoka Rakita Gold Project
Čoka Rakita Gold Project Europe’s next high-grade, low-cost gold mine 16
Slide 17: Advancing the Čoka Rakita Project
Advancing the Čoka Rakita Project Near-term growth project with first production targeted for H1 2029 Feasibility Study Results7 $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 • Swift
Slide 18: Čoka Rakita: On-Time, On-Budget Delivery by DPM
Čoka Rakita: On-Time, On-Budget Delivery by DPM Chelopech mine/mill Ada Tepe project Vareš ramp-up Čoka Rakita project expansion • $170M capital investment • $180M capital investment • $76M capital investment • Leverages Ada Tepe infrastructure and equipment • Doubled production to 2Mtpa • Delivered
Slide 19: Rakita Camp and the Dumitru Potok Project
Rakita Camp and the Dumitru Potok Project A 2025 large-scale copper-gold discovery growing into a top mineral district 19
Slide 20: Rakita Camp: Large, Untested Porphyry-Skarn System
Rakita Camp: Large, Untested Porphyry-Skarn System Multiple prospects within 1- to 2-km from Čoka Rakita project infrastructure • Intensive camp-wide exploration campaign ongoing • 5 discoveries since 2022, with several untested targets to the north • Multiple targets on Potaj Čuka and Pester Jug li
Slide 21: Dumitru Potok: Large Inferred Mineral Resource
Dumitru Potok: Large Inferred Mineral Resource Demonstrating Rakita camp’s potential for district-scale gold-copper systems • Since 2024 ‘discovery to mineral resources’ estimate • Resource expansion as all three deposits remain open in multiple directions • Completed initial Inferred mineral resour
Slide 22: DPM Metals: A Premier Mining Business
DPM Metals: A Premier Mining Business Strong fundamentals with a peer-leading fully-funded growth pipeline High-margin asset portfolio driving strong free cash flow generation Attractive high-quality growth projects Proven project development capabilities Strong balance sheet and sustainable financi
Slide 23: Appendix
Appendix
Slide 24: Corporate Snapshot
Corporate Snapshot Share Price (C$/sh) and Volume (M) Top Shareholders 60 18 Helikon Investments Merloni Holding SpA 16 50 14 Blackrock Victory Capital Volume (Millions) Share Price (C$) 40 12 First Eagle Acadian 10 30 Van Eck LSV Asset Management 8 20 6 Dimensional Funds Sprott Inc 4 10 2 Market St
Slide 25: Experienced DPM Leadership Team
Experienced DPM Leadership Team Board of Directors Juanita Montalvo Jaimie Donovan Chair Independent Director David Rae Martin Horgan President & CEO Independent Director Dr. Nicole Adshead-Bell Kalidas Madhavpeddi Independent Director Independent Director Robert M. Bosshard Marie-Anne Tawil Indepen
Slide 26: 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 2026 2027 2028 Over 80% of 2026E revenue from (excluding Vares) Guidance5 Outlook5 Outlook5 gold and silver GEO production5 Koz 288 305 - 365 355 - 400 320 - 365
Slide 27: Čoka Rakita Feasibility Study Results
Čoka Rakita Feasibility Study Results Production (life of mine averages, unless otherwise noted) Unit Operating and all-in sustaining cost (life of mine averages) Mineral Reserve Mt 7.3 $ millions $/t of ore processed $/oz. payable gold Average gold grade mined g/t 6.44 Mining $267 $36 $203 Annual t
Slide 28: Loma Larga Project
Loma Larga Project Evaluating all options to preserve value and optionality for shareholders • DPM confident that environmental management plan and robust environmental protection measures comply with Ecuadorian standards • Reflects DPM's proven track record of responsible development • Commitment t
Slide 29: DPM Mineral Resource and Mineral Reserve Base
DPM 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 7.0 0.479 95 2.14 0.61 M&I 15.3 1.072 216 2.18 0.64 Probable 16.2 1.149 214 2.20 0.60 Inferr
Slide 30: Vareš Mineral Resource and Mineral Reserves
Vares Mineral Resource and Mineral Reserves13 Mineral Resources Estimate Mineral Reserve Estimate 1 April 2025 1 April 2025 Tonnage Ag Zn Pb Au Cu Sb Tonnage Ag Zn Pb Au Cu Sb (Mt) (g/t) (%) (%) (g/t) (%) (%) (Mt) (g/t) (%) (%) (g/t) (%) (%) Indicated 10.7 264 7.4 4.8 1.9 0.65 0.22 Proved - - - - -
Slide 31: 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, or GEO where applicable, is a non-GAAP ratio which represents cost o
Slide 32: 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 33: 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 ARBN 689 370 894
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