Dpm Metals Inc. · TSX:DPM
Dpm Metals — Dundee Precious Metals — Merger or Acquisition (July 2025)
31 slides from Dpm Metals's merger presentation, July 2025
Slide 1: Recommended Acquisition of Adriatic Metals
RECOMMENDED ACQUISITION OF ADRIATIC METALS July 2025 DELIVERING GROWTH AND VALUE with high-margin, long-life mines
Slide 2: Cautionary Statement
Cautionary Statement This presentation (including any information incorporated by reference into this presentation) contains statements which are, or may be deemed to be, “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are prospective in natu
Slide 3: Transaction Highlights
Transaction Highlights Creates Premier Mining Near-Term Regional Expertise Business Production Growth • High-margin portfolio • Complements organic growth • 20+ years exploring, building and • Peer-leading growth profile initiatives operating in the region • High-quality growth pipeline • Asse
Slide 4: Transaction Summary
Transaction Summary • DPM to acquire the entire ordinary share capital of Adriatic by way of a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act 2006 (the “Scheme”) Structure • Implied transaction equity value of approximately $1.25 billion based on Adriatic’s ordinary sha
Slide 5: High-Margin Production Base with Attractive Organic Projects
High-Margin Production Base with Attractive Organic Projects ČOKA RAKITA | gold project Location Serbia Stage Feasibility study CANADA CHELOPECH | gold-copper mine Location Chelopech, Bulgaria Stage Producing SERBIA CORPORATE HEAD OFFICE BULGARIA BOSNIA AND HERZEGOVINA VAREŠ | precious and base meta
Slide 6: Vareš: High-Grade Precious and Base Metals Underground Mine
Vareš: High-Grade Precious and Base Metals Underground Mine HIGH-QUALITY ASSET Location Bosnia and Herzegovina • Long operating life • Attractive high-grade orebody Claims 4,400 hectares • Production scale and margin Processing capacity 850,000 tonnes per annum • Supportive mining jurisdiction LOGIC
Slide 7: Vareš: NI 43-101 Technical Report Summary
Vareš: NI 43-101 Technical Report Summary Optimized, lower risk profile for Vareš Key Operating and Financial Metrics (based on mineral reserves only) • Reflects DPM’s optimized approach to Vareš: Unit Life of Mine Initial operating life Years 15 Revised bottom-up mine design sequence Mill through
Slide 8: Identified Near-Term Optimization Opportunities
Identified Near-Term Optimization Opportunities Extending Mineralization to the Ore Sorting Prospective Land Package North-West • Increases ore grades to the mill • Wider, higher-grade zones • Prospective Dinarides mineral belt • Priority for stakeholder • 22-km corridor in proximity to Vareš engage
Slide 9: Benefits to Adriatic Shareholders
Benefits to Adriatic Shareholders • Greater scale and diversification • Continued exposure to Adriatic’s Vareš operation and future exploration upside, with a lower risk profile • Strong financial positioning with attractive margins and balance sheet for greater operating flexibility • Exposure to D
Slide 10: Responsible & Efficient Production from our Existing Portfolio
Responsible & Efficient Production from our Existing Portfolio Chelopech Three-Year Outlook6 High-quality cornerstone asset (2025E to 2027E) • Strong, reliable low-cost gold and copper underground mine ~200koz. per year • 2025E6 average annual gold production 160-185koz Au; 28-33Mlbs. Cu $550-$650/o
Slide 11: Advancing the Čoka Rakita Project
Advancing the Čoka Rakita Project • Feasibility study expected to be completed by year-end 2025 PFS Highlights8 • High-grade Mineral Reserve estimate: 1.36 Moz. Au (6.63 Mt at 6.38 g/t)8 170koz. annual gold production (first 5 full years) • Strong fit with underground mining and processing expertise
Slide 12: 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 13: 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 14: 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 • Completed the free, prior and informed consultation process in May 2025 • Baseline eco
Slide 15: 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 16: 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 17: 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 9 Free cash flow Capital retur
Slide 18: Near-Term Production Growth, Increased Scale & Liquidity
Near-Term Production Growth, Increased Scale & Liquidity… 2025E Production Guidance (koz AuEq.) 1,032 899 778 628 540 480 458 448 442 425 387 308 290 195 Endeavour B2Gold IAMGOLD New DPM OceanaGold Eldorado New DPM SSR Mining New Gold Torex Centerra DPM (2025) Orla Wesdome (2027) + (2027) 5 Čoka Rak
Slide 19: Growing Precious Metals Producer
Growing Precious Metals Producer Peer-leading growth profile Near-term growth +Čoka Rakita DPM + Vareš ~170koz. per year • Growth from Vareš complements organic 600 initiatives at Čoka Rakita and Loma Larga 500 • Growth funded from a strong balance sheet Gold equivalent production (Koz.)3,4 400 Prim
Slide 20: Creating a Premier Mining Business
Creating a Premier Mining Business Near-term growth with long-life deposits Regional presence and expertise to deliver value Strong balance sheet and sustainable financial returns Prospective land positions explored by proven team High-margin asset portfolio with peer-leading production growth Recog
Slide 21: Appendix
Progressive reclamation of the Ada Tepe Integrated Mine Waste Facility APPENDIX
Slide 22: Vareš Mine Production Schedule
Vareš Mine Production Schedule Year Unit Total H2 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Ore Tonnage (kt) 9,459 77 405 850 850 851 850 851 850 851 851 851 602 462 185 74 Ore Grade Zn (%) 6.89 7.34 7.15 6.83 6.81 6.28 7.35 8.07 7.73 6.61 6.04 6.57 6.41 7.05 6.34 6.
Slide 23: Capital Costs
Capital Costs $ millions Year Total H2 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Initial Capital Mine development 16 5.4 10.6 - - - - - - - - - - - - - - Mine infrastructure 11 2.9 8.4 - - - - - - - - - - - - - - Mine equipment 15 12.4 2.7 - - - - - - - - - - -
Slide 24: Vareš Mineral Resources and Mineral Reserves
Vareš Mineral Resources and Mineral Reserves 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 25: 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 26: Corporate Snapshot of DPM
Corporate Snapshot of DPM Share Price (C$/sh) and Volume (M) Top Shareholders $25 7 Blackrock Acadian Asset Mgmt 6 $20 Helikon Investments Victory Capital 5 First Eagle Connor Clark and Lunn Share Price (C$) Volume (M) $15 4 Van Eck Ruffer 3 $10 Dimensional Funds Sprott Inc 2 $5 1 Market Stats $0 -
Slide 27: Corporate Snapshot of Adriatic Metals Plc
Corporate Snapshot of Adriatic Metals Plc Share Price (A$/sh) and Volume (M)(1) Top Shareholders(2) A$5.5 24 Helikon Investments Global X A$5.0 20 L1 Capital UniSuper A$4.5 16 T Rowe Price Ninety One Share Price (A$) Washington H Soul Pattinson Old West Investment Volume (M) A$4.0 12 BNP Paribas Fin
Slide 28: 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 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 Inferr
Slide 29: Endnotes
Endnotes 1. The gold equivalent metrics for Vareš is reported to align with DPM’s standard reporting format. Gold contributes 14% to the net revenue, whereas other metals contribute in the amounts of: silver – 39%; zinc – 28%; lead – 17%; and copper – 2%. The reported grade was calculated from the M
Slide 30: Technical and Regulatory Information
Technical and Regulatory Information The scientific and technical information contained in this presentation were prepared in accordance with the Canadian regulatory requirements set out in NI 43-101, and have been reviewed and approved by: Sabine Anderson, MIMMM, Principal Consultant (Mining Due Di
Slide 31: Corporate Head Office
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
Dundee Precious Metals — Merger or Acquisition (July 2025) on 6ix