As at September 30, 2026 and December 31, 2025
(unaudited, in thousands of U.S. dollars)
Notes | September 30, 2026 | December 31, 2025 | |
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | 839,180 | 497,797 | |
Accounts receivable | 206,564 | 253,796 | |
Inventories | 46,648 | 55,214 | |
Other current assets | 2,336 | 2,663 | |
1,094,728 | 809,470 | ||
Non-Current Assets | |||
Investments at fair value | 3,270 | 3,323 | |
Exploration and evaluation assets | 217,551 | 199,610 | |
Mine properties | 1,828,037 | 1,794,373 | |
Property, plant & equipment | 222,157 | 247,457 | |
Intangible assets | 10,733 | 12,616 | |
Deferred income tax assets | 9,286 | 6,941 | |
Other long-term assets | 9,439 | 7,590 | |
2,300,473 | 2,271,910 | ||
TOTAL ASSETS | 3,395,201 | 3,081,380 | |
LIABILITIES | |||
Current Liabilities | |||
Accounts payable and accrued liabilities | 124,971 | 206,133 | |
Income tax liabilities | 44,026 | 4,862 | |
Current portion of long-term liabilities | 4(b) | 17,733 | 14,891 |
186,730 | 225,886 | ||
Non-Current Liabilities | |||
Rehabilitation provisions | 30,728 | 37,076 | |
Share-based compensation liabilities | 6 | 47,653 | 40,214 |
Deferred income tax liabilities | 152,989 | 154,338 | |
Other long-term liabilities | 4(b) | 52,638 | 51,752 |
284,008 | 283,380 | ||
TOTAL LIABILITIES | 470,738 | 509,266 | |
EQUITY | |||
Share capital | 1,554,409 | 1,581,126 | |
Contributed surplus | 6,374 | 6,169 | |
Retained earnings | 1,364,708 | 985,712 | |
Accumulated other comprehensive loss | (1,028) | (893) | |
TOTAL SHAREHOLDERS' EQUITY | 2,924,463 | 2,572,114 | |
TOTAL LIABILITIES AND EQUITY | 3,395,201 | 3,081,380 | |
The accompanying notes are an integral part of the condensed interim consolidated financial statements
(unaudited, in thousands of U.S. dollars, except per share amounts)
Three months ended Nine months ended September 30, September 30, Notes 2026 2025 2026 2025 | |||||
Revenue | 12 | 311,640 | 267,413 | 983,547 | 598,047 |
Costs and expenses | |||||
Cost of sales | 6 | 92,570 | 113,847 | 274,240 | 243,557 |
General and administrative expenses | 6 | 28,120 | 21,677 | 63,114 | 49,290 |
Corporate social responsibility expenses | 1,055 | 1,278 | 2,308 | 2,482 | |
Exploration and evaluation expenses | 22,930 | 15,729 | 59,085 | 40,390 | |
Finance costs | 1,221 | 1,805 | 3,658 | 3,617 | |
Interest income | (4,646) | (8,493) | (13,191) | (24,910) | |
Other (income) expense | 7 | 13,003 | 13,179 | (8,090) | 44,674 |
154,253 | 159,022 | 381,124 | 359,100 | ||
Earnings before income taxes | 157,387 | 108,391 | 602,423 | 238,947 | |
Current income tax expense | 26,244 | 14,759 | 76,816 | 27,238 | |
Deferred income tax recovery | (2,649) | (2,353) | (4,143) | (179) | |
Net earnings | 133,792 | 95,985 | 529,750 | 211,888 | |
Earnings per share | |||||
- Basic | 0.61 | 0.54 | 2.40 | 1.23 | |
- Diluted | 0.61 | 0.54 | 2.39 | 1.22 | |
The accompanying notes are an integral part of the condensed interim consolidated financial statements
Three months ended Nine months ended September 30, September 30, Notes 2026 2025 2026 2025 | |||||
Net earnings | 133,792 | 95,985 | 529,750 | 211,888 | |
Other comprehensive loss items that | |||||
may be reclassified subsequently to | |||||
profit or loss: | |||||
Foreign exchange forward contracts | |||||
designated as cash flow hedges | |||||
Unrealized losses, net of income tax | |||||
of $nil for all periods | 3 | - | (6,569) | - | (6,976) |
Realized losses transferred to cash | |||||
consideration for acquisition of | |||||
Adriatic, net of income tax of $nil | |||||
for all periods | 3 | - | 6,976 | - | 6,976 |
Other comprehensive income (loss) | |||||
items that will not be reclassified | |||||
subsequently to profit or loss: | |||||
Unrealized gains (losses) on publicly | |||||
traded securities, net of income tax | |||||
of $nil for all periods | 30 | 295 | (474) | 1,266 | |
Transferred to retained earnings on | |||||
derecognition of investments | - | - | 339 | (490) | |
Currency translation adjustments | - | 342 | - | 342 | |
30 | 1,044 | (135) | 1,118 | ||
Comprehensive income | 133,822 | 97,029 | 529,615 | 213,006 | |
The accompanying notes are an integral part of the condensed interim consolidated financial statements
Three months ended, Nine months ended, September 30, September 30, Notes 2026 2025 2026 2025 | |||||
OPERATING ACTIVITIES | |||||
Earnings before income taxes | 157,387 | 108,391 | 602,423 | 238,947 | |
Depreciation and amortization | 27,624 | 28,181 | 76,720 | 72,044 | |
Changes in working capital | 9(a) | 10,004 | 29,061 | 11,788 | 185,901 |
Other items not affecting cash | 9(b) | 1,944 | 22,053 | (18,980) | 22,592 |
Proceeds from (payments for) settlement of | |||||
derivative contracts | 877 | (28) | (16,199) | (12,798) | |
Interest received | 3,753 | 9,141 | 12,090 | 25,339 | |
Income taxes paid | (10,256) | (12,223) | (37,957) | (25,075) | |
Cash provided from operating activities | 191,333 | 184,576 | 629,885 | 506,950 | |
INVESTING ACTIVITIES | |||||
Acquisition of Adriatic, net of cash acquired | 3 | - | (399,152) | - | (399,152) |
Proceeds from disposal of (payment for purchase | |||||
of) publicly traded securities | - | (171) | (332) | 670 | |
Expenditures on exploration and evaluation | |||||
assets | (4,164) | (9,550) | (17,662) | (25,973) | |
Expenditures on mine properties | (11,427) | (4,894) | (63,126) | (14,806) | |
Expenditures on property, plant and equipment | (12,877) | (7,435) | (22,747) | (13,084) | |
Expenditures on intangible assets | (602) | (136) | (952) | (1,073) | |
Release of restricted cash related to the | |||||
acquisition of Adriatic | 3 | - | 464,903 | - | - |
Decrease in restricted cash related to the | |||||
Tsumeb Disposition | - | - | - | 5,000 | |
Cash provided from (used in) investing activities | (29,070) | 43,565 | (104,819) | (448,418) | |
FINANCING ACTIVITIES | |||||
Proceeds from exercise of stock options | 289 | 21 | 1,313 | 947 | |
Repayments of Adriatic debt | 3 | - | (136,324) | - | (136,324) |
Dividends paid | 10(a) | (8,802) | (6,677) | (26,539) | (20,521) |
Payments for share repurchases | 10(b) | (71,672) | - | (145,155) | (116,135) |
Taxes paid on share repurchases | 10(b) | - | - | (2,297) | (984) |
Principal repayments related to leases | (1,262) | (1,752) | (5,149) | (4,558) | |
Principal repayments related to copper stream | |||||
liability | 4(b) | (1,684) | - | (3,091) | - |
Interest and finance fees paid | (1,161) | (1,483) | (2,765) | (2,176) | |
Cash used in financing activities | (84,292) | (146,215) | (183,683) | (279,751) | |
Increase (decrease) in cash and cash equivalents | 77,971 | 81,926 | 341,383 | (221,219) | |
Cash and cash equivalents at beginning of period | 761,209 | 331,685 | 497,797 | 634,830 | |
Cash and cash equivalents at end of period | 839,180 | 413,611 | 839,180 | 413,611 | |
The accompanying notes are an integral part of the condensed interim consolidated financial statements
Notes | September 30, 2026 | September 30, 2025 | |
Number Amount | Number Amount | ||
Share Capital | |||
Authorized | |||
Unlimited common and preference shares | |||
with no par value | |||
Issued | |||
Fully paid common shares with one vote per | |||
share | |||
Balance at beginning of period | 221,981,361 1,581,126 | 176,713,839 547,652 | |
Shares issued on exercise of stock options | 200,279 1,313 | 213,425 997 | |
Shares issued on acquisition of Adriatic | 3 | - - | 54,935,109 1,062,167 |
Shares repurchased | 10(b) | (3,903,348) (28,514) | (9,981,571) (30,898) |
Transferred from contributed surplus on | |||
exercise of stock options | 484 | 363 | |
Balance at end of period | 218,278,292 1,554,409 | 221,880,802 1,580,281 | |
Contributed surplus | |||
Balance at beginning of period | 6,169 | 5,844 | |
Share-based compensation expense | 689 | 675 | |
Transferred to share capital on exercise of | |||
stock options | (484) | (363) | |
Balance at end of period | 6,374 | 6,156 | |
Retained earnings | |||
Balance at beginning of period | 985,712 | 734,759 | |
Net earnings | 529,750 | 211,888 | |
Dividend distributions | 10(a) | (26,390) | (22,350) |
Share repurchases | 10(b) | (121,069) | (85,237) |
Taxes on share repurchases | (2,956) | (2,297) | |
Transferred from accumulated other | |||
comprehensive loss on derecognition of | |||
investments | (339) | 490 | |
Balance at end of period | 1,364,708 | 837,253 | |
Accumulated other comprehensive loss | |||
Balance at beginning of period | (893) | (1,427) | |
Other comprehensive income (loss) | (135) | 1,118 | |
Balance at end of period | (1,028) | (309) | |
Total equity at end of period | 2,924,463 | 2,423,381 | |
The accompanying notes are an integral part of the condensed interim consolidated financial statements
- Corporate Information
DPM Metals Inc. ("DPM") is a Canadian based international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. DPM is a publicly listed company incorporated under the federal laws of Canada. DPM trades on the Toronto Stock Exchange ("TSX") (symbol: DPM) and the Australian Securities Exchange ("ASX") as a Foreign Exempt Listing (symbol: DPM) (ARBN: 689370894). The address of DPM's registered office is 150 King Street West, Suite 902, P.O. Box 30, Toronto, Ontario M5H 1J9.
As at September 30, 2026, DPM's condensed interim consolidated financial statements included DPM and its subsidiary companies (collectively, the "Company").
DPM's principal subsidiaries included:
100% of DPM Chelopech EAD ("Chelopech"), which owns and operates a gold, copper and silver mine located east of Sofia, Bulgaria;
100% of DPMetals BH d.o.o ("Vareš"), which owns and operates a silver-lead-zinc-gold underground mine in Bosnia and Herzegovina (note 3). On August 10, 2026, the Vareš mine achieved commercial production; and
100% of DPM Krumovgrad EAD ("Ada Tepe"), which owns and operates a gold mine located in south eastern Bulgaria, near the town of Krumovgrad. The Ada Tepe mine reached the end of its mine life in July 2026 and is currently undergoing mine closure and rehabilitation activities.
DPM held interests in a number of exploration and development properties located in Serbia and Ecuador through its subsidiaries, including:
100% of DPM Crni Vrh d.o.o. and DPM Avala d.o.o., which hold the Čoka Rakita project and the Timok gold project, respectively, in Serbia; and
100% of DPM Ecuador S.A., which is focused on the exploration and development of the Loma Larga project and the Tierras Coloradas exploration property in Ecuador.
- Basis of Preparation
These condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") applicable to the preparation of interim financial statements under International Accounting Standard ("IAS") 34, Interim Financial Reporting. These condensed interim consolidated financial statements do not include all of the information required for full financial statements and should be read in conjunction with the Company's annual consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS.
The accounting policies applied in these condensed interim consolidated financial statements are consistent with those applied in the preparation of the Company's annual consolidated financial statements for the year ended December 31, 2025, except for the adoption of the new IFRS amendments effective January 1, 2026 (note 2.2).
These condensed interim consolidated financial statements were approved by the Board of Directors on November 12, 2026.
- New IFRS Amendments Adopted
Effective January 1, 2026, the Company adopted amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, providing clarifications for, among other things, the date of recognition and derecognition of financial assets and liabilities, and updating the disclosures for equity instruments designated at fair value through other comprehensive income. These amendments did not have a material impact on the Company's condensed interim consolidated financial statements.
- New Accounting Pronouncements Not Yet Adopted
IFRS 18, Presentation and Disclosure in Financial Statements
Effective for annual reporting periods beginning on or after January 1, 2027, IFRS 18 will replace IAS 1, Presentation of Financial Statements, and is to be applied retrospectively. While IFRS 18 will not affect the recognition or measurement of items in the financial statements, it introduces a defined structure for the statement of profit or loss to increase comparability of similar entities and the disclosure of management-defined performance measures ("MPMs") within the financial statements.
The Company is currently assessing the detailed implications of applying the standard to its consolidated financial statements and has identified the following primary impacts based on its preliminary assessment:
Income and expenses will be grouped into new categories including operating, investing and financing activities, as well as income taxes, resulting in the introduction of new subtotals including operating profit (loss) and earnings (loss) before financing and income taxes; and
MPMs identified to date include adjusted net earnings (loss) and adjusted earnings (loss) before interest, taxes, depreciation and amortization ("adjusted EBITDA"), as these measures represent subtotals of income and expenses that DPM currently uses in public communications outside the financial statements to communicate management's view of the financial performance of the Company as a whole.
The Company intends to apply IFRS 18 effective January 1, 2027 with the comparative information for the year ending December 31, 2026 restated to conform to the presentation requirements under the new standard.
- Acquisition of Adriatic Metals plc ("Adriatic")
On September 3, 2025, the Company completed the acquisition of Adriatic, adding the Vareš operation, a producing silver-lead-zinc-gold underground mine in Bosnia and Herzegovina, to its operating portfolio. The financial results of Vareš have been included in the Company's consolidated financial statements since the date of acquisition.
On August 10, 2026, DPM declared commercial production at Vareš. From that date, the mine was accounted for as a producing mine.
- Financial Instruments
Set out below is a comparison, by category, of the carrying amounts of the Company's financial instruments that are recognized in the condensed interim consolidated statements of financial position:
Financial instrument classification
Carrying Amount
September 30,
2026
December 31,
2025
Financial assets
Cash and cash equivalents
Amortized cost
839,180
497,797
Accounts receivable on provisionally
priced sales
Fair value through profit or loss
146,012
161,757
Other accounts receivable
Amortized cost
60,552
92,039
Restricted cash
Amortized cost
602
602
Derivatives
Fair value through profit or loss
139
47
Publicly traded securities
Fair value through other
comprehensive income
3,131
3,276
Commodity swap contracts (a)
Derivatives for fair value hedges
789
830
Financial liabilities
Accounts payable and accrued
liabilities
Amortized cost
124,010
201,863
Commodity swap contracts (a)
Derivatives for fair value hedges
961
4,270
Copper stream liability (b)
Fair value through profit or loss
54,531
45,565
The carrying values of all the financial assets and liabilities measured at amortized cost approximate their fair values as at September 30, 2026 and December 31, 2025.
- Commodity swap contracts
The Company enters into cash settled commodity swap contracts from time to time to swap future contracted monthly average metal prices for fixed metal prices to eliminate or substantially reduce the metal price exposure associated with the time lag between the provisional and final determination of concentrate sales.
As at September 30, 2026, the Company's outstanding commodity swap contracts, all of which mature within four months from the reporting date, are summarized in the table below:
Commodity hedged
Volume hedged
Weighted average fixed hedging price
Payable gold
13,750 ounces
$4,212/ounce
Payable copper
4,598,837 pounds
$6.34/pound
The Company designates the spot component of commodity swap contracts as fair value hedges.
The fair value gain or loss on commodity swap contracts is calculated based on the corresponding London Metal Exchange ("LME") forward copper prices and New York Commodity Exchange forward gold prices, as applicable. As at September 30, 2026, the net fair value loss on all outstanding commodity swap contracts was $0.2 million (December 31, 2025 - $3.5 million), of which $0.8 million (December 31, 2025 - $0.8 million) was included in other current assets and $1.0 million (December 31, 2025 - $4.3 million) in accounts payable and accrued liabilities.
For the three and nine months ended September 30, 2026, the Company recognized, in revenue, net losses of $0.5 million (2025 - $5.8 million) and net losses of $6.1 million (2025 - $16.8 million), respectively, on commodity swap contracts.
- Copper stream agreement
As part of the Adriatic acquisition (note 3), the Company assumed a copper stream agreement with Gold Royalty Corp. ("Gold Royalty"). Under the assumed terms of this agreement, the Company is required to deliver, on a monthly basis, copper warrants purchased on the LME, with the volume equivalent to 24.5% of the contained copper in concentrates produced at the Vareš mine. The value of the copper warrants is determined based on the official LME copper cash price at the time of delivery. In exchange, Gold Royalty is required to make a cash payment equal to 30% of the value of each copper warrant delivered. The remaining 70% of the warrant value is applied as a repayment against a $22.5 million prepayment. The agreement will remain in effect for the life of the Vareš mine, unless terminated earlier upon mutual consent of the parties or in the event of default.
As at September 30, 2026, the fair value of the copper stream liability was $54.5 million (December 31, 2025 - $45.6 million), of which $8.8 million (December 31, 2025 - $4.0 million) was included in current portion of long-term liabilities and $45.7 million (December 31, 2025 - $41.6 million) in other long-term liabilities in the condensed interim consolidated statements of financial position. Certain assumptions in the fair value included forecast copper price per pound of $6.23 to $6.57 (December 31, 2025 - $5.50 to
$5.60) between 2026 and 2039, and a discount rate of 14.60% (December 31, 2025 - 13.63%). For the three and nine months ended September 30, 2026, the Company recognized a fair value loss of $5.8 million (2025 - $0.7 million) and $12.1 million (2025 - $0.7 million), respectively, in other (income) expense.
- Fair value hierarchy
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: based on inputs which have a significant effect on fair value that are observable, either directly or indirectly from market data; and
Level 3: based on inputs which have a significant effect on fair value that are not observable from market data.
The following table illustrates the classification of the Company's financial instruments within the fair value hierarchy as at September 30, 2026 and December 31, 2025:
As at September 30, 2026
Level 1
Level 2
Level 3
Total
Financial assets
Accounts receivable on provisionally
priced sales
-
146,012
-
146,012
Derivatives
-
-
139
139
Publicly traded securities
3,131
-
-
3,131
Commodity swap contracts
-
789
-
789
Financial liabilities
Commodity swap contracts
-
961
-
961
Copper stream liability
-
-
54,531
54,531
As at December 31, 2025
Level 1
Level 2
Level 3
Total
Financial assets
Accounts receivable on provisionally
priced sales
-
161,757
-
161,757
Derivatives
-
-
47
47
Publicly traded securities
3,276
-
-
3,276
Commodity swap contracts
-
830
-
830
Financial liabilities
Commodity swap contracts
-
4,270
-
4,270
Copper stream liability
-
-
45,565
45,565
During the nine months ended September 30, 2026 and the year ended December 31, 2025, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.
- Commodity swap contracts
- Debt
- DPM Revolving Credit Facility
DPM has a committed revolving credit facility (the "RCF") with a consortium of five banks that matures in February 2030. The facility is secured by pledges of DPM's investments in Ada Tepe, Chelopech, and Čoka Rakita project and by guarantees from certain subsidiaries that hold these assets. Initially, DPM is permitted to borrow up to an aggregate principal amount of $400.0 million, which can be increased pursuant to an accordion feature that permits, subject to certain conditions, the facility to be increased to
$550.0 million. The cost of borrowing is based on the Secured Overnight Financing Rate ("SOFR"), plus a spread, which is currently 2.00%, and can range between 2.00% and 3.25% depending upon DPM's leverage. The RCF contains financial covenants that require DPM to maintain: (i) a Debt Leverage Ratio below 3.75:1, and (ii) a minimum net worth equal to $1,600 million plus (minus) 50% of ongoing net earnings (loss) plus 50% of all equity raised by DPM, in each case, after December 31, 2025, as defined under the RCF.
As at September 30, 2026 and December 31, 2025, DPM was in compliance with all financial covenants and $nil was drawn under the RCF.
- Other credit agreements and guarantees
Chelopech and Ada Tepe have a $15.0 million multi-purpose credit facility that matures on November 30, 2026 and is guaranteed by DPM. As at September 30, 2026, $12.8 million (December 31, 2025 - $9.6 million) had been utilized in the form of letters of credit and letters of guarantee, primarily in respect of concession contracts with the Bulgarian Ministry of Energy.
Chelopech and Ada Tepe also have a Euro 38.0 million ($43.1 million) credit facility to support mine closure and rehabilitation obligations in respect of concession contracts with the Bulgarian Ministry of Energy. This credit facility matures on November 30, 2026 and is guaranteed by DPM. As at September 30, 2026, $38.3 million (December 31, 2025 - $30.3 million) had been utilized in the form of letters of guarantee.
Ada Tepe also has a $10.3 million multi-purpose credit facility that matures on November 30, 2026 and is guaranteed by DPM. As at September 30, 2026, $5.2 million (December 31, 2025 - $10.2 million) had been utilized in the form of letters of credit and letters of guarantee, primarily in respect of exploration contracts with the Bulgarian Ministry of Energy.
Advances under these facilities at Chelopech and Ada Tepe bear interest at a rate equal to the one month SOFR plus 2.5%. The letters of credit and guarantee bear a fee of 0.6% based on the amounts issued.
All these facilities are in the process of being renewed to November 30, 2027.
- DPM Revolving Credit Facility
- Share-Based Compensation Plans
The following is a summary of the new grants under the Company's share-based compensation plans during the nine months ended September 30, 2026:
Number of units
Fair value granted
Restricted Share Units (RSUs)
226,389
7,450
Performance Share Units (PSUs)
92,381
3,036
Deferred Share Units (DSUs)
28,480
1,032
DPM Stock Options
73,986
987
Total
421,236
12,505
As at September 30, 2026, the Company had a total share-based compensation liability of $72.7 million (December 31, 2025 - $85.2 million), of which the current portion of $25.0 million (December 31, 2025 -
$45.0 million) was included in accounts payable and accrued liabilities on the condensed interim consolidated statements of financial position.
The following table summarizes the impact of the mark-to-market adjustments related to the change in DPM's share price on the Company's share-based compensation expenses for the three and nine months ended September 30, 2026 and 2025:
Three months ended Nine months ended September 30, September 30,
2026 2025 2026 2025
Increase in share-based compensation expenses due to mark-to-market
adjustments
20,806
16,627
35,309
30,466
The following table summarizes total share-based compensation expenses recognized by the Company in the condensed interim consolidated statements of earnings (loss) for the three and nine months ended September 30, 2026 and 2025:
Three months ended Nine months ended September 30, September 30,
2026 2025 2026 2025
Share-based compensation expenses
recognized in:
Cost of sales
General and administrative expenses Exploration and evaluation expenses
2,351
20,437
526
940
16,792
546
6,224
35,207
1,158
3,454
31,349
1,485
Total
23,314
18,278
42,589
36,288
- Other (Income) Expense
Three months ended Nine months ended September 30, September 30,
2026 2025 2026 2025
Reversal of provisions at Vareš(1)
-
-
(32,915)
-
Gain on sale of Serbian exploration data(2)
-
-
(2,650)
-
Loss on settlement of tolling receivable(3)
-
-
9,521
-
Fair value loss on copper stream liability
(note 4(b))
5,820
12,056
Write-off of land at Ada Tepe(4)
4,005
-
4,005
-
Ada Tepe termination benefit expense(5)
680
-
3,806
-
2025 Bulgarian levy(6)
-
-
-
24,376
Adriatic acquisition related costs (note 3)
-
10,276
-
15,406
Net foreign exchange (gains) losses(7)
2,938
580
(1,432)
4,971
Other, net
(440)
2,323
(481)
(79)
Total
13,003
13,179
(8,090)
44,674
In 2025, the Company recognized certain provisions in connection with the purchase price allocation arising from the acquisition of Adriatic (note 3). Based on a reassessment of additional relevant facts and circumstances, including information available as at September 30, 2026, the Company concluded that it is no longer probable that an outflow of economic benefits will be required to settle these provisions. As a result, these provisions with a total amount of $39.0 million were fully reversed, resulting in a decrease of $4.6 million in mine properties in the condensed interim consolidated statements of financial position as at September 30, 2026, and a credit to profit or loss of $34.4 million for the nine months ended September 30, 2026, of which $32.9 million was recognized in other (income) expense and $1.5 million in cost of sales.
Represented proceeds from a sale of certain assets and data for a Serbian exploration license no longer retained by DPM.
In June 2026, DPM settled with Sinomine Resource Group Co. Ltd. ("Sinomine") in respect of a previously recognized receivable of $22.5 million related to DPM's disposition of the Tsumeb smelter in August 2024 and the subsequent four-month tolling agreement (the "DPM Tolling Agreement"). The receivable primarily related to mark-to-market adjustments on provisionally priced unprocessed third-party materials under the DPM Tolling Agreement. Upon settlement, the Company received $13.0 million in cash in June 2026 and recognized a $9.5 million write-off of the remaining balance in other (income) expense for the nine months ended September 30, 2026.
Represented the full write-off of the carrying value of the land at Ada Tepe, reflecting the end of mine life and the Company's commitment to return the land to Natura 2000, the European Union's nature protection network, upon completion of mine closure activities.
Represented accrued employee termination benefits as Ada Tepe reached the end of its mine life in July 2026.
Represented a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.
Primarily related to the revaluation of foreign denominated monetary assets and liabilities.
- Related Party Transactions
Key management remuneration
The Company's related parties include its key management. Key management includes directors, the Chief Executive Officer ("CEO"), and the Executive and Senior Vice Presidents reporting directly to the CEO.
The remuneration of the key management of the Company recognized in the condensed interim consolidated statements of earnings (loss) for the three and nine months ended September 30, 2026 and 2025 was as follows:
Three months ended Nine months ended September 30, September 30,
2026 2025 2026 2025
Salaries, management bonuses and
director fees
1,332
1,157
4,303
3,515
Other benefits
75
101
297
282
Share-based compensation
17,540
13,067
30,818
26,331
Total remuneration
18,947
14,325
35,418
30,128
- Supplementary Cash Flow Information
- Changes in working capital
Three months ended Nine months ended September 30, September 30,
2026 2025 2026 2025
(Increase) decrease in accounts
receivable and other assets(1) (Increase) decrease in inventories Increase (decrease) in accounts payable
and accrued liabilities(2)
Increase (decrease) in other liabilities(3)
(2,353)
(3,523)
(9,415)
25,295
4,219
3,787
1,878
19,177
40,171
2,775
(25,680)
(5,478)
131,011
4,426
20,849
29,615
10,004
29,061
11,788
185,901
For the three and nine months ended September 30, 2026, included a decrease in accounts receivable of $nil and $13.0 million, respectively, related to cash received under the DPM Tolling Agreement (note 7). For the three and nine months ended September 30, 2025, included an increase of $4.9 million and a decrease of $159.7 million in accounts receivable related to the DPM Tolling Agreement, respectively.
Included an increase of $4.9 million and $8.3 million in accounts payable for the three and nine months ended September 30, 2025, respectively, related to the DPM Tolling Agreement.
For the three and nine months ended September 30, 2026, included an increase of $20.8 million (2025 - $16.6 million) and $35.3 million (2025 -
$30.5 million), respectively, related to the mark-to-market adjustments to share-based compensation expenses (note 6). For the nine months ended September 30, 2026, also included a decrease of $37.1 million (2025 - $11.3 million) on share-based compensation liabilities as a result of the annual redemption of RSUs and PSUs, as well as a decrease of $17.4 million (2025 - $nil) on share-based compensation liabilities as a result of the redemption of certain DSUs.
- Other items not affecting cash
Three months ended Nine months ended September 30, September 30,
2026 2025 2026 2025
Reversal of provisions at Vareš (note 7)
Loss on settlement of tolling receivable
(note 7)
Write-off of land at Ada Tepe (note 7) Share-based compensation expense(1)
Realized (gains) losses on commodity swap contracts
Non-cash fair value adjustment on inventories
Net finance income
Other, net
-
-4,005
225
(1,202)
-(3,425)
2,341
-
-
-234
3,960
25,470
(6,688)
(923)
(34,393)
9,521
4,005
689
9,323
-(9,533)
1,408
-
-
-675
18,427
25,470
(21,293)
(687)
1,944
22,053
(18,980)
22,592
Related solely to DPM's stock option plan.
- Changes in working capital
- Supplementary Shareholders' Equity Information
- Dividend
During the nine months ended September 30, 2026, the Company declared quarterly dividends of $0.04 (2025 - $0.04) per common share to its shareholders of record resulting in total dividend distributions of
$26.4 million (2025 - $22.4 million) recognized against its retained earnings in the condensed interim consolidated statements of changes in shareholders' equity. The Company paid an aggregate of $26.5 million (2025 - $20.5 million) of dividends, which were included in cash used in financing activities in the condensed interim consolidated statements of cash flows for the nine months ended September 30, 2026, and recognized a dividend payable of $8.7 million (December 31, 2025 - $8.9 million) in accounts payable and accrued liabilities in the condensed interim consolidated statements of financial position as at September 30, 2026.
On November 12, 2026, the Company declared a dividend of $0.04 per common share payable on January 15, 2027 to shareholders of record on December 31, 2026.
- Share repurchases under the Normal Course Issuer Bid ("NCIB")
The Company renewed its NCIB on March 16, 2026 with an expiry date of March 17, 2027. The maximum number of shares that can be repurchased during this period is 11 million shares. The NCIB also allows the Company to implement an automatic share repurchase plan with its designated broker in order to facilitate the purchase of its shares.
During the nine months ended September 30, 2026, the Company purchased a total of 4,003,348 (2025 -9,969,571) shares, of which 3,903,348 shares were cancelled as at September 30, 2026, with the remaining shares cancelled in October 2026. The total cost of these purchases was $149.6 million (2025 - $116.1 million), at an average price per share of $37.36 (Cdn$51.97) (2025 - $11.65 (Cdn$16.58)), of which $28.5 million (2025 - $30.9 million) was recognized as a reduction in share capital, and $121.1 million (2025 - $85.2 million) as a reduction in retained earnings in the condensed interim consolidated statements of changes in shareholders' equity. Cash payments for share repurchases of $145.2 million (2025 - $116.1 million) were included in cash used in financing activities in the condensed interim consolidated statements of cash flows for the nine months ended September 30, 2026.
From October 1 to November 11, 2026, the Company purchased additional 1,255,759 shares at a total cost of $48.8 million, bringing year-to-date 2026 repurchases to 5,259,107 shares, for an aggregate cost of $198.4 million at an average price per share of $37.73 (Cdn$52.68).
- Dividend
- Commitments and Other Contingencies
- Commitments
The Company had the following minimum contractual commitments as at September 30, 2026:
up to 1 year
1 - 5 years
Total
Capital commitments
28,697
19
28,716
Purchase commitments
47,752
8
47,760
Total commitments
76,449
27
76,476
- Contingencies
The Company is involved in legal proceedings, from time to time, arising in the ordinary course of its business. It is not expected that any material liability will arise from current legal proceedings or have a material adverse effect on the Company's future business, operations or financial condition.
- Commitments
- Operating Segment Information
Operating segments are components of an entity whose operating results are regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance and for which separate financial information is available.
The Company has three reportable operating segments - Chelopech and Ada Tepe in Bulgaria, and Vareš in Bosnia and Herzegovina (note 3). The nature of their operations, products and services are described in note 1, Corporate Information. These segments are organized predominantly by the products and services provided to customers and geography of the businesses. The Corporate and Other segment includes corporate, exploration and evaluation and other income and cost items that do not pertain directly to an operating segment. There are no significant inter-segment transactions that have not been eliminated on consolidation.
The following table summarizes the relevant information by segment for the three and nine months ended September 30, 2026 and 2025:
Three months ended September 30, 2026 | |||||
Chelopech | Ada Tepe | Vareš(1) | Corporate & Other | Total | |
Revenue(2) | 176,003 | 7,938 | 127,699 | - | 311,640 |
Earnings (loss) before income taxes | 121,702 | (3,273) | 82,079 | (43,121) | 157,387 |
Other disclosures | |||||
Depreciation and amortization(3) | 7,181 | - | 19,823 | 620 | 27,624 |
Share-based compensation expenses(4) | 1,572 | 49 | 730 | 20,963 | 23,314 |
Capital expenditures(5) | 7,858 | - | 18,413 | 7,444 | 33,715 |
Three months ended September 30, 2025 | |||||
Chelopech | Ada Tepe | Vareš(1) | Corporate & Other | Total | |
Revenue(2) | 158,667 | 66,927 | 41,819 | - | 267,413 |
Earnings (loss) before income taxes | 110,845 | 33,976 | 4,289 | (40,719) | 108,391 |
Other disclosures | |||||
Depreciation and amortization(3) | 8,945 | 17,620 | 841 | 775 | 28,181 |
Share-based compensation expenses(4) | 724 | 216 | - | 17,338 | 18,278 |
Capital expenditures(5) | 6,031 | 2,528 | 2,452 | 9,640 | 20,651 |
Nine months ended September 30, 2026 | |||||
Chelopech | Ada Tepe | Vareš(1) | Corporate & Other | Total | |
Revenue(2) | 561,248 | 116,102 | 306,197 | - | 983,547 |
Earnings (loss) before income taxes | 402,466 | 37,757 | 266,338 | (104,138) | 602,423 |
Other disclosures Depreciation and amortization(3) | 22,087 | 30,626 | 21,927 | 2,080 | 76,720 |
Share-based compensation expenses(4) | 3,656 | 906 | 1,662 | 36,365 | 42,589 |
Capital expenditures(5) | 15,457 | - | 66,698 | 20,026 | 102,181 |
Nine months ended September 30, 2025 | |||||
Chelopech | Ada Tepe | Vareš(1) | Corporate & Other | Total | |
Revenue(2) | 403,896 | 152,332 | 41,819 | - | 598,047 |
Earnings (loss) before income taxes | 259,359 | 53,627 | 4,289 | (78,328) | 238,947 |
Other disclosures | |||||
Depreciation and amortization(3) | 25,393 | 43,452 | 841 | 2,358 | 72,044 |
Share-based compensation expenses(4) | 2,223 | 1,231 | - | 32,834 | 36,288 |
Capital expenditures(5) | 12,556 | 10,288 | 2,452 | 36,892 | 62,188 |
Represents pre- and post-commercial production results, following the acquisition of Adriatic on September 3, 2025 (note 3). Vareš achieved commercial production on August 10, 2026.
Revenues from Chelopech, Ada Tepe and Vareš were generated from the sale of concentrate.
Depreciation and amortization relating to operating segments were included in cost of sales and those relating to Corporate and Other were included in general and administrative expenses, as well as exploration and evaluation expenses.
Share-based compensation expenses relating to operating segments were included in cost of sales and those relating to Corporate and Other were included in general and administrative expenses, as well as exploration and evaluation expenses (note 6).
Capital expenditures for the three and nine months ended September 30, 2026 for Corporate and Other included $5.4 million (2025 - $6.1 million) and $13.7 million (2025 - $25.1 million), respectively, related to the Čoka Rakita project in Serbia, and $1.2 million (2025 - $3.4 million) and $5.1 million (2025 - $10.9 million), respectively, related to the Loma Larga project in Ecuador.
The following table summarizes the Company's revenue recognized for the three and nine months ended September 30, 2026 and 2025:
Three months ended Nine months ended September 30, September 30, 2026 2025 2026 2025 | ||||
Revenue recognized at a point in time from: Sale of concentrates | 306,063 | 244,283 | 982,712 | 574,702 |
Revenue from contracts with customers Mark-to-market price adjustments on provisionally priced sales Net mark-to-market losses on commodity swap contracts | 306,063 | 244,283 | 982,712 | 574,702 |
6,095 | 28,991 | 6,890 | 40,169 | |
(518) | (5,861) | (6,055) | (16,824) | |
Total revenue | 311,640 | 267,413 | 983,547 | 598,047 |
The following table summarizes total assets and total liabilities by segment as at September 30, 2026 and December 31, 2025:
As at September 30, 2026 | |||||
Chelopech | Ada Tepe | Vareš | Corporate & Other | Total | |
Total current assets | 652,118 | 136,879 | 229,207 | 76,524 | 1,094,728 |
Total non-current assets | 139,842 | 7,871 | 1,902,811 | 249,949 | 2,300,473 |
Total assets | 791,960 | 144,750 | 2,132,018 | 326,473 | 3,395,201 |
Liabilities | 78,793 | 21,804 | 262,429 | 107,712 | 470,738 |
Total liabilities | 78,793 | 21,804 | 262,429 | 107,712 | 470,738 |
As at December 31, 2025 | |||||
Chelopech | Ada Tepe | Vareš | Corporate & Other | Total | |
Total current assets | 300,775 | 180,906 | 104,018 | 223,771 | 809,470 |
Total non-current assets | 145,612 | 37,252 | 1,859,298 | 229,748 | 2,271,910 |
Total assets | 446,387 | 218,158 | 1,963,316 | 453,519 | 3,081,380 |
Liabilities | 78,241 | 44,691 | 265,718 | 120,616 | 509,266 |
Total liabilities | 78,241 | 44,691 | 265,718 | 120,616 | 509,266 |