(q3 2026 mda)

(All monetary figures are expressed in U.S. dollars unless otherwise stated)

Overview ....................................................................... 3 Selected Quarterly Information 34

Operating and Financial Highlights .................................. 4 Critical Accounting Estimates 35

Three-year Outlook ........................................................ 8 Non-GAAP Financial Measures 35

Review of Operating Results by Segment ........................ 13 Risks and Uncertainties 43

Development and Other Major Projects ............................ 18 Disclosure Controls and Procedures and Internal ..............

Exploration .................................................................... 19 Control Over Financial Reporting 45

Review of Financial Results ............................................ 23 Cautionary Note Regarding Forward Looking Statements 46

Liquidity and Capital Resources ...................................... 27 Cautionary Note to United States Investors Concerning .....

Financial Instruments ..................................................... 32 Differences in Reporting of Mineral Resource Estimates 49

Off Balance Sheet Arrangements 34

The following is Management's Discussion and Analysis ("MD&A") of the consolidated financial condition and results of operations of DPM Metals Inc. ("DPM" and, together with its consolidated subsidiaries, collectively referred to as the "Company", formerly known as Dundee Precious Metals Inc.) as at September 30, 2026. This MD&A should be read in conjunction with DPM's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2026 prepared in accordance with IFRS Accounting Standards ("IFRS"). Additional Company information, including the Company's most recent annual information form ("AIF") and other continuous disclosure documents, can be accessed through the Company's website at https://www.dpmmetals.com and the System for Electronic Document Analysis and Retrieval ("SEDAR+") at https://www.sedarplus.ca. To the extent applicable, updated information contained in this MD&A supersedes older information contained in previously filed continuous disclosure documents. Capitalized terms used in this MD&A that have not been defined have the same meanings attributed to them as in DPM's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2026. Information contained on the Company's website is not incorporated by reference herein and does not form part of this MD&A.

This MD&A contains forward looking statements that are based on certain estimates and assumptions and involve risks and uncertainties. Actual results may vary materially from management's expectations. See the "Cautionary Note Regarding Forward Looking Statements" and "Risks and Uncertainties" sections later in this MD&A for further information.

DPM Metals Inc. | 1

In 2026, the Company began reporting metals production and sales, as well as all-in sustaining cost on a gold equivalent ounce ("GEO") basis, reflecting the addition of the polymetallic Vareš mine following the acquisition of Adriatic Metals plc ("Adriatic") on September 3, 2025.

Certain financial measures referred to in this MD&A 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 companies. The definitions established and calculations performed by DPM are based on management's reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company's performance.

The Company uses the following non-GAAP financial measures and ratios in this MD&A:

• mine cash cost

• cash cost per tonne of ore processed

• mine cash cost of sales

• cash cost per GEO sold

• all-in sustaining cost

• all-in sustaining cost per GEO sold

• adjusted earnings (loss) before interest, taxes, depreciation and amortization ("adjusted EBITDA")

• adjusted net earnings (loss)

• adjusted basic earnings (loss) per share

• cash provided from operating activities, before changes in working capital

• free cash flow

• average realized metal prices

For a detailed description of each of the non-GAAP financial measures and ratios used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the "Non-GAAP Financial Measures" section commencing on page 35 of this MD&A.

The technical and scientific information in this MD&A has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") - Definition Standards adopted by CIM Council on May 10, 2014 (the "CIM Definition Standards") for Mineral Resources and Mineral Reserves, and has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), Director, Corporate Technical Services, of DPM, who is a Qualified Person ("QP") as defined under NI 43-101, and who is not independent of the Company.

This MD&A has been prepared as at November 12, 2026.

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 Company's purpose is to unlock resources and generate value to thrive and grow together. Our strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from our portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for our shareholders.

DPM's principal subsidiaries include:

• 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. 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 holds 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.

The following table summarizes the Company's selected operating and financial highlights for the three and nine months ended September 30, 2026 and 2025:

1. Operating and financial highlights for the third quarter and first nine months of 2025 included pre-commercial production Vareš results during the period from September 3 to September 30, 2025.

2. The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metals produced or sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price. The GEO calculated also includes minor quantities of other metals that are not considered material.

3. Cost of sales per GEO sold represents total cost of sales for Chelopech, Ada Tepe and Vareš, where applicable, divided by GEO sold, while all-in sustaining cost per GEO sold includes treatment and freight charges, where applicable, all of which are reflected in revenue.

4. Cash cost per GEO sold; all-in sustaining cost per GEO sold; average realized metal prices; adjusted EBITDA; adjusted net earnings; adjusted basic earnings per share and free cash flow are non-GAAP financial measures or ratios. Refer to the "Non-GAAP Financial Measures" section commencing on page 35 of this MD&A for more information, including reconciliations to IFRS measures.

5. Capital expenditures incurred are reported on an accrual basis and do not represent the cash outlays for the capital expenditures.

6. Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the asset or business without any associated increase in capacity, life of assets or future earnings. This measure is used by management and investors to assess the extent of non-discretionary capital spending being incurred by the Company each period.

7. Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase life of assets and/or increase future earnings. This measure is used by management and investors to assess the extent of discretionary capital spending being undertaken by the Company each period.

8. For the first nine months of 2026, cash provided from operating activities excluded $13.0 million (2025 - $167.9 million), related to DPM's disposition of the Tsumeb smelter in August 2024 and the subsequent four-month tolling agreement between DPM and Sinomine Resource Group Co. Ltd. ("Sinomine") (the "DPM Tolling Agreement").

9. Excluded payments for taxes on share repurchases of $2.3 million (2025 - $1.0 million) for the first nine months of 2026.

10. Available liquidity is defined as cash and cash equivalents, plus the available capacity under DPM's long-term revolving credit facility ("RCF") at the end of each reporting period.

    Operating Highlights

    With continued strong operating performance in the third quarter and first nine months of 2026, the Company expects to achieve the high end of its GEO production guidance for 2026. Vareš achieved commercial production ahead of schedule and is on track to achieve the ramp-up to full production by year-end. The operating results of Vareš have been included in the Company's consolidated results since September 3, 2025, the date of acquisition. In addition, the mine closure activities at Ada Tepe are progressing well following the conclusion of operations on July 15, 2026.

    • GEO production in the third quarter and first nine months of 2026 was 10% and 31% higher than 2025, respectively, reflecting higher overall metals production at Vareš, partially offset by lower gold production at Ada Tepe following the end of its mine life in July, and lower gold and copper production at Chelopech.

    • GEO sold in the third quarter of 2026 was comparable to 2025 due primarily to higher GEO production, partially offset by timing of deliveries. GEO sold in the first nine months of 2026 was 20% higher than 2025 reflecting primarily the inclusion of Vareš, partially offset by lower gold production at Ada Tepe.

    • All-in sustaining cost per GEO sold in the third quarter and first nine months of 2026 was 8% and 3% higher than 2025, respectively, due primarily to higher costs at Chelopech and Ada Tepe, reflecting higher labour costs and higher energy costs, as well as a stronger Euro relative to the U.S. dollar for the first nine months of 2026. These increases were partially offset by all-in sustaining cost per GEO sold at Vareš, which was below the low end of its 2026 guidance range due to the capitalization of certain pre-commercial production operating costs. All-in sustaining cost was also impacted by mark-to-market adjustments to share-based compensation expenses, which resulted in an increase of $270 and $154 per GEO sold, respectively, in the third quarter and first nine months of 2026, compared to an increase of $213 and $159 per GEO sold in the corresponding periods in 2025, reflecting DPM's strong share price performance.

    • Sustaining capital expenditures incurred in the third quarter of 2026 were 6% lower than 2025 due primarily to no capital expenditures at Ada Tepe as the mine reached the end of its life in July 2026, partially offset by capital expenditures at Vareš as the mine achieved commercial production in August 2026, and higher capital expenditures at Chelopech. Sustaining capital expenditures incurred in the first nine months of 2026 were 34% lower than 2025 due primarily to no capital expenditures at Ada Tepe as the mine reached the end of its life in the year.

    • Growth capital expenditures incurred in the third quarter and first nine months of 2026 were 112% and 119% higher than 2025, respectively, due primarily to the capital expenditures at Vareš, including the capitalization of certain pre-commercial production operating costs, partially offset by lower capital costs related to the Čoka Rakita project due primarily to timing of expenditures.

      Financial Highlights

      DPM delivered strong financial results in the third quarter of 2026, and record revenue, earnings and free cash flow in the first nine months of 2026, benefiting from higher metal prices and the addition of the Vareš mine to its portfolio. The financial results of Vareš have been included in the Company's consolidated financial statements since September 3, 2025, the date of acquisition.

    • Revenue in the third quarter and first nine months of 2026 was 17% and 64% higher than 2025, respectively, due primarily to higher realized metal prices, and higher GEO sold at Vareš following acquisition, partially offset by lower GEO sold at Ada Tepe.

    • Cost of sales in the third quarter of 2026 was 19% lower than 2025 due primarily to Ada Tepe reaching the end of its mine life in July 2026. This was partially offset by the inclusion of Vareš beginning in September 2025, as well as higher labour costs, and higher energy costs at Chelopech. Cost of sales in the first nine months of 2026 was 13% higher than 2025 due primarily to the inclusion of Vareš, as well as higher labour costs at Chelopech, a stronger Euro relative to the U.S. dollar, and higher energy costs at Chelopech. These increases were partially offset by Ada Tepe reaching the end of its mine life in July 2026. Cost of sales for the third quarter and first nine months of 2026 included $17.1 million in depreciation expense related to the Vareš mine properties. Depreciation commenced on August 10, 2026, when commercial production was declared. Cost of sales for the third quarter and first nine months of 2025 also included a non-cash fair value adjustment on inventories of $25.5 million.

    • Net earnings in the third quarter of 2026 were 39% higher than 2025, due primarily to higher revenue and lower cost of sales, partially offset by higher income taxes, higher exploration expenses, a $5.8 million fair value loss on copper stream liability, and higher mark-to-market adjustments to share-based compensation expenses. Net earnings in the first nine months of 2026 were 150% higher than 2025, due primarily to higher revenue and a $32.9 million reversal of certain provisions at Vareš, partially offset by higher cost of sales, higher income taxes, higher exploration expenses and higher mark-to-market adjustments to share-based compensation expenses, as well as a $12.1 million fair value loss on copper stream liability and a $9.5 million loss on settlement of a previously recognized receivable related to the DPM Tolling Agreement. The first nine months of 2025 also included a one-time levy of $24.4 million to the Bulgarian state budget related to Chelopech and Ada Tepe and Adriatic acquisition related costs of $15.4 million.

    • Adjusted net earnings in the third quarter and first nine months of 2026 were 12% and 92% higher than 2025, respectively, due primarily to the same factors affecting net earnings, with the exception of adjusting items primarily related to the reversal of certain provisions at Vareš, a fair value loss on copper stream liability, and the loss on settlement of tolling receivable, as well as the 2025 Bulgarian levy, Adriatic acquisition related costs and the non-cash fair value adjustment on inventories at Vareš.

    • Cash provided from operating activities in the third quarter of 2026 was 4% higher than 2025, due primarily to higher earnings generated in the period, partially offset by the timing of payments to suppliers, the timing of deliveries and subsequent receipt of cash and lower interest received. Cash provided from operating activities in the first nine months of 2026 was 82% higher than 2025, due primarily to higher earnings generated in the period and the timing of deliveries and subsequent receipt of cash, partially offset by the timing of payments to suppliers, lower interest received and higher income taxes paid. The first nine months of 2026 also included higher annual cash redemption under the share-based compensation plans reflecting DPM's strong share price performance, and a cash redemption of certain Deferred Share Units ("DSUs").

    • Free cash flow in the third quarter and first nine months of 2026 was 21% and 90% higher than 2025, respectively, due primarily to the same factors impacting adjusted net earnings. Free cash flow is calculated before changes in working capital.

    • Return of capital to shareholders through dividends paid and payments for shares repurchased under the Normal Course Issuer Bid ("NCIB") in the first nine months of 2026, which in aggregate was

      $171.7 million, representing 28% of free cash flow, in line with the Company's commitment to a sustainable quarterly dividend and its share buyback program reflecting strong ongoing operational performance and significant free cash flow generation.

    • Strong balance sheet as at September 30, 2026, with a total of $839.2 million in cash and cash equivalents, in addition to an undrawn $400.0 million RCF and no debt.

      Development Projects, Exploration and Other Highlights

    • Vareš operation ramping up to full production in 2026: Vareš achieved commercial production on August 10, 2026, ahead of schedule. The second tailings filter is nearing completion and is expected to begin commissioning in November, an important milestone for the ramp-up to full production, which is on track for year-end 2026. Vareš is expected to exceed the high end of its 2026 GEO production guidance range by approximately 15%.

    • Bosnia and Herzegovina Constitutional Court decision: On September 30, 2026, the Constitutional Court of Bosnia and Herzegovina (the "Court") published its full decision on the outcome of the constitutional dispute between Bosnia and Herzegovina (the "State") and the Federation of Bosnia and Herzegovina concerning the authority of the Federation, cantonal and municipal bodies to adopt or enter into certain acts related to State-owned forests and forestry land, including the Vareš Concession Agreement and its annexes. The Court found that certain acts, including the Concession Agreement, together with the related decisions of relevant authorities concerning forest land conversion and easement rights, were not in conformity with Articles I(2) and III(3)(b) of the Constitution of Bosnia and Herzegovina, as the relevant Federation, cantonal and municipal authorities did not have the authority to deal with such property contrary to the Law on the Temporary Prohibition of Disposal of State Property and without the involvement of Bosnia and Herzegovina and its Attorney General's Office. The Court's decision is final and not subject to appeal. The decision does not terminate or suspend the Concession Agreement or any of its annexes, and operations at Vareš continue as normal. The Court has ordered a six-month review period for applicable authorities to review the challenged acts and take the necessary steps to bring the matter into conformity and set aside those acts that are found to not comply with the Law on the Temporary Prohibition of Disposal of State Property. During the review period, DPM is engaging with State, Federation, and cantonal authorities in order to represent its interests and to support a State-level solution to the State property issue in the country. See the "Risks and Uncertainties" section later in this MD&A for more information.

    • Brevene Porphyry South discovery: In June 2026, DPM announced the major discovery of a high-grade copper-gold porphyry system at the Brevene Porphyry South target, located in the southeastern part of the Company's Brevene exploration licence. Results announced in September 2026 confirmed that the high-grade porphyry system extends onto the Chelopech mine concession, and remains open to the north, south, west and at depth, with several holes in progress through visible mineralization. Given the significance of the Brevene Porphyry South discovery, up to 15,000 metres of additional drilling from the Chelopech mine concession is planned through the end of 2026, followed by continued delineation through 2027. DPM is planning an initial resource in the second half of 2027, which will form the basis of a preliminary economic assessment planned for the first half of 2028. In parallel, the Company is advancing activities to convert the Brevene exploration licence to a mining concession under Bulgaria's well-defined permitting framework.

    • Wedge Zone (Block 250): DPM has continued to advance the high-grade Wedge Zone prospect as a near-term opportunity, which is expected to grow production and extend mine life at Chelopech commencing in late 2028. The Company is on track to complete an initial Wedge Zone Mineral Resource estimate by year-end and has commenced preparatory works for the ramp and twin declines that will provide access to the Wedge Zone (Block 250). Ramp development is commencing in the fourth quarter of 2026, with contractor-led construction of the twin declines targeted to begin in the first quarter of 2027.

    • Čoka Rakita project: Following the October 25, 2026 parliamentary election in the Republic of Serbia, the Company notes that administrative and regulatory decision-making timelines may be extended as the new government is formed and the National Assembly is convened. DPM is continuing to advance engineering and procurement activities for the project.

    • Rakita camp exploration: Recent results from drilling at the Dumitru Potok and Rakita North prospects demonstrate further growth potential, with mineralization open along strike, laterally and at depth, and to the north and east at Rakita North. DPM is expanding the 2026 drilling program by an additional 12,000 to 15,000 metres. The drilling program will focus on expanding the existing Dumitru Potok Mineral Resource estimate, infill drilling and target testing across the Čoka Rakita exploration licence. An updated Dumitru Potok Mineral Resource estimate is expected to be completed by the end of the first quarter of 2027, which will form the basis of a Preliminary Economic Assessment ("PEA") targeted to be complete by the end of 2027.

      For a more detailed discussion on the operating results of Chelopech, Vareš, and Ada Tepe, activities related to the growth projects and exploration, as well as the financial results, please refer to the "Review of Operating Results by Segment", "Development and Other Major Projects", "Exploration" and "Review of Financial Results" sections of this MD&A.

      ‌THREE-YEAR OUTLOOK

      The three-year outlook previously issued in DPM's MD&A for the year ended December 31, 2025 remains unchanged, except for the following updates to the Company's guidance for 2026:

      • Exploration expenses are now expected to be between $75 million and $80 million, up from the initial guidance range of $60 million to $70 million, reflecting positive results to date. The updated guidance supports additional drilling associated with the Brevene Porphyry South licence, with an initial mineral resource estimate targeted for the second half of 2027, and the Wedge Zone (Block 250) at Chelopech, where ramp development is commencing in the fourth quarter of 2026, as well as Serbian drilling programs. This increase is partially offset by the expected lower costs for the Vareš brownfield exploration due to timing of activities.

      • Growth capital expenditures have been updated as follows:

      • At Vareš, growth capital expenditures are now expected to be between $90 million to

        $100 million, down from the initial guidance range of $100 million to $125 million, reflecting the earlier than expected declaration of commercial production at the mine operations and the corresponding reduction in capitalized pre-commercial production operating costs, and lower gross cash cost. See the "Review of Operating Segments -Review of Vareš Results" section in this MD&A for further details on Vareš production and cash cost expectations; and

      • At Chelopech, growth capital expenditures are now expected to be between $9 million and $10 million, up from the initial guidance range of $4 million to $5 million. The updated guidance supports engineering and design work related to the development of twin declines to Wedge Zone (Block 250), as DPM continues to target first production in late 2028. Development costs at Wedge Zone (Block 250) will be capitalized to mine properties at Chelopech upon completion of the initial mineral resource estimate, which is planned before year-end.

The Company's three-year outlook for the Čoka Rakita project remains unchanged. Following the October 25, 2026 parliamentary election in the Republic of Serbia, the Company notes that administrative and regulatory decision-making timelines may be extended while the new government is formed and the National Assembly is convened. DPM is continuing to advance engineering and procurement activities for the project and remains committed to the project with timeline updates, if necessary, to be provided in due course.

See the "Exploration" and "Development and Other Major Projects" sections contained in this MD&A for further details on these exploration and growth capital related activities.

The Company's detailed guidance for 2026 is set out in the following table:

1. Based on, where applicable, a Euro/US$ exchange rate of 1.20, and metal prices of $4,200/oz for gold, $50/oz for silver, $5.00/lb for copper,

   $1.30/lb for zinc and $0.90/lb for lead.

2. Current assumptions for royalties are at a rate of 1.5% and 6% for Chelopech and Ada Tepe, respectively, based on the gross value of metals contained in ore mined, and at a rate of $2.18 per tonne of ore mined for Vareš. On January 30, 2026, the Bulgarian government adopted new royalty rates for applicable mining concessions, increasing the royalty rates to 2% - 6% for gold and silver, and 2% - 5% for copper. These new rates do not apply to the existing Chelopech concession, which is subject to fixed royalty terms and expires in 2029. The new rates will become applicable to Chelopech upon renewal of its concession agreement in 2029.

3. 2026 cash cost per tonne of ore processed for Vareš is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed. On a net basis, cash cost is expected to be in the range of $110 to $127 per tonne of ore processed.

4. The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metals produced or sold, as applicable, by the respective assumed metal prices, and dividing the resulting figure by assumed gold price. The GEO calculated also includes minor quantities of other metals that are not considered material.

5. Allocated general and administrative expenses are reflected in the consolidated all-in sustaining cost per GEO sold, however are not reflected in the all-in sustaining cost per GEO sold for each of the mine operations, given that the nature of such expenses is more reflective of the Company's consolidated all-in sustaining cost and not pertaining to the individual operations of the Company.

6. Excludes share-based compensation expense of approximately $6 million, before mark-to-market adjustments from movements in the Company's share price, given the volatile nature of this expense.

7. Original 2026 guidance in respect of exploration expenses was between $60 million and $70 million.

8. Represents capital expenditures on an accrual basis and do not represent the cash outlays for capital expenditures.

9. Growth capital expenditures in Corporate and Other include $91 million to $95 million for the Čoka Rakita project, consisting of $49 million to $53 million in pre-construction costs and, subject to permitting progress and schedule acceleration, approximately $42 million in pre-committed initial capital, as well as approximately $5 million of estimated costs for the Loma Larga project.

10. Growth capital expenditures in 2026 down from previous guidance of $200 million to $230 million reflecting the earlier than expected declaration of commercial production at Vareš mine and the corresponding reduction in capitalized pre-commercial production operating costs, and lower gross cash cost, partially offset by the increase at Chelopech related to the development of twin declines to Wedge Zone (Block 250).

Certain key cost measures in the Company's detailed guidance for 2026 are sensitive to market assumptions, including metal prices, oil prices and foreign exchange rates. The following table demonstrates the sensitivity in these market assumptions over the balance of the year on the consolidated GEO sold and all-in sustaining cost per GEO sold provided in the 2026 guidance.

1. The Company's 2026 guidance assumes an oil price of $65 per barrel. The increase in crude oil prices beginning in March 2026 did not have a significant impact on the Company's all-in sustaining cost per GEO sold in the first nine months of 2026. However, if oil prices remain elevated under the current geopolitical environment, the Company expects higher costs for diesel consumed in mine operations, as well as for freight charges included in selling cost, which are sensitive to oil prices. For the balance of 2026, each $10 per barrel change in the oil price is expected to impact the Company's all-in sustaining cost by approximately $3 per GEO sold, comprising an estimated $1 per GEO impact from direct diesel costs and $2 per GEO impact from freight charges.

The Company's three-year outlook is set out in the following table:

GEO sold(2),(3) Koz 265 - 310 285 - 325 255 - 290

1. The Company's 2026 guidance and three-year outlook are forecast to vary from quarter to quarter depending on mine sequencing, the timing of concentrate deliveries and planned maintenances, as well as the schedule for, and execution of each capital project.

2. Based on, where applicable, a Euro/US$ exchange rate of 1.20, and metal prices of $50/oz for silver, $5.00/lb for copper, and $1.30/lb for zinc for all years. Lead prices are assumed to be $0.90/lb in 2026, and $0.95/lb in 2027 and 2028. Gold prices are assumed to be $4,200/oz in 2026,

   $3,900/oz in 2027 and $3,600/oz in 2028.

3. The Company uses conversion ratios for calculating GEO for its silver, zinc, lead and copper production, which are calculated by multiplying the volumes of metals produced by the respective assumed metal prices, and dividing the resulting figure by assumed gold prices for each of the three years in the outlook. The GEO calculated also includes minor quantities of other metals that are not considered material.

4. Current assumptions for royalties are at a rate of 1.5% and 6% for Chelopech and Ada Tepe, respectively, based on the gross value of metals contained in ore mined, and at a rate of $2.18 per tonne of ore mined for Vareš for all years. On January 30, 2026, the Bulgarian government adopted new royalty rates for applicable mining concessions, increasing the royalty rates to 2% - 6% for gold and silver, and 2% - 5% for copper. These new rates do not apply to the existing Chelopech concession, which is subject to fixed royalty terms and expires in 2029. The new rates will become applicable to Chelopech upon renewal of its concession agreement in 2029.

5. Represents capital expenditures on an accrual basis and do not represent the cash outlays for capital expenditures.

6. Original 2026 guidance in respect of exploration expenses was between $60 million and $70 million.

7. The 2026 to 2028 three-year outlook provided for growth capital expenditures relates primarily to the estimated construction costs for the Čoka Rakita project, as per the "Technical Report Feasibility Study Čoka Rakita Project Eastern Serbia" dated January 9, 2026. See the "Development and Other Major Projects - Čoka Rakita Project" section contained in this MD&A for further details. In 2026, growth capital expenditures also include the ramp-up and development cost for the Vareš mine and the capitalized pre-commercial production operating costs at Vareš with a total of $90 million to $100 million, down from the initial guidance of $100 million to $125 million, the pre-construction costs of $49 million to $53 million for the Čoka Rakita project, as well as the estimated cost for the Loma Larga project of approximately $5 million.

The Company's three-year outlook and 2026 detailed guidance are based on certain estimates and assumptions which involve risks and uncertainties. Actual results may vary materially from management's expectations. See the "Risks and Uncertainties" and "Cautionary Note Regarding Forward Looking Statements" sections later in this MD&A for further information.

1. Represents payable metals in concentrates sold based on provisional invoices.

2. Represents capital expenditures on an accrual basis and do not represent the cash outlays for capital expenditures.

Gold contained in concentrates produced in the third quarter and first nine months of 2026 was lower than 2025 due primarily to lower gold grades, as well as lower gold recoveries in the first nine months of 2026, in line with the mine plan.

Silver contained in concentrates produced in the third quarter of 2026 was lower than 2025 due primarily to lower silver grades. Silver contained in concentrates produced in the first nine months of 2026 was higher than 2025 due primarily to higher silver grades and recoveries.

Copper production in the third quarter of 2026 was lower than 2025 due primarily to lower copper grades. Copper production in the first nine months of 2026 was comparable to 2025.

GEO produced in the third quarter of 2026 was lower than 2025, due primarily to lower overall metals production and higher prices for gold, partially offset by higher prices for copper and silver. GEO produced in the first nine months of 2026 was lower than 2025, due primarily to lower production and higher prices for gold, partially offset by higher production and prices for silver, and higher prices for copper. Chelopech is on-track to achieve its GEO production guidance for 2026.

Payable gold in concentrates sold in the third quarter and first nine months of 2026 was lower than 2025 reflecting lower gold production, partially offset by timing of deliveries.

Payable copper and silver in concentrates sold in the third quarter of 2026 was lower than 2025 due primarily to lower copper and silver production, partially offset by timing of deliveries. Payable copper and silver in concentrates sold in the first nine months of 2026 was higher than 2025 due primarily to timing of gold-copper concentrate deliveries and higher silver production in pyrite concentrate.

GEO sold in the third quarter of 2026 was lower than 2025 due primarily to lower GEO produced, partially offset by timing of deliveries. GEO sold in the first nine months of 2026 was comparable to 2025.

Cash cost per tonne of ore processed in the third quarter and first nine months of 2026 was higher than 2025 due primarily to higher labour costs, higher energy costs, higher maintenance costs and lower volumes of ore processed, as well as a stronger Euro relative to the U.S. dollar for the first nine months of 2026.

Cash cost per GEO sold in the third quarter and first nine months of 2026 was higher than 2025 due primarily to higher labour costs, higher energy costs, and higher maintenance costs, as well as lower volumes of GEO sold in the third quarter of 2026 and a stronger Euro relative to the U.S. dollar for the first nine months of 2026.

All-in sustaining cost per GEO sold in the third quarter and first nine months of 2026 was higher than 2025 due primarily to the same factors impacting cash cost per GEO sold.

Capital expenditures in the third quarter and first nine months of 2026 were higher than 2025 due primarily to increased resource drilling and development activities and timing of spend on process plant maintenance and upgrade activities.

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 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.

The operating results of the Vareš operation for the three and nine months ended September 30, 2026, and the post-acquisition operating results between September 3 to September 30, 2025 are summarized in the table below:

1. Includes minor quantities of other metals that are not considered material.

2. Included non-cash fair value adjustment on inventories of $25.5 million from September 3 to 30, 2025.

3. Cash cost per tonne of ore processed is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed. On a net basis, cash cost was $163 and $138 per tonne of ore processed, respectively, for the third quarter and first nine months of 2026 compared to $126 from September 3 to 30, 2025.

4. Represents payable metals in concentrates sold based on provisional invoices.

5. Represents capital expenditures on an accrual basis and do not represent the cash outlays for capital expenditures.

6. Included capitalized operating costs prior to pre-commercial production of $6.9 million and $44.1 million, respectively, for the third quarter and first nine months of 2026 compared to $2.4 million from September 3 to 30, 2025.

Vareš achieved commercial production on August 10, 2026 by exceeding an average of 60% of design throughput capacity and recoveries over a period of 30 consecutive days. Metals contained in concentrates produced were in line with the planned ramp-up of the mine to full production of 850,000 tonnes per annum, which is on track for the end of 2026, with the second tailings filter expected to begin commissioning in November. In 2026, Vareš is expected to be above the high end of its guidance ranges for ore processed and GEO production.

Payable metals in concentrates sold were lagging metals produced due primarily to timing of deliveries during the third quarter and first nine months of 2026. In 2026, GEO sold at Vareš is expected to be at the high end of its guidance range.

Lead-silver concentrate inventory totalled 6,075 tonnes as at September 30, 2026, up from 579 tonnes as at December 31, 2025. Zinc concentrate inventory totalled 8,084 tonnes as at September 30, 2026, up

from 575 tonnes as at December 31, 2025.

All-in sustaining cost per GEO sold at Vareš for the first nine months of 2026 was below the low end of its 2026 guidance range due primarily to the capitalization of certain pre-commercial production operating costs. It is expected to increase during the balance of the year as the gross operating costs at Vareš are now included in its all-in sustaining cost post-commercial production. All-in sustaining cost per GEO sold at Vareš for the full year is expected to be at the low end of its 2026 guidance range due primarily to lower gross operating costs and higher GEO sold.

Cash cost per tonne of ore processed, before capitalization, is expected to be at the low end of its 2026 guidance range due primarily to lower gross operating costs and higher volume of ore processed. The Company continues to evaluate opportunities to optimize the cost structure for 2027 and beyond, targeting the cash cost per tonne metrics outlined in the Vareš Technical Report.

Cost of sales for the third quarter and first nine months of 2026 included $17.1 million in depreciation expense related to the Vareš mine properties. The depreciable value of these mine properties reflected their carrying value, together with the fair value adjustment recognized as part of the purchase price allocation. Depreciation commenced on August 10, 2026, when commercial production was declared.

At full production rates over the life of the mine, annualized depreciation of these mine properties, net of the reversal of deferred tax liabilities associated with the fair value adjustment, is expected to decrease the Company's net earnings by approximately $180 per tonne of ore processed at Vareš.

Capital expenditures in the third quarter and first nine months of 2026 relate primarily to the capitalization of certain operating costs prior to commercial production and the ramp-up and development of the mine to achieve full production by the end of 2026.

1. Recoveries are after the flotation circuit but before filtration.

2. Represents payable metals in gold concentrate sold based on provisional invoices.

3. Represents capital expenditures on an accrual basis and do not represent the cash outlays for capital expenditures.

Gold contained in concentrate produced and GEO produced in the third quarter and first nine months of 2026 was lower than 2025 due primarily to lower volumes of ore mined and processed. Ada Tepe reached the end of its mine life, with production having concluded as of July 15, 2026.

Payable gold in concentrate sold and GEO sold in the third quarter and first nine months of 2026 was consistent with gold production compared to 2025.

Cash cost per tonne of ore processed in the third quarter and first nine months of 2026 was higher than 2025 due primarily to lower volumes of ore processed.

Cash cost per GEO sold in the third quarter and first nine months of 2026 was higher than 2025 due primarily to lower volumes of GEO sold.

All-in sustaining cost per GEO sold in the third quarter and first nine months of 2026 was higher than 2025 due primarily to the same factors impacting cash cost per GEO sold, partially offset by lower cash outlays for sustaining capital expenditures.

Ada Tepe did not incur any capital expenditures in 2026 due primarily to the planned mine closure. Technical rehabilitation activities are expected to be completed by the end of 2026, with biological and other major rehabilitation activities expected to commence in 2027. The Company is committed to the responsible closure and rehabilitation of Ada Tepe, in line with the highest standards and in accordance with the regulatory framework. Upon completion of its rehabilitation plan, DPM expects 95% of Ada Tepe's land use to be returned to the Natura 2000, the European Union's nature protection network.

On November 26, 2025, DPM announced the feasibility study ("FS") results for the Čoka Rakita project. The FS confirms robust economics for a high-margin underground gold mining operation with first quartile costs and a high rate of return using a $1,900 per ounce gold price assumption. Based on the positive results, DPM is proceeding to execution readiness and construction permitting, with first concentrate production anticipated in the first half of 2029, subject to, among other things, a formal construction decision.

Highlights of the FS include:

• Higher gold production in the first five years, averaging approximately 189,000 ounces of gold per year;

• Robust base case Net Present Value ("NPV") 5% of $782 million (after-tax) and Internal Rate of Return ("IRR") of 36% at a $1,900 per ounce gold price assumption. Using a $3,500 per ounce gold price assumption, NPV5% is approximately $2.2 billion (after-tax) and IRR is approximately 68%;

• First quartile all-in sustaining cost of $644 per ounce of gold1 (life-of-mine average);

• Initial capital of approximately $448 million, well within DPM's funding capacity;

• Probable Mineral Reserves of approximately 7.34 million tonnes at a grade of 6.44 g/t Au for 1.52 million ounces, supporting a ten-year mine life; and

• Strategic position of project infrastructure, considering discovery of the Dumitru Potok target.

Following the October 25, 2026 parliamentary election in the Republic of Serbia, the Company notes that administrative and regulatory decision-making timelines may be extended as the new government is formed and the National Assembly is convened. DPM will work with the relevant authorities to align the

1 All-in sustaining cost per ounce gold is a non-GAAP financial measure or ratio. This measure has no standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. As the Čoka Rakita project is not in production, DPM does not have historical non-GAAP financial measure nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measure or ratio may not be reconciled to the nearest comparable measures under IFRS. Refer to the "Non-GAAP Financial Measures" section on page 35 for more information, including a detailed description of this measure.

scheduling of the next phase of the Čoka Rakita project, if the process of the government's formation requires it. The Company has had a presence in Serbia since 2004 and remains committed to Čoka Rakita with timeline updates, if necessary, to be provided in due course.

In parallel, DPM is continuing to advance engineering and procurement activities for the project, including dismantling and refurbishing of the Ada Tepe mill components, the ramp-up of purchases and securing of fabrication timelines for critical equipment, selection of the underground contractor and advancing detailed engineering.

DPM remains committed to working proactively with all levels of government and local communities, and to operating in accordance with industry best practices and applicable Serbian and European Union standards.

The Company has planned to spend between $49 million to $53 million of growth capital expenditures for the Čoka Rakita project in 2026, with $13.7 million incurred in the first nine months of the year. These activities are primarily related to pre-construction activities, including detailed engineering, environmental and permitting activities, early works, and operational readiness planning. Subject to permitting progress and schedule acceleration, approximately $42 million of pre-committed initial capital for the project was also included in the 2026 detailed guidance related to early contractor engagement and procurement activities in advance of a formal construction decision.

See the "Technical Report Feasibility Study Čoka Rakita Project, Eastern Serbia" dated January 9, 2026, for additional information, which has been posted on the Company's website at https://www.dpmmetals.com and filed on SEDAR+ at https://www.sedarplus.ca.

Following the revocation of the environmental licence for the Loma Larga project by the Ministry of Environment and Energy in October 2025, DPM is considering all options to preserve value and optionality for shareholders, including evaluation of all legal avenues.

As a result, the Company continues to minimize spending at the Loma Larga project until the matter related to the environmental licence is resolved. DPM incurred $5.1 million of spending at Loma Larga in the first nine months of the year.

During the third quarter of 2026, exploration activities in Serbia were performed on the Potaj Čuka, Čoka Rakita, Pester Jug and Umka licences. A total of 19,283 metres of drilling was completed during the quarter.

Up to fifteen drill rigs were active at the Čoka Rakita licence during the third quarter of 2026, with 12,762 metres drilled. Infill, delineation and extension drilling continued at the Dumitru Potok prospect, with a main focus on increasing the drill density and extending mineralization footprint along strike and laterally. Two drill rigs are dedicated to dual targeting, the Frasen porphyry/adjacent stratabound mineralization and deeper contact skarn mineralization at Dumitru Potok contact skarn area. One drill rig is dedicated for the Rakita North area and one drill rig for the Rakita south drill program.

Recent results from drilling at the Dumitru Potok and Rakita North prospects demonstrate further growth potential, with mineralization open along strike, laterally and at depth, including priority extensions to the

west and southwest of the existing Dumitru Potok Mineral Resource, and to the north and east at Rakita North. These results improve the Company's understanding of mineralization geometry and indicate mineralized tonnage may be greater than previously modelled.

Drilling extended the marble-hosted intrusive skarn mineralization approximately 90 metres west and 100 metres southwest (drill holes BIDD253 and DPDD037A) and returned encouraging results 300 metres to the north of the Mineral Resource (DPDD039A), indicating further expansion potential at shallow levels.

Given the success to date, DPM is expanding the 2026 drilling program by an additional 12,000 to 15,000 metres. The drilling program will focus on expanding the existing Dumitru Potok Mineral Resource estimate, infill drilling and target testing across the Čoka Rakita exploration licence.

An updated Dumitru Potok Mineral Resource estimate is expected to be complete by the end of the first quarter of 2027, which will form the basis of a PEA targeted to be complete by the end of 2027.

The Company continued its drilling campaign on the Potaj Čuka licence, with 3,558 metres drilled during the third quarter of 2026, which was primarily focused on the Valja Saka prospect, and additional scout targets across the licence. The Valja Saka drill program aimed to test the continuation of mineralized zones and different mineralization styles intersected in previous campaigns. Drill testing of several best-ranked target areas have been completed and confirmed the stratigraphy sequence and structural patterns.

On the Pester Jug exploration licence, three additional drill holes were completed with 2,323 metres drilled in total during the third quarter of 2026, to test several target areas for skarn mineralization.

Drilling activities at Potaj Čuka and Pester Jug are currently paused, pending the ordinary course renewal of exploration permits.

Exploration activities at the Umka exploration licence resumed during the third quarter, following the ordinary course renewal of permits for the licence. One drill rig is active on the licence, with 640 metres drilled in the third quarter, which was focused on previously identified skarn related exploration targets.

In response to the encouraging results achieved to date, the Company has increased its guidance for the Serbian exploration activities in 2026 to a range of $38 million to $40 million, up from the original guidance range of $25 million to $30 million, with $29.5 million incurred in the first nine months of the year.

For additional information regarding exploration activities and recent significant drilling intercepts in Čoka Rakita, see the latest news release entitled "DPM Metals Extends Mineralization at Dumitru Potok with High-Grade Intercepts" dated September 8, 2026, available on the Company's website at https://www.dpmmetals.com and SEDAR+ at https://www.sedarplus.ca.

DPM has continued to advance the high-grade Wedge Zone prospect, which will be referred to as Block 250 as it is incorporated into the mine plan for Chelopech as a near-term opportunity, which is expected to grow production and extend mine life at Chelopech commencing in late 2028. The Company is on track to complete an initial Mineral Resource estimate by year-end and has commenced preparatory works for the ramp and twin declines that will provide access to Block 250. Development of the ramp is commencing in the fourth quarter of 2026, with contractor-led construction of the twin declines targeted to begin in the first quarter of 2027.

Extensional drilling of Block 250 towards the west continued, with a total of 1,948 metres drilled during the third quarter of 2026.

DPM will continue to explore the broader Wedge Zone corridor in 2026 for additional mineralization, informed by the possibility of telescoping within the Chelopech hydrothermal system, where alteration and mineralization assemblages typically developed at higher structural levels may occur at greater depth than would normally be expected. Exploration will also test analogous structural settings along the Petrovden Fault.

For additional information regarding exploration activities and recent significant drilling intercepts for the Wedge Zone (Block 250), see the news release entitled "DPM Metals Reports New High-Grade Intercepts from the Chelopech Wedge Zone Deep Prospect; Expects Mineral Resource Estimate by Year-End 2026" dated May 20, 2026, available on the Company's website at https://www.dpmmetals.com and SEDAR+ at https://www.sedarplus.ca.

Brownfield exploration continued within the Chelopech mine concession and Brevene exploration licence during the third quarter of 2026 with a total of 24,382 metres of exploration and target delineation drilling with 15 active diamond drill rigs, 12 on surface and three underground.

In late September 2026, DPM announced new high-grade intercepts from delineation drilling and expansion of the gold-copper porphyry mineralization at the Brevene Porphyry South discovery, located at the boundary of the Chelopech mine concession and the southeastern part of the Brevene exploration licence.

Recent results from drilling, including extended intercepts of the previously reported intervals in hole EX_BRES_555_02A with 716.60 metres at 3.30 g/t AuEq (comprising 1.63 g/t Au and 1.58% Cu), and drill hole EX_BRESPO_03 with 1,054 metres at 2.49 g/t AuEq (comprising 1.20 g/t Au and 1.20% Cu) demonstrate the significant vertical extent (over 1,000 metres) and potential for scale and continuity with broad, continuous intervals of high-grade copper-gold porphyry mineralization.

Drilling confirmed a large potassic alteration envelope exceeding 500 metres by 500 metres and more than 1,000 metres in vertical extent, and indicate a northwestward extension of the potassic alteration envelope onto the Chelopech mine concession. The system remains open to the north, south, west, and at depth, where it is interpreted to plunge to the southwest. Up to 15,000 metres of additional drilling from the Chelopech mine concession are planned through year-end 2026, followed by continued delineation through 2027. In addition, preliminary metallurgical testwork indicates that Brevene Porphyry South mineralization is amenable to conventional rougher-cleaner flotation, with open-cycle tests producing copper-gold concentrates at grades ranging between 10% to 25% for copper and 12 g/t to 20 g/t gold.

Drilling activities within the Brevene exploration licence continued until the end of September, at which point the exploration licence period concluded. The Company shifted drilling to the existing Chelopech

mine concession, where the latest results have confirmed the Brevene Porphyry South target extends north onto the concession. Surface drilling is ongoing with 12 drill rigs focused on assessing the Mineral Resource potential of the Brevene Porphyry South discovery. The Company is targeting an initial Mineral Resource estimate for the Brevene Porphyry South in the second half of 2027, with a PEA planned in the first half of 2028.

Approximately 15,000 additional metres of drilling is planned through the end of 2026. This expanded program is focused on delineating the northern and western extensions of the porphyry system, as well as testing the depth potential, where mineralization remains open. Further delineation drilling will continue in 2027, to support the Company's internal Mineral Resource estimates and technical evaluations. DPM is targeting an initial resource in the second half of 2027, to form the basis of a preliminary economic assessment planned for the first half of 2028.

In parallel with the drilling program, the Company continues to advance activities in support of converting the Brevene exploration licence to a mining concession. In late August, the final geology report, which includes technical and economic assessment, was submitted to the Ministry of Energy, with regulatory review ongoing.

The key milestones in this regulatory process include recognition of a Commercial Discovery; submission of a mining concession application; environmental and other permitting requirements; and ultimately, granting of a concession contract, all of which is subject to regulatory review and approval. As the Company advances through this regulatory process, DPM's near-term exploration updates regarding the Chelopech camp will be focused on results from within the mine concession area, with further Brevene exploration results to resume once the regulatory milestones are achieved.

For additional information regarding exploration activities and recent significant drilling intercepts for Brevene Porphyry South, see the news release entitled "DPM Metals Expands Brevene Porphyry South Discovery with New High-Grade Intercepts" dated September 20, 2026, available on the Company's website at https://www.dpmmetals.com and SEDAR+ at https://www.sedarplus.ca.

DPM remains committed to extending the life of the Chelopech mine through a focused in-mine exploration program targeting resource development. During third quarter of 2026, the Company completed 9,653 metres of drilling, including 1,806 metres dedicated to extensional drilling. This was primarily focused on discovering new mineralization along identified geological trends in the Chelopech mine.

Based on the potential new results from its exploration campaign, the Company increased its guidance for the Chelopech brownfield exploration activities in 2026 to a range of $27 million to $28 million, up from the original guidance range of $16 million to $17 million, with $21.6 million incurred in the first nine months of the year. In addition, the Company now plans to fund an additional $5 million for engineering and design work related to the development of twin declines to Block 250, increasing the guidance for the growth capital expenditures at Chelopech to be between $9 million to $10 million, up from the initial guidance range of $4 million to $5 million. Development costs at Block 250 will be capitalized to mine properties at Chelopech upon completion of the initial mineral resource estimate, which is planned before year-end.

During the third quarter of 2026, work at Vareš focused on testing for high-grade extension potential at Rupice, advancing drilling at Droskovac-Brezik, and progressing the broader camp target pipeline. A total of 3,399 metres were drilled during the period, comprising nine holes and a total of approximately 2,489 metres drilled at Rupice and two holes and a total of approximately 910 metres drilled at Droskovac-Brezik.

Meanwhile, mapping and rock-chip sampling continued across the Rupice-Medujak-Borovica and Mekuse-Vareš East areas.

In the fourth quarter, the Company expects to continue follow-up drilling at Rupice, targeting its southwest and northeast extensions. Drilling and borehole electromagnetic geophysical work will also continue at Droskovac-Brezik. The Company plans to commence drilling at Medujak and Borovica, as well as downhole transient electromagnetic surveying across the Rupice-Borovica area.

The Company has decreased its guidance for Vareš brownfield exploration to a range of $3 million to $4 million, down from the initial guidance of $10 million to $11 million, due primarily to timing of spend. The Company has also planned $1 million to $2 million for Bosnia and Herzegovina greenfield exploration in 2026. Exploration expenditure incurred during the first nine months of the year totalled $2.6 million.

During the third quarter of 2026, exploration activities at the Ada Tepe camp focused on scout and delineation drilling in the southeastern part of the Chiirite exploration licence. Approximately 689 metres of drilling were completed during the quarter.

The Company submitted a seven-year report for Chiirite exploration licence, together with an application for a Geological Discovery. Approval of the application would extend the licence term by one year, allowing time to complete a technical-economic assessment and register a Commercial Discovery.

For 2026, the Company has planned total exploration expenditures at Ada Tepe of between $2 million and

$3 million, focusing on scout drilling on newly generated targets, follow-up drilling on previously established targets within the Krumovitsa and Chiirite licences, and regional prospecting work. Exploration expenditure incurred during the first nine months of the year totalled $2.2 million.

The following table summarizes revenue by segment:

1. Includes the value of payable metals sold, deductions for treatment charges, penalties, transportation and other selling costs, and final settlements to reflect any physical and cost adjustments on provisionally priced sales.

   At Chelopech, revenue in the third quarter and first nine months of 2026 was higher than 2025 due primarily to higher realized metal prices.

   At Ada Tepe, revenue in the third quarter and first nine months of 2026 was lower than 2025 due primarily to lower volumes of GEO sold as the mine reached the end of its life in July 2026.

   At Vareš, revenue in the third quarter and first nine months of 2026 reflected pre- and post-commercial production revenue. Vareš achieved commercial production on August 10, 2026.

   Cost of sales

   Cost of sales in the third quarter of 2026 was 19% lower than 2025 due primarily to Ada Tepe reaching the end of its mine life in July 2026. This was partially offset by the inclusion of Vareš beginning in September 2025, as well as higher labour costs, and higher energy costs at Chelopech. Cost of sales in the first nine months of 2026 was 13% higher than 2025 due primarily to the inclusion of Vareš, as well as higher labour costs at Chelopech, a stronger Euro relative to the U.S. dollar, and higher energy costs at Chelopech. These increases were partially offset by Ada Tepe reaching the end of its mine life in July 2026. Cost of sales for the third quarter and first nine months of 2026 included $17.1 million in depreciation expense related to the Vareš mine properties. Depreciation commenced on August 10, 2026, when commercial production was declared. Cost of sales for the third quarter and first nine months of 2025 also included a non-cash fair value adjustment on inventories of $25.5 million.

   General and administrative expenses

   General and administrative expenses in the third quarter and first nine months of 2026 were higher than 2025 due primarily to mark-to-market adjustments to share-based compensation expenses reflecting DPM's strong share price performance, and higher costs for employees and external services.

   Share-based compensation expense included in general and administrative expenses in the third quarter and first nine months of 2026 was $20.4 million and $35.2 million, respectively, compared to $16.8 million and $31.3 million in 2025.

   General and administrative expenses are expected to exceed the high end of the 2026 guidance range, due primarily to the build-up of project and evaluation team to support the Company's organic growth projects and corporate development activities, as well as higher legal advisory fees related to the environmental license issue for the Loma Larga project and the State property issue at Vareš.

   Exploration and evaluation expenses

   Exploration and evaluation expenses in the third quarter and first nine months of 2026 were higher than 2025 due primarily to costs incurred in connection with exploration activities on the Brevene Porphyry South and Wedge Zone targets at Chelopech, and Rakita camp in Serbia.

   For a more detailed discussion on the Company's exploration activities, refer to the "Exploration" section of this MD&A.

   Finance costs

   Finance costs are comprised of interest and other deemed financing costs in respect of the Company's debt facilities, lease obligations and rehabilitation provisions.

   Finance costs in the third quarter and first nine months of 2026 were comparable to 2025.

   Interest income

   Interest income earned on the Company's cash and cash equivalent in the third quarter and first nine months of 2026 was lower than 2025 due primarily to lower average interest rates in 2026.

   Other (income) expense

   The following table summarizes items making up other income and expense:

   $ thousands Ended September 30,	Three Months 2026 2025		Nine Months
   			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	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	-	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 other (income) expense	13,003	13,179	(8,090)	44,674

   1. In 2025, the Company recognized certain provisions in connection with the purchase price allocation arising from the acquisition of Adriatic. 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.

   2. Represented proceeds from a sale of certain assets and data for a Serbian exploration license no longer retained by DPM.

   3. In June 2026, DPM settled with Sinomine in respect of a previously recognized receivable of $22.5 million related to DPM's disposition of the Tsumeb smelter and 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.

   4. 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.

   5. Represented accrued employee termination benefits as Ada Tepe reached the end of its mine life in July 2026.

   6. Represented a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.

   7. Primarily related to the revaluation of foreign denominated monetary assets and liabilities.

The effective tax rate of the Company can vary significantly from one period to the next based on a number of factors. For the third quarter and first nine months ended September 30, 2026 and 2025, the Company's effective tax rate was impacted primarily by the Company's overall earnings, mix of foreign earnings or losses, which are subject to lower tax rates in certain jurisdictions, and changes in unrecognized tax benefits relating to corporate operating and exploration and evaluation costs.

The Company operates in jurisdictions that have enacted Organization for Economic Co-operation and Development Pillar Two global minimum tax rules. To the extent these rules become applicable, they could increase the Company's current and/or deferred income taxes in periods where income is earned in jurisdictions with statutory tax rates below the minimum effective rate.

Net earnings in the third quarter of 2026 were higher than 2025, due primarily to higher revenue and lower cost of sales, partially offset by higher income taxes, higher exploration expenses, a $5.8 million fair value loss on copper stream liability, and higher mark-to-market adjustments to share-based compensation expenses. Net earnings in the first nine months of 2026 were higher than 2025, due primarily to higher revenue and a $32.9 million reversal of certain provisions at Vareš, partially offset by higher cost of sales, higher income taxes, higher exploration expenses and higher mark-to-market adjustments to share-based compensation expenses, as well as a $12.1 million fair value loss on copper stream liability and a $9.5 million loss on settlement of a previously recognized receivable related to the DPM Tolling Agreement. The first nine months of 2025 also included a one-time levy of $24.4 million to the Bulgarian state budget related to Chelopech and Ada Tepe and Adriatic acquisition related costs of

$15.4 million.

$ millions

Three Months

Nine Months

The following table summarizes the key drivers affecting the changes in adjusted net earnings:

1. Represented depreciation expense related to the Vareš mine properties, the depreciable value of which included their carrying value, together with the fair value adjustment recognized as part of the purchase price allocation at the date of acquisition of Adriatic.

As at September 30, 2026, the Company held $839.2 million of cash and cash equivalents and $400.0 million of undrawn capacity under its RCF with an accordion feature that can increase the facility to

$550.0 million.

The Company's liquidity is impacted by several factors which include, but are not limited to, gold, silver, lead, zinc and copper market prices, production levels, capital expenditures, operating cash costs, interest rates, foreign exchange rates and other risks and uncertainties. These factors are monitored by the Company on a regular basis. See the "Risks and Uncertainties" section later in this MD&A for further information.

The Company's cash resources and available capital under its RCF continue to provide sufficient liquidity and capital resources to meet its current operating and capital expenditure requirements, all contractual commitments, as well as a number of margin improvement and growth-related expenditures. The Company may, from time to time, raise additional capital or amend its RCF to ensure it maintains its financial strength and has sufficient liquidity to support the funding requirements associated with one or more of its growth capital projects and the overall needs of the business. See the "Cautionary Note Regarding Forward Looking Statements" and "Risks and Uncertainties" sections later in this MD&A for further information.

As part of its strategy, the Company adheres to a disciplined capital allocation framework that guides decision making for the most effective way to deploy capital. The framework is based on three fundamental considerations:

• Balance sheet strength: maintain a strategic cash position, which, together with forecasted free cash flow, is available to fund organic growth of the Company's existing project pipeline and pursue disciplined strategic transactions.

• Reinvestment in the business: to grow value and long-term sustainability of the business. This includes capital to optimize and extend the life of existing assets, and fund the Company's operating and sustaining capital expenditures.

• Return of excess capital to shareholders: through a mix of dividends and share repurchases under an NCIB, the Company maintains a level of capital returns that it considers to be sustainable.

These alternatives are not mutually exclusive, nor are they exhaustive, and are assessed in a balanced manner with a view to maximizing total shareholder returns over the long-term. The Company continually reviews its capital allocation strategy of balancing these three fundamental considerations.

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.

The declaration, amount and timing of any future dividend are at the sole discretion of the Company's board of directors (the "Board of Directors") and will be assessed based on the Company's capital allocation framework, having regard for the Company's financial position, overall market conditions, and its outlook for sustainable free cash flow, capital requirements, and other factors considered relevant by the Board of Directors.

The Company renewed its NCIB effective March 16, 2026, pursuant to which the Company is able to purchase up to 11 million common shares representing approximately 4.96% of the public float as at March 11, 2026, over a period of twelve months commencing March 18, 2026 and terminating on March 17, 2027. In accordance with TSX rules, the Company will not acquire on any given trading day more than 286,745 common shares, representing 25% of the average daily volume of common shares for the most recently completed six-month period, other than block purchase exceptions. The price that the Company will pay for common shares in open market transactions will be the market price at the time of purchase and any common shares that are purchased under the NCIB will be cancelled. 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).

The Company's Board of Directors has authorized management to repurchase up to $200 million of the Company's shares in 2026 under the NCIB.

The actual timing and number of common shares that may be purchased under the NCIB will be undertaken in accordance with DPM's capital allocation framework, having regard for such things as DPM's financial position, business outlook and ongoing capital requirements, as well as its share price relative to market peers and intrinsic value and overall market conditions.

The following table summarizes the Company's cash flow activities:

1. Cash provided from operating activities, before changes in working capital, is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section commencing on page 35 of this MD&A for more information, including reconciliations to IFRS measures.

2. Excluded a favourable change in working capital of $13.0 million (2025 -$167.9 million) for the first nine months of 2026 related to the DPM Tolling Agreement.

3. Included a release of restricted cash pursuant to the agreement to acquire Adriatic of $464.9 million and cash consideration to acquire Adriatic of

   $399.2 million, net of cash acquired, for the third quarter and first nine months of 2025.

4. Included repayment of Adriatic debts of $136.3 million for the third quarter and first nine months of 2025, following the acquisition of Adriatic on September 3, 2025.

   The primary factors impacting period over period cash flows are summarized below.

   Operating activities

   Cash provided from operating activities in the third quarter of 2026 was higher than 2025due primarily to higher earnings generated in the period, partially offset by the timing of payments to suppliers, the timing of deliveries and subsequent receipt of cash and lower interest received. Cash provided from operating activities in the first nine months of 2026 was higher than 2025, due primarily to higher earnings generated in the period and the timing of deliveries and subsequent receipt of cash, partially offset by the timing of payments to suppliers, lower interest received and higher income taxes paid. The first nine months of 2026 also included higher annual cash redemption under the share-based compensation plans reflecting DPM's strong share price performance, and a cash redemption of certain DSUs.

   Free cash flow in the third quarter and first nine months of 2026 was higher than 2025 due primarily to the same factors impacting adjusted net earnings. Free cash flow is calculated before changes in working capital.

   Investing activities

   The following table provides a summary of the Company's cash outlays for capital expenditures:

   $ thousands Ended September 30,	Three Months 2026 2025		Change	Nine Months
   				2026	2025	Change
   Chelopech	5,889	5,508	7%	13,930	11,586	20%
   Ada Tepe	-	3,189	(100%)	672	9,985 (93%)
   Vareš	18,827	2,452	668%	71,257	2,452	2,806%
   Corporate & Other	4,354	10,866	(60%)	18,628	30,913 (40%)
   Total cash capital expenditures	29,070	22,015	32%	104,487	54,936	90%

   Cash outlays for capital expenditures in the third quarter and first nine months of 2026 were higher than 2025 due primarily to higher capital expenditures at Vareš, partially offset by the timing of expenditures for the Čoka Rakita project, as well as lower capital expenditures at Ada Tepe as a result of the mine closure.

   Other factors impacting investing activities are summarized below:

   • Cash consideration to acquire Adriatic of $399.2 million, net of cash acquired, in the third quarter of 2025;

   • Release of restricted cash of $464.9 million pursuant to the agreement to acquire Adriatic in the third quarter of 2025; and

   • Release of restricted cash of $5.0 million in respect of the Tsumeb Disposition in the first quarter of 2025.

Cash used in financing activities in the third quarter and first nine months of 2026, compared to 2025, primarily reflects the changes in payments for shares repurchased under the NCIB and dividends paid.

Other factors impacting financing activities include the repayment of Adriatic debt of $136.3 million immediately after the closing of the acquisition in the third quarter of 2025.

Cash and cash equivalents increased by $341.4 million in the first nine months of 2026 due primarily to earnings generated in the period, partially offset by payments for shares repurchased under the NCIB, cash outlays for capital expenditures, cash redemptions under the share-based compensation plans, income taxes paid and dividends paid. Accounts receivable, inventories and other current assets decreased by $56.1 million in the first nine months of 2026 due primarily to timing of deliveries and subsequent receipt of cash for the mining operations, as well as the cash settlement of tolling receivables related to the DPM Tolling Agreement. Non-current assets increased by $28.6 million in the first nine

months of 2026 due primarily to the capital expenditures for the period, including the capitalization of operating costs prior to commercial production at Vareš, partially offset by depreciation and amortization.

Current liabilities decreased by $39.2 million in the first nine months of 2026 due primarily to the cash redemptions under the share-based compensation plans, and lower accounts payable and accrued liabilities related to the reversal of certain provisions at Vareš and timing of payments to suppliers, partially offset by higher income tax liabilities on the earnings generated in the period. Non-current liabilities increased by $0.6 million in the first nine months of 2026 due primarily to mark-to-market adjustments to share-based compensation liabilities reflecting DPM's strong share price performance, partially offset by the reclassification of share-based compensation expenses to current liabilities, decrease in rehabilitation provision as a result of remeasurement and expenditures incurred related to Ada Tepe mine closure activities.

Total equity increased by $352.3 million in the first nine months of 2026 due primarily to the current period earnings, partially offset by the return of capital through share repurchases and dividend distributions.

The Company had the following minimum contractual obligations and commitments as at September 30, 2026:

As at September 30, 2026, the Company had no debt.

DPM has a committed 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.

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's common shares are traded on the TSX under the symbol DPM. As at November 12, 2026, 217,025,692 common shares were issued and outstanding.

DPM also has 863,969 options outstanding as at November 12, 2026 with exercise prices ranging from Cdn$6.17 to Cdn$48.98 per share (weighted average exercise price - Cdn$14.82 per share).

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. See the "Cautionary Note Regarding Forward Looking Statements" and "Risks and Uncertainties" sections later in this MD&A for further information.

As at September 30, 2026, the Company had the following financial instruments measured at fair market value:

The fair value gains or losses on each of these financial instruments have been summarized in the table below:

For a more detailed description of the accounting policies and the nature of the gains or losses on these financial instruments, see note 4, Financial Instruments, to the condensed interim consolidated financial statements for the three and nine months ended September 30, 2026.

The Company is subject to price risk associated with fluctuations in the market prices for metals. The Company regularly enters into 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.

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 part of the Adriatic acquisition, 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.

The Company has not entered into any off-balance sheet arrangements.

Selected financial results for the last eight quarters, which have been prepared in accordance with IFRS, are shown in the table below:

The variations in the Company's quarterly results from continuing operations were driven largely by fluctuations in metal grades and recoveries, timing of metal deliveries, metal prices, foreign exchange rates, depreciation, mark-to-market adjustments to share-based compensation expenses reflecting DPM's share price movements, gains and losses on commodity swap contracts related to hedging the Company's metal price exposures, costs for corporate development related activities, fair value adjustments related to copper stream liability and inventories post acquisition of Adriatic, capital expenditures and share repurchases under the NCIB.

The following table summarizes quarterly average realized prices and highlights the quarter over quarter variability:

Other factors impacting the Company's quarter over quarter results from continuing operations include:

• Acquisition of Adriatic on September 3, 2025 and the inclusion of the financial results of Vareš since Q3 2025;

• Reversal of provisions at Vareš of $32.9 million in Q2 2026;

• Loss on settlement of tolling receivables of $9.5 million in Q2 2026;

• Non-cash fair value adjustment on inventories recognized in cost of sales of $25.5 million in Q3 2025 and $5.0 million in Q4 2025 following the acquisition of Adriatic on September 3, 2025;

• A one-time levy to the 2025 Bulgarian state budget of $24.4 million in Q1 2025;

• Transaction costs related to the Adriatic acquisition of $5.1 million in Q2 2025 and $10.3 million in Q3 2025; and

• Tax adjustments not related to current period earnings at Ada Tepe of $4.1 million in Q4 2024.

The preparation of the Company's consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the amounts of assets, liabilities and contingent liabilities on the date of the consolidated financial statements and the amounts of revenues and expenses during the periods reported. Estimates and assumptions are evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

The significant areas of estimation and uncertainty considered by management in preparing the condensed interim consolidated financial statements for the three and nine months ended September 30, 2026 are the same as those described in the Company's MD&A for the year ended December 31, 2025.

Certain financial measures referred to in this MD&A 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 companies. The definitions established and calculations performed by DPM are based on management's reasonable judgment and are consistently applied. These measures are used by management and investors to assist with assessing the Company's performance, including its ability to generate sufficient cash flow to meet its return objectives and support its investing activities and debt service obligations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for

measures prepared in accordance with IFRS. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company's performance.

Mine cash cost; mine cash cost of sales; and all-in sustaining cost are non-GAAP financial measures. Cash cost per tonne of ore processed; cash cost per GEO sold; and all-in sustaining cost per GEO sold are non-GAAP ratios. These measures capture the important components of the Company's production and related costs. Management and investors utilize these metrics as an important tool to monitor cost performance at the Company's operations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance.

The following table provides a reconciliation of the Company's cash cost per tonne of ore processed to its cost of sales:

1. Cash costs are reported in U.S. dollars, although the majority of costs incurred are denominated in non-U.S. dollars, and consist of all production related expenses including mining, processing, services, royalties and general and administrative.

2. Represents cost of sales and mine cash cost, respectively, divided by tonnes of ore processed.

3. Cash cost per tonne of ore processed at Vareš is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed. On a net basis, cash cost was $163 (2025 - $126) and $138 (2025 - $126) per tonne of ore processed, respectively, for the third quarter and first nine months of 2026.

4. Represents the post-acquisition operating results between September 3 to September 30, 2025.

   The following tables provide, for the periods indicated, a reconciliation of the Company's cash cost per GEO sold and all-in sustaining cost per GEO sold to its cost of sales:

   $ thousands, unless otherwise indicated
   For the three months ended September 30, 2026		Chelopech	Ada Tepe	Vareš	Consolidated
   Cost of sales(1)		48,856	4,265	39,449	92,570
   Add/(deduct):
   Depreciation and amortization		(7,181)	-	(19,823)	(27,004)
   Treatment charges, transportation and other related selling costs(2)		19,239	(463)	2,110	20,886
   Mine cash cost of sales		60,914	3,802	21,736	86,452
   Rehabilitation related accretion and depreciation expenses(3)		30	150	(28)	152
   Allocated general and administrative expenses(4)					28,708
   Cash outlays for sustaining capital expenditures(5)		4,442	-	1,315	5,757
   Cash outlays for leases(5)		378	76	26	480
   All-in sustaining cost		65,764	4,028	23,049	121,549
   GEO sold(6)	oz	45,049	1,822	30,057	76,928
   Cost of sales per GEO sold(7)	$/oz	1,085	2,341	1,312	1,203
   Cash cost per GEO sold(7)	$/oz	1,352	2,087	723	1,124
   All-in sustaining cost per GEO sold(7)	$/oz	1,460	2,211	767	1,580
   $ thousands, unless otherwise indicated
   For the three months ended September 30, 2025		Chelopech	Ada Tepe	Vareš(8)	Consolidated
   Cost of sales(1)		44,798	32,192	36,857	113,847
   Add/(deduct):
   Depreciation and amortization		(8,945)	(17,620)	(841)	(27,406)
   Treatment charges, transportation and other related selling costs(2)		18,288	(26)	2,686	20,948
   Non-cash fair value adjustment on inventories		-	-	(25,470)	(25,470)
   Mine cash cost of sales		54,141	14,546	13,232	81,919
   Rehabilitation related accretion and depreciation expenses(3)		22	1,245	26	1,293
   Allocated general and administrative expenses(4)					22,227
   Cash outlays for sustaining capital expenditures(5)		4,968	3,189	-	8,157
   Cash outlays for leases(5)		448	219	283	950
   All-in sustaining cost		59,579	19,199	13,541	114,546
   GEO sold(6)	oz	48,969	18,381	10,840	78,190
   Cost of sales per GEO sold(7)	$/oz	915	1,751	3,400	1,456
   Cash cost per GEO sold(7)	$/oz	1,106	791	1,221	1,048
   All-in sustaining cost per GEO sold(7)	$/oz	1,217	1,045	1,249	1,465

   1. Included in cost of sales were share-based compensation expenses of $2.4 million (2025 - $0.9 million) in the third quarter of 2026.

   2. Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

   3. Included in cost of sales and finance cost in the condensed interim consolidated statements of earnings (loss).

   4. Represents an allocated portion of DPM's general and administrative expenses, including share-based compensation expenses of $20.4 million (2025 - $16.7 million) for the third quarter of 2026, based on the mines' proportion of total revenue, where applicable. Allocated general and administrative expenses, including corporate social responsibility expenses and excluding depreciation and amortization, are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for each of the mine operations.

   5. Included in cash used in investing activities and financing activities, respectively, in the condensed interim consolidated statements of cash flows.

   6. The Company uses conversion ratios for calculating GEO for its metals production and sales, which are calculated by multiplying the volumes of metals sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price.

   7. Represents cost of sales, mine cash cost of sales and all-in sustaining cost, respectively, divided by GEO sold.

   8. Represents the post-acquisition operating results between September 3 to September 30, 2025.

1. Included in cost of sales were share-based compensation expenses of $6.2 million (2025 - $3.5 million) in the first nine months of 2026.

2. Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

3. Included in cost of sales and finance cost in the condensed interim consolidated statements of earnings (loss).

4. Represents an allocated portion of DPM's general and administrative expenses, including share-based compensation expenses of $35.2 million (2025 - $31.3 million) in the first nine months of 2026, based on the mines' proportion of total revenue, where applicable. Allocated general and administrative expenses, including corporate social responsibility expenses and excluding depreciation and amortization, are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for each of the mine operations.

5. Included in cash used in investing activities and financing activities, respectively, in the condensed interim consolidated statements of cash flows.

6. The Company uses conversion ratios for calculating GEO for its metals production and sales, which are calculated by multiplying the volumes of metals sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price.

7. Represents cost of sales, mine cash cost of sales and all-in sustaining cost, respectively, divided by GEO sold.

8. Represents the post-acquisition operating results between September 3 to September 30, 2025.

   Adjusted net earnings (loss) and adjusted basic earnings (loss) per share

   Adjusted net earnings (loss) is a non-GAAP financial measure and adjusted basic earnings (loss) per share is a non-GAAP ratio used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.

   Adjusted net earnings (loss) are defined as net earnings (loss), adjusted to exclude specific items that are significant, but not reflective of the underlying operations of the Company, including:

   • impairment charges or reversals thereof;

   • unrealized and realized gains or losses related to investments carried at fair value;

   • significant tax adjustments not related to current period earnings; and

   • non-recurring or unusual income or expenses that are either not related to the Company's operating segments or unlikely to occur on a regular basis.

The following table provides a reconciliation of adjusted net earnings to net earnings. All adjusting items in the table below were recognized in other (income) expense, with the exception of the non-cash fair value adjustment on inventories which was recognized in cost of sales, in the condensed interim consolidated statements of earnings (loss).

1. Represented a reversal of certain provisions in connection with the purchase price allocation arising from the acquisition of Adriatic.

2. Represented proceeds from a sale of certain assets and data for a Serbian exploration license no longer retained by DPM.

3. Represented a write-off of a previously recognized receivable related to the DPM Tolling Agreement.

4. 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.

5. Represented accrued employee termination benefits as Ada Tepe reached the end of its mine life in July 2026.

6. Represents a non-cash fair value adjustment on inventories recognized in cost of sales with the sale of inventories at Vareš, following the acquisition of Adriatic.

7. Represented a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.