DPM Metals Inc. (ASX:DPM), formerly known as Dundee Precious Metals Inc., has released its Management's Discussion and Analysis for the three and nine months ended September 30, 2026, disclosing that its Vareš silver-lead-zinc-gold underground mine in Bosnia and Herzegovina achieved commercial production on August 10, 2026.

Key Points

  • Vareš mine in Bosnia and Herzegovina achieved commercial production on August 10, 2026
  • Ada Tepe gold mine in Bulgaria reached the end of its mine life in July 2026 and is currently undergoing mine closure and rehabilitation activities
  • The company began reporting metals production and sales on a gold equivalent ounce (GEO) basis in 2026, following the acquisition of Adriatic Metals plc on September 3, 2025
  • DPM trades on both the Toronto Stock Exchange (TSX: DPM) and the Australian Securities Exchange as a Foreign Exempt Listing (ASX: DPM)

Vareš Mine Commercial Production and Adriatic Metals Acquisition

According to the filing, the Vareš mine — a polymetallic silver-lead-zinc-gold underground mine located in Bosnia and Herzegovina — achieved commercial production on August 10, 2026. The mine operates through DPM's wholly owned subsidiary DPMetals BH d.o.o. The Vareš operation was added to DPM's portfolio following the acquisition of Adriatic Metals plc, which was completed on September 3, 2025. In 2026, the company began reporting metals production, sales, and all-in sustaining cost on a gold equivalent ounce basis to reflect the addition of the polymetallic operation.

Ada Tepe Mine Closure and Chelopech Operations

The filing states that the Ada Tepe gold mine, located in south-eastern Bulgaria near the town of Krumovgrad and operated through DPM's wholly owned subsidiary DPM Krumovgrad EAD, reached the end of its mine life in July 2026 and is currently undergoing mine closure and rehabilitation activities. DPM also continues to own and operate the Chelopech mine, a gold, copper and silver operation located east of Sofia, Bulgaria, through its wholly owned subsidiary DPM Chelopech EAD. The company additionally holds exploration and development property interests in Serbia and Ecuador.

Company Structure and Strategic Objective

DPM Metals Inc. is described in the filing as a Canadian-based international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. The company is incorporated under the federal laws of Canada. The filing states DPM's strategic objective is to become a mid-tier precious metals company based on sustainable, responsible and efficient gold production, development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. The MD&A was prepared as at November 12, 2026.