DPM Metals Inc. (ASX:DPM) reported third quarter 2026 operating and financial results for the period ended September 30, 2026, disclosing free cash flow of $179 million, adjusted net earnings of $144 million, and confirmation that the company is on track to achieve the higher end of its 2026 production guidance.

Key Points

  • DPM produced 95,917 gold equivalent ounces (GEO) in Q3 2026 and 282,649 GEO in the first nine months of 2026
  • Third quarter free cash flow was $179 million; cash provided from operating activities was $191 million
  • Adjusted net earnings of $144 million ($0.66 per share) and net earnings of $134 million ($0.61 per share) reported for Q3 2026
  • Total cash and cash equivalents at quarter-end were $839 million, alongside an undrawn $400 million revolving credit facility with an accordion feature to $550 million
  • $172 million returned to shareholders in the first nine months of 2026 through dividends and share repurchases, including $81 million in Q3; year-to-date share repurchases totalled $198 million as of November 11, 2026

Third Quarter Production and Cost Performance

DPM produced 95,917 GEO in the third quarter of 2026, compared with 86,941 GEO in the same period of 2025, representing a 10% change as disclosed in the filing. For the first nine months of 2026, GEO production totalled 282,649, compared with 216,399 in the prior year period, a 31% change. Cost of sales per GEO sold was $1,203 in Q3 2026 and $1,193 for the nine-month period. The company reconfirmed its 2026 all-in sustaining cost guidance of $1,300 to $1,450 per GEO sold. All-in sustaining cost per GEO sold was $1,580 in Q3 2026 and $1,472 for the first nine months.

Vareš Ramp-Up and Exploration Developments

The Vareš operation achieved commercial production ahead of schedule in August and is expected to exceed the high end of its production guidance, with the ramp-up to full production at an 850,000 tonne per year run-rate targeted by year-end. At Chelopech, an initial Mineral Resource estimate for the Wedge Zone target is expected by year-end 2026, with ramp and twin decline preparatory works commenced. Recent drilling at the Brevene Porphyry South prospect confirmed the high-grade system extends onto the Chelopech mine concession and remains open to the north, south, west, and at depth, with an initial resource estimate targeted in the second half of 2027 and a preliminary economic assessment (PEA) planned for the first half of 2028.

Dumitru Potok Advancement and Čoka Rakita Project Status

An updated Mineral Resource estimate for Dumitru Potok is expected by the end of the first quarter of 2027, with a PEA targeted for completion by the end of 2027. Regarding the Čoka Rakita project, the company noted that following the October 25, 2026 parliamentary election in the Republic of Serbia, administrative and regulatory decision-making timelines may be extended as the new government is formed and the National Assembly is convened. DPM stated it is continuing to advance engineering and procurement activities for the project.