Highlights

  • DPM Metals shares rose 3.55% on 21 May 2026 following new drilling results from the Wedge Zone Deep prospect.
  • The company reported multiple high-grade gold-copper-silver intercepts at Chelopech in Bulgaria.
  • One intercept returned 58 metres grading 15.28 g/t gold equivalent.
  • The mineralised zone has now been defined over 170 metres strike length and 300 metres vertical extent.
  • DPM plans to deliver an initial mineral resource estimate for the prospect by year-end 2026.
  • The target remains open along strike and down-dip, supporting further exploration potential.

DPM Metals CDI (ASX:DPM) shares rose 3.55% to AUD 44.98 during the afternoon session on 21 May 2026 after the company released new high-grade drilling results from the Wedge Zone Deep prospect at its Chelopech operation in Bulgaria. Despite today’s gain, the stock remains approximately 41.89% lower over the past year.

The market reaction followed the company’s announcement that recent delineation drilling had continued to extend high-grade mineralisation at the Wedge Zone Deep prospect, located within the Chelopech mine concession and approximately 250 metres below existing underground infrastructure.

Investors also appeared to focus on the company’s expectation of delivering an initial mineral resource estimate for the prospect by the end of 2026 as part of the annual Chelopech Mineral Resource and Mineral Reserve update.

The latest drilling results further expanded the size of the mineralised zone and continued to support the geological continuity of the high-grade gold-copper-silver system.

New High-Grade Intercepts Highlight Exploration Progress

DPM Metals reported several significant drill intercepts from its latest drilling campaign at Wedge Zone Deep.

Among the more closely watched results was drillhole EX_WZD_165_03, which intersected 58 metres grading 15.28 grams per tonne gold equivalent from 449 metres downhole. The interval included 14.58 g/t gold, 0.67% copper and 26.93 g/t silver.

Another notable result came from EX_WZD_165_05A, which returned 81 metres grading 8.05 g/t gold equivalent from 551 metres downhole, including 7.83 g/t gold, 0.21% copper and 5.97 g/t silver.

Meanwhile, drillhole EX_WZD_165_05 intersected 47.3 metres grading 5.45 g/t gold equivalent from 455.7 metres downhole.

The company stated that the new drilling results continue to confirm and extend high-grade mineralisation within the Wedge Zone Deep target area.

Importantly, management highlighted that drilled gold grades remain well above the current average Chelopech mine gold reserve grade of 2.18 g/t gold.

The results also demonstrated continuity between earlier intercepts while extending mineralisation both down-dip and toward existing infrastructure.

Mineralised Zone Continues to Expand

According to the company, the Wedge Zone Deep target has now been defined across an area measuring approximately 170 metres along strike, 130 metres in width and 300 metres vertically.

The mineralised body remains open both along strike and down-dip, indicating that additional drilling could continue expanding the target area.

DPM stated that the prospect forms a steeply dipping body positioned parallel to the hanging wall of the Petrovden Fault, a major geological structure traversing the Chelopech mine concession.

The target lies on the northern flank of the concession and is situated beneath existing Mineral Reserves and underground infrastructure.

To date, approximately 11,800 metres of drilling have been completed across 17 drillholes within the Wedge Zone Deep area, with two additional holes currently underway.

The company noted that recent drilling has continued improving its understanding of the geometry, continuity and overall extent of the mineralisation system.

Several holes extended mineralisation further south, southeast and up-dip, while other holes helped confirm continuity between previously reported intercepts.

Not all holes encountered significant sulphide mineralisation, however, with some western step-out holes intersecting alteration zones without returning major sulphide intervals.

Exploration Supports Future Resource Growth Potential

DPM Metals indicated that the ongoing drilling campaign is aimed at supporting an initial mineral resource estimate expected by year-end 2026.

The company plans to continue drilling throughout the remainder of 2026 to further refine the geometry of the mineralised system while potentially expanding the known footprint.

Management also stated that the broader Wedge Zone Deep corridor remains prospective for additional mineralisation.

The company’s exploration strategy is being guided by geological interpretations linked to the Chelopech hydrothermal system, where alteration and mineralisation may occur deeper than traditionally expected.

Exploration activities are also targeting analogous structural settings along the Petrovden Fault.

DPM currently has 15 drill rigs operating across the broader Chelopech mine concession and the nearby Brevene exploration licence as part of its wider exploration programs.

The company believes the Wedge Zone Deep prospect could potentially augment the existing life-of-mine plan at Chelopech if future technical and economic studies support development.

Existing Infrastructure Could Support Future Development

One aspect of the announcement that may have attracted investor interest was the prospect’s proximity to existing underground infrastructure.

The Wedge Zone Deep target is located approximately 250 metres below current mine infrastructure, potentially creating opportunities for future integration into the broader Chelopech operation.

DPM also reported that initial metallurgical testing produced encouraging early-stage results.

According to the company, preliminary laboratory-scale testwork indicates that the mineralisation appears amenable to flotation processing using the existing flowsheet at the Chelopech processing plant.

The early work suggests the material could potentially produce both gold-copper concentrate and pyrite concentrate through the existing plant setup.

While the company emphasised that the metallurgical conclusions remain preliminary, the initial results support further technical evaluation of the prospect.

The ability to potentially utilise existing infrastructure and processing facilities could become an important consideration in future engineering and Investment assessments.

Technical Studies and Drilling to Continue Through 2026

Beyond the ongoing drilling campaign, DPM has also initiated several technical studies aimed at supporting future project assessment work.

The company stated that early geotechnical studies are underway to help evaluate potential Mining approaches.

Additional work is also being completed to assess possible decline development strategies and to further analyse metallurgical characteristics of the mineralisation.

Management indicated that these studies are intended to support future engineering and investment decisions should exploration results continue to advance positively.

Drilling activities remain focused on both extending the mineralised footprint and refining geological understanding of the system.

The company also continues exploring multiple targets across the broader Chelopech concession area.

Chelopech Continues to Evolve Beyond Existing Operations

Chelopech is already considered DPM Metals’ flagship mining operation and has an established operating history.

However, the latest exploration update highlights the growing importance of exploration within the broader asset portfolio.

DPM President and CEO David Rae stated that Chelopech is evolving into an increasingly significant exploration story alongside its existing operational profile.

Management also noted that the latest drilling results continue to demonstrate the continuity and scale potential of the Wedge Zone Deep prospect.

The company believes the combination of high-grade mineralisation, proximity to infrastructure and expansion potential could contribute additional future value to the broader Chelopech operation.

What This Means for Investors

DPM Metals’ latest drilling update provides further evidence that the Wedge Zone Deep prospect may represent a meaningful exploration opportunity within the Chelopech mining complex.

The latest intercepts continued to return high-grade gold-copper-silver mineralisation while also extending the known footprint of the target area.

Investors appeared to respond positively to the combination of strong drilling results, continued expansion potential and the planned delivery of an initial mineral resource estimate by the end of 2026.

The prospect’s proximity to existing infrastructure and encouraging early metallurgical results may also support future development considerations if exploration success continues.

With additional drilling planned across the remainder of 2026, the market is likely to continue monitoring future assay results, resource updates and technical study outcomes from the Wedge Zone Deep prospect.