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DPM Metals

www: www.dundeeprecious.com   email: info@dundeeprecious.com
Category: Emerging Major
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Symbol Data

Symbol Currency
TSE:DPM CAD
OTCMKTS:DPMLF USD

Description

DPM Metals are a gold focused emerging major with one producing mine in Bulgaria, four mines in development in Bulgaria, Ecuador and Serbia and exploration properties. Currently they produce roughly 320koz. of gold per year. They have approximately 13Moz. of gold in the reserves and resources category of which 8.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$5651.14M which is a rise of roughly 37% over the last three months. As of 08/02/2025 they have no debt and ~$658M cash. They have 225M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 08/02/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $4,139.69M $5,651.14M 08/02/2025 $1,511.45M
MCap (OS): $3,897.20M $5,320.11M 08/02/2025 $1,422.92M
Total Assets: $900.00M $900.00M 08/02/2025 $0.00M
Total Liabilities: $38.00M $38.00M 08/02/2025 $0.00M
Current Assets: $707.00M $707.00M 08/02/2025 $0.00M
Current Liabilities: $25.00M $25.00M 08/02/2025 $0.00M
Total Debt: $0.00M $0.00M 08/02/2025 $0.00M
Cash: $658.00M $658.00M 08/02/2025 $0.00M
Debt (Net): $-658.00M $-658.00M $0.00M
Enterprise Value: $3,481.69M $4,993.14M 03/23/2128 $1,511.45M
Cash Flow: $541.09M $778.08M never $237.00M
Cash Flow Multiple: 7.65 7.26 never -0.39
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 08/02/2025 n/a
Misc 08/02/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 225,000,000 225,000,000 08/02/2025 0
Shares (FD): 239,000,000 239,000,000 08/02/2025 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a 0.34% 10/09/2025 0.34
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 08/02/2025 n/a
Production (Gold Eq Oz.): (guess) 
338,127		 (guess) 
320,000		 10/09/2025 -18,127
Production (Silver Eq Oz.): (guess) 
30,694,565		 (guess) 
26,498,630		 10/09/2025 -4,195,934
Development Phase: none Producer (Single Mine) 09/12/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 11/05/2024 0
Cash Flow Multiple: 15 18 10/09/2025 3.00

Resource Data

GOLD
(inc. Base Metals)
 08/02/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.00M 6.00M 08/02/2025 0.00M
Measured & Indicated: 8.50M 8.50M 08/02/2025 0.00M
Inferred: 4.50M 4.50M 08/02/2025 0.00M
Reserves & Resources: 13.00M 13.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 5.10M 5.10M 08/02/2025 0.00M
Measured & Indicated: 6.80M 6.80M 08/02/2025 0.00M
Inferred: 1.91M 1.91M 08/02/2025 0.00M
Reserves & Resources: 8.71M 8.71M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
250,000oz.		 (guess) 
320,000oz.		 10/09/2025 70,000oz.
Cash Cost: $1,100 $1,100 08/02/2025 $0.00
Extra Operating Cost: $700 $700 08/02/2025 $0.00
Total: $1,800 $1,800 08/02/2025 $0.00
Margin (Free Cash Flow): $1,557 (46%) $2,432 (57%) $874.52
MCap / Production (AuEq): $12,243.01 $17,659.82 $5,416.81
EV / Production (AuEq): $10,297.00 $15,603.57 $5,306.58
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 08/02/2025 n/a
Open Pit (Avg): n/a 2.00 g/t 03/23/2024 2.00 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 10/09/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 08/02/2025 0.00M
Annual Production: 500,000oz. 550,000oz. 10/09/2025 50,000oz.
Cash Cost: $1,300 $1,300 08/02/2025 $0
Extra Operating Cost: $750 $700 10/09/2025 $-50
SILVER
(inc. Base Metals)
 08/02/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 112.00M n/a 10/09/2025 0.00M
Measured & Indicated: 250.00M n/a 10/09/2025 0.00M
Inferred: 80.00M n/a 10/09/2025 0.00M
Reserves & Resources: 330.00M n/a never -330.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 100.80M n/a 10/09/2025 -100.80M
Measured & Indicated: 200.16M n/a 10/09/2025 -200.16M
Inferred: 36.00M n/a 10/09/2025 -36.00M
Reserves & Resources: 236.16M n/a never -236.16M
C
U
R
R
E
N
T		 Annual Production: (guess) 
8,000,000oz.		 n/a 0oz.
Cash Cost: $8.00 n/a 10/09/2025 $0.00
Extra Operating Cost: $10.00 n/a 10/09/2025 $0.00
Total: $18.00 n/a 10/09/2025 $0.00
Margin (Free Cash Flow): $18.98 (51.33%) n/a $0.00
MCap / Production (AgEq): $134.87 $213.26 $78.39
EV / Production (AgEq): $113.43 $188.43 $75.00
G
R
A
D
E		 Underground (Avg): 500.00 g/t n/a 10/09/2025 n/a
Open Pit (Avg): n/a n/a 08/01/2023 n/a
Recovery Rate: (CG)  90.00% n/a 10/09/2025 -15.00%
F
U
T
U
R
E		 Proven & Probable: 250.00M n/a 10/09/2025 0.00M
Annual Production: 12,000,000oz. n/a 10/09/2025 n/a
Cash Cost: $10.00 n/a 10/09/2025 $0.00
Extra Operating Cost: $12.00 n/a 10/09/2025 n/a

Property

Last Analysis Data  (08/02/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Chelopech
100 show
Long life mine. Producing 140,000 oz at very low cash costs.
Dev Krumovgrad - Ada Tepe
100 show
Production scheduled for 2016 at 74,000 oz.
Dev Loma Larga
100 show
PFS completed in 2015.
Permits due in 2022-23
Construction possible in 2023-24

Size: 8,000 ha
Exp Tierras Colloradas
100 show
Early exploration.
Dev Coka Rakita
100 show
Production scheduled for 2028 at 170K / year at $600 AISC.
Dev Timok
100 show
Advanced surface project with 2+ million oz.

3 deposits
Several targets to expand production.
60 mile trend.
Huge property. 250,000 acres.

Size: 115,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Brestic
100 show
Ready to be drilled
Exp Rupice
100 show
Maiden resource due in 2019.
Exp Veovaca
100 show
Silver / Zinc discovery.
Prod Chelopech
100 show
Long life mine. Producing 140,000 oz at very low cash costs.
Dev Krumovgrad - Ada Tepe
100 show
Production scheduled for 2016 at 74,000 oz.
Dev Loma Larga
100 show
PFS completed in 2015.
Permits due in 2022-23
Construction possible in 2023-24

Size: 8,000 ha
Exp Tierras Colloradas
100 show
Early exploration.
Dev Coka Rakita
100 show
Production scheduled for 2028 at 170K / year at $600 AISC.
Dev Timok
100 show
Advanced surface project with 2+ million oz.

3 deposits
Several targets to expand production.
60 mile trend.
Huge property. 250,000 acres.

Size: 115,000 ha
Exp Gokcanica
51 show
Early exploration.

Size: 11,000 ha
Exp Kizevak
100 show
Zinc, Silver

Early exploration.
Exp Sastavci
100 show
Early exploration.
Exp Suva Ruda (Rudnica)
100 show
Early exploration.

8 year option for $6 million.

567 meters at .28 CU and .45 AU

Size: 8,700 ha

Profitability (by resource)

Proven &
Probable		 08/02/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 82.94% 100.00% n/a 17.06%
Percentage Silver: 17.06% n/a n/a -17.06%
Total (Gold Eq. Oz.): 7.23M 6.00M n/a -1.23M
Total (Silver Eq. Oz.): 656.67M n/a n/a -159.82M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.21M 5.10M n/a -1.11M
Silver Eq. Oz.: 563.77M n/a n/a -141.45M
Maximum Profit (Gold): $7,940.60M $12,400.65M n/a $4,460.05M
Maximum Profit (Silver): $1,913.18M n/a n/a $-1,913.18M
Total Maximum Profit: $9,853.78M $12,400.65M n/a $2,546.87M
Max Profit / Current MCap: 2.380 2.194 n/a -0.186
Max Profit Per Share (Gold): $33.22 $51.89 n/a $18.66
Max Profit Per Share (Silver): $8.00 n/a n/a $-8.00
Total Max Profit Per Share: $41.23 $51.89 n/a $10.66
Total Free Profit Per Share: $17.25 $18.70 n/a $1.45
FD MCap / Gold Eq.: $666.57 $1,108.07 n/a $441.49
FD MCap / Silver Eq.: $7.34 $13.38 n/a $6.04
FD MCap / Per Metal
as % Spot Price:		 19.86% 26.19% n/a 6.33%
EV / Gold Eq.: $560.62 $979.05 n/a $418.42
EV / Silver Eq.: $6.18 $11.82 n/a $5.65
EV / Per Metal
as % Spot Price:		 16.70% 23.14% n/a 6.44%
Measured &
Indicated		 08/02/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 75.53% 100.00% n/a 24.47%
Percentage Silver: 24.47% n/a n/a -24.47%
Total (Gold Eq. Oz.): 11.25M 8.50M n/a -2.75M
Total (Silver Eq. Oz.): 1,021.62M n/a n/a -317.75M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.00M 6.80M n/a -2.20M
Silver Eq. Oz.: 817.45M n/a n/a -254.36M
Maximum Profit (Gold): $10,587.46M $16,534.20M n/a $5,946.74M
Maximum Profit (Silver): $3,799.04M n/a n/a $-3,799.04M
Total Maximum Profit: $14,386.50M $16,534.20M n/a $2,147.70M
Max Profit / Current MCap: 3.475 2.926 n/a -0.549
Max Profit Per Share (Gold): $44.30 $69.18 n/a $24.88
Max Profit Per Share (Silver): $15.90 n/a n/a $-15.90
Total Max Profit Per Share: $60.19 $69.18 n/a $8.99
Total Free Profit Per Share: $36.21 $35.99 n/a $-0.22
FD MCap / Gold Eq.: $459.71 $831.05 n/a $371.34
FD MCap / Silver Eq.: $5.06 $10.04 n/a $4.97
FD MCap / Per Metal
as % Spot Price:		 13.69% 19.64% n/a 5.95%
EV / Gold Eq.: $386.64 $734.29 n/a $347.64
EV / Silver Eq.: $4.26 $8.87 n/a $4.61
EV / Per Metal
as % Spot Price:		 11.52% 17.35% n/a 5.84%

Reserves &
Resources		 08/02/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 78.15% 100.00% n/a 21.85%
Percentage Silver: 21.85% n/a n/a -21.85%
Total (Gold Eq. Oz.): 16.64M 13.00M n/a -3.64M
Total (Silver Eq. Oz.): 1,510.12M n/a n/a -433.61M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 11.31M 8.71M n/a -2.60M
Silver Eq. Oz.: 1,027.07M n/a n/a -305.60M
Maximum Profit (Gold): $13,565.19M $21,184.44M n/a $7,619.26M
Maximum Profit (Silver): $4,482.32M n/a n/a $-4,482.32M
Total Maximum Profit: $18,047.51M $21,184.44M n/a $3,136.94M
Max Profit / Current MCap: 4.360 3.749 n/a -0.611
Max Profit Per Share (Gold): $56.76 $88.64 n/a $31.88
Max Profit Per Share (Silver): $18.75 n/a n/a $-18.75
Total Max Profit Per Share: $75.51 $88.64 n/a $13.13
Total Free Profit Per Share: $51.53 $55.45 n/a $3.92
FD MCap / Gold Eq.: $365.89 $648.62 n/a $282.73
FD MCap / Silver Eq.: $4.03 $7.83 n/a $3.80
FD MCap / Per Metal
as % Spot Price:		 10.90% 15.33% n/a 4.43%
EV / Gold Eq.: $307.73 $573.10 n/a $265.37
EV / Silver Eq.: $3.39 $6.92 n/a $3.53
EV / Per Metal
as % Spot Price:		 9.17% 13.54% n/a 4.38%

Future Valuation (Cash Flow & Totals)

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