DPM Metals' Strategic Pivot: Balancing Growth, Asset Retirement, and Shareholder Rewards

TORONTO, ON – April 08, 2026 – DPM Metals Inc. is navigating a pivotal year, successfully executing a complex strategy that balances the ramp-up of a major new mine, the scheduled closure of a legacy asset, and an aggressive push into future growth, all while delivering robust returns to shareholders. The company's preliminary first-quarter production results, announced today, showcase a strong start to 2026, underpinning confidence in its multi-faceted approach.

DPM reported consolidated production of 84,000 gold equivalent ounces (GEO) for the quarter ending March 31, 2026. The performance highlights the increasing contribution from its new Vareš mine in Bosnia and Herzegovina, which is rapidly becoming a cornerstone of the company's portfolio. The strong quarter keeps the Canadian-based international miner firmly on track to meet its annual guidance.

“With solid operating performance in the first quarter, we are on track to meet our guidance for 2026, with higher production planned in the second half of the year as we continue to progress the ramp-up at Vareš to full production,” said David Rae, President and Chief Executive Officer of DPM Metals. “The high-grade, low-cost nature of our operations and our disciplined focus on cost management positions us well to continue delivering consistent margins in the midst of challenging global economic conditions.”

The Vareš Engine Powers Up, Diversifying Revenue

The standout performer in the company's transition is the Vareš mine, which contributed a significant 29,000 GEO in the first quarter. This performance is in line with the planned ramp-up of the high-grade, long-life asset, which is on a trajectory to reach a processing rate of 850,000 tonnes per year by the end of 2026.

Crucially, Vareš is more than just a gold mine; it is a multi-metal operation that significantly diversifies DPM's revenue streams. In its first full quarter of ramp-up, the mine produced not only 7,000 ounces of gold but also a massive 912,000 ounces of silver, alongside 10 million pounds of zinc and 8 million pounds of lead. This production mix provides a natural hedge against single-commodity volatility and positions DPM to capitalize on strong market fundamentals across a suite of metals, including the accelerating industrial demand for silver and base metals driven by the green energy transition.

To support the push to full production, the company has planned a 20-day shutdown of the processing plant in the second quarter to install tie-ins for a second tailings filter. This proactive infrastructure upgrade is designed to accommodate the higher production rates anticipated in the latter half of the year with minimal disruption. The commissioning of the site's paste backfill plant, another critical component for long-term, efficient operation, remains on track for the third quarter.

A Calculated Transition: Sunsetting Ada Tepe

As the Vareš mine ramps up, DPM is simultaneously managing the graceful conclusion of another chapter in its history: the closure of the Ada Tepe mine in Bulgaria. The mine, which has been a reliable contributor for years, produced 12,000 GEO in the first quarter, in line with its end-of-life plan.

The final production blast at Ada Tepe is scheduled for mid-April, marking a carefully orchestrated conclusion to its operational life. The company has emphasized its commitment to responsible closure and rehabilitation, adhering to the highest environmental standards. The transition demonstrates strategic foresight, as the production from Vareš is set to more than compensate for the volume from the retiring Ada Tepe mine, ensuring a seamless shift in the company's production profile without sacrificing overall output. This managed lifecycle approach allows DPM to maintain production stability while refreshing its asset base with newer, longer-life operations.

Sowing Seeds for Future Growth in Serbia

While managing its current operational portfolio, DPM is also making significant investments in its future growth pipeline. The company's exploration efforts in Serbia have gained substantial momentum following the renewal of exploration permits for the Čoka Rakita licence in March.

DPM has immediately launched an ambitious 20,000-metre drilling program, signaling strong confidence in the region's geological potential. The primary focus is the Dumitru Potok prospect, a high-potential target located just kilometers from the planned Čoka Rakita infrastructure. The scale of the opportunity is immense; an initial Inferred Mineral Resource Estimate for Dumitru Potok and nearby prospects revealed a staggering 84.4 million tonnes of ore, containing an estimated 2.6 million ounces of gold and 1.9 billion pounds of copper.

Previous drilling at Dumitru Potok has returned exceptional high-grade intercepts, including one stretch of over 131 meters grading 3.93% copper equivalent. These results confirm the presence of a large copper-gold-silver system that remains open for expansion. The new drilling program aims to increase drill density and extend this known high-grade mineralization, paving the way for a future economic study and potentially establishing DPM's next major development project.

Rewarding Confidence with Aggressive Shareholder Returns

Underpinning DPM's operational and exploration strategy is a robust financial position that allows for significant capital returns to its shareholders. The company's actions in the first quarter reflect a strong commitment to this policy.

DPM repurchased approximately 700,800 of its own shares at a cost of US$25.4 million under its Normal Course Issuer Bid. This is part of a larger program authorized by the Board to repurchase up to US$200 million in shares throughout 2026. In addition to the buybacks, the company will pay its regular quarterly dividend of US$0.04 per share on April 15.

This aggressive return of capital follows a period of remarkable market performance, with DPM's shares having surged 225% in 2025, positioning it as a top performer among its mid-cap peers. The strategy appears to be resonating with investors, who see a company that is not only delivering on its production targets and building a pipeline for the future but is also disciplined in its capital allocation and committed to sharing its success directly with its owners. This combination of operational execution, strategic growth, and financial prudence sets a clear course for the company as it navigates the dynamic global metals market.