DPM Metals Unlocks a Tier One Gold-Copper District in Serbia

TORONTO, ON – December 02, 2025 – In a move that solidifies its strategic pivot to a mid-tier producer, DPM Metals Inc. (TSX: DPM) today unveiled a substantial initial Mineral Resource Estimate (MRE) for its Rakita Camp in eastern Serbia. The announcement goes far beyond a simple resource update, signaling the emergence of a potential district-scale gold-copper system that the company has confidently labeled a "Tier One asset." This development, underpinned by strong financials and favorable commodity trends, represents a pivotal moment for DPM and a significant validation of Serbia's growing stature as a key European mining jurisdiction.

The initial inferred resource for the Dumitru Potok, Rakita North, and Frasen prospects is impressive: 84.4 million tonnes containing 2.6 million ounces of gold and 1.9 billion pounds of copper. For investors parsing the details, the story gets even more compelling. The Dumitru Potok prospect contains a high-grade core that accounts for the lion's share of the value, with 2.2 million ounces of gold and 1.5 billion pounds of copper alone. This combination of scale and grade is precisely what separates world-class deposits from the rest of the pack.

A District-Scale Play in a Bullish Market

The timing of this announcement could not be more opportune. The resources defined by DPM are entering the development pipeline at a moment when the long-term outlook for both gold and copper is exceptionally bullish. This isn't just a lucky break; it’s the convergence of diligent exploration with powerful macroeconomic tailwinds that institutional investors watch closely.

Copper, the backbone of the global energy transition, is facing a widely anticipated supply deficit. Driven by insatiable demand from electric vehicle manufacturing, renewable energy infrastructure, and the explosive growth of data centers, price forecasts from major financial institutions are climbing. J.P. Morgan predicts copper could reach $12,500 per metric ton in 2026, while Bank of America sees prices potentially hitting $13,500 by 2027. The 1.9 billion pounds of copper outlined in DPM's MRE represent a significant strategic asset in this tight market.

Simultaneously, gold is reasserting its role as a premier safe-haven asset amidst persistent inflation and geopolitical instability. With forecasts from institutions like Deutsche Bank suggesting gold could approach $5,000 per ounce by 2026, the 2.6 million ounces at the Rakita Camp provide a powerful hedge and a source of significant future revenue. The project's economics are anchored by these strong commodity fundamentals, transforming geological potential into a compelling investment thesis.

"These mineral resources demonstrate the Rakita camp’s potential as a district-scale gold-copper system," said David Rae, President and CEO of DPM Metals. "Together with the result of the Čoka Rakita feasibility study, this confirms the Rakita camp as a Tier One asset for DPM, offering a rare combination of scale, grade and longevity."

De-Risking the Balkans: DPM’s Serbian Advantage

While the resource numbers are impressive, the real story for seasoned investors lies in the execution strategy. Operating in the Balkans comes with a unique set of political and social challenges, but this is where DPM’s deep in-country experience becomes a critical, and often undervalued, competitive advantage. With over 20 years of continuous operation in Serbia, the company has cultivated the local relationships and regulatory understanding necessary to navigate the complexities of developing a major mining project.

Serbia itself is actively working to de-risk its mining sector for foreign investors. The country, which defines copper and gold as minerals of strategic importance, is progressively aligning its legal framework with European Union standards. A 2021 mining law streamlined permitting, and a proposed 2025 legislative update aims to further integrate ESG principles and the EU's Critical Raw Materials Act. This proactive regulatory evolution creates a more predictable and stable environment for companies like DPM that have a demonstrated commitment to sustainable practices.

DPM’s approach, which leverages proven infrastructure designs and its track record of stakeholder engagement, is a textbook example of how to build social license to operate. This "low-risk execution" pathway is not just a corporate talking point; it's a tangible asset that mitigates one of the biggest risks in modern mining and provides a clear line of sight toward production.

Financial Power to Fuel Development

A significant discovery is only as valuable as the company's ability to advance it. Here, DPM stands in stark contrast to many junior explorers who are often forced to dilute shareholder value to fund exploration. The company's recent financial performance has been nothing short of stellar. DPM reported a record $147.7 million in free cash flow in the third quarter of 2025, ending the period with a formidable cash position of over $400 million.

This financial strength provides the firepower to aggressively pursue the next phase of development at Rakita without being beholden to volatile capital markets. The company has already laid out its next steps: a 20,000-metre diamond drilling program is planned to infill and extend the mineralization at Dumitru Potok once permits are renewed. This work will be crucial for upgrading the resource from the "Inferred" category and moving towards a Preliminary Economic Assessment (PEA).

The market has taken notice of this powerful combination of geological success and financial health. DPM's stock has surged over 23% in the past month, a clear signal that investors are buying into the company's growth story and its transition toward becoming a significant mid-tier precious metals producer.

Building the Camp: The Path Forward

This MRE is not the final chapter for the Rakita Camp; it is the beginning of a much larger story. A key takeaway from the announcement is that all three deposits—Dumitru Potok, Rakita North, and Frasen—remain open for expansion in multiple directions. The rapid growth from initial discovery to a multi-million-ounce resource in just 14 months underscores the immense geological potential of the six-kilometre trend DPM controls.

Furthermore, these new prospects are adjacent to the company's more advanced Čoka Rakita deposit, which already boasts a robust Feasibility Study with an after-tax NPV of $782 million and a 36% IRR. The creation of a unified, district-scale mining camp offers the potential for significant synergies in infrastructure, processing, and operations, enhancing the economic viability of the entire district. Initial metallurgical tests on the new discoveries are promising, indicating that a saleable copper-gold concentrate can be produced with high recoveries, a critical step in confirming the project's technical feasibility.

As DPM Metals prepares to host its Investor Day on December 4th, analysts and investors will be keenly awaiting further details on the development timeline, metallurgical optimization, and the broader strategic plan for the Rakita Camp. The data presented today paints a clear picture of a company methodically executing a strategy to unlock a world-class asset in a region of growing strategic importance.