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DPM Metals (DPMLF) Q3 2026 Earnings Report

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DPMLF Q3 2026 EPS Results

Actual EPS
$0.66
Consensus EPS
$0.75
Beat/Miss
Missed by -$0.09
One Year Ago EPS
$0.73

DPMLF Q3 2026 Revenue Results

Actual Revenue
$299.23M
Expected Revenue
$321.94M
Beat/Miss
Missed by -$22.71M
YoY Revenue Growth
+33.31%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/12/2026
Time
After Close
Conference Call
Thursday, November 12, 2026
DPMLF Upcoming Earnings

DPM Metals's next earnings date is estimated for February 18, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 12, 2026|% Change Since:-3.61%|
Earnings Call Sentiment|Positive

The call was strongly positive, with record first-nine-month revenue, earnings and free cash flow, robust liquidity, commercial production at Vareš ahead of schedule, continued progress at Chelopech and multiple expanding growth projects. The main challenges were the legal review affecting the Vareš concession, potential administrative delays in Serbia, higher year-to-date operating costs and the expected increase in Vareš fourth-quarter costs. Management nevertheless reaffirmed key guidance and described the balance sheet and growth pipeline as fully funded.

Company Guidance

DPM remains firmly on track to achieve its 2026 production guidance, with Vareš expected to reach an 850,000 tonnes per year run rate by year end and exceed the high end of its production guidance range; Vareš all-in sustaining cost for the full year is expected to be at the low end of 2026 guidance range, while the company is on track to meet its all-in sustaining cost guidance for the year. Exploration expenses are now expected to be between $75 million and $80 million, Vareš growth capital expenditures are expected to decrease to $90 million to $100 million, and Chelopech growth capital expenditures are expected to increase to $9 million to $10 million; first production at Block 250 remains targeted for late 2028, an initial mineral resource estimate for Brevene Porphyry South is targeted for the second half of 2027, a preliminary economic assessment is planned for the first half of 2028, and an updated Dumitru Potok mineral resource estimate is expected by the end of the first quarter of 2027 with a preliminary economic assessment targeted for completion by the end of 2027.

  • Strong Third-Quarter Production and Guidance TrackingDPM produced approximately 96,000 gold equivalent ounces in the third quarter and remained firmly on track to achieve its 2026 production guidance for the 12th consecutive year.
  • Record Nine-Month Financial PerformanceDPM reported record revenue, earnings and free cash flow for the first nine months of 2026, benefiting from higher metal prices and the addition of the Vareš mine to the portfolio.
  • Revenue and Adjusted Earnings GrowthThird-quarter revenue was $312 million, up 17% from the prior year, primarily due to higher realized metal prices and higher gold equivalent ounces sold at Vareš. Adjusted net earnings were $144 million, or $0.66 per share, up 12% year over year.
  • Robust Free Cash Flow GenerationThird-quarter free cash flow was $179 million, an increase of $32 million from the prior year, primarily due to higher adjusted net earnings. Cash flow from operating activities was $191 million, $7 million higher than the prior year.
  • Strong Margins and Low-Cost Operating ProfileThird-quarter all-in sustaining cost was $15.80 per gold equivalent ounce sold compared with an average realized gold price of $43.10 per ounce. For the first nine months, all-in sustaining cost was $14.72 per gold equivalent ounce sold compared with an average realized gold price of $45.34 per ounce.
  • Vareš Achieved Commercial Production Ahead of ScheduleVareš achieved commercial production in August ahead of schedule after exceeding an average of 60% of design throughput capacity and recoveries over 30 consecutive days. The operation produced approximately 44,000 gold equivalent ounces in the third quarter.
  • Vareš Ramp-Up and Production OutlookVareš remains on track to reach full production by year end and to achieve an 850,000-tonnes-per-year run rate. DPM expects Vareš to exceed the high end of its 2026 production guidance range.
  • Chelopech Delivered In-Line ProductionChelopech produced approximately 50,000 gold equivalent ounces in the third quarter, in line with the mine plan, at an all-in sustaining cost of $14.60 per gold equivalent ounce sold. The operation remains on track to achieve its annual guidance.
  • Block 250 Adds Near-Term Chelopech GrowthThe Waste Zone prospect, now referred to as Block 250, has been incorporated into the Chelopech mine plan as a near-term opportunity. It is expected to grow production and extend mine life, with first production targeted toward the end of 2028. An initial mineral resource estimate remains targeted for year end, and twin-decline development is expected to begin at the end of the first quarter of next year.
  • Significant Brevene South Porphyry InterceptsNew high-grade intercepts confirmed that the Brevene South Porphyry system extends onto the Chelopech mine concession, including 717 meters at 3.3 grams per ton gold equivalent and more than 1 kilometer at 2.5 grams per ton gold equivalent.
  • Brevene South Porphyry Shows Scale and ContinuityDrilling demonstrated broad, continuous intervals of high-grade copper-gold porphyry mineralization and confirmed a large potassium alteration envelope measuring 500 meters by 500 meters and more than 1,000 meters vertically. The system remains open to the north, south, west and at depth.
  • Expanded Brevene Exploration ProgramDPM has 12 drill rigs focused on assessing the discovery's resource potential, with up to 15,000 meters of additional drilling planned through year end and further resource delineation continuing through 2027. An initial resource estimate is targeted for the second half of 2027, followed by a preliminary economic assessment planned for the first half of 2028.
  • Coka Rakita Exploration Results and Program ExpansionDrilling at the Coka Rakita camp continues to show mineralization open along strike, laterally and at depth. Results extended mineralization approximately 90 meters west and 100 meters southwest and returned encouraging results 300 meters north of the existing mineral resource, indicating further expansion potential. DPM expanded its 2026 drilling program by an additional 12,000 to 15,000 meters.
  • Coka Rakita Resource and Economic Assessment TargetsDPM expects to complete an updated Dumitru Potok mineral resource estimate by the end of the first quarter of 2027, forming the basis for a preliminary economic assessment targeted for completion by the end of 2027. A significant gold-copper inferred mineral resource has already been defined at Dumitru Potok, and the prospect remains open in several directions.
  • Continued Coka Rakita Project AdvancementDPM continues engineering and procurement activities for Coka Rakita, including dismantling and refurbishing the Ada Tepe mill, ramping up purchases, securing fabrication timelines for critical equipment, selecting the underground contractor and advancing detailed engineering.
  • Responsible Ada Tepe Mine ClosureProduction at Ada Tepe concluded as scheduled on July 15, 2026, and mine closure activities are progressing well. Approximately 95% of the mine area is expected to be returned to Natura 2000, the European Union's nature protection network.
  • Strong Balance Sheet and LiquidityDPM ended the quarter with $839 million of cash, no debt, $1.2 billion of total liquidity and a $400 million undrawn revolving credit facility. Management stated that the company is well positioned to fund its growth opportunities and exploration program.
  • Shareholder Returns and Capital AllocationDPM returned $81 million, or 45% of free cash flow, to shareholders through share buybacks and dividends during the quarter. In the first nine months, it repurchased 4 million shares for $150 million and paid approximately $27 million in dividends. From October 1 to November 11, it repurchased approximately 1 million additional shares for $49 million, bringing year-to-date repurchases to approximately 5 million shares for approximately $198 million.
  • Updated Growth and Exploration FundingDPM increased 2026 exploration expense guidance to between $75 million and $80 million to support additional drilling and resource expansion at Brevene South Porphyry and Block 250. Vareš growth capital expenditure guidance decreased to $90 million to $100 million due to the earlier-than-planned declaration of commercial production and lower capitalized precommercial production costs. Chelopech growth capital expenditure guidance increased to $9 million to $10 million to support engineering and design work for the twin declines at Block 250.
  • Vareš Growth Capital Guidance Remains SupportedVareš all-in sustaining cost for the full year is expected to be at the low end of the 2026 guidance range, primarily due to lower gross operating costs and higher gold equivalent ounces sold.

DPMLF Earnings History

DPMLF earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 18, 20272026 (Q4)0.96-0.77――
Nov 12, 20262026 (Q3)0.750.660.73-9.59% (-0.07)
Jul 30, 20262026 (Q2)0.830.950.5282.69% (+0.43)
May 05, 20262026 (Q1)0.760.760.32137.50% (+0.44)
Feb 10, 20262025 (Q4)0.760.770.4667.39% (+0.31)
Nov 13, 20252025 (Q3)0.600.730.26180.77% (+0.47)
Jul 31, 20252025 (Q2)0.480.520.3548.57% (+0.17)
May 06, 20252025 (Q1)0.270.320.1877.78% (+0.14)
Feb 13, 20252024 (Q4)0.410.460.3148.39% (+0.15)
Nov 05, 20242024 (Q3)0.280.260.1573.33% (+0.11)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed