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Dundee Precious Mtl (TSE:DPM)
TSX:DPM
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Dundee Precious Mtl (DPM) AI Stock Analysis

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TSE:DPM

Dundee Precious Mtl

(TSX:DPM)

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Outperform 82 (OpenAI - 4o)
Rating:82Outperform
Price Target:
C$36.00
▲(19.05% Upside)
Dundee Precious Metals receives a strong overall score due to its robust financial performance and positive technical indicators. The company's strategic initiatives and record-breaking earnings results further enhance its outlook. However, attention to cost management and free cash flow growth is necessary to sustain long-term success.
Positive Factors
Strong Financial Health
The company's robust EBIT and EBITDA margins and low leverage position it well within the gold industry, ensuring financial stability and operational efficiency.
Strategic Acquisition
This acquisition is anticipated to enhance future production and cost guidance, supporting long-term growth and market competitiveness.
Environmental Milestone
Securing the environmental license is a significant step forward, enabling project advancement and potential revenue generation in the future.
Negative Factors
Higher All-In Sustaining Costs
Increased costs can pressure margins and profitability, requiring effective cost management to maintain financial health and competitiveness.
Decline in Free Cash Flow Growth
Declining free cash flow growth could impact liquidity and financial flexibility, necessitating strategic reinvestment to reverse this trend.
Operational Challenges at Ada Tepe
Current performance challenges at Ada Tepe indicate potential operational inefficiencies, which could affect overall production and cost effectiveness.

Dundee Precious Mtl (DPM) vs. iShares MSCI Canada ETF (EWC)

Dundee Precious Mtl Business Overview & Revenue Model

Company DescriptionDPM Metals Inc., a gold mining company, engages in the acquisition, exploration, development, mining, and processing of precious metals. The company primarily explores for gold, copper, and silver deposits. It holds a portfolio of projects located in Bulgaria, Serbia, Ecuador, and Bosnia. The company was formerly known as Dundee Precious Metals Inc. and changed its name to DPM Metals Inc. in September 2025. The company is based in Toronto, Canada.
How the Company Makes MoneyDundee Precious Metals generates revenue primarily through the mining and sale of gold, silver, and copper. The company operates several mines, including the Chelopech mine in Bulgaria and the Tsumeb smelter in Namibia. Revenue streams are derived from the sale of these metals, which are sold to various customers in the precious metals market. Additionally, DPM benefits from by-product credits, particularly from copper and silver, which enhance overall profitability. The company also engages in strategic partnerships and joint ventures, which can provide additional resources and investment for exploration and operational efficiencies, contributing to its earnings. Market fluctuations in commodity prices and operational efficiency are significant factors affecting its revenue generation.

Dundee Precious Mtl Earnings Call Summary

Earnings Call Date:Jul 31, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 13, 2025
Earnings Call Sentiment Positive
The earnings call reflected strong financial and operational performance with record-breaking results and strategic growth initiatives, such as the acquisition of Adriatic and advancements in key projects like Coka Rakita and Loma Larga. However, there were challenges with increased costs and operational issues at the Ada Tepe mine.
Q2-2025 Updates
Positive Updates
Record Financial Results
Dundee Precious Metals delivered record financial results in Q2 2025, including record revenue, earnings, and free cash flow. Revenue was $186 million, adjusted net earnings were $88 million, and free cash flow was $95 million.
Strategic Acquisition of Adriatic
The proposed acquisition of Adriatic is expected to create a premier mining business with peer-leading growth. The response from investors and the market has been positive. The transaction is anticipated to close in Q4 2025.
Strong Production Metrics
Solid production reported with 61,000 ounces of gold and 6.4 million pounds of copper. The all-in sustaining cost was $1,011 per ounce of gold sold.
Advancement of Coka Rakita Project
The feasibility study for Coka Rakita is advancing as planned, targeting completion by year-end 2025. The project is expected to move towards a construction decision by mid-2026.
Environmental Milestone for Loma Larga
The Loma Larga project in Ecuador received an environmental license in June 2025, marking a significant milestone for the project.
Negative Updates
Higher All-In Sustaining Costs
All-in sustaining costs for H1 2025 were $1,118 per ounce of gold sold, a 41% increase from the prior year, primarily due to lower volumes of gold sold and higher share-based compensation expenses.
Lower Cash Flow from Operating Activities
Cash flow from operating activities was $100 million, lower than the prior year due to timing of collections from sales and payments to suppliers.
Challenges with Ada Tepe Operations
The Ada Tepe mine produced 14,200 ounces of gold with an all-in sustaining cost of $1,166 per ounce. Production is expected to double in the second half of the year, indicating current performance challenges.
Company Guidance
During the Dundee Precious Metals Second Quarter 2025 Earnings Conference Call, the company provided guidance on several key metrics and strategic initiatives. The company reported record revenue of $186 million, adjusted net earnings of $88 million, and free cash flow of $95 million, driven by strong gold production of 61,000 ounces and copper output of 6.4 million pounds. The all-in sustaining cost was $1,011 per ounce of gold sold, compared to an average realized gold price of $3,334. The company is on track to meet its 2025 guidance targets, with Chelopech producing 47,000 ounces of gold at an all-in sustaining cost of $682 per ounce. The Ada Tepe mine is expected to increase production in the second half of the year. Additionally, growth capital expenditures are projected to be between $23 million and $25 million for the Loma Larga project. The proposed acquisition of Adriatic Metals, expected to close in the fourth quarter, is anticipated to enhance future production and cost guidance. The company maintains a strong balance sheet with $332 million in cash and no debt, supporting its growth strategy and ongoing development projects.

Dundee Precious Mtl Financial Statement Overview

Summary
Dundee Precious Metals demonstrates strong financial health with high profitability margins and a solid balance sheet. The company benefits from robust EBIT and EBITDA margins and low leverage, positioning it well within the gold industry. However, the decline in free cash flow growth and slight margin decreases suggest areas for improvement in cost management and strategic reinvestment.
Income Statement
85
Very Positive
Dundee Precious Mtl shows strong profitability with a high gross profit margin of 59.98% and a net profit margin of 37.08% in the TTM period. The company has demonstrated consistent revenue growth, with a 5.76% increase in the latest period. EBIT and EBITDA margins are robust at 42.95% and 56.37%, respectively, indicating efficient operations. However, the slight decline in some margins compared to previous years suggests potential challenges in maintaining cost efficiencies.
Balance Sheet
78
Positive
The balance sheet reflects a solid financial position with a very low debt-to-equity ratio, indicating minimal leverage and financial risk. The return on equity is strong at 19.43%, showcasing effective use of shareholder funds. The equity ratio is healthy, suggesting a stable capital structure. However, the slight decrease in equity growth compared to previous years could indicate a need for strategic reinvestment.
Cash Flow
72
Positive
The cash flow statement reveals a slight decline in free cash flow growth, down by 8.83% in the TTM period, which could be a concern for future liquidity. Despite this, the operating cash flow to net income ratio is strong at 2.38, indicating good cash generation relative to earnings. The free cash flow to net income ratio is also solid at 86.26%, reflecting efficient cash management. The company should focus on reversing the negative trend in free cash flow growth to enhance financial flexibility.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue629.13M566.38M513.34M422.82M608.27M635.27M
Gross Profit306.61M254.55M218.10M168.15M226.34M267.90M
EBITDA371.87M350.78M298.37M220.22M325.61M341.64M
Net Income242.48M224.55M196.07M34.85M186.87M205.94M
Balance Sheet
Total Assets1.45B1.42B1.29B1.16B1.17B974.86M
Cash, Cash Equivalents and Short-Term Investments331.69M634.83M595.28M433.18M334.38M149.53M
Total Debt14.94M13.52M12.53M14.58M15.19M17.08M
Total Liabilities179.52M134.38M169.69M164.16M164.00M169.58M
Stockholders Equity1.27B1.29B1.12B993.09M1.00B798.67M
Cash Flow
Free Cash Flow260.19M107.41M246.99M184.47M196.60M168.68M
Operating Cash Flow294.07M136.06M278.67M222.02M246.26M203.84M
Investing Cash Flow-502.93M-22.76M-12.57M-83.26M-31.53M-46.08M
Financing Cash Flow-180.85M-77.39M-99.50M-42.90M-33.56M-24.66M

Dundee Precious Mtl Technical Analysis

Technical Analysis Sentiment
Positive
Last Price30.24
Price Trends
50DMA
30.48
Negative
100DMA
26.69
Positive
200DMA
22.43
Positive
Market Momentum
MACD
-0.35
Positive
RSI
46.53
Neutral
STOCH
31.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DPM, the sentiment is Positive. The current price of 30.24 is below the 20-day moving average (MA) of 31.64, below the 50-day MA of 30.48, and above the 200-day MA of 22.43, indicating a neutral trend. The MACD of -0.35 indicates Positive momentum. The RSI at 46.53 is Neutral, neither overbought nor oversold. The STOCH value of 31.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DPM.

Dundee Precious Mtl Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
82
Outperform
C$6.46B14.8120.48%0.74%19.55%36.19%
79
Outperform
$6.82B13.2421.15%0.29%51.00%532.40%
77
Outperform
C$4.22B14.0845.10%131.16%648.58%
76
Outperform
C$3.01B12.4042.97%69.33%253.46%
69
Neutral
20.03%-46.48%
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
60
Neutral
$5.67B19.756.84%33.74%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:DPM
Dundee Precious Mtl
30.24
17.77
142.50%
TSE:SSRM
SSR Mining
27.98
20.32
265.27%
TSE:OGC
OceanaGold
33.20
21.80
191.28%
TSE:CXB
Calibre Mining
2.99
0.81
37.16%
TSE:KNT
K92 Mining
18.40
9.90
116.47%
TSE:WDO
Wesdome Gold Mines
20.54
8.92
76.76%

Dundee Precious Mtl Corporate Events

Regulatory Filings and Compliance
DPM Metals Updates Vareš Mine Technical Report for Compliance
Neutral
Oct 16, 2025

DPM Metals Inc. has amended and refiled the technical report for the Vareš Mine in Bosnia and Herzegovina following a review by the Ontario Securities Commission. The revisions include removing certain inferred mineral resources and changing the responsible author due to qualification requirements. This update ensures compliance with NI 43-101 standards and reflects the company’s commitment to accurate and responsible reporting, potentially impacting its operational transparency and stakeholder trust.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$36.00 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
DPM Metals Reports Strong Q3 Production and Progress on Vareš Integration
Positive
Oct 9, 2025

DPM Metals Inc. announced its preliminary production results for the third quarter of 2025, highlighting increased gold and copper production from its Chelopech and Ada Tepe mines. The company is on track to meet its 2025 production guidance, with the integration of the Vareš operation progressing well. DPM aims to achieve full production capacity at Vareš by the end of 2026, which is expected to enhance its growth potential. The company will release its full third-quarter financial results on November 13, 2025, followed by a conference call to discuss the outcomes.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$40.00 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
DPM Metals Faces Setback with Loma Larga Licence Revocation
Negative
Oct 6, 2025

DPM Metals Inc. announced that the Ministry of Environment and Energy in Ecuador has revoked the environmental licence for its Loma Larga project. The company expressed concern over the decision, emphasizing its commitment to environmental stewardship and compliance with Ecuadorian standards. DPM is evaluating options to preserve shareholder value and maintain project optionality, highlighting that independent studies have shown no adverse impact on water supply from the project.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$40.00 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
DPM Metals Updates Feasibility Study and Faces Environmental License Challenge for Loma Larga Project
Neutral
Sep 30, 2025

DPM Metals Inc. has released the results of an updated feasibility study for its Loma Larga project in Ecuador, highlighting robust project economics with strong margins and an attractive scale. The study indicates a potential after-tax NPV of $488 million and an internal rate of return of 18.1%, with a mine life of 11 years producing an average of 173,000 gold equivalent ounces annually. Despite receiving an environmental license, the project faces challenges as stakeholders in Cuenca have raised environmental concerns, prompting the government to consider suspending the license. DPM remains committed to addressing these concerns and complying with environmental standards while pausing its drilling program to engage with stakeholders and the government.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$36.00 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Business Operations and StrategyDelistings and Listing Changes
DPM Metals Inc. Rebrands to Reflect Strategic Focus on Precious Metals
Neutral
Sep 12, 2025

DPM Metals Inc. has officially changed its name from Dundee Precious Metals Inc. as of September 12, 2025, following shareholder approval. This rebranding reflects the company’s strategic focus on becoming a mid-tier precious metals company, leveraging its established expertise in exploration, project development, and operational excellence. The company’s TSX trading symbol remains DPM, and it anticipates the commencement of its CHESS Depositary Interests on the ASX under the same symbol, subject to customary conditions.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$36.00 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Business Operations and Strategy
Dundee Precious Metals Reports Significant High-Grade Intercepts at Dumitru Potok
Positive
Sep 10, 2025

Dundee Precious Metals announced significant high-grade copper-gold-silver intercepts from its Dumitru Potok prospect in Serbia, highlighting a 131.6-metre intercept grading 3.93% CuEq. The results underscore the potential of the Rakita camp as a large copper-gold system, prompting the company to increase its exploration budget and target resource estimates by year-end 2025. The ongoing exploration has expanded mineralization along the intrusion’s flanks, with indications of continuity towards other prospects, enhancing the project’s growth potential.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$34.00 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
Dundee Precious Metals Completes Adriatic Metals Acquisition and Announces ASX Listing
Positive
Sep 3, 2025

Dundee Precious Metals Inc. has completed the acquisition of Adriatic Metals, gaining full ownership of the Vareš operation in Bosnia and Herzegovina, which includes a producing silver-lead-zinc-gold underground mine. This acquisition enhances DPM’s growth profile and development pipeline, and the company plans to leverage its expertise to optimize the Vareš operation. Additionally, DPM is changing its corporate name to DPM Metals Inc. and has received approval for listing on the Australian Stock Exchange (ASX) as a Foreign Exempt Listing, which is expected to enhance market liquidity and provide access to Australian capital markets.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$28.00 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Delistings and Listing ChangesM&A Transactions
Dundee Precious Metals Secures UK Court Approval for Adriatic Metals Acquisition and ASX Listing
Positive
Aug 29, 2025

Dundee Precious Metals Inc. has received approval from the UK High Court for its acquisition of Adriatic Metals plc, with the transaction expected to close on September 3, 2025. Additionally, DPM has been granted approval for an ASX Foreign Exempt Listing, with official quotation of its CHESS Depositary Interests expected post-transaction completion. These developments are poised to enhance DPM’s market presence and growth potential in the precious metals industry.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$28.00 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

M&A TransactionsShareholder Meetings
Dundee Precious Metals Secures Shareholder Approval for Adriatic Metals Acquisition and Name Change
Positive
Aug 13, 2025

Dundee Precious Metals Inc. announced that its shareholders have overwhelmingly approved the acquisition of Adriatic Metals and a name change to DPM Metals Inc. The acquisition, which involves issuing new shares, received over 99.7% approval from shareholders, and Adriatic Metals has also secured the necessary shareholder approvals. The acquisition is subject to court sanctioning and is expected to be completed by early September 2025, potentially enhancing DPM’s market position and growth opportunities.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$15.50 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Business Operations and StrategyM&A Transactions
Dundee Precious Metals Clears Key Hurdle in Adriatic Metals Acquisition
Positive
Aug 6, 2025

Dundee Precious Metals Inc. has satisfied a key condition for its acquisition of Adriatic Metals, receiving approval from the Bosnian Competition Council. The transaction, deemed financially beneficial by the DPM Board, awaits further approvals and is expected to enhance DPM’s asset portfolio and growth potential, aligning with its strategic objectives.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$15.50 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Dundee Precious Metals’ Earnings Call Highlights Growth
Aug 2, 2025

Dundee Precious Metals’ recent earnings call was marked by a strong positive sentiment, underscoring the company’s record financial performance and strategic growth initiatives. The management highlighted significant achievements, including the acquisition of Adriatic Metals and advancements in key projects like Loma Larga. Despite facing challenges such as higher costs and operational hurdles at Ada Tepe, the overall outlook remains optimistic, with the company well-positioned for continued growth.

Business Operations and StrategyFinancial DisclosuresM&A Transactions
Dundee Precious Metals Reports Record Earnings and Strategic Acquisition
Positive
Jul 31, 2025

Dundee Precious Metals Inc. reported record free cash flow and adjusted net earnings for the second quarter of 2025, highlighting a robust financial performance. The company announced a strategic acquisition of Adriatic Metals, enhancing its growth profile with the addition of the Vareš silver-lead-zinc-gold operation. Dundee Precious Metals also advanced key projects, including the Čoka Rakita feasibility study and received an environmental license for the Loma Larga project, positioning itself for future growth. The company maintained strong liquidity and returned significant capital to shareholders, demonstrating its commitment to delivering value.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$15.50 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Business Operations and StrategyDividends
Dundee Precious Metals Declares Third Quarter Dividend
Positive
Jul 31, 2025

Dundee Precious Metals Inc. announced a third quarter dividend of US$0.04 per common share, payable on October 15, 2025, to shareholders of record as of September 30, 2025. This dividend declaration reflects the company’s ongoing commitment to delivering returns to shareholders and maintaining a strong financial position, which aligns with its strategic objective of sustainable growth in the precious metals sector.

The most recent analyst rating on (TSE:DPM) stock is a Buy with a C$15.50 price target. To see the full list of analyst forecasts on Dundee Precious Mtl stock, see the TSE:DPM Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Sep 30, 2025