Dundee Precious Metals Inc (GREY:DNPWF)

Q2 2026 DPM Metals Inc Earnings Call Transcript

Jul 31, 2026 / 01:00 PM GMT

Transcript

Key Points

Positve

DPM Metals Inc (DPMLF) delivered record quarterly revenues, earnings, and free cash flow, with revenue up 94% year-over-year to $362 million and free cash flow of $227 million.
The company is on track to achieve its 2026 production guidance for the 12th consecutive year, producing approximately 103,000 gold equivalent ounces in Q2.
The Vares mine ramp-up is exceeding expectations, with a 48% quarter-over-quarter increase in ore processed and an all-in sustaining cost of just $563 per ounce, well below guidance.
A major new high-grade copper-gold porphyry discovery at Breveni South (BSP) was announced, with drilling results showing broad continuous intervals and a large alteration envelope, highlighting significant growth potential.
The company maintains a robust balance sheet with $761 million in cash, no debt, and a $400 million undrawn credit facility, while returning $58 million to shareholders through buybacks and dividends in Q2.
The Wedge Zone target at Chelopech continues to expand, with high-grade mineralization confirmed over 170 meters of strike and 300 meters of vertical extent, supporting potential to augment the existing mine.

Negative

DPM Metals Inc (DPMLF) faces potential cost pressures from higher labor costs, a stronger EUR relative to the USD, and higher royalties due to elevated metal prices, which could impact future margins.
The company will be unable to conduct drilling activities on the Breveni license during the commercial discovery conversion process, which could take 15-18 months, potentially delaying further exploration of the BSP target.
All-in sustaining costs at Chelopech and Atape were higher due to labor costs, FX, and royalties, with mark-to-market adjustments to share-based compensation adding $95 per ounce sold in H1 2026.
The Coka Rakita project's construction start is dependent on the approval of the special purpose spatial plan, which is expected in H2 2026, and any delays in permitting could push back the early 2027 construction timeline.
The company noted that oil prices and foreign exchange movements are outside its control and could negatively impact costs if they move unfavorably compared to guidance assumptions.
At Vares, the company is being cautious about grade expectations as it is still establishing the updated life-of-mine plan, and commercial production is not expected until the end of Q3, which could affect cost guidance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DPM.TO - DPM Metals Inc
Q2 2026 DPM Metals Inc Earnings Call
Jul 31, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by.

Welcome to the DPM Metals, second quarter, 2026 earnings results conference call.

At this time, all participants are in listen-only mode.

After the speaker's presentation, to ask the session, you'll need to press 11 on your telephone.

You will then hear an automated method advising your hand is raised to withdraw your question, please press 11 again, please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker for today, Jeffer, Jennifer Cameron, please go ahead.

Thank you and good morning.

I'm Jennifer Cameron, Director of Investor relations, and I'd like to welcome you to the

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