DPM Metals (TSX: DPM) reported Q4 2025 revenue of $352.5 million, up 97% year over year from $179.1 million, while full-year revenue increased to a record $950.5 million from $607.0 million, up 57%.
The realized gold price averaged $4,323 per ounce in Q4 2025 versus $2,663 per ounce in Q4 2024, and $3,632 per ounce in 2025 versus $2,434 per ounce in 2024. Realized copper averaged $5.15 per pound in Q4 2025 versus $3.91 per pound, and $4.64 per pound in 2025 versus $4.16 per pound.
Cost of sales increased in the quarter to $101.0 million from $65.9 million last year, and to $344.6 million for full-year from $260.7 million last year, driven by Vareš operating costs and a non-cash fair value inventory step-up at Vareš.
Net earnings were $157.3 million in the quarter versus $86.7 million, and $369.2 million in 2025 versus $243.2 million, lifting EPS to $0.71 from $0.49 in Q4 and to $1.99 from $1.35 for the year. On an adjusted basis, net earnings were $170.4 million in Q4 2025 versus $82.6 million and $443.2 million in 2025 versus $232.2 million, with adjusted EPS of $0.77 versus $0.46 in Q4 and $2.39 versus $1.29 for the year.
Adjusted EBITDA more than doubled to $230.0 million in Q4 2025 from $110.8 million and rose to $585.6 million in 2025 from $326.9 million.
Cash provided by operating activities increased to $152.5 million this quarter from $82.7 million and to $491.6 million for full-year from $296.8 million. Free cash flow also nearly doubled to $182.8 million in the quarter from $91.7 million last year and rose to $504.9 million for the year from $305.1 million, with the Bulgarian levy cited as a key cash offset.
Capital expenditures incurred rose to $28.6 million in Q4 2025 from $11.9 million and to $88.3 million in 2025 from $51.4 million, driven by growth spending.
The firm ended the year with $497.8 million of cash and cash equivalents, but cash fell $137.0 million in 2025 primarily from Adriatic acquisition consideration and post-closing debt repayment, partially offset by earnings and $160.5 million net inflow tied to the DPM Tolling Agreement.
On production, excluding Vareš, ore processed increased to 786,091 tonnes in Q4 2025 from 748,196 tonnes and to 2.98 million tonnes in 2025 from 2.92 million tonnes.
Payable gold sold was 63,461 ounces in the quarter versus 64,865 ounces and 219,039 ounces for the full year versus 234,128 ounces, while payable copper sold was 7.65 million pounds versus 6.65 million pounds and 24.83 million pounds for the year versus 25.06 million pounds.
Consolidated AISC per ounce of gold sold rose to $1,082 this quarter from $904 and to $1,121 in 2025 from $872.
For 2026, DPM guided to consolidated gold equivalent ounce (GEO) production of 305,000 to 365,000 ounces and GEO sold of 265,000 to 310,000 ounces, with consolidated AISC of $1,300 to $1,450 per GEO sold—all spelled out in the three-year outlook. For comparison, 2025 saw GEO production of 288,000 ounces and GEO sales of 255,000 ounces, excluding Vareš.
Ada Tepe is expected to reach end of mine life by mid-2026 and Vareš ramping toward 850,000 tonnes per year by Q4 2026.
The company returned $145.5 million to shareholders in 2025, including $116.1 million of repurchases for about 10.0 million shares and $29.4 million of dividends, and declared a $0.04 per share dividend payable April 15, 2026 while authorizing yet another up to $200.0 million of repurchases within 2026.
DPM Metals last traded at $52.14 on the TSX.
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