DPM Metals (TSX: DPM) produced 97,000 gold equivalent ounces in the third quarter of 2026, putting it on course to finish the year at the top of its production guidance as the Vareš silver-gold mine in Bosnia and Herzegovina runs ahead of its ramp-up plan.
The quarter’s output included 53,000 ounces of gold, 934,000 ounces of silver, 7 million pounds of copper, 28 million pounds of zinc and 17 million pounds of lead in concentrate. The company processed 711,000 tonnes of ore across its operations.
Production was down from 102,000 gold equivalent ounces in the second quarter, mostly a result of Ada Tepe in Bulgaria closing. The mine processed only 38,000 tonnes and added about 2,000 ounces before its plant shut down in July.
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Chelopech, the company’s other Bulgarian mine, produced roughly 50,000 gold equivalent ounces from 530,000 tonnes of ore. That was in line with plan but down from 56,000 ounces in the prior quarter.
Vareš made up much of the difference. The mine processed 143,000 tonnes, up about 22% from the second quarter, and produced approximately 45,000 gold equivalent ounces, including 887,000 ounces of silver and 10,000 ounces of gold. DPM said grades came in stronger than expected.
Vareš reached commercial production on August 10. DPM still expects it to hit its full rate of 850,000 tonnes per year by year end, with a second tailings filter and a paste backfill plant scheduled to begin commissioning in November and December.
Chief executive David Rae said the ramp up “continues to progress ahead of our expectations.” The company now expects Vareš to exceed the top of its 105,000 to 130,000 ounce guidance range. It has produced 109,000 gold equivalent ounces through nine months.
Across the company, DPM has produced 283,000 gold equivalent ounces year to date from 2.33 million tonnes of ore. That is about 78% of the top of its 305,000 to 365,000 ounce annual guidance. Reaching 365,000 ounces would take roughly 82,000 ounces in the fourth quarter, below the third quarter’s pace even without Ada Tepe.
DPM also bought back 1.86 million shares during the quarter at an average of US$40.23, about US$74.8 million in total. In 2025 it generated US$505 million in free cash flow and ended the year with US$497.8 million in cash and no debt.
Full third quarter operating and financial results are due after market close on November 12.
DPM Metals last traded at $52.00 on the TSX.
