The mine near Chelopech led DPM to yet another record-breaking quarter

Canadian mining company DPM Metals, which operates two mines in Bulgaria, reported a stronger second quarter in terms of gold equivalent production. The main contributors to this were the strong performance of “Chelopech” and the continued increase in production at the Vares mine in Bosnia and Herzegovina, according to the company’s preliminary operating results.

In the second quarter of 2026, DPM Metals produced a total of 102,000 ounces of gold equivalent. Of this total, 56,000 ounces came from Chelopech, 11,000 ounces from Ada Tepe, and 35,000 ounces from Vares.

Driven by the strong performance at Chelopech and the continued increase in production at Vares, we achieved growth in gold equivalent production during the second quarter,” commented David Ray, President and CEO of DPM Metals.

The data shows that 549,000 metric tons of ore were processed at “Chelopech” between April and June. The mine produced 43,000 ounces of gold, 216,000 ounces of silver, and 8 million pounds of copper. According to the company, gold-equivalent production at Chelopech increased compared to the first quarter of 2026 due to a planned higher gold and silver grade. The asset remains on track to meet its production targets for the year.

In the first half of the year, “Chelopech” produced 99,000 ounces of gold equivalent. From January through June, the mine produced 75,000 ounces of gold, 333,000 ounces of silver, and 15 million pounds of copper.

DPM Metals’ other Bulgarian asset – the “Ada Tepe” mine near Krumovgrad – produced approximately 11,000 ounces of gold equivalent in the second quarter. For the first six months of the year, production reached 23,000 ounces of gold equivalent.

The company notes that the most recent production blast at “Ada Tepe” took place in mid-April. The processing plant is expected to cease operations on July 15, 2026. Afterward, some of the equipment will be dismantled and refurbished for use in the Coka Rakita project in Serbia, which is expected to begin construction in early 2027.

DPM Metals states that it is committed to the responsible closure and reclamation of “Ada Tepe.” Once the reclamation plan is completed, the company expects 95% of the mine site to be restored to “Natura 2000” – the European network for nature conservation.

Meanwhile, Vares continues to increase its production and produced approximately 35,000 ounces of gold equivalent in the second quarter. The facility processed 117,000 metric tons of ore, representing a 48% increase compared to the previous quarter. The company expects the mine to reach full production capacity of 850,000 metric tons per year by the end of 2026.

DPM Metals also reported on its ongoing shareholder capital return program. During the second quarter, the company repurchased over 1.4 million of its own shares at an average price of $34.19 per share, for a total of approximately $49.4 million. Year-to-date, share repurchases have totaled $74.8 million.

The company will release its full second-quarter operating and financial results on July 30, 2026.

Translated with DeepL.