DPM Metals Inc.

Notable vs. Peers

• Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
• All-in sustaining cost of $1,417/oz is 28% lower than the peer producer average of $1,962/oz.

Lifecycle Milestones

1. Permit granted

   Aug 2016 · Final construction permit for the Krumovgrad (Ada Tepe) gold project issued by the Chief Architect of Krumovgrad Municipality, in force as of August 9, 2016 following expiry of the statutory review/appeal period. · Source
2. Construction decision (FID)

   Reached — date not disclosed · No single discrete 'Board approves construction' release found. The Aug 9, 2016 final-permit release states the company was 'well positioned to commence the construction phase of this project following receipt of Board approval'; the Q3 2016 report confirms construction activities and long-lead down payments proceeded that quarter, with construction commencing Q4 2016 -- Board approval necessarily fell between those two disclosures. Recorded reached-but-undated rather than inventing a specific day. · Source
3. Construction start

   Reached — date not disclosed · Construction of Krumovgrad began in Q4 2016 per the Q3 2016 report (early-works program underway to support commencement of construction in October, consistent with the then-schedule to commence operations Q4 2018). No separately dated 'construction start' release found; recorded reached-but-undated. · Source
4. First pour / production

   Mar 2019 · First gold concentrate produced from the Krumovgrad open pit (Ada Tepe deposit) -- 650 tonnes of ore processed through crushing, grinding and rougher flotation. Commercial production followed June 8, 2019. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: DPM Metals (renamed from Dundee Precious Metals effective 2025-09-12, ticker unchanged at DPM) operates a multi-mine Balkan/South American portfolio -- Chelopech (Bulgaria, producing since long before the rename) and Ada Tepe (Bulgaria, commercial production since 2019) are established producers, while Timok (Serbia) is a development-stage asset and Loma Larga (Ecuador) is a project, not yet producing. Miner.name in the DB already reflects the post-rename legal name, confirming the identity guard is checking the current entity. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.