DPM Metals Posts Quarterly Revenue of $311.6 Million and Free Cash Flow of $179 Million
Key Facts
DPM Metals reported revenue of $311.6 million in the third quarter of 2026, up 17% from $267.4 million in the same period of 2025. The company attributed the growth mainly to higher realized metal prices and increased gold-equivalent sales from the Vareš mine. These factors partly offset lower sales at the Ada Tepe mine. The company reported revenue and its year-over-year growth in its quarterly results statement. The increase in revenue thus reflects changes in prices and the sales mix across its assets during the quarter.
The quarter's performance extended beyond revenue growth: the company recorded free cash flow of $179 million, alongside $191 million in cash generated from operating activities. The figures reflect cash generated during the third quarter, with the company distinguishing between free cash flow and operating cash. These flows coincided with revenue rising from its level a year earlier. The figures provide an indication of liquidity generated from operations during the period, alongside sales results. DPM published the data as part of its third-quarter financial results announcement.
At the end of the third quarter, DPM had cash and cash equivalents of $839 million. It also had an undrawn revolving credit facility of $400 million, with an option to increase it to $550 million. The undrawn facility represents financing available within its limits, separate from cash recorded on the balance sheet. The company presented its cash balance and credit facility as two components of its financial position at period-end. These figures link the quarterly results to the cash and financing available, as disclosed by the company on the same date.
Higher metal prices supported the company's financial results, it said. The average market gold price was $4,270 an ounce in the third quarter of 2026, compared with an average of $3,454 in the corresponding quarter of 2025, an increase of 24%. Alongside the impact of prices, DPM attributed revenue growth to increased gold-equivalent sales from Vareš. That increase partly offset lower sales at Ada Tepe, according to the company's statement. The company's explanation combines the pricing factor with the contribution from sales at the new mine, while Ada Tepe had an opposing effect. The year-over-year comparison in gold prices provides the market backdrop the company linked to its improved financial results.
DPM said in its production update that its mines produced 97,000 ounces of gold equivalent in the third quarter, putting it on track to achieve the upper end of its 2026 production guidance. In the same update, the company announced that commercial production at Vareš began on August 10, 2026. It said the mine's total operating costs have been included in the all-in sustaining cost calculation since that date. By contrast, Ada Tepe produced about 2,000 ounces of gold equivalent during the quarter, after processing plant operations ended on July 15, 2026. These details provide operational context for the difference in the mines' contributions to sales during the period.
DPM is scheduled to hold a conference call and audio webcast to discuss its quarterly results on November 13, 2026, at 9 a.m. Eastern time. The event follows the quarterly results announcement and gives the company a dedicated session to discuss the report. DPM announced the call time in its statement containing the third-quarter results. The published figures remain the basis of the disclosed revenue, cash flow and production results until then. The published schedule did not include additional figures on the results.