DPM Produces 97,000 Gold-Equivalent Ounces in Q3 2026
Key Facts
DPM Metals said it produced 97,000 gold-equivalent ounces in the third quarter of 2026, adding that the level puts it on track to achieve the upper end of its annual production guidance. The operational update was part of the company's quarterly results statement, but the earnings-per-share and revenue figures cited in a Seeking Alpha report could not be verified. The figures confirmed in the company's announcement therefore center on production and projects, not earnings and revenue metrics. The company said production performance supports its annual outlook, without by itself confirming that final guidance will be met. It also scheduled a conference call and audio webcast to discuss the results.
The Vareš mine was the main contributor to reported production, producing about 45,000 gold-equivalent ounces in the third quarter. DPM said the mine's output was in line with its plan to ramp up to full capacity and reflected higher-than-expected ore grades. The mine's quarterly production thus comes amid the gradual expansion phase the company is pursuing before reaching its targeted run rate. DPM expects Vareš to reach a full production rate of 850,000 tonnes per year by the end of 2026. The timing links the current expansion path to a specific operating target before year-end.
The Ada Tepe mine produced about 2,000 gold-equivalent ounces in the third quarter, after processing plant operations ended on July 15, 2026. The figure reflects a limited operating period within the quarter, as processing stopped midway through it, according to the company. This left the mine in a different position from Vareš, which continued to ramp up production over the same period. DPM included the data in its quarterly production total, alongside its outlook for Vareš to reach full run rate. The Ada Tepe plant shutdown in July provides the direct context for its production figure for the rest of the quarter.
On the market side, the company's table showed an average gold price of 4,270 dollars per ounce in the third quarter, while the average silver price was 62.73 dollars per ounce. DPM also said it repurchased 1,860,000 shares during the quarter at an average price of 40.23 U.S. dollars per share, for a total cost of about 74.8 million dollars. These figures place metal prices and share buybacks in the context of the period covered by the company's production update. In the second quarter, the company posted record free cash flow of 227 million dollars, alongside 271 million dollars in cash generated from operating activities. The second-quarter figures provide prior-period context and do not establish the level of cash flow in the third quarter.
DPM is scheduled to host a conference call and audio webcast on Friday, November 13, 2026, at 9 a.m. Eastern time to discuss the results, followed by a question-and-answer session. The event will allow the company to present its quarterly results and answer participants' questions after publishing its announcement. On projects, DPM said construction at the Čoka Rakita project is expected to begin in early 2027. That timing follows its stated target for Vareš to reach full production by the end of 2026. These dates remain part of the operating schedule the company presented, while verified earnings and revenue figures were not available in the materials reviewed.