Slides
Page 1
Deliver Superior Value Investor Day December 4, 2025 Uniquely Positioned to
Page 2
Forward-Looking Statements This presentation contains Forward Looking Statements . Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “guidance”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions . The Forward Looking Statements in this presentation relate to, among other things: expected rates of production at DPM Metals Inc.’s (“Company”) operating properties and the costs thereof; expectations regarding the Company’s ability to achieve previously provided guidance for production results; expectations regarding future growth and development opportunities ; expectations regarding the Company’s ability to successfully integrate and realise the anticipated benefits of the acquisition of Adriatic Metals plc and the Vareš mine; anticipated exploration and development activities at the Company’s operating and development properties, the anticipated timing and results thereof, and costs associated therewith ; the estimation of Mineral Reserves and Mineral Resources and the realization of such mineral estimates ; expected milestones in the development of the Čoka Rakita project, including the completion of a feasibility study (“FS”), receipt of applicable permits, and the commencement of construction and production, and the anticipated timing and costs thereof; expected milestones in the development of the Loma Larga gold project, including the commencement of formal negotiations for an exploitation agreement and the commencement of drilling activities at the property ; expected cash flows; estimated capital costs, all-in sustaining costs, operating costs and other financial metrics, including those set out in the outlook and guidance provided by the Company; and the timing and amount of dividends and share repurchases, if any. Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and Qualified Person (in the case of technical and scientific information), as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements . In addition to factors already discussed in this presentation, such factors include, among others: fluctuations in metal prices; risks arising from the current inflationary environment and the impact on operating costs and other financial metrics, including risks of recession ; the ability of the Company to realize the anticipated benefits of its acquisition of Adriatic Metals Plc and the Vareš mine; the commencement, continuation or escalation of geopolitical crises and armed conflicts, and their direct and indirect effects on the operations of the Company ; changes in tax, tariff and royalty regimes in the jurisdictions in which the Company operates or which are otherwise applicable to the Company’s business, operations, or financial condition; operational risks inherent in the mining industry; the speculative nature of mineral exploration, development and production, including changes in mineral production performance, exploitation and exploration results; the Company’s dependence on continually developing, replacing and expanding its Mineral Reserves; the Company’s dependence on its operations at the Chelopech mine and Ada Tepe mine; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves ; competition in the mining industry; risks related to the financial results of operations, changes in interest rates, and the Company's ability to finance its operations ; risks related to the Company's ability to manage environmental and social matters, including risks and obligations related to closure of the Company's mining properties ; fluctuations in foreign exchange rates; risks associated with the fact that certain of the Company's initiatives are still in the early stages and the anticipated benefits thereof may not materialize ; ability to successfully execute on the Company's strategic goals; ability to successfully integrate acquisitions or complete divestitures ; risks arising from counterparties being unable to or unwilling to fulfill their contractual obligations to the Company; possible inaccurate estimates relating to future production, operating costs and other costs for operations ; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company’s activities; risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; land reclamation and mine closure requirements, and costs associated therewith; the Company's controls over financial reporting; risks related to stakeholder engagement and the maintenance of social license to operate; opposition by social and non-governmental organizations to mining projects; risks related to information technology and cybersecurity, including cyber-attacks; exercising judgment when undertaking impairment assessments ; risks related to holding assets in foreign jurisdictions ; limitations on insurance coverage; changes in laws and regulations and the Company's ability to successfully obtain all necessary permits and other approvals required to conduct its operations ; employee relations, including unionized and non-union employees ; unanticipated title disputes; volatility in the price of the common shares of the Company ; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; ability to repatriate funds from foreign subsidiaries ; the Company's ability to retain key personnel and attract other highly skilled employees ; risks related to litigation and legal disputes; risks related to shareholder activism; conflicts of interest between the Company and its directors and officers; potential dilution to the common shares of the Company ; the Company's obligations as a public company ; the timing and amounts of capital that may be returned to shareholders through dividends and share repurchases, fluctuations in metal prices and foreign exchange rates; risks arising from the current economic environment and the impact on operating costs and other financial metrics, including risks of recession ; the commencement, continuation or escalation of geopolitical and/or intrastate conflicts and crises, including without limitation, in Ukraine, the Middle East, Ecuador, and other jurisdictions from time to time, and their direct and indirect effects on the operations of DPM; risks arising from counterparties being unable to or unwilling to fulfill their contractual obligations to the Company ; the speculative nature of mineral exploration, development and production, including changes in mineral production performance, exploitation and exploration results; the potential effects of changes in Chinese tax laws or regulations which may result in value-added tax ("VAT") and import duties being levied on sales of Chelopech gold concentrates to purchasers in China; changes in tax and tariff regimes in the jurisdictions in which the Company operates or which are otherwise applicable to the Company’s business, operations, or financial condition; possible inaccurate estimates relating to future production, operating costs and other costs for operations ; possible variations in ore grade and recovery rates; inherent uncertainties in respect of conclusions of economic evaluations, economic studies and mine plans; uncertainties with respect to the timing of the FSs in respect of the Čoka Rakita project; the Company’s dependence on continually developing, replacing and expanding its mineral reserves; uncertainties and risks inherent to developing and commissioning new mines into production, which may be subject to unforeseen delays; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves ; risks associated with the fact that certain of the Company's initiatives are still in the early stages and may not materialize ; changes in project parameters, including schedule and budget, as plans continue to be refined; risks related to the financial results of operations, changes in interest rates, and the Company's ability to finance its operations ; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company’s activities; the effects of international economic and trade sanctions; accidents, labour disputes and other risks inherent to the mining industry; risks related to the Company's ability to manage environmental and social matters, including risks and obligations related to closure of the Company's mining properties ; risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; land reclamation and mine closure requirements, and costs associated therewith; the Company's controls over financial reporting and obligations as a public company; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; opposition by social and non-governmental organizations to mining projects and smelting operations ; uncertainties with respect to realizing the anticipated benefits from the development of the Čoka Rakita or Loma Larga projects; cyber-attacks and other cybersecurity risks; competition in the mining industry; exercising judgment when undertaking impairment assessments ; claims or litigation; limitations on insurance coverage ; changes in values of the Company's investment portfolio; changes in laws and regulations, including with respect to taxes, and the Company's ability to successfully obtain all necessary permits and other approvals required to conduct its operations ; employee relations, including unionized and non-union employees, and the Company's ability to retain key personnel and attract other highly skilled employees ; ability to successfully integrate acquisitions or complete divestitures ; unanticipated title disputes; volatility in the price of the common shares of the Company ; potential dilution to the common shares of the Company ; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to holding assets in foreign jurisdictions ; conflicts of interest between the Company and its directors and officers; the timing and amounts of capital that may be returned to shareholders through dividends and share repurchases, as well as those risk factors discussed or referred to in the Company’s annual MD&A, annual information form for the year ended December 31, 2024, the MD&A, the management information circular dated July 11, 2024, and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR+ at www.sedarplus .ca. Investors are cautioned that any Forward Looking Statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward looking statements . 2
Page 3
Welcome to DPM’s Investor Day
Page 4
Agenda 4 9:00 AM Welcome and introductions Chelopech exploration potential New high-grade discovery Čoka Rakita feasibility study results Developing a high-margin, low-cost mine Rakita camp District-scale potential 10:40 AM Break Vareš Progress in ramping up to full production 11:30 AM Wrap-up and Q&A session Lunch with DPM team
Page 5
Delivering Value-Generating Catalysts 5 Wedge Zone Deep discovery newly discovered high-grade mineralization Rakita Camp Inferred Mineral Resource district-scale gold-copper system Vareš ramp-up to full production delivering near-term growth Čoka Rakita feasibility study results low-cost, high-grade project Underpinned by DPM’s 10-year track record of delivery, competitive advantage in the region and balance sheet strength Significant developments in DPM’s portfolio driving future growth prospects
Page 6
Financial Strength to Fund Growth 6 Financial Position $ millions Total liquidity $564M as at Sept. 30/25 Ended Q3 2025 with $414M in cash, following spending completed YTD 2025: ▪ $399M in cash for Adriatic transaction ▪ $136M to retire Adriatic's debt ▪ $137M of capital returned to investors (dividend & share buybacks) Growing cash position and no debt
Page 7
Today’s Speakers 7 Iliya Garkov Chief Operating Officer Mirco Nolte Vice President, Projects Tsvetomir Velkov Vice President, T echnical Services Stefan Metodiev Director, Exploration Ross Overall Director, Corporate Technical Services Opportunity for direct engagement with DPM’s leadership and technical teams
Page 8
Chelopech exploration potential 8 New, high-grade discovery
Page 9
Wedge Zone Deep Discovery 9 ▪ Newly discovered zone of high -grade mineralization on the north flank of Chelopech mine concession ▪ Results highlights include: ▪ 68.3 m @ 7.42 g/t AuEq ▪ 48.1m @ 9.41 g/t AuEq ▪ Broad envelope of mineralization of up to 150m downhole width, outlined over strike length of ~110 m ▪ Strong potential for expansion: open in multiple directions within a sparsely tested area of the mine ▪ Approximately 300m below the nearest mineral reserves and mine infrastructure ▪ Mineralization style expected to have similar metallurgical characteristics as other areas with Chelopech Refer to the news release dated November 19, 2025, available on our website at www.dpmmetals.com for more information New high-grade mineralization at the Chelopech mine
Page 10
Wedge Zone Deep Discovery ▪ Historically, deeper levels on the northern flank were low priority for exploration, received very limited attention ▪ Evaluating options for development of underground infrastructure to support exploration drilling plans ▪ Drift / development to gain better access for drilling ▪ Targeting initial phase of drill testing by the end of Q1 2026 ▪ Potential to include initial WZD resource estimate in the next Chelopech MRMR cycle ▪ Expect to update market on drill progress in early Q2 2026 10 Underscores exploration potential at DPM’s core operation 10,000 m exploration program ongoing to infill and delineate the WZD target
Page 11
Chelopech: Targeting 10+ Years of Mine Life ▪ Strong Mineral Resource base: 1.1Moz. Au, 4.4Moz. Ag and 242 Mlbs. of Cu ▪ In the process of converting surrounding exploration licenses to mining concessions ▪ Chelopech Sever mining concession (4.6 sq.km) expected in 2026 ▪ Intense exploration drilling program at Brevene exploration licence (27.3 sq.km) with multiple targets ▪ Focus on near-mine drill testing of mineral potential and innovation -driven targeting ▪ Aiming to develop mineral resource and mineral reserve estimates to support Commercial Discovery application 11 Multi-decade track record of adding incremental mineral reserves to offset depletion
Page 12
Čoka Rakita feasibility study results 12 Developing a low-cost, high-margin mine
Page 13
Geological Setting 13 ▪ Part of the Western margin of Timok Magmatic Complex (TMC) known as High Sulfidation-Porphyry district ▪ Čoka Rakita is part of large zoned complex hydrothermal system that includes: ▪ Porphyry copper-gold ▪ Skarn copper-gold ▪ Carbonate replacement base / precious metals ▪ Sediment hosted gold ▪ Čoka Rakita: unique mineralogical and grade characteristics ▪ Not only for the Timok region, but for the entire Western T ethyan District scale discovery with multiple styles of mineralization
Page 14
Čoka Rakita Geology ▪ Gold-bearing exoskarns, developed as massive stratabound bodies in a Ca-rich sandstones, in the hanging wall of a sill-like porphyritic diorite ▪ Endoskarn zone of the diorite, up to several meters from the intrusive contact, rich in copper and gold ▪ Gold occurs mainly in native form more often with pyrite and/or pyrite- pyrrhotite dominant mineralization 14 Concentrated high-grade orebody
Page 15
Improved Mineral Resource and Mineral Reserve Estimates ▪ Indicated and Inferred MRE reported within DSO U/G mining shapes generated at 2 g/t cut -off grade ▪ Drillhole spacing approximately 30m x 30m over the deposit footprint & infill drill spacing in core of deposit to 15m x 15m ▪ Reserves increased to 7.43Mt at 6.44 g/t , driven by: ▪ Updated geotechnical assumptions based on FS drilling ▪ Refined stope design parameters ▪ Optimized cut-off grade assumptions for marginal and incremental material Feasibility Study Mineral Resource and Reserves 15 Mineral Reserves tonnage increased by 10% and contained gold increased by 11% Mineral Resource Estimate (as of January 17, 2025) exclusive of Mineral Reserves Classification Tonnes (Mt) Gold Grade (g/t) Gold Content (Koz.) Proven - - - Probable 7.34 6.44 1,520 Total 7.34 6.44 1,520 Mineral Reserve Estimate (as of January 17, 2025) Classification Tonnes (Mt) Gold Grade (g/t) Gold Content (Koz.) Measured - - - Indicated 0.53 3.94 67 Inferred 0.09 3.60 11 For more information regarding the Mineral Resource and Mineral Reserve estimate and the results of the Čoka Rakita feasibility study, refer to the DPM news release dated November 27, 2025, available on our website at www.dpmmetals.com.
Page 16
Mine Plan Optimized for Early Access to High Grades 16 440m RL 360 m RL 650m RL Stope Au g/t 2.5 – 4 4 – 6 6 – 8 8 – 10 10 – 12 > 12 N S 910 m RL Lower Decline Upper Decline Surface Vent Raise 735m RL 660 m RL Metric Unit Total / average Pre production 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Ore mined Kt 7,345 2 433 846 855 855 855 855 855 855 835 99 Gold grade g/t 6.44 3.7 9.7 10.4 9.8 7.31 5.44 4.6 4.1 4.3 4.4 3.0 Ore processed Kt 7,345 - 400 829 850 850 850 850 850 850 850 166 Gold grade g/t 6.44 - 9.5 10.2 10.3 7.3 5.5 4.8 4.1 4.2 4.4 3.3 Optimizations from the PFS include: ▪ Improved development layout and overall design efficiency ▪ Ground support design optimized based on geotechnical drilling results ▪ Refined stope design, resulting in additional Reserve ounces ▪ Optimized ventilation, improving airflow efficiency for reduced power demands ▪ Improved dewatering infrastructure and layout to handle higher estimated mine dewatering requirements ▪ Improved gold recoveries based on additional metallurgical test work Feasibility Study Production Schedule For more information regarding the results of the Čoka Rakita feasibility study, refer to the DPM news release dated November 27, 2025, available on our website at www.dpmmetals.com.
Page 17
Conventional Flowsheet with Strong Gold Recoveries 17 ▪ Processing facility designed for 850ktpa throughput ▪ Conventional flowsheet: crushing & comminution → gravity recovery → flotation ▪ Strong metallurgical performance with ~88% overall gold recovery ▪ Tailings utilized as cemented paste backfill , remainder placed in the dry-stack tailings facility (DTSF) Relatively standard comminution, gravity and flotation flowsheet to process 850ktpa For more information regarding the results of the Čoka Rakita feasibility study, refer to the DPM news release dated November 27, 2025, available on our website at www.dpmmetals.com.
Page 18
Site Layout 18 Optimized design and site layout
Page 19
Production Schedule 19 First decile margins drive fast capital return 9.7 10.4 9.8 7.31 5.44 4.6 4.1 4.3 4.4 3.3 -10 -5 0 5 10 0 200 400 600 800 1000 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Gold grade (g/t) Mined tonnes (Kt) Mined Tonnes & Gold Grades Mined tonnes (Kt) Gold grade (g/t) $722 $455 $425 $542 $710 $771 $916 $830 $740 $2,872 -10000 -8000 -6000 -4000 -2000 0 2000 4000 0 50 100 150 200 250 300 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Gold grade (g/t) Mined tonnes (Kt) Payable Gold Production & All-in Sustaining Cost1 Payable gold production AISC Top decile all-in sustaining cost $644/oz. gold ounce sold (LOM avg.) LOM average gold grade 6.44 g/t Higher production in first 5 years 189,000 gold ounces For more information regarding the results of the Čoka Rakita feasibility study, refer to the DPM news release dated November 27, 2025, available on our website at www.dpmmetals.com.
Page 20
First Decile All-in Sustaining Cost $ millions $/t of ore processed $/oz. payable gold Mining $267 $36 $203 Processing $205 $28 $156 General & administrative $115 $16 $88 Royalties $121 $16 $92 Total cash costs $786 $96 $538 Offsite cost $78 $69 All-in sustaining cost $644 20 Life of Mine Unit Operating and All-in Sustaining Cost All-in sustaining cost per ounce of gold sold is a non-GAAP ratio. This measure has no standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures used by other issuers Refer to the slide 48 titled “Non-GAAP Financial Measures” for more information.
Page 21
Manageable Capital Intensity for a High Return Project $ millions Initial capital estimates1 Mine development $129 Ore handling $19 Processing plant $63 T ailings and water treatment $52 Infrastructure (on and off-site) $68 Total direct costs $331 General indirect costs $33 Owner’s cost $40 Total indirect costs $73 Contingency $44 Total initial capital expenditures $448 Sustaining and closure Sustaining capital expenditures (life of mine)1 $32 Closure costs2 $30 21 Well-within DPM’s capacity to fund with existing cash and cash flow generation Changes relative to the PFS: ▪ Updated mine development contracting strategy ▪ Accelerated decline development and earlier access to first stoping levels ▪ Reclassification of early operating costs as initial capital ▪ Higher earthworks volumes ▪ 10% labour inflation ▪ Euro/USD exchange rate of 1.135 (reflecting ~7% USD depreciation) Well-within DPM’s capacity to fund with existing cash and cash flow generation For more information regarding the results of the Čoka Rakita feasibility study, refer to the DPM news release dated November 27, 2025, available on our website at www.dpmmetals.com.
Page 22
Targeting First Concentrate Production in 2029 22 Announced discovery Project milestones First production of concentrate H1 2029January 2023 Maiden resource estimate December 2023 PEA May 2024 PFS December 2024 Permitting 2026 FS Year-end 2025 Early works Mid-2026 Construction begins Early 2027 ▪ Revised permitting timeline anticipates start-up of mine construction in early 2027 ▪ DPM confident in project's overall progress ▪ Technical workstreams progressing as planned ▪ Proactive stakeholder engagement ▪ Initiated Special Purpose Spatial Plan, key permitting milestone For more information regarding the results of the Čoka Rakita feasibility study, refer to the DPM news release dated November 27, 2025, available on our website at www.dpmmetals.com.
Page 23
Stakeholder Engagement Building and maintaining strong partnerships with local communities and governments ▪ Ongoing, consistent engagement with local communities ▪ Prioritizing open and transparent communication ▪ Well-established and regular engagement with local government and relevant ministries to support regulatory process ▪ Strengthening connections with academics and universities ▪ Ongoing engagement through sponsorships and donations targeted to key needs of the community ▪ Providing medical support to remote villages ▪ Support for community sport activities 23 DPM has maintained a local and regional presence for 20+ years DPM’s approach prioritizes ongoing engagement with communities and government at all levels
Page 24
Čoka Rakita Feasibility Study Results 24 Production (life of mine averages, unless otherwise noted) Mineral Reserve Mt 7.3 Average gold grade mined g/t 6.44 Annual throughput Ktpa 850 Average gold grade processed g/t 6.44 Average gold metallurgical recovery % 87.9 Total gold produced Moz. 1.34 Average annual gold production (life of mine) Koz. 148 Average annual gold production (first five years) Koz. 189 Initial capital $ million $448 1. Current legislation in Serbia allows for tax relief for large investments for a maximum period of 10 years, subject to certain eligibility conditions being maintained through the 10-year period. The FS assumes that the Čoka Rakita project is eligible for this tax relief and the effective income tax rate applied is 0% over the project’s 10-year mine life. 2. Initial capital includes import duties. Confirms high-margin, low-cost operation that will generate significant returns for investors Improvements relative to the PFS: ▪ Additional year of mine life ▪ Increased ounces in the initial years ▪ Improved NPV Gold price sensitivities $1,900/oz. $3,500/oz. NPV5% (after tax) ($M) $782M $2,207 IRR (after tax) 36% 68% Payback (years) 1.8 1.0 1. Economics are construction forward and assumes no initial capital is spent in advance of a construction decision
Page 25
Rakita camp 25 District-scale potential
Page 26
Rakita Camp: District Scale Potential 26 Step-out drilling: 20,000 metres planned ▪ Valja Saka ▪ Follow-up results from Valja Saka intercepts reported in Q1 2025 ▪ Shallow sandstone and marble -hosted gold-silver-base metal skarn mineralization ▪ Scout drilling in Korkan East, Žumeri and Vizuri areas ▪ Better understanding of the stratigraphy, position of the productive horizons and precision of the further targets ▪ Scout holes in Pešter Jug ▪ Testing Čoka Rakita and Dumitru Potok types of mineralization on the western contact of Valja Strz monzonite ▪ Ongoing surface gravity and magnetic surveys in Potaj Čuka and Pešter Jug licences ▪ Extension of the existing MT survey to the north in Potaj Čuka licence Testing the continuation of the system with step-out drilling
Page 27
Infill and Delineation Drilling 27 ▪ Infill and extension of the contact and stratabound skarns based on existing resource shapes ▪ Delineation of the Frasen gold-copper porphyry target 20,000 metres of diamond drilling planned Čoka Rakita licence, expected to commence Q2 2026 A B A B
Page 28
Deposits Remain Open for Further Growth Potential ▪ Sub-vertical contact skarn mineralization Dumitru Potok remains open to the north, south and at depth ▪ Stratabound mineralization remains open in numerous locations ▪ At Rakita North prospect, mineralization remains open to the east and south ▪ At Frasen prospect, mineralized horizon open to the north and south ▪ Strong opportunity to infill and extend resources with further drilling 28 Each of Dumitru Potok, Rakita North and Frasen remain open in multiple directions For more information regarding the Mineral Resource Estimate for the Dumitru Potok, Rakita North and Frasen, refer to the DPM news release dated December 2, 2025, available on our website at www.dpmmetals.com.
Page 29
Dumitru Potok Mineralization ▪ A large, zoned calcic Cu–Au–Ag skarn system centered on a causative intrusion, with: ▪ Proximal Sulphide dominant Cu -Au skarn near the intrusion grading outward and upward into skarn with oxidized Cu mineral assemblages ▪ Continues as stratabound, manto-like skarn / Carbonate replacement Cu-Au-Ag bodies along marble–conglomerate contact ▪ Transitions into Cu-Au-Ag±Zn±Pb assemblage at Frasen ▪ Sizable Footprint ▪ Proximal contact skarns - traced for 600m strike length, up to 200m wide and 400m in vertical extent ▪ Stratabound mineralisation traced for >1 kilometer strike length, >1 km away from causative intrusive, from 5m to 40m thickness ▪ Wide and Consistent High Grades ▪ i.e. DPDD026 – 115 metres at 1.47% Cu, 2.73 g/t Au and 9.69 g/t Ag from 1,170 metres downhole 29 Images showing the core photos of copper-gold-silver skarn mineralization from hole DPDD026, taken from within the interval reporting 38 metres at 2.59% Cu, 4.05 g/t Au and 17 g/t Ag from 1,195 metres downhole For more information, refer to the DPM news release dated December 2, 2025, available on our website at www.dpmmetals.com.
Page 30
Initial Metallurgical Testwork Results 30 Indicates high recoveries are achievable, generating saleable copper and gold concentrate Positive testwork outcomes ▪ Initial testwork focused on testing key mineralization styles at the Dumitru Potok, Rakita North and Frasen prospects ▪ Medium bond mill index, similar to Čoka Rakita ▪ Rougher-Cleaner testwork indicates fast float kinetics , producing saleable concentrate grade with high recoveries after a single cleaning stage ▪ Numerous areas for optimization to be explored in subsequent phases including exploring cleaning requirements vs. rougher stage only ▪ Geometallurgy focus for next phase of testwork
Page 31
Initial Inferred MRE Establishes District Scale Platform 31 ▪ Inferred MRE: 2.6 Moz. Au and 1.9 B lbs. Cu ▪ Significant higher-grade and higher-tonnage core of the mineral resource within Dumitru Potok: 2.4 Moz. Au and 1.7 B lbs. Cu ▪ MRE incorporates DPM’s strong understanding of camp scale geologic architecture ▪ Reported within minable shapes based on Net Smelter Return cutoff of $50 per tonne ▪ Initial estimate - potential to grow as drilling progresses Deposit Tonnes (Mt) Gold Grade (g/t) Contained Gold (K oz.) Copper Grade (%) Contained Copper (Mlbs.) Dumitru Potok 64.1 1.07 2,206 1.09 1,535 Rakita North 17.9 0.56 320 0.84 331 Frasen 2.4 1.21 95 0.70 37 Total 84.4 0.97 2,621 1.02 1,903 Underscores the significant potential of the Rakita camp Inferred Mineral Resource Estimate (effective October 23, 2025) For more information regarding the Mineral Resource Estimate for the Dumitru Potok, Rakita North and Frasen, refer to the DPM news release dated December 2, 2025, available on our website at www.dpmmetals.com.
Page 32
Break Session to resume at 11:10 AM EST 32
Page 33
Vareš 33 Progress in ramping up to full production
Page 34
Vareš: High-Grade Precious and Base Metals Underground Mine 34 Unit Life of Mine Initial operating life Years 15 Mill throughput capacity ktpa 850 Avg. grade processed g/t AuEq. 9.2 Gold equivalent recovery % 85.4 Gold equivalent payability % 76.2 Total payable production Moz. AuEq. 1.8 Average annual payable production Koz. AuEq. 168 All-in sustaining cost $/oz. AuEq. $901 Initial capital (H2 2025-2026) US$M $76 Sustaining capital US$M $143 Post-tax cash flow US$M $2,071 Post-tax NPV5% US$M $1,585 Key Operating and Financial Metrics Integration activities proceeding well ▪ Embedding DPM health and safety practices ▪ Transforming training programs for local personnel ▪ Engaging with stakeholders Advancing priorities to support ramp -up to full production ▪ Driving decline to the bottom of the orebody ▪ Advancing construction of the paste backfill plant 2026 production expected to be higher than previously anticipated due to higher tonnes processed, gold & silver grades
Page 35
Stakeholder Engagement 35 New information centre in Kakanj Building the foundation for long-term success ▪ Focus on engaging with stakeholders to build trust and introduce DPM ▪ Building relationships with communities and creating local employment ▪ Recently opened an information center in Kakanj, to help facilitate transparent two -way engagement and communication
Page 36
Infill Drilling to Improve Mineral Resource Confidence 36 ▪ Current drill spacing: 40m x 40m ▪ Increasing density to 20m x 20m & 15m x 15m to upgrade the Mineral Resource ▪ Currently 1 drill rig operating with 2nd expected in early January 2026 ▪ Expected to complete infill drilling of current LOMP: mid -year 2029 Better defining geological and geotechnical understanding of the orebody
Page 37
Accelerating Development Rates ▪ Improving blasting techniques ▪ Better ground support and ground control practices ▪ Achieving targeted advance rates 37 Leveraging DPM expertise to improve mining practices and accelerate development Driving decline to bottom of the orebody
Page 38
Strategic Mine Plan Optimization 38 Optimized mine design ▪ Mining blocks: ensuring multiple mining fronts & production flexibility ▪ Bottom-up extraction sequence ▪ Sill pillars: extraction at the end of each mining block Mining method ▪ SLOS and BF as baseline ▪ MCAF in narrow, steep zones Backfill ▪ Paste Fill ( PF) ▪ Cemented Rock Fill (CRF) Ventilation ▪ Optimized airflow design
Page 39
Improving Ventilation ▪ New intake ventilation decline: ▪ Ensure sufficient air quantity and optimal air - flow velocity ▪ Provides a second independent haulage access ▪ Optimized Return Air Raise (RAR) system ▪ Planned to automate management and control of the ventilation system 39 Optimized airflow design to support current operations and potential future growth RUP Decline Rupice Main (RUP) Rupice N - W (RNW) RNW Decline RNW RAR Conn RNW Access RNW Access Main Fan Green = clear air I Red = exhaust
Page 40
Construction of Paste Backfill Plant on Track ▪ Plant shell under construction ▪ Electrical design on track for completion in Q4 2025 ▪ All usage permits currently in place 40 Expected to commission in Q2 2026
Page 41
Prospective Vareš Land Package ▪ Large land package ▪ Well-understood permitting regime ▪ Progressing engagement with local communities ▪ Exploration activities planned for 2026 ▪ Additional geophysics (MT) ▪ 20,000 metres of brownfields drilling for and regional targets testing ▪ Updating geological model and overall geological understanding 41 22-kilometre corridor in proximity to Vareš infrastructure and mill
Page 42
Q&A Session & Wrap Up 42
Page 43
DPM Metals: A Premier Mining Business 43 High-margin asset portfolio driving strong free cash flow generation Attractive high-quality growth projects Prospective land positions explored by proven team Team recognized for building strong community relationships Strong balance sheet and sustainable financial returns Proven project development capabilities Strong fundamentals with a catalyst-rich investment horizon
Page 44
Appendix
Page 45
Corporate Snapshot 45 Top Shareholders Helikon Investments Merloni Holding SpA Blackrock Victory Capital First Eagle Acadian Van Eck LSV Asset Management Dimensional Funds Sprott Inc Market Stats 52-week price range (C$) $12.85 - $39.07 Share price (November 19, 2025) $39.07 Shares Outstanding 221Mi Market Capitalization C$8.7B / US$6.2B Dividend yield (December 3, 2025) 0.6% Analyst Coverage Beacon National Bank Financial BMO Capital Markets Paradigm Capital CIBC World Markets RBC Capital Markets Canaccord Genuity Scotiabank Jefferies Stifel GMP Macquarie TD - 2 4 6 8 10 12 0 5 10 15 20 25 30 35 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Volume (Millions) Share Price (C$) Share Price (C$/sh) and Volume (M) i. Includes CHESS Depositary Interests over common shares trading on ASX
Page 46
Experienced DPM Leadership Team 46 Board of Directors Juanita Montalvo Chair David Rae President & CEO Dr. Nicole Adshead-Bell Independent Director Robert M. Bosshard Independent Director Jaimie Donovan Independent Director Kalidas Madhavpeddi Independent Director Marie-Anne Tawil Independent Director Executive Team David Rae President & Chief Executive Officer Navin Dyal EVP & Chief Financial Officer Iliya Garkov EVP & Chief Operating Officer John DeCooman EVP, Corporate Development Kelly Stark-Anderson EVP, Corporate Affairs, General Counsel & Corporate Secretary Nikolay Hristov SVP, Sustainable Business Development
Page 47
DPM’s Technical Team Iliya Garkov Chief Operating Officer With over 3 decades of international mining experience, Iliya commenced work in the Chelopech mine in 1994, continuously moving through the ranks. Since 2003, he has held a number of leadership roles within DPM and is a key contributor to the transformation of the Chelopech mine into a world-class mining operation, the successful commissioning and ramp-up of the Ada Tepe mine, and has led exploration activities in Bulgaria and Serbia. He was appointed EVP & COO in 2024. Mirco Nolte Vice President, Projects As VP , Projects, Mirco oversees DPM’s capital projects. He began his career in 2007 as a metallurgist, steadily advancing into increasingly senior operational roles at DPM’s Namibian and Bulgarian operations. Including roles as Corporate Director, Processing, where he led enhancements across DPM operating sites, and as VP , Operational Excellence & Technical Services, where he headed numerous optimization and process automation programs across DPM sites. Tsvetomir Velkov Vice President, T echnical Services Tsvetomir joined DPM over 20 years ago, starting as an intern at the Chelopech mine while he was a student at St. Ivan Rilsky University. In 2001, he moved to the position of Geotechnical Engineer and has held progressively senior roles since. At DPM, he has led a number of successful optimization projects, including transitioning the Smart Center from a pilot into full operation. In 2024, he was appointed VP , Technical Services. Stefan Metodiev Director, Exploration An exploration geologist with over 20 years of professional experience in green and brown fields environments and target generation. Stefan joined DPM in 2017 as a Sr. Exploration Geologist. Stefan holds a PhD in Geochemistry of mineral deposits from the Bulgarian Academy of Sciences. Ross Overall Director, Corporate T echnical Services A professional geologist and QP for DPM Metals, Ross has over 20 years experience in mining operations, brown/greenfield exploration and project development. He specializes in mineral resource estimation, grade control, geometallurgy and operational support. Ross joined DPM in 2007, holding increasingly senior roles.
Page 48
Non-GAAP Measures Certain financial measures referred to in this news release are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by DPM are based on management’s reasonable judgement and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. ▪ The non-GAAP financial measures used in this news release and common to the gold mining industry are defined below: ▪ Cash cost and cash cost per tonne of ore processed: Cash cost consists of all production related expenses including mining, processing, services, filtered tailings and paste fill, royalties and general and administrative. Cash cost per tonne of ore processed is calculated as cash cost divided by the tonnes of ore processed. ▪ Cash cost of sales and cash cost per ounce of gold sold: Cash cost of sales consists of cash cost, plus treatment charges, penalties, transportation and other selling costs. Cash cost per ounce of gold sold is calculated as cash cost of sales divided by payable gold ounces. ▪ All-in sustaining cost and all-in sustaining cost per ounce of gold sold: All-in sustaining cost consists of cash cost of sales, plus cash outlays for sustaining capital expenditures and leases, and rehabilitation-related accretion and amortization expenses. All-in sustaining cost per ounce of gold sold is calculated as all-in sustaining cost divided by payable gold ounces. ▪ All-in sustaining cost and all-in sustaining cost per gold equivalent ounce on a co-product basis: All-in sustaining cost consists of all cash costs, plus treatment charges, penalties, transportation and other selling costs, cash outlays for sustaining capital expenditures and leases, and rehabilitation-related accretion and amortization expenses. All-in sustaining cost per gold equivalent ounce is calculated as all-in sustaining cost divided by payable gold equivalent ounces. The Company uses conversion ratios for calculating gold equivalent ounces for its silver, zinc, lead and copper sales, which are calculated by multiplying the volumes of metal sold by the respective assumed metal prices and dividing the resulting figure by assumed gold price. As the Čoka Rakita project is not in production, the QPs do not have historical non-GAAP financial measures nor historical comparable measures under IFRS and therefore the foregoing prospective non-GAAP financial measures or ratios presented may not be reconciled to the nearest comparable measure under IFRS. For more information regarding the Čoka Rakita feasibility study, refer to the news release date November 27, 2025, available on our website at www.dpmmetals.com. As Vareš is not in commercial production, DPM does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non- GAAP financial measures or ratios presented may not be reconciled to the nearest comparable measure under IFRS. For more information regarding the Vares pre-feasibility study, refer to the technical report “Amended and Restated NI 43-101 Technical Report on the Vareš Mine, Bosnia and Herzegovina” dated June 9, 2025, available on SEDAR+ at www.sedarplus.ca and the Company’s website at www.dpmmetals.com. 48
Page 49
Corporate Head Office 150 King Street West, Suite 902 Toronto, Ontario M5H 1J9 T: 416 365-5191 Investor Relations jcameron@dpmmetals.com T: 416 219-6177 www.dpmmetals.com ARBN 689 370 894