Dundee Precious Mtl (TSE:DPM)
TSX:DPM
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Dundee Precious Mtl
(TSX:DPM)
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Rating:83Outperform
Price Target:
C$53.00
▲(20.21% Upside)
Action:ReiteratedDate:02/18/26
Score is driven primarily by very strong financial performance (high margins, strong free cash flow, and minimal leverage) and supportive technical uptrend. Earnings call adds a positive but tempered outlook due to higher projected costs and permitting/regulatory risks, while valuation is only moderate with a low dividend yield.
Positive Factors
Free Cash Flow Strength
Sustained, high free cash flow provides durable financial flexibility to fund projects, repurchase shares, and pay dividends without relying on debt. Strong cash conversion vs. net income indicates earnings quality and the ability to self-fund growth and weather commodity cycles.
Negative Factors
Rising Unit Costs
A structurally higher AISC baseline compresses per-ounce margins over several years, reducing FCF sensitivity to lower metal prices. Elevated unit costs can limit reinvestment capacity and raise break-even prices for new projects, pressuring long-term profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
Sustained, high free cash flow provides durable financial flexibility to fund projects, repurchase shares, and pay dividends without relying on debt. Strong cash conversion vs. net income indicates earnings quality and the ability to self-fund growth and weather commodity cycles.
Read all positive factors
Dundee Precious Mtl (DPM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$10.09B
Dividend Yield0.51%
Average Volume (3M)1.42M
Price to Earnings (P/E)15.5
Beta (1Y)1.40
Revenue Growth37.75%
EPS Growth59.97%
CountryCA
Employees2,063
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.05
Shares Outstanding221,961,610
10 Day Avg. Volume1,161,285
30 Day Avg. Volume1,417,072
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)2.22
Price to Sales (P/S)6.02
P/FCF Ratio9.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$60.50Price Target Upside37.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)3.87
Revenue Forecast (FY)C$1.32B
Dundee Precious Mtl Business Overview & Revenue Model
Company Description
DPM Metals Inc., a gold mining company, engages in the acquisition, exploration, development, mining, and processing of precious metals. The company primarily explores for gold, copper, and silver deposits. It holds a portfolio of projects located...
How the Company Makes Money
DPM primarily makes money by producing metals from its mines and selling those metals into the market. Revenue is generated mainly from (1) gold sales, which typically represent the largest share of value; and (2) by-product sales of copper and si...
Dundee Precious Mtl Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call highlights strong 2025 operational and financial performance — record free cash flow ($505M), solid revenue and earnings, a strengthened balance sheet with no debt, and a high-quality growth pipeline (Vares ramp-up, Coka Rakita feasibility, Rakita camp resources and Chelopech life extension). Offsetting these positives are meaningful near-term cost pressures (AISC up 29% in 2025 and a projected ~ $1,450/oz AISC over the next 3 years), significant mark-to-market compensation impacts, higher Bulgarian royalty rates for future renewals/new concessions, and some permit timing and project-specific uncertainties. On balance, the company’s strong cash generation, disciplined capital returns, and advancing high-margin development projects outweigh the notable cost and regulatory headwinds, producing a constructive outlook.Positive Updates
Record Financial Performance
Revenue of $950 million and adjusted net earnings of $443 million ($2.39/share) for 2025; cash flow from operations of $492 million and record free cash flow of $505 million.
Negative Updates
Increase in All-in Sustaining Costs
Reported all-in sustaining costs of $1,121/oz for 2025, a 29% increase versus prior year, driven primarily by mark-to-market adjustments to share‑based compensation, lower gold volumes sold and a stronger euro.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Performance
Revenue of $950 million and adjusted net earnings of $443 million ($2.39/share) for 2025; cash flow from operations of $492 million and record free cash flow of $505 million.
Read all positive updates
Company Guidance
Management's guidance and outlook calls for average production of approximately 350,000 gold‑equivalent ounces per year over the next three years with all‑in sustaining costs averaging about $1,450 per gold‑equivalent ounce; Vares is in transition with mine production ramping to a targeted 850,000 tonnes per year (expected in Q4) and >100,000 gold‑equivalent ounces in 2026 (with ~2/3 of 2026 production in H2), Chelopech’s mine life is extended to 10 years with a 10,000‑metre Q1 drill program on the Wedge target, Coka Rakita’s feasibility supports ~190,000 oz/year for the first five years at a LOM AISC of $644/oz with construction aimed for early‑2027 and first concentrate in H1‑2029, the Rakita camp hosts an initial inferred resource of 2.6 Moz Au and 1.9 billion lbs Cu with 20,000 m of drilling planned upon permit renewal, and financially DPM points to strong liquidity and returns as drivers—2025 revenue $950M, adjusted net earnings $443M ($2.39/share), cash from operations $492M, record free cash flow $505M, cash $498M with no debt, a new undrawn $400M revolver expandable to $550M, $145.5M returned to shareholders in 2025 (≈10M shares repurchased for $116.1M and $29.4M dividends) and a Board‑authorized up to $200M share repurchase for 2026.Dundee Precious Mtl Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
90
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 950.48M | 566.38M | 513.34M | 422.82M | 608.27M |
| Gross Profit | 605.92M | 254.55M | 218.10M | 168.15M | 226.34M |
| EBITDA | 532.32M | 350.78M | 298.37M | 220.22M | 325.61M |
| Net Income | 369.23M | 224.55M | 196.07M | 34.85M | 186.87M |
Balance Sheet | |||||
| Total Assets | 3.08B | 1.42B | 1.29B | 1.16B | 1.17B |
| Cash, Cash Equivalents and Short-Term Investments | 497.80M | 634.83M | 595.28M | 433.18M | 334.38M |
| Total Debt | 12.42M | 13.52M | 12.53M | 14.58M | 15.19M |
| Total Liabilities | 509.27M | 134.38M | 169.69M | 164.16M | 164.00M |
| Stockholders Equity | 2.57B | 1.29B | 1.12B | 993.09M | 1.00B |
Cash Flow | |||||
| Free Cash Flow | 632.01M | 107.41M | 246.99M | 184.47M | 196.60M |
| Operating Cash Flow | 652.10M | 136.06M | 278.67M | 222.02M | 246.26M |
| Investing Cash Flow | -497.85M | -22.76M | -12.57M | -83.26M | -31.53M |
| Financing Cash Flow | -291.28M | -77.39M | -99.50M | -42.90M | -33.56M |
Dundee Precious Mtl Technical Analysis
Negative
44.09
Price Trends
50.89
Negative
44.83
Negative
35.53
Positive
Market Momentum
-2.41
Positive
37.71
Neutral
32.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DPM, the sentiment is Negative. The current price of 44.09 is below the 20-day moving average (MA) of 50.23, below the 50-day MA of 50.89, and above the 200-day MA of 35.53, indicating a neutral trend. The MACD of -2.41 indicates Positive momentum. The RSI at 37.71 is Neutral, neither overbought nor oversold. The STOCH value of 32.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:DPM.
Dundee Precious Mtl Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | C$10.09B | 15.49 | 19.82% | 0.51% | 37.75% | 59.97% | |
78 Outperform | C$9.21B | 10.22 | 30.82% | 0.42% | 51.00% | 532.40% | |
71 Outperform | C$9.16B | 31.70 | 14.47% | 0.55% | 37.22% | ― | |
67 Neutral | C$9.30B | 14.13 | 12.40% | ― | 44.88% | 38.67% | |
65 Neutral | C$9.63B | 2.56 | 22.38% | ― | 48.70% | 1718.41% | |
62 Neutral | C$8.09B | 24.10 | 28.16% | ― | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:DPM
Dundee Precious Mtl
45.48
26.71
142.30%
TSE:ELD
Eldorado Gold
46.82
22.88
95.57%
TSE:NGD
New Gold
12.16
6.98
134.75%
TSE:OGC
OceanaGold
40.92
26.87
191.25%
TSE:OR
OR Royalties
48.86
19.07
64.04%
TSE:ARTG
Artemis Gold
34.93
18.08
107.30%
Dundee Precious Mtl Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
DPM Metals Files New NI 43-101 Technical Report for Chelopech Mine in Bulgaria
Neutral
Mar 6, 2026
DPM Metals Inc. has filed a new technical report for its Chelopech mine in Bulgaria to support the recently updated Mineral Resource and Mineral Reserve estimates and life-of-mine plan. Prepared under Canada’s National Instrument 43-101 stan...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresPrivate Placements and Financing
DPM Metals posts record 2025 results and outlines low-cost growth trajectory
Positive
Feb 10, 2026
DPM Metals Inc. reported record 2025 results, including $505 million in free cash flow and $443 million in adjusted net earnings, supported by meeting gold production guidance of nearly 245,000 ounces and 30 million pounds of copper. The company e...
Dividends
DPM Metals Declares First-Quarter Dividend of US$0.04 Per Share
Positive
Feb 10, 2026
DPM Metals Inc., a Canadian-based international gold miner with operations across Eastern Europe and Ecuador, is focused on becoming a mid-tier precious metals producer through sustainable and efficient gold production and disciplined growth. The ...
Business Operations and Strategy
DPM Metals Extends Chelopech Mine Life to 2036 on Strong Reserve Growth
Positive
Feb 5, 2026
DPM Metals has updated the mineral reserve and resource estimate and life-of-mine plan for its Chelopech mine in Bulgaria, extending the mine’s operating life to 2036 with an anticipated average annual production of about 160,000 gold equiva...
Business Operations and StrategyRegulatory Filings and Compliance
DPM Metals Files NI 43-101 Technical Report for Serbian Rakita Camp Prospects
Positive
Jan 17, 2026
DPM Metals Inc. has filed a technical report supporting the previously disclosed Inferred Mineral Resource estimates for its Dumitru Potok, Rakita North and Frasen exploration prospects in Serbia’s Rakita camp. Prepared under Canada’s ...
Business Operations and StrategyRegulatory Filings and Compliance
DPM Metals Files NI 43-101 Technical Report for Čoka Rakita Gold Project in Serbia
Neutral
Jan 12, 2026
DPM Metals Inc. has filed a technical report for its Čoka Rakita gold project in Serbia, prepared in accordance with Canada’s National Instrument 43-101 standards. The report supports the project’s mineral resource and reserve est...
Business Operations and StrategyFinancial Disclosures
DPM Metals Extends 11-Year Gold Guidance Streak as Vareš Ramps Up
Positive
Jan 12, 2026
DPM Metals reported preliminary 2025 results showing consolidated gold production of approximately 245,000 ounces and copper production of 30 million pounds from its Chelopech and Ada Tepe mines, meeting its annual gold production guidance for the...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.