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DPM Metals
(TSX:DPM)
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Rating:88Outperform
Price Target:
C$74.00
▲(41.09% Upside)
Action:Reiterated
Date:08/03/26
The score is driven primarily by outstanding financial performance (high margins, strong free cash flow, and a near debt-free balance sheet). Earnings-call details reinforce momentum through on-track guidance, Vares ramp-up progress, and strong capital returns, while acknowledging cost and permitting risks. Technicals are supportive but lack key momentum indicators, and valuation is reasonable with a modest dividend yield.
Positive Factors
Balance sheet strength
Near-zero debt and ample liquidity provide durable financial flexibility: management can fund exploration, complete Vares ramp, maintain buybacks/dividends and withstand commodity downturns without refinancing stress. Low leverage materially reduces solvency and counterparty risk over the medium term.
Negative Factors
Commodity sensitivity
Exposure to gold price and grade variability produces durable volatility in revenues and free cash flow even with strong margins and low debt. This cyclicality can lead to swings in investment capacity, payout policy and reported results, complicating medium-term planning and comparability.
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Positive Factors
Negative Factors
Balance sheet strength
Near-zero debt and ample liquidity provide durable financial flexibility: management can fund exploration, complete Vares ramp, maintain buybacks/dividends and withstand commodity downturns without refinancing stress. Low leverage materially reduces solvency and counterparty risk over the medium term.
Read all positive factors
DPM Metals (DPM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$13.52B
Dividend Yield0.36%
Average Volume (3M)1.42M
Price to Earnings (P/E)14.7
Beta (1Y)1.76
Revenue Growth96.03%
EPS Growth113.85%
CountryCA
Employees2,063
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.03
Shares Outstanding219,368,650
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$62.00Price Target Upside18.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)3.55
Revenue Forecast (FY)C$1.40B
DPM Metals Business Overview & Revenue Model
Company Description
DPM Metals Inc. operates as a gold mining company, overseeing the entire process from the acquisition and exploration of precious metals to their development, extraction, and processing. Its primary focus for exploration is on deposits containing ...
How the Company Makes Money
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DPM Metals Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, record free cash flow, significant revenue and earnings growth, major exploration successes (Brevene South and Wedge Zone), rapid ramp-up at Vares and disciplined capital returns. Headwinds cited were largely expected: some consolidated cost pressure (FX, labor, royalties), accounting impacts from pre-commercial capitalization at Vares that will normalize once commercial production is declared, and permitting timelines for certain large discoveries. Overall, positive operational and financial momentum outweighs the operational and regulatory caveats.Positive Updates
Record Free Cash Flow and Strong Liquidity
Generated a record $227 million of free cash flow in Q2 2026 (increase of $133 million vs. prior year). Ended the quarter with $761 million cash and $1.2 billion of total liquidity, no debt and a $400 million undrawn revolving credit facility.
Negative Updates
Higher All-In Sustaining Costs on a Consolidated Basis
Reported consolidated AISC for the first half of 2026 of $1,470 per GEO (company‑reported) despite high realized prices; consolidated AISC impacted by higher costs at Chelopech and Ada Tepe due to higher labor costs, stronger euro vs. USD, higher royalties and mark-to-market adjustments to share-based compensation.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Free Cash Flow and Strong Liquidity
Generated a record $227 million of free cash flow in Q2 2026 (increase of $133 million vs. prior year). Ended the quarter with $761 million cash and $1.2 billion of total liquidity, no debt and a $400 million undrawn revolving credit facility.
Read all positive updates
Company Guidance
Management reiterated that DPM is on track to meet its 2026 production and all‑in sustaining cost (AISC) guidance, with Vares expected to ramp to an 850,000 tpa run‑rate by year‑end and achieve commercial production in Q3 once it records 30 continuous days at ≥60% throughput; Vares processed 117,000 tonnes in Q2 (+48% QoQ), produced ~35,000 GEO in the quarter at an AISC of $563/GEO and has capitalized $48M of growth costs (including $37M of pre‑commercial operating costs) year‑to‑date. Key timing and development targets include commissioning a second water treatment plant, paste backfill and second tailings operations before year‑end, an initial Wedge Zone resource estimate at Chelopech by year‑end (Wedge currently defined ~170 m strike × 130 m width × 300 m vertical), and continued aggressive porphyry drilling (Brevene South: five rigs, up to 15,000 m planned through Q3; Coka Rakita: 20,000 m program) with the Coka Rakita special spatial plan expected in H2 2026 and a targeted construction start in early 2027. Financial guidance was supported by strong cash generation (Q2 revenue $362M, adjusted net earnings $211M, operating cash flow $271M, record free cash flow $227M), a strong balance sheet ($761M cash, $1.2B total liquidity, $400M undrawn RCF, no debt), disciplined capital deployment (Q2 sustaining capex $3M, growth capex $28M; H1 buybacks ~2.1M shares for $75M plus 800k for $27M in July bringing YTD repurchases to ~3M shares for $102M and H1 dividends ~$18M) and a commitment to maintain peer‑leading returns while funding exploration (exploration budget increased to ~$70M recently).DPM Metals Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.25B | 950.48M | 566.38M | 513.34M | 422.82M | 608.27M |
| Gross Profit | 799.41M | 605.92M | 254.55M | 218.10M | 168.15M | 226.34M |
| EBITDA | 839.13M | 532.32M | 350.78M | 298.37M | 220.22M | 325.61M |
| Net Income | 644.56M | 369.23M | 224.55M | 196.07M | 34.85M | 186.87M |
Balance Sheet | ||||||
| Total Assets | 3.30B | 3.08B | 1.42B | 1.29B | 1.16B | 1.17B |
| Cash, Cash Equivalents and Short-Term Investments | 759.97M | 497.80M | 634.83M | 595.28M | 433.18M | 334.38M |
| Total Debt | 0.00 | 12.42M | 13.52M | 12.53M | 14.58M | 15.19M |
| Total Liabilities | 431.13M | 509.27M | 134.38M | 169.69M | 164.16M | 164.00M |
| Stockholders Equity | 2.87B | 2.57B | 1.29B | 1.12B | 993.09M | 1.00B |
Cash Flow | ||||||
| Free Cash Flow | 712.31M | 632.01M | 107.41M | 246.99M | 184.47M | 196.60M |
| Operating Cash Flow | 759.37M | 652.10M | 136.06M | 278.67M | 222.02M | 246.26M |
| Investing Cash Flow | -80.65M | -497.85M | -22.76M | -12.57M | -83.26M | -31.53M |
| Financing Cash Flow | -254.48M | -291.28M | -77.39M | -99.50M | -42.90M | -33.56M |
DPM Metals Technical Analysis
Positive
52.45
Price Trends
48.18
Positive
48.05
Positive
45.84
Positive
Market Momentum
2.57
Negative
70.97
Negative
93.71
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DPM, the sentiment is Positive. The current price of 52.45 is above the 20-day moving average (MA) of 50.90, above the 50-day MA of 48.18, and above the 200-day MA of 45.84, indicating a bullish trend. The MACD of 2.57 indicates Negative momentum. The RSI at 70.97 is Negative, neither overbought nor oversold. The STOCH value of 93.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DPM.
DPM Metals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
88 Outperform | C$13.52B | 14.66 | 24.39% | 0.43% | 96.03% | 113.85% | |
83 Outperform | C$8.71B | 7.96 | 34.87% | 0.98% | 55.87% | 135.78% | |
75 Outperform | C$9.59B | 16.64 | 48.81% | ― | 411.07% | 541.04% | |
69 Neutral | C$13.81B | 13.72 | 12.38% | 0.46% | 27.53% | 41.90% | |
67 Neutral | C$8.59B | 22.22 | 21.84% | 0.78% | 67.65% | 254.59% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:DPM
DPM Metals
61.89
38.40
163.50%
TSE:ELD
Eldorado Gold
54.54
23.82
77.54%
TSE:OGC
OceanaGold
39.69
17.22
76.64%
TSE:OR
OR Royalties
47.04
5.10
12.15%
TSE:ARTG
Artemis Gold
39.93
12.93
47.89%
DPM Metals Corporate Events
Financial DisclosuresRegulatory Filings and Compliance
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Positive
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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.