Dundee Precious Mtl (TSE:DPM)
TSX:DPM
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Dundee Precious Mtl
(TSX:DPM)
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Rating:77Outperform
Price Target:
C$54.00
▲(0.35% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial performance (high margins, no debt, and solid cash conversion) and a constructive earnings-call outlook supported by liquidity, capital returns, and project pipeline progress. These positives are tempered by weaker current technical momentum and near-term headwinds from higher expected AISC, permitting/timing risk, and regulatory/royalty pressure.
Positive Factors
Balance Sheet Strength
Substantial liquidity and effectively zero net debt provide durable financial flexibility to fund development (Coka Rakita, Vares ramp), sustain buybacks/dividends, and absorb commodity shocks. This lowers refinancing risk and preserves capital allocation optionality over the next several years.
Negative Factors
Rising AISC
A sustained higher AISC profile compresses operating margins and increases the commodity price needed to fund growth and returns. If maintained, elevated AISC will reduce free cash flow per ounce and constrain capital allocation flexibility across new projects and buybacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Substantial liquidity and effectively zero net debt provide durable financial flexibility to fund development (Coka Rakita, Vares ramp), sustain buybacks/dividends, and absorb commodity shocks. This lowers refinancing risk and preserves capital allocation optionality over the next several years.
Read all positive factors
Dundee Precious Mtl (DPM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.94B
Dividend Yield0.51%
Average Volume (3M)1.42M
Price to Earnings (P/E)11.7
Beta (1Y)1.54
Revenue Growth75.48%
EPS Growth95.86%
CountryCA
Employees2,063
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.50
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$63.17Price Target Upside17.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)3.83
Revenue Forecast (FY)C$1.43B
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 makes money primarily by producing and selling metals—mainly gold and copper—from its mining operations. The company generates revenue when it extracts ore, processes it into metal-bearing products, and sells those products into the market und...
Dundee Precious Mtl Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 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
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.07B | 950.48M | 566.38M | 513.34M | 422.82M | 608.27M |
| Gross Profit | 647.81M | 605.92M | 254.55M | 218.10M | 168.15M | 226.34M |
| EBITDA | 688.93M | 532.32M | 350.78M | 298.37M | 220.22M | 325.61M |
| Net Income | 503.85M | 369.23M | 224.55M | 196.07M | 34.85M | 186.87M |
Balance Sheet | ||||||
| Total Assets | 3.20B | 3.08B | 1.42B | 1.29B | 1.16B | 1.17B |
| Cash, Cash Equivalents and Short-Term Investments | 575.49M | 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 | 497.04M | 509.27M | 134.38M | 169.69M | 164.16M | 164.00M |
| Stockholders Equity | 2.71B | 2.57B | 1.29B | 1.12B | 993.09M | 1.00B |
Cash Flow | ||||||
| Free Cash Flow | 551.88M | 632.01M | 107.41M | 246.99M | 184.47M | 196.60M |
| Operating Cash Flow | 576.67M | 652.10M | 136.06M | 278.67M | 222.02M | 246.26M |
| Investing Cash Flow | -542.43M | -497.85M | -22.76M | -12.57M | -83.26M | -31.53M |
| Financing Cash Flow | -237.36M | -291.28M | -77.39M | -99.50M | -42.90M | -33.56M |
Dundee Precious Mtl Technical Analysis
Negative
53.81
Price Trends
48.68
Negative
49.31
Negative
40.38
Positive
Market Momentum
-1.21
Positive
32.97
Neutral
31.53
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 53.81 is above the 20-day moving average (MA) of 46.89, above the 50-day MA of 48.68, and above the 200-day MA of 40.38, indicating a neutral trend. The MACD of -1.21 indicates Positive momentum. The RSI at 32.97 is Neutral, neither overbought nor oversold. The STOCH value of 31.53 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | C$9.70B | 7.89 | 34.87% | 0.42% | 61.07% | 163.91% | |
77 Outperform | C$9.94B | 11.74 | 22.46% | 0.51% | 75.48% | 95.86% | |
73 Outperform | C$9.39B | 34.33 | 16.55% | 0.55% | 60.37% | 695.19% | |
66 Neutral | C$7.68B | 19.24 | 48.81% | ― | 2793.48% | ― | |
64 Neutral | C$11.46B | 12.45 | 13.68% | ― | 39.21% | 76.75% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:DPM
Dundee Precious Mtl
42.82
23.62
123.06%
TSE:ELD
Eldorado Gold
41.67
14.86
55.40%
TSE:OGC
OceanaGold
40.77
23.54
136.55%
TSE:OR
OR Royalties
48.78
15.00
44.40%
TSE:ARTG
Artemis Gold
31.55
10.27
48.26%
Dundee Precious Mtl Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
DPM Metals Names Veteran Gold Executive Martin Horgan to Board Slate for 2026 AGM
Positive
Apr 8, 2026
DPM Metals Inc. has nominated experienced mining engineer Martin Horgan to stand for election to its Board of Directors, alongside seven returning directors, at its 2026 Annual Meeting of Shareholders. Horgan brings a track record of leading major...
Business Operations and StrategyStock BuybackFinancial Disclosures
DPM Metals Posts Solid Q1 2026 Output as Vareš Ramp-Up Advances and Serbian Exploration Accelerates
Positive
Apr 8, 2026
DPM Metals reported solid preliminary first-quarter 2026 production of 84,000 gold equivalent ounces across its Chelopech, Ada Tepe and Vareš operations, and reaffirmed that all sites are on track to meet full-year guidance despite expected m...
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 ...
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.