Author: Ravi Shankar

iAnthus Reports Fiscal Third Quarter 2026 Financial Results and Change in Auditor

Posted on by Ravi Shankar

NEW YORK and TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCID: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the third quarter ended September 30, 2026. The Company’s Quarterly Report on Form 10-Q (the “Quarterly Report”), which includes its unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and the related management’s discussion and analysis of financial condition and results of operations, can be accessed on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov, on the System for Electronic Document Analysis and Retrieval’s (SEDAR+) website at www.sedarplus.com, and on the Company’s website at www.iAnthus.com. The Company’s financial statements are reported in accordance with U.S. generally accepted accounting principles (“GAAP”). All currency is expressed in U.S. dollars.

Third Quarter 2026 Financial Highlights

  • Revenue of $38.4 million, a sequential increase of $3.0 million from Q2 2026, and an increase of $3.0 million from the same quarter in the prior year.
  • Gross profit of $16.7 million, a sequential increase of $0.6 million from Q2 2026, and an increase of $1.1 million from the same quarter in the prior year.
  • Gross margin of 43.5%, reflecting a sequential decrease of 209 bps from Q2 2026, and a decrease of 58 bps from the same quarter in the prior year.
  • Net loss of $13.2 million, or a net loss of less than $0.00 per share, compared to a net loss of $14.4 million, or a net loss of less than $0.00 per share in Q2 2026, and compared to a net loss of $12.5 million, or a net loss of less than $0.00 per share, in the same quarter in the prior year.
  • Adjusted EBITDA(1) of $5.2 million, a sequential increase from an Adjusted EBITDA of $4.4 million in Q2 2026, and an increase from an Adjusted EBITDA of $2.5 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below
Table 1: Financial Results  
in thousands of US$, except per share amounts (unaudited)   Q3 2026     Q2 2026     Q3 2025  
Revenue $   38,367   $   35,349   $   35,389  
Gross profit     16,672       16,098       15,582  
Gross margin     43.5 %     45.5 %     44.0 %
Net loss     (13,197 )     (14,424 )     (12,545 )
Net loss per share     (0.00 )     (0.00 )     (0.00 )

Table 2: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA(1)  
in thousands of US$ (unaudited)   Q3 2026     Q2 2026     Q3 2025  
Net income (loss) $   (13,197 ) $   (14,424 ) $   (12,545 )
Depreciation and amortization     5,527       4,707       4,637  
Interest expense, net     4,333       4,173       3,738  
Income tax expense     7,014       7,033       3,472  
EBITDA (Non-GAAP)(1) $   3,677   $   1,489   $   (698 )
Adjustments:                  
Write-downs, (recoveries) and other charges, net     183       660       686  
Inventory reserves and write-downs     49       38       (92 )
Accretion expense     1,139       1,106       1,237  
Share-based compensation     434       522       453  
(Gains) / losses from equity method investments     (70 )     (64 )     (9 )
Non-recurring charges(2)     244       807       952  
Other (income) expense(3)     (424 )     (113 )     (64 )
Total Adjustments $   1,555   $   2,956   $   3,163  
Adjusted EBITDA (Non-GAAP)(1) $   5,232   $   4,445   $   2,465  
  1. (1)  See “Non-GAAP Financial Information” below for more information regarding the Company’s use of non-GAAP financial measures.
  2. (2)  Non-recurring charges includes one-time, non-recurring costs related to strategic review processes, ongoing legal disputes, settlements, severance and other non-recurring costs.
  3. (3)  Other income and expenses primarily includes accounts payable write-offs, vendor credits, and Employee Retention Tax Credits received from the Internal Revenue Service.

Change in Auditor

The Company has appointed Macias Gini & O’Connell LLP (“MGO”) to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026, effective as of November 12, 2026, after the filing of the Quarterly Report. The  change of the Company’s independent auditor was made after the resignation of PKF O’Connor Davies, LLP (“PKFOD”) as the Company’s independent auditor, also effective as of November 12, 2026, after the filing of the Quarterly Report, and was approved by the Company’s audit committee.

PKFOD reported on the Company’s consolidated financial statements for the fiscal years ended December 31, 2025, 2024, and 2023.

During the Company’s three most recent fiscal years before the resignation of PKFOD as independent registered accountants, the reports on the Company’s consolidated financial statements by PKFOD for all three years did not contain any adverse opinion or disclaimer of opinion, nor was either report qualified or modified as to uncertainty, audit scope, or accounting principles, except for an explanatory paragraph as to the Company’s ability to continue as a going concern.

During the three most recent fiscal years ended December 31, 2025 and the subsequent interim periods through September 30, 2026, pursuant to Item 304(a)(1)(iv) of Regulation S-K, there was no disagreement between the Company and PKFOD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement, if not resolved to the satisfaction of PKFOD, would have caused PKFOD to make reference to the subject matter of the disagreement in connection with its report issued in connection with its audit of the Company’s financial statement for those years. Furthermore, except for the identification of the material weaknesses described in the Company’s Annual Form 10-K for the years ended December 31, 2025, 2024 and 2023 as filed with the SEC on March 27, 2026 (the “2025 Annual Report”), March 24, 2025 and March 28, 2024, respectively, there were no reportable events (as described under Item 304(a)(1)(v)(A)-(D) of Regulation S-K and in National Instrument 51-102 Continuous Disclosure Obligations) for the Company within the last three fiscal years nor subsequently up to the date of the resignation of PKFOD.

During the three most recent fiscal years and the subsequent period through the appointment of MGO, the Company did not consult with MGO regarding any of the matters set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the SEC and the Canadian Securities Administrators. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the tables above. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

In evaluating our business, we consider and use EBITDA and Adjusted EBITDA as supplemental measures of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before share-based compensation, accretion expense, write-downs and impairments, gains and losses from changes in fair values of financial instruments, income or losses from equity-accounted investments, the effect of changes in accounting policy, non-recurring costs related to the Company’s Recapitalization Transaction, litigation costs related to ongoing legal proceedings, and other income. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance of other similarly situated companies in our industry, and we present Adjusted EBITDA because it removes non-recurring, irregular and one-time items that we believe may distort the comparability of EBITDA from period-to-period and with other industry participants. 

EBITDA and Adjusted EBITDA are not standardized financial measures defined under GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than us, limiting their usefulness as comparative tools. We compensate for these limitations by relying on GAAP results and using EBITDA and Adjusted EBITDA only as supplemental information.

About iAnthus

iAnthus is a vertically integrated cannabis company on a mission to build premium brands through a network of cultivation, production, and retail operations across the United States. Backed by a leadership team with deep expertise in cultivation, operations, and capital markets, the company strategically leverages acquisition-driven growth and access to capital to create long-term competitive advantage. iAnthus’ brand portfolio includes: MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault. For more information, visit www.iAnthus.com.

Forward-Looking Statements

Statements in this press release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in the Company’s reports that it files from time to time with the SEC and the Canadian Securities Regulators, which you should review, including, but not limited to, the 2025 Annual Report filed with the SEC. When used in this press release, words such as “will,” “could,” “plan,” “estimate,” “expect”, “intend,” “may”, “potential,” “believe,” “should” and similar expressions identify forward-looking statements.

Forward-looking statements may include, without limitation, statements relating to: the transition of the Company’s independent registered public accounting firm to MGO, and other statements relating to the Company’s financial performance, business development and results of operations.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the SEC has reviewed, approved or disapproved the content of this press release.

CONTACT: Contact Information

Corporate/Media/Investors:
Jason Ware, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com

Posted in UncategorizedTagged

DPM Metals Reports Third Quarter 2026 Financial Results; Expects to Achieve Higher-End of 2026 Production Guidance

Posted on by Ravi Shankar

TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or the “Company”) announced its operating and financial results for the third quarter and first nine months of the year ended September 30, 2026.

Highlights

(Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars.)

  • On-track to meet guidance: Produced 95,917 and 282,649 gold equivalent ounces (“GEO”)1 in the third quarter and first nine months of 2026. DPM is on-track to achieve the higher end of its 2026 production guidance.
  • All-in sustaining cost: Reported cost of sales per GEO sold of $1,203 and $1,193, and all-in sustaining cost per GEO sold2 of $1,580 and $1,472 in the third quarter and first nine months of 2026, respectively. DPM reconfirmed its 2026 guidance for all-in sustaining cost of $1,300 to $1,450 per GEO sold.
  • Robust free cash flow generation: Generated $179 million of free cash flow2 and $191 million of cash provided from operating activities in the third quarter.
  • Strong earnings: Reported third quarter adjusted net earnings2 of $144 million ($0.66 per share1) and net earnings of $134 million ($0.61 per share).
  • Vareš ramp-up to full production on-track: Vareš is expected to exceed the high end of its production guidance and is on track to achieve the ramp-up to full production by year-end.
  • Near-term growth potential at Chelopech: DPM expects to complete an initial Mineral Resource estimate for the Wedge Zone target by year-end 2026, and has commenced preparatory works for the ramp and twin declines that will provide access to the target.
  • Brevene Porphyry South prospect expands: Recent drilling confirmed that the high-grade porphyry system extends onto the Chelopech mine concession, and remains open to the north, south, west and at depth. DPM is targeting an initial resource estimate in the second half of 2027, which will form the basis of a preliminary economic assessment (“PEA”) planned for the first half of 2028.
  • Dumitru Potok advancing to a PEA: An updated Dumitru Potok Mineral Resource estimate is expected to be completed by the end of the first quarter of 2027, and a PEA is targeted to be complete by the end of 2027.
  • Čoka Rakita project: Following the October 25, 2026 parliamentary election in the Republic of Serbia, the Company notes that administrative and regulatory decision-making timelines may be extended as the new government is formed and the National Assembly is convened. DPM is continuing to advance engineering and procurement activities for the project.
  • Substantial liquidity for growth: Ended the quarter with a total of $839 million in cash and cash equivalents and an undrawn revolving $400 million credit facility with accordion feature to $550 million.
  • Continued capital discipline: Returned $172 million to shareholders during the first nine months of 2026 through dividends paid and shares repurchased, including $81 million in the third quarter (45% of free cash flow). As of November 11, 2026, year-to-date share repurchases totalled $198 million.

___________________
1    The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metals produced or sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price. The GEO calculated also includes minor quantities of other metals that are not considered material.

2   Free cash flow, adjusted net earnings, adjusted basic earnings per share, and all-in sustaining cost per GEO sold are non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. Refer to the “Non-GAAP Financial Measures” section commencing on page 19 of this news release for more information, including reconciliations to IFRS measures.


CEO Commentary

David Rae, President and Chief Executive Officer, made the following comments in relation to the third quarter results:

“We continue to deliver strong results, including $179 million of free cash flow and adjusted net earnings of $144 million or $0.66 per share, driven by strong operating performance and metal prices. With strong performance in the first nine months of the year, we are well-positioned to achieve the higher end of our production guidance.

“We are very pleased with the progress at Vareš, which achieved commercial production ahead of schedule in August and remains on track to reach the 850,000 tonne per year run-rate by year-end. Wedge is advancing as a near-term growth prospect, and we are commencing ramp development during the fourth quarter to support first production towards the end of 2028.

“Our exploration success continues to transform our growth outlook, which is fully funded and generating significant value for our shareholders. At Brevene Porphyry South, recent drilling confirmed that the high-grade system extends onto the Chelopech mine concession and remains open in multiple directions. At the Rakita Camp, we are advancing Dumitru Potok towards an updated Mineral Resource estimate in the first quarter of 2027 and a PEA by the end of 2027.”

Use of non-GAAP Financial 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 meanings 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 judgment 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. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

The Company uses the following non-GAAP financial measures and ratios in this news release:

  • mine cash cost
  • cash cost per tonne of ore processed
  • mine cash cost of sales
  • cash cost per GEO sold
  • all-in sustaining cost
  • all-in sustaining cost per GEO sold
  • adjusted earnings (loss) before interest, taxes, depreciation and amortization (“adjusted EBITDA”)
  • adjusted net earnings (loss)
  • adjusted basic earnings (loss) per share
  • cash provided from operating activities, before changes in working capital
  • free cash flow
  • average realized metal prices

For a detailed description of each of the non-GAAP financial measures and ratios used in this news release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release.

Key Operating and Financial Highlights

$ millions, except where noted   Three Months   Nine Months
Ended September 30,   2026 2025 Change   2026 2025 Change
Operating Highlights(1)                
Ore processed t 710,524 816,018 (13 %)   2,327,816 2,227,140 5 %
GEO produced(2) oz 95,917 86,941 10 %   282,649 216,399 31 %
GEO sold(2) oz 76,928 78,190 (2 %)   229,944 191,386 20 %
Cost of sales per GEO sold(3) $/oz 1,203 1,456 (17 %)   1,193 1,273 (6 %)
All-in sustaining cost per GEO sold(3,4) $/oz 1,580 1,465 8 %   1,472 1,423 3 %
Capital expenditures incurred(5):                
Sustaining(6)   8.1 8.6 (6 %)   14.5 22.1 (34 %)
Growth and other(7)   25.6 12.1 112 %   87.7 40.1 119 %
Total capital expenditures   33.7 20.7 63 %   102.2 62.2 64 %
Financial Highlights(1)                
Revenue   311.6 267.4 17 %   983.5 598.0 64 %
Cost of sales   92.5 113.9 (19 %)   274.2 243.6 13 %
Earnings before income taxes   157.4 108.3 45 %   602.4 238.9 152 %
Adjusted EBITDA(4)   192.1 165.7 16 %   663.4 355.0 87 %
Net earnings   133.8 96.0 39 %   529.8 211.9 150 %
Basic earnings per share $/sh 0.61 0.54 13 %   2.40 1.23 95 %
Adjusted net earnings(4)   144.2 129.2 12 %   523.2 272.2 92 %
Adjusted basic earnings per share(4) $/sh 0.66 0.73 (10 %)   2.37 1.57 51 %
Cash provided from operating activities(8)   191.3 184.5 4 %   616.9 339.0 82 %
Free cash flow(4)   179.5 147.7 21 %   610.1 321.4 90 %
Dividends paid   8.8 6.7 32 %   26.5 20.5 29 %
Payments for share repurchases(9)   71.7 – 100 %   145.2 116.1 25 %

    Three Months   Nine Months
Ended September 30,   2026 2025 Change   2026 2025 Change
Metal Prices                
Average market prices:                
Gold $/oz 4,270 3,454 24 %   4,554 3,199 42 %
Silver $/oz 62.73 39.38 59 %   73.52 34.98 110 %
Copper $/lb 6.40 4.44 44 %   6.09 4.33 41 %
Zinc $/lb 1.74 1.28 36 %   1.59 1.26 26 %
Lead $/lb 0.84 0.89 (6 %)   0.87 0.89 (2 %)
Average realized prices(4):                
Gold $/oz 4,314 3,658 18 %   4,534 3,367 35 %
Silver $/oz 63.72 52.98 20 %   71.75 48.95 47 %
Copper $/lb 6.58 4.49 47 %   6.14 4.41 39 %
Zinc $/lb 1.80 1.39 29 %   1.70 1.39 22 %
Lead $/lb 0.84 0.89 (6 %)   0.86 0.89 (3 %)

(1) Operating and financial highlights for the third quarter and first nine months of 2025 included pre-commercial production Vareš results during the period from September 3 to September 30, 2025.
(2) The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metals produced or sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price. The GEO calculated also includes minor quantities of other metals that are not considered material.
(3) Cost of sales per GEO sold represents total cost of sales for Chelopech, Ada Tepe and Vareš, where applicable, divided by GEO sold, while all-in sustaining cost per GEO sold includes treatment and freight charges, where applicable, all of which are reflected in revenue.
(4) All-in sustaining cost per GEO sold; average realized metal prices; adjusted EBITDA; adjusted net earnings; adjusted basic earnings per share and free cash flow are non-GAAP financial measures or ratios. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures.
(5) Capital expenditures incurred are reported on an accrual basis and do not represent the cash outlays for capital expenditures.
(6) Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the asset or business without any associated increase in capacity, life of assets or future earnings. This measure is used by management and investors to assess the extent of non-discretionary capital spending being incurred by the Company each period.
(7) Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase life of assets and/or increase future earnings. This measure is used by management and investors to assess the extent of discretionary capital spending being undertaken by the Company each period.
(8) For the first nine months of 2026, cash provided from operating activities excluded $13.0 million (2025 – $167.9 million), related to DPM’s disposition of the Tsumeb smelter in August 2024 and the subsequent four-month tolling agreement between DPM and Sinomine Resource Group Co. Ltd. (the “DPM Tolling Agreement”).
(9) Excluded payments for taxes on share repurchases of $2.3 million (2025 – $1.0 million) for the first nine months of 2026.

Performance Highlights

The following table compares production, sales and cash cost measures by asset for the third quarter and first nine months of 2026 against 2026 guidance:

    Q32026 YTD September 2026 2026 Consolidated Guidance
  Chelopech Ada Tepe Vareš Consolidated Chelopech Ada Tepe Vareš Consolidated
Ore processed Kt 530.1 37.3 143.1 710.5 1,585.7 402.7 339.4 2,327.8 2,870 – 3,100
Metals contained in concentrates produced                    
Gold Koz 40.9 1.6 10.4 52.9 116.0 24.5 24.9 165.4 195 – 225
Silver Koz 45.8 1.3 886.0 933.1 378.9 17.2 2,841.9 3,238.0 3,700 – 4,400
Copper Mlbs 5.5 – 1.9 7.4 20.2 – 4.0 24.2 34 – 40
Zinc Mlbs – – 27.8 27.8 – – 52.1 52.1 59 – 71
Lead Mlbs – – 17.3 17.3 – – 35.4 35.4 35 – 42
GEO Koz 49.7 1.7 44.5 95.9 149.1 24.8 108.7 282.6 305 – 365
Payable metals in concentrates sold                    
Gold Koz 37.3 1.8 7.6 46.7 105.2 25.2 17.2 147.6 175 – 205
Silver Koz 41.5 1.1 824.1 866.7 345.9 14.6 2,202.0 2,562.5 3,300 – 4,000
Copper Mlbs 4.8 – 0.5 5.3 17.8   0.9 18.7 26 – 31
Zinc Mlbs – – 16.6 16.6 – – 30.2 30.2 44 – 53
Lead Mlbs – – 12.1 12.1 – – 23.9 23.9 27 – 32
GEO Koz 45.0 1.8 30.1 76.9 134.5 25.4 70.0 229.9 265 – 310
Cost of sales per tonne of ore processed $/t 92 114 276   91 168 184    
Cash cost per tonne of ore processed(1) $/t 78 102 211   75 91 268    
Cost of sales per GEO sold $/oz 1,085 2,341 1,312 1,203 1,070 2,668 892 1,193  
All-in sustaining cost per GEO sold $/oz 1,460 2,211 767 1,580 1,365 1,597 717 1,472 1,300 – 1,450

(1) At Vareš, cash cost per tonne of ore processed is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed. On a net basis, cash cost was $163 and $138 per tonne of ore processed, respectively, for the third quarter and first nine months of 2026.

With continued strong operating performance in the third quarter and first nine months of 2026, the Company expects to achieve the high end of its GEO production guidance for 2026. Vareš achieved commercial production ahead of schedule and is on track to achieve the ramp-up to full production by year-end. The operating results of Vareš have been included in the Company’s consolidated results since September 3, 2025, the date of acquisition. In addition, the mine closure activities at Ada Tepe are progressing well following the conclusion of operations on July 15, 2026.

Highlights include the following:

Chelopech, Bulgaria: GEO produced in the third quarter of 2026 was lower than 2025, due primarily to lower overall metals production and higher prices for gold, partially offset by higher prices for copper and silver. GEO produced in the first nine months of 2026 was lower than 2025, due primarily to lower production and higher prices for gold, partially offset by higher production and prices for silver, and higher prices for copper. Chelopech is on-track to achieve its GEO production guidance for 2026.

Gold contained in concentrates produced in the third quarter and first nine months of 2026 was lower than 2025 due primarily to lower gold grades, as well as lower gold recoveries in the first nine months of 2026, in line with the mine plan. Silver contained in concentrates produced in the third quarter of 2026 was lower than 2025 due primarily to lower silver grades. Silver contained in concentrates produced in the first nine months of 2026 was higher than 2025 due primarily to higher silver grades and recoveries. Copper production in the third quarter of 2026 was lower than 2025 due primarily to lower copper grades. Copper production in the first nine months of 2026 was comparable to 2025.

GEO sold in the third quarter of 2026 was lower than 2025 due primarily to lower GEO produced, partially offset by timing of deliveries. GEO sold in the first nine months of 2026 was comparable to 2025. Payable gold in concentrates sold in the third quarter and first nine months of 2026 was lower than 2025 reflecting lower gold production, partially offset by timing of deliveries. Payable copper and silver in concentrates sold in the third quarter of 2026 was lower than 2025 due primarily to lower copper and silver production, partially offset by timing of deliveries. Payable copper and silver in concentrates sold in the first nine months of 2026 was higher than 2025 due primarily to timing of gold-copper concentrate deliveries and higher silver production in pyrite concentrate.

All-in sustaining cost per GEO sold in the third quarter and first nine months of 2026 was higher than 2025 due primarily to higher labour costs, higher energy costs, and higher maintenance costs, as well as lower volumes of GEO sold in the third quarter of 2026 and a stronger Euro relative to the U.S. dollar for the first nine months of 2026.

Ada Tepe, Bulgaria: Ada Tepe reached the end of its mine life, with production having concluded as of July 15, 2026. Gold contained in concentrate produced and GEO produced in the third quarter and first nine months of 2026 was lower than 2025 due primarily to lower volumes of ore mined and processed.

Payable gold in concentrate sold and GEO sold in the third quarter and first nine months of 2026 was consistent with gold production compared to 2025.

All-in sustaining cost per GEO sold in the third quarter and first nine months of 2026 was higher than 2025 due primarily to lower volumes of GEO sold, partially offset by lower cash outlays for sustaining capital expenditures.

Vareš, Bosnia and Herzegovina: Vareš achieved commercial production on August 10, 2026 by exceeding an average of 60% of design throughput capacity and recoveries over a period of 30 consecutive days. Metals contained in concentrates produced were in line with the planned ramp-up of the mine to full production of 850,000 tonnes per annum, which is on track for the end of 2026, with the second tailings filter expected to begin commissioning in November. In 2026, Vareš is expected to be above the high end of its guidance ranges for ore processed and GEO production.

Payable metals in concentrates sold were lagging metals produced due primarily to timing of deliveries during the third quarter and first nine months of 2026. In 2026, GEO sold at Vareš is expected to be at the high end of its guidance range.

All-in sustaining cost per GEO sold at Vareš for the first nine months of 2026 was below the low end of its 2026 guidance range due primarily to the capitalization of certain pre-commercial production operating costs. It is expected to increase during the balance of the year as the gross operating costs at Vareš are now included in its all-in sustaining cost post-commercial production. All-in sustaining cost per GEO sold at Vareš for the full year is expected to be at the low end of its 2026 guidance range due primarily to lower gross operating costs and higher GEO sold.

Cash cost per tonne of ore processed, before capitalization, is expected to be at the low end of its 2026 guidance range due primarily to lower gross operating costs and higher volume of ore processed. The Company continues to evaluate opportunities to optimize the cost structure for 2027 and beyond, targeting the cash cost per tonne metrics outlined in the Vareš Technical Report.

Cost of sales for the third quarter and first nine months of 2026 included $17.1 million in depreciation expense related to the Vareš mine properties. The depreciable value of these mine properties reflected their carrying value, together with the fair value adjustment recognized as part of the purchase price allocation. Depreciation commenced on August 10, 2026, when commercial production was declared.

At full production rates over the life of the mine, annualized depreciation of these mine properties, net of the reversal of deferred tax liabilities associated with the fair value adjustment, is expected to decrease the Company’s net earnings by approximately $180 per tonne of ore processed at Vareš.

Consolidated Operating Highlights

Production: GEO production in the third quarter and first nine months of 2026 was 10% and 31% higher than 2025, respectively, reflecting higher overall metals production at Vareš, partially offset by lower gold production at Ada Tepe following the end of its mine life in July, and lower gold and copper production at Chelopech.

Deliveries: GEO sold in the third quarter of 2026 was comparable to 2025 due primarily to higher GEO production, partially offset by timing of deliveries. GEO sold in the first nine months of 2026 was 20% higher than 2025 reflecting primarily the inclusion of Vareš, partially offset by lower gold production at Ada Tepe.

Cost measures: Cost of sales in the third quarter of 2026 was 19% lower than 2025 due primarily to Ada Tepe reaching the end of its mine life in July 2026. This was partially offset by the inclusion of Vareš beginning in September 2025, as well as higher labour costs, and energy costs at Chelopech. Cost of sales in the first nine months of 2026 was 13% higher than 2025 due primarily to the inclusion of Vareš, as well as higher labour costs at Chelopech, a stronger Euro relative to the U.S. dollar, and higher energy costs at Chelopech. These increases were partially offset by Ada Tepe reaching the end of its mine life in July 2026. Cost of sales for the third quarter and first nine months of 2026 included $17.1 million in depreciation expense related to the Vareš mine properties. Depreciation commenced on August 10, 2026, when commercial production was declared. Cost of sales for the third quarter and first nine months of 2025 also included a non-cash fair value adjustment on inventories of $25.5 million.

All-in sustaining cost per GEO sold in the third quarter and first nine months of 2026 was 8% and 3% higher than 2025, respectively, due primarily to higher costs at Chelopech and Ada Tepe, reflecting higher labour costs, and higher energy costs, as well as a stronger Euro relative to the U.S. dollar for the first nine months of 2026. These increases were partially offset by all-in sustaining cost per GEO sold at Vareš, which was below the low end of its 2026 guidance range due to the capitalization of certain pre-commercial production operating costs. All-in sustaining cost was also impacted by mark-to-market adjustments to share-based compensation expenses, which resulted in an increase of $270 and $154 per GEO sold, respectively, in the third quarter and first nine months of 2026, compared to an increase of $213 and $159 per GEO sold in the corresponding periods in 2025, reflecting DPM’s strong share price performance.

Capital expenditures: Sustaining capital expenditures incurred in the third quarter of 2026 were 6% lower than 2025 due primarily to no capital expenditures at Ada Tepe as the mine reached the end of its life in July 2026, partially offset by capital expenditures at Vareš as the mine achieved commercial production in August 2026, and higher capital expenditures at Chelopech. Sustaining capital expenditures incurred in the first nine months of 2026 were 34% lower than 2025 due primarily to no capital expenditures at Ada Tepe as the mine reached the end of its life in the year.

Growth capital expenditures incurred in the third quarter and first nine months of 2026 were 112% and 119% higher than 2025, respectively, due primarily to the capital expenditures at Vareš, including the capitalization of certain pre-commercial production operating costs, partially offset by lower capital costs related to the Čoka Rakita project due primarily to timing of expenditures.

Consolidated Financial Highlights

DPM delivered strong financial results in the third quarter and first nine months of 2026, benefiting from higher metal prices and the addition of the Vareš mine to its portfolio. The financial results of Vareš have been included in the Company’s consolidated financial statements since September 3, 2025, the date of acquisition.

Revenue: Revenue in the third quarter and first nine months of 2026 was 17% and 64% higher than 2025, respectively, due primarily to higher realized metal prices, and higher GEO sold at Vareš following acquisition, partially offset by lower GEO sold at Ada Tepe.

Net earnings: Net earnings in the third quarter of 2026 were 39% higher than 2025, due primarily to higher revenue and lower cost of sales, partially offset by higher income taxes, higher exploration expenses, a $5.8 million fair value loss on copper stream liability, and higher mark-to-market adjustments to share-based compensation expenses. Net earnings in the first nine months of 2026 were 150% higher than 2025, due primarily to higher revenue and a $32.9 million reversal of certain provisions at Vareš, partially offset by higher cost of sales, higher income taxes, higher exploration expenses and higher mark-to-market adjustments to share-based compensation expenses, as well as a $12.1 million fair value loss on copper stream liability and a $9.5 million loss on settlement of a previously recognized receivable related to the DPM Tolling Agreement. The first nine months of 2025 also included a one-time levy of $24.4 million to the Bulgarian state budget related to Chelopech and Ada Tepe and Adriatic acquisition related costs of $15.4 million.

Adjusted net earnings: Adjusted net earnings in the third quarter and first nine months of 2026 were 12% and 92% higher than 2025, respectively, due primarily to the same factors affecting net earnings, with the exception of adjusting items primarily related to the reversal of certain provisions at Vareš, a fair value loss on copper stream liability, and the loss on settlement of tolling receivable, as well as the 2025 Bulgarian levy, Adriatic acquisition related costs and the non-cash fair value adjustment on inventories at Vareš.

Cash provided from operating activities: Cash provided from operating activities in the third quarter of 2026 was 4% higher than 2025, due primarily to higher earnings generated in the period, partially offset by the timing of payments to suppliers, the timing of deliveries and subsequent receipt of cash and lower interest received. Cash provided from operating activities in the first nine months of 2026 was 82% higher than 2025, due primarily to higher earnings generated in the period and the timing of deliveries and subsequent receipt of cash, partially offset by the timing of payments to suppliers, lower interest received and higher income taxes paid. The first nine months of 2026 also included higher annual cash redemption under the share-based compensation plans reflecting DPM’s strong share price performance, and a cash redemption of certain Deferred Share Units.

Free cash flow: Free cash flow in the third quarter and first nine months of 2026 was 21% and 90% higher than 2025, respectively, due primarily to the same factors impacting adjusted net earnings. Free cash flow is calculated before changes in working capital.

Bosnia and Herzegovina Constitutional Court Decision

On September 30, 2026, the Constitutional Court of Bosnia and Herzegovina (the “Court”) published its full decision on the outcome of the constitutional dispute between Bosnia and Herzegovina (the “State”) and the Federation of Bosnia and Herzegovina concerning the authority of the Federation, cantonal and municipal bodies to adopt or enter into certain acts related to State-owned forests and forestry land, including the Vareš Concession Agreement and its annexes. The Court found that certain acts, including the Concession Agreement, together with the related decisions of relevant authorities concerning forest land conversion and easement rights, were not in conformity with Articles I(2) and III(3)(b) of the Constitution of Bosnia and Herzegovina, as the relevant Federation, cantonal and municipal authorities did not have the authority to deal with such property contrary to the Law on the Temporary Prohibition of Disposal of State Property and without the involvement of Bosnia and Herzegovina and its Attorney General’s Office. The Court’s decision is final and not subject to appeal. The decision does not terminate or suspend the Concession Agreement or any of its annexes, and operations at Vareš continue as normal. The Court has ordered a six-month review period for applicable authorities to review the challenged acts and take the necessary steps to bring the matter into conformity and set aside those acts that are found to not comply with the Law on the Temporary Prohibition of Disposal of State Property. During the review period, DPM is engaging with State, Federation, and cantonal authorities in order to represent its interests and to support a State-level solution to the State property issue in the country.

Refer to the Company’s news release dated October 1, 2026, for information with respect to the recent decision of the Constitutional Court in Bosnia and Herzegovina and the “Cautionary Note Regarding Forward Looking Information” section of this news release.

Development Projects Update

Čoka Rakita, Serbia

Following the October 25, 2026 parliamentary election in the Republic of Serbia, the Company notes that administrative and regulatory decision-making timelines may be extended as the new government is formed and the National Assembly is convened. DPM will work with the relevant authorities to align the scheduling of the next phase of the Čoka Rakita project, if the process of the government’s formation requires it. The Company has had a presence in Serbia since 2004 and remains committed to Čoka Rakita with timeline updates, if necessary, to be provided in due course.

In parallel, DPM is continuing to advance engineering and procurement activities for the project, including dismantling and refurbishing of the Ada Tepe mill components, the ramp-up of purchases and securing of fabrication timelines for critical equipment, selection of the underground contractor and advancing detailed engineering.

DPM remains committed to working proactively with all levels of government and local communities, and to operating in accordance with industry best practices and applicable Serbian and European Union standards.

The Company has planned to spend between $49 million to $53 million of growth capital expenditures for the Čoka Rakita project in 2026, with $13.7 million incurred in the first nine months of the year. These activities are primarily related to pre-construction activities, including detailed engineering, environmental and permitting activities, early works, and operational readiness planning. Subject to permitting progress and schedule acceleration, approximately $42 million of pre-committed initial capital for the project was also included in the 2026 detailed guidance related to early contractor engagement and procurement activities in advance of a formal construction decision.

Exploration

Chelopech Camp, Bulgaria

Brevene Porphyry South Discovery: In late September 2026, DPM announced new high-grade intercepts from delineation drilling and expansion of the gold-copper porphyry mineralization at the Brevene Porphyry South discovery, located at the boundary of the Chelopech mine concession and the southeastern part of the Brevene exploration licence.

Recent results from drilling, including extended intercepts of the previously reported intervals in hole EX_BRES_555_02A with 716.60 metres at 3.30 g/t AuEq (comprising 1.63 g/t Au and 1.58% Cu), and drill hole EX_BRESPO_03 with 1,054 metres at 2.49 g/t AuEq (comprising 1.20 g/t Au and 1.20% Cu) demonstrate the significant vertical extent (over 1,000 metres) and potential for scale and continuity with broad, continuous intervals of high-grade copper-gold porphyry mineralization.

Drilling confirmed a large potassic alteration envelope exceeding 500 metres by 500 metres and more than 1,000 metres in vertical extent, and indicate a northwestward extension of the potassic alteration envelope onto the Chelopech mine concession. The system remains open to the north, south, west, and at depth, where it is interpreted to plunge to the southwest. Up to 15,000 metres of additional drilling from the Chelopech mine concession are planned through year-end 2026, followed by continued delineation through 2027. In addition, preliminary metallurgical testwork indicates that Brevene Porphyry South mineralization is amenable to conventional rougher-cleaner flotation, with open-cycle tests producing copper-gold concentrates at grades ranging between 10% to 25% for copper and 12 g/t to 20 g/t gold.

Drilling activities within the Brevene exploration licence continued until the end of September, at which point the exploration licence period concluded. The Company shifted drilling to the existing Chelopech mine concession, where the latest results have confirmed the Brevene Porphyry South target extends north onto the concession. Surface drilling is ongoing with 12 drill rigs focused on assessing the Mineral Resource potential of the Brevene Porphyry South discovery. The Company is targeting an initial Mineral Resource estimate for the Brevene Porphyry South in the second half of 2027, with a PEA planned in the first half of 2028.

Approximately 15,000 additional metres of drilling is planned through the end of 2026. This expanded program is focused on delineating the northern and western extensions of the porphyry system, as well as testing the depth potential, where mineralization remains open. Further delineation drilling will continue in 2027, to support the Company’s internal Mineral Resource estimates and technical evaluations. DPM is targeting an initial resource in the second half of 2027, to form the basis of a preliminary economic assessment planned for the first half of 2028.

In parallel with the drilling program, the Company continues to advance activities in support of converting the Brevene exploration licence to a mining concession. In late August, the final geology report, which includes technical and economic assessment, was submitted to the Ministry of Energy, with regulatory review ongoing.

The key milestones in this regulatory process include recognition of a Commercial Discovery; submission of a mining concession application; environmental and other permitting requirements; and ultimately, granting of a concession contract, all of which is subject to regulatory review and approval. As the Company advances through this regulatory process, DPM’s near-term exploration updates regarding the Chelopech camp will be focused on results from within the mine concession area, with further Brevene exploration results to resume once the regulatory milestones are achieved.

For additional information regarding exploration activities and recent significant drilling intercepts for Brevene Porphyry South, see the news release entitled “DPM Metals Expands Brevene Porphyry South Discovery with New High-Grade Intercepts” dated September 20, 2026, available on the Company’s website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.

Wedge Zone (Block 250): DPM has continued to advance the high-grade Wedge Zone prospect, which will be referred to as Block 250 as it is incorporated into the mine plan for Chelopech as a near-term opportunity, which is expected to grow production and extend mine life at Chelopech commencing in late 2028. The Company is on track to complete an initial Mineral Resource estimate by year-end and has commenced preparatory works for the ramp and twin declines that will provide access to Block 250. Development of the ramp is commencing in the fourth quarter of 2026, with contractor-led construction of the twin declines targeted to begin in the first quarter of 2027.

Extensional drilling of Block 250 towards the west continued, with a total of 1,948 metres drilled during the third quarter of 2026.

DPM will continue to explore the broader Wedge Zone corridor in 2026 for additional mineralization, informed by the possibility of telescoping within the Chelopech hydrothermal system, where alteration and mineralization assemblages typically developed at higher structural levels may occur at greater depth than would normally be expected. Exploration will also test analogous structural settings along the Petrovden Fault.

Based on the potential new results from its exploration campaign, the Company increased its guidance for the Chelopech brownfield exploration activities in 2026 to a range of $27 million to $28 million, up from the original guidance range of $16 million to $17 million, with $21.6 million incurred in the first nine months of the year. In addition, the Company now plans to fund an additional $5 million for engineering and design work related to the development of twin declines to Block 250, increasing the guidance for the growth capital expenditures at Chelopech to be between $9 million to $10 million, up from the initial guidance range of $4 million to $5 million. Development costs at Block 250 will be capitalized to mine properties at Chelopech upon completion of the initial mineral resource estimate, which is planned before year-end.

Rakita Camp, Serbia

During the third quarter of 2026, exploration activities in Serbia were performed on the Potaj Čuka, Čoka Rakita, Pester Jug and Umka licences. A total of 19,283 metres of drilling was completed during the quarter.

Up to fifteen drill rigs were active at the Čoka Rakita licence during the third quarter of 2026, with 12,762 metres drilled. Infill, delineation and extension drilling continued at the Dumitru Potok prospect, with a main focus on increasing the drill density and extending mineralization footprint along strike and laterally. Two drill rigs are dedicated to dual targeting, the Frasen porphyry/adjacent stratabound mineralization and deeper contact skarn mineralization at Dumitru Potok contact skarn area. One drill rig is dedicated for the Rakita North area and one drill rig for the Rakita south drill program.

Recent results from drilling at the Dumitru Potok and Rakita North prospects demonstrate further growth potential, with mineralization open along strike, laterally and at depth, including priority extensions to the west and southwest of the existing Dumitru Potok Mineral Resource, and to the north and east at Rakita North. These results improve the Company’s understanding of mineralization geometry and indicate mineralized tonnage may be greater than previously modelled.

Drilling extended the marble-hosted intrusive skarn mineralization approximately 90 metres west and 100 metres southwest (drill holes BIDD253 and DPDD037A) and returned encouraging results 300 metres to the north of the Mineral Resource (DPDD039A), indicating further expansion potential at shallow levels.

Given the success to date, DPM is expanding the 2026 drilling program by an additional 12,000 to 15,000 metres. The drilling program will focus on expanding the existing Dumitru Potok Mineral Resource estimate, infill drilling and target testing across the Čoka Rakita exploration licence.

An updated Dumitru Potok Mineral Resource estimate is expected to be complete by the end of the first quarter of 2027, which will form the basis of a PEA targeted to be complete by the end of 2027.

The Company continued its drilling campaign on the Potaj Čuka licence, with 3,558 metres drilled during the third quarter of 2026, which was primarily focused on the Valja Saka prospect, and additional scout targets across the licence. The Valja Saka drill program aimed to test the continuation of mineralized zones and different mineralization styles intersected in previous campaigns. Drill testing of several best-ranked target areas have been completed and confirmed the stratigraphy sequence and structural patterns.

In response to the encouraging results achieved to date, the Company has increased its guidance for the Serbian exploration activities in 2026 to a range of $38 million to $40 million, up from the original guidance range of $25 million to $30 million, with $29.5 million incurred in the first nine months of the year.

Vareš, Bosnia and Herzegovina

During the third quarter of 2026, work at Vareš focused on testing for high-grade extension potential at Rupice, advancing drilling at Droskovac-Brezik, and progressing the broader camp target pipeline. A total of 3,399 metres were drilled during the period, comprising nine holes and a total of approximately 2,489 metres drilled at Rupice and two holes and a total of approximately 910 metres drilled at Droskovac-Brezik.

Meanwhile, mapping and rock-chip sampling continued across the Rupice–Medujak–Borovica and Mekuse–Vareš East areas.

In the fourth quarter, the Company expects to continue follow-up drilling at Rupice, targeting its southwest and northeast extensions. Drilling and borehole electromagnetic geophysical work will also continue at Droskovac-Brezik. The Company plans to commence drilling at Medujak and Borovica, as well as downhole transient electromagnetic surveying across the Rupice-Borovica area.

The Company has decreased its guidance for Vareš brownfield exploration to a range of $3 million to $4 million, down from the initial guidance of $10 million to $11 million, due primarily to timing of spend. The Company has also planned $1 million to $2 million for Bosnia and Herzegovina greenfield exploration in 2026. Exploration expenditure incurred during the first nine months of the year totalled $2.6 million.

Balance Sheet Strength and Financial Flexibility

The Company continues to maintain a strong cash and liquidity position and is well-positioned to fund growth, ending the quarter with a cash position of $839.2 million, no debt and an undrawn $400.0 million revolving credit facility with an accordion feature to $550.0 million.

Cash and cash equivalents increased by $341.4 million in the first nine months of 2026 due primarily to earnings generated in the period, partially offset by payments for shares repurchased under the NCIB, cash outlays for capital expenditures, cash redemptions under the share-based compensation plans, income taxes paid and dividends paid.

Return of Capital to Shareholders

In line with its disciplined capital allocation framework, DPM continues to return excess capital to shareholders, which currently includes a sustainable quarterly dividend and periodic share repurchases under the NCIB.

During the first nine months of 2026, the Company returned a total of $171.7 million to shareholders through the repurchase of approximately 4.0 million shares, for a total cash payment of $145.2 million, and $26.5 million of dividends paid. From October 1 to November 11, 2026, the Company purchased additional 1,255,759 shares at a total cost of $48.8 million, bringing year-to-date 2026 repurchases to 5,259,107 shares, for an aggregate cost of $198.4 million.

On November 12, 2026, the Company declared a dividend of $0.04 per common share payable on January 15, 2027 to shareholders of record on December 31, 2026.

2026 Guidance and Three-year Outlook

With continued strong operating performance in the third quarter and first nine months of 2026, the Company is on track to meet its guidance for 2026. DPM expects to be at the higher end of GEO production of 305,000 to 365,000 ounces, and to be in line with its all-in sustaining cost guidance of $1,300 to $1,450 per GEO sold, subject to dynamics such as the mark-to-market impact of DPM’s share price, as well as other movements as outlined below relative to guidance assumptions.

The three-year outlook previously issued in DPM’s MD&A for the year ended December 31, 2025 remains unchanged, except for the following updates to the Company’s guidance for 2026:

  • Exploration expenses are now expected to be between $75 million and $80 million, up from the initial guidance range of $60 million to $70 million, reflecting positive results to date. The updated guidance supports additional drilling associated with the Brevene Porphyry South licence, with an initial mineral resource estimate targeted for the second half of 2027, and the Wedge Zone (Block 250) at Chelopech, where ramp development is commencing in the fourth quarter of 2026, as well as Serbian drilling programs. This increase is partially offset by the expected lower costs for the Vareš brownfield exploration due to timing of activities.
  • Growth capital expenditures have been updated as follows:
    • At Vareš, growth capital expenditures are now expected to be between $90 million to $100 million, down from the initial guidance range of $100 million to $125 million, reflecting the earlier than expected declaration of commercial production at the mine operations and the corresponding reduction in capitalized pre-commercial production operating costs, and lower gross cash cost; and
    • At Chelopech, growth capital expenditures are now expected to be between $9 million and $10 million, up from the initial guidance range of $4 million to $5 million. The updated guidance supports engineering and design work related to the development of twin declines to Wedge Zone (Block 250), as DPM continues to target first production in late 2028. Development costs at Wedge Zone (Block 250) will be capitalized to mine properties at Chelopech upon completion of the initial mineral resource estimate, which is planned before year-end.

The Company’s three-year outlook for the Čoka Rakita project remains unchanged. Following the October 25, 2026 parliamentary election in the Republic of Serbia, the Company notes that administrative and regulatory decision-making timelines may be extended while the new government is formed and the National Assembly is convened. DPM is continuing to advance engineering and procurement activities for the project and remains committed to the project with timeline updates, if necessary, to be provided in due course.

Certain key cost measures in the Company’s detailed guidance for 2026 are sensitive to market assumptions, including metal prices, oil prices and foreign exchange rates. The following table demonstrates the sensitivity in these market assumptions over the balance of the year on the consolidated GEO sold and all-in sustaining cost per GEO sold provided in the 2026 guidance.

  Assumptions Hypothetical
change 		GEO sold
(Koz)		 All-in sustaining
cost per GEO sold
($/oz)
Metal Prices        
Gold $4,200/oz +/- 10% -3/+4 +15/-17
Silver $50/oz +/- 10% +/-1 -/+6
Copper $5.00/lb +/- 10% +/-1 -/+3
Zinc $1.30/lb +/- 10% +/-1 -/+3
Lead $0.90/lb +/- 10% +/-1 -/+ 2
Oil Price(1) $65/barrel +/-$10/barrel N/A +/- 3
Foreign Exchange        
Euro/US$  1.20  +/- 10% N/A +/- 29

(1) The Company’s 2026 guidance assumes an oil price of $65 per barrel. The increase in crude oil prices beginning in March 2026 did not have a significant impact on the Company’s all-in sustaining cost per GEO sold in the first nine months of 2026. However, if oil prices remain elevated under the current geopolitical environment, the Company expects higher costs for diesel consumed in mine operations, as well as for freight charges included in selling cost, which are sensitive to oil prices. For the balance of 2026, each $10 per barrel change in the oil price is expected to impact the Company’s all-in sustaining cost by approximately $3 per GEO sold, comprising an estimated $1 per GEO impact from direct diesel costs and $2 per GEO impact from freight charges.

For additional information regarding the Company’s detailed guidance for 2026 and current three-year outlook, please refer to the “Three-Year Outlook” section of the MD&A.

Third Quarter 2026 Results Conference Call and Webcast

At 9 a.m. EST on Friday, November 13, 2026, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate via conference call, register in advance at the link provided below to receive the dial-in information as well as a unique PIN code to access the call.

The call registration and webcast details are as follows:

Conference call date and time Friday, November 13, 2026
9 a.m. EST
Call registration https://register-conf.media-server.com/register/BI872678320a1940ef9c874e68551c8e68
Webcast link https://edge.media-server.com/mmc/p/duyydm3o
Replay Archive will be available on www.dpmmetals.com

This news release and DPM’s unaudited condensed interim financial statements and MD&A for the three and nine months ended September 30, 2026 are posted on the Company’s website at www.dpmmetals.com and have been filed on SEDAR+ at www.sedarplus.ca.

Qualified Person

The technical and scientific information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, and has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), Director, Corporate Technical Services, of DPM, who is a Qualified Person as defined under NI 43-101, and who is not independent of the Company.

About DPM Metals Inc.

DPM Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador. The Company’s purpose is to unlock resources and generate value to thrive and grow together. Our strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from our portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for our shareholders. DPM trades on the Toronto Stock Exchange (symbol: DPM) and the Australian Securities Exchange as a Foreign Exempt Listing (symbol: DPM).

For further information, please contact:

Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
jcameron@dpmmetals.com

Cautionary Note Regarding Forward Looking Statements

This news release contains “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”) that involve a number of risks and uncertainties. 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 news release relate to, among other things: forecasted results of production in 2026 and onward and the ability of the Company to meet previously provided guidance in respect thereof; expected cash flows; the price of gold, copper, and silver, and other minerals; 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; the potential outcome of the review by authorities of the Company’s Concession Agreement at Vareš, other instruments and related acts and the Company’s intended next steps with respect to its engagements with authorities; anticipated rates of production from the Vareš operation and the timing thereof; anticipated steps in the development and ramp-up of the Vareš operation, including the second tailings filter, and the anticipated timing for completion thereof; currency fluctuations; the completion of technical and economic studies and the timing and results thereof; anticipated steps in the continued development of the Čoka Rakita project, including exploration, permitting activities, environmental assessments, and stakeholder engagement, the commencement of construction, and the anticipated timing thereof; anticipated steps in the development of the Wedge Zone prospect at Chelopech, the timing thereof, and their anticipated impact on future rates of production and mine life; anticipated steps in the development of the Brevene prospect, including applicable permitting processes and completion of an initial Mineral Resource estimate and PEA, and the timing thereof; anticipated steps in the development of Dumitru Potok, including completion of an updated Mineral Resource estimate and PEA and the anticipated timing thereof; closure and rehabilitation activities at Ada Tepe and the anticipated timing thereof; the ability of the Company to extend the life of mine at Chelopech; anticipated amounts of future expenditures at the Company’s operating and development properties, including expenses related to exploration activities; statements under the heading “2026 Guidance and Three-year Outlook”; timing of payments and amounts of dividends; the number of common shares of the Company that may be purchased under the NCIB; and the Company’s future business plans, objectives, and strategy, including, without limitation, meeting its targeted annual gold production and the completion of one or more strategic transactions.

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 news release, such factors include, among others: fluctuations in metal prices, foreign exchange rates and oil prices; risks arising from the current economic environment and the impact on operating costs and other financial metrics, including risks of recession; in respect of the Constitutional Court decision discussed herein, there are uncertainties with respect to the review by the authorities and the outcome thereof on DPM’s Concession Agreement and other instruments, as well as uncertainties with respect to DPM being able to be successful in its engagement and next steps to protect its rights, and the outcome of such review may affect the Vareš operation, its ownership thereto, key contracts, permits and authorizations related thereto, its guidance, financial condition, the carrying value of its assets, liquidity, mineral reserves and other metrics, plans and expectations for Vareš and the Company, which assume that DPM’s Concession Agreement and other instruments, permits and authorizations will remain unaffected; the issues underlying the Constitutional Court decision and prior decisions thereof could, if not resolved, also give rise to additional challenges, opposition or otherwise affect other authorizations, permits and licenses that the Vareš operation currently relies upon or that it may need in the future; the commencement, continuation or escalation of geopolitical crises and armed conflicts, including in Iran and the broader Middle East region, and their direct and indirect effects on the business and 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 Company’s dependence on its operations at the Chelopech mine and the Vareš operation; 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 results of technical studies of the Company’s exploration and development projects and the results thereof; 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; risks related to the Company’s ability to develop the Loma Larga project and to obtain necessary permits in respect thereof; 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; potential disputes and uncertainties with respect to the Company’s concessions, permits, and land title rights, as well as the related legal systems in the jurisdictions in which the Company operates; 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 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; uncertainties with respect to realizing the anticipated benefits from the development of the Company’s exploration and development 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 applicable to the Company and its business and operations, and judicial interpretations thereof; the effects of international economic and trade sanctions; 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 dividends; there being no assurance that the Company will purchase additional common shares of the Company under the NCIB, as well as those risk factors discussed or referred to in the MD&A, the Company’s most recent AIF, 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. Any of the risks and uncertainties discussed above and other disclosure documents of DPM may, if realized, have a material adverse effect on the Company, its operations or financial condition.

The reader has been cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company’s Forward Looking Statements reflect current expectations regarding future events and speak only as of the date hereof. Other than as it may be required by law, the Company undertakes no obligation to update Forward Looking Statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on Forward Looking Statements.

Non-GAAP Financial 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 meanings 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 judgment and are consistently applied. These measures are used by management and investors to assist with assessing the Company’s performance, including its ability to generate sufficient cash flow to meet its return objectives and support its investing activities and debt service obligations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance. 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. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

Cash cost and all-in sustaining cost measures

Mine cash cost; mine cash cost of sales; and all-in sustaining cost are non-GAAP financial measures. Cash cost per tonne of ore processed; cash cost per GEO sold; and all-in sustaining cost per GEO sold are non-GAAP ratios. These measures capture the important components of the Company’s production and related costs. Management and investors utilize these metrics as an important tool to monitor cost performance at the Company’s operations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance.

The following table provides a reconciliation of the Company’s cash cost per tonne of ore processed to its cost of sales:

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš
For the three months ended September 30, 2026
Ore processed t 530,115   37,334   143,075  
Cost of sales   48,856   4,265   39,449  
Add/(deduct):        
Capitalized pre-commercial production operating costs       6,884  
Depreciation and amortization   (7,181 ) –   (19,823 )
Change in concentrate inventory   (189 ) (446 ) 3,660  
Mine cash cost(1)   41,486   3,819   30,170  
Cost of sales per tonne of ore processed(2) $/t 92   114   276  
Cash cost per tonne of ore processed(2,3) $/t 78   102   211  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš(4)
For the three months ended September 30, 2025
Ore processed t 557,497   223,427   35,094  
Cost of sales   44,798   32,192   36,857  
Add/(deduct):        
Non-cash fair value adjustment on inventories       (25,470 )
Capitalized pre-commercial production operating costs       2,416  
Depreciation and amortization   (8,945 ) (17,620 ) (841 )
Change in concentrate inventory   (603 ) (13 ) (6,131 )
Mine cash cost(1)   35,250   14,559   6,831  
Cost of sales per tonne of ore processed(2) $/t 80   144   1,050  
Cash cost per tonne of ore processed(2,3) $/t 63   65   195  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš
For the nine months ended September 30, 2026
Ore processed t 1,585,729   402,681   339,406  
Cost of sales   144,031   67,753   62,456  
Add/(deduct):        
Capitalized pre-commercial production operating costs       44,069  
Depreciation and amortization   (22,087 ) (30,626 ) (21,927 )
Change in concentrate inventory   (2,323 ) (495 ) 6,378  
Mine cash cost(1)   119,621   36,632   90,976  
Cost of sales per tonne of ore processed(2) $/t 91   168   184  
Cash cost per tonne of ore processed(2,3) $/t 75   91   268  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš(4)
For the nine months ended September 30, 2025
Ore processed t 1,631,444   560,602   35,094  
Cost of sales   122,842   83,858   36,857  
Add/(deduct):        
Non-cash fair value adjustment on inventories       (25,470 )
Capitalized pre-commercial production operating costs       2,416  
Depreciation and amortization   (25,393 ) (43,452 ) (841 )
Change in concentrate inventory   53   (45 ) (6,131 )
Mine cash cost(1)   97,502   40,361   6,831  
Cost of sales per tonne of ore processed(2) $/t 75   150   1,050  
Cash cost per tonne of ore processed(2,3) $/t 60   72   195  

(1) Cash costs are reported in U.S. dollars, although the majority of costs incurred are denominated in non-U.S. dollars, and consist of all production related expenses including mining, processing, services, royalties and general and administrative.
(2) Represents cost of sales and mine cash cost, respectively, divided by tonnes of ore processed.
(3) Cash cost per tonne of ore processed at Vareš is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed. On a net basis, cash cost was $163 (2025 – $126) and $138 (2025 – $126) per tonne of ore processed, respectively, for the third quarter and first nine months of 2026.
(4) Represents the post-acquisition operating results between September 3 to September 30, 2025.

The following tables provide, for the periods indicated, a reconciliation of the Company’s cash cost per GEO sold and all-in sustaining cost per GEO sold to its cost of sales:

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš Consolidated
For the three months ended September 30, 2026
Cost of sales(1)   48,856   4,265   39,449   92,570  
Add/(deduct):          
Depreciation and amortization   (7,181 ) –   (19,823 ) (27,004 )
Treatment charges, transportation and other related selling costs(2)   19,239   (463 ) 2,110   20,886  
Mine cash cost of sales   60,914   3,802   21,736   86,452  
Rehabilitation related accretion and depreciation expenses(3)   30   150   (28 ) 152  
Allocated general and administrative expenses(4)         28,708  
Cash outlays for sustaining capital expenditures(5)   4,442   –   1,315   5,757  
Cash outlays for leases(5)   378   76   26   480  
All-in sustaining cost   65,764   4,028   23,049   121,549  
GEO sold(6) oz 45,049   1,822   30,057   76,928  
Cost of sales per GEO sold(7) $/oz 1,085   2,341   1,312   1,203  
Cash cost per GEO sold(7) $/oz 1,352   2,087   723   1,124  
All-in sustaining cost per GEO sold(7) $/oz 1,460   2,211   767   1,580  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš(8) Consolidated
For the three months ended September 30, 2025
Cost of sales(1)   44,798   32,192   36,857   113,847  
Add/(deduct):          
Depreciation and amortization   (8,945 ) (17,620 ) (841 ) (27,406 )
Treatment charges, transportation and other related selling costs(2)   18,288   (26 ) 2,686   20,948  
Non-cash fair value adjustment on inventories   –   –   (25,470 ) (25,470 )
Mine cash cost of sales   54,141   14,546   13,232   81,919  
Rehabilitation related accretion and depreciation expenses(3)   22   1,245   26   1,293  
Allocated general and administrative expenses(4)         22,227  
Cash outlays for sustaining capital expenditures(5)   4,968   3,189   –   8,157  
Cash outlays for leases(5)   448   219   283   950  
All-in sustaining cost   59,579   19,199   13,541   114,546  
GEO sold(6) oz 48,969   18,381   10,840   78,190  
Cost of sales per GEO sold(7) $/oz 915   1,751   3,400   1,456  
Cash cost per GEO sold(7) $/oz 1,106   791   1,221   1,048  
All-in sustaining cost per GEO sold(7) $/oz 1,217   1,045   1,249   1,465  

(1) Included in cost of sales were share-based compensation expenses of $2.4 million (2025 – $0.9 million) in the third quarter of 2026.
(2) Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.
(3) Included in cost of sales and finance cost in the condensed interim consolidated statements of earnings (loss).
(4) Represents an allocated portion of DPM’s general and administrative expenses, including share-based compensation expenses of $20.4 million (2025 – $16.7 million) for the third quarter of 2026, based on the mines’ proportion of total revenue, where applicable. Allocated general and administrative expenses, including corporate social responsibility expenses and excluding depreciation and amortization, are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for each of the mine operations.
(5) Included in cash used in investing activities and financing activities, respectively, in the condensed interim consolidated statements of cash flows.
(6) The Company uses conversion ratios for calculating GEO for its metals production and sales, which are calculated by multiplying the volumes of metals sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price.
(7) Represents cost of sales, mine cash cost of sales and all-in sustaining cost, respectively, divided by GEO sold.
(8) Represents the post-acquisition operating results between September 3 to September 30, 2025.

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš Consolidated
For the nine months ended September 30, 2026
Cost of sales(1)   144,031   67,753   62,456   274,240  
Add/(deduct):          
Depreciation and amortization   (22,087 ) (30,626 ) (21,927 ) (74,640 )
Treatment charges, transportation and other related selling costs(2)   49,786   700   6,466   56,952  
Mine cash cost of sales   171,730   37,827   46,995   256,552  
Rehabilitation related accretion and depreciation expenses(3)   57   1,648   295   2,000  
Allocated general and administrative expenses(4)         63,977  
Cash outlays for sustaining capital expenditures(5)   10,894   672   1,315   12,881  
Cash outlays for leases(5)   1,060   409   1,564   3,033  
All-in sustaining cost   183,741   40,556   50,169   338,443  
GEO sold(6) oz 134,566   25,397   69,981   229,944  
Cost of sales per GEO sold(7) $/oz 1,070   2,668   892   1,193  
Cash cost per GEO sold(7) $/oz 1,276   1,489   672   1,116  
All-in sustaining cost per GEO sold(7) $/oz 1,365   1,597   717   1,472  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš(8) Consolidated
For the nine months ended September 30, 2025
Cost of sales(1)   122,842   83,858   36,857   243,557  
Add/(deduct):          
Depreciation and amortization   (25,393 ) (43,452 ) (841 ) (69,686 )
Treatment charges, transportation and other related selling costs(2)   46,623   394   2,686   49,703  
Non-cash fair value adjustment on inventories   –   –   (25,470 ) (25,470 )
Mine cash cost of sales   144,072   40,800   13,232   198,104  
Rehabilitation related accretion and depreciation expenses(3)   41   1,798   26   1,865  
Allocated general and administrative expenses(4)         49,900  
Cash outlays for sustaining capital expenditures(5)   9,887   9,985   –   19,872  
Cash outlays for leases(5)   1,664   576   283   2,523  
All-in sustaining cost   155,664   53,159   13,541   272,264  
GEO sold(6) oz 135,125   45,421   10,840   191,386  
Cost of sales per GEO sold(7) $/oz 909   1,846   3,400   1,273  
Cash cost per GEO sold(7) $/oz 1,066   898   1,221   1,035  
All-in sustaining cost per GEO sold(7) $/oz 1,152   1,170   1,249   1,423  

(1) Included in cost of sales were share-based compensation expenses of $6.2 million (2025 – $3.5 million) in the first nine months of 2026.
(2) Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.
(3) Included in cost of sales and finance cost in the condensed interim consolidated statements of earnings (loss).
(4) Represents an allocated portion of DPM’s general and administrative expenses, including share-based compensation expenses of $35.2 million (2025 – $31.3 million) in the first nine months of 2026, based on the mines’ proportion of total revenue, where applicable. Allocated general and administrative expenses, including corporate social responsibility expenses and excluding depreciation and amortization, are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for each of the mine operations.
(5) Included in cash used in investing activities and financing activities, respectively, in the condensed interim consolidated statements of cash flows.
(6) The Company uses conversion ratios for calculating GEO for its metals production and sales, which are calculated by multiplying the volumes of metals sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price.
(7) Represents cost of sales, mine cash cost of sales and all-in sustaining cost, respectively, divided by GEO sold.
(8) Represents the post-acquisition operating results between September 3 to September 30, 2025.

Adjusted net earnings (loss) and adjusted basic earnings (loss) per share

Adjusted net earnings (loss) is a non-GAAP financial measure and adjusted basic earnings (loss) per share is a non-GAAP ratio used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.

Adjusted net earnings (loss) are defined as net earnings (loss), adjusted to exclude specific items that are significant, but not reflective of the underlying operations of the Company, including:

  • impairment charges or reversals thereof;
  • unrealized and realized gains or losses related to investments carried at fair value;
  • significant tax adjustments not related to current period earnings; and
  • non-recurring or unusual income or expenses that are either not related to the Company’s operating segments or unlikely to occur on a regular basis.

The following table provides a reconciliation of adjusted net earnings to net earnings. All adjusting items in the table below were recognized in other (income) expense, with the exception of the non-cash fair value adjustment on inventories which was recognized in cost of sales, in the condensed interim consolidated statements of earnings (loss).

$ thousands, except per share amounts   Three Months   Nine Months
Ended September 30,   2026 2025   2026   2025
Net earnings   133,792 95,985   529,750   211,888
Add/(deduct):            
Reversal of provision at Vareš, net of income taxes of $nil(1)   – –   (32,915 ) –
Gain on sale of Serbian exploration data, net of income taxes of $nil(2)   – –   (2,650 ) –
Loss on settlement of tolling receivables, net of income tax recoveries of $nil(3)   – –   9,521   –
Fair value loss on copper stream liability, net of income taxes of $nil   5,820 –   12,056   –
Write-off of land at Ada Tepe, net of income taxes of $nil(4)   4,005 –   4,005   –
Ada Tepe employee termination benefit expense, net of income tax recoveries of $381(5)   612 –   3,425   –
Non-cash fair value adjustment on inventories, net of income tax recoveries of $2,547(6)   – 22,923   –   22,923
2025 Bulgarian levy, net of income tax recoveries of $2,438(7)   – –   –   21,938
Adriatic acquisition related costs, net of income taxes of $nil   – 10,276   –   15,406
Adjusted net earnings   144,229 129,184   523,192   272,155
Basic earnings per share $/sh 0.61 0.54   2.40   1.23
Adjusted basic earnings per share $/sh 0.66 0.73   2.37   1.57

(1) Represented a reversal of certain provisions in connection with the purchase price allocation arising from the acquisition of Adriatic.
(2) Represented proceeds from a sale of certain assets and data for a Serbian exploration license no longer retained by DPM.
(3) Represented a write-off of a previously recognized receivable related to the DPM Tolling Agreement.
(4) Represented the full write-off of the carrying value of the land at Ada Tepe, reflecting the end of mine life and the Company’s commitment to return the land to Natura 2000, the European Union’s nature protection network, upon completion of mine closure activities.
(5) Represented accrued employee termination benefits as Ada Tepe reached the end of its mine life in July 2026.
(6) Represents a non-cash fair value adjustment on inventories recognized in cost of sales with the sale of inventories at Vareš, following the acquisition of Adriatic.
(7) Represented a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure used by management and investors to measure the underlying operating performance of the Company’s operating segments. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods. In addition, the Human Capital and Compensation Committee of the Board of Directors uses adjusted EBITDA, together with other measures, to set incentive compensation goals and assess performance.

Adjusted EBITDA excludes the following from earnings before income taxes:

  • depreciation and amortization;
  • interest income;
  • finance cost;
  • impairment charges or reversals thereof;
  • unrealized and realized gains or losses related to investments carried at fair value; and
  • non-recurring or unusual income or expenses that are either not related to the Company’s operating segments or unlikely to occur on a regular basis.

The following table provides a reconciliation of adjusted EBITDA to earnings before income taxes:

$ thousands Three Months   Nine Months
Ended September 30, 2026   2025     2026   2025  
Earnings before income taxes 157,387   108,391     602,423   238,947  
Add/(deduct):          
Depreciation and amortization 27,624   28,181     76,720   72,044  
Finance costs 1,221   1,805     3,658   3,617  
Interest income (4,646 ) (8,493 )   (13,191 ) (24,910 )
Reversal of provision at Vareš(1) –   –     (32,915 ) –  
Gain on sale of Serbian exploration data(2) –   –     (2,650 ) –  
Loss on settlement of tolling receivables(3) –   –     9,521   –  
Fair value loss on copper stream liability 5,820   –     12,056   –  
Write-off of land at Ada Tepe(4) 4,005   –     4,005   –  
Ada Tepe employee termination benefit expense(5) 680   –     3,806   –  
Non-cash fair value adjustment on inventories(6) –   25,470     –   25,470  
2025 Bulgarian levy(7) –   –     –   24,376  
Adriatic acquisition related costs –   10,276     –   15,406  
Adjusted EBITDA 192,091   165,630     663,433   354,950  

(1) Represented a reversal of certain provisions in connection with the purchase price allocation arising from the acquisition of Adriatic.
(2) Represented proceeds from a sale of certain assets and data for a Serbian exploration license no longer retained by DPM.
(3) Represented the write-off of a previously recognized receivable related to the DPM Tolling Agreement.
(4) Represented the full write-off of the carrying value of the land at Ada Tepe, reflecting the end of mine life and the Company’s commitment to return the land to Natura 2000, the European Union’s nature protection network, upon completion of mine closure activities.
(5) Represented accrued employee termination benefits as Ada Tepe reached the end of its mine life in July 2026.
(6) Represents a non-cash fair value adjustment on inventories recognized in cost of sales with the sale of inventories at Vareš, following the acquisition of Adriatic.
(7) Represented a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.


Cash provided from operating activities, before changes in working capital

Cash provided from operating activities, before changes in working capital, is a non-GAAP financial measure defined as cash provided from operating activities excluding changes in working capital as set out in the Company’s consolidated statements of cash flows. This measure is used by the Company and investors to measure the cash flow generated by the Company’s operating segments prior to any changes in working capital, which at times can distort performance.

Free cash flow

Free cash flow is a non-GAAP financial measure defined as cash provided from operating activities, before changes in working capital which includes changes in share-based compensation liabilities, less cash outlays for sustaining capital expenditures, mandatory principal repayments and interest payments related to debt and leases. Free cash flow excludes non-recurring or unusual income or expenses that are not related to the Company’s operating segments. This measure is used by the Company and investors to measure the cash flow available to fund growth related initiatives and capital expenditures, dividends and share repurchases.

The following table provides a reconciliation of cash provided from operating activities, before changes in working capital and free cash flow to cash provided from operating activities:

$ thousands Three Months   Nine Months
Ended September 30, 2026   2025     2026   2025  
Cash provided from operating activities(1) 191,333   184,576     616,885   339,043  
Excluding:          
Changes in working capital(1) (10,004 ) (29,061 )   1,212   (17,994 )
Cash provided from operating activities, before changes in working capital 181,329   155,515     618,097   321,049  
Adriatic acquisition related costs –   10,276     –   15,406  
Fair value loss on copper stream liability 5,820   –     12,056   –  
Ada Tepe employee termination benefit expense(2) 680   –     3,806   –  
Gain on sale of Serbian exploration data(3) –   –     (2,650 ) –  
2025 Bulgarian levy(4) –   (6,094 )   –   12,188  
Cash outlays for sustaining capital expenditures(5) (5,945 ) (8,695 )   (13,327 ) (20,474 )
Principal repayments related to leases(5) (1,262 ) (1,752 )   (5,149 ) (4,558 )
Interest payments(5) (1,161 ) (1,483 )   (2,765 ) (2,176 )
Free cash flow 179,461   147,767     610,068   321,435  

(1) Excluded a favourable change in working capital of $13.0 million (2025 – $167.9 million) during the first nine months of 2026 related to the DPM Tolling Agreement.
(2) Represented accrued employee termination benefits as Ada Tepe reached the end of its mine life in July 2026.
(3) Represented proceeds from a sale of certain assets and data for a Serbian exploration license no longer retained by DPM.
(4) Represented an accrual of the one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines. During the third quarter of 2025, $6.1 million was paid in cash and the remaining accrual was $12.2 million as of September 30, 2025.
(5) Included in cash used in investing and financing activities, respectively, in the condensed interim consolidated statements of cash flows.


Average realized metal prices

Average realized metal prices are non-GAAP ratios used by management and investors to highlight the price actually realized by the Company relative to the average market price, which can differ due to the timing of sales, hedging and other factors.

Average realized metal prices represent the average per unit price recognized in the Company’s consolidated statements of earnings (loss) prior to any deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

The following table provides a reconciliation of the Company’s average realized metal prices to its revenue:

$ thousands, unless otherwise stated   Three Months   Nine Months
Ended September 30,   2026   2025     2026   2025  
Total revenue   311,640   267,413     983,547   598,047  
Add/(deduct):            
Treatment charges and other deductions(1)   20,886   20,948     56,952   49,703  
Antimony revenue   (581 ) (2 )   (882 ) (2 )
Gross revenue   331,945   288,359     1,039,617   647,748  
             
Revenue from gold   201,567   225,447     669,091   536,276  
Payable gold in concentrates sold oz 46,724   61,629     147,586   159,295  
Average realized gold price $/oz 4,314   3,658     4,534   3,367  
             
Revenue from silver   55,228   17,813     183,871   21,214  
Payable silver in concentrates sold oz 866,747   336,197     2,562,532   433,381  
Average realized silver price $/oz 63.72   52.98     71.75   48.95  
             
Revenue from copper   35,095   30,643     114,766   75,802  
Payable copper in concentrates sold Klbs 5,334   6,820     18,706   17,187  
Average realized copper price $/lb 6.58   4.49     6.14   4.41  
             
Revenue from zinc   29,877   9,712     51,438   9,712  
Payable zinc in concentrates sold Klbs 16,565   7,008     30,194   7,008  
Average realized zinc price $/lb 1.80   1.39     1.70   1.39  
             
Revenue from lead   10,178   4,744     20,451   4,744  
Payable lead in concentrates sold Klbs 12,068   5,332     23,851   5,332  
Average realized lead price $/lb 0.84   0.89     0.86   0.89  

(1) Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

Posted in UncategorizedTagged

DPM Metals Reports Third Quarter 2026 Financial Results; Expects to Achieve Higher-End of 2026 Production Guidance

Posted on by Ravi Shankar

TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or the “Company”) announced its operating and financial results for the third quarter and first nine months of the year ended September 30, 2026.

Highlights

(Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars.)

  • On-track to meet guidance: Produced 95,917 and 282,649 gold equivalent ounces (“GEO”)1 in the third quarter and first nine months of 2026. DPM is on-track to achieve the higher end of its 2026 production guidance.
  • All-in sustaining cost: Reported cost of sales per GEO sold of $1,203 and $1,193, and all-in sustaining cost per GEO sold2 of $1,580 and $1,472 in the third quarter and first nine months of 2026, respectively. DPM reconfirmed its 2026 guidance for all-in sustaining cost of $1,300 to $1,450 per GEO sold.
  • Robust free cash flow generation: Generated $179 million of free cash flow2 and $191 million of cash provided from operating activities in the third quarter.
  • Strong earnings: Reported third quarter adjusted net earnings2 of $144 million ($0.66 per share1) and net earnings of $134 million ($0.61 per share).
  • Vareš ramp-up to full production on-track: Vareš is expected to exceed the high end of its production guidance and is on track to achieve the ramp-up to full production by year-end.
  • Near-term growth potential at Chelopech: DPM expects to complete an initial Mineral Resource estimate for the Wedge Zone target by year-end 2026, and has commenced preparatory works for the ramp and twin declines that will provide access to the target.
  • Brevene Porphyry South prospect expands: Recent drilling confirmed that the high-grade porphyry system extends onto the Chelopech mine concession, and remains open to the north, south, west and at depth. DPM is targeting an initial resource estimate in the second half of 2027, which will form the basis of a preliminary economic assessment (“PEA”) planned for the first half of 2028.
  • Dumitru Potok advancing to a PEA: An updated Dumitru Potok Mineral Resource estimate is expected to be completed by the end of the first quarter of 2027, and a PEA is targeted to be complete by the end of 2027.
  • Čoka Rakita project: Following the October 25, 2026 parliamentary election in the Republic of Serbia, the Company notes that administrative and regulatory decision-making timelines may be extended as the new government is formed and the National Assembly is convened. DPM is continuing to advance engineering and procurement activities for the project.
  • Substantial liquidity for growth: Ended the quarter with a total of $839 million in cash and cash equivalents and an undrawn revolving $400 million credit facility with accordion feature to $550 million.
  • Continued capital discipline: Returned $172 million to shareholders during the first nine months of 2026 through dividends paid and shares repurchased, including $81 million in the third quarter (45% of free cash flow). As of November 11, 2026, year-to-date share repurchases totalled $198 million.

___________________
1    The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metals produced or sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price. The GEO calculated also includes minor quantities of other metals that are not considered material.

2   Free cash flow, adjusted net earnings, adjusted basic earnings per share, and all-in sustaining cost per GEO sold are non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. Refer to the “Non-GAAP Financial Measures” section commencing on page 19 of this news release for more information, including reconciliations to IFRS measures.


CEO Commentary

David Rae, President and Chief Executive Officer, made the following comments in relation to the third quarter results:

“We continue to deliver strong results, including $179 million of free cash flow and adjusted net earnings of $144 million or $0.66 per share, driven by strong operating performance and metal prices. With strong performance in the first nine months of the year, we are well-positioned to achieve the higher end of our production guidance.

“We are very pleased with the progress at Vareš, which achieved commercial production ahead of schedule in August and remains on track to reach the 850,000 tonne per year run-rate by year-end. Wedge is advancing as a near-term growth prospect, and we are commencing ramp development during the fourth quarter to support first production towards the end of 2028.

“Our exploration success continues to transform our growth outlook, which is fully funded and generating significant value for our shareholders. At Brevene Porphyry South, recent drilling confirmed that the high-grade system extends onto the Chelopech mine concession and remains open in multiple directions. At the Rakita Camp, we are advancing Dumitru Potok towards an updated Mineral Resource estimate in the first quarter of 2027 and a PEA by the end of 2027.”

Use of non-GAAP Financial 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 meanings 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 judgment 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. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

The Company uses the following non-GAAP financial measures and ratios in this news release:

  • mine cash cost
  • cash cost per tonne of ore processed
  • mine cash cost of sales
  • cash cost per GEO sold
  • all-in sustaining cost
  • all-in sustaining cost per GEO sold
  • adjusted earnings (loss) before interest, taxes, depreciation and amortization (“adjusted EBITDA”)
  • adjusted net earnings (loss)
  • adjusted basic earnings (loss) per share
  • cash provided from operating activities, before changes in working capital
  • free cash flow
  • average realized metal prices

For a detailed description of each of the non-GAAP financial measures and ratios used in this news release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release.

Key Operating and Financial Highlights

$ millions, except where noted   Three Months   Nine Months
Ended September 30,   2026 2025 Change   2026 2025 Change
Operating Highlights(1)                
Ore processed t 710,524 816,018 (13 %)   2,327,816 2,227,140 5 %
GEO produced(2) oz 95,917 86,941 10 %   282,649 216,399 31 %
GEO sold(2) oz 76,928 78,190 (2 %)   229,944 191,386 20 %
Cost of sales per GEO sold(3) $/oz 1,203 1,456 (17 %)   1,193 1,273 (6 %)
All-in sustaining cost per GEO sold(3,4) $/oz 1,580 1,465 8 %   1,472 1,423 3 %
Capital expenditures incurred(5):                
Sustaining(6)   8.1 8.6 (6 %)   14.5 22.1 (34 %)
Growth and other(7)   25.6 12.1 112 %   87.7 40.1 119 %
Total capital expenditures   33.7 20.7 63 %   102.2 62.2 64 %
Financial Highlights(1)                
Revenue   311.6 267.4 17 %   983.5 598.0 64 %
Cost of sales   92.5 113.9 (19 %)   274.2 243.6 13 %
Earnings before income taxes   157.4 108.3 45 %   602.4 238.9 152 %
Adjusted EBITDA(4)   192.1 165.7 16 %   663.4 355.0 87 %
Net earnings   133.8 96.0 39 %   529.8 211.9 150 %
Basic earnings per share $/sh 0.61 0.54 13 %   2.40 1.23 95 %
Adjusted net earnings(4)   144.2 129.2 12 %   523.2 272.2 92 %
Adjusted basic earnings per share(4) $/sh 0.66 0.73 (10 %)   2.37 1.57 51 %
Cash provided from operating activities(8)   191.3 184.5 4 %   616.9 339.0 82 %
Free cash flow(4)   179.5 147.7 21 %   610.1 321.4 90 %
Dividends paid   8.8 6.7 32 %   26.5 20.5 29 %
Payments for share repurchases(9)   71.7 – 100 %   145.2 116.1 25 %

    Three Months   Nine Months
Ended September 30,   2026 2025 Change   2026 2025 Change
Metal Prices                
Average market prices:                
Gold $/oz 4,270 3,454 24 %   4,554 3,199 42 %
Silver $/oz 62.73 39.38 59 %   73.52 34.98 110 %
Copper $/lb 6.40 4.44 44 %   6.09 4.33 41 %
Zinc $/lb 1.74 1.28 36 %   1.59 1.26 26 %
Lead $/lb 0.84 0.89 (6 %)   0.87 0.89 (2 %)
Average realized prices(4):                
Gold $/oz 4,314 3,658 18 %   4,534 3,367 35 %
Silver $/oz 63.72 52.98 20 %   71.75 48.95 47 %
Copper $/lb 6.58 4.49 47 %   6.14 4.41 39 %
Zinc $/lb 1.80 1.39 29 %   1.70 1.39 22 %
Lead $/lb 0.84 0.89 (6 %)   0.86 0.89 (3 %)

(1) Operating and financial highlights for the third quarter and first nine months of 2025 included pre-commercial production Vareš results during the period from September 3 to September 30, 2025.
(2) The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metals produced or sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price. The GEO calculated also includes minor quantities of other metals that are not considered material.
(3) Cost of sales per GEO sold represents total cost of sales for Chelopech, Ada Tepe and Vareš, where applicable, divided by GEO sold, while all-in sustaining cost per GEO sold includes treatment and freight charges, where applicable, all of which are reflected in revenue.
(4) All-in sustaining cost per GEO sold; average realized metal prices; adjusted EBITDA; adjusted net earnings; adjusted basic earnings per share and free cash flow are non-GAAP financial measures or ratios. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures.
(5) Capital expenditures incurred are reported on an accrual basis and do not represent the cash outlays for capital expenditures.
(6) Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the asset or business without any associated increase in capacity, life of assets or future earnings. This measure is used by management and investors to assess the extent of non-discretionary capital spending being incurred by the Company each period.
(7) Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase life of assets and/or increase future earnings. This measure is used by management and investors to assess the extent of discretionary capital spending being undertaken by the Company each period.
(8) For the first nine months of 2026, cash provided from operating activities excluded $13.0 million (2025 – $167.9 million), related to DPM’s disposition of the Tsumeb smelter in August 2024 and the subsequent four-month tolling agreement between DPM and Sinomine Resource Group Co. Ltd. (the “DPM Tolling Agreement”).
(9) Excluded payments for taxes on share repurchases of $2.3 million (2025 – $1.0 million) for the first nine months of 2026.

Performance Highlights

The following table compares production, sales and cash cost measures by asset for the third quarter and first nine months of 2026 against 2026 guidance:

    Q32026 YTD September 2026 2026 Consolidated Guidance
  Chelopech Ada Tepe Vareš Consolidated Chelopech Ada Tepe Vareš Consolidated
Ore processed Kt 530.1 37.3 143.1 710.5 1,585.7 402.7 339.4 2,327.8 2,870 – 3,100
Metals contained in concentrates produced                    
Gold Koz 40.9 1.6 10.4 52.9 116.0 24.5 24.9 165.4 195 – 225
Silver Koz 45.8 1.3 886.0 933.1 378.9 17.2 2,841.9 3,238.0 3,700 – 4,400
Copper Mlbs 5.5 – 1.9 7.4 20.2 – 4.0 24.2 34 – 40
Zinc Mlbs – – 27.8 27.8 – – 52.1 52.1 59 – 71
Lead Mlbs – – 17.3 17.3 – – 35.4 35.4 35 – 42
GEO Koz 49.7 1.7 44.5 95.9 149.1 24.8 108.7 282.6 305 – 365
Payable metals in concentrates sold                    
Gold Koz 37.3 1.8 7.6 46.7 105.2 25.2 17.2 147.6 175 – 205
Silver Koz 41.5 1.1 824.1 866.7 345.9 14.6 2,202.0 2,562.5 3,300 – 4,000
Copper Mlbs 4.8 – 0.5 5.3 17.8   0.9 18.7 26 – 31
Zinc Mlbs – – 16.6 16.6 – – 30.2 30.2 44 – 53
Lead Mlbs – – 12.1 12.1 – – 23.9 23.9 27 – 32
GEO Koz 45.0 1.8 30.1 76.9 134.5 25.4 70.0 229.9 265 – 310
Cost of sales per tonne of ore processed $/t 92 114 276   91 168 184    
Cash cost per tonne of ore processed(1) $/t 78 102 211   75 91 268    
Cost of sales per GEO sold $/oz 1,085 2,341 1,312 1,203 1,070 2,668 892 1,193  
All-in sustaining cost per GEO sold $/oz 1,460 2,211 767 1,580 1,365 1,597 717 1,472 1,300 – 1,450

(1) At Vareš, cash cost per tonne of ore processed is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed. On a net basis, cash cost was $163 and $138 per tonne of ore processed, respectively, for the third quarter and first nine months of 2026.

With continued strong operating performance in the third quarter and first nine months of 2026, the Company expects to achieve the high end of its GEO production guidance for 2026. Vareš achieved commercial production ahead of schedule and is on track to achieve the ramp-up to full production by year-end. The operating results of Vareš have been included in the Company’s consolidated results since September 3, 2025, the date of acquisition. In addition, the mine closure activities at Ada Tepe are progressing well following the conclusion of operations on July 15, 2026.

Highlights include the following:

Chelopech, Bulgaria: GEO produced in the third quarter of 2026 was lower than 2025, due primarily to lower overall metals production and higher prices for gold, partially offset by higher prices for copper and silver. GEO produced in the first nine months of 2026 was lower than 2025, due primarily to lower production and higher prices for gold, partially offset by higher production and prices for silver, and higher prices for copper. Chelopech is on-track to achieve its GEO production guidance for 2026.

Gold contained in concentrates produced in the third quarter and first nine months of 2026 was lower than 2025 due primarily to lower gold grades, as well as lower gold recoveries in the first nine months of 2026, in line with the mine plan. Silver contained in concentrates produced in the third quarter of 2026 was lower than 2025 due primarily to lower silver grades. Silver contained in concentrates produced in the first nine months of 2026 was higher than 2025 due primarily to higher silver grades and recoveries. Copper production in the third quarter of 2026 was lower than 2025 due primarily to lower copper grades. Copper production in the first nine months of 2026 was comparable to 2025.

GEO sold in the third quarter of 2026 was lower than 2025 due primarily to lower GEO produced, partially offset by timing of deliveries. GEO sold in the first nine months of 2026 was comparable to 2025. Payable gold in concentrates sold in the third quarter and first nine months of 2026 was lower than 2025 reflecting lower gold production, partially offset by timing of deliveries. Payable copper and silver in concentrates sold in the third quarter of 2026 was lower than 2025 due primarily to lower copper and silver production, partially offset by timing of deliveries. Payable copper and silver in concentrates sold in the first nine months of 2026 was higher than 2025 due primarily to timing of gold-copper concentrate deliveries and higher silver production in pyrite concentrate.

All-in sustaining cost per GEO sold in the third quarter and first nine months of 2026 was higher than 2025 due primarily to higher labour costs, higher energy costs, and higher maintenance costs, as well as lower volumes of GEO sold in the third quarter of 2026 and a stronger Euro relative to the U.S. dollar for the first nine months of 2026.

Ada Tepe, Bulgaria: Ada Tepe reached the end of its mine life, with production having concluded as of July 15, 2026. Gold contained in concentrate produced and GEO produced in the third quarter and first nine months of 2026 was lower than 2025 due primarily to lower volumes of ore mined and processed.

Payable gold in concentrate sold and GEO sold in the third quarter and first nine months of 2026 was consistent with gold production compared to 2025.

All-in sustaining cost per GEO sold in the third quarter and first nine months of 2026 was higher than 2025 due primarily to lower volumes of GEO sold, partially offset by lower cash outlays for sustaining capital expenditures.

Vareš, Bosnia and Herzegovina: Vareš achieved commercial production on August 10, 2026 by exceeding an average of 60% of design throughput capacity and recoveries over a period of 30 consecutive days. Metals contained in concentrates produced were in line with the planned ramp-up of the mine to full production of 850,000 tonnes per annum, which is on track for the end of 2026, with the second tailings filter expected to begin commissioning in November. In 2026, Vareš is expected to be above the high end of its guidance ranges for ore processed and GEO production.

Payable metals in concentrates sold were lagging metals produced due primarily to timing of deliveries during the third quarter and first nine months of 2026. In 2026, GEO sold at Vareš is expected to be at the high end of its guidance range.

All-in sustaining cost per GEO sold at Vareš for the first nine months of 2026 was below the low end of its 2026 guidance range due primarily to the capitalization of certain pre-commercial production operating costs. It is expected to increase during the balance of the year as the gross operating costs at Vareš are now included in its all-in sustaining cost post-commercial production. All-in sustaining cost per GEO sold at Vareš for the full year is expected to be at the low end of its 2026 guidance range due primarily to lower gross operating costs and higher GEO sold.

Cash cost per tonne of ore processed, before capitalization, is expected to be at the low end of its 2026 guidance range due primarily to lower gross operating costs and higher volume of ore processed. The Company continues to evaluate opportunities to optimize the cost structure for 2027 and beyond, targeting the cash cost per tonne metrics outlined in the Vareš Technical Report.

Cost of sales for the third quarter and first nine months of 2026 included $17.1 million in depreciation expense related to the Vareš mine properties. The depreciable value of these mine properties reflected their carrying value, together with the fair value adjustment recognized as part of the purchase price allocation. Depreciation commenced on August 10, 2026, when commercial production was declared.

At full production rates over the life of the mine, annualized depreciation of these mine properties, net of the reversal of deferred tax liabilities associated with the fair value adjustment, is expected to decrease the Company’s net earnings by approximately $180 per tonne of ore processed at Vareš.

Consolidated Operating Highlights

Production: GEO production in the third quarter and first nine months of 2026 was 10% and 31% higher than 2025, respectively, reflecting higher overall metals production at Vareš, partially offset by lower gold production at Ada Tepe following the end of its mine life in July, and lower gold and copper production at Chelopech.

Deliveries: GEO sold in the third quarter of 2026 was comparable to 2025 due primarily to higher GEO production, partially offset by timing of deliveries. GEO sold in the first nine months of 2026 was 20% higher than 2025 reflecting primarily the inclusion of Vareš, partially offset by lower gold production at Ada Tepe.

Cost measures: Cost of sales in the third quarter of 2026 was 19% lower than 2025 due primarily to Ada Tepe reaching the end of its mine life in July 2026. This was partially offset by the inclusion of Vareš beginning in September 2025, as well as higher labour costs, and energy costs at Chelopech. Cost of sales in the first nine months of 2026 was 13% higher than 2025 due primarily to the inclusion of Vareš, as well as higher labour costs at Chelopech, a stronger Euro relative to the U.S. dollar, and higher energy costs at Chelopech. These increases were partially offset by Ada Tepe reaching the end of its mine life in July 2026. Cost of sales for the third quarter and first nine months of 2026 included $17.1 million in depreciation expense related to the Vareš mine properties. Depreciation commenced on August 10, 2026, when commercial production was declared. Cost of sales for the third quarter and first nine months of 2025 also included a non-cash fair value adjustment on inventories of $25.5 million.

All-in sustaining cost per GEO sold in the third quarter and first nine months of 2026 was 8% and 3% higher than 2025, respectively, due primarily to higher costs at Chelopech and Ada Tepe, reflecting higher labour costs, and higher energy costs, as well as a stronger Euro relative to the U.S. dollar for the first nine months of 2026. These increases were partially offset by all-in sustaining cost per GEO sold at Vareš, which was below the low end of its 2026 guidance range due to the capitalization of certain pre-commercial production operating costs. All-in sustaining cost was also impacted by mark-to-market adjustments to share-based compensation expenses, which resulted in an increase of $270 and $154 per GEO sold, respectively, in the third quarter and first nine months of 2026, compared to an increase of $213 and $159 per GEO sold in the corresponding periods in 2025, reflecting DPM’s strong share price performance.

Capital expenditures: Sustaining capital expenditures incurred in the third quarter of 2026 were 6% lower than 2025 due primarily to no capital expenditures at Ada Tepe as the mine reached the end of its life in July 2026, partially offset by capital expenditures at Vareš as the mine achieved commercial production in August 2026, and higher capital expenditures at Chelopech. Sustaining capital expenditures incurred in the first nine months of 2026 were 34% lower than 2025 due primarily to no capital expenditures at Ada Tepe as the mine reached the end of its life in the year.

Growth capital expenditures incurred in the third quarter and first nine months of 2026 were 112% and 119% higher than 2025, respectively, due primarily to the capital expenditures at Vareš, including the capitalization of certain pre-commercial production operating costs, partially offset by lower capital costs related to the Čoka Rakita project due primarily to timing of expenditures.

Consolidated Financial Highlights

DPM delivered strong financial results in the third quarter and first nine months of 2026, benefiting from higher metal prices and the addition of the Vareš mine to its portfolio. The financial results of Vareš have been included in the Company’s consolidated financial statements since September 3, 2025, the date of acquisition.

Revenue: Revenue in the third quarter and first nine months of 2026 was 17% and 64% higher than 2025, respectively, due primarily to higher realized metal prices, and higher GEO sold at Vareš following acquisition, partially offset by lower GEO sold at Ada Tepe.

Net earnings: Net earnings in the third quarter of 2026 were 39% higher than 2025, due primarily to higher revenue and lower cost of sales, partially offset by higher income taxes, higher exploration expenses, a $5.8 million fair value loss on copper stream liability, and higher mark-to-market adjustments to share-based compensation expenses. Net earnings in the first nine months of 2026 were 150% higher than 2025, due primarily to higher revenue and a $32.9 million reversal of certain provisions at Vareš, partially offset by higher cost of sales, higher income taxes, higher exploration expenses and higher mark-to-market adjustments to share-based compensation expenses, as well as a $12.1 million fair value loss on copper stream liability and a $9.5 million loss on settlement of a previously recognized receivable related to the DPM Tolling Agreement. The first nine months of 2025 also included a one-time levy of $24.4 million to the Bulgarian state budget related to Chelopech and Ada Tepe and Adriatic acquisition related costs of $15.4 million.

Adjusted net earnings: Adjusted net earnings in the third quarter and first nine months of 2026 were 12% and 92% higher than 2025, respectively, due primarily to the same factors affecting net earnings, with the exception of adjusting items primarily related to the reversal of certain provisions at Vareš, a fair value loss on copper stream liability, and the loss on settlement of tolling receivable, as well as the 2025 Bulgarian levy, Adriatic acquisition related costs and the non-cash fair value adjustment on inventories at Vareš.

Cash provided from operating activities: Cash provided from operating activities in the third quarter of 2026 was 4% higher than 2025, due primarily to higher earnings generated in the period, partially offset by the timing of payments to suppliers, the timing of deliveries and subsequent receipt of cash and lower interest received. Cash provided from operating activities in the first nine months of 2026 was 82% higher than 2025, due primarily to higher earnings generated in the period and the timing of deliveries and subsequent receipt of cash, partially offset by the timing of payments to suppliers, lower interest received and higher income taxes paid. The first nine months of 2026 also included higher annual cash redemption under the share-based compensation plans reflecting DPM’s strong share price performance, and a cash redemption of certain Deferred Share Units.

Free cash flow: Free cash flow in the third quarter and first nine months of 2026 was 21% and 90% higher than 2025, respectively, due primarily to the same factors impacting adjusted net earnings. Free cash flow is calculated before changes in working capital.

Bosnia and Herzegovina Constitutional Court Decision

On September 30, 2026, the Constitutional Court of Bosnia and Herzegovina (the “Court”) published its full decision on the outcome of the constitutional dispute between Bosnia and Herzegovina (the “State”) and the Federation of Bosnia and Herzegovina concerning the authority of the Federation, cantonal and municipal bodies to adopt or enter into certain acts related to State-owned forests and forestry land, including the Vareš Concession Agreement and its annexes. The Court found that certain acts, including the Concession Agreement, together with the related decisions of relevant authorities concerning forest land conversion and easement rights, were not in conformity with Articles I(2) and III(3)(b) of the Constitution of Bosnia and Herzegovina, as the relevant Federation, cantonal and municipal authorities did not have the authority to deal with such property contrary to the Law on the Temporary Prohibition of Disposal of State Property and without the involvement of Bosnia and Herzegovina and its Attorney General’s Office. The Court’s decision is final and not subject to appeal. The decision does not terminate or suspend the Concession Agreement or any of its annexes, and operations at Vareš continue as normal. The Court has ordered a six-month review period for applicable authorities to review the challenged acts and take the necessary steps to bring the matter into conformity and set aside those acts that are found to not comply with the Law on the Temporary Prohibition of Disposal of State Property. During the review period, DPM is engaging with State, Federation, and cantonal authorities in order to represent its interests and to support a State-level solution to the State property issue in the country.

Refer to the Company’s news release dated October 1, 2026, for information with respect to the recent decision of the Constitutional Court in Bosnia and Herzegovina and the “Cautionary Note Regarding Forward Looking Information” section of this news release.

Development Projects Update

Čoka Rakita, Serbia

Following the October 25, 2026 parliamentary election in the Republic of Serbia, the Company notes that administrative and regulatory decision-making timelines may be extended as the new government is formed and the National Assembly is convened. DPM will work with the relevant authorities to align the scheduling of the next phase of the Čoka Rakita project, if the process of the government’s formation requires it. The Company has had a presence in Serbia since 2004 and remains committed to Čoka Rakita with timeline updates, if necessary, to be provided in due course.

In parallel, DPM is continuing to advance engineering and procurement activities for the project, including dismantling and refurbishing of the Ada Tepe mill components, the ramp-up of purchases and securing of fabrication timelines for critical equipment, selection of the underground contractor and advancing detailed engineering.

DPM remains committed to working proactively with all levels of government and local communities, and to operating in accordance with industry best practices and applicable Serbian and European Union standards.

The Company has planned to spend between $49 million to $53 million of growth capital expenditures for the Čoka Rakita project in 2026, with $13.7 million incurred in the first nine months of the year. These activities are primarily related to pre-construction activities, including detailed engineering, environmental and permitting activities, early works, and operational readiness planning. Subject to permitting progress and schedule acceleration, approximately $42 million of pre-committed initial capital for the project was also included in the 2026 detailed guidance related to early contractor engagement and procurement activities in advance of a formal construction decision.

Exploration

Chelopech Camp, Bulgaria

Brevene Porphyry South Discovery: In late September 2026, DPM announced new high-grade intercepts from delineation drilling and expansion of the gold-copper porphyry mineralization at the Brevene Porphyry South discovery, located at the boundary of the Chelopech mine concession and the southeastern part of the Brevene exploration licence.

Recent results from drilling, including extended intercepts of the previously reported intervals in hole EX_BRES_555_02A with 716.60 metres at 3.30 g/t AuEq (comprising 1.63 g/t Au and 1.58% Cu), and drill hole EX_BRESPO_03 with 1,054 metres at 2.49 g/t AuEq (comprising 1.20 g/t Au and 1.20% Cu) demonstrate the significant vertical extent (over 1,000 metres) and potential for scale and continuity with broad, continuous intervals of high-grade copper-gold porphyry mineralization.

Drilling confirmed a large potassic alteration envelope exceeding 500 metres by 500 metres and more than 1,000 metres in vertical extent, and indicate a northwestward extension of the potassic alteration envelope onto the Chelopech mine concession. The system remains open to the north, south, west, and at depth, where it is interpreted to plunge to the southwest. Up to 15,000 metres of additional drilling from the Chelopech mine concession are planned through year-end 2026, followed by continued delineation through 2027. In addition, preliminary metallurgical testwork indicates that Brevene Porphyry South mineralization is amenable to conventional rougher-cleaner flotation, with open-cycle tests producing copper-gold concentrates at grades ranging between 10% to 25% for copper and 12 g/t to 20 g/t gold.

Drilling activities within the Brevene exploration licence continued until the end of September, at which point the exploration licence period concluded. The Company shifted drilling to the existing Chelopech mine concession, where the latest results have confirmed the Brevene Porphyry South target extends north onto the concession. Surface drilling is ongoing with 12 drill rigs focused on assessing the Mineral Resource potential of the Brevene Porphyry South discovery. The Company is targeting an initial Mineral Resource estimate for the Brevene Porphyry South in the second half of 2027, with a PEA planned in the first half of 2028.

Approximately 15,000 additional metres of drilling is planned through the end of 2026. This expanded program is focused on delineating the northern and western extensions of the porphyry system, as well as testing the depth potential, where mineralization remains open. Further delineation drilling will continue in 2027, to support the Company’s internal Mineral Resource estimates and technical evaluations. DPM is targeting an initial resource in the second half of 2027, to form the basis of a preliminary economic assessment planned for the first half of 2028.

In parallel with the drilling program, the Company continues to advance activities in support of converting the Brevene exploration licence to a mining concession. In late August, the final geology report, which includes technical and economic assessment, was submitted to the Ministry of Energy, with regulatory review ongoing.

The key milestones in this regulatory process include recognition of a Commercial Discovery; submission of a mining concession application; environmental and other permitting requirements; and ultimately, granting of a concession contract, all of which is subject to regulatory review and approval. As the Company advances through this regulatory process, DPM’s near-term exploration updates regarding the Chelopech camp will be focused on results from within the mine concession area, with further Brevene exploration results to resume once the regulatory milestones are achieved.

For additional information regarding exploration activities and recent significant drilling intercepts for Brevene Porphyry South, see the news release entitled “DPM Metals Expands Brevene Porphyry South Discovery with New High-Grade Intercepts” dated September 20, 2026, available on the Company’s website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.

Wedge Zone (Block 250): DPM has continued to advance the high-grade Wedge Zone prospect, which will be referred to as Block 250 as it is incorporated into the mine plan for Chelopech as a near-term opportunity, which is expected to grow production and extend mine life at Chelopech commencing in late 2028. The Company is on track to complete an initial Mineral Resource estimate by year-end and has commenced preparatory works for the ramp and twin declines that will provide access to Block 250. Development of the ramp is commencing in the fourth quarter of 2026, with contractor-led construction of the twin declines targeted to begin in the first quarter of 2027.

Extensional drilling of Block 250 towards the west continued, with a total of 1,948 metres drilled during the third quarter of 2026.

DPM will continue to explore the broader Wedge Zone corridor in 2026 for additional mineralization, informed by the possibility of telescoping within the Chelopech hydrothermal system, where alteration and mineralization assemblages typically developed at higher structural levels may occur at greater depth than would normally be expected. Exploration will also test analogous structural settings along the Petrovden Fault.

Based on the potential new results from its exploration campaign, the Company increased its guidance for the Chelopech brownfield exploration activities in 2026 to a range of $27 million to $28 million, up from the original guidance range of $16 million to $17 million, with $21.6 million incurred in the first nine months of the year. In addition, the Company now plans to fund an additional $5 million for engineering and design work related to the development of twin declines to Block 250, increasing the guidance for the growth capital expenditures at Chelopech to be between $9 million to $10 million, up from the initial guidance range of $4 million to $5 million. Development costs at Block 250 will be capitalized to mine properties at Chelopech upon completion of the initial mineral resource estimate, which is planned before year-end.

Rakita Camp, Serbia

During the third quarter of 2026, exploration activities in Serbia were performed on the Potaj Čuka, Čoka Rakita, Pester Jug and Umka licences. A total of 19,283 metres of drilling was completed during the quarter.

Up to fifteen drill rigs were active at the Čoka Rakita licence during the third quarter of 2026, with 12,762 metres drilled. Infill, delineation and extension drilling continued at the Dumitru Potok prospect, with a main focus on increasing the drill density and extending mineralization footprint along strike and laterally. Two drill rigs are dedicated to dual targeting, the Frasen porphyry/adjacent stratabound mineralization and deeper contact skarn mineralization at Dumitru Potok contact skarn area. One drill rig is dedicated for the Rakita North area and one drill rig for the Rakita south drill program.

Recent results from drilling at the Dumitru Potok and Rakita North prospects demonstrate further growth potential, with mineralization open along strike, laterally and at depth, including priority extensions to the west and southwest of the existing Dumitru Potok Mineral Resource, and to the north and east at Rakita North. These results improve the Company’s understanding of mineralization geometry and indicate mineralized tonnage may be greater than previously modelled.

Drilling extended the marble-hosted intrusive skarn mineralization approximately 90 metres west and 100 metres southwest (drill holes BIDD253 and DPDD037A) and returned encouraging results 300 metres to the north of the Mineral Resource (DPDD039A), indicating further expansion potential at shallow levels.

Given the success to date, DPM is expanding the 2026 drilling program by an additional 12,000 to 15,000 metres. The drilling program will focus on expanding the existing Dumitru Potok Mineral Resource estimate, infill drilling and target testing across the Čoka Rakita exploration licence.

An updated Dumitru Potok Mineral Resource estimate is expected to be complete by the end of the first quarter of 2027, which will form the basis of a PEA targeted to be complete by the end of 2027.

The Company continued its drilling campaign on the Potaj Čuka licence, with 3,558 metres drilled during the third quarter of 2026, which was primarily focused on the Valja Saka prospect, and additional scout targets across the licence. The Valja Saka drill program aimed to test the continuation of mineralized zones and different mineralization styles intersected in previous campaigns. Drill testing of several best-ranked target areas have been completed and confirmed the stratigraphy sequence and structural patterns.

In response to the encouraging results achieved to date, the Company has increased its guidance for the Serbian exploration activities in 2026 to a range of $38 million to $40 million, up from the original guidance range of $25 million to $30 million, with $29.5 million incurred in the first nine months of the year.

Vareš, Bosnia and Herzegovina

During the third quarter of 2026, work at Vareš focused on testing for high-grade extension potential at Rupice, advancing drilling at Droskovac-Brezik, and progressing the broader camp target pipeline. A total of 3,399 metres were drilled during the period, comprising nine holes and a total of approximately 2,489 metres drilled at Rupice and two holes and a total of approximately 910 metres drilled at Droskovac-Brezik.

Meanwhile, mapping and rock-chip sampling continued across the Rupice–Medujak–Borovica and Mekuse–Vareš East areas.

In the fourth quarter, the Company expects to continue follow-up drilling at Rupice, targeting its southwest and northeast extensions. Drilling and borehole electromagnetic geophysical work will also continue at Droskovac-Brezik. The Company plans to commence drilling at Medujak and Borovica, as well as downhole transient electromagnetic surveying across the Rupice-Borovica area.

The Company has decreased its guidance for Vareš brownfield exploration to a range of $3 million to $4 million, down from the initial guidance of $10 million to $11 million, due primarily to timing of spend. The Company has also planned $1 million to $2 million for Bosnia and Herzegovina greenfield exploration in 2026. Exploration expenditure incurred during the first nine months of the year totalled $2.6 million.

Balance Sheet Strength and Financial Flexibility

The Company continues to maintain a strong cash and liquidity position and is well-positioned to fund growth, ending the quarter with a cash position of $839.2 million, no debt and an undrawn $400.0 million revolving credit facility with an accordion feature to $550.0 million.

Cash and cash equivalents increased by $341.4 million in the first nine months of 2026 due primarily to earnings generated in the period, partially offset by payments for shares repurchased under the NCIB, cash outlays for capital expenditures, cash redemptions under the share-based compensation plans, income taxes paid and dividends paid.

Return of Capital to Shareholders

In line with its disciplined capital allocation framework, DPM continues to return excess capital to shareholders, which currently includes a sustainable quarterly dividend and periodic share repurchases under the NCIB.

During the first nine months of 2026, the Company returned a total of $171.7 million to shareholders through the repurchase of approximately 4.0 million shares, for a total cash payment of $145.2 million, and $26.5 million of dividends paid. From October 1 to November 11, 2026, the Company purchased additional 1,255,759 shares at a total cost of $48.8 million, bringing year-to-date 2026 repurchases to 5,259,107 shares, for an aggregate cost of $198.4 million.

On November 12, 2026, the Company declared a dividend of $0.04 per common share payable on January 15, 2027 to shareholders of record on December 31, 2026.

2026 Guidance and Three-year Outlook

With continued strong operating performance in the third quarter and first nine months of 2026, the Company is on track to meet its guidance for 2026. DPM expects to be at the higher end of GEO production of 305,000 to 365,000 ounces, and to be in line with its all-in sustaining cost guidance of $1,300 to $1,450 per GEO sold, subject to dynamics such as the mark-to-market impact of DPM’s share price, as well as other movements as outlined below relative to guidance assumptions.

The three-year outlook previously issued in DPM’s MD&A for the year ended December 31, 2025 remains unchanged, except for the following updates to the Company’s guidance for 2026:

  • Exploration expenses are now expected to be between $75 million and $80 million, up from the initial guidance range of $60 million to $70 million, reflecting positive results to date. The updated guidance supports additional drilling associated with the Brevene Porphyry South licence, with an initial mineral resource estimate targeted for the second half of 2027, and the Wedge Zone (Block 250) at Chelopech, where ramp development is commencing in the fourth quarter of 2026, as well as Serbian drilling programs. This increase is partially offset by the expected lower costs for the Vareš brownfield exploration due to timing of activities.
  • Growth capital expenditures have been updated as follows:
    • At Vareš, growth capital expenditures are now expected to be between $90 million to $100 million, down from the initial guidance range of $100 million to $125 million, reflecting the earlier than expected declaration of commercial production at the mine operations and the corresponding reduction in capitalized pre-commercial production operating costs, and lower gross cash cost; and
    • At Chelopech, growth capital expenditures are now expected to be between $9 million and $10 million, up from the initial guidance range of $4 million to $5 million. The updated guidance supports engineering and design work related to the development of twin declines to Wedge Zone (Block 250), as DPM continues to target first production in late 2028. Development costs at Wedge Zone (Block 250) will be capitalized to mine properties at Chelopech upon completion of the initial mineral resource estimate, which is planned before year-end.

The Company’s three-year outlook for the Čoka Rakita project remains unchanged. Following the October 25, 2026 parliamentary election in the Republic of Serbia, the Company notes that administrative and regulatory decision-making timelines may be extended while the new government is formed and the National Assembly is convened. DPM is continuing to advance engineering and procurement activities for the project and remains committed to the project with timeline updates, if necessary, to be provided in due course.

Certain key cost measures in the Company’s detailed guidance for 2026 are sensitive to market assumptions, including metal prices, oil prices and foreign exchange rates. The following table demonstrates the sensitivity in these market assumptions over the balance of the year on the consolidated GEO sold and all-in sustaining cost per GEO sold provided in the 2026 guidance.

  Assumptions Hypothetical
change 		GEO sold
(Koz)		 All-in sustaining
cost per GEO sold
($/oz)
Metal Prices        
Gold $4,200/oz +/- 10% -3/+4 +15/-17
Silver $50/oz +/- 10% +/-1 -/+6
Copper $5.00/lb +/- 10% +/-1 -/+3
Zinc $1.30/lb +/- 10% +/-1 -/+3
Lead $0.90/lb +/- 10% +/-1 -/+ 2
Oil Price(1) $65/barrel +/-$10/barrel N/A +/- 3
Foreign Exchange        
Euro/US$  1.20  +/- 10% N/A +/- 29

(1) The Company’s 2026 guidance assumes an oil price of $65 per barrel. The increase in crude oil prices beginning in March 2026 did not have a significant impact on the Company’s all-in sustaining cost per GEO sold in the first nine months of 2026. However, if oil prices remain elevated under the current geopolitical environment, the Company expects higher costs for diesel consumed in mine operations, as well as for freight charges included in selling cost, which are sensitive to oil prices. For the balance of 2026, each $10 per barrel change in the oil price is expected to impact the Company’s all-in sustaining cost by approximately $3 per GEO sold, comprising an estimated $1 per GEO impact from direct diesel costs and $2 per GEO impact from freight charges.

For additional information regarding the Company’s detailed guidance for 2026 and current three-year outlook, please refer to the “Three-Year Outlook” section of the MD&A.

Third Quarter 2026 Results Conference Call and Webcast

At 9 a.m. EST on Friday, November 13, 2026, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate via conference call, register in advance at the link provided below to receive the dial-in information as well as a unique PIN code to access the call.

The call registration and webcast details are as follows:

Conference call date and time Friday, November 13, 2026
9 a.m. EST
Call registration https://register-conf.media-server.com/register/BI872678320a1940ef9c874e68551c8e68
Webcast link https://edge.media-server.com/mmc/p/duyydm3o
Replay Archive will be available on www.dpmmetals.com

This news release and DPM’s unaudited condensed interim financial statements and MD&A for the three and nine months ended September 30, 2026 are posted on the Company’s website at www.dpmmetals.com and have been filed on SEDAR+ at www.sedarplus.ca.

Qualified Person

The technical and scientific information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, and has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), Director, Corporate Technical Services, of DPM, who is a Qualified Person as defined under NI 43-101, and who is not independent of the Company.

About DPM Metals Inc.

DPM Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador. The Company’s purpose is to unlock resources and generate value to thrive and grow together. Our strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from our portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for our shareholders. DPM trades on the Toronto Stock Exchange (symbol: DPM) and the Australian Securities Exchange as a Foreign Exempt Listing (symbol: DPM).

For further information, please contact:

Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
jcameron@dpmmetals.com

Cautionary Note Regarding Forward Looking Statements

This news release contains “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”) that involve a number of risks and uncertainties. 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 news release relate to, among other things: forecasted results of production in 2026 and onward and the ability of the Company to meet previously provided guidance in respect thereof; expected cash flows; the price of gold, copper, and silver, and other minerals; 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; the potential outcome of the review by authorities of the Company’s Concession Agreement at Vareš, other instruments and related acts and the Company’s intended next steps with respect to its engagements with authorities; anticipated rates of production from the Vareš operation and the timing thereof; anticipated steps in the development and ramp-up of the Vareš operation, including the second tailings filter, and the anticipated timing for completion thereof; currency fluctuations; the completion of technical and economic studies and the timing and results thereof; anticipated steps in the continued development of the Čoka Rakita project, including exploration, permitting activities, environmental assessments, and stakeholder engagement, the commencement of construction, and the anticipated timing thereof; anticipated steps in the development of the Wedge Zone prospect at Chelopech, the timing thereof, and their anticipated impact on future rates of production and mine life; anticipated steps in the development of the Brevene prospect, including applicable permitting processes and completion of an initial Mineral Resource estimate and PEA, and the timing thereof; anticipated steps in the development of Dumitru Potok, including completion of an updated Mineral Resource estimate and PEA and the anticipated timing thereof; closure and rehabilitation activities at Ada Tepe and the anticipated timing thereof; the ability of the Company to extend the life of mine at Chelopech; anticipated amounts of future expenditures at the Company’s operating and development properties, including expenses related to exploration activities; statements under the heading “2026 Guidance and Three-year Outlook”; timing of payments and amounts of dividends; the number of common shares of the Company that may be purchased under the NCIB; and the Company’s future business plans, objectives, and strategy, including, without limitation, meeting its targeted annual gold production and the completion of one or more strategic transactions.

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 news release, such factors include, among others: fluctuations in metal prices, foreign exchange rates and oil prices; risks arising from the current economic environment and the impact on operating costs and other financial metrics, including risks of recession; in respect of the Constitutional Court decision discussed herein, there are uncertainties with respect to the review by the authorities and the outcome thereof on DPM’s Concession Agreement and other instruments, as well as uncertainties with respect to DPM being able to be successful in its engagement and next steps to protect its rights, and the outcome of such review may affect the Vareš operation, its ownership thereto, key contracts, permits and authorizations related thereto, its guidance, financial condition, the carrying value of its assets, liquidity, mineral reserves and other metrics, plans and expectations for Vareš and the Company, which assume that DPM’s Concession Agreement and other instruments, permits and authorizations will remain unaffected; the issues underlying the Constitutional Court decision and prior decisions thereof could, if not resolved, also give rise to additional challenges, opposition or otherwise affect other authorizations, permits and licenses that the Vareš operation currently relies upon or that it may need in the future; the commencement, continuation or escalation of geopolitical crises and armed conflicts, including in Iran and the broader Middle East region, and their direct and indirect effects on the business and 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 Company’s dependence on its operations at the Chelopech mine and the Vareš operation; 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 results of technical studies of the Company’s exploration and development projects and the results thereof; 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; risks related to the Company’s ability to develop the Loma Larga project and to obtain necessary permits in respect thereof; 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; potential disputes and uncertainties with respect to the Company’s concessions, permits, and land title rights, as well as the related legal systems in the jurisdictions in which the Company operates; 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 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; uncertainties with respect to realizing the anticipated benefits from the development of the Company’s exploration and development 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 applicable to the Company and its business and operations, and judicial interpretations thereof; the effects of international economic and trade sanctions; 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 dividends; there being no assurance that the Company will purchase additional common shares of the Company under the NCIB, as well as those risk factors discussed or referred to in the MD&A, the Company’s most recent AIF, 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. Any of the risks and uncertainties discussed above and other disclosure documents of DPM may, if realized, have a material adverse effect on the Company, its operations or financial condition.

The reader has been cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company’s Forward Looking Statements reflect current expectations regarding future events and speak only as of the date hereof. Other than as it may be required by law, the Company undertakes no obligation to update Forward Looking Statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on Forward Looking Statements.

Non-GAAP Financial 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 meanings 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 judgment and are consistently applied. These measures are used by management and investors to assist with assessing the Company’s performance, including its ability to generate sufficient cash flow to meet its return objectives and support its investing activities and debt service obligations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance. 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. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

Cash cost and all-in sustaining cost measures

Mine cash cost; mine cash cost of sales; and all-in sustaining cost are non-GAAP financial measures. Cash cost per tonne of ore processed; cash cost per GEO sold; and all-in sustaining cost per GEO sold are non-GAAP ratios. These measures capture the important components of the Company’s production and related costs. Management and investors utilize these metrics as an important tool to monitor cost performance at the Company’s operations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance.

The following table provides a reconciliation of the Company’s cash cost per tonne of ore processed to its cost of sales:

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš
For the three months ended September 30, 2026
Ore processed t 530,115   37,334   143,075  
Cost of sales   48,856   4,265   39,449  
Add/(deduct):        
Capitalized pre-commercial production operating costs       6,884  
Depreciation and amortization   (7,181 ) –   (19,823 )
Change in concentrate inventory   (189 ) (446 ) 3,660  
Mine cash cost(1)   41,486   3,819   30,170  
Cost of sales per tonne of ore processed(2) $/t 92   114   276  
Cash cost per tonne of ore processed(2,3) $/t 78   102   211  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš(4)
For the three months ended September 30, 2025
Ore processed t 557,497   223,427   35,094  
Cost of sales   44,798   32,192   36,857  
Add/(deduct):        
Non-cash fair value adjustment on inventories       (25,470 )
Capitalized pre-commercial production operating costs       2,416  
Depreciation and amortization   (8,945 ) (17,620 ) (841 )
Change in concentrate inventory   (603 ) (13 ) (6,131 )
Mine cash cost(1)   35,250   14,559   6,831  
Cost of sales per tonne of ore processed(2) $/t 80   144   1,050  
Cash cost per tonne of ore processed(2,3) $/t 63   65   195  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš
For the nine months ended September 30, 2026
Ore processed t 1,585,729   402,681   339,406  
Cost of sales   144,031   67,753   62,456  
Add/(deduct):        
Capitalized pre-commercial production operating costs       44,069  
Depreciation and amortization   (22,087 ) (30,626 ) (21,927 )
Change in concentrate inventory   (2,323 ) (495 ) 6,378  
Mine cash cost(1)   119,621   36,632   90,976  
Cost of sales per tonne of ore processed(2) $/t 91   168   184  
Cash cost per tonne of ore processed(2,3) $/t 75   91   268  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš(4)
For the nine months ended September 30, 2025
Ore processed t 1,631,444   560,602   35,094  
Cost of sales   122,842   83,858   36,857  
Add/(deduct):        
Non-cash fair value adjustment on inventories       (25,470 )
Capitalized pre-commercial production operating costs       2,416  
Depreciation and amortization   (25,393 ) (43,452 ) (841 )
Change in concentrate inventory   53   (45 ) (6,131 )
Mine cash cost(1)   97,502   40,361   6,831  
Cost of sales per tonne of ore processed(2) $/t 75   150   1,050  
Cash cost per tonne of ore processed(2,3) $/t 60   72   195  

(1) Cash costs are reported in U.S. dollars, although the majority of costs incurred are denominated in non-U.S. dollars, and consist of all production related expenses including mining, processing, services, royalties and general and administrative.
(2) Represents cost of sales and mine cash cost, respectively, divided by tonnes of ore processed.
(3) Cash cost per tonne of ore processed at Vareš is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed. On a net basis, cash cost was $163 (2025 – $126) and $138 (2025 – $126) per tonne of ore processed, respectively, for the third quarter and first nine months of 2026.
(4) Represents the post-acquisition operating results between September 3 to September 30, 2025.

The following tables provide, for the periods indicated, a reconciliation of the Company’s cash cost per GEO sold and all-in sustaining cost per GEO sold to its cost of sales:

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš Consolidated
For the three months ended September 30, 2026
Cost of sales(1)   48,856   4,265   39,449   92,570  
Add/(deduct):          
Depreciation and amortization   (7,181 ) –   (19,823 ) (27,004 )
Treatment charges, transportation and other related selling costs(2)   19,239   (463 ) 2,110   20,886  
Mine cash cost of sales   60,914   3,802   21,736   86,452  
Rehabilitation related accretion and depreciation expenses(3)   30   150   (28 ) 152  
Allocated general and administrative expenses(4)         28,708  
Cash outlays for sustaining capital expenditures(5)   4,442   –   1,315   5,757  
Cash outlays for leases(5)   378   76   26   480  
All-in sustaining cost   65,764   4,028   23,049   121,549  
GEO sold(6) oz 45,049   1,822   30,057   76,928  
Cost of sales per GEO sold(7) $/oz 1,085   2,341   1,312   1,203  
Cash cost per GEO sold(7) $/oz 1,352   2,087   723   1,124  
All-in sustaining cost per GEO sold(7) $/oz 1,460   2,211   767   1,580  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš(8) Consolidated
For the three months ended September 30, 2025
Cost of sales(1)   44,798   32,192   36,857   113,847  
Add/(deduct):          
Depreciation and amortization   (8,945 ) (17,620 ) (841 ) (27,406 )
Treatment charges, transportation and other related selling costs(2)   18,288   (26 ) 2,686   20,948  
Non-cash fair value adjustment on inventories   –   –   (25,470 ) (25,470 )
Mine cash cost of sales   54,141   14,546   13,232   81,919  
Rehabilitation related accretion and depreciation expenses(3)   22   1,245   26   1,293  
Allocated general and administrative expenses(4)         22,227  
Cash outlays for sustaining capital expenditures(5)   4,968   3,189   –   8,157  
Cash outlays for leases(5)   448   219   283   950  
All-in sustaining cost   59,579   19,199   13,541   114,546  
GEO sold(6) oz 48,969   18,381   10,840   78,190  
Cost of sales per GEO sold(7) $/oz 915   1,751   3,400   1,456  
Cash cost per GEO sold(7) $/oz 1,106   791   1,221   1,048  
All-in sustaining cost per GEO sold(7) $/oz 1,217   1,045   1,249   1,465  

(1) Included in cost of sales were share-based compensation expenses of $2.4 million (2025 – $0.9 million) in the third quarter of 2026.
(2) Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.
(3) Included in cost of sales and finance cost in the condensed interim consolidated statements of earnings (loss).
(4) Represents an allocated portion of DPM’s general and administrative expenses, including share-based compensation expenses of $20.4 million (2025 – $16.7 million) for the third quarter of 2026, based on the mines’ proportion of total revenue, where applicable. Allocated general and administrative expenses, including corporate social responsibility expenses and excluding depreciation and amortization, are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for each of the mine operations.
(5) Included in cash used in investing activities and financing activities, respectively, in the condensed interim consolidated statements of cash flows.
(6) The Company uses conversion ratios for calculating GEO for its metals production and sales, which are calculated by multiplying the volumes of metals sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price.
(7) Represents cost of sales, mine cash cost of sales and all-in sustaining cost, respectively, divided by GEO sold.
(8) Represents the post-acquisition operating results between September 3 to September 30, 2025.

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš Consolidated
For the nine months ended September 30, 2026
Cost of sales(1)   144,031   67,753   62,456   274,240  
Add/(deduct):          
Depreciation and amortization   (22,087 ) (30,626 ) (21,927 ) (74,640 )
Treatment charges, transportation and other related selling costs(2)   49,786   700   6,466   56,952  
Mine cash cost of sales   171,730   37,827   46,995   256,552  
Rehabilitation related accretion and depreciation expenses(3)   57   1,648   295   2,000  
Allocated general and administrative expenses(4)         63,977  
Cash outlays for sustaining capital expenditures(5)   10,894   672   1,315   12,881  
Cash outlays for leases(5)   1,060   409   1,564   3,033  
All-in sustaining cost   183,741   40,556   50,169   338,443  
GEO sold(6) oz 134,566   25,397   69,981   229,944  
Cost of sales per GEO sold(7) $/oz 1,070   2,668   892   1,193  
Cash cost per GEO sold(7) $/oz 1,276   1,489   672   1,116  
All-in sustaining cost per GEO sold(7) $/oz 1,365   1,597   717   1,472  

$ thousands, unless otherwise indicated   Chelopech Ada Tepe Vareš(8) Consolidated
For the nine months ended September 30, 2025
Cost of sales(1)   122,842   83,858   36,857   243,557  
Add/(deduct):          
Depreciation and amortization   (25,393 ) (43,452 ) (841 ) (69,686 )
Treatment charges, transportation and other related selling costs(2)   46,623   394   2,686   49,703  
Non-cash fair value adjustment on inventories   –   –   (25,470 ) (25,470 )
Mine cash cost of sales   144,072   40,800   13,232   198,104  
Rehabilitation related accretion and depreciation expenses(3)   41   1,798   26   1,865  
Allocated general and administrative expenses(4)         49,900  
Cash outlays for sustaining capital expenditures(5)   9,887   9,985   –   19,872  
Cash outlays for leases(5)   1,664   576   283   2,523  
All-in sustaining cost   155,664   53,159   13,541   272,264  
GEO sold(6) oz 135,125   45,421   10,840   191,386  
Cost of sales per GEO sold(7) $/oz 909   1,846   3,400   1,273  
Cash cost per GEO sold(7) $/oz 1,066   898   1,221   1,035  
All-in sustaining cost per GEO sold(7) $/oz 1,152   1,170   1,249   1,423  

(1) Included in cost of sales were share-based compensation expenses of $6.2 million (2025 – $3.5 million) in the first nine months of 2026.
(2) Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.
(3) Included in cost of sales and finance cost in the condensed interim consolidated statements of earnings (loss).
(4) Represents an allocated portion of DPM’s general and administrative expenses, including share-based compensation expenses of $35.2 million (2025 – $31.3 million) in the first nine months of 2026, based on the mines’ proportion of total revenue, where applicable. Allocated general and administrative expenses, including corporate social responsibility expenses and excluding depreciation and amortization, are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for each of the mine operations.
(5) Included in cash used in investing activities and financing activities, respectively, in the condensed interim consolidated statements of cash flows.
(6) The Company uses conversion ratios for calculating GEO for its metals production and sales, which are calculated by multiplying the volumes of metals sold, as applicable, by the respective average market metal prices, and dividing the resulting figure by the average market gold price.
(7) Represents cost of sales, mine cash cost of sales and all-in sustaining cost, respectively, divided by GEO sold.
(8) Represents the post-acquisition operating results between September 3 to September 30, 2025.

Adjusted net earnings (loss) and adjusted basic earnings (loss) per share

Adjusted net earnings (loss) is a non-GAAP financial measure and adjusted basic earnings (loss) per share is a non-GAAP ratio used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.

Adjusted net earnings (loss) are defined as net earnings (loss), adjusted to exclude specific items that are significant, but not reflective of the underlying operations of the Company, including:

  • impairment charges or reversals thereof;
  • unrealized and realized gains or losses related to investments carried at fair value;
  • significant tax adjustments not related to current period earnings; and
  • non-recurring or unusual income or expenses that are either not related to the Company’s operating segments or unlikely to occur on a regular basis.

The following table provides a reconciliation of adjusted net earnings to net earnings. All adjusting items in the table below were recognized in other (income) expense, with the exception of the non-cash fair value adjustment on inventories which was recognized in cost of sales, in the condensed interim consolidated statements of earnings (loss).

$ thousands, except per share amounts   Three Months   Nine Months
Ended September 30,   2026 2025   2026   2025
Net earnings   133,792 95,985   529,750   211,888
Add/(deduct):            
Reversal of provision at Vareš, net of income taxes of $nil(1)   – –   (32,915 ) –
Gain on sale of Serbian exploration data, net of income taxes of $nil(2)   – –   (2,650 ) –
Loss on settlement of tolling receivables, net of income tax recoveries of $nil(3)   – –   9,521   –
Fair value loss on copper stream liability, net of income taxes of $nil   5,820 –   12,056   –
Write-off of land at Ada Tepe, net of income taxes of $nil(4)   4,005 –   4,005   –
Ada Tepe employee termination benefit expense, net of income tax recoveries of $381(5)   612 –   3,425   –
Non-cash fair value adjustment on inventories, net of income tax recoveries of $2,547(6)   – 22,923   –   22,923
2025 Bulgarian levy, net of income tax recoveries of $2,438(7)   – –   –   21,938
Adriatic acquisition related costs, net of income taxes of $nil   – 10,276   –   15,406
Adjusted net earnings   144,229 129,184   523,192   272,155
Basic earnings per share $/sh 0.61 0.54   2.40   1.23
Adjusted basic earnings per share $/sh 0.66 0.73   2.37   1.57

(1) Represented a reversal of certain provisions in connection with the purchase price allocation arising from the acquisition of Adriatic.
(2) Represented proceeds from a sale of certain assets and data for a Serbian exploration license no longer retained by DPM.
(3) Represented a write-off of a previously recognized receivable related to the DPM Tolling Agreement.
(4) Represented the full write-off of the carrying value of the land at Ada Tepe, reflecting the end of mine life and the Company’s commitment to return the land to Natura 2000, the European Union’s nature protection network, upon completion of mine closure activities.
(5) Represented accrued employee termination benefits as Ada Tepe reached the end of its mine life in July 2026.
(6) Represents a non-cash fair value adjustment on inventories recognized in cost of sales with the sale of inventories at Vareš, following the acquisition of Adriatic.
(7) Represented a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure used by management and investors to measure the underlying operating performance of the Company’s operating segments. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods. In addition, the Human Capital and Compensation Committee of the Board of Directors uses adjusted EBITDA, together with other measures, to set incentive compensation goals and assess performance.

Adjusted EBITDA excludes the following from earnings before income taxes:

  • depreciation and amortization;
  • interest income;
  • finance cost;
  • impairment charges or reversals thereof;
  • unrealized and realized gains or losses related to investments carried at fair value; and
  • non-recurring or unusual income or expenses that are either not related to the Company’s operating segments or unlikely to occur on a regular basis.

The following table provides a reconciliation of adjusted EBITDA to earnings before income taxes:

$ thousands Three Months   Nine Months
Ended September 30, 2026   2025     2026   2025  
Earnings before income taxes 157,387   108,391     602,423   238,947  
Add/(deduct):          
Depreciation and amortization 27,624   28,181     76,720   72,044  
Finance costs 1,221   1,805     3,658   3,617  
Interest income (4,646 ) (8,493 )   (13,191 ) (24,910 )
Reversal of provision at Vareš(1) –   –     (32,915 ) –  
Gain on sale of Serbian exploration data(2) –   –     (2,650 ) –  
Loss on settlement of tolling receivables(3) –   –     9,521   –  
Fair value loss on copper stream liability 5,820   –     12,056   –  
Write-off of land at Ada Tepe(4) 4,005   –     4,005   –  
Ada Tepe employee termination benefit expense(5) 680   –     3,806   –  
Non-cash fair value adjustment on inventories(6) –   25,470     –   25,470  
2025 Bulgarian levy(7) –   –     –   24,376  
Adriatic acquisition related costs –   10,276     –   15,406  
Adjusted EBITDA 192,091   165,630     663,433   354,950  

(1) Represented a reversal of certain provisions in connection with the purchase price allocation arising from the acquisition of Adriatic.
(2) Represented proceeds from a sale of certain assets and data for a Serbian exploration license no longer retained by DPM.
(3) Represented the write-off of a previously recognized receivable related to the DPM Tolling Agreement.
(4) Represented the full write-off of the carrying value of the land at Ada Tepe, reflecting the end of mine life and the Company’s commitment to return the land to Natura 2000, the European Union’s nature protection network, upon completion of mine closure activities.
(5) Represented accrued employee termination benefits as Ada Tepe reached the end of its mine life in July 2026.
(6) Represents a non-cash fair value adjustment on inventories recognized in cost of sales with the sale of inventories at Vareš, following the acquisition of Adriatic.
(7) Represented a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.


Cash provided from operating activities, before changes in working capital

Cash provided from operating activities, before changes in working capital, is a non-GAAP financial measure defined as cash provided from operating activities excluding changes in working capital as set out in the Company’s consolidated statements of cash flows. This measure is used by the Company and investors to measure the cash flow generated by the Company’s operating segments prior to any changes in working capital, which at times can distort performance.

Free cash flow

Free cash flow is a non-GAAP financial measure defined as cash provided from operating activities, before changes in working capital which includes changes in share-based compensation liabilities, less cash outlays for sustaining capital expenditures, mandatory principal repayments and interest payments related to debt and leases. Free cash flow excludes non-recurring or unusual income or expenses that are not related to the Company’s operating segments. This measure is used by the Company and investors to measure the cash flow available to fund growth related initiatives and capital expenditures, dividends and share repurchases.

The following table provides a reconciliation of cash provided from operating activities, before changes in working capital and free cash flow to cash provided from operating activities:

$ thousands Three Months   Nine Months
Ended September 30, 2026   2025     2026   2025  
Cash provided from operating activities(1) 191,333   184,576     616,885   339,043  
Excluding:          
Changes in working capital(1) (10,004 ) (29,061 )   1,212   (17,994 )
Cash provided from operating activities, before changes in working capital 181,329   155,515     618,097   321,049  
Adriatic acquisition related costs –   10,276     –   15,406  
Fair value loss on copper stream liability 5,820   –     12,056   –  
Ada Tepe employee termination benefit expense(2) 680   –     3,806   –  
Gain on sale of Serbian exploration data(3) –   –     (2,650 ) –  
2025 Bulgarian levy(4) –   (6,094 )   –   12,188  
Cash outlays for sustaining capital expenditures(5) (5,945 ) (8,695 )   (13,327 ) (20,474 )
Principal repayments related to leases(5) (1,262 ) (1,752 )   (5,149 ) (4,558 )
Interest payments(5) (1,161 ) (1,483 )   (2,765 ) (2,176 )
Free cash flow 179,461   147,767     610,068   321,435  

(1) Excluded a favourable change in working capital of $13.0 million (2025 – $167.9 million) during the first nine months of 2026 related to the DPM Tolling Agreement.
(2) Represented accrued employee termination benefits as Ada Tepe reached the end of its mine life in July 2026.
(3) Represented proceeds from a sale of certain assets and data for a Serbian exploration license no longer retained by DPM.
(4) Represented an accrual of the one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines. During the third quarter of 2025, $6.1 million was paid in cash and the remaining accrual was $12.2 million as of September 30, 2025.
(5) Included in cash used in investing and financing activities, respectively, in the condensed interim consolidated statements of cash flows.


Average realized metal prices

Average realized metal prices are non-GAAP ratios used by management and investors to highlight the price actually realized by the Company relative to the average market price, which can differ due to the timing of sales, hedging and other factors.

Average realized metal prices represent the average per unit price recognized in the Company’s consolidated statements of earnings (loss) prior to any deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

The following table provides a reconciliation of the Company’s average realized metal prices to its revenue:

$ thousands, unless otherwise stated   Three Months   Nine Months
Ended September 30,   2026   2025     2026   2025  
Total revenue   311,640   267,413     983,547   598,047  
Add/(deduct):            
Treatment charges and other deductions(1)   20,886   20,948     56,952   49,703  
Antimony revenue   (581 ) (2 )   (882 ) (2 )
Gross revenue   331,945   288,359     1,039,617   647,748  
             
Revenue from gold   201,567   225,447     669,091   536,276  
Payable gold in concentrates sold oz 46,724   61,629     147,586   159,295  
Average realized gold price $/oz 4,314   3,658     4,534   3,367  
             
Revenue from silver   55,228   17,813     183,871   21,214  
Payable silver in concentrates sold oz 866,747   336,197     2,562,532   433,381  
Average realized silver price $/oz 63.72   52.98     71.75   48.95  
             
Revenue from copper   35,095   30,643     114,766   75,802  
Payable copper in concentrates sold Klbs 5,334   6,820     18,706   17,187  
Average realized copper price $/lb 6.58   4.49     6.14   4.41  
             
Revenue from zinc   29,877   9,712     51,438   9,712  
Payable zinc in concentrates sold Klbs 16,565   7,008     30,194   7,008  
Average realized zinc price $/lb 1.80   1.39     1.70   1.39  
             
Revenue from lead   10,178   4,744     20,451   4,744  
Payable lead in concentrates sold Klbs 12,068   5,332     23,851   5,332  
Average realized lead price $/lb 0.84   0.89     0.86   0.89  

(1) Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

Posted in UncategorizedTagged

Computer Modelling Group Announces Second Quarter Results and Quarterly Dividend

Posted on by Ravi Shankar

CALGARY, Alberta, Nov. 12, 2026 (GLOBE NEWSWIRE) —

SECOND QUARTER 2027 CONSOLIDATED HIGHLIGHTS

Select financial highlights

  • Total revenue decreased by 3% (10% Organic decline(1) and 7% growth from acquisitions) to $29.3 million;
  • Recurring revenue(2) increased by 7% (nil Organic growth and 7% growth from acquisitions) to $22.1 million;
  • Adjusted EBITDA(1) decreased by 16% to $6.4 million;
  • Adjusted EBITDA Margin(1) was 22%, compared to 25% in the comparative period;
  • Earnings per share was $0.01, a 67%   decrease;
  • Free Cash Flow(1) increased by 33% to $2.6 million; Free Cash Flow per share increased to $0.03 from $0.02

SECOND QUARTER YEAR TO DATE 2027 CONSOLIDATED HIGHLIGHTS

Select financial highlights

  • Total revenue decreased by 5% (12% Organic decline and 7% growth from acquisitions) to $57.1 million;
  • Recurring revenue increased by 2% (6% Organic decline and 8% growth from acquisitions) to $42.4 million;
  • Adjusted EBITDA decreased by 13% to $12.8 million;
  • Adjusted EBITDA Margin was 22%, compared to 24% in the comparative period;
  • Earnings per share was $0.03, a 57% decrease;
  • Free Cash Flow decreased by 5% to $6.1 million; Free Cash Flow per share remained flat at $0.08.

(1) Organic growth/decline, Adjusted EBITDA, Adjusted EBITDA Margin, Recurring revenue and Free Cash Flow are not standardized financial measures and might not be comparable to measures disclosed by other issuers. For more description see under “Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” heading.

(2) Recurring revenue includes Annuity/maintenance licenses and Annuity license fee, and excludes Perpetual licenses and Professional Services.

OVERVIEW

Recurring revenue increased 7% to $22.1 million, which was due to 7% growth from acquisitions. Organic Recurring revenue was flat year over year, an improvement compared with a 12% organic decrease in the first quarter. Year-over-year comparisons normalized following the final quarter lapping the previously announced customer contract loss.

Perpetual license revenue increased to $1.3 million compared to $0.9 million in the prior year period.

Total revenue decreased 3% to $29.3 million, as 7% growth from acquisitions was offset by a 10% organic decrease driven by professional services.

Professional services revenue decreased 31% to $5.9 million, reflecting the absence of CoFlow related development funding, which concluded at the end of calendar 2025, and the completion of the wind down of non-core professional services at Bluware.

Professional services revenue decreased both sequentially and year over year, as expected. However, revenue in the quarter benefited from stronger than expected customer demand. As a result, we now expect professional services revenue in the third quarter to be similar to the second quarter. We previously expected the second quarter to be the lowest quarter of the fiscal year.

Adjusted EBITDA decreased 16% to $6.4 million, and Adjusted EBITDA Margin was 22% compared to 25% in the comparative period. The decrease reflects lower professional services revenue, partially offset by growth in software license revenue. Adjusted EBITDA was essentially unchanged from the first quarter, despite prior expectations of a sequential decline. Adjusted EBITDA in the current quarter was supported by an increase in perpetual licenses and stronger than expected demand for professional services.

Free Cash Flow increased 33% to $2.6 million, driven by lower capital expenditures. Free Cash Flow per share increased to $0.03 from $0.02. Year to date, Free Cash Flow decreased 5% to $6.1 million.

On November 12, 2026, the Company announced the renewal of a Normal Course Issuer Bid (“NCIB”) for its common shares as the Board of Directors of the Company believes that, from time to time, the market price of the common shares may not fully reflect the underlying value of the business.

The NCIB announced on November 11, 2025, and which will expire on November 13, 2026, resulted in a total of 4,760,700 shares being repurchased and cancelled.

The substantial issuer bid (SIB) announced on August 11, 2026 expired on September 21, 2026. Under the SIB, the Company repurchased and cancelled 4,444,444 common shares at $4.50 per share, for aggregate consideration of $20.0 million. The repurchase was funded from the Company’s credit facility. At September 30, 2026, $29.9 million was drawn on the $100 million revolving credit facility, with $70.1 million undrawn.

On October 9, 2026, the Company amended its revolving credit facility, increasing the total committed borrowing capacity from $100 million to $150 million, while also adding a second lender.

In the third quarter, Recurring revenue is expected to increase sequentially from the second quarter driven by a higher renewal cycle in the third quarter relative to the second quarter. Professional services revenue in the third quarter is expected to be similar to the second quarter.

Adjusted EBITDA and Adjusted EBITDA margins are expected to increase sequentially but decrease compared with the third quarter of fiscal 2026, primarily due to lower professional services revenue.

The fourth quarter is expected to be the Company’s largest renewal quarter and is expected to deliver the Recurring revenue growth and Adjusted EBITDA required to achieve the full-year outlook.

For fiscal 2027, we continue to expect a decline in professional services revenue of between $6-7 million relative to fiscal 2026.

For fiscal 2027, relative to the prior year and excluding the impact of future acquisitions, we continue to expect Organic Recurring revenue to be stable, no decline in Adjusted EBITDA, and improved Free Cash Flow.

Q2 2027 Dividend

Computer Modelling Group’s Board approved a cash dividend of $0.01 per Common Share. The dividend will be paid on December 15, 2026, to shareholders of record at the close of business on December 5, 2026.

All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of the Company will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.

SUMMARY OF FINANCIAL PERFORMANCE

                         
  Three months ended September 30,
 Six months ended September 30,
($ thousands, except per share data) 2026 2025 % change 2026 2025 % change
Annuity/maintenance licenses 19,712   19,067   3 % 38,960   39,401   (1 )%
Annuity license fee 2,408   1,650   46 % 3,449   2,168   59 %
Recurring revenue(1)(2) 22,120   20,717   7 % 42,409   41,569   2 %
Perpetual license 1,269   945   34 % 1,766   1,323   33 %
Total software revenue 23,389   21,662   8 % 44,175   42,892   3 %
Professional services 5,879   8,539   (31 )% 12,938   16,942   (24 )%
Total Revenue 29,268   30,201   (3 )% 57,113   59,834   (5 )%
Cost of revenue 5,941   5,542   7 % 11,602   11,500   1 %
Operating expenses                        
Sales & marketing 6,025   5,992   1 % 10,544   10,602   (1 )%
Research and development 7,751   7,360   5 % 15,531   15,393   1 %
General & administrative 6,458   6,126   5 % 12,078   11,865   2 %
Operating expenses 20,234   19,478   4 % 38,153   37,860   1 %
Operating profit 3,093   5,181   (40 )% 7,358   10,474   (30 )%
Net income 711   2,716   (74 )% 2,036   6,025   (66 )%
Adjusted EBITDA (1) 6,378   7,558   (16 )% 12,767   14,628   (13 )%
Adjusted EBITDA Margin (1) 22 % 25 % (3 )% 22 % 24 % (2 )%
                         
Earnings per share — basic & diluted 0.01   0.03   (67 )% 0.03   0.07   (57 )%
Funds flow from operations per share – basic 0.04   0.04   —  % 0.10   0.11   (9 )%
Free Cash Flow per share — basic (1) 0.03   0.02   50 % 0.08   0.08   — %

(1) Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” section.

(2) Included in the number is a reduction of $0.2 million and $0.5 million for the three months and six months ended September 30, 2026, respectively ($0.1 million and $0.2 million for the three months and six months ended September 30, 2025, respectively), attributed to the amortization of a deferred revenue fair value reduction recognized on acquisition.

NON-IFRS FINANCIAL MEASURES AND RECONCILIATION OF NON-IFRS MEASURES

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA Margin refers to net income adjusted for depreciation and amortization expense, interest income, interest expense, deferred-revenue fair-value adjustment, income and other taxes, stock-based compensation, retirement allowance for senior management, restructuring cost, foreign exchange gains and losses, repayment of lease obligations, asset impairments, other non-recurring expense, acquisition related costs and other expenses directly related to business combinations, including compensation expenses and gains or losses on contingent consideration. Adjusted EBITDA is most directly comparable to IFRS measures operating income, net income, or liquidity but should not be construed as an alternative to such financial measures. Adjusted EBITDA Margin is most directly comparable to IFRS measure net income divided by revenue but should not be construed as an alternative thereof. The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin are useful supplemental measures as they provide an indication of the results generated by the Company’s main business activities prior to consideration of how those activities are amortized, financed or taxed. In addition, management has determined that Adjusted EBITDA and Adjusted EBITDA Margin is a more accurate measurement of the Company’s operating performance and our ability to generate earnings as compared to EBITDA and EBITDA Margin.

         
  Three months ended
September 30,
 Six months ended
September 30,
($ thousands) 2026   2025   2026   2025  
Net income 711   2,716   2,036   6,025  
Add (deduct):                
Depreciation and amortization 3,065   2,552   5,790   4,967  
Acquisition costs 89   433   171   469  
Stock-based compensation 130   314   212   490  
(Gain) Loss on contingent consideration —   (126)   —   (126)  
Deferred revenue amortization on acquisition fair value reduction 229   85   499   235  
Other non-recurring expense (2) 790   —   790   —  
Income and other tax expense 1,492   1,648   3,041   2,565  
Interest /other income (243)   (214)   (282)   (528)  
Interest expense 355   —   560   —  
Foreign exchange loss 346   691   1,119   1,598  
Repayment of lease liabilities (586)   (541)   (1,169)   (1,067)  
Adjusted EBITDA (1) 6,378   7,558   12,767   14,628  
Adjusted EBITDA Margin (1) 22%   25 %   22%   24 %  

(1) This is a non-IFRS financial measure. Refer to definition of the measures above.
(2) During the second quarter, the Company experienced a social-engineering fraud that resulted in unauthorized payments totaling $1.0 million. The Company promptly notified the relevant financial institutions, law enforcement authorities, insurers and advisers. To date, the Company has incurred $0.1 million in legal fees related to recovery efforts and has received $0.3 million in insurance proceeds.

Adjusted EBITDA decreased by 16% and 13% for the three and six months ended September 30, 2026 respectively compared to the same periods of the previous year. The decrease was primarily driven by lower net income during the quarter.

Free Cash Flow Reconciliation to Funds Flow from Operations

Free Cash Flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Free Cash Flow’s most directly comparable IFRS measure is funds flow from operations. Free Cash Flow per share is calculated by dividing Free Cash Flow by the number of weighted average outstanding shares during the period. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods. Management uses Free Cash Flow and Free Cash Flow per share to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.

  Fiscal 2025 Fiscal 2026 Fiscal 2027
($ thousands, unless otherwise stated) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Funds flow from operations 9,937   8,227   5,524   3,588   7,068   9,701   4,336   3,352  
Capital expenditures (432 ) (661 ) (542 ) (1,080 ) (723 ) (215 ) (280 ) (151 )
Repayment of lease liabilities (689 ) (549 ) (526 ) (541 ) (539 ) (736 ) (583 ) (586 )
Free Cash Flow 8,816   7,017   4,456   1,967   5,806   8,750   3,473   2,615  
Weighted average shares – basic (thousands) 82,753   83,064   83,090   84,058   82,957   80,511   78,013   75,641  
Free Cash Flow per share – basic 0.11   0.08   0.05   0.02   0.07   0.11   0.04   0.03  
Funds flow from operations per share – basic 0.12   0.10   0.07   0.04   0.09   0.12   0.06   0.04  
                                 

Free Cash Flow increased by 33% for the three months ended September 30, 2026 compared to the same period of the previous fiscal year primarily due to lower capital expenditure in the quarter.

Free Cash Flow decreased by 5%, for the six months ended September 30, 2026 from the same periods of the previous fiscal year, primarily due to lower funds flow in the period.

Organic Growth

Organic growth and organic decline are not standardized financial measures and might not be comparable to measures disclosed by other issuers. Organic growth/decline on a quarterly and year-to-date basis is most directly comparable to the IFRS measures revenue and net income. Organic growth/decline includes only businesses under CMG Group’s ownership for a year or longer beginning from the first full quarter in the current and comparative period. The Company measures Organic growth/ organic decline on a quarterly and year-to-date basis at the revenue and Adjusted EBITDA levels and includes revenue and Adjusted EBITDA under CMG Group’s ownership for a year or longer, beginning from the first full quarter of CMG Group’s ownership in the current and comparative period(s). For example, BHV was acquired on September 25, 2023 (Q2 2024). September 25, 2024, marked one full year of ownership under CMG Group and on October 1, 2024 (Q3 2025), which is the first full quarter under CMG Group’s ownership in the current and comparative period, started being tracked under Organic growth. Any revenue and Adjusted EBITDA generated by BHV prior to October 1, 2024, would not be included in Organic growth/ organic decline. Sharp was acquired on November 12, 2024 (Q3 2025) and has marked one full year of ownership under CMG Group and hence is included in organic growth/decline from January 1, 2026 (Q4 2026).

SeisWare was acquired on July 30, 2025 and will start contributing to Organic revenue on October 1, 2026. Rose was acquired on March 24, 2026 and will start contributing to Organic revenue on April 1, 2027.

For further clarity, current statements include Organic growth from the following:

  • CMG, BHV and Sharp revenue and Adjusted EBITDA

Recurring Revenue

Recurring revenue represents the revenue recognized during the period from contracts that are recurring in nature and includes revenue recognized as “Annuity/maintenance licenses” and “Annuity license fee”. We believe that Recurring revenue is an indicator of business expansion and provides management with visibility into our ability to generate predictable cash flows.

The table under “Revenue” heading reconciles Recurring revenue to total revenue for the periods indicated.

REVENUE

  Three months ended September 30,   Six months ended September 30,  
($ thousands) 2026   2025   % change   2026   2025   % change  
                         
Annuity/maintenance licenses 19,712   19,067   3 %   38,960   39,401   (1) %  
Annuity license fee 2,408   1,650   46 %   3,449   2,168   59 %  
Recurring revenue(1) (2) 22,120   20,717   7 %   42,409   41,569   2 %  
Perpetual licenses 1,269   945   34 %   1,766   1,323   33 %  
Total software revenue 23,389   21,662   8 %   44,175   42,892   3 %  
Professional services 5,879   8,539   (31) %   12,938   16,942   (24) %  
Total revenue 29,268   30,201   (3) %   57,113   59,834   (5) %  

(1) This is a non-IFRS financial measure.

(2) Included in the number is a reduction of $0.2 million and $0.5 million for the three months and six months ended September 30, 2026, respectively ($0.1 million and $0.2 million for the three months and six months ended September 30, 2025, respectively), attributed to the amortization of a deferred revenue fair value reduction recognized on acquisition.

Condensed Consolidated Statements of Financial Position

  September 30, 2026   March 31, 2026  
UNAUDITED (thousands of Canadian $)        
Assets        
Current assets:        
Cash 9,289   24,100  
Restricted cash 148   146  
Short-term investment 3,700   3,700  
Trade and other receivables 29,399   29,159  
Prepaid expenses 4,517   3,659  
Prepaid income taxes 3,463   3,671  
  50,516   64,435  
Other long-term asset 1,573   1,324  
Intangible assets 65,914   68,876  
Right-of-use assets 24,847   26,252  
Property and equipment 10,673   11,175  
Goodwill 25,298   25,032  
Deferred tax asset 263   212  
Total assets 179,084   197,306  
Liabilities and shareholders’ equity        
Current liabilities:        
Trade payables and accrued liabilities 9,987   16,749  
Income taxes payable 2,963   2,280  
Acquisition holdback payable 734   3,008  
Deferred revenue 33,459   39,294  
Lease liabilities 2,666   2,549  
Government loan 322   320  
  50,131   64,200  
Lease liabilities 31,425   32,656  
Revolving credit facility 29,900   6,628  
Government loan 966   1,119  
Other long-term liabilities 604   838  
Deferred tax liabilities 12,719   13,534  
Total liabilities 125,745   118,975  
Shareholders’ equity:        
Share capital 80,926   91,453  
Contributed surplus 16,085   15,922  
Cumulative translation adjustment 7,212   5,386  
Deficit (50,884)   (34,430)  
Total shareholders’ equity 53,339   78,331  
Total liabilities and shareholders’ equity 179,084   197,306  
         

Condensed Consolidated Statements of Operations and Comprehensive Income

  Three months ended
September 30,		 Six months ended
September 30,
UNAUDITED (thousands of Canadian $ except per share
amounts)		 2026   2025   2026   2025  
Revenue 29,268   30,201   57,113   59,834  
Cost of revenue 5,941   5,542   11,602   11,500  
Gross profit 23,327   24,659   45,511   48,334  
Operating expenses                
Sales and marketing 6,025   5,992   10,544   10,602  
Research and development 7,751   7,360   15,531   15,393  
General and administrative 6,458   6,126   12,078   11,865  
  20,234   19,478   38,153   37,860  
Operating profit 3,093   5,181   7,358   10,474  
Finance income 32   214   71   528  
Finance costs (1,133)   (1,157)   (2,563)   (2,538)  
Other income 211   —   211   —  
Change in fair value of contingent consideration —   126   —   126  
Profit before income and other taxes 2,203   4,364   5,077   8,590  
Income and other taxes 1,492   1,648   3,041   2,565  
Net income 711   2,716   2,036   6,025  
Other comprehensive income:                
Foreign currency translation adjustment 36   2,333   1,826   1,320  
Other comprehensive income 36   2,333   1,826   1,320  
Total comprehensive income 747   5,049   3,862   7,345  
Net income per share – basic & diluted 0.01   0.03   0.03   0.07  
                 

Condensed Consolidated Statements of Cash Flows

  Three months ended September 30,   Six months ended September 30,  
UNAUDITED (thousands of Canadian $) 2026   2025   2026   2025  
Operating activities                
Net income 711   2,716   2,036   6,025  
Adjustments for:                
Depreciation and amortization of property, equipment, right-of-use assets 1,228   1,093   2,363   2,155  
Amortization of intangible assets 1,837   1,458   3,427   2,812  
Deferred income tax expense (recovery) (614)   (152)   (943)   (535)  
Stock-based compensation 130   (1,185)   212   (1,036)  
Foreign exchange and other non-cash items 60   (342)   593   (309)  
Funds flow from operations 3,352   3,588   7,688   9,112  
Movement in non-cash working capital:                
Trade and other receivables (5,906)   (1,117)   (241)   11,032  
Trade payables and accrued liabilities 364   (3,716)   (6,597)   (5,983)  
Prepaid expenses and other assets (1,259)   233   (1,092)   (316)  
Income taxes receivable (payable) 507   (1,707)   745   (2,675)  
Deferred revenue 1,855   662   (5,835)   (6,628)  
Change in non-cash working capital (4,439)   (5,645)   (13,020)   (4,570)  
Net cash (used)/provided by operating activities (1,087)   (2,057)   (5,332)   4,542  
Financing activities                
Repayment of government loan —   (78)   (162)   (158)  
Proceeds from issuance of common shares 118   616   118   828  
Repurchase of shares (20,393)   —   (22,271)   —  
Treasury shares purchased for stock-based compensation (5,421)   —   (5,421)   —  
Repayment of lease liabilities (586)   (541)   (1,169)   (1,067)  
Proceeds from credit facility 28,100   —   33,200   —  
Repayment of credit facility (6,000)   —   (9,869)   —  
Dividends paid (769)   (825)   (1,548)   (4,960)  
Credit facility issuance cost (15)   (170)   (15)   (170)  
Net cash used in financing activities (4,966)   (998)   (7,137)   (5,527)  
Investing activities                
Corporate acquisitions, net of cash acquired —   (5,174)   —   (5,174)  
Repayment of acquisition holdback payable (2,087)   —   (2,087)   —  
Settlement of contingent consideration —   (3,582)   —   (3,582)  
Property and equipment additions, net of disposals (151)   (1,080)   (431)   (1,622)  
Net cash used in investing activities (2,238)   (9,836)   (2,518)   (10,378)  
(Decrease) in cash (8,291)   (12,891)   (14,987)   (11,363)  
Effect of foreign exchange on cash (89)   1,704   176   318  
Cash, beginning of the period 17,669   44,026   24,100   43,884  
Cash, end of the period 9,289   32,839   9,289   32,839  
Supplementary cash flow information                
Interest received 32   214   71   528  
Interest paid 185   466   234   940  
Income taxes paid 961   3,190   2,240   4,969  
                 

CORPORATE PROFILE

CMG Group (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the energy industry around the world. The Company is headquartered in Calgary, AB, with offices in Houston, Oslo, Stavanger, Kaiserslautern, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.

QUARTERLY FILINGS AND RELATED QUARTERLY FINANCIAL INFORMATION

Management’s Discussion and Analysis (“MD&A”) and condensed consolidated interim financial statements and the notes thereto for the three and six months ended September 30, 2026, can be obtained from our website www.cmgl.ca. The documents will also be available under CMG Group’s SEDAR+ profile www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements

Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information, including statements regarding the Company’s expectations with respect to the fourth quarter being the Company’s largest renewal quarter and delivering the Recurring revenue growth and Adjusted EBITDA required to achieve the full-year outlook, Recurring revenue increasing sequentially from the second quarter driven by a higher renewal cycle in the third quarter relative to the second quarter, Adjusted EBITDA and Adjusted EBITDA margins in the third quarter increasing sequentially (but decreasing compared with the third quarter of fiscal 2026, primarily due to lower professional services revenue), professional services revenue in the third quarter being similar to those incurred during the second quarter, Rose contributing to Organic growth in the first quarter of fiscal 2028, SeisWare’s Adjusted EBITDA margin growing to 20% by the end of fiscal 2027 with strong revenue growth in the fourth quarter of fiscal 2027, and a dividend being paid on December 15, 2026, to shareholders of record at the close of business on December 5, 2026 (collectively, “Forward-Looking Information”) and expectations for fiscal 2027, relative to the prior year and excluding the impact of future acquisitions, in respect of Organic Recurring revenue being stable, Adjusted EBITDA not declining and Free Cash Flow improving.

Forward-Looking Information is necessarily based on a number of opinions, estimates, and assumptions that the Company considered appropriate and reasonable as of the date such statements are made. Although the Forward-Looking Information contained herein is based upon what the Company believes are reasonable assumptions, actual results may vary from the Forward-Looking Information contained herein. Certain assumptions made in preparing the Forward-Looking Information contained herein include, without limitation: the Company’s future growth, cash flow generation, results of operations, trends in software licence sales, development plans and the status of the Company’s software development projects, future capital and other expenditures (including the amount, nature and sources of funding thereof), availability of government grants, competitive advantages, plans for and results of research and development activity, the availability of qualified personnel and general business strategies, prospects and opportunities. Additional assumptions include sufficient liquidity and free cash flow to fund potential dividends and share repurchases; favorable market conditions; continued compliance with applicable solvency tests and debt covenants; and the absence of changes to applicable laws, regulations or policies affecting issuer bids, or capital return programs.

Inherent in the Forward-Looking Information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such Forward-Looking Information. Those risks include, but are not limited to: economic conditions in the energy industry; reliance on key customers; lack of availability of qualified personnel or management; foreign exchange; commodity price risk; geopolitical risk, including the war in Ukraine and the conflict in the Middle East; tariff risk; tax liability; sales variability; mix of revenues and potential variances from period to period; economic and political risks in countries where the Company currently does or proposes to do business; demand for the Company’s software; increased competition from other industry participants; domestic and international governmental regulation; general state of the economy; reliance on employees with specialized skills or knowledge; protection of intellectual property and other proprietary rights; interest rate risk on variable rate indebtedness; artificial intelligence risk; credit and liquidity; non-compliance with anti-corruptions and anti-bribery laws; information security breaches or other cyber-security threats; ability to successfully execute on acquisitions and to integrate acquired businesses and assets; unanticipated acquisition-related expenses; potential restrictions around asset ownership and control in foreign jurisdictions; litigation; significant obligations on CMG as a publicly traded company; price volatility of the Shares; and fraudulent and illegal activities by employees, contractors and consultants, as well as those described in the Company’s annual publicly filed documents. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that any Forward-Looking Information in this press release will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information as a prediction of actual results.

The Forward-Looking Information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the Forward-Looking Information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The Forward-Looking Information contained herein is current as of the date hereof and, except as required under applicable law, the Company does not undertake to update or revise it to reflect new events or circumstances. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of CMG, its financial or operating results, or its securities.

This press release should be read in conjunction with the Management Discussion & Analysis and condensed consolidated financial statements and notes thereto as at and for the three and six months ended September 30, 2026. Readers should also refer to the section “Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” in this press release. Additional information about CMG is available on the Company’s profile on SEDAR+ at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended March 31, 2026 and dated May 21, 2026.

CONTACT: For further information, please contact:

Pramod Jain
Chief Executive Officer
(403) 531-1300
pramod.jain@cmgl.ca     

or

Vipin Khullar
Executive Vice President, and
Chief Financial Officer
(403) 531-1300
vipin.khullar@cmgl.ca

For investor inquiries, please contact:
Kim MacEachern
Director, Investor Relations
cmg-investors@cmgl.ca

For media inquiries, please contact:
marketing@cmgl.ca

Posted in UncategorizedTagged

Computer Modelling Group Announces Second Quarter Results and Quarterly Dividend

Posted on by Ravi Shankar

CALGARY, Alberta, Nov. 12, 2026 (GLOBE NEWSWIRE) —

SECOND QUARTER 2027 CONSOLIDATED HIGHLIGHTS

Select financial highlights

  • Total revenue decreased by 3% (10% Organic decline(1) and 7% growth from acquisitions) to $29.3 million;
  • Recurring revenue(2) increased by 7% (nil Organic growth and 7% growth from acquisitions) to $22.1 million;
  • Adjusted EBITDA(1) decreased by 16% to $6.4 million;
  • Adjusted EBITDA Margin(1) was 22%, compared to 25% in the comparative period;
  • Earnings per share was $0.01, a 67%   decrease;
  • Free Cash Flow(1) increased by 33% to $2.6 million; Free Cash Flow per share increased to $0.03 from $0.02

SECOND QUARTER YEAR TO DATE 2027 CONSOLIDATED HIGHLIGHTS

Select financial highlights

  • Total revenue decreased by 5% (12% Organic decline and 7% growth from acquisitions) to $57.1 million;
  • Recurring revenue increased by 2% (6% Organic decline and 8% growth from acquisitions) to $42.4 million;
  • Adjusted EBITDA decreased by 13% to $12.8 million;
  • Adjusted EBITDA Margin was 22%, compared to 24% in the comparative period;
  • Earnings per share was $0.03, a 57% decrease;
  • Free Cash Flow decreased by 5% to $6.1 million; Free Cash Flow per share remained flat at $0.08.

(1) Organic growth/decline, Adjusted EBITDA, Adjusted EBITDA Margin, Recurring revenue and Free Cash Flow are not standardized financial measures and might not be comparable to measures disclosed by other issuers. For more description see under “Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” heading.

(2) Recurring revenue includes Annuity/maintenance licenses and Annuity license fee, and excludes Perpetual licenses and Professional Services.

OVERVIEW

Recurring revenue increased 7% to $22.1 million, which was due to 7% growth from acquisitions. Organic Recurring revenue was flat year over year, an improvement compared with a 12% organic decrease in the first quarter. Year-over-year comparisons normalized following the final quarter lapping the previously announced customer contract loss.

Perpetual license revenue increased to $1.3 million compared to $0.9 million in the prior year period.

Total revenue decreased 3% to $29.3 million, as 7% growth from acquisitions was offset by a 10% organic decrease driven by professional services.

Professional services revenue decreased 31% to $5.9 million, reflecting the absence of CoFlow related development funding, which concluded at the end of calendar 2025, and the completion of the wind down of non-core professional services at Bluware.

Professional services revenue decreased both sequentially and year over year, as expected. However, revenue in the quarter benefited from stronger than expected customer demand. As a result, we now expect professional services revenue in the third quarter to be similar to the second quarter. We previously expected the second quarter to be the lowest quarter of the fiscal year.

Adjusted EBITDA decreased 16% to $6.4 million, and Adjusted EBITDA Margin was 22% compared to 25% in the comparative period. The decrease reflects lower professional services revenue, partially offset by growth in software license revenue. Adjusted EBITDA was essentially unchanged from the first quarter, despite prior expectations of a sequential decline. Adjusted EBITDA in the current quarter was supported by an increase in perpetual licenses and stronger than expected demand for professional services.

Free Cash Flow increased 33% to $2.6 million, driven by lower capital expenditures. Free Cash Flow per share increased to $0.03 from $0.02. Year to date, Free Cash Flow decreased 5% to $6.1 million.

On November 12, 2026, the Company announced the renewal of a Normal Course Issuer Bid (“NCIB”) for its common shares as the Board of Directors of the Company believes that, from time to time, the market price of the common shares may not fully reflect the underlying value of the business.

The NCIB announced on November 11, 2025, and which will expire on November 13, 2026, resulted in a total of 4,760,700 shares being repurchased and cancelled.

The substantial issuer bid (SIB) announced on August 11, 2026 expired on September 21, 2026. Under the SIB, the Company repurchased and cancelled 4,444,444 common shares at $4.50 per share, for aggregate consideration of $20.0 million. The repurchase was funded from the Company’s credit facility. At September 30, 2026, $29.9 million was drawn on the $100 million revolving credit facility, with $70.1 million undrawn.

On October 9, 2026, the Company amended its revolving credit facility, increasing the total committed borrowing capacity from $100 million to $150 million, while also adding a second lender.

In the third quarter, Recurring revenue is expected to increase sequentially from the second quarter driven by a higher renewal cycle in the third quarter relative to the second quarter. Professional services revenue in the third quarter is expected to be similar to the second quarter.

Adjusted EBITDA and Adjusted EBITDA margins are expected to increase sequentially but decrease compared with the third quarter of fiscal 2026, primarily due to lower professional services revenue.

The fourth quarter is expected to be the Company’s largest renewal quarter and is expected to deliver the Recurring revenue growth and Adjusted EBITDA required to achieve the full-year outlook.

For fiscal 2027, we continue to expect a decline in professional services revenue of between $6-7 million relative to fiscal 2026.

For fiscal 2027, relative to the prior year and excluding the impact of future acquisitions, we continue to expect Organic Recurring revenue to be stable, no decline in Adjusted EBITDA, and improved Free Cash Flow.

Q2 2027 Dividend

Computer Modelling Group’s Board approved a cash dividend of $0.01 per Common Share. The dividend will be paid on December 15, 2026, to shareholders of record at the close of business on December 5, 2026.

All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of the Company will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.

SUMMARY OF FINANCIAL PERFORMANCE

                         
  Three months ended September 30,
 Six months ended September 30,
($ thousands, except per share data) 2026 2025 % change 2026 2025 % change
Annuity/maintenance licenses 19,712   19,067   3 % 38,960   39,401   (1 )%
Annuity license fee 2,408   1,650   46 % 3,449   2,168   59 %
Recurring revenue(1)(2) 22,120   20,717   7 % 42,409   41,569   2 %
Perpetual license 1,269   945   34 % 1,766   1,323   33 %
Total software revenue 23,389   21,662   8 % 44,175   42,892   3 %
Professional services 5,879   8,539   (31 )% 12,938   16,942   (24 )%
Total Revenue 29,268   30,201   (3 )% 57,113   59,834   (5 )%
Cost of revenue 5,941   5,542   7 % 11,602   11,500   1 %
Operating expenses                        
Sales & marketing 6,025   5,992   1 % 10,544   10,602   (1 )%
Research and development 7,751   7,360   5 % 15,531   15,393   1 %
General & administrative 6,458   6,126   5 % 12,078   11,865   2 %
Operating expenses 20,234   19,478   4 % 38,153   37,860   1 %
Operating profit 3,093   5,181   (40 )% 7,358   10,474   (30 )%
Net income 711   2,716   (74 )% 2,036   6,025   (66 )%
Adjusted EBITDA (1) 6,378   7,558   (16 )% 12,767   14,628   (13 )%
Adjusted EBITDA Margin (1) 22 % 25 % (3 )% 22 % 24 % (2 )%
                         
Earnings per share — basic & diluted 0.01   0.03   (67 )% 0.03   0.07   (57 )%
Funds flow from operations per share – basic 0.04   0.04   —  % 0.10   0.11   (9 )%
Free Cash Flow per share — basic (1) 0.03   0.02   50 % 0.08   0.08   — %

(1) Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” section.

(2) Included in the number is a reduction of $0.2 million and $0.5 million for the three months and six months ended September 30, 2026, respectively ($0.1 million and $0.2 million for the three months and six months ended September 30, 2025, respectively), attributed to the amortization of a deferred revenue fair value reduction recognized on acquisition.

NON-IFRS FINANCIAL MEASURES AND RECONCILIATION OF NON-IFRS MEASURES

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA Margin refers to net income adjusted for depreciation and amortization expense, interest income, interest expense, deferred-revenue fair-value adjustment, income and other taxes, stock-based compensation, retirement allowance for senior management, restructuring cost, foreign exchange gains and losses, repayment of lease obligations, asset impairments, other non-recurring expense, acquisition related costs and other expenses directly related to business combinations, including compensation expenses and gains or losses on contingent consideration. Adjusted EBITDA is most directly comparable to IFRS measures operating income, net income, or liquidity but should not be construed as an alternative to such financial measures. Adjusted EBITDA Margin is most directly comparable to IFRS measure net income divided by revenue but should not be construed as an alternative thereof. The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin are useful supplemental measures as they provide an indication of the results generated by the Company’s main business activities prior to consideration of how those activities are amortized, financed or taxed. In addition, management has determined that Adjusted EBITDA and Adjusted EBITDA Margin is a more accurate measurement of the Company’s operating performance and our ability to generate earnings as compared to EBITDA and EBITDA Margin.

         
  Three months ended
September 30,
 Six months ended
September 30,
($ thousands) 2026   2025   2026   2025  
Net income 711   2,716   2,036   6,025  
Add (deduct):                
Depreciation and amortization 3,065   2,552   5,790   4,967  
Acquisition costs 89   433   171   469  
Stock-based compensation 130   314   212   490  
(Gain) Loss on contingent consideration —   (126)   —   (126)  
Deferred revenue amortization on acquisition fair value reduction 229   85   499   235  
Other non-recurring expense (2) 790   —   790   —  
Income and other tax expense 1,492   1,648   3,041   2,565  
Interest /other income (243)   (214)   (282)   (528)  
Interest expense 355   —   560   —  
Foreign exchange loss 346   691   1,119   1,598  
Repayment of lease liabilities (586)   (541)   (1,169)   (1,067)  
Adjusted EBITDA (1) 6,378   7,558   12,767   14,628  
Adjusted EBITDA Margin (1) 22%   25 %   22%   24 %  

(1) This is a non-IFRS financial measure. Refer to definition of the measures above.
(2) During the second quarter, the Company experienced a social-engineering fraud that resulted in unauthorized payments totaling $1.0 million. The Company promptly notified the relevant financial institutions, law enforcement authorities, insurers and advisers. To date, the Company has incurred $0.1 million in legal fees related to recovery efforts and has received $0.3 million in insurance proceeds.

Adjusted EBITDA decreased by 16% and 13% for the three and six months ended September 30, 2026 respectively compared to the same periods of the previous year. The decrease was primarily driven by lower net income during the quarter.

Free Cash Flow Reconciliation to Funds Flow from Operations

Free Cash Flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Free Cash Flow’s most directly comparable IFRS measure is funds flow from operations. Free Cash Flow per share is calculated by dividing Free Cash Flow by the number of weighted average outstanding shares during the period. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods. Management uses Free Cash Flow and Free Cash Flow per share to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.

  Fiscal 2025 Fiscal 2026 Fiscal 2027
($ thousands, unless otherwise stated) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Funds flow from operations 9,937   8,227   5,524   3,588   7,068   9,701   4,336   3,352  
Capital expenditures (432 ) (661 ) (542 ) (1,080 ) (723 ) (215 ) (280 ) (151 )
Repayment of lease liabilities (689 ) (549 ) (526 ) (541 ) (539 ) (736 ) (583 ) (586 )
Free Cash Flow 8,816   7,017   4,456   1,967   5,806   8,750   3,473   2,615  
Weighted average shares – basic (thousands) 82,753   83,064   83,090   84,058   82,957   80,511   78,013   75,641  
Free Cash Flow per share – basic 0.11   0.08   0.05   0.02   0.07   0.11   0.04   0.03  
Funds flow from operations per share – basic 0.12   0.10   0.07   0.04   0.09   0.12   0.06   0.04  
                                 

Free Cash Flow increased by 33% for the three months ended September 30, 2026 compared to the same period of the previous fiscal year primarily due to lower capital expenditure in the quarter.

Free Cash Flow decreased by 5%, for the six months ended September 30, 2026 from the same periods of the previous fiscal year, primarily due to lower funds flow in the period.

Organic Growth

Organic growth and organic decline are not standardized financial measures and might not be comparable to measures disclosed by other issuers. Organic growth/decline on a quarterly and year-to-date basis is most directly comparable to the IFRS measures revenue and net income. Organic growth/decline includes only businesses under CMG Group’s ownership for a year or longer beginning from the first full quarter in the current and comparative period. The Company measures Organic growth/ organic decline on a quarterly and year-to-date basis at the revenue and Adjusted EBITDA levels and includes revenue and Adjusted EBITDA under CMG Group’s ownership for a year or longer, beginning from the first full quarter of CMG Group’s ownership in the current and comparative period(s). For example, BHV was acquired on September 25, 2023 (Q2 2024). September 25, 2024, marked one full year of ownership under CMG Group and on October 1, 2024 (Q3 2025), which is the first full quarter under CMG Group’s ownership in the current and comparative period, started being tracked under Organic growth. Any revenue and Adjusted EBITDA generated by BHV prior to October 1, 2024, would not be included in Organic growth/ organic decline. Sharp was acquired on November 12, 2024 (Q3 2025) and has marked one full year of ownership under CMG Group and hence is included in organic growth/decline from January 1, 2026 (Q4 2026).

SeisWare was acquired on July 30, 2025 and will start contributing to Organic revenue on October 1, 2026. Rose was acquired on March 24, 2026 and will start contributing to Organic revenue on April 1, 2027.

For further clarity, current statements include Organic growth from the following:

  • CMG, BHV and Sharp revenue and Adjusted EBITDA

Recurring Revenue

Recurring revenue represents the revenue recognized during the period from contracts that are recurring in nature and includes revenue recognized as “Annuity/maintenance licenses” and “Annuity license fee”. We believe that Recurring revenue is an indicator of business expansion and provides management with visibility into our ability to generate predictable cash flows.

The table under “Revenue” heading reconciles Recurring revenue to total revenue for the periods indicated.

REVENUE

  Three months ended September 30,   Six months ended September 30,  
($ thousands) 2026   2025   % change   2026   2025   % change  
                         
Annuity/maintenance licenses 19,712   19,067   3 %   38,960   39,401   (1) %  
Annuity license fee 2,408   1,650   46 %   3,449   2,168   59 %  
Recurring revenue(1) (2) 22,120   20,717   7 %   42,409   41,569   2 %  
Perpetual licenses 1,269   945   34 %   1,766   1,323   33 %  
Total software revenue 23,389   21,662   8 %   44,175   42,892   3 %  
Professional services 5,879   8,539   (31) %   12,938   16,942   (24) %  
Total revenue 29,268   30,201   (3) %   57,113   59,834   (5) %  

(1) This is a non-IFRS financial measure.

(2) Included in the number is a reduction of $0.2 million and $0.5 million for the three months and six months ended September 30, 2026, respectively ($0.1 million and $0.2 million for the three months and six months ended September 30, 2025, respectively), attributed to the amortization of a deferred revenue fair value reduction recognized on acquisition.

Condensed Consolidated Statements of Financial Position

  September 30, 2026   March 31, 2026  
UNAUDITED (thousands of Canadian $)        
Assets        
Current assets:        
Cash 9,289   24,100  
Restricted cash 148   146  
Short-term investment 3,700   3,700  
Trade and other receivables 29,399   29,159  
Prepaid expenses 4,517   3,659  
Prepaid income taxes 3,463   3,671  
  50,516   64,435  
Other long-term asset 1,573   1,324  
Intangible assets 65,914   68,876  
Right-of-use assets 24,847   26,252  
Property and equipment 10,673   11,175  
Goodwill 25,298   25,032  
Deferred tax asset 263   212  
Total assets 179,084   197,306  
Liabilities and shareholders’ equity        
Current liabilities:        
Trade payables and accrued liabilities 9,987   16,749  
Income taxes payable 2,963   2,280  
Acquisition holdback payable 734   3,008  
Deferred revenue 33,459   39,294  
Lease liabilities 2,666   2,549  
Government loan 322   320  
  50,131   64,200  
Lease liabilities 31,425   32,656  
Revolving credit facility 29,900   6,628  
Government loan 966   1,119  
Other long-term liabilities 604   838  
Deferred tax liabilities 12,719   13,534  
Total liabilities 125,745   118,975  
Shareholders’ equity:        
Share capital 80,926   91,453  
Contributed surplus 16,085   15,922  
Cumulative translation adjustment 7,212   5,386  
Deficit (50,884)   (34,430)  
Total shareholders’ equity 53,339   78,331  
Total liabilities and shareholders’ equity 179,084   197,306  
         

Condensed Consolidated Statements of Operations and Comprehensive Income

  Three months ended
September 30,		 Six months ended
September 30,
UNAUDITED (thousands of Canadian $ except per share
amounts)		 2026   2025   2026   2025  
Revenue 29,268   30,201   57,113   59,834  
Cost of revenue 5,941   5,542   11,602   11,500  
Gross profit 23,327   24,659   45,511   48,334  
Operating expenses                
Sales and marketing 6,025   5,992   10,544   10,602  
Research and development 7,751   7,360   15,531   15,393  
General and administrative 6,458   6,126   12,078   11,865  
  20,234   19,478   38,153   37,860  
Operating profit 3,093   5,181   7,358   10,474  
Finance income 32   214   71   528  
Finance costs (1,133)   (1,157)   (2,563)   (2,538)  
Other income 211   —   211   —  
Change in fair value of contingent consideration —   126   —   126  
Profit before income and other taxes 2,203   4,364   5,077   8,590  
Income and other taxes 1,492   1,648   3,041   2,565  
Net income 711   2,716   2,036   6,025  
Other comprehensive income:                
Foreign currency translation adjustment 36   2,333   1,826   1,320  
Other comprehensive income 36   2,333   1,826   1,320  
Total comprehensive income 747   5,049   3,862   7,345  
Net income per share – basic & diluted 0.01   0.03   0.03   0.07  
                 

Condensed Consolidated Statements of Cash Flows

  Three months ended September 30,   Six months ended September 30,  
UNAUDITED (thousands of Canadian $) 2026   2025   2026   2025  
Operating activities                
Net income 711   2,716   2,036   6,025  
Adjustments for:                
Depreciation and amortization of property, equipment, right-of-use assets 1,228   1,093   2,363   2,155  
Amortization of intangible assets 1,837   1,458   3,427   2,812  
Deferred income tax expense (recovery) (614)   (152)   (943)   (535)  
Stock-based compensation 130   (1,185)   212   (1,036)  
Foreign exchange and other non-cash items 60   (342)   593   (309)  
Funds flow from operations 3,352   3,588   7,688   9,112  
Movement in non-cash working capital:                
Trade and other receivables (5,906)   (1,117)   (241)   11,032  
Trade payables and accrued liabilities 364   (3,716)   (6,597)   (5,983)  
Prepaid expenses and other assets (1,259)   233   (1,092)   (316)  
Income taxes receivable (payable) 507   (1,707)   745   (2,675)  
Deferred revenue 1,855   662   (5,835)   (6,628)  
Change in non-cash working capital (4,439)   (5,645)   (13,020)   (4,570)  
Net cash (used)/provided by operating activities (1,087)   (2,057)   (5,332)   4,542  
Financing activities                
Repayment of government loan —   (78)   (162)   (158)  
Proceeds from issuance of common shares 118   616   118   828  
Repurchase of shares (20,393)   —   (22,271)   —  
Treasury shares purchased for stock-based compensation (5,421)   —   (5,421)   —  
Repayment of lease liabilities (586)   (541)   (1,169)   (1,067)  
Proceeds from credit facility 28,100   —   33,200   —  
Repayment of credit facility (6,000)   —   (9,869)   —  
Dividends paid (769)   (825)   (1,548)   (4,960)  
Credit facility issuance cost (15)   (170)   (15)   (170)  
Net cash used in financing activities (4,966)   (998)   (7,137)   (5,527)  
Investing activities                
Corporate acquisitions, net of cash acquired —   (5,174)   —   (5,174)  
Repayment of acquisition holdback payable (2,087)   —   (2,087)   —  
Settlement of contingent consideration —   (3,582)   —   (3,582)  
Property and equipment additions, net of disposals (151)   (1,080)   (431)   (1,622)  
Net cash used in investing activities (2,238)   (9,836)   (2,518)   (10,378)  
(Decrease) in cash (8,291)   (12,891)   (14,987)   (11,363)  
Effect of foreign exchange on cash (89)   1,704   176   318  
Cash, beginning of the period 17,669   44,026   24,100   43,884  
Cash, end of the period 9,289   32,839   9,289   32,839  
Supplementary cash flow information                
Interest received 32   214   71   528  
Interest paid 185   466   234   940  
Income taxes paid 961   3,190   2,240   4,969  
                 

CORPORATE PROFILE

CMG Group (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the energy industry around the world. The Company is headquartered in Calgary, AB, with offices in Houston, Oslo, Stavanger, Kaiserslautern, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.

QUARTERLY FILINGS AND RELATED QUARTERLY FINANCIAL INFORMATION

Management’s Discussion and Analysis (“MD&A”) and condensed consolidated interim financial statements and the notes thereto for the three and six months ended September 30, 2026, can be obtained from our website www.cmgl.ca. The documents will also be available under CMG Group’s SEDAR+ profile www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements

Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information, including statements regarding the Company’s expectations with respect to the fourth quarter being the Company’s largest renewal quarter and delivering the Recurring revenue growth and Adjusted EBITDA required to achieve the full-year outlook, Recurring revenue increasing sequentially from the second quarter driven by a higher renewal cycle in the third quarter relative to the second quarter, Adjusted EBITDA and Adjusted EBITDA margins in the third quarter increasing sequentially (but decreasing compared with the third quarter of fiscal 2026, primarily due to lower professional services revenue), professional services revenue in the third quarter being similar to those incurred during the second quarter, Rose contributing to Organic growth in the first quarter of fiscal 2028, SeisWare’s Adjusted EBITDA margin growing to 20% by the end of fiscal 2027 with strong revenue growth in the fourth quarter of fiscal 2027, and a dividend being paid on December 15, 2026, to shareholders of record at the close of business on December 5, 2026 (collectively, “Forward-Looking Information”) and expectations for fiscal 2027, relative to the prior year and excluding the impact of future acquisitions, in respect of Organic Recurring revenue being stable, Adjusted EBITDA not declining and Free Cash Flow improving.

Forward-Looking Information is necessarily based on a number of opinions, estimates, and assumptions that the Company considered appropriate and reasonable as of the date such statements are made. Although the Forward-Looking Information contained herein is based upon what the Company believes are reasonable assumptions, actual results may vary from the Forward-Looking Information contained herein. Certain assumptions made in preparing the Forward-Looking Information contained herein include, without limitation: the Company’s future growth, cash flow generation, results of operations, trends in software licence sales, development plans and the status of the Company’s software development projects, future capital and other expenditures (including the amount, nature and sources of funding thereof), availability of government grants, competitive advantages, plans for and results of research and development activity, the availability of qualified personnel and general business strategies, prospects and opportunities. Additional assumptions include sufficient liquidity and free cash flow to fund potential dividends and share repurchases; favorable market conditions; continued compliance with applicable solvency tests and debt covenants; and the absence of changes to applicable laws, regulations or policies affecting issuer bids, or capital return programs.

Inherent in the Forward-Looking Information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such Forward-Looking Information. Those risks include, but are not limited to: economic conditions in the energy industry; reliance on key customers; lack of availability of qualified personnel or management; foreign exchange; commodity price risk; geopolitical risk, including the war in Ukraine and the conflict in the Middle East; tariff risk; tax liability; sales variability; mix of revenues and potential variances from period to period; economic and political risks in countries where the Company currently does or proposes to do business; demand for the Company’s software; increased competition from other industry participants; domestic and international governmental regulation; general state of the economy; reliance on employees with specialized skills or knowledge; protection of intellectual property and other proprietary rights; interest rate risk on variable rate indebtedness; artificial intelligence risk; credit and liquidity; non-compliance with anti-corruptions and anti-bribery laws; information security breaches or other cyber-security threats; ability to successfully execute on acquisitions and to integrate acquired businesses and assets; unanticipated acquisition-related expenses; potential restrictions around asset ownership and control in foreign jurisdictions; litigation; significant obligations on CMG as a publicly traded company; price volatility of the Shares; and fraudulent and illegal activities by employees, contractors and consultants, as well as those described in the Company’s annual publicly filed documents. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that any Forward-Looking Information in this press release will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information as a prediction of actual results.

The Forward-Looking Information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the Forward-Looking Information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The Forward-Looking Information contained herein is current as of the date hereof and, except as required under applicable law, the Company does not undertake to update or revise it to reflect new events or circumstances. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of CMG, its financial or operating results, or its securities.

This press release should be read in conjunction with the Management Discussion & Analysis and condensed consolidated financial statements and notes thereto as at and for the three and six months ended September 30, 2026. Readers should also refer to the section “Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” in this press release. Additional information about CMG is available on the Company’s profile on SEDAR+ at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended March 31, 2026 and dated May 21, 2026.

CONTACT: For further information, please contact:

Pramod Jain
Chief Executive Officer
(403) 531-1300
pramod.jain@cmgl.ca     

or

Vipin Khullar
Executive Vice President, and
Chief Financial Officer
(403) 531-1300
vipin.khullar@cmgl.ca

For investor inquiries, please contact:
Kim MacEachern
Director, Investor Relations
cmg-investors@cmgl.ca

For media inquiries, please contact:
marketing@cmgl.ca

Posted in UncategorizedTagged

Montauk Renewables Re-schedules Third Quarter 2026 Conference Call for Monday, November 16, 2026, at 8:30 a.m. ET

Posted on by Ravi Shankar

PITTSBURGH, Nov. 12, 2026 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), has rescheduled its conference call and webcast for Monday, November 16, 2026, at 8:30 a.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2026. The Company expects to issue a press release reporting the financial results and file its Form 10-Q for its third quarter 2026 before the open of regular stock market trading hours on the same day as the conference call and webcast.

Third Quarter 2026 Conference Call and Webcast Details

Date: Monday, November 16, 2026
Time: 8:30 a.m. ET
Participant Access: [Link Here]
   

Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

A replay of the conference call and webcast will be available after 11:30 a.m. Eastern time on the same day through November 16, 2027.

About Montauk Renewables, Inc.

Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, develops, operates and manages landfill methane-fueled renewable energy projects. The Company has operations at 13 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

Company Contact:

John Ciroli
Chief Legal Officer (CLO) & Secretary
investors@montaukenergy.com
(412) 747-8700

Investor Relations Contact:

Georg Venturatos
Gateway Group
MNTK@Gateway-grp.com
(949) 574-3860

Posted in UncategorizedTagged

Montauk Renewables Re-schedules Third Quarter 2026 Conference Call for Monday, November 16, 2026, at 8:30 a.m. ET

Posted on by Ravi Shankar

PITTSBURGH, Nov. 12, 2026 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), has rescheduled its conference call and webcast for Monday, November 16, 2026, at 8:30 a.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2026. The Company expects to issue a press release reporting the financial results and file its Form 10-Q for its third quarter 2026 before the open of regular stock market trading hours on the same day as the conference call and webcast.

Third Quarter 2026 Conference Call and Webcast Details

Date: Monday, November 16, 2026
Time: 8:30 a.m. ET
Participant Access: [Link Here]
   

Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

A replay of the conference call and webcast will be available after 11:30 a.m. Eastern time on the same day through November 16, 2027.

About Montauk Renewables, Inc.

Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, develops, operates and manages landfill methane-fueled renewable energy projects. The Company has operations at 13 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

Company Contact:

John Ciroli
Chief Legal Officer (CLO) & Secretary
investors@montaukenergy.com
(412) 747-8700

Investor Relations Contact:

Georg Venturatos
Gateway Group
MNTK@Gateway-grp.com
(949) 574-3860

Posted in UncategorizedTagged

DPM Metals Declares Dividend

Posted on by Ravi Shankar

TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or “the Company”) today announced that its Board of Directors has declared a fourth quarter dividend of US$0.04 per common share.

The dividend is payable on January 15, 2026, to shareholders of record as at 5:00 p.m. Toronto local time on December 31, 2026, and qualifies as an “eligible dividend” for Canadian income tax purposes.

Shareholders may elect to receive their dividend in U.S. or Canadian dollars by contacting their broker or, where applicable, Computershare Investor Services Inc., the Company’s registrar and transfer agent. If no election is made, residents of Canada will be paid in Canadian dollars and non-residents of Canada will be paid in U.S. dollars. Dividends to be paid in Canadian dollars will be converted to Canadian dollars using the Bank of Canada exchange rate as of the record date (December 31, 2026).

Dividends paid to shareholders that are non-residents of Canada are generally subject to withholding tax unless reduced in accordance with the provisions of an applicable tax treaty.

About DPM Metals Inc.

DPM Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador. Our strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from our portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for our shareholders. DPM trades on the Toronto Stock Exchange (symbol: DPM) and the Australian Securities Exchange as a Foreign Exempt Issuer (symbol: DPM).

For further information please contact:

Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
jcameron@dpmmetals.com

Posted in UncategorizedTagged

DPM Metals Declares Dividend

Posted on by Ravi Shankar

TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or “the Company”) today announced that its Board of Directors has declared a fourth quarter dividend of US$0.04 per common share.

The dividend is payable on January 15, 2026, to shareholders of record as at 5:00 p.m. Toronto local time on December 31, 2026, and qualifies as an “eligible dividend” for Canadian income tax purposes.

Shareholders may elect to receive their dividend in U.S. or Canadian dollars by contacting their broker or, where applicable, Computershare Investor Services Inc., the Company’s registrar and transfer agent. If no election is made, residents of Canada will be paid in Canadian dollars and non-residents of Canada will be paid in U.S. dollars. Dividends to be paid in Canadian dollars will be converted to Canadian dollars using the Bank of Canada exchange rate as of the record date (December 31, 2026).

Dividends paid to shareholders that are non-residents of Canada are generally subject to withholding tax unless reduced in accordance with the provisions of an applicable tax treaty.

About DPM Metals Inc.

DPM Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador. Our strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from our portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for our shareholders. DPM trades on the Toronto Stock Exchange (symbol: DPM) and the Australian Securities Exchange as a Foreign Exempt Issuer (symbol: DPM).

For further information please contact:

Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
jcameron@dpmmetals.com

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AutoZone to hold Stockholders’ Meeting December 16, 2026

Posted on by Ravi Shankar

MEMPHIS, Tenn., Nov. 12, 2026 (GLOBE NEWSWIRE) — AutoZone, Inc. (NYSE:AZO) announced it will hold its Annual Meeting of Stockholders on Wednesday, December 16, 2026, at the J.R. Hyde III Store Support Center in Memphis, Tennessee. The meeting will begin at 9:00 a.m. (ET). Additionally, this event will be webcast and can be accessed at AutoZone’s website at www.autozone.com and by clicking on Investor Relations.

About AutoZone (NYSE: AZO)
As of August 29, 2026, AutoZone had 6,863 stores in the U.S., 1,001 in Mexico and 167 in Brazil, for a total store count of 8,031.

AutoZone is a leading retailer and distributor of automotive replacement parts and accessories in the Americas. Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. The majority of stores have a Commercial sales program that provides prompt delivery of parts and other products and Commercial credit to local, regional and national repair garages, dealers, service stations, fleet owners and other accounts. AutoZone also sells automotive hard parts, maintenance items, accessories and non-automotive products through www.AutoZone.com, and our Commercial customers can make purchases through www.AutoZonePro.com. Additionally, we sell the ALLDATA brand of automotive diagnostic, repair, collision and shop management software through www.ALLDATA.com. We also provide product information on our Duralast-branded products through www.DuralastParts.com. AutoZone does not derive revenue from automotive repair or installation services.

Contact Information:
Financial: Brian Campbell at (901) 495-7005, Brian.Campbell@AutoZone.com
Media: Jennifer Hughes at (901) 495-6022, Jennifer.Hughes@AutoZone.com

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