DPM Metals Inc. (TSX: DPM, ASX: DPM) has updated its Mineral Resource and Mineral Reserve estimate and revised the life-of-mine plan for its Chelopech mine in Bulgaria, extending the operation’s mine life to 2036 and maintaining average production of about 160000 gold equivalent ounces per year.
The company reported a significant increase in Proven and Probable Mineral Reserves to 23.2 million tonnes, representing a 42% net rise in tonnage compared with the previous reserve estimate. DPM said the updated reserve model reflects the inclusion of the Sharlo Dere prospect, revised design and modelling parameters, and updated cut-off assumptions. In metal terms, the new reserve estimate shows higher contained gold and copper, with gold content up 12% and copper up 10% versus the prior estimate.
Beyond reserves, DPM said its Measured and Indicated Mineral Resource base, excluding Mineral Reserves, increased by 20% to 15.3 million tonnes, with grades of 1.96 g/t gold and 0.57% copper, broadly consistent with reserve grades. The company noted that part of the year-on-year shift in resource figures was driven by conversion of resources into reserves and updates to cut-off assumptions.
DPM highlighted additional upside potential from exploration, including the Wedge Zone Deep discovery, which is not yet included in the current MRMR estimate. The Wedge Zone Deep target is located within the Chelopech mine concession and around 300 metres below existing reserves and current infrastructure. DPM plans an additional 10000 metres of drilling, expected to be completed in the first quarter of 2026, with an update on drilling results anticipated in the second quarter of 2026.
The revised life-of-mine plan maintains a 2.2 million tonne per year mining rate through to 2032, following schedule optimisation aimed at meeting production goals and maximising value within development constraints. DPM said the updated plan will form the basis of its 2026 guidance and refreshed three-year outlook, due to be released on February 10, 2026 alongside fourth quarter and full-year 2025 financial results.
In parallel, the company is progressing permitting and tenure expansion around Chelopech, including efforts to convert the Chelopech North and Brevene licences toward mining concessions, with Chelopech North expected in 2026.
