DPM Metals produced approximately 97,000 gold-equivalent ounces across its operations in the third quarter, supported by higher-than-expected grades and rising processing volumes at the Vareš mine in Bosnia and Herzegovina. The company also reported progress on infrastructure upgrades at Vareš and preparations for construction of its Čoka Rakita gold project in Serbia.
DPM said it remained on track to achieve the upper end of its 2026 production guidance. Vareš accounted for approximately 45,000 gold-equivalent ounces during the quarter, with improved ore grades and increasing plant throughput contributing to production. The operation processed around 143,000 tonnes of ore, producing concentrates containing approximately 887,000 ounces of silver, 28 million pounds of zinc, 17 million pounds of lead and 10,000 ounces of gold.
Vareš Targets Full Processing Capacity by Year-End
DPM expects Vareš to reach its planned processing rate of approximately 850,000 tonnes per year by the end of 2026. Achieving that level would represent a further stage in the mine’s production ramp-up following its acquisition and its growing contribution to the company’s overall output. Supporting infrastructure is also progressing. Construction of a second tailings filter is nearing completion, with commissioning planned for November. A paste-backfill plant is scheduled to enter commissioning.
The facilities are intended to accommodate higher processing volumes and improve the management of underground waste and tailings as Vareš advances towards steady-state production.
Concession Ruling Remains a Regulatory Consideration
Operational progress at Vareš is accompanied by continuing uncertainty over its concession. The asset remains under scrutiny following a September 30 decision by Bosnia and Herzegovina’s Constitutional Court, leaving the concession’s legal framework among the issues relevant to the mine’s development. The combination of production growth and regulatory uncertainty keeps attention on both the operation’s ability to meet its ramp-up targets and the outcome of the concession-related proceedings.
Chelopech Development Targets Additional Output From 2028
DPM’s Chelopech mine in Bulgaria produced approximately 50,000 gold-equivalent ounces during the third quarter. The company plans to start developing twin declines towards the high-grade Wedge Zone in the fourth quarter. Additional production from the area is targeted from late 2028.
Čoka Rakita Construction Planned for Early 2027
In Serbia, DPM is preparing its Čoka Rakita gold project for construction, which is targeted to begin in early 2027. The company is dismantling and refurbishing equipment from the closed Ada Tepe mine for reuse at the Serbian project. Reusing existing equipment is intended to reduce part of Čoka Rakita’s capital requirement compared with procuring entirely new infrastructure. Cash flow generated by Vareš and Chelopech also provides the company with internal funding capacity as it prepares the next stage of its Balkan development programme. The near-term milestones include Vareš reaching its planned 850,000-tonne annual processing capacity, progress on resolving uncertainty surrounding its concession and maintaining the construction schedule for Čoka Rakita.
