Highlights

  • DPM’s Q1FY25 revenue rose by 16.4% YoY, primarily driven by a higher realized gold price and stable production volume.
  • The company recorded an adjusted EBITDA of USD 75.2 million for the period.
  • DPM has announced a Q2 dividend of USD 0.04 per share, expected to be paid on July 15, 2025, to shareholders on record as of June 30, 2025

Dundee Precious Metals Inc. (TSX: DPM) is a global mining company. It is focused on precious metals, with operations in Bulgaria (Chelopech and Ada Tepe) and Namibia (Tsumeb).

In the first quarter of the financial year 2025 (Q1 FY25), the company’s revenue increased by 16.4% year-over-year (YoY) to USD 144.1 million, primarily driven by a higher realized gold price and stable production volumes. Adjusted EBITDA surged by 38.0% YoY to USD 75.2 million, driven by improved operational efficiency and disciplined cost management. However, net earnings declined by 15.0% YoY to USD 33.5 million, due to one-time, non-operational expenses and higher taxes, which partially offset the gains from healthy operations. Free cash flow rose by 31.6% YoY to USD 79.1 million, up from USD 60.1 million in Q1FY24.

Recent Business Update

DPM continues to advance its exploration activities in Serbia and Bulgaria. In Serbia, drilling around Čoka Rakita and Dumitru Potok has confirmed high-grade copper-gold mineralization, with USD 23–25 million allocated for exploration in 2025. In Bulgaria, in-mine and brownfield drilling at the Chelopech mine aims to extend its life by over 10 years, supported by a USD 6–7 million near-mine exploration budget.

The company has declared a second-quarter dividend of USD 0.04 per common share, which is slated to be  paid on July 15, 2025, to shareholders of record as of June 30, 2025.

Company Outlook

 In FY25, DPM expects stronger production in the second half, with gold output of 225,000–265,000 ounces, copper production of 28–33 million pounds, and an AISC of USD 780–900 per ounce of gold sold.

Top 10 Shareholders

The top 10 shareholders of DPM collectively own approximately ~48.94% of DPM’s total shares. Among them, BlackRock Investment Management (UK) Ltd. and First Eagle Investment Management, L.L.C. hold the largest stakes, at around 8.07% and ~7.92%, respectively.

Stock Information

The stock price of DPM has appreciated by around 12.19% and 57.44% in the past month and the past six months, respectively. It is currently trading above its 52-week average, with the high and low at CAD 22.66 and CAD 10.39, respectively, with a closing price of CAD 21.16 as of June 16, 2025.

 Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is June 16 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.