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DPM Metals Kept at Buy at Stifel Canada Following Chelopech Drill Results; Price Target Kept at C$61.00

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Stifel Canada on Thursday reiterated its buy rating on the shares of DPM Metals (DPM.TO) and its C$61.00 price target after the company released exploration results from the Chelopech Mine in Bulgaria.

"Recent exploration success at Chelopech continues to demonstrate the potential for mine-life extension and future growth beyond current reserves. DPM's May 2026 Wedge Zone Deep (WZD) drilling defined a high-grade mineralized system ~250m below current Mineral Reserves, highlighted by 58m @ 14.58g/t Au (versus current Chelopech reserve grade of 2.18g/t Au), with an initial resource estimate expected by YE26. The newly announced Brevene South Porphyry (BSP) discovery identified a separate gold-copper porphyry system within the Chelopech concession, highlighted by 398m @ 3.00g/t AuEq (within 713m @ 2.52g/t AuEq). Together, WZD and BSP represent opportunities for reserve growth at an operation that recently extended mine life to 2036. DPM trades at 0.70x LT Stifel P/NAV vs peers at 0.53x. While both discoveries remain too early stage to incorporate into our valuation framework, continued drilling and resource delineation could support incremental NAV growth and further extend Chelopech's long-term production profile," analyst Cole McGill wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Price: $47.97, Change: $+0.54, Percent Change: +1.14%

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