DPM Metals Announces Major Extension of Chelopech Mine Operations in Bulgaria
TORONTO – DPM Metals Inc., a prominent mining company listed on the TSX and ASX exchanges, has released a comprehensive update regarding its Chelopech mine located in Bulgaria. The company is pleased to announce a substantial extension of the mine's operational life, along with revised estimates for mineral reserves and resources, as well as a detailed life of mine plan.
Key Highlights from the Updated Mineral Reserve and Resource Estimate
The updated assessment reveals several critical developments that underscore the mine's long-term viability and potential for continued growth. All financial figures presented in the announcement are denominated in U.S. dollars unless otherwise specified.
- Extended Mine Life: Based on the newly calculated Mineral Reserve estimate, the operational lifespan of the Chelopech mine has been extended to 2036. This represents a ten-year extension, during which the mine is projected to maintain average production levels of approximately 160,000 gold equivalent ounces per year.
- Increased Mineral Reserves: The Proven and Probable Mineral Reserves have seen a significant increase, now totaling 23.2 million tonnes. Compared to the previous estimate, this marks a net increase of 42% in tonnage. Additionally, the metal content has risen by 12% for gold and 10% for copper. This updated estimate incorporates data from the Sharlo Dere prospect, along with revised model and design parameters and updated cut-off calculation assumptions.
- Mineral Resource Base Expansion: The Measured and Indicated Mineral Resource tonnage, excluding Mineral Reserves, has grown by 20% to reach 15.3 million tonnes. These resources maintain grades of 1.96 grams per tonne for gold and 0.57% for copper, which are consistent with the grades observed in the Mineral Reserves.
- Potential from Wedge Discovery: The current Mineral Reserve and Resource estimate does not include the promising Wedge Zone Deep discovery. This zone is situated within the northern flank of the Chelopech mine concession, approximately 300 metres below the existing Mineral Reserves and current mine infrastructure. The potential of the Chelopech North and Brevene exploration licences also remains unaccounted for in this update. Further drilling results from the Wedge Zone Deep are anticipated in the second quarter of 2026.
Executive Commentary on the Mine's Future Prospects
David Rae, President and Chief Executive Officer of DPM Metals, expressed optimism about the mine's future. "Our updated Mineral Reserve estimate, which extends Chelopech’s mine life to 10 years, is a strong indication of Chelopech’s track record of replacing Mineral Reserves, and we believe there is potential to continue this trend going forward," stated Rae.
He further emphasized the significance of the Wedge Zone Deep discovery, noting, "We continue to be excited by the Wedge Zone Deep discovery, which underscores the potential at our core operation to add high-grade Mineral Resources within the Chelopech mine concession, extend mine life and enhance long-term value for all stakeholders."
Details of the Updated Mineral Reserve and Resource Estimate
The 2025 Mineral Reserve and Resource estimate reflects several key updates, including revised estimation parameters and cut-off calculation assumptions. This estimate is effective as of May 31, 2025. The Mineral Resources have been updated to incorporate new geological information derived from the company's drilling programs, as well as updated modelling and estimation parameters. The inclusion of the Sharlo Dere prospect is a notable addition to this comprehensive assessment.
Updated cut-off assumptions were applied to the Net Smelter Return calculation. These adjustments are based on new recovery models that utilize process plant operational data, along with updated cost and price information, ensuring a more accurate reflection of the mine's economic potential.
This announcement highlights DPM Metals' commitment to sustainable mining practices and its strategic focus on maximizing the value of its assets in Bulgaria. The extended mine life and increased reserves position the company for continued operational success and long-term growth in the global mining sector.
