# DPM Metals Announces Robust Feasibility Study Results for the ?oka Rakita Project with $782M of NPV5% and 36% IRR Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299 Original source: https://money.tmx.com/en/quote/DPM/news/7218756369603025/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project Publisher: tmx Original announcement: 2025-11-26T12:45:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: DPM Metals Inc. - Ticker: DPM - Exchange: TSX - Region: Serbia - Primary commodity: Gold - Secondary commodities: Copper - Document categories: Economic study, Resource update, Metallurgy - Extracted: 2026-09-17 19:35:22 UTC Narrative sentiment: 1.00 · Bullish ## Minestarters Atlas summary DPM Metals Inc. announced robust feasibility study results for its Čoka Rakita gold project in Serbia, highlighting a post-tax NPV5% of $782 million and an IRR of 36%. The study confirms a high-margin underground operation with first-quartile all-in sustaining costs of $644/oz, supported by an 11% increase in contained gold reserves. Initial capital of $448 million is fully funded, and permitting is advancing for a construction start in early 2027. Reasoning: The feasibility study confirms robust economics for the Čoka Rakita project, featuring a high NPV and IRR, low operating costs, and an increase in mineral reserves, indicating a de-risked and financially attractive project. - Positive factor: Robust economics \(NPV, IRR, payback\) - Positive factor: Low operating costs \(first quartile AISC\) - Positive factor: Increased mineral reserves \(11% contained gold growth\) - Positive factor: Advanced permitting status - Positive factor: Leveraging existing equipment from another operation - Positive factor: Initial capital fully funded Facts used in scoring: 13 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299#fact-resource-facts-6) Čoka Rakita · gold #### Identity - Project: Čoka Rakita - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: DPM #### Resource scope - Estimate type: reserve - Effective date: 2025-01-17T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Khalid Mounhir - Resource group id: resource:8e96c0b3a20c9fa0ac8c - Deposit or zone: Čoka Rakita - Mining method: underground #### Resource Data - Category: probable - Tonnes: 7340000 - Grade: 6.44 - Grade Unit: g/t - Contained Metal: 1.52 - Contained Unit: moz - Cutoff Grade: 2.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-01-17 - Prior Tonnes: 6672727 - Prior Contained Metal: 1369.369 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-26T00:00:00.000Z Reasoning: The Probable Mineral Reserve shows a substantial increase in contained gold, indicating high confidence and a significant asset base, compliant with NI 43-101 standards. - Positive factor: Probable category \(high confidence\) - Positive factor: Significant contained gold \(1.52 Moz\) - Positive factor: 11% increase in contained gold vs prior estimate - Positive factor: NI 43-101 compliant - Positive factor: QP signed Evidence · table > 7.34 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1.52 against 1369.369 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 1.52 from 1369.369 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299#fact-resource-facts-7) Čoka Rakita · gold #### Identity - Project: Čoka Rakita - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: DPM #### Resource scope - Estimate type: resource - Effective date: 2025-01-17T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Malcom Titley - Resource group id: resource:55a6b7a242b181b62c39 - Deposit or zone: Čoka Rakita - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 530000 - Grade: 3.94 - Grade Unit: g/t - Contained Metal: 67 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-01-17 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-26T00:00:00.000Z Reasoning: The Indicated Mineral Resource provides a solid base of higher-confidence material, compliant with NI 43-101. - Positive factor: Indicated category \(good confidence\) - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Relatively small tonnage compared to reserves Evidence · table > 0.53 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299#fact-resource-facts-8) Čoka Rakita · gold #### Identity - Project: Čoka Rakita - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: DPM #### Resource scope - Estimate type: resource - Effective date: 2025-01-17T00:00:00.000Z - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Malcom Titley - Resource group id: resource:cbc8e02eebd8a7586107 - Deposit or zone: Čoka Rakita - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 90000 - Grade: 3.6 - Grade Unit: g/t - Contained Metal: 11 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-01-17 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-26T00:00:00.000Z Reasoning: The Inferred Mineral Resource represents early-stage potential, compliant with NI 43-101, but with lower confidence and limited tonnage. - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Inferred category \(lower confidence\) - Negative factor: Small tonnage Evidence · table > 0.09 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (4) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299#fact-metallurgical-facts-9) Čoka Rakita · gold #### Identity - Project: Čoka Rakita - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: DPM #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: crushing and grinding, gravity concentration and sulphide flotation - Grind P80: 53 µm #### Recovery - Recovery: 87.9 % - Recovery Basis: actual\_test #### Lab - Laboratory: DRA Americas Inc. - Consultant: DRA Americas Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-26T00:00:00.000Z Reasoning: The high overall gold recovery of 87.9% from detailed metallurgical testwork using a conventional gravity and flotation flowsheet indicates robust processing characteristics for the project. - Positive factor: High gold recovery \(87.9%\) - Positive factor: Detailed testwork \(FS level\) - Positive factor: Conventional flowsheet \(gravity and flotation\) - Positive factor: Grind size specified Evidence · text > Over the life of mine, 27% of gold reports to doré, 16% to the gravity concentrate and 45% to flotation concentrate for an overall average gold recovery of 88%. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299#fact-metallurgical-facts-10) Čoka Rakita · gold #### Identity - Project: Čoka Rakita - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: DPM #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: crushing and grinding, gravity concentration and sulphide flotation - Sample: Flotation #### Recovery - Recovery: 45.3 % - Recovery Basis: actual\_test #### Lab - Laboratory: DRA Americas Inc. - Consultant: DRA Americas Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-26T00:00:00.000Z Reasoning: The detailed breakdown of gold recovery across flotation, doré, and gravity circuits demonstrates a comprehensive understanding of the processing characteristics. - Positive factor: Detailed breakdown of recovery by process \(flotation, doré, gravity\) - Positive factor: Well-understood flowsheet Evidence · table > 45.3 Context: Flotation #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 45.3% is below the weak band \(80%\) ### other [Link to this fact](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299#fact-metallurgical-facts-11) Čoka Rakita · gold #### Identity - Project: Čoka Rakita - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: DPM #### Test Work - Program Status: detailed - Test Type: other - Processing Route: crushing and grinding, gravity concentration and sulphide flotation - Sample: Doré #### Recovery - Recovery: 26.8 % - Recovery Basis: actual\_test #### Lab - Laboratory: DRA Americas Inc. - Consultant: DRA Americas Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-26T00:00:00.000Z Reasoning: The detailed breakdown of gold recovery across flotation, doré, and gravity circuits demonstrates a comprehensive understanding of the processing characteristics. - Positive factor: Detailed breakdown of recovery by process \(flotation, doré, gravity\) - Positive factor: Well-understood flowsheet Evidence · table > 26.8 Context: Doré #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 26.8% is below the weak band \(80%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299#fact-metallurgical-facts-12) Čoka Rakita · gold #### Identity - Project: Čoka Rakita - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: DPM #### Test Work - Program Status: detailed - Test Type: gravity - Processing Route: crushing and grinding, gravity concentration and sulphide flotation - Sample: Gravity #### Recovery - Recovery: 15.8 % - Recovery Basis: actual\_test #### Lab - Laboratory: DRA Americas Inc. - Consultant: DRA Americas Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-26T00:00:00.000Z Reasoning: The detailed breakdown of gold recovery across flotation, doré, and gravity circuits demonstrates a comprehensive understanding of the processing characteristics. - Positive factor: Detailed breakdown of recovery by process \(flotation, doré, gravity\) - Positive factor: Well-understood flowsheet Evidence · table > 15.8 Context: Gravity #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 15.8% is below the weak band \(80%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.