High-Grade Gold Discovery with Large Defined Footprint
| Location | Serbia |
| Ownership | 100% |
| Stage | Feasibility study |
Čoka Rakita Project, Serbia
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The Čoka Rakita project is a high-quality organic growth asset located in southeastern Serbia, approximately 35 kilometres northwest of Bor. Since its discovery in early 2023, DPM has rapidly advanced the project from initial discovery to a full Feasibility Study in under 36 months.
The FS confirms Čoka Rakita as a high-margin, low-cost underground mining operation with robust economics. The project is designed to leverage DPM's extensive expertise in underground mining and processing, with first production anticipated in the first half of 2029.
Feasibility Study Highlights
The FS was released in November 2025 and outlines significant improvements over the previous 2024 Pre-Feasibility Study, including an additional year of mine life and higher gold production in the initial years.
| Feasibility Study Highlights (Based on a $1,900 per ounce gold price) |
|
|---|---|
| Throughput capacity | 850,000 tonnes per annum |
| Average annual gold production (life of mine) | 148,000 ounces of gold |
| Average annual gold production (first five full years) | 189,000 ounces of gold |
| Mineral Reserves (Probable) | 7.34 Mt @ 6.44 g/t Au (1.52 Moz) |
| All-In Sustaining Cost (AISC)1 | $644 per ounce sold |
| Initial Capital Expenditures2 | $448 million |
| After-Tax NPV (5% discount)2,3 | $782 million |
| After-Tax IRR2,3 | 36% |
| Payback Period | 1.8 years |
1All-in sustaining cost per ounce of gold sold is a non-GAAP ratio. This measure has no standardized meaning under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures used by other issuers Refer to the “Non-GAAP Financial Measures” section of the news release dated November 26, 2025 for more information, including a detailed description of these measures.
2Current legislation in Serbia allows for tax relief for large investments for a maximum period of 10 years, subject to certain eligibility conditions being maintained through the 10-year period. The FS assumes that the Čoka Rakita project is eligible for this tax relief and the effective income tax rate applied is 0% over the project’s 10-year mine life.
3Economics are construction forward and assumes no initial capital is spent in advance of a construction decision.
Strategic Advantages
• Infrastructure & Expertise: The project benefits from established road and power access and is located in close regional proximity to DPM’s Bulgarian operations. DPM will leverage its existing technical support from the Chelopech mine and repurpose processing equipment from the Ada Tepe operation (post-2026 closure) to de-risk the construction timeline.
• High Recovery Rates: Metallurgical testing indicates a combined gold recovery of 88% using gravity concentration and conventional flotation.
• Exploration Potential: Čoka Rakita serves as a hub for the broader Rakita camp, with high-potential targets like Dumitru Potok, Rakita North, and Frasen located within 2 km of the planned infrastructure.
Next Steps & Timeline
• 2026: Advance permitting, initiate the Special Purpose Spatial Plan, and begin preparatory/early works in H2.
• Early 2027: Expected commencement of mine construction.
• 2028: First ore to surface and build-up of stockpiles.
• H1 2029: Targeted first concentrate production.
Permitting and Social Responsibility
DPM has maintained a local presence in Serbia since 2004. We are committed to developing Čoka Rakita in accordance with international best practices for environmental management and social development. The project is expected to create over 500 jobs, with a focus on local hiring and specialized training programs modeled after our successful operations in Bulgaria and Bosnia.
DPM is committed to working closely with local communities around the Čoka Rakita project to understand priorities and support local development opportunities, with a focus on maximizing benefits of the project for Serbia.
