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 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 (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.
Next Steps
DPM is in the process of completing a feasibility study, expected by year-end 2025, and is advancing stakeholder engagement and permitting activities for the project.
In parallel, DPM is advancing various activities to support the project development timeline, including permitting to enable construction start-up in mid-2026, progressing design to basic engineering level, and preparing execution readiness and operational readiness activities.
Permitting and Stakeholder Engagement
Consistent with its approach across all operations and projects, DPM seeks to build and maintain strong partnerships with local communities and governments. We have had a local presence in Serbia since 2004 and developed strong relationships in the region, and we will continue to proactively engage with all stakeholders as the project advances.
Planning for the project will be focused on ensuring responsible environmental management and social development in-line with industry best practices. DPM is committed to working closely with local communities around the Čoka Rakita project to understand and support local development opportunities, with a focus on maximizing benefits of the project for Serbia.
