DPM Metals

DPM.TO

Gold · Basic Materials

Price

C$70.15

+2.62 (+3.88%)

Market Cap

C$14.77B

Exchange

Toronto Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

DPM Metals Inc. (formerly Dundee Precious Metals) is a Canadian gold mining company. It digs gold, copper, and silver out of the ground and sells those metals to refiners and commodity buyers. The company owns and operates mines primarily in Bulgaria and Namibia, making it one of the few Canadian miners with a focused presence in Eastern Europe and Africa.

The company makes money by selling the metals it produces, with revenue tied directly to commodity prices on global markets. With a gross margin above 60% and an operating margin above 50%, its mines are relatively low-cost, which gives it a cushion when gold prices dip. DPM operates at a mid-tier scale with a market cap around $8 billion. Its main growth driver is expanding output at existing mines and potentially developing new deposits, while its biggest risk is the volatility of gold and copper prices, which it cannot control.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+95.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+108.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

18.2%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$763M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

DPM Metals grew revenue 96% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 187.5M (2021) → 185.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

69.5%

Premium pricing power — 69.5% gross margin

Profit after running costs

Operating Margin

66.1%

Excellent — 66.1% operating margin

Return on the money invested

ROCE

24.0%

Exceptional — 24.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+98.3%

Fast-growing sales (+98.3% YoY)

Profit growth

EPS YoY

+118.0%

Earnings growing fast (+118.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

118%

Turns 118% of profit into real cash

Spare cash per sale

FCF Margin

57.1%

Converts sales into free cash efficiently (57.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

130.12x

Comfortably covers interest (130.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.8x

Fair value — P/E 16.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.8 → 13.2)

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Dividends

Dividend

Dividend Yield

0.34%

Small dividend — 0.34% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-0.8%

Dividend cut (-0.8% YoY) — warning sign

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