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DPM Metals (formerly Dundee Precious Metals) has reported promising gold-copper exploration results at two targets near Bulgaria’s Chelopech mine, but its published plan does not forecast a production increase in 2028 because of them. The company’s February 2026 life-of-mine plan lists 2.2 million tonnes of ore processed in 2028 and describes average annual production of about 160,000 gold-equivalent ounces through 2036. The new targets are exploration potential—not reserves or scheduled production.
What did Dundee Precious Metals discover at Chelopech?
DPM Metals has reported results from two distinct targets: Wedge Zone Deep (WZD), inside the Chelopech mine concession, and Brevene South Porphyry (BSP), on the adjacent Brevene exploration licence. Both contain gold-copper mineralization, but they differ in location, deposit style, and development stage.
The distinction matters: a drill intercept describes mineralization encountered along a drill hole. It is not, by itself, a mineral resource or reserve, an approved mine design, or a production forecast. The company’s February 2026 Chelopech reserve estimate does not include WZD or the prospectivity of Brevene.
How do Wedge Zone Deep and Brevene South compare?
| Factor | Wedge Zone Deep | Brevene South Porphyry |
|---|---|---|
| Location | Inside the Chelopech mine concession, about 250 metres below existing mine infrastructure, according to DPM’s May 20, 2026 release. | On the Brevene exploration licence, contiguous with the Chelopech mine concession, according to DPM’s June 3, 2026 release. |
| Mineralization and reported results | DPM reported 58 metres at 15.28 g/t AuEq and 81 metres at 8.05 g/t AuEq in May 2026. | DPM’s June 2026 discovery release reported 713 metres at 2.52 g/t AuEq, including 398 metres at 3.00 g/t AuEq. In September, it reported an extended hole, EX_BRES_555_02A, at 716.60 metres grading 3.30 g/t AuEq. |
| Technical and development status | Preliminary laboratory-scale metallurgical work indicated the mineralization was amenable to flotation using the existing Chelopech flowsheet. Further drilling was planned through 2026, with an initial resource estimate targeted for year-end 2026. | Delineation drilling was continuing; DPM planned up to 15,000 additional metres through year-end 2026 and said delineation would continue in 2027. Regulatory work toward a mining-concession application was also ongoing in the September update. |
What is the Wedge Zone Deep discovery?
In its May 20, 2026 update, DPM described WZD as a high-grade gold-copper-silver prospect about 250 metres below existing mine infrastructure. The company said the mineralized zone was approximately 170 metres along strike, 130 metres wide and 300 metres in vertical extent, and remained open along strike and down-dip. The reported intercepts included 58 metres at 15.28 g/t AuEq and 81 metres at 8.05 g/t AuEq.
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DPM reported preliminary laboratory-scale metallurgical testwork indicating WZD mineralization was amenable to flotation through the existing Chelopech flowsheet. It planned further drilling during 2026 and targeted an initial mineral resource estimate by year-end 2026. Those results and plans do not establish a reserve, mine design or scheduled production contribution.
How high-grade are the Brevene South drilling results?
DPM announced BSP on June 3, 2026, after hole EX_BRESPO_03 returned a 713-metre downhole interval grading 2.52 g/t AuEq, including 398 metres at 3.00 g/t AuEq. The hole was still ongoing at the time of that announcement. In its September 20 update, DPM reported that EX_BRESPO_03 had been extended to 1,054 metres grading 2.49 g/t AuEq; it also reported 716.60 metres at 3.30 g/t AuEq in hole EX_BRES_555_02A. The company said the system remained open to the north, south, west and at depth.
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These are downhole lengths, not estimates of the mineralized zone’s true width. DPM said there was insufficient drilling to establish the geometry and estimate true widths. The long intercepts are evidence of mineralization in the holes, but should not be read as the thickness of a future mineable deposit.
What does AuEq mean in the Brevene results?
AuEq is a calculated gold-equivalent grade that combines the value of gold and copper; it is not a direct gold assay. For the June BSP release, DPM used the formula Au g/t + 1.05 × Cu%, with stated metal prices and assumed 90% recoveries for both metals. The company said those recovery assumptions were based on testwork from other porphyry showings in the Chelopech camp. The equivalent grade therefore depends on the stated price and recovery assumptions.
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Will the Chelopech discoveries increase production in 2028?
No specific 2028 production increase attributable to WZD or BSP is identified in the company disclosures covered here. DPM’s February 5, 2026 life-of-mine table lists 2.2 million tonnes of ore processed in 2028. That is planned throughput, not a production-growth figure, and the plan does not assign a 2028 contribution to either discovery.
The same February plan describes approximately 160,000 gold-equivalent ounces of average annual production and a reserve-based mine life extending to 2036. These are company plan figures, not guarantees, and they should not be interpreted as a forecast that the new exploration targets will lift 2028 output.
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Are the new discoveries already included in Chelopech’s reserves?
No. DPM’s updated Chelopech Proven and Probable Mineral Reserves, reported February 5, 2026 and effective May 31, 2025, total 23.2 million tonnes containing 1.6 million ounces of gold and 308 million pounds of copper. The company said this reserve base supports the plan extending to 2036; it does not include WZD or the prospectivity of Brevene.
A reserve is not interchangeable with a drill result or an early-stage resource. DPM’s February release says inferred resources do not contribute to financial performance in its estimate and are treated as waste; it also notes that resources which are not reserves do not have demonstrated economic viability. Exploration results must pass additional geological, technical, economic and regulatory work before they can support a mine plan.
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What work remains before Brevene could become a mine?
In the September 20, 2026 update, DPM described BSP as still undergoing delineation drilling and said it was reviewing the regulatory process for converting the Brevene exploration licence to a mining concession. The milestones it listed included recognition of a Commercial Discovery, a concession application, environmental and other permitting, and a concession contract, subject to review and approval. The update does not say that a mining concession has been granted.
WZD is within the existing Chelopech concession, but its May update likewise described a prospect under exploration, with further drilling planned and an initial resource estimate only targeted for year-end 2026. Neither target was presented in these updates as a reserve or as scheduled mine output.
How do the discoveries compare with current Chelopech production?
DPM’s Chelopech mine page lists 2025 production of 174,434 ounces of gold and 30 million pounds of copper, and 2026 guidance of 150,000–170,000 ounces of gold and 29–34 million pounds of copper. Those operating figures provide context for the producing mine; they are separate from exploration intercepts and from the 2028 ore-throughput figure in the life-of-mine plan.
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