Brevene South Hole Runs 1,054 Metres at 2.49 g/t Gold-Equivalent

DPM Metals Inc. (TSX: DPM; ASX: DPM) reported extended intercepts from delineation drilling at its Brevene Porphyry South gold-copper discovery in Bulgaria, including 1,054 metres grading 2.49 g/t gold-equivalent from 1,172 metres downhole in hole EX_BRESPO_03 and 716.60 metres grading 3.30 g/t gold-equivalent in hole EX_BRES_555_02A.

DPM Metals Inc. (TSX: DPM; ASX: DPM) has published final assays from two delineation holes at Brevene Porphyry South, the gold-copper discovery sitting in the southeastern corner of its Brevene exploration licence in Bulgaria and running up against the boundary of the producing Chelopech mine concession. Both holes were previously reported as works in progress. Both have now been drilled deeper, and in both cases the mineralised interval got longer rather than shorter.

Hole EX_BRESPO_03 was advanced a further 341 metres. With the new assays included, the intercept now reads 1,054 metres grading 2.49 grams per tonne gold-equivalent from 1,172 metres downhole, made up of 1.20 g/t gold, 1.20 percent copper and 43.46 g/t molybdenum. Inside that interval sits a higher-grade core of 465 metres at 3.02 g/t gold-equivalent — 1.49 g/t gold, 1.44 percent copper and 20.70 g/t molybdenum — beginning at 1,487 metres.

Hole EX_BRES_555_02A was extended by 679 metres. Its intercept now stands at 716.60 metres at 3.30 g/t gold-equivalent from 1,357 metres downhole, comprising 1.63 g/t gold, 1.58 percent copper and 17.09 g/t molybdenum, with an included 138.60 metres at 5.71 g/t gold-equivalent — 2.83 g/t gold, 2.72 percent copper and 9.99 g/t molybdenum — from 1,935 metres.

Why the length of these intercepts is the headline, not the grade

Porphyry deposits are usually a volume story. They are large, low-grade bodies of disseminated copper and gold, and the economics turn on how much rock can be mined per day rather than on how rich any single metre is. What makes the Brevene South numbers unusual is that the company is reporting kilometre-scale continuity and grades that would be respectable in a much narrower vein setting. A 1.20 percent copper average over more than a kilometre of core, with a gram-plus of gold alongside it, is at the upper end of what porphyry systems typically deliver.

The included intervals matter as much as the headline lengths. In EX_BRESPO_03 the 465-metre core at 3.02 g/t gold-equivalent shows that grade is not smeared evenly across the intercept — there is internal structure, a zone where copper and gold concentrate. In EX_BRES_555_02A the richest section, at 5.71 g/t gold-equivalent over 138.60 metres, starts at 1,935 metres downhole, which by simple arithmetic places it in the final stretch of the reported mineralised interval. That is the kind of geometry that usually invites a follow-up hole rather than closes a question.

Gold-equivalent grades are a convenience, not a physical measurement: they convert copper and molybdenum content into a notional gold grade using assumed metal prices and recoveries. Readers comparing one company's AuEq figure with another's should check the assumptions behind each before treating them as equivalent. The underlying constituent grades — gold in grams per tonne, copper in percent, molybdenum in grams per tonne — are the durable numbers.

The Chelopech adjacency is the commercial point

Brevene South's location is not incidental. The discovery is described as contiguous with the Chelopech mine concession, the operating gold-copper asset that anchors DPM's Bulgarian business. Proximity to an existing permitted operation changes the arithmetic on any future development in three ways.

• Infrastructure. Power, roads, water, tailings capacity and a trained workforce already exist in the district. Greenfield porphyry projects typically carry years of lead time and heavy upfront capital for exactly these items.
• Processing. Chelopech treats copper-gold ore. Mineralisation of similar character next door is, at least conceptually, a candidate for the same flowsheet rather than a new plant.
• Permitting and social licence. An established mining jurisdiction with an operating mine nearby is a different regulatory proposition from a first-time development.

The obvious caveat: the intercepts here start more than a kilometre below surface and the higher-grade cores sit deeper still. Depth drives mining method, dilution, ventilation, cooling and cost. A deep, high-grade porphyry is an engineering problem before it is a resource problem, and nothing in these results speaks to mineability, metallurgical recovery or capital intensity.

What drill results at this stage can and cannot tell investors

Delineation drilling is the phase where a company stops asking whether something is there and starts asking how big it is and what shape it takes. Two extended holes do not define a deposit. They establish that mineralisation persists over long vertical distances at grades worth measuring, and they give the geological team the information needed to space the next round of holes.

The disclosure of these intercepts was carried by INN Precious Metals. What the company has not yet published alongside them — and what determines whether the market ultimately assigns value — is a maiden mineral resource estimate, true-width interpretations for the reported intervals, or metallurgical testwork. Downhole length is not thickness; until the orientation of the mineralised body relative to the drill trace is established, the reported metres describe the core, not the deposit.

The tape these results land on

DPM Metals carries dual listings, in Toronto and on the ASX under the same DPM symbol, with ARBN 689370894 for its Australian registration. That structure gives the stock two trading sessions to absorb news, and Australian holders typically see Canadian releases reflected a day later.

Broader equity markets closed mixed in the most recent session before publication. As of 20:00 GMT on 18 September 2026, the S&P 500 tracker (SPY) last traded at $761.69, down 0.12 percent on the day; the Nasdaq 100 proxy (QQQ) finished at $721.45, up 0.63 percent; and the Dow 30 fund (DIA) ended at $515.88, down 0.48 percent. That backdrop is neutral rather than supportive — copper-gold developers have lately traded more on metal prices and drill news than on index direction.

What to watch from here

Three things will determine whether Brevene South becomes a material addition to DPM's asset base rather than an interesting geological curiosity. First, step-out holes that test whether the system continues laterally and below the intervals reported here, particularly beneath the high-grade core in EX_BRES_555_02A. Second, the company's framing of true widths and geometry, which converts drilled metres into a modellable body. Third, any statement on how Brevene South might interact with Chelopech's existing mining and processing capacity — the single variable most likely to move the project's theoretical value.

Until those arrive, the reported grades stand on their own: long, continuous and, by porphyry standards, rich.

Key facts

• Company and listings: DPM Metals Inc. — TSX: DPM, ASX: DPM (ARBN 689370894)
• EX_BRESPO_03: 1,054 m at 2.49 g/t AuEq (1.20 g/t Au, 1.20% Cu, 43.46 g/t Mo) from 1,172 m
• EX_BRES_555_02A: 716.60 m at 3.30 g/t AuEq (1.63 g/t Au, 1.58% Cu, 17.09 g/t Mo) from 1,357 m
• Market backdrop (last close): SPY $761.69 (-0.12%), QQQ $721.45 (+0.63%), DIA $515.88 (-0.48%) as of 18 Sep 2026, 20:00 GMT

Frequently asked questions

What did DPM Metals report at Brevene Porphyry South?

DPM Metals released final assays from two extended delineation holes. EX_BRESPO_03 returned 1,054 metres grading 2.49 g/t gold-equivalent from 1,172 metres downhole, and EX_BRES_555_02A returned 716.60 metres at 3.30 g/t gold-equivalent from 1,357 metres. Both holes had been reported previously and were deepened, with the additional core extending rather than ending the mineralised intervals.

Where is the Brevene Porphyry South discovery located?

It sits in the southeastern part of DPM Metals' Brevene exploration licence in Bulgaria and is contiguous with the Chelopech mine concession, the company's operating gold-copper asset. That adjacency matters commercially because existing infrastructure, processing facilities and permitting history in the district can materially reduce the lead time and capital required for any future development.

What does gold-equivalent grade mean?

Gold-equivalent, or AuEq, converts the value of copper and molybdenum in a sample into a notional gold grade using assumed metal prices and recovery rates. It makes polymetallic results easier to compare at a glance, but the assumptions differ between companies. The underlying constituent grades — gold in g/t, copper in percent, molybdenum in g/t — are the more reliable comparison.

How high-grade are the included intervals?

Within EX_BRES_555_02A, a 138.60-metre section from 1,935 metres downhole graded 5.71 g/t gold-equivalent, comprising 2.83 g/t gold, 2.72 percent copper and 9.99 g/t molybdenum. Within EX_BRESPO_03, a 465-metre section from 1,487 metres graded 3.02 g/t gold-equivalent, made up of 1.49 g/t gold, 1.44 percent copper and 20.70 g/t molybdenum.

Do these results establish a mineral resource?

No. Delineation drilling helps define the shape and extent of mineralisation, but a maiden mineral resource estimate requires sufficient drill density, geological modelling and true-width interpretation. DPM has not published a resource for Brevene Porphyry South alongside these intercepts, nor metallurgical recovery data, which would be needed to assess whether the material is economically processable.

Why does drilling depth matter for these intercepts?

The reported intervals begin more than a kilometre below surface, and the highest-grade sections sit deeper still. Depth determines mining method, ventilation, cooling and ground-support requirements, all of which drive operating cost. A deep high-grade porphyry can be attractive, but it typically demands underground bulk mining rather than open-pit extraction, changing the capital and cost profile significantly.

Sources

• DPM Metals Expands Brevene Porphyry South Discovery with New High-Grade Intercepts — INN Precious Metals