DPM METALS INC (DPM)
Share Price Analysis and Chart

02/10/2026

3

Downgrade to Neutral from Outperform

$61.00

-4.13%

Macquarie has turned more cautious on gold near term, citing higher real yields, sticky inflation and a stronger US dollar, although central-bank buying, geopolitical uncertainty and concerns over Fed independence remain supportive.

The broker lifts 2026 gold price forecast by 2% to US$4,485/oz, cuts 2027 by -3% to US$4,150/oz, before raising 2028-2030 forecasts by 3%-6% to US$4,000-US$3,700/oz, respectively, with its long-term forecast unchanged at US$3,100/oz.

Applying the gold forecast price changes results in average gold stock EPS forecast -2% for FY27 and -16% for FY28, with upgrades across FY29-FY30.

DPM Metals is downgraded to Neutral from Outperform. Target is set at $61 up from $55.

This is a summary of research released by Macquarie yesterday.

FORECAST
Macquarie forecasts a full year FY26 dividend of 23.10 cents and EPS of 488.67 cents.
Macquarie forecasts a full year FY27 dividend of 23.10 cents and EPS of 465.14 cents.

20/08/2026

1

Buy

-

-

Canaccord Genuity maintains a Buy rating for DPM Metals with a CA$67.00 target price following the announcement that Vares achieved commercial production on August 10.

The analyst highlights that daily throughput averaged 72% of design capacity over the 30-day period ending August 10, reinforcing management confidence in achieving full production of 850 ktpa by the end of 2026.

The broker's estimates model Vares reaching design throughput by year-end, with anticipated 2026 AuEq production of 152 koz exceeding company guidance.

Management notes production at Vares is expected to land at the higher end of its 105-130 koz AuEq guidance range.

The valuation is derived from a 50/50 combination of 10.0x NTM+1 EBITDA less net debt and 1.00x applied to the forward-derived operating NAV less net debt and other corporate adjustments.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 33.20 cents and EPS of 486.50 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 23.00 cents and EPS of 321.00 cents.