DPM METALS INC (DPM)
Share Price Analysis and Chart

30/03/2026

1

Upgrade to Outperform from Neutral

$59.00

15.17%

Macquarie has raised its 2026 commodity price forecasts, with the largest increases for thermal coal up 29%, aluminium up 26%, metallurgical coal up 15%, gold up 7%, iron ore up 6% and copper up 3%.

In the near term, the broker is overweight thermal coal, aluminium, metallurgical coal and nickel relative to consensus, while remaining even-weight on copper, iron ore, zinc, lithium, gold, silver and manganese.

Alumina is the only commodity where Macquarie is underweight.

The broker’s Australian dollar forecast is around 6% stronger than consensus. While higher prices support earnings, higher FX and fuel costs offset some of the benefit, the analyst explains.

Macquarie upgrades DPM Metals to Outperform from Neutral and raises the target to $59 from $58.

This is a summary of research produced by Macquarie on March 27.

FORECAST
Macquarie forecasts a full year FY25 dividend of 24.18 cents and EPS of 275.69 cents.
Macquarie forecasts a full year FY26 dividend of 24.18 cents and EPS of 492.59 cents.

18/02/2026

1

Buy

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DPM Metals posted full year results where cash costs exceeded both guidance and Canaccord Genuity's forecasts. The variance was primarily attributed to price and FX movements relative to assumptions.

The three-year outlook is largely in line with forecasts with slightly lower gold production expected in 2028 and modestly higher costs in 2027 and 2028.

The broker considers 2025 was a strategically constructive year and favours the stock given its consistent operating execution, Balkans-focused asset base and organically funded growth profile. Buy rating and CAD62 target.