The deal was finalised via a court-sanctioned scheme of arrangement.
As a result of the deal, DPM now owns 100% of the issued share capital of Adriatic Metals, which operates the Vareš underground mine in Bosnia and Herzegovina, producing silver, lead, zinc, and gold.
DPM president and CEO David Rae commented: “Today is an exciting milestone for DPM. With the addition of the Vareš operation, DPM is a premier mining business with a peer-leading growth profile and a high-quality development and exploration pipeline. We will be leveraging our expertise in underground mining, our regional presence, successful track record of operations, optimisation and project management, as well as our strong financial position, to further optimise and realise Vareš’ full value potential.”
Following the acquisition, DPM plans to change its corporate name from Dundee Precious Metals Inc. to DPM Metals Inc., effective 12 September 2025. The company has also been approved for listing on the official list of ASX Limited (Australian Securities Exchange) as a Foreign Exempt Listing. Trading is expected to commence on 17 September 2025 under the ticker symbol “DPM.”
Legal advisory support for the transaction was provided by multiple firms. Bryan Cave Leighton Paisner guided DPM on English law, while Cassels Brock & Blackwell and Gilbert + Tobin advised on Canadian and Australian law, respectively. Herbert Smith Freehills Kramer advised Adriatic Metals on English and Australian law, with Stikeman Elliott providing counsel on Canadian law.
The acquisition strengthens DPM’s portfolio, adding a producing underground mine and enhancing its growth prospects through an expanded development and exploration pipeline. The company intends to apply its operational experience and project management expertise to maximise the Vareš operation’s efficiency and long-term value.
This strategic move positions DPM as a leading mining company with an expanded international presence, combining operational expertise with a diversified asset base. The addition of Vareš complements DPM’s existing operations, providing further opportunities for optimisation and value creation while reinforcing its financial and operational capabilities.
With the corporate name change and ASX listing, DPM Metals Inc. aims to increase its visibility in global markets and provide investors with access to its expanded asset portfolio. The transaction reflects the company’s commitment to growth and long-term development in the mining sector, underpinned by a high-quality resource base and experienced management team.
