National Bank of Canada Maintains DPM Metals Outperform Rating, $38.50 Target

11:26 AM EDT, 10/01/2025 (MT Newswires) -- National Bank of Canada kept DPM Metals' (DPMLF) Outperform rating and $38.50 price target unchanged as its Loma Larga feasibility study showed a "buoyant" net present value at spot prices.

The feasibility study shows an after-tax NPV above National Bank's carrying value, tempered by higher capital expenditures and a potential environmental license suspension amid opposition from local stakeholders.

Overall, the bank does not expect the study to move the needle as Loma Larga represents a modest percentage of National Bank's net asset value, with DPM's strategic focus in the Balkans.

The feasibility study validates National Bank's modest carrying value representing about 3% of its mining asset NAV. It also implies that NPV and internal rate of return would be lower if gold prices normalized.

An increased initial capex of $593 million reflects an optimized project layout, inflationary pressures and an additional power plant to supplement Ecuador's power grid and contingencies.

Price: 31.29, Change: +0.44, Percent Change: +1.43

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