Čoka Rakita Project, Serbia

High-Grade Gold Discovery with Large Defined Footprint

Location Serbia
Ownership 100%
Stage Pre-feasibility study

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The Čoka Rakita project is located three kilometres southeast of the DPM’s Timok gold project and is 100% owned by DPM. In January 2023, DPM announced the discovery of a high-grade deposit at Čoka Rakita, and commenced an aggressive infill, extensional and target delineation drilling program at the prospect. In December 2023, DPM declared a maiden Inferred Mineral Resource estimate for Čoka Rakita of 1.8 million ounces of gold, and completed a preliminary economic assessment (PEA) for the project in April 2024.

Based on the robust project economics as outlined in the PEA, DPM will continue to accelerate the project and is advancing to a pre-feasibility study, which is targeted for completion in the first quarter of 2025.

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Čoka Rakita benefits from good infrastructure, including power and road access to site. The project is located in close proximity to DPM’s existing operations in Bulgaria, and is a strong fit with our underground mining and processing expertise, with metallurgical test work demonstrating gold recoveries of approximately 90% by gravity concentration and conventional flotation.

Next Steps

In parallel to its exploration and infill drilling activities, DPM has advanced activities aimed at accelerating the project, including initiating geotechnical and hydrogeological drilling, the next phase of metallurgical testwork, evaluating locations for potential site infrastructure, as well as stakeholder engagement and permitting activities.

We have commenced certain scoping level activities and expects to complete a PEA on the project in the second quarter of 2024, targeting an annual throughput rate of 850,000 tonnes per annum.

Permitting preparation activities are underway, with good support and engagement from key regional and national authorities.

Consistent with our approach across all operations and projects, DPM seeks to build and maintain strong partnerships with local communities and governments. The Company has had a local presence in Serbia since 2008 and has developed strong relationships in the region and with the national government and will continue to proactively engage with all stakeholders as the project advances.

Planning for the project will be highly focused on ensuring responsible environmental management and social development inline with industry best practices. DPM is committed to working closely with local communities around the Čoka Rakita project to understand and support local development opportunities, with a focus on maximizing benefits of the project for Serbia.

Technical Reports and Public Disclosure Documents

Jan 24
Maiden Mineral Resource Estimate – Čoka Rakita Gold Project, Serbia
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