DPM Metals (ASX:DPM) said a feasibility study at its Coka Rakita project in Serbia confirmed a high-margin, low-cost operation that will generate "significant" returns for shareholders, according to a Thursday filing with the Australian bourse.

The feasibility study showed higher gold production in the first five years, a 10% increase in mineral reserves tonnage, and a 36% internal rate of return at initial project costs of about AU$448 million, the filing said.

The study also highlighted the start of construction at the project in early 2027, with the first concentrate production in the first half of 2029.

Shares of the company rose 4% in recent Thursday trade.