reports
- Ben Pirie
Mining Monthly: May Edition
What you need to know: • May was silver’s time to shine, hitting 12-year highs up 13.7% on the month, significantly outperforming gold and other metals. The silver equities also followed suit, up 13.4%. • Gold and copper posted smaller gains, despite both metals setting all-time highs mid-month, closing up 0.2% and 1.7%, respectively. • We continue to be highly bullish on the metals and mining sector as the continued outperformance of broader markets will attract more and more generalist invest...
- Ben Pirie
DNG: Q1 Financials; Large Beat on Earnings
What you need to know: • DNG took advantage of the elevated gold price in Q1, posting significant beats on revenue and profitability. This sets the Company up well for another record year and boosts its cash balance for growth initiatives. • Dynacor continued to return capital to shareholders, buying back 927K shares ($2.7M) during the quarter. • DNG added to its strong balance sheet with $28M in cash (up from $23M in December 2023), $52M in working capital, and negligible debt. Dynacor Group ...
- Ben Pirie
Mining Monthly: April Edition
What you need to know: • Following a big breakout in March, gold pressed on hitting new all-time highs, however, lost steam and fell towards the end of the month up just 2% in April. Silver outperformed gold, being up 5% on the month. • Copper held its big gains from early in the month, up 13% to $4.6/lb. However, copper equities lagged, being up only 8%. • We continue to see substantial M&A activity in the sector and have consolidated some transactions as of late in Figure 1. We view M&A as a...
- Ben Pirie
DNG: A Low-Risk, High-Growth Gold Processor
What you need to know: • Dynacor is entering its next phase of growth as it continues to expand production capacity and move beyond a single asset. • DNG has a stellar track record over the last decade, highlighting the strength of its business model, its ability to navigate tough jurisdictions, fund growth using cashflow, and returning capital to shareholders. • DNG has a strong balance sheet with $23M in cash, $51M in working capital, and negligible debt. • DNG is trading at 4.2x 2024E EBITD...
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