reports
- Ben Pirie
DNG: Knocked it Out of the Park...Again
What you need to know: • DNG reported another record quarter, posting 20% YoY sales growth and 50% YoY EBITDA growth due to the increased gold price and record levels of ore processed. • Dynacor again improved its balance sheet, with $42M in cash (up from $35M last quarter) with negligible debt, while also repurchasing shares. • We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Peru and West Africa. Yesterday after market close, Dynacor Group ...
- Ben Pirie
Mining Monthly: October Edition
What you need to know: • Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being up 4.1% (reaching its highest price in 12 years). • The mining equities had mixed performance relative to the metals with the GDX up 1.3%, GDXJ up 5.7%, SIL up 10.2%, and COPX down 7.6%. • Financings picked up massively in October as generalist capital returns to the mining industry, providing much-needed capital to the juni...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q3/24 Recap: All Our Research in One Place!
Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months. This quarter included substantial momentum across several sectors, with strong performance from the companies we cover. Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%). This quarter has been our most active yet, ma...
- Ben Pirie
Mining Monthly: September Edition
What you need to know: • September was a big month for the metals space as gold, silver, and copper were all up over 6%. Gold broke to new all-time-highs, peaking at $2,685/oz before closing the month at $2,661/oz (up 46% LTM). • The mining equities lagged the metals slightly but greatly outperformed broader markets with the GDX, GDXJ, SIL, and COPX up 4.8%, 8.2%, 7.9% and 11.0%, respectively. • Battery metals performed well this month and news around the lithium market gets more interesting a...
- Ben Pirie
Mining Monthly: August Edition
What you need to know: • August was a mixed month for all metals, including the mining equities. • Gold continues to outperform other metals, up 2.3% on the month and up a staggering 29% over the last year. Mining equities performed in line with broader markets, following significant outperformance in July, read our July report here. • Battery metals suffered again this month, and the waiting game continues. • M&A was slow in August but we expect things to ramp up as we enter the fall given the...
- Ben Pirie
DNG: Q2 Financials - Margins Improve Further
What you need to know: • DNG continued to take advantage of the high gold price in Q2, beating revenue and profitability estimates, boosting its cash balance and reducing development risk as it enters its next phase of growth. • Dynacor posted record cash gross operating margin of $346/oz AuEq sold, compared to $234/oz in Q2/23 and our estimate of $233/oz. • DNG added to its strong balance sheet with $35M in cash (up from $28M in December 2023), $55M in working capital, and negligible debt. ...
- Ben Pirie
Mining Monthly: July Edition
What you need to know: • July was the second consecutive negative month for all 17 metals in our coverage except for gold, however, mining equities largely outperformed. • As anticipated in our last Mining Monthly, the June sell-off marked a great buying opportunity in the metals equities. • We are excited by the continued outperformance in the mining sector compared to broader markets as we believe this will begin attracting generalist investors to the space. • We notice an interesting trend in...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q2/24 Recap: All Our Research in One Place!
As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months. This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover. The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%). The overall coverage demonstrated significant resilie...
- 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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