Last close As at 19/04/2024


0.00 (0.00%)

Market capitalisation


DFR Gold is a junior exploration company focused on gold in West Africa. It has four principal assets, namely the Cascades project in Burkina Faso (with a 635koz resource), the Kalaka gold project in Mali, the Gurara joint venture in Nigeria and the Beravina zircon project in Madagascar (non-core).

DFR’s immediate priority is the Cascades project, where management believes it could have an endowment as large as 5.0Moz Au. In the meantime, it is building a balanced portfolio of promising projects at varying stages of development, including the Kalaka project in Mali (a large, medium-grade, bulk-mineable prospect – 40% interest) and the Gurara JV in Nigeria (an early-stage exploration project with high-grade intersections – a 25.5% interest).

Latest Insights

Metals & Mining | Initiation

DFR Gold — Past work heralds a cascade of future riches

Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director of Content, Mining

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • Brian Kiernan

    Interim CEO and president

  • Jean Lindberg Charles

    CFO and Secretary

  • John McGloin

    Advisor to the board

Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 33.3 (20.0) (68.0)
Relative 34.5 (23.6) (69.5)
52 week high/low C$0.1/C$0.0


Collectively, DFR’s management and board have been instrumental in discovering some of the largest gold deposits in West Africa and raising millions of dollars on capital markets. In the case of DFR, they have wasted no time in demonstrating value at the company’s flagship Cascades project where, in a short time, they have defined a maiden JORC resource of 635koz, made new discoveries and demonstrated extensions to the existing resource. As a result, Edison estimates that the company could almost double its maiden resource in the short term.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2021A 0.0 (1.0) (1.0) (1.4) N/A N/A
2022A 0.0 (2.3) (2.3) (1.7) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A



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