DFR Gold (TSXV: DFR)

Last close As at 29/02/2024

CAD0.02

−0.01 (−33.33%)

Market capitalisation

CAD6m

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 a 40% interest in the Kalaka project in Mali (a large, medium-grade, bulk-mineable prospect) and a 25.5% interest in the Gurara JV in Nigeria (an early-stage exploration project with high-grade intersections).

Latest Insights

Metals & Mining | Initiation

DFR Gold — Past work heralds a cascade of future riches

Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

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)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (69.2) (63.6) (86.2)
Relative (69.7) (65.6) (86.9)
52 week high/low C$0.1/C$0.0

Financials

Collectively, DFR’s management and board have discovered over 50Moz gold in some of the largest gold deposits in West Africa and have also raised over US$100m. 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 resource (of 635koz JORC), 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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