DFR Gold

Overview
Price performance
Financials
Research
Thematics

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

21.09.23

DFR Gold — Past work heralds a cascade of future riches

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Sector

Metals & Mining

Equity Analyst

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)

N/A

Forecast gearing ratio (%)

N/A

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

Financials

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.