Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>DNG reported Q3 financial results that were mixed relative to our expectations, missing on production results and beating on financials.</li>
<li>Q3 revenue was $100.5M compared to our estimate of $89.7M, and Q3 OCF (before WC) was $6.6M compared to our estimate of $4.7M.</li>
<li>Management maintained its annual guidance for production, revenue, and net income but does not expect to hit its capex guidance.</li>
</ul>


DNG reported Q3 financial results that were mixed relative to our expectations, missing on production results and beating on financials.
Q3 revenue was $100.5M compared to our estimate of $89.7M, and Q3 OCF (before WC) was $6.6M compared to our estimate of $4.7M.
Management maintained its annual guidance for production, revenue, and net income but does not expect to hit its capex guidance.


DNG: Solid Q3 Revenue and Cashflow Generation

<ul>
<li>DNG announced an update today on its expansion plans in Senegal, Ecuador, and Ghana.</li>
<li>In Senegal, the construction of its 50tpd pilot plant remains on schedule with the first shipments of equipment expected to be on site in mid-November.</li>
<li>DNG continues to complete early-stage work in Ecuador and Ghana, setting up the Company well to execute on its bold growth plans.</li>
</ul>


DNG announced an update today on its expansion plans in Senegal, Ecuador, and Ghana.
In Senegal, the construction of its 50tpd pilot plant remains on schedule with the first shipments of equipment expected to be on site in mid-November.
DNG continues to complete early-stage work in Ecuador and Ghana, setting up the Company well to execute on its bold growth plans.


DNG: Making Progress with International Expansion

<ul>
<li>DNG reported Q2 financial results that were mixed relative to our expectations, missing on production results and beating on financials.</li>
<li>Q2 revenue was $79.9M compared to our estimate of $78.6M and Q2 OCF (before WC) was $4.2M compared to our estimate of $4.0M.</li>
<li>Management has updated its annual guidance to reflect ore supply headwinds seen in Q2.</li>
</ul>


DNG reported Q2 financial results that were mixed relative to our expectations, missing on production results and beating on financials.
Q2 revenue was $79.9M compared to our estimate of $78.6M and Q2 OCF (before WC) was $4.2M compared to our estimate of $4.0M.
Management has updated its annual guidance to reflect ore supply headwinds seen in Q2.


DNG: Q2 Results Benefit from Gold Price; Growth Expected in 2026

<ul>
<li>DNG announced that it has signed a share purchase agreement to acquire 100% of the 1,500tpd permitted processing plant in Ecuador.</li>
<li>The total consideration for the plant is $25M (including $9.75M for the acquisition and $15.25M in capex).</li>
<li>The asset will produce 75Koz of gold, or $10M in OCF using our assumptions, representing 2.5x OCF.</li>
</ul>


DNG announced that it has signed a share purchase agreement to acquire 100% of the 1,500tpd permitted processing plant in Ecuador.
The total consideration for the plant is $25M (including $9.75M for the acquisition and $15.25M in capex).
The asset will produce 75Koz of gold, or $10M in OCF using our assumptions, representing 2.5x OCF.


DNG: Signs Purchase Agreement to Acquire Plant in Ecuador

<ul>
<li>DNG reported Q1 financial results that were in line with our expectations on production and beat on financial metrics.</li>
<li>Q1 revenue was $80.0M compared to our estimate of $77.4M and Q1 OCF (before WC) was $5.8M compared to our estimate of $4.0M.</li>
<li>Management remains on track for its 2025 guidance, implying that production will ramp up through the remainder of the year.</li>
</ul>


DNG reported Q1 financial results that were in line with our expectations on production and beat on financial metrics.
Q1 revenue was $80.0M compared to our estimate of $77.4M and Q1 OCF (before WC) was $5.8M compared to our estimate of $4.0M.
Management remains on track for its 2025 guidance, implying that production will ramp up through the remainder of the year.


DNG: Strong Q1 Print; Stock offers Growth, Value, & Yield

Canada

Dynacor Group Inc. provides exploration and mining services. The Company explores and develops gold projects. Dynacor Group serves customers worldwide.

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Dynacor Group (DNG CN)

DNG: Solid Q3 Revenue and Cashflow Generation

DNG reported Q3 financial results that were mixed relative to our expectations, missing on production results and beating on financials.

Atrium Research

DNG: Making Progress with International Expansion

In Senegal, the construction of its 50tpd pilot plant remains on schedule with the first shipments of equipment expected to be on site in mid...

Atrium Research

DNG: Q2 Results Benefit from Gold Price; Growth Expected in 2026

DNG reported Q2 financial results that were mixed relative to our expectations, missing on production results and beating on financials.

Atrium Research

DNG: Signs Purchase Agreement to Acquire Plant in Ecuador

DNG announced that it has signed a share purchase agreement to acquire 100% of the 1,500tpd permitted processing plant in Ecuador. The total...

Atrium Research

DNG: Strong Q1 Print; Stock offers Growth, Value, & Yield

Q1 revenue was $80.0M compared to our estimate of $77.4M and Q1 OCF (before WC) was $5.8M compared to our estimate of $4.0M.

Atrium Research

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