Dundee Precious Metals - DPM

Am 12. Februar auf der Website:

Dundee Precious Metals Announces 2018 Fourth Quarter and Annual Results and 2019 Guidance

Hier mal die Bewertung von DPM.

Zukünftiger Cashflow bei 1.500 $ Gold und einer Produktion von ca. 337.500 oz (inkl. Kupfer

ca. 170 Mio. $ p.a.

Das macht ca. 20 % Free Cash Flow Rendite.

ca. 264 $ EV/oz und ein Reservewertfaktor von ca. 3,2.

Das zukünftige KGV liegt in etwa bei 8.

Klingt erstmal ausgezeichnet und die Beteiligungen an INV Metals und Sabina Gold & Silver gefallen mir auch.

Manko:

DPM produziert in Bulgarien und Namibia. Dazu noch ein Projekt in Serbien. Klingt nicht gerade verlockend.

Aber die Fundamentaldaten sind sehr gut und die Bilanz ist ebenfalls gut.

Habe DPM heute ins wikifolio und in mein privates Depot genommen.

https://s21.q4cdn.com/58914538…ntation_November_long.pdf

https://www.goldseiten.de/arti…19-Financial-Results.html

Kurs heute + 11,2 %

Glückwunsch für den Super Einstieg , Nebelparder !!
Ich war drauf und dran, aber die Indikatoren sprachen dagegen, allerdings waren wir bei gut 50% Reaktion auf den letzten Anstieg. Nun kann ich nur noch hinterher schauen.

Dundee ist im Zuge der Neuausrichtung meines Depots seit ein paar Tagen auch in meinem Portfolio enthalten. Wenn auch nur zu einem geringen Anteil von rund 2%. Nicht mehr, da mir (wie Nebelparder bereits geschrieben hat) das Länderrisiko nicht ganz so gefällt. Dafür aber andere Kennzahlen wie Bewertung, Cashflow, Aussichten...

Habe mich die letzten Tage und Wochen von Depot-Krücken aus dem Silber- bzw. Silver&Goldbereich wie EDR, GPR, Fortuna und Couer Mining getrennt, und stattdessen bei Eldorado Gold, Gold Resource Corp. oder eben Dundee Precious zugegriffen. Bei nachhaltig anziehenden Minenindizes könnte es zwar angehen, dass die oben genannten ehemaligen Verlustbringer besser laufen als meine Neulinge im Depot. Aber mir gefallen die fundamentals der Letztgenannten derzeit einfach besser.

Grüße
GS

https://www.quantex.ch/assets/…/quantex_werte_202003.pdf

Quantex berichtete im Anlegerbrief 03/20 zu Dundee.

https://www.goldseiten.de/arti…arterly-Net-Earnings.html

Ausgezeichnete Quartalszahlen:

• 593 $ AISC
• 0,26 $ EPS = hochgerechnet KGV 5
• Guidance beibehalten und nicht nach unten korrigiert
• 73.000 oz Gold + 9,4 Mio. Pfund Kupfer produziert
• 0,02 $ Dividende = 1,7 % Dividendenrendite

Dazu noch ein schönes, aufwärtsgerichtetes Chartbild.

https://s21.q4cdn.com/58914538…Investor-Presentation.pdf

DPM seit Tagen mit schöner und verdienter Sonderbewegung wohl auch deswegen....

DPM will be added to the TSX composite index 22 June

S&P/TSX COMPOSITE INDEX – June 22, 2020

https://www.fool.ca/2020/05/25…soar-despite-coronavirus/

...meine größte Position derzeit und ich halte Bulgarien vergleichsweise für weitgehend problemfrei (ich lebe teilweise dort) bzw. für einen besseren Standort als Afrika, Südamerika oder Griechenland/Türkei.

Sehr gute Quartalsergebnisse von Dundee.
https://finance.yahoo.com/news…ces-record-210000356.html

Second Quarter Financial and Operating Highlights:

• Record gold production – Produced 81,365 ounces of gold in concentrate, as Ada Tepe delivered its highest quarterly production to date, and Chelopech continued its track record of consistent performance. Copper production was 9.4 million pounds;
• Solid smelter performance – Achieved throughput of 58,516 tonnes at Tsumeb despite a 30-day reduction in throughput in April related to the management of staffing levels as a result of COVID-19;
• Record quarterly free cash flow generation – Generated $75.5 million in cash flow from operating activities and a record $58.4 million of free cash flow⁽¹⁾;
• Growing earnings – Reported record net earnings attributable to common shareholders of $48.8 million, reflecting strong gold production and excellent cost performance from Chelopech and Ada Tepe combined with higher gold prices. Reported adjusted net earnings⁽¹⁾ were $45.8 million or $0.25 per share;
• Strong cost performance at all operations – Reported an all-in sustaining cost per ounce of gold⁽¹⁾ of $729 and a cash cost per tonne of complex concentrate smelted⁽¹⁾ of $345. Cash cost guidance for Ada Tepe has been reduced to $44 to $50 per tonne to reflect strong operating performance;
• Strengthened financial position – Ended the quarter with approximately $226 million of cash resources, comprised of $76 million in cash and an undrawn $150 million long-term revolving credit facility (“RCF”), as well as an investment portfolio of $65 million; and
• Well-positioned to deliver 2020 guidance – With strong performance in the first half of the year, DPM is tracking towards the higher end of guidance for gold production and remains on track to meet previously issued guidance metrics.

Gute Produktionszahlen von Dundee für Q3

79800 Oz Gold
9,2 Millionen Pfund Kupfer
55900 Tonnen wurden auf Tsumeb

Aufgrund der gestiegenen Gold und Kupferpreise sollte der free cash flow die 58,4 Millioen aus Q2 nochmal deutlich übersteigen!

Eine Ergänzung zur obigen Meldung

Dundee Precious Metals produced nearly 80,000 ounces of gold in Q3
Aus dem Inhalt:

• Dundee Precious Metals (TSX: DPM) meldete im dritten Quartal eine gesunde Goldproduktion, und das Unternehmen ist auf dem besten Weg, das obere Ende seiner Prognose für 2020 zu erreichen.
• Der CEO David Rea dazu:
  "Unsere Betriebe sind weiterhin äußerst leistungsfähig und haben im dritten Quartal ein weiteres starkes Quartal der Produktion erreicht"
• Bis heute habe es bei Dundee keine nennenswerten Betriebsunterbrechungen infolge der COVID-19-Pandemie gegeben.

Hier kommen die Q3-Zahlen am Freitag. Die sollten eigentlich sehr, sehr gut sein.

Der Kurs dümpelt momentan vor sich hin während das KGV so zwischen 6 und 7 liegen dürfte.

Mit ca. 700 - 750 $ AISC ist DPM eine absolute Cash-Maschine. (zweistellige Free-Cashflow Rendite)

Und hier sind sie:

https://www.goldseiten.de/arti…rd-Financial-Results.html

• AISC 640 $
• 0,28 $ EPS = KGV 6
• Free Cash Flow 59 Mio. $
• Guidance wird produktionstechnisch im oberen Bereich und kostenmäßig im unteren Bereich bestens erfüllt werden
• 102,4 Mio. $ Cashbestand, der von Quartal zu Quartal anwachsen wird

Wie erwartet außerordentlich starke Ergebnisse!

Hier noch ein Chart.

Ich denke DPM macht nur eine Welle 4 Korrektur, die kurz vor ihrer Vollendung stehen sollte.

8,05 C$ oder knapp darunter wäre optimal.

Kommt auf den Zettel!

Die ist ausgezeichnet.

Beim AISC und den Unzen im Boden - versus aktuellem Preis (und sie sieht im Chart TEUER aus, aktuell!) - haben meine Augen eben Stiele bekommen ... . Und der Cashbestand! Höllehölle ... .

Sehr spannend!

Glück auf!
CM

Ziehen heuer noch nicht so richtig mit.

Als Noch-INV-Aktionär und zukünftiger DPM-Aktionär will ich die Übernahme auch mal in diesem Thread festhalten.

https://www.dundeeprecious.com…f-INV-Metals/default.aspx

Dundee Precious Metals Announces Acquisition of INV Metals

Download this Press Release (PDF 208 KB)
May. 31, 2021 06:05
TORONTO, May 31, 2021 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX:DPM) (“DPM”) is pleased to announce that it has entered into a definitive agreement (the “Arrangement Agreement”) with INV Metals Inc. (“INV Metals”) whereby DPM will acquire all of the issued and outstanding shares of INV Metals that DPM does not currently own pursuant to a court-approved plan of arrangement (the “Transaction”). DPM currently owns 35,344,424 common shares of INV Metals, or approximately 23.5% of outstanding INV Metals common shares.
Highlights of the Transaction

• Under the terms of the Transaction, each of the issued and outstanding common shares of INV Metals that DPM does not currently own will be exchanged for 0.0910 of a DPM common share.
• The Transaction has strong shareholder support, with management and directors of INV Metals and IAMGOLD Corporation (“IAMGOLD”) entering into voting support agreements representing, in aggregate, approximately 47% of the outstanding common shares of INV Metals.
• The exchange ratio implies consideration of C$0.80 per INV Metals common share based on the preceding 5-day volume-weighted average price (“VWAP”) of DPM on the Toronto Stock Exchange (“TSX”) for the period ending May 28, 2021. This represents a 63% premium to the closing price of INV Metals common shares on the TSX on May 28, 2021.
• The implied equity value of the Transaction on a 100% and fully-diluted basis is equal to approximately C$132 million and C$104 million for the portion not owned by DPM.
• Upon completion of the Transaction, existing DPM and INV Metals shareholders will own approximately 94.5% and 5.5% of the pro forma company, respectively.

Strategic Rationale for DPM

• The Loma Larga gold-copper-silver project (“Loma Larga” or “the Project”) is well-aligned with DPM’s core strengths and unique capabilities to unlock value:
  
  
  • Similar geology, mining method and processing flow sheet to DPM’s Chelopech underground copper-gold mine, which DPM has developed into a world-class, modern operation;
  • The Project will benefit from additional engagement with local stakeholders as was also the case in the initial stages of development for Ada Tepe, which is now a highly successful DPM operation that enjoys strong support from local communities; and
  • A portion of the production includes complex concentrate, which can be processed at DPM’s Tsumeb smelter or other outlets.
• Adds high-quality growth asset to DPM’s portfolio: Loma Larga has the potential to produce an annual average of approximately 200,000 gold ounces (“Au oz.”) in its first five years. Life of mine production is estimated to be approximately 170,000 Au oz. per year at an attractive all-in sustaining cost, net of by-products (“AISC”), of approximately US$630/oz.¹, which continues to support DPM’s peer-leading cost profile.
• Strong reserve base and economic profile: Loma Larga adds approximately 2.6 million Au eq. oz. of high-grade mineral reserves for an initial 12-year mine life with compelling economic returns.¹
• Attractive valuation metrics: Transaction is expected to be accretive to DPM shareholders on a reserves and net asset value per share basis.
• Strong upside potential: DPM intends to explore further optimization studies at Loma Larga while continuing to advance the permitting process.
• Disciplined approach to project development: Ability to minimize up front spend during the permitting process while engaging with local communities in line with international best practices. As well, DPM will work to secure an investor protection agreement with the Ecuadorian government prior to making any significant capital commitments.
• Maintains DPM’s financial flexibility: Transaction size preserves DPM’s strong balance sheet and its ability to pursue additional growth opportunities, while also continuing to return capital to shareholders.

“This transaction leverages our proven strengths as an environmentally and socially responsible mining company, and we look forward to engaging with all national and local stakeholders,” said David Rae, Dundee Precious Metals’ President and Chief Executive Officer. “Loma Larga adds a high-quality, advanced stage gold project to our portfolio that has the potential to generate meaningful production growth and significant value for our stakeholders.”
“Our approach to advancing Loma Larga will benefit from our firm commitment to the highest standards for engagement with local communities and environmental stewardship, in addition to our development and operating experience to further unlock the significant potential of the project.”
Candace MacGibbon, Chief Executive Officer of INV Metals, said, “We are very pleased to announce this transaction today following many years of hard work and dedication from the INV Metals team. We believe DPM is uniquely positioned to move Loma Larga forward, and as such, this transaction is not only an excellent outcome for our shareholders, but also one with the potential to offer tremendous benefits for both the project’s national and local stakeholders in the coming years.”
Transaction Summary
The Transaction will be effected by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario), requiring the approval of: (i) at least 66 2/3% of the votes cast by the shareholders of INV Metals; and (ii) a simple majority of the votes cast by holders of INV Metals excluding for this purpose the votes attached to INV Metals common shares held by DPM and any other person as required under Multilateral Instrument 61-101 “Protection of Minority Security Holders in Special Transactions”, at a special meeting of INV Metals’ shareholders called to consider, among other matters, the Transaction.
IAMGOLD, along with the directors and officers of INV Metals, holding 36% and 11%, respectively, of the issued and outstanding common shares of INV Metals, have entered into voting support agreements with DPM, pursuant to which they have agreed, among other things, to vote their INV Metals shares in favour of the Transaction. Together with the shares already owned or held by DPM, this represents approximately 70% of INV Metals issued and outstanding shares that will be voted in support of the Transaction.