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 another record quarter, posting 20% YoY sales growth and 50% YoY EBITDA growth due to the increased gold price and record levels of ore processed.</li>
<li>Dynacor again improved its balance sheet, with $42M in cash (up from $35M last quarter) with negligible debt, while also repurchasing shares.</li>
<li>We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Peru and West Africa.</li>
</ul>


DNG reported another record quarter, posting 20% YoY sales growth and 50% YoY EBITDA growth due to the increased gold price and record levels of ore processed.
Dynacor again improved its balance sheet, with $42M in cash (up from $35M last quarter) with negligible debt, while also repurchasing shares.
We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Peru and West Africa.


<ul>
<li>DNG continued to take advantage of the high gold price in Q2, beating revenue and profitability estimates, boosting its cash balance and reducing development risk as it enters its next phase of growth.</li>
<li>Dynacor posted record cash gross operating margin of $346/oz AuEq sold, compared to $234/oz in Q2/23 and our estimate of $233/oz.</li>
<li>DNG added to its strong balance sheet with $35M in cash (up from $28M in December 2023), $55M in working capital, and negligible debt.</li>
</ul>


DNG continued to take advantage of the high gold price in Q2, beating revenue and profitability estimates, boosting its cash balance and reducing development risk as it enters its next phase of growth.
Dynacor posted record cash gross operating margin of $346/oz AuEq sold, compared to $234/oz in Q2/23 and our estimate of $233/oz.
DNG added to its strong balance sheet with $35M in cash (up from $28M in December 2023), $55M in working capital, and negligible debt.


DNG: Q2 Financials - Margins Improve Further

<ul>
<li>DNG took advantage of the elevated gold price in Q1, posting significant beats on revenue and profitability.</li>
<li>This sets the Company up well for another record year and boosts its cash balance for growth initiatives.</li>
<li>Dynacor continued to return capital to shareholders, buying back 927K shares ($2.7M) during the quarter.</li>
</ul>


DNG took advantage of the elevated gold price in Q1, posting significant beats on revenue and profitability.
This sets the Company up well for another record year and boosts its cash balance for growth initiatives.
Dynacor continued to return capital to shareholders, buying back 927K shares ($2.7M) during the quarter.


DNG: Q1 Financials; Large Beat on Earnings

<ul>
<li>Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being up 4.1% (reaching its highest price in 12 years).</li>
<li>The mining equities had mixed performance relative to the metals with the GDX up 1.3%, GDXJ up 5.7%, SIL up 10.2%, and COPX down 7.6%.</li>
<li>Financings picked up massively in October as generalist capital returns to the mining industry, providing much-needed capital to the juniors.</li>
</ul>


Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being up 4.1% (reaching its highest price in 12 years).
The mining equities had mixed performance relative to the metals with the GDX up 1.3%, GDXJ up 5.7%, SIL up 10.2%, and COPX down 7.6%.
Financings picked up massively in October as generalist capital returns to the mining industry, providing much-needed capital to the juniors.


<ul><li>Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months.</li><li> This quarter included substantial momentum across several sectors, with strong performance from the companies we cover.</li><li>Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%).</li></ul>

Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months. This quarter included substantial momentum across several sectors, with strong performance from the companies we cover.Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%).

Sailfish Royalty Corp - Q3/24 Recap: All Our Research in One Place!

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: Knocked it Out of the Park...Again

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DNG: Q2 Financials - Margins Improve Further

Dynacor posted record cash gross operating margin of $346/oz AuEq sold, compared to $234/oz in Q2/23 and our estimate of $233/oz.

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