Genesis of Grand Gold Merger Unveiled
Genesis Minerals has won the hand of struggling Dacian Gold in an all-share takeover worth $111 million, expanding its footprint in the Leonora area of WA’s goldfields.
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Dacian Gold Limited
Dacian Gold is an Australian gold miner focussed on high margin, sustainable production and an organic growth focus from its highly prospective land package in Western Australia.
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News
Bizarre Love Triangle Afoot in Aussie Gold Space
Action in the local gold space, with two weak members of the herd targeted by an aggressive smaller predator in a potential three-way merger with a total value of more than $1bn.
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Tough Week for Some Local Gold Producers
The past week has seen the Australian gold sector spring a leak, with three good producers revealing unexpected operational problems, catching investors on the hop.
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More Good Tidings for Dacian Gold
Just a few weeks after revealing its maiden ore reserve estimate for its Redcliffe Gold Project, Dacian Gold has revealed a significant upgrade in prospects at two key WA projects.
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Dacian Loses Lustre With Gold Production Miss
Not the news the market wanted to hear from Dacian Gold. Just as world gold prices sit near eight-year highs, Dacian has cut its outlook for 2020-21 gold production, news which sent the shares spiralling.
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Analyst Views
DCN – Macquarie rates the stock as Upgrade to Neutral
Rating on Dacian Gold is upgraded to Neutral with the target rising to $0.35 from $0.33.
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DCN – Macquarie rates the stock as Underperform
Dacian Gold's December quarter report showed production in line with a pre-release and costs -10% lower than expected. Underperform and 34c target retained.
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DCN – Macquarie rates the stock as Resumption of coverage with Outperform
Dacian Gold has completed its recapitalisation via a $98m raising, and the broker has returned from restriction to set an Outperform rating, given the company's credit risk, which previously had the broker on Underperform, has been materially reduced. Target 45c on dilution (previously 70c).
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DCN – Citi rates the stock as Downgrade to Neutral from Buy
Citi only initiated coverage with a Buy/High-Risk rating and a $3 target in May, about three weeks ago, so there will be a number of unhappy faces at the office. The company management has downgraded production guidance in a significant manner.
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DCN – Macquarie rates the stock as Outperform
The company has updated the outlook for the second half. The limited availability of equipment has meant reduced FY19 guidance, at 150-160,000 ounces versus 180-210,000 ounces.
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