# DCN - Dacian Gold



## System (13 November 2012)

Dacian Gold Limited (DCN) is an Australian based mineral exploration company formed in 2011 to acquire the Mount Morgans Gold Project in the Laverton district of Western Australia.

http://www.daciangold.com.au


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## derty (22 November 2012)

Well this one went well out of the blocks, up over 20% from listing price. 

It will be interesting to see how they go at Mt Morgan. The assets are quite good but the floats success is largely due to having Rohan Williams on board. The hope is that he can do with Dacian what he did with Avoca, though this time he won't have his technical team of before. 

Dacian have the money to evaluate Mt Morgan and drilling is to start imminently if it has not already. If there are significant extensions to the existing ore bodies they should be able to delineate them. Watch this space, it could be a good story.


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## Roller_1 (29 November 2016)

Anyone else holding this?

Currently in a trading halt for a capital raising


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## So_Cynical (29 November 2016)

Roller_1 said:


> Anyone else holding this?
> 
> Currently in a trading halt for a capital raising




I added it to a watchlist last week.


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## pixel (29 November 2016)

Roller_1 said:


> Anyone else holding this?
> 
> Currently in a trading halt for a capital raising




At the moment, I think the Gold sector is highly speculative. Although the Indian market makes but a tiny fraction of total bullion and derivatives trading, an Indian import ban could have a significant psychological effect.

http://www.kitco.com/news/video/sho...bshell--India-Faces-Potential-Gold-Import-Ban

Add a capital raising, and I'm extra cautious.

Having said that, investors with a very long-term view may consider the Fibonacci retracement over a 3-year period and look for a buying opportunity at current levels *should support hold at the 61.8% level.*


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## rb250660 (29 November 2016)

Roller_1 said:


> Anyone else holding this?
> 
> Currently in a trading halt for a capital raising




In and out yesterday.


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## Roller_1 (29 November 2016)

rb250660 said:


> In and out yesterday.




i was in friday and tried to sell on the open 

Hopefully no carnage will unfold


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## peter2 (15 February 2019)

No comments re DCN for over two years.  
The recent corrective pattern look complete and the next impulsive wave has started. A good BO-NH setup on the daily chart. Looks interesting enough for me to read the latest activities and cash reports.






Perhaps I could ask for a comment re DCN from @explod as I don't know the company at all.


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## explod (15 February 2019)

A soundly run company and on the chart could well bounce off the 50 day average.  I note a lot of volume on the two recent dips also.

In the gold stocks generally there does not seem to be a lot of weight being given to the rising Aussie gold price.  Looks good to me peter2 but DYOR always.


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## peter2 (17 February 2019)

DCN's recent Qrtly Activities and Cashflow report was encouraging (to this novice). 

The chart posted earlier is part of a research project and should not be considered a recommendation to buy this stock. If you want to read more about the project log in to read the P2 Weekly Portfolio thread. 

Setup: BO-NH
Grade A upgraded from "B" after reading report.  
Buy limit: 2.72, iSL 2.20, let it go, wide trail stop to account for volatility in POG (both US and AUD).


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## frugal.rock (6 June 2019)

Well, well.
Down around 70 % yesterday after a sneaky sizeable profit downgrade Ann, 2 minutes before market open.
Set for a rally today?
Me thinks from close price of 0.515, we might get close to 70% back up today which in real terms, is only around 25% of yesterday's behemoth loss. 
Even a dead cat bounces, when dropped from that height. Meeeooowwwww.
These are my internal thoughts and I am a frog. Obviously, not financial advice. Pure frog spawn only.
FRock


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## Cashfarmer (3 August 2019)

frugal.rock said:


> Well, well.
> Down around 70 % yesterday after a sneaky sizeable profit downgrade Ann, 2 minutes before market open.
> Set for a rally today?
> Me thinks from close price of 0.515, we might get close to 70% back up today which in real terms, is only around 25% of yesterday's behemoth loss.
> ...



A traders dream at the mo, I'm betting that if the pog goes up so will DCN, therefore I will probably buy more on Monday


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## finicky (8 April 2020)

It's Dacian Gold's turn to step up to the recapitalisation plate.

Trading in Dacian Gold has been suspended since the start of February. Arsineh Houspian

As first reported by this column, the troubled gold miner was set to launch a $100 million-odd capital raising on Wednesday to help save it.

Sources said the deal was structured as a rights issue and placement, likely split 70-30, and *priced at 30¢ a share*. Dacian's shares last traded at $1.40.

Canaccord Genuity and Macquarie Capital were expected to launch the deal overnight, sources said. It is understood a handful of local funds had already been locked to cornerstone the offer.

Trading in the small cap gold miner has been suspended since the start of February and in that time the company has been assessing its recapitalisation options

New chief executive Leigh Junk outlined the company's recapitalisation strategy to the market in mid-March. Junk said the company would have to raise equity in order to meet a scheduled debt repayment of $24.7 million due before April 30.

Other aspects of the recapitalisation strategy included implementing a new three-year mine plan and accelerating potential new sources of resource production.

The new mine plan outlined less-than-expected annual gold output and a pivot to production that is based predominantly on open-pit sources rather than underground ones.

Junk said the company also wanted to improve its working capital position, "to allow the group to pursue exploration and new mine development activities that have a high potential of success in contributing to the group’s mine plan and cash flows in the short term".

AFR April 7


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## frugal.rock (14 April 2020)

Dacian trading again. Opened around 11am at $ 0.43
Low 0.38
Currently 0.535 at 11:50am
It's pumping! 

I bought in at 0.45 around 10 minutes ago...

F.Rock


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## finicky (14 April 2020)

Quite tempted to sell. The previous geologist M.D, who was also chairman, raised capital amidst an utterly rosy outlook projected by him. The raised money was supposed to be entirely earmarked for exploring the magnificent prospects. So what happened to it? Used to shore up the lame u/g mining? Was that the real reason for the equity raise back then? Hope there's a class action. Leigh Junk might salvage something from the mess I guess.


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## frugal.rock (14 April 2020)

How or why would they raise capital at 30 cents when the SP was $1.40 when they suspended?
How can that happen?
Bought purely off TA which has brought some small realised profit.
However am still holding a parcel which was on sell order but missed by 1 tick on closing.
Hopefully get a gap up tomorrow morning.
A monster day for gold....
XGD closed 11% up...

Today reminded me of the knife catching incident I tried in May or June last year when it crashed to similar prices, didn't end well but taught me valuable expensive lessons.

F.Rock


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## mullokintyre (13 July 2020)

Another downgrade to production tonnage, and an increase in AISC.  Lost a fair bit on this Dog, thankfully dumped it when it relisted after the trading halt, otherwise would have had even bigger losses.
Not sure how the Junk man can make this much better.


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## finicky (6 October 2020)

Wow, this starting to look almost good. Only another $1.15 to tack onto the current price and I'm outta here with my stake intact (average price $1.48 and that's after taking up my full 0.30 entitlement)
Two of the major concerns are being progressively allayed - the debt, now negligible and tbe f'g hedges, still a way to go on those)


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## finicky (13 November 2020)

I found the recent Investor Presentation - November 4, 2020 fairly reassuring and hopeful so I tacked on another 10,000 @ 0.35, taking advantage of the dip in gold.
I am a duped victim of the original management but Leigh Junk, the current M.D, seems to have been doing his thing in salvaging something from the wreckage as he successfully did when he took over the reins of a foundering Doray Minerals and eventually delivered it profitably into the hands of Silverlake Resources.

He's paying down the debt, producing profitable metal from open pits, finding more resources and even reassessing the disastrous underground ops of Westralia to see if something can be saved from the debacle. A lot of u/g development is in already in place albeit unproductive and the company owns plant, infrastructure and tenements in a district that is studded with big gold mines - the major reason I first blundered into a premature buy before the mine was proved.

On a personal note I will be able to sell my original holding @ 2.70/share this financial year for a much needed capital tax loss but still keep a decent stake in the company with the modest hope of recovering my losses one day.

The monthly chart suggests accumulation to me, nice small bodies.


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## Dona Ferentes (16 November 2020)

Dacian Gold will merge with NTM Gold via a scheme of arrangement under which Dacian will acquire all of NTM's shares. Under the deal, NTM shareholders will receive one Dacian share for every 2.7 NTM shares they hold. Together, the combined group will be worth approximately $255 million.



> "This merger will create value by delivering on our strategy of extending mine life, diversifying our production base and increasing operational flexibility at Mt Morgans. This is a logical step for Dacian to expand operations in our region by unlocking resources within haulage distance of our substantial processing infrastructure, enabling future resource and reserve additions to be brought quickly into production," said Dacian managing director Leigh Junk.






> "The merger with NTM creates an industry leading portfolio of advanced exploration targets underpinned by potential high-margin, low capital intensity development opportunities, which would significantly expand Dacian’s production profile through the addition of high-grade deposits to our operating plan, further future proofing our business."




The merged group will be owned 68.4 per cent by Dacian shareholders and 31.6 per cent by NTM shareholders.

The board of NTM and two of its largest shareholders support the merger, representing a combined 32.9 per cent of the voting interest.


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## finicky (28 December 2020)

Dacian Gold (DCN)
Current share price 0.37

Recent substantial purchases on market by insiders.

Director Ian Cochrane
Dec 7
Number acquired: 140,000 *on market*
Value/Consideration: *$49,140k*
(*0.35* per share)

ManagIng Director Leigh Junk
Dec 4
Number acquired: 1,000,000 *on market*
Value/Consideration: *$350,859*
(*0.35* per share)

Held
Bid in for 10,000 more


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## finicky (28 December 2020)

Weekly chart comments:
Higher low, rounding low, small bodied candles, narrowed Bollinger bands, positively divergent indicators, possible small head and shoulders completing.


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## Trav. (28 December 2020)

@finicky looking at the weekly chart my fist impression was that DCN is going sideways and waiting on some sort of catalyst for a break out etc.

But looking at the daily reveals another story of volatility and price ranging from .325 to .42 (22%) over the few months - October to December.

Daily below and an interesting stock to watch. Not for the faint hearted


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## finicky (28 December 2020)

@Trav.  yes I can agree that the chart is not an emphatic turnaround. I'm surprised that your system or way of viewing it sees volatility as the feature though because an aspect of my interest in the current chart is that I am seeing the opposite (e.g small bodied small range weekly candles, narrowing Bollinger). Maybe the reason is that I look mostly to weekly and monthly (prior post) charts for guidance.

I've also been looking at the progress they seem to be making (cashflow positive, paying down debt, the new acquisition, some exploration success, talk of reviving the u/g Westralia operation) and that might be giving me rosy spectacles. Dacian is speculative for sure because, while a cash generating producer with a nice new plant, its previous model under a different m.d was based on false assumptions of grade and cost.


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## Trav. (28 December 2020)

finicky said:


> @Trav. yes I can agree that the chart is not an emphatic turnaround. I'm surprised that your system or way of viewing it sees volatility as the feature because an aspect of my interest in the current chart is that I am seeing the opposite (e.g small bodied small range weekly candles, narrowing Bollinger). Maybe the reason is that I look mostly to weekly and monthly (prior post) charts for guidance.



Just my view of volatility mate, 22% range over the last few months, is volatile to me.

As I mentioned the weekly chart looked very calm and the small bodied candles were squashed up due to the large range 1.75 to current 0.37, but if you zoom in to the 24/4 to present in the weekly it paints a different picture to me (chart below)

But I am sure that if you gave the same chart to 10 people you would get 10 different interpretations, but I believe that it is worth having a look at each version as you might have missed something. The old unconscious bias get get us all.

I am not looking at the fundamentals so you might be on the money there mate.

Sorry to stalk your posts but things are quiet on here and always good to have a look at different stock......and the gold price was having a little run this morning which made this one even more interesting.


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## finicky (29 December 2020)

When I put in my bid @ 0.35 over the weekend I seemed to be near top of the queue. Now there're heaps ahead of me and check out buyers v sellers.






DCN - What's it worth? 

After the acquisition of NTM Gold Ltd for the issue of DCN 280m shares  - (diluted for options issued to NTM's management) - DCN has:

280m (diluted) +
580m (diluted) =
*860m (diluted) shares on issue*

To get a notion of how comparatively expensive the share price is, reduce to a hypothetical 100m shares and multiply by recent share price of 35c:

860m x .35 ÷
100m =
*$3 per share* for a gold miner with a modest *100m shares issued*.

New 2.5 mtpa gold plant and infrastructure in a district that has hosted an unusual density of million oz gold mines. Plant performing above plate capacity. Making a profit, has deferred delivery into hedging contracts for greater exposure to spot price.


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## finicky (4 January 2021)

I'm looking at this as a breakout from a shallow, down sloping H&S now and my target is 0.55 but still can't bring myself to chase it. A good pullback and I'm in for more, to lower my cost average, but doubt that i'll happen now.

DCN Daily


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## finicky (8 January 2021)

Hit 0.55 with a shootin' star today. Hope it heralds a pullback because I'm in like Flynn if its a significant one.

Daily


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## finicky (12 February 2021)

I accepted a rough 50% correction of the rally from the November low and bought 10,000 more @ 0.45.
Price is almost at the rising 50 day moving average. Well they're my rationalisations for buying now anyway🤡 really just bored. As an early punter @ $2.65 in DCN under the old drop-kick M.D my average buy price is now at 0.97, need a 2 bagger just to break even. Suppose I should have waited for a reversal signal or two which aren't in the chart yet that I can see.

Daily


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## mullokintyre (12 February 2021)

finicky said:


> I accepted a rough 50% correction of the rally from the November low and bought 10,000 more @ 0.45.
> Price is almost at the rising 50 day moving average. Well they're my rationalisations for buying now anyway🤡 really just bored. As an early punter @ $2.65 in DCN under the old drop-kick M.D my average buy price is now at 0.97, need a 2 bagger just to break even. Suppose I should have waited for a reversal signal or two which aren't in the chart yet that I can see.



Only a two bagger, I needed a three bagger to get out of it when the crunch came, so I bailed. 
Took the pittance i had left and put it into  SBM, which has not really done any better.


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## finicky (12 February 2021)

@mullokintyre yes pretty heavy disappointment back in those times, M.D was a salesman, always second guess someone that cultivates facial hair and meets the gaze of the camera with enjoyment and effusive confidence. Not talking about lazy stubble growth, 'cultivates' is the operative word. Different management now, Leigh Junk pulled Doray Minerals out of the muck and seems to be repeating that at Dacian. 

Nice new plant, net debt free, manageable hedges, making cash, more open pittable resources from the recent acquisition. The clincher will be if they can recover the capital already invested in underground Westralia at a higher gold price. Not trying to sell it, still a gamble.


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## finicky (18 February 2021)

Seems goldies being thrown away? Added 5,000 more DCN @ 0.39
Feels reminiscent of March when general stocks appeared so cheap, boldness called for, yet could only timidly nibble away at this and that. This will probably turn out to be a time that money could have been made in gold stocks. It's just that big liquid money has temporarily ebbed away for whatever reason. The weekly chart of DCN does not yet trouble me - see the declining volume trend into this pullback since start Jan, albeit this week will finish higher.

A few short term reversal signs today in stocks like NCM, NST, RRL (charts)






DCN Weekly


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## finicky (19 February 2021)

Added 6,000 @ 0.37, cheap, not a chart based buy now, although momentum is suggesting oversold.

Dacian's target, NTM Gold, reported some *infill* results at its 'Hub' project. Adding continuity confidence to the shallow layer of resource (150 mtrs) ahead of a resource upgrade. Diamond drilling is currently probing what's beneath 150 mtrs depth. Mineralisation already known to occur at 500 mtrs depth - _"the deposit remains open at c.500m depth and has a strike of at least 1.2km." 




_


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## Austwide (19 February 2021)

@finicky yes 0.17 is cheap but I think you mean 0.37.

Best of luck


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## finicky (19 February 2021)

Thanks @Austwide  - amended. Was on my tread-mill, dizzy


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## finicky (25 February 2021)

In for 10,000 more @ 0.37

*Hourly* chart - buyers matching sellers - might be something in it, might not. Got sick of waiting for lower.


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## barney (25 February 2021)

Just had a bit of a squiz at these guys @finicky 

If you are a medium/longer term holder, I think you will do quite well from your recent investments  

Their recent share price downturn now looks way overdone. 

Good luck with the "rebound" in the SP. Only a matter of time i think.


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## finicky (25 February 2021)

The new M.D Leigh Junk spent *$350 grand *on these in early December @ 0.35 - a cool million shares. Doesn't wait to get awarded them via free options or the new craze for the insiders, performance shares.

I remember the chairman and the M.D of Saracen Resources forking out big time for SAR shares back in 2013 @ 17-19c. I was trying to get SAR shares myself at 17c then price went up and I refused to chase it up a few cents. Would have made a hell of a difference if I had.






From the past, note the dates - Saracen Resources *(SAR)*. Not saying DCN is another Saracen.
Chair and M.D buying substantial shares

Guido Staltari, Chairman
8 & 9 August 2013
Number acquired 2,000,000
Value/Consideration *$350,229* (average price $0.1751)
On market acquisition

Raleigh Finlayson, Managing Director
13 August 2013
Number acquired 810,211
Value/Consideration $157,181 (average price $0.194)
On market purchase


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## barney (25 February 2021)

finicky said:


> Would have made a hell of a difference if I had.




Indeed @finicky 

The recent Volume on this says it is at the stage of:

 Being sold by punters who are suffering (unfortunately)

Bought by punters with a longer term agenda.

It may well go lower in the short term (who knows)

I think the worm will turn not too far down the track however.🥸 

Good luck with it.

ps My view should be treated with salt/padding and numerous other anti-inflammatories.


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## finicky (4 March 2021)

Another 10,000 added today @ 0.35 from an order I made overnight. Didn't bother to amend it for the gold price dip. Good value as long as Leigh Junk continues to right the ship. At least he buys share of his own company on market, not like most free loader directors. Gold price will come back hard at some point imo.


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## againsthegrain (4 March 2021)

finicky said:


> Another 10,000 added today @ 0.35 from an order I made overnight. Didn't bother to amend it for the gold price dip. Good value as long as Leigh Junk continues to right the ship. At least he buys share of his own company on market, not like most free loader directors. Gold price will come back hard at some point imo.




Been watching for a while,  think tomorrow might pick up a few. Being Friday maybe get slightly lower. However picked up some physical bullion also today so overall getting bullish on gold


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## finicky (4 March 2021)

@againsthegrain  My attitude is, if I believe in gold's future I should buy into strong corrections. If had the patience I would wait for chart confirmation of reversal and lose something off the bottom but I get restless and buy if a 'good' company looks a possibility of bottoming. The value seems there already with the caveat that you never fully know what will happen with a gold miner and that's more the case if the miner has past issues under different management to overcome - like Dacian. Encouraging reversal in DCN so far today in the context of the under performing gold sector.


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## againsthegrain (5 March 2021)

Picked up 5000 shares today,  see what next week brings if the market is red might be a opportunity for another 5000 otherwise hold for a while.  Gold down, asx down,  I see it as a good opportunity... for myself of course


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## finicky (5 March 2021)

Seems good time to accumulate. Good opportunity this morning, I considered biting. Compared to me your timing is immaculate


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## againsthegrain (5 March 2021)

finicky said:


> Seems good time to accumulate. Good opportunity this morning, I considered biting. Compared to me your timing is immaculate




I never get the timing right, just a fluke clicked to buy at 33.8 on market but put in wrong pin,  by the time I figured out my error and right pin got in at 33.5...  see what Monday + next week brings im long on gold miners + physical so doesn't faze me


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## Sean K (5 March 2021)

I'm not sure where the upside here is? Just POG or something in the exploration? Chart doesn't look very exciting TBH... Some support around 30-35 cents, but then what?


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## finicky (6 March 2021)

Signed, sealed, delivered (on the 17th)
Feels like a greatly strengthened company now.


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## finicky (6 March 2021)

If you're interested in why I have been buying DCN, its mostly back in the thread. With this post, being I've been questioned, I'll try to sell it. But I'm not really wanting to do that - I just get more energy from a 'sell it' approach. Gold stocks are never safe. 

Dacian is situated in the Laverton/Leonora 'terrane' which has historically produced 50Mn ozs of gold. Somewhere in the past I read that Dacian's Mt Morgan mine is situated in the midst of a proximate region that has produced a greater density of multi-million oz gold deposits than anywhere else in Australia: Sunrise Dam >10Moz, Wallaby >8Moz, Granny Smith >2Moz, Lancefield >2Moz and Westralia and Jupiter themselves, belonging to DCN, each >2Moz. I think you can throw in Sons of Gwalia, Thunderbox (SAR) and Darlot (RED) which I believe are somewhere in the wider region too.

On Friday they announced the W.A supreme court ratification of Dacian's takeover of NTM Gold, which company will be removed from ASX quotation on Mar15. NTM Gold own the Redcliffe tenements which control 40 kilometres of mineralised shear zone along which NTM  have already identified a string of shallow deposits on 21 kilometres of strike. The tenements are within trucking distance of Dacian's new Mt Morgan ~3Mtpa plant.  

NTM Gold has just finished infill RC drilling a substantial area of the 'Hub' deposit on a 25 x 25 grid down to around 100 metres and are now diamond drilling to "complete the pattern" down to 150 metres. They know that mineralisation occurs down at 500 metres and the deposit so far has 1.2 km of still open strike. Width, to be frank I don't know yet, but management of both merging companies obviously have no doubt it is a close to surface open pit mineable deposit and the $100m plant for it is of course already built at Mt Morgan.

Here again are some of 'Hub's' good infill grades but the whole oxide and transitional part of the deposit is high grade for the purpose of an open pit project:






 Regarding the chart, it has been disappointing lately and the positive momentum and apparent pattern building over 9 months has been swiftly undone in the general gold dumping. I reasonably choose to believe this is not a decline related to an issue specific to DCN. There're plenty of gold stock charts at least as bad out there over the last 6 weeks - e.g check out NST, NCM, RRL. There is very solid support for DCN down at 0.30 but I'm not expecting it to get down there myself. However, there will be a whole lot more liquidity come into the stock starting Wednesday week, March 17, when ordinary ex NTM shareholders front the market with their replacement DCN shares and admittedly, I don't know how they'll behave. 

This is a company already making profit you know, with its own mill, bringing second party stranded prospects into play and with many exploration prospects of its own - double those now with the NTM Gold merger.

2 year weekly
Price hasn't broken the prior low yet leaving a series of higher lows and higher highs intact so far.


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## finicky (15 March 2021)

A few smallish news items about DCN:

Its acquisition of NTM gold has completed with ex NTM and therefore new DCN shareholders able to trade their shares on the ASX on this *Wednesday* Mar 17. I can't see how this can be good for the short term share price of DCN, but don't really know. One thing for sure there will be a sudden jump in the potential supply of shares with no obvious short term boost in demand to balance it. A dip could be looked upon as an opportunity for buyers.

Announced Mar 12 that Dacian will be booted out of the *S&P/ASX 30O* effective *Mar 22*. That also cannot be seen as short term positive for the s.p. Eventually this will be reversed with the increased market capitalisation from the major issuance of new shares to NTM shareholders mentioned.

Eduard Eshuys - I am not a fan but hasn't he got a rep for a Midas touch with gold projects? Well it has been announced that he will move over from the defunct NTM board and will join the DCN board. So first he chose NTM as an opportunity and now he sees opportunity in the merged DCN. They do say follow the money don't they? Controls significant amount of DCN shares now.​


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## againsthegrain (18 March 2021)

so far so good,  doesn't look like any major dumping from ex NTM holders to drag the price down


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## finicky (18 March 2021)

Will be ok, we'll make money on this with patience, it is a good play on a resurgent gold price when it happens, Jmo.
It's not over yet as to what NTM shareholders will do and there's still the S&P/ASX 300 rebalancing to get through (Mar 22).  Might breeze through it all.


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## Sean K (18 March 2021)

finicky said:


> If you're interested in why I have been buying DCN, its mostly back in the thread. With this post, being I've been questioned, I'll try to sell it. But I'm not really wanting to do that - I just get more energy from a 'sell it' approach. Gold stocks are never safe.




I've had a better look through this and NTM and can see the upside here. I didn't realise the added value and potential of 1m+ extra ounces to be driven up the road to Mt Morgan. $200m MC with 2.7m oz turning out 110k pa looks pretty cheap at the moment. Their AISC looks pretty high compared to others though.


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## Beaches (18 March 2021)

DCN have been a perennial dissapointment in their execution to date. The NTM merger is probably their last chance to prove they can execute. I certainly wouldn't have touched them again without the merger.

The honeymoon period for Leigh Junk (Managing Director appointed Jan 2020) is now well and truly over and any failure to execute this time can't be blamed on the previous management.

Notwithstanding, the NTM merger is a big lift for them if they do manage to get it right.


@kennas nice to have you back posting again, your insight into resource stocks has been sorely missed.
.


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## finicky (18 March 2021)

Well, they're making money at this gold price and I wouldn't be buying any gold stocks if not anticipating a much higher gold price. It's a trade-off, cheaper gold miner in compensation for temporarily higher than average AISC and a bit more than average uncertainty.

H1 production result at Mt Morgan was 59,961oz at an AISC of $1,356/oz

Guidance of 110,000-120,000oz at an AISC of $1,400-$1,550/oz maintained by Dacian for FY21.

Northern Star for one comparison is guiding AISC A$1,390-A$1,520/oz for FY21
Regis Resources is maintaining FY21 AISC guidance at A$1,230 - 1,300 per ounce

And look forward to lower AISC when ex NTM's 'The Hub" high grade open pit ore comes on line, maybe early cal 2022?


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## finicky (20 March 2021)

As mentioned, Monday DCN will officially drop  out of the S&P/ASX 300 but going by Friday's movement I suspect most of the index bound selling has already been done. We'll see, I'm certainly not knowledgeable about such machinations.

Daily chart showing highest volume in 5 months for a candle that closed on its high. Plenty of overhead room for the momentum indicators.


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## finicky (31 March 2021)

Back down to an intraday ,ow of 0.325 today; I have a bid in for 10,000 more @ 0.33
Maybe I'll get pie in my face but still reckon this year has been a gift of an opportunity to accumulate gold stocks and this seems high potential for the price. As already discussed, there's a possible weakness factor in the shares for a while as the ex NTM shareholders distil down into those who want to commit to the newly merged DCN/NTM.

For another opportunity I am watching Northern Star (NST), a top 10 *global* gold company now, after the merger with SAR and just a fabulous opportunity for goldbugs I believe as it possibly heads down to around $9 again. Got a decent franked dividend from them a few days ago too🕺🌈


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## againsthegrain (31 March 2021)

finicky said:


> Back down to an intraday ,ow of 0.325 today; I have a bid in for 10,000 more @ 0.33
> Maybe I'll get pie in my face but still reckon this year has been a gift of an opportunity to accumulate gold stocks and this seems high potential for the price. As already discussed, there's a possible weakness factor in the shares for a while as the ex NTM shareholders distil down into those who want to commit to the newly merged DCN/NTM.
> 
> For another opportunity I am watching Northern Star (NST), a top 10 *global* gold company now, after the merger with SAR and just a fabulous opportunity for goldbugs I believe as it possibly heads down to around $9 again. Got a decent franked dividend from them a few days ago too🕺🌈




Opportunities are never seen until they are gone, I picked up some physical bullion today,  250 fmg shares yesterday so bit exhausted for now,  nst would be next on my list, perhaps next week. Still holding dcn


----------



## finicky (9 April 2021)

Even the drop-kick gold companies are up today, are fortunes reversing? Dacian (DCN) is popping above its short term downtrend from January (first chart) and the gold stocks etf, XGD, has moved outside its downtrend line from August, put in a higher high, and faster moving average (20) is crossing slower ma (50). Smell of napalm.

DCN daily






XGD Daily


----------



## Clansman (11 April 2021)

finicky said:


> Even the drop-kick gold companies are up today, are fortunes reversing? Dacian (DCN) is popping above its short term downtrend from January (first chart) and the gold stocks etf, XGD, has moved outside its downtrend line from August, put in a higher high, and faster moving average (20) is crossing slower ma (50). Smell of napalm.
> 
> DCN daily
> View attachment 122578
> ...




I thought we established weeks ago in the Regis thread that the correction was complete? Shorts were squeezed?
I don't believe it will help with a sustained push for this dog to be honest.  Too much history.


----------



## finicky (3 May 2021)

Needless to say it was a disappointing March Quarterly report, I could only bear to skim it. My attitude remains to hold with patience. I am looking well ahead to mining the assets of NTM Gold and exploration success. Also likely revival of Westralia underground - technical report with new mineral resource estimates coming in early May.

Cash and gold on hand went down significantly with a couple of hopefully one-offs in play. There was a planned maintenance shut down, some mining personnel shortage caused lower ore movement. There was temporarily lower grade and recovery of gold from ore. Pre-stripping of a pit (Doublejay) increased costs too. Significant exploration/growth spend of $19M and $2M repaid in debt.

They've attracted more mining personnel and have mobilised more heavy equipment. Doublejay pit will come increasingly online after the stripping exposes high grade ore blocks.

They've maintained annual guidance, so are confident of a stronger June Qtr
It's a candidate for me to add if it gets silly low in price, which could happen in the short term.


----------



## Sean K (26 May 2021)

finicky said:


> Needless to say it was a disappointing March Quarterly report, I could only bear to skim it.
> 
> They've maintained annual guidance, so are confident of a stronger June Qtr




Trading halt for capital raise. Was that in the tea leaves? Hopefully support at .30 holds for you and you get some cheap shares.


----------



## finicky (26 May 2021)

Heightened negative volume over at least the last two trading days, price drops anomalous to most other goldies against a rising $A gold price, hmm what could it have been?

Can't argue with the purposes that they state, quite a relief actually at 28c raising price. As usual shareholders don't get much of a look in as SPP is a bit tokenistic with a $5m cap and scale back warning.

At least holders can look forward to a river of news over fy22 with the bringing forward of mining the high grade deposits at Redcliffe (the acquired ex NTM Gold resources), 300,000 mtrs of rc/dd drilling at Mt Morgan and Redcliffe and restarting u/g mining at Westralia.

143m new shares from the placement + 18m from the SPP
I can live with it, not that that counts for anything, and right now am of a mind to fully subscribe to the SPP. Prior to the announcement I didn't think I'd have a bar of it.
Sorry for my rather irresponsible enthusiasm for this company leading up to this but I still hold all the shares I mentioned that I was buying and hold 75,000 DCN shares.


----------



## barney (26 May 2021)

finicky said:


> price drops anomalous to most other goldies against a rising $A gold price, hmm what could it have been?




I think the very high AISC might have frightened a few punters in the short term @finicky 

Last Quarter at + $1800/oz  YTD  almost $1500/oz

If they can reign that in a bit, the bottom line will improve quickly

The drop leading into a Cap Raise/Trading Halt also looks a bit "leaky" but that is a regular occurrence of course


----------



## finicky (27 May 2021)

Holding up well so far against the massive 28c placement and SPP announcement - 7m shares traded approx so far with current offer @ 0.29, bid @ 0.285


----------



## mullokintyre (15 July 2021)

Mr Market not all that impressed with the DCN quarterly.  Production was below bottom end of the guidance.  
At least the hedge book is being managed, debt now minuscule.
There may be hope for the dog yet.
Mick


----------



## finicky (15 July 2021)

Yeah, pretty dull. It's a long game now, win or lose. I will only be adding to my stack if it craters some time, sick of it. Didn't subscribe or buy on market around the SPP time. Haven't sold any.


----------



## mullokintyre (30 July 2021)

DCN surely looking like a takeover target.
With market cap now below 250mill (amd falling, hit another 52 week low today) , we may see one of the nearby players use their lunch money to take it out.
Mick


----------



## mullokintyre (20 August 2021)

DCN his another 52 week low of 22.
I have taken another go at this one.
May fall further, but I reckon now the upside is a better return bet than downside losing.
Mick


----------



## mullokintyre (1 September 2021)

DCN crunched again over past few days. preliminary annual out today.
The good news.
AISC is down.
The hedge book has been reduced  significantly so average gold price up, and should continue to improve.
Westralia mine may restart in  2022.
Group debt down from 64 to 16 million.
Bad news.
Everything else.
Production down, grades down,  last years net profit turned into a loss, cash and bullion on hand down,
Still 22mill options to be exercised at 27 cents.
At least 1,25 options expired out of the money this year.
Stuff still to be analysed.
The merger with NTM.
DCN has done some drilling on the NTM tenements to  "advance the project."
I guess we will not know how good or bad the NTM tenements were/are until further drilling.
As they say in the classics, jury still out on this one, though market seems to have made its intentions known.
Mick


----------



## mullokintyre (2 September 2021)

mullokintyre said:


> DCN crunched again over past few days. preliminary annual out today.
> The good news.
> AISC is down.
> The hedge book has been reduced  significantly so average gold price up, and should continue to improve.
> ...



Hit a 52 week  low of 20.5.
surely now it is  attractive as a takeover target for someone.
its 100mill worth of plant, hardly any debt, actually produces gold and its cap is barely 200mill.
maybe Anglo Gold which as about 50 kms away.
maybe goldfields which has the granny smith mine at laverton.
Anybody will do.
Mick


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## finicky (10 October 2021)

A niggling feeling I should be averaging down from my buy price. The chart is decelerating and weekly close peeked above downtrend - could be a bullish break from a falling wedge? Volume isn't strong yet.
The price to net asset value is 0.7 and the 3mtpa plant and ancillaries would cost significantly more today today to build than is reflected in the asset value on the books. Although performance recently is dropping off, I believe the FY21 EDITDA was positive $59m - it's only after figuring in $64m depreciation and amortisation that you get a loss for the year.

It still has the vibe of a gold miner that could possibly go under, so it's an all or nothing punt.


----------



## Sean K (11 October 2021)

finicky said:


> A niggling feeling I should be averaging down from my buy price. The chart is decelerating and weekly close peeked above downtrend - could be a bullish break from a falling wedge? Volume isn't strong yet.




Chart looks interesting finicky. Potential bottom at 0.195. First task is a higher high and low.




mullokintyre said:


> maybe Anglo Gold which as about 50 kms away.
> maybe goldfields which has the granny smith mine at laverton.
> Anybody will do.
> Mick




There has to be some more M&A in the junior and mid sector I think, but would anyone have a go at this only a few months after the NTM merger? Maybe not big enough scale for a major and more likely another small player to join at some stage. Someone else in the Laverton area who needs a mill or expertise to go from explorer to developer to miner?

Surprised they haven't been better supported with DGO staff now on board after the merger. Not sure how much they now own of this.


----------



## finicky (11 October 2021)

@kennas DGO Dold (DGO) owns 64m shares of Dacian from its earlier investment in NTM Gold which merged with Dacian. DGO also has 22m options ex 0.27 in Dacian. Without checking I believe that Ed Eshuys is executive chair of DGO Gold. He is these days a non executive director of Dacian after being a director of NTM Gold

Staff that transferred to Dacian were exploration staff from NTM Gold
From the Nov merger announcement:
NTM’s exploration personnel will transition to the Merged Group, maintaining a continued and comprehensive knowledge base on the Redcliffe Gold Project.

I still think that the best argument for increasing my heavily losing investment in DCN is the increasingly valuable plant and mine infrastructure (increasingly valuable in today's replacement terms, not booked asset terms which are reduced from depreciation and amortisation adjustments and were cheaper to build than today)
From a recent presentation:
Large, operating mill provides for central processing operation giving economies of scale. *Mt Morgans hard-rock processing plant is the only operating mill of size in the Laverton region* not in the hands of a major.


----------



## mullokintyre (12 October 2021)

finicky said:


> @kennas DGO Dold (DGO) owns 64m shares of Dacian from its earlier investment in NTM Gold which merged with Dacian. DGO also has 22m options ex 0.27 in Dacian. Without checking I believe that Ed Eshuys is executive chair of DGO Gold. He is these days a non executive director of Dacian after being a director of NTM Gold
> 
> Staff that transferred to Dacian were exploration staff from NTM Gold
> From the Nov merger announcement:
> ...



Your point is reinforced in an article in this mornings OZ.


> The deepening skills crisis in Western Australia is helping reshape the state’s junior mining sector, with the fight for control over struggling gold miner Gascoyne Resources a key sign of the value of infrastructure built before construction costs surged out of control.
> A new wave of consolidation is under way in WA’s mining sector as its skills shortage pushes up the cost of building new mines and infrastructure, forcing would-be miners to reconsider plans to become producers in their own right.
> 
> Explorer Bardoc Gold put itself on the market in late September after feasibility studies showed it’s the capital costs at its 3 million ounce gold project in the Goldfields had blown out from a $177m estimate delivered in March to $232m by September – and likely substantially beyond that by the time construction began.
> ...



The cost of the infrastructure is going up big time, and the cost of getting the skilled  manpower to build and operate them is also going up.
Hence, the value of an existing operating plant is also going up.
This also puts into some doubt the reality of capex  forecasts for companies such as De Grey mining  and their planned  mill and plant.
Mick


----------



## Sean K (12 October 2021)

mullokintyre said:


> This also puts into some doubt the reality of capex  forecasts for companies such as De Grey mining  and their planned  mill and plant.
> Mick




Interesting comment about the Capex for DEG, Mick. I was very interested to see how much the POX/BIOX/Albion circuit was going to cost in their scoping study but they didn't break it down. Maybe for a reason. I've googled and googled to find how much this part of a circuit would add to a mill processing refractory ore and I can't find a definitive answer. I read somewhere that simply bolting on a POX would add $1b, but DEG has the entire Capex under $900m, so I very much doubt they can get away with that if it wasn't close to the mark and the $1b for POX is in fact incorrect for their particular project. Will be interesting to see how that actually unfolds.


----------



## Sean K (15 October 2021)

@finicky & @mullokintyre have we seen the bottom?? Looks promising. 

But, lots of things look to have bottomed I suppose.


----------



## mullokintyre (15 October 2021)

Maybe the bottom I have no idea.
but at some point in time, the upside gain starts to exceed by some margin the downside risk.
for me personally, we reached that point at 20 cents.
will sit back and see how much of the mullah I lost on this one I can get back.
hint it will have to reach low 50,s to break even.
mick


----------



## finicky (15 October 2021)

Chart continues to look good to me kennas,  nice rounding low, albeit small, break of downtrend. A decent pullback would pbly see me add fwiw, depends a bit on gold behaviour


----------



## mullokintyre (29 October 2021)

Yikes, the quarterly out does not make fantastic reading.
September production of 16,000 odd ounces  an AISC of $2362  was within guidance, but  with an average selling price of 2277, they are losing badly on the deal.
they maintain that  production for 2022 will be in 100k to 110k range at 1550 to 1700 range, so there is going to be some big improvements next quarters to get even close to that mark.
My 20 cents buy still in the money, may well top up if this spooks the market back down to those levels.
Mick


----------



## finicky (29 October 2021)

Chart's a concern for holders now imo. Just bears close watching. Has lost a lot of reversal strength with the gap down after today's pathetic Qtrly. That grade, 0.79g/t mined for processing! Still mentioning labour shortages. Only ok if we choose to believe management's future projections.


----------



## Sean K (29 October 2021)

finicky said:


> Chart's a concern for holders now imo. Just bears close watching. Has lost a lot of reversal strength with the gap down after today's pathetic Qtrly. That grade, 0.79g/t mined for processing! Still mentioning labour shortages. Only ok if we choose to believe management's future projections.



Needs to get it's head back above 23c.

@mullokintyre  AISC is interesting.



> higher AISC is attributable to the lower production




It's interesting that lower production can be the reason for higher AISC. You'd think it'd be the other way around.

I'm reading this trying to get my head around it...


----------



## mullokintyre (29 October 2021)

Sean K said:


> Needs to get it's head back above 23c.
> 
> @mullokintyre  AISC is interesting.
> 
> ...



They were honest enough in their assessment of the quarter being out of the money , so I am going to give them the benefit of the doubt on the next three quarters being significantly better.
Watching, waiting.
Mick


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## Sean K (8 November 2021)

mullokintyre said:


> They were honest enough in their assessment of the quarter being out of the money , so I am going to give them the benefit of the doubt on the next three quarters being significantly better.
> Watching, waiting.
> Mick




Good start today, but might be just responding like most of the gold sector. Bouncy bouncy* upwards everywhere. XGD up 3.5%. Could it be the start of gold breaking out of the longer term flag...







*TM @finicky


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## mullokintyre (8 November 2021)

Sold part today, took my 10% profit.
Will hold the rest in hope gold  stays above 1800 and heads to 1830, then 1890.
mick


----------



## finicky (8 November 2021)

Can't make my mind up about DCN lately. Thought I'd be punting on averaging down at prices higher than this. But cash feels more secure and other goldies more attractive if I were to spend. Chart looks a hope - break from a falling wedge last month? But I've a low level of confidence in the chart - or the company given my losses. If I weren't holding at a big loss and coming at it fresh I think I'd be buying a speculative few because of the paid off 3mtpa plant


----------



## mullokintyre (8 November 2021)

Sometimes you have to forget past losses.
As they say, never let sentiment get in the way of trading.
I took an absolute bath on this one.
Since then i have been trading it to get a 10% return  on each trade.
If I do it enough times, I may even get my original stake back.
Still smarting from my losses in SBM, but nothing in the stock chart tells me I will do any better.
Waiting to see it break two bucks before I will play again.
Mick


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## mullokintyre (10 November 2021)

Some support now for DCN.
For the first time on months there are more buyers than sellers.
Think most of the investors have shaken out the bigger gold stocks, now moving onto the minnows like DCN.
If it can back to 32 cents, I will be out of the red on this one.
Mick


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## finicky (2 December 2021)

Lame duck

Request for Trading Halt – Dacian Gold Limited (DCN)
In accordance with Listing Rule 17.1, Dacian Gold Limited (Dacian) requests that an 
immediate trading halt be placed on its securities *pending the release of an announcement to 
the ASX regarding a capital raising. *
Dacian anticipates that the trading halt will be lifted on or before market open on Monday, 6
December 2021 by provision of an announcement to ASX.


----------



## mullokintyre (2 December 2021)

So, the TH was for another capital raising.
20 mill at 17 cents per share.
looks like a giant cash gobbling piece of Junk.
Mick


----------



## Sean K (2 December 2021)

mullokintyre said:


> a giant cash gobbling piece of Junk.




Some good fundamental analysis there Mick.


----------



## mullokintyre (2 December 2021)

Sean K said:


> Some good fundamental analysis there Mick.



Yeah well, I will elaborate.
In May this year they screwed existing shareholders (again) with a 40 mill capital raising. for the instos at 28cps when the previous day  the SPP was at 30.5, and they had  19 mill in cash and gold.
Existing shareholders were offered up to 5mill in the sucker spp.
By the time the June quarterly had come out, they had 40mill  in cash and gold, and they still had 16 mill still to in via the second tranch from instos and the sucker SPP, so some 56 mill. And they had 16 mill of debt.
By the time the  September quarterly comes out, the 11k of gold production lost money at an AISC over 2360 an ounce.
Cash and gold on hand down to 33 mill, still 16mill in debt.
The high AISC will continue for this quarter and probably most of the first quarter  calendar 2022.
Now comes another gift to the instos  at 17 CPS,  another 17% discount to previous closing price.
Like I said, a giant  cash gobbling piece of junk.
Mick


----------



## Sean K (2 December 2021)

mullokintyre said:


> Yeah well, I will elaborate.
> In May this year they screwed existing shareholders (again) with a 40 mill capital raising. for the instos at 28cps when the previous day  the SPP was at 30.5, and they had  19 mill in cash and gold.
> Existing shareholders were offered up to 5mill in the sucker spp.
> By the time the June quarterly had come out, they had 40mill  in cash and gold, and they still had 16 mill still to in via the second tranch from instos and the sucker SPP, so some 56 mill. And they had 16 mill of debt.
> ...




I prefer the abbreviated FA. Seems spot on. 

I looked at their annual to see why they were asking for money when they're producing, about to ramp up, have cash, half of that debt, ASIC scheduled to come down.... why would they need to raise $ now? I anticipate there's a lot of 'working capital' in that CR.


----------



## mullokintyre (2 December 2021)

Sean K said:


> I prefer the abbreviated FA. Seems spot on.
> 
> I looked at their annual to see why they were asking for money when they're producing, about to ramp up, have cash, half of that debt, ASIC scheduled to come down.... why would they need to raise $ now? I anticipate there's a lot of 'working capital' in that CR.



They are still insisting that there will be 100 to 105k production for the Fin year at an AISC between 1550 - 1700.
With only 11k out of the first quarter, they are going to have to get a massive improvement over the next three to achieve that  production target.
They are going to have to get some significant gild out of that stockpile for the rest of the year to achieve even the high end of that figure, for the AISC.
I just don't believe they will achieve it, given past performance.
Mick


----------



## mullokintyre (14 December 2021)

And just when you think thing cannot get any worse for DCN it hits another 52 week low. of 16.
Market cap now down to 160 mill.
Must be bad if no one wants to take it out at these prices.
Mick


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## mullokintyre (21 December 2021)

Another "significant" drill result.
problem is , the grades are pretty thin, and they are down to nearly 1000metres.
Its going to cost a bit to get that out.
Making me feel decidedly depressed.
Mick


----------



## finicky (21 December 2021)

Yeah, he should tell us how the hell that becomes economical. Not an announcement that'd get me to buy.
Why do they always assume that investors can make judgements about propects that need geological and  mining knowledge? Or maybe they think its better we don't know.
Mineralisation extending to 500m below the base of the current pit at average grade 0.9! What would be the capital cost of developing that, how would they raise it? I can't imagine.


----------



## Sean K (21 December 2021)

@mullokintyre and @finicky I'm not sure why they didn't put the entire intersection in the heading than focussing on those little hits. For eg, 215m @ 0.9g/t is OK for a mass volume/low grade porphyry type deposit. But, this isn't a porphyry.


----------



## mullokintyre (18 January 2022)

Sean K said:


> @mullokintyre and @finicky I'm not sure why they didn't put the entire intersection in the heading than focussing on those little hits. For eg, 215m @ 0.9g/t is OK for a mass volume/low grade porphyry type deposit. But, this isn't a porphyry.



Every time I see that term porphyry, I think of porphyry pearl, that fine sparkling wine from the 70's.
Some of the less elegant males that I knew referred to it as that  "intimate french wine, Le Gopener ".
Released some more "oustanding" intersections below the open pit.
Better grades than the last announcement,  but still deep and costly to get.
yet to fill me with excitement.
Mick


----------



## mullokintyre (18 January 2022)

mullokintyre said:


> Every time I see that term porphyry, I think of porphyry pearl, that fine sparkling wine from the 70's.
> Some of the less elegant males that I knew referred to it as that  "intimate french wine, Le Gopener ".
> Released some more "oustanding" intersections below the open pit.
> Better grades than the last announcement,  but still deep and costly to get.
> ...



Looks like the market was not impressed either.
Down 5% this afternoon on above average volume.
Not one of my great investments.
Mick


----------



## Sean K (18 January 2022)

mullokintyre said:


> Every time I see that term porphyry, I think of porphyry pearl, that fine sparkling wine from the 70's.
> Some of the less elegant males that I knew referred to it as that  "intimate french wine, Le Gopener ".
> Released some more "oustanding" intersections below the open pit.
> Better grades than the last announcement,  but still deep and costly to get.
> ...




It looks like there's a lot of gold under that open pit. It's true width is about 100m and it's going to hundreds down. Same with the Heffernan's Pit. Is it something you go underground for though? Too bad you couldn't do something like a uranium ISR and just suck it out.


----------



## mullokintyre (31 January 2022)

Quarterly out today, say they are still going to make the  100 to 105k production, though not surprsingly costs have now risen to $1750 to !850 and ounce. 
Scarcity of labour skilled or otherwise is an issue for them as it is for everyone else.
Nothing but doom and gloom for the old dog.
Mick


----------



## The Triangle (31 January 2022)

mullokintyre said:


> Quarterly out today, say they are still going to make the  100 to 105k production, though not surprsingly costs have now risen to $1750 to !850 and ounce.
> Scarcity of labour skilled or otherwise is an issue for them as it is for everyone else.
> Nothing but doom and gloom for the old dog.
> Mick



I struggled to get past this headline:  "December quarter production of 17,200oz at an AISC of *$2,288/oz*"

They're a good scrappy little miner that will always find ways of getting through, but I don't think DCN has had a good quarter, half, or year since they started.   Just not worth the risk on my view at these prices, costs, and now with Covid sure to decimate the local mines.


----------



## mullokintyre (13 April 2022)

closed at 31 today, up 12%.
I have my first tranche sell at 32.
Will I get my money back after past losses???
Mick


----------



## mullokintyre (20 April 2022)

DCN continues to dissapoint.
One sentence in the Quarterly results says it all.


> As a result, production for the June Quarter is now expected to be 37,000-40,000oz, with full year guidance adjusted to 94,000-97,000oz at an AISC of $1,850-$1,950/oz, slightly below previous guidance of 100,000110,000oz at AISC of $1,750-$1,850/oz.



Production down,  costs up.
Really fills one with confidence.
Not surprisingly, given the overnight fall in gold prices, its down 5% on the open.
May never get that 32 I was looking for.
Mick


----------



## mullokintyre (20 April 2022)

Against my better judgement, I bought a few more at 28.
Gold will have another rally after the takedown overnight, and DCN will probably follow.
Mick


----------



## mullokintyre (17 June 2022)

Well,  it goes from worse to worserer , soon to be worserest.



> The rapid change of the operating environment over the past 6 months, has seen significant inflationary cost pressures which resulted in an increase in cost base, prompting a review of the operating strategy as follows:






> • Open pit mining operations at Jupiter are to be suspended by the end of June 22;






> • Underground operations to continue until the previously developed stopes have been mined in Q1, FY23;
> • Open pit mining at Hub at Redcliffe will commence later in FY23 when mining approvals are received;
> • Processing of existing stockpiles totalling ~5.0Mt will commence in Q1, FY23;
> • Drill testing to focus on Jupiter following continued encouraging results.
> To facilitate this change in strategic direction the General Manager for Geology and Exploration, Dale Richards, has been appointed as CEO and Leigh Junk, Managing Director has resigned. Processing of existing stockpiles allows the Company to continue milling operations during FY23 while the Company pivots towards exploration and development under a new leaner operating model that reduces its cost base with the expectation mining operations will recommence in the future.



So Leigh has been Junked. They will stop production to reduce costs.
means that the Directors and to echelon employees can keep bleeding money out of the shell as the shareholders get screwed again.
Another abject failure.
Mick


----------



## peter2 (17 June 2022)

At *DCN* the last qrtr ASIC was $2000/oz and they were hedged at $2528/oz. 
It would seem that their ASIC price has risen much higher than $2500 making their current production unprofitable. 

Interesting and the concern is *how many other mining operations are feeling the pinch* from the higher costs of gas, diesel and their contractors.


----------



## Sean K (17 June 2022)

mullokintyre said:


> Well,  it goes from worse to worserer , soon to be worserest.
> 
> So Leigh has been Junked. They will stop production to reduce costs.
> means that the Directors and to echelon employees can keep bleeding money out of the shell as the shareholders get screwed again.
> ...




The Directors need to be Junked here.


----------



## mullokintyre (17 June 2022)

Sold them all today and took (another loss).
At this rate the SMSF may end up with the only income being from a  Tax Return!
Mick


----------



## Dona Ferentes (3 July 2022)

Genesis Minerals looking to acquire DCN


----------



## Garpal Gumnut (3 July 2022)

Dona Ferentes said:


> Genesis Minerals looking to acquire DCN



Bugger.

gg


----------



## Dona Ferentes (4 July 2022)

Garpal Gumnut said:


> Bugger.
> 
> ed



Genesis Minerals has pulled the trigger on consolidation in Western Australia’s northern goldfields, starting with Dacian Gold and potentially moving on to St Barbara Mining.



> _It is understood Genesis has signed an all-scrip deal to acquire Dacian Gold, agreeing to pay $111 million or about a 10 per cent premium to the company’s last close. Dacian shareholders would receive 0.0843 Genesis shares for each Dacian share._


----------



## Garpal Gumnut (4 July 2022)

Dona Ferentes said:


> Genesis Minerals has pulled the trigger on consolidation in Western Australia’s northern goldfields, starting with Dacian Gold and potentially moving on to St Barbara Mining.





Garpal Gumnut said:


> Bugger.
> 
> gg



My reaction to your original post was due to the fact that I'd looked at the "brave" end of golders and decided to throw a few kopeks at Dacian today. 

It would have been my first venture since January in to the lands of Cochise and the Apache. No workings but a mill at Dacian. Ripe for a t/o.

My timing was out.

gg


----------



## Dona Ferentes (4 July 2022)

Garpal Gumnut said:


> My reaction to your original post was due to the fact that I'd looked at the "brave" end of golders and decided to throw a few kopeks at Dacian today.
> 
> It would have been my first venture since January in to the lands of Cochise and the Apache. No workings but a mill at Dacian. Ripe for a t/o.
> 
> My timing was out.



That was the sense I got, _gg._ But Dacian rolled over from a position of weakness, and decided to _jeter l'éponge._


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## noirua (8 October 2022)

Dacian Gold (ASX:DCN) decreases production amid transition from miner to explorer
					

Dacian Gold (ASX:DCN) has delivered its preliminary September quarter report in which it highlighted a decrease in production.




					themarketherald.com.au
				



Dacian Gold (DCN) has delivered its preliminary September quarter report in which it highlighted a decrease in production.

The company produced 21,525 ounces of gold in the three-month period from the Mt Morgans gold operation in Western Australia.


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## rjd900 (3 November 2022)

So how does the future of DCN play out. Ultimate delisting?  As I notice the order book has a lot of buyers.


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