Dynacor Gold Mines (DNGDF) is a strange company. On the first glance, everything looks well. For example:
- In late 2016, Dynacor commenced operations at a new facility, Veta Dorada in Peru
- The company is a free cash flow generator
- It holds no debt (excluding marginal finance lease obligations)
- It has ambitious plans for the future (Veta Dorada expansion)
- It holds a gold project called Tumipampa
However, despite these positives, Dynacor shares are lagging behind classic precious metals mining companies. Why? In this article, I am trying to answer this question.
Economics
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