RE:RE:RE:RE:RE:Early Warning Report News ReleaseCash of ~$45M, public marketable securities of ~$165M, Borborema ~$21M (private royalty Dundee reported value), Taurx ~$137M (private value based on recent transaction) for a somewhat liquid NAV $368M (today). With 99M diluted shares outstanding that works out to $3.71 per share today.
BUT if TauRx is successful with its UK approval expected later this year it's been suggested that TauRx' value per share would increase to US$300 - US$400 (3x or 4x higher than the valuation above) and move higher if other regulators approve potentially up $20 Billion (as some have suggested) which would value Dundee's TauRx investment at $C800M (a lot of "ifs" but TauRx could take DC.A to double digits).
Other catalysts include any one of Dundee's signficant mining investments which can become a multi-bagger (Magna mining, Maritime Mining, Greenheart, Aus Gold, Saturn, Viva Gold, GMIN are the big ones) and Borborema royalty cash flows in early 2025.
AND not included in the $3.71 per share today there is also multiple legacy investments that likely have some value and may be sold in the future (Android, Agri-Marine etc. have a ~$30M carrying value).
Dundee is significantly undervalue but also has a lot of shots on goal to potentially send the stock much higher.
That all being said, what is most interesting to me is that the current CEO and team have had meanignful recent success with Dundee's mining strategy and perhaps the company can "rise from the ashes" as a compounder over the long term.