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Dacian Gold - Building up for a big second half

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Dacian Gold (DCN) reported preliminary Dec Q production of 38koz (+29% vs 29.3koz in the Sept Q). Commercial production has been achieved with mining rates across the operations achieving Feasibility Study design levels of ~8Ktpd (5ktpd from open pit, 3ktpd from underground). Overall, the Q was in line with expectations vs Argonauts forecast of 40koz. Cash increased to $85.6m in the Dec Q (+$3.5m vs $82.1m in the Sept Q). Argonaut forecasts that production should have risen to ~700kt at 1.7-1.9g/t (from 681kt @ 1.4g/t in the Sept Q) to achieve this production result. Buy maintained and target price of $3.50ps.

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