Ori­gi­nal-Re­se­arch: De­sert Gold Ven­tures Inc. (by GBC AG): Buy

Clas­si­fi­ca­ti­on of GBC AG to De­sert Gold Ven­tures Inc.

Two As­sets, One Deep Dis­count

De­sert Gold Ven­tures Inc. is a ju­ni­or gold de­ve­lo­per with a di­ver­si­fied and stra­te­gi­cal­ly po­si­tio­ned port­fo­lio of gold as­sets in West Af­ri­ca, pri­ma­ri­ly con­cen­tra­ted in Mali and Côte d’Ivoire. The company’s as­set mix of­fers a rare com­bi­na­ti­on of de-ris­ked de­ve­lo­p­ment va­lue an­cho­red in an up­dated NI 43–101 Preli­mi­na­ry Eco­no­mic As­sess­ment and si­gni­fi­cant ex­plo­ra­ti­on op­tio­na­li­ty th­rough its Côte d’Ivoire Tieg­ba Pro­ject. The cor­ner­stone of De­sert Gold’s va­lua­ti­on is the up­dated Preli­mi­na­ry Eco­no­mic As­sess­ment on the Bara­ni and Gour­bas­si de­po­sits wi­thin the company’s ex­ten­si­ve Se­ne­gal Mali Shear Zone land packa­ge. At a base gold pri­ce of USD 2,850 per oun­ce, the PEA ge­ne­ra­tes an af­ter-tax NPV at a 10% dis­count rate of USD 61 mil­li­on with an in­ter­nal rate of re­turn of 57% and a pro­jec­ted pay­back pe­ri­od of 2.5 ye­ars.

At a more cur­rent spot gold pri­ce of USD $4,070 the pro­ject ge­ne­ra­tes an af­ter-tax Net Pre­sent Va­lue (NPV) at a 10% dis­count rate of USD $124 mil­li­on, an In­ter­nal Rate of Re­turn (IRR) of 101%, and a pro­jec­ted pay­back pe­ri­od of 2.1 ye­ars.

We use the spot-case af­ter-tax NPV at a 10% dis­count rate of USD 124 mil­li­on as the foun­da­ti­on for our up­dated NAV in this re­port.

When com­bi­ned with the USD 9.5 mil­li­on pro­ba­bi­li­ty-weigh­ted va­lua­ti­on of the Côte d’Ivoire Tieg­ba Pro­ject, De­sert Gold’s core as­set va­lue to­tals USD 133.5 mil­li­on be­fo­re con­side­ra­ti­on of ad­di­tio­nal mi­ne­ra­li­zed in­ven­to­ry at SMSZ. De­sert Gold’s in­trin­sic va­lue ma­te­ri­al­ly ex­ceeds in our opi­ni­on its cur­rent mar­ket va­lua­ti­on. The com­bi­ned as­set va­lue from the Mali oxi­de pro­ject, the Tieg­ba ex­plo­ra­ti­on as­set and the ad­di­tio­nal re­sour­ces out­side the cur­rent PEA mine plan to­tals ap­pro­xi­m­ate­ly USD 155.2 mil­li­on, equi­va­lent to CAD 217.91 mil­li­on. This cor­re­sponds to a net as­set va­lue of CAD 0.81 per share, or USD 0.58 per share, and rough­ly €0.50 per share. Com­pared with the re­cent mar­ket pri­ce of CAD 0.075, the va­lua­ti­on gap is sub­stan­ti­al. Even un­der con­ser­va­ti­ve as­sump­ti­ons, the ana­ly­sis shows that De­sert Gold is deep­ly un­derva­lued re­la­ti­ve to the strength of its re­sour­ce base and pro­ject eco­no­mics. Ba­sed on this as­sess­ment, we as­sign a Buy ra­ting.

You can down­load the re­se­arch here: 20251204_Desert_Gold_Ventures_Note

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stras­se 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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Of­fen­le­gung mög­li­cher In­ter­es­sens­kon­flik­te nach § 85 WpHG und Art. 20 MAR Beim oben ana­ly­sier­ten Un­ter­neh­men ist fol­gen­der mög­li­cher In­ter­es­sen­kon­flikt ge­ge­ben: (5a,6a,7,11); Ei­nen Ka­ta­log mög­li­cher In­ter­es­sen­kon­flik­te fin­den Sie un­ter:
https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
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Com­ple­ti­on: 05.12.2025 (1:00 a.m.)
First dis­tri­bu­ti­on: 08.12.2025 (10:00 a.m.)