De Grey Mining Limited

In early 2018, DGO’s review of brownfield gold exploration companies identified De Grey Mining Limited (De Grey) as having one of the largest and most prospective gold exploration tenement positions of any gold company in Australia, measured in terms of both strike length of prospective trends and potential undiscovered gold resources. De Grey’s Pilbara Project encompassed approximately 200km of strike length of the sub-parallel Mallina and Tabba Tabba Shear zones with these deep crustal shears providing the migration paths for gold-bearing hydrothermal fluids.

On the 22nd of May 2018, DGO made its initial investment in De Grey purchasing 25 million shares, 7% of the company’s issued capital. At the time, DGO’s Executive Chairman Ed Eshuys said “Multiple existing gold deposits aggregating over 1.2m resource ounces, more than 40 geochemical anomalies, very little drilling below 100m and over 200km of grossly under explored shear zones positions De Grey as a stand out world class gold exploration play.”

Since DGO’s initial placement, De Grey have increased its total JORC resources to 2.2Moz (ASX:DEG 2 April 2020) at an average discovery price of $15 per ounce (ASX:DGO 2 July 2020). The discovery of Hemi in December 2019 has resulted in renewed interest in the Pilbara and a significant increase in De Grey’s valuation. De Grey’s Technical Director Andy Beckwith has said that “Brolga and Aquila are developing into two very large gold systems with widths of gold mineralisation never seen before in the project area nor the Pilbara region” (ASX:DEG 17 March 2020).

DGO’s shareholding currently stands at 203.6 million shares, 15.8% of issued capital.

Further information about De Grey is available here:


Dacian Gold Limited

On 15 March 2021, DGO’s Shareholding in NTM Gold Limited (NTM) was converted to shares in Dacian Gold Limited (Dacian) in accordance with a scheme of arrangement for the acquisition of NTM by Dacian.

Dacian is a growing ASX listed Australian gold producer (ASX:DCN) via its 100% owned Mt Morgans Gold Operation near Laverton, Western Australia.

Mt Morgans is an open pit operation producing approximately 110,000-120,000oz. A recently constructed 2.5 Mtpa CIL treatment plant processes ores from the various pits while numerous underground and open pit development projects are advancing through Dacian’s extensive project pipeline of exploration assets. This exploration potential has been enhanced by the recent acquisition of NTM.

The Company’s strategy for growth is to optimise production to maximise cash flow whilst aggressively exploring its large tenement package in pursuit of organic growth opportunities. The optionality exists over time to expand the production profile and increase scale while adding incremental mine life. The Company’s overall goal is to be the next Australian mid-tier gold producer.

DGO’s Executive Chairman, Eduard Eshuys, was appointed as a Director of Dacian on 16 March 2021.

DGO’s shareholding in Dacian currently stands at 51.5 million shares, 6.36% of issued capital. DGO also holds 22.2 million options over Dacian shares.

Further information about Dacian is available here: