Sam Berridge, Portfolio Manager & Resource Analyst at Perennial...

Sam Berridge, Portfolio Manager & Resource Analyst at Perennial Value Management

Doray Minerals Limited (ASX: DRM)
Since mid-2017, DRM has materially underperformed its gold peers due to balance sheet concerns. These concerns meant a steady stream of exploration success from its Deflector gold mine in Western Australia was overlooked by investors. The balance sheet has since been fixed (DRM is now net cash) and the sum of that exploration success has been crystallised via a updated reserve and life of mine plan. The latter has lifted production guidance by circa 30% out to 2022, with a further increase in mine life likely once the Da Vinci discovery is incorporated into reserves towards the end of 2018.

The above was posted in this weeks's edition of Alan Kohlers' The Constant Investor which is very independent. Always good to get some broker coverage. Short but sweet - enough to draw some attention. Giving TCI a plug - great read/listen by Alan Kohler all with unbiased insights. Cost minus tax is minimal outlay. Weekly summation on events affecting investors at macro level is outstanding. Great on a Saturday morning over a coffee once the missus goes out shopping. There was a good interview recently on GOLD - v bullish but from a self confessed gold bull. www.theconstantinvestor.com.au