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Original-Research: Desert Gold Ventures Inc. - from GBC AG
08.12.2025 / 10:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of GBC AG to Desert Gold Ventures Inc.
Company Name: Desert Gold Ventures Inc.
ISIN: CA25039N4084
Reason for the research: Research Report (Note)
Recommendation: BUY
Target price: 0.81 CAD
Target price on sight of: 31.12.2026
Last rating change:
Analyst: Matthias Greiffenberger, Cosmin Filker
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 EUR0.50 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:
https://eqs-cockpit.com/c/fncls.ssp?u=189b6aa47cd629af7a172ac704aec648
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/de/Offenlegung
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Completion: 05.12.2025 (1:00 a.m.)
First distribution: 08.12.2025 (10:00 a.m.)
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2241244 08.12.2025 CET/CEST
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