This stock no longer trades (delisted November 20, 2023)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Dacian Gold Limited

DCN.AX

Gold · Basic Materials

Price

A$0.28

-0.01 (-1.72%)

Market Cap

A$346.8M

Exchange

Australian Securities Exchange

Winston Score

Historical score — this stock no longer trades, so the score is frozen at the last available data.

Data as of Aug 23, 2026 · filings through Jun 30, 2023

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Share count rising — dilution

+216.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 382.4M (2019) → 1.21B (2023)

Winston Score History

The full picture

Dacian Gold Limited is an Australian gold mining company. It mines gold ore from its Mt Morgans Gold Operation, located in the Laverton district of Western Australia. The company sells gold bullion to financial institutions and refiners, making it part of Australia's broader gold mining sector.

Dacian earns revenue by selling the gold it produces, with prices tied directly to the global gold market. The company operates entirely in Western Australia and is a small-cap miner with a market capitalization of around $300 million. Its thin gross margin of roughly 18% and deeply negative operating margin signal that production costs are high relative to output, which is a significant challenge. The key risk facing Dacian is controlling its cost base — if gold prices fall or mining grades disappoint, the company can quickly move from marginal profitability to deeper losses, as its current returns on capital suggest is already happening.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-54.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+79.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

93.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 months

A$25M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Dacian Gold Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

35.9%

Modest — 35.9% gross margin

Profit after running costs

Operating Margin

-68.4%

Losing money on operations — -68.4%

Return on the money invested

ROCE

-96.1%

Weak — -96.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+11.4%

Steady sales growth (+11.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-1.4%

Burning cash (-1.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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