Jonathan Goodman

Dundee Corp: $6.55 NAV, $3.50 Share Price | Why Jonathan Goodman Says the Discount Will Close

• Top takeaway Goodman's core thesis is that Dundee's discount to NAV will close, with the company trading near $3.50 a share against roughly $6.55 of NAV as of the July 2026 interview.
• He wants Dundee to keep operating as permanent capital, holding minority stakes and working alongside management rather than taking control, because development companies always need more money.
• On risk he says Dundee accepts more liquidity risk in exchange for less mining-project risk, stress-testing assets and taking them apart before investing.
• He argues most mining investors misjudge management, backing people whose technical studies are really marketing documents rather than examining track records deeply enough.
• He remains constructive on gold: with prices near $4,000 after coming off roughly $5,500, he argues the structural problems behind the run are unresolved and expects higher prices for some time.

Dundee trades near $3.50 against roughly $6.55 NAV, but stripping out $2 cash leaves investment assets priced at about $1.54. Goodman's argument: deep discounts close when a permanent-capital holder converts itself into an operator with real mine-building DNA. The $85 million earn-in for up to 60% of Westhaven's Shovelnose project could add roughly $3 per share to NAV. Management accepts more liquidity risk but deliberately less project risk, stress-testing assets because mines, not markets, break investors. Gold at $4,000 still looks conservative to the guest, whose case rests on structural global problems rather than the price itself.

“Decade of the Miner”: Generational Opportunity & Smarter Due Diligence with Expert Jonathan Goodman

• Top takeaway Goodman's core thesis is that mining has entered a generational opportunity: generalist investors walked away around 2010 and are still underweight, while North America has woken up to needing its own raw materials. He expects the next 10 to 30 years to be better than the last for people in mining.
• On permitting, he says it should not take a decade and that none of the environmental issues justify that; he was contacted by the Ontario minister's office in the week before the interview asking how to help, and he expects new mines to be built in Canada and the US.
• He says discounted cash flow is the wrong valuation tool, quoting Robert Friedland calling DCF models 'BS', and adds the quip that you can always get net present value by building the mine and owning it. His example: a Bulgarian mine he bought in 2003 was valued on a 7-8 year life and 4-5 million tonnes a year, and by 2026 runs at 2.2 million tonnes a year on a 10-year life and is still finding more.
• He argues the NI 43-101 stage gates were built as engineering checks, not valuation tools, but have become marketing documents that engineers sign off on at the edge of their comfort — so the industry has built disappointment into its own framework.
• His ranking is orebody first: the one thing good engineering cannot fix is the ore body. A sound deposit in a badly run project can be rescued by changing management; a misread deposit cannot.

Goodman calls mining a generational opportunity: generalists abandoned the sector after 2010, and North America now needs its own mines. His core warning: discounted cash flow models and NI 43-101 studies are engineering stage gates, not valuation tools. The real signal sits in a study's recommendations and risk sections, where engineers flag where their numbers are least comfortable. Orebody quality comes first. Good engineering cannot rescue a deposit, but a weak team can always be replaced. He argues merchant banks hold their NAV discount because earnings are unpredictable, and only steady cash flow closes it.