Dundee Corp: $6.55 NAV, $3.50 Share Price | Why Jonathan Goodman Says the Discount Will Close
Mining Network Jul 10, 2026
Summary
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.
Jonathan Goodman's takeaways
- 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.