FIRST AMENDMENT TO CREDIT AGREEMENT


     THIS AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of
March 31, 2006, by and between DYNAMIC MATERIALS CORPORATION, a Delaware
corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").

                                    RECITALS
                                    --------

     WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and
conditions of that certain Credit Agreement between Borrower and Bank dated as
of September 15, 2005, as amended from time to time ("Credit Agreement").

     WHEREAS, Bank and Borrower have agreed to certain changes in the terms and
conditions set forth in the Credit Agreement and have agreed to amend the Credit
Agreement to reflect said changes.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree that the Credit
Agreement shall be amended as follows:

     1.   Section 6.2 is hereby deleted in its entirety, and the following
substituted therefor:

          "CAPITAL EXPENDITURES. Make any additional investments in fixed
     assets in excess of (a) $14,000,000.00 in fiscal year ending 2006, and (b)
     $4,000,000.00 in any subsequent fiscal year."

     2.   Section 7.1(i) is hereby deleted in its entirety, without
substitution.

     3.   Except as specifically provided herein, all terms and conditions of
the Credit Agreement remain in full force and effect, without waiver or
modification. All terms defined in the Credit Agreement shall have the same
meaning when used in this Amendment. This Amendment and the Credit Agreement
shall be read together, as one document.

     4.   Borrower hereby remakes all representations and warranties contained
in the Credit Agreement and reaffirms all covenants set forth therein. Borrower
further certifies that as of the date of this Amendment there exists no Event of
Default as defined in the Credit Agreement, nor any condition, act or event
which with the giving of notice or the passage of time or both would constitute
any such Event of Default.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day and year first written above.


                                           WELLS FARGO BANK
   DYNAMIC MATERIALS CORPORATION            NATIONAL ASSOCIATION

   By: /s/ Richard A. Santa                By: /s/ Jim Edwards
      -----------------------------           -------------------------------
      Richard A. Santa, CFO                   Jim Edwards, Senior Vice
                                               President