Dynacor Announces July 2021 Sales of US$16.0 Million (C$20 Million), Achieves a Record Monthly Production of 10,383 Gold AuEq Ounces and is Presently Reviewing Its 2021 Sales and Earnings Guidance

Rhea-AI Summary

Dynacor Gold Mines Inc. reported US$16.0 million in sales for July 2021, with a record production of 10,383 AuEq ounces. This success stems from the purchase and processing of over 12,000 tonnes of gold ore, driven by a favorable gold market and recent plant expansions to 430 TPD. The average gold price per ounce was US$1,796. Dynacor updated its financial guidance, expecting sales of US$150 million and a net income of US$6.9 million for the year, exceeding previous forecasts.

Positive

• Record sales of US$16.0 million in July 2021.
• Gold production reached a monthly high of 10,383 AuEq ounces.
• Plant expansion to 430 TPD supports increased processing capacity.
• Revised financial guidance indicates stronger-than-expected performance.

Negative

• None.

MONTREAL, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Dynacor Gold Mines Inc. (TSX-DNG) (Dynacor or the "Corporation"), an international gold ore industrial corporation servicing ASMs (artisanal and small-scale miners), today announced US$16.0 million (unaudited) (C$20 million) in sales for July 2021. The Corporation's July gold production increased to 10,383 AuEq ounces, a new monthly record.

The solid monthly sales are due to the Corporation purchasing over 14,000 tonnes and processing over 12,000 tonnes of gold ore combined with a healthy gold price market and the recent plant expansion to 430 TPD (tonnes per day). The average selling price of gold per ounce in July was US$1,796.

At the beginning of the year, Dynacor issued financial guidance forecasting US$150 million in sales and a net income of US$6.9 million (US$0.18 per share). The Corporation is well ahead of its 2021 financial guidance. As a result, management is revising its 2021 sales and earnings guidance and expects to update the market with a new forecast news release in early September.

(1) sales are converted using the monthly average exchange rate

ABOUT DYNACOR

Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The corporation is engaged in gold production through the processing of ore purchased from the ASM (artisanal and small-scale mining) industry. At present, Dynacor operates in Peru, where its management and processing teams have decades of experience working with ASM miners. It also owns a gold exploration property (Tumipampa) in the Apurimac department.

The corporation intends to expand its processing operations in other jurisdictions as well.

Dynacor produces environmental and socially responsible gold through its PX IMPACT® gold program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium to our customer and strategic partner for this PX IMPACT® gold. The premium provides direct investment to develop health and education projects for our artisanal and small-scale miner’s communities.

Dynacor is listed on the Toronto Stock Exchange (DNG) and the OTC in the United States under the symbol (DNGDF).

FORWARD-LOOKING INFORMATION

Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.

Toronto Stock Exchange (TSX): DNG

OTC (United States): DNGDF

Shares Outstanding: 38 916 797

Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold

PDF available: http://ml.globenewswire.com/Resource/Download/2a1c5d44-c59f-4a55-b216-55a5b11b1a0c

FAQ

What were Dynacor Gold Mines' sales figures for July 2021?

Dynacor Gold Mines reported sales of US$16.0 million for July 2021.

How much gold did Dynacor produce in July 2021?

In July 2021, Dynacor produced 10,383 AuEq ounces of gold, a new monthly record.

What is Dynacor's revised financial guidance for 2021?

Dynacor expects US$150 million in sales and a net income of US$6.9 million for 2021.

What factors contributed to Dynacor's strong performance in July 2021?

Dynacor's strong performance was influenced by the purchase of over 14,000 tonnes of ore and a healthy gold market.

What is the average gold price per ounce for Dynacor in July 2021?

The average selling price of gold per ounce for Dynacor in July 2021 was US$1,796.