Dynacor Reports Sales of US$16.7 Million (C$21.2 Million) for February 2022, a 40.3% Increase Compared to 2021

Rhea-AI Summary

Dynacor Gold Mines reported February 2022 sales of US$16.7 million (C$21.2 million), marking a 40.3% increase compared to February 2021. This also reflects a 13.6% month-over-month increase. The average selling price of gold rose to US$1,884/oz from US$1,785/oz in the same month last year. Cumulative sales for two months in 2022 reached US$31.4 million, a 12.1% increase year-over-year. The company aims for 2022 sales between US$200 million and US$220 million.

Positive

• 40.3% increase in February 2022 sales compared to February 2021.
• Cumulative sales year-to-date of US$31.4 million, a 12.1% increase over 2021.
• Average gold selling price increased to US$1,884/oz in February 2022.

Negative

• None.

MONTREAL, March 16, 2022 (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 announces sales of US$16.7 million (unaudited) (C$21.2 million) ⁽¹⁾ for February 2022, a 40.3% increase over 2021. The Corporation also saw a 13.6% month-over-month increase from last month's sales.

During February, the Veta Dorada plant continued working at its full 430 tpd production capacity.

The average selling price of gold per ounce in February was US$1,884/oz compared to US$1,785/oz in February 2021.

Two months year to date cumulative sales amount to US$31.4 million in 2022 compared to US$28.0 million in 2021, a 12.1% increase.

The Corporation recently announced its sales guidance for 2022 in the range of US$200 - $220 million based on US1,810 per ounce average gold price.

Year-end and fourth quarter 2021 financial results:

Dynacor will publish its year-end and fourth quarter 2021 financial results news release on Thursday, March 31, 2022, before the market opens.

⁽¹⁾ US$ sales are converted into CA$ using the average monthly exchange rate for the concerned month or months

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).

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.

Shares Outstanding: 38,532,566

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

PDF available: http://ml.globenewswire.com/Resource/Download/cb6f6553-66ed-490d-aad4-b49efac8fc09

FAQ

What were Dynacor Gold's sales figures for February 2022?

Dynacor Gold reported sales of US$16.7 million in February 2022, a 40.3% increase over the previous year.

How did the average selling price of gold change in February 2022 for Dynacor?

The average selling price of gold in February 2022 was US$1,884/oz, up from US$1,785/oz in February 2021.

What is Dynacor Gold's sales guidance for 2022?

Dynacor Gold is guiding for sales between US$200 million and US$220 million for 2022.

When will Dynacor release its year-end and fourth quarter 2021 financial results?

Dynacor will release its year-end and fourth quarter 2021 financial results on March 31, 2022.

What is the production capacity of the Veta Dorada plant operated by Dynacor?

The Veta Dorada plant operates at a full production capacity of 430 tpd (tonnes per day).