Dynacor Reports Sales of US$18.7 Million (C$23.7 Million) for March 2022, a 45.0% Increase Compared to March 2021 and First Quarter Sales of US$ 50.1 Million (C$63.5 Million)

Rhea-AI Summary

Dynacor Gold Mines reported impressive sales of US$18.7 million for March 2022, marking a 45.0% year-over-year increase and a 12.0% month-over-month growth. The Veta Dorada plant operated at full capacity, achieving a production rate of 430 tpd. The average gold selling price rose to US$1,935/oz compared to US$1,725/oz in March 2021. Q1 sales totaled US$50.1 million, up 22.5% from the previous year. The company projects annual sales between US$200-$220 million, indicating potential growth of 4% to 14%.

Positive

• March sales increased by 45.0% year-over-year to US$18.7 million.
• Q1 sales reached US$50.1 million, a 22.5% increase compared to last year.
• Gold selling price averaged US$1,935/oz, higher than US$1,725/oz in the previous year.
• Veta Dorada plant operated at full production capacity of 430 tpd.
• Sales forecast for 2022 is between US$200-$220 million, indicating potential growth.

Negative

• None.

MONTREAL, April 21, 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$18.7 million (unaudited) (C$23.7 million) ⁽¹⁾ for March 2022, a 45.0% increase over 2021 and a 12.0% month-over-month increase from last month's sales.

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

The average selling price of gold per ounce in March was US$1,935/oz compared to US$1,725/oz in March 2021.

First quarter sales amounted to US$50.1 million compared to US$ 40.9 million in Q1-2021, a 22.5% increase.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b813a158-4e8f-4dc2-a259-cd73784a71f1

For 2022, the Corporation forecasted sales ⁽²⁾ in the range of $200-220 million representing an expected growth of 4 to 14% over 2021 production sales.

⁽¹⁾  Sales in US$ are converted in CA$ using the average monthly conversion rates
⁽²⁾  Using opening 2022 gold price

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.

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

PDF available: http://ml.globenewswire.com/Resource/Download/8301758f-fd79-4d6e-9afe-b51b9015859d

FAQ

What are Dynacor Gold Mines' sales figures for March 2022?

Dynacor Gold Mines reported sales of US$18.7 million for March 2022.

How did sales in Q1 2022 compare to Q1 2021 for Dynacor Gold Mines?

Q1 2022 sales totaled US$50.1 million, which is a 22.5% increase from US$40.9 million in Q1 2021.

What was the average gold price per ounce for Dynacor in March 2022?

In March 2022, the average selling price of gold was US$1,935 per ounce.

What is Dynacor Gold Mines' production capacity?

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

What are Dynacor Gold Mines' sales forecasts for 2022?

Dynacor forecasts 2022 sales between US$200-220 million, representing a growth of 4% to 14% over 2021.