InvestmentPitch Media Video Discusses Dynacor Group’s Record Production of 32,500 AuEq Ounces for Q2, 2023, with Sales of US$64.5 Million

VANCOUVER, British Columbia, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Montreal-based Dynacor Group Inc (TSX:DNG), a dividend-paying international industrial gold ore processor, has released its unaudited interim consolidated financials and MD&A for the second quarter, reporting record production of 32,500 gold equivalent ounces, with all figures in US dollars. Gold sales for the quarter ended June 30, 2023 came in at US$64.5 million, an increase of 19.7% over the US$53.9 million reported for the quarter ended June 30, 2022.

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The company also reported net income of US$4.5 million or US$0.12 per share for the quarter, an increase of 73.1% over the US$2.61 million or US$0.07 per share for the comparable quarter in 2022.

Dynacor, an international gold ore industrial company, purchases ore from artisanal and small-scale miners which it processes at its Veta Dorada processing plant, strategically located fifteen minutes off the Pan American Highway near Chala in southern Peru, which is currently running at its maximum 500 tpd throughput. Total ore supplied to the Veta Dorada plant reached an historical high of 45,730 tonnes during the quarter, compared to 32,415 tonnes for the same period in 2022, resulting in 40,747 tonnes of ore, or 448 tpd average, being processed, a 13.7% increase over the 394 tpd processed during the same period in 2022.

As at June 30th, working capital increased to $48.6 million, including $30.1 million in cash, with total assets exceeding $100 million for the first time. The company is forecasting annual gold sales in the range of US$210 to US$235 million representing growth of 6.5% to 20% above 2022 sales, which would result in a net income in the range of US$8.5 to US$11.5 million or US$0.20 to US$0.30 per share.

The company pays a monthly dividend, which was increased by 25% at the beginning of 2022 to CDN$0.10 per share annually and increased again January 2023 to CDN$0.12 annually, which represents an annual dividend yield of 4.0% based on the current share price.

The company also owns 100% of the advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department. It has budgeted approximately $1.0 million to advance other projects and has spent $400,000 so far in 2023.

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

The shares are currently trading at $3.03 on the Toronto Stock Exchange, with 38,345,000 shares outstanding, following the repurchase of 40,300 shares under the buyback program. For more information, visit the company’s website www.dynacor.com, contact the company at 514-393-9000 ext 230 or by email at investors@dynacor.com.

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