Dynacor Expects to Exceed 2021 Financial Guidance, Provides Plant Expansion Update
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$15.7 million (unaudited) (C$19.0 million) in sales for May 2021 and cumulative 2021 sales of US$69.1 million (unaudited) (C$86.4 million).
Reporting its second-best month of sales year to date and a 26% month-over-month increase (US$12.5 million in April), the Corporation is pleased to announce that it is well within exceeding its financial guidance based on the strong results from the first five months of the year. On February 18, 2021 (see news release), Dynacor published an annual financial guidance report including sales of $US150 million (C$191 million) and EPS (earnings per share) of US$0.18 at an average US$1850 per ounce gold price. The average selling price of gold per ounce in May 2021 was US$1873.
- sales are converted using the monthly average exchange rate
Plant Expansion: Construction Progress Update
The expansion nearing completion will permit Dynacor to maintain a maximum gold recovery rate and boost processing volumes to 430 tonnes per day (TPD). Due to a significant rise in ore supply over the last number of months, Dynacor has been steadily growing its throughput levels from its nameplate capacity of 300 TPD. As of today, the plant is operating at its maximum rate of 345 TPD. The expansion, which began in March, is progressing as planned and will be complete in the coming days.
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: 38,864,341
Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold
CONTACT: For more information, please contact:
Director, Shareholder Relations
Dale Nejmeldeen
Dynacor Gold Mines Inc.
T: 514-393-9000 #230
E: investors@dynacor.com