DYNACOR reports SALES OF US$28.6 MILLION (C$38.5 million) FOR FEBRUARY 2023
Montreal, March 15, 2023 – Dynacor Group Inc. (TSX-DNG) (Dynacor or the “Corporation”), an international gold ore industrial corporation servicing ASMs (artisanal and small-scale miners), today announced that it had recorded unaudited gold sales of US$28.6 million (C$38.5 million) (1) for February 2023, compared to US$16.7 million (C$21.2 million) in February 2022. The plant processed just over 13,000 tonnes of ore in February, operating at its full capacity of 500 tpd.
Due to the political unrest in January, including protests and roadblocks in the southern part of Peru, the Corporation decided on January 16 to postpone for safety measures its gold export. The Corporation resumed exports in early February, including selling January’s second-half gold production and selling and exporting the remaining two gold bars combining for 1,030 ounces, which had been retained for control procedures since December 2019.
In February, the average selling price of gold was US$ 1,845 per ounce, compared to US$1,884 per ounce in February of 2022.
Two months year to date cumulative sales amount to US$ 37.2 million (C$50.0 million) in 2023 compared to US$31.4 million (C$39.8 million) in 2022, an 18.5% increase.
The Corporation recently announced its sales guidance for 2023 in the range of US$210 million and US$235 million (C$284 million and C$318 million) on US1,800 and US 1,900 per ounce average gold price.
(1)Sales are converted using the monthly average exchange rate
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).
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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CONTACT: For more information, please contact:
Director, Shareholder Relations
Dynacor Group Inc.
T: 514-393-9000 #230