Connect with us

Financing News

InvestmentPitch Media Video Discusses Dynacor Gold Mines’ Record Net Income of US$5.1 Million on Gold Sales of US$50.1 Million for the Latest Quarter

VANCOUVER, British Columbia, May 17, 2022 (GLOBE NEWSWIRE) — Montreal-based Dynacor Gold Mines (TSX:DNG), a dividend-paying industrial gold ore processor,…

Published

on

VANCOUVER, British Columbia, May 17, 2022 (GLOBE NEWSWIRE) — Montreal-based Dynacor Gold Mines (TSX:DNG), a dividend-paying industrial gold ore processor, has released its unaudited condensed interim consolidated financials and MD&A for the quarter ended March 31, 2022. Gold sales for the quarter ended March 31, 2022 came in at US$50.1 million an increase of 22.5% over the US$40.9 reported for the quarter ended March 2021.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Dynacor” in the search box.

The company also reported record net income of US$5.1 million or $0.13 per share for the quarter, compared to net income of US$2.1 million or US$0.05 per share for the comparable quarter in 2021.

Several factors contributed to the record net income. In mid-2021, Dynacor completed the expansion of its Veta Dorada plant which is now running at its full 430 tpd production capacity, resulting in the tonnage processed increasing by 25.1%. This resulted in an increase in gold production, with 27,691 gold equivalent ounces reported in the current quarter compared to 21,975 gold equivalent ounces produced in the first quarter of 2021, an increase of 26.0%

Following a +10.1% gain over the Peruvian Sol in 2021, the US dollar subsequently lost 6.5% against the Peruvian Sol in the first quarter of 2022. This reversal favorably and significantly impacted the current and deferred tax expenses and accordingly the company’s net income for the quarter.

The company is forecasting gold sales guidance for 2022 in the range of US$200 to $220 million, representing an expected growth of 4 to 14% over 2021 final production sales, which could result in net income in the range of US$11 to 13 million, or US$0.28 to 0.33 per share.

A 25% monthly dividend increase has been paid since January 2022, which on an annual basis, will represent CA$0.10 per share or more than a 3% dividend yield based on the share price at the beginning of 2022. The company has a solid cash position with US$25.7 million on hand at the end of March.

Dynacor, an international gold ore industrial company purchases ore from artisanal and small-scale miners which it processes at its Veta Dorada processing plant which is strategically located fifteen minutes off the Pan American Highway near Chala in southern Peru.

During 2022, the company plans to spend between US$5 to $8 million at the Chala Plant, including plans to further increase capacity later in the year.

The company owns 100% of the advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department. It also intends to expand its processing operations in other jurisdictions.

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 $3.04, with 38.7 million shares outstanding, following the repurchase of 286,000 shares. For more in-depth information on the company’s quarterly financials, please visit the company’s website www.dynacor.com, or contact the company at 514-393-9000 ext 230 or by email at [email protected].

Disclaimer

The information in this InvestmentPitch Media Ltd video is for the viewers information only. Dynacor Gold Mines has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by InvestmentPitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. InvestmentPitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

About InvestmentPitch Media

InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company’s story ahead of the 1,000’s of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.

CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
[email protected]

investment
tsx-dng
dynacor-gold-mines-inc
press-release

Financing News

FenixOro Closes First Tranche of Private Placement Gross Proceeds of $369,000 To Continue Drilling of Southern Block

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, July 05, 2022 (GLOBE NEWSWIRE) — FenixOro…

Continue Reading
Financing News

Osisko Metals Update on Previously-Announced Option to Acquire Gaspé Copper Project

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES MONTREAL, July 04, 2022 (GLOBE NEWSWIRE) — Osisko Metals…

Continue Reading
Financing News

Sandfire Resources America Announces Legal Proceedings Update for the Black Butte Copper Project

WHITE SULPHUR SPRINGS, Mont., July 05, 2022 (GLOBE NEWSWIRE) — Sandfire Resources America Inc. ("Sandfire America" or the "Company") announces that…

Continue Reading

Trending