VANCOUVER, British Columbia, April 03, 2023 (GLOBE NEWSWIRE) -- Montreal-based Dynacor Group Inc (TSX:DNG), a dividend-paying international industrial gold ore processor, has reported its 12th consecutive annual profit. Dynacor recorded an historical high net income of US$12.0 million, up from US$11.8 million reported in 2021, with net income per share increasing to US$0.31 up from US$0.30 for 2021.
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The shares are currently trading at $2.97, with 38.428 million shares outstanding, down slightly on the year following the repurchase of 819,000 shares and exercise of 519,000 options.
Total sales for 2022 reached US$197.5 million from the record production of 110,359 gold equivalent ounces, surpassing sales of US$195.9 million for 2021 from the production of 106,862 gold equivalent ounces. The US$1.6 million increase was a result of higher average gold prices and quantities sold.
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. During the fourth quarter of 2022, the company completed another plant expansion, increasing its mill capacity by an additional 16% to 500 tpd up from 430 tpd, following a previous 25% increase completed in mid-2021. Thanks to its high level of ore inventory at the opening of the year and the increasing volume of ore supplied, the mill has been able to operate at full capacity throughout the year averaging a new record high processing rate of 413 tpd.
For 2023, Dynacor forecasted sales in the range of US$210 to 235 million representing a growth of 6.5 to 20.0% over 2022 sales, assuming gold stays in the $1,800 to $1,900 range per ounce. This would result in a net income in the range of US$8.5 to 11.5 million.
Dynacor’s 2023 capital budget of $7.0 million includes investments at the Veta Dorada plant for new efficiency improvement and approximately $1.0 million to advance other projects in other jurisdictions.
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 effective January 2023 to CDN$0.12 annually. The company has a solid cash position with US$25.6 million on hand at the end of 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.
For more in-depth information on the company’s annual financials, please refer to the March 31st news release, 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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