VANCOUVER, British Columbia, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Montreal-based Dynacor Group Inc (TSX:DNG), a dividend-paying industrial gold ore processor, released its unaudited condensed interim consolidated financials and MD&A for the second quarter ended June 30, 2022. Gold sales for the quarter ended June 30, 2022 came in at US$53.9 million an increase of 25.9% over the US$42.8 reported for the quarter ended June 30, 2021. The company also reported net income of US$2.6 million or US$0.07 per share for the quarter, an increase of 18.2% compared to net income of US$2.2 million or US$0.06 per share for the comparable quarter in 2021.
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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.
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 processing of 35,822 tonnes of ore (394 tpd average) for the recent quarter, an increase of 17.9% over the 30,374 tonnes processed (334 tpd average) in the second quarter of 2021. This increase in tonnes processed enabled the company to successfully increase gold sales overcoming the lower grades of ore processed and lower gold prices.
The company previously forecasted sales in the range of US$200 to 220 million representing growth of 4 to 14% over 2021 final production sales, which could result in a net income in the range of US$11 to 13 million or US$0.28 to 0.33 per share. With sales of US$104 million for the past 6 months, and considering the non-cash deferred tax recovery, the company is in line with its financial forecast.
The company pays a monthly dividend, which was increased by 25% at the beginning of 2022 to CDN$0.10 per share annually, representing a 3.2% dividend yield based on the share price at the beginning of the year. The company has a solid cash position with US$33.2 million on hand at the end of June.
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 $3.21, with 38.8 million shares outstanding, following the repurchase of 90,000 shares and the issuance of 322,000 shares as a result of the exercise of options.
For more information, please visit the company’s website www.dynacor.com, or contact the company at 514-393-9000 ext 230 or by email at investors@dynacor.com.
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