Dynacor Beats 2025 Sales and Production Guidance and Provides 2026 Outlook
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Dynacor Beats 2025 Sales and Production Guidance and Provides
2026 Outlook
Montreal, January 19, 2026 – Dynacor Group Inc. (TSX : DNG) (“Dynacor” or the "Corporation"), is
pleased to announce preliminary fourth-quarter and full-year 2025 operating results and its 2026 outlook.
All amounts are in US dollars unless otherwise indicated.
President and CEO Jean Martineau said, “Strong gold-equivalent production of 32,838 ounces in Q4-2025
helped deliver another record year for sales, while beating our revised annual production guidance. The
commitment and quality of our team enabled us to rebound quickly from adverse Q2-Q3 ore supply events
and deliver our strongest production quarter of the past two years . Operational momentum is expected to
continue into 2026 with ongoing optimisation in Peru and first contributions from our plants in Ecuador and
Senegal.
2026 marks an important year forward for Dynacor as we begin unlocking the potential of our diversification
strategy. With this year’s capital expenditure program and material increase in installed capacity , we are
positioning the company for long -term growth. Our strategy combines operational excellence with an
ambitious expansion plan, ensuring that Dynacor continues to create shareholder value well into the future.”
Q4 & Full-Year 2025 Highlights
• Achieved annual operational and financial guidance:
o Exceeded revised production guidance by delivering gold -equivalent (AuEq) production of
113,791 ounces.
o Exceeded initial sales guidance for the third consecutive year by generating record sales of
$397.6 million.
o Realized an average price of $3,494 per gold ounce sold in the year.
• Delivered strong quarterly operating performance:
o Produced 32,838 AuEq ounces, the second -best fourth -quarter result, and a 20% increase
compared to Q4-2024.
o Improved recoveries and efficiencies compared to Q4-2024 due to operational changes
implemented.
• Acquired Svetlana plant in Ecuador and began its retrofit. Initial production expected in Q4 -2026.
• Advanced Senegal pilot plant from planning to on -site delivery of equipment . First ore expected in
early Q2-2026.
• Signed an MOU with a potential joint venture partner and began discussions with Ghana’s GoldBod.
• Dynacor to report full-year 2025 financial results on and about March 26, 2026.
2026 Guidance
2026
guidance
Sales (in millions of $ (“$M”)) 530 - 580
Production (in thousands of AuEq oz) 125 - 135
Net income (in $M) 22 - 26
Capital expenditure
Sustaining capex (in $M) – Peru 6 - 8
Capex (in $M) - Senegal 4 - 5
Capex (in $M) - Ecuador 22 - 25
Capex (in $M) - Other 0.5 - 1
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Guidance Overview
Production
• Production range of 125,000-135,000 AuEq ounces includes first ore from the Senegal and Ecuador
plants. This estimate assumes that the Svetlana plant processes first ore in Q4 -2026 and that
operations exit the year at a throughput rate of approximately 150 tpd. Svetlana operations will be
relaunched at 300 tonnes per day, and commercial production is expected to be achieved in Q1-2027.
Capital expenditures
• Sustaining capital expenditures for 2026 in Peru are expected to be approximately $7 million, of which
the majority is related to upgrade of the tailings pond, employee and water supply facilities.
• Capital expenditure in Ecuador includes capital investment of $7 million that was deferred from
2025.The bulk of the expenditure relates to the upgrade of the Svetlana plant tanks, cyclones, tailings
and laboratory. Capex expenditure does not include the rehabilitation of two historical tailings ponds.
• Capital expenditure in Senegal includes a portion of the Engineering, Procurement and Construction
(EPC) cost for the pilot plant and laboratory, and acquisition of a mobile fleet for the 50-tonne per day
pilot plant.
• Other capex includes capital expenditure on other projects in West Africa.
Net income
• Net income guidance includes the impact of the production ramp-ups in Ecuador and Senegal.
Other capital requirements
• Delivery of shareholder returns through monthly dividends of C$0.01333 per common share (C$0.16
annually)
A number of assumptions were made in preparing the 2026 outlook including
• Price of gold: $4,200 per ounce
• No increase in installed operating capacity in Peru and steady ore supply.
• The ore grade supplied may vary with the evolution of the gold price and the purchasing conditions.
Final purchasing conditions in Ecuador and Senegal are yet to be determined.
As most of the Corporation's cost of sales relate to the daily purchasing of ore, its margin (and net income)
is impacted by the inventory level at quarter -start, the favourable, gradual appreciation of the gold price,
and by the ore supply in the period.
About Dynacor
Dynacor Group is an industrial ore processing company dedicated to producing gold sourced from
artisanal miners. Since its establishment in 1996, Dynacor has pioneered a responsible mineral supply
chain with stringent traceability and audit standards for t he fast -growing artisanal mining industry. By
focusing on formalized miners, the Canadian company offers a win -win approach for governments and
miners globally. Dynacor operates the Veta Dorada plant and owns a gold exploration property in Peru.
The company is expanding to West Africa and within Latin America.
The premium paid by luxury jewellers for Dynacor’s PX Impact® gold goes to F idamar Foundation, an
NGO that mainly invests in health and education projects for artisanal mining communities in Peru. Visit
www.dynacor.com for more information.
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.
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Contact:
For more information, please contact:
Ruth Hanna
Director, Investor Relations
T: 514-393-9000 #236
Website: http://www.dynacor.com
Renmark Financial Communications Inc.
Bettina Filippone
T: (416) 644-2020 or (212) 812-7680
Website: www.renmarkfinancial.com