Dynacor Updates on African and Latin American Expansion Plans
Dynacor Updates on African and Latin American Expansion Plans
Montreal, February 11, 2025 – Dynacor Group Inc. (TSX: DNG) (“Dynacor” or the "Corporation"), is
pleased to update on its expansion plans within West Africa and Latin America. All figures are in US dollars
unless otherwise specified.
Dynacor’s move into new jurisdictions is part of its five-year strategic plan and supports its goal of producing
500,000 AuEq ounces and $1 billion in sales by 2030. To achieve this, the Corporation plans to open four
new processing plants: three in West Africa (Senegal, Cote d’Ivoire and Ghana) and one in Latin America.
Solid Foundation for Growth
During the past two years, Dynacor has laid significant groundwork for its four new plants:
Structural - In each country, the Corporation has held positive meetings with government representatives,
the chamber of mines , suppliers, and with key groups of artisanal miners. In parallel, it has conducted
extensive geological sampling, enhancing its understanding of the geology in the artisanal mining areas in
each country.
Financial - Based on construction of its Chala mill in Peru and current cost ings, Dynacor estimates that
construction of a 300-tonne-per-day (“tpd”) mill could cost between $23-$25 million and require working
capital of between $7-$8 million. On February 06, 2025, the Corporation closed an upsized public offering
for gross proceeds equivalent to approximately $22 million (C$31.6 million). Dynacor intends to use its cash
position and proceeds of the financing to accelerate its expansion plans.
Leadership - Over the past year, Dynacor has scaled up its team globally in support of its growth. In
Montreal, expansion of the management team has added bench strength and expertise in Africa . Daniel
Misiano, the new COO, brings over 30 years of experience in international business development and
operations within the mining services sector including in Africa. Martin Houde, the new Metallurgy Director,
has over 30 years in industrial operations, construction and consulting in the mineral processing industry ,
nine of which within West Africa . Ruth Hanna, the new Director, Investor Relations (“IR ”), brings 30 years
of IR and financial communications experience, including 12 in mining companies operating in Africa.
In Peru, Jorge Luis Cárdenas was appointed Dynacor’s Vice -President of Business Development in Latin
America, bringing 30 years of experience in the gold sector. Furthermore, an intensive succession planning
process led to the addition of strategic hires across multiple areas. The Corporation has begun providing
language classes to personnel to facilitate their communication with Africa.
In Senegal, General Manager Mamadou Mbaye offers more than 25 years of experience in private equity
and management of risk, mining and energy investment projects within Africa. Benoît Courteau, Dynacor’s
General Manager in Côte d’Ivoire, has a long career in management of mining and industrial construction
sites, production facilities, biomass and industrial services including in Africa. Discussions are ongoing with
potential country managers and partners in Ghana.
2025 Objectives
• Senegal – Following completion of the environmental impact study, the Corporation has launched
calls for tenders for the 50-tpd pilot plant on its mining concession (see press release dated October
11, 2024). Construction of the pilot plant is estimated to cost $4 million excluding support
infrastructure, and its completion is targeted by Q1-2026 latest.
• Côte d’Ivoire / Ghana – The Corporation aims to commence preparatory work for the
environmental impact report in at least one of the two countries.
• Latin America – Dynacor plans to evaluate its potential expansion within Peru or Ecuador.
The Corporation looks forward to providing regular updates to stakeholders on its expansion progress.
Outside Dynacor’s S enegal office: Mamadou Mbaye, General Manager, with members of Team Senegal
and Stéphane Lemarié, Director of Finance
About Dynacor
Dynacor is a dividend -paying industrial gold ore processor headquartered in Montréal, Canada. The
Corporation is engaged in gold production through the processing of ore purchased from the ASM
(artisanal and small -scale mining) industry. Dynacor operates in Peru where its management and
processing teams have decades of experience working with ASM miners. It also owns a gold explorat ion
property (Tumipampa) in the Apurimac department. The Corporation intends to expand its processing
operations to other jurisdictions.
Dynacor produces environmentally and socially responsible gold through its PX IMPACT® gold program.
A growing number of supportive firms from the fine luxury jewelry, watchmaker and investment sectors
pay a small premium to our customer and strategic partn er 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 trades on the Toronto Stock Exchange under the ticker DNG and is ranked on the 2024 TSX30.
The TSX30 is an annual ranking of the 30 top -performing companies on Toronto Stock Exchange (TSX)
over a three-year period.
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.
Contact:
For more information, please contact:
Ruth Hanna
Director, Investor Relations
T: 514-393-9000 #236
Website: http://www.dynacor.com