VANCOUVER, British Columbia, March  03, 2023  (GLOBE NEWSWIRE) -- Montreal-based Dynacor Group Inc (TSX:DNG), a dividend-paying international industrial gold ore processor, has announced increased earning guidance for 2023. Management projects that total gold sales will increase between 6 ½% and 20% above 2022 sales, reaching between US$210 million (CDN$284m) and US$235 million (CDN$318m).

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Net income is estimated to reach between US$8.5 million and US$11.5 million, or between US$0.22 (CDN$0.30) and US$0.30 (CDN$0.41) per share. Cash flow from operating activities, before changes in working capital items, is expected to be between US$12.5 million and US$15.5 million, or between US$0.33 (CDN$0.45) and US$0.41 (CDN$0.55) per share.

These forecasts are based on gold trading in a range between US$1,800 and US$1,900 per ounce during the year, and other production assumptions, including ore grades.

Jean Martineau, President and CEO, stated: “Our team is fully committed to creating value for our shareholders by executing well-planned, low-risk expansions, increasing monthly dividends, and implementing share buybacks that drive cash returns when capital management criteria are met.”

The company is currently paying $0.01 per share on a monthly basis. To achieve these goals, Dynacor Group plans to invest up to $US 7.0 million in capital expenditures in 2023 at its Veta Dorada plant for new efficiency improvement equipment, increasing tailing pond capacity and additional vehicles for the ore purchase team.

Jean Martineau, President and CEO, added: “Dynacor Group is committed to creating long-term value for our shareholders, even as we navigate thechallenges of today's economic environment. Our team of talented professionals is dedicated to driving growth and implementing cost-efficient measures to support the continued expansion of our ASM gold ore-processing business. With this unwavering commitment to excellence, we remain optimistic about the future of our company and confident in the opportunities that lie ahead.”

The next guidance update will be provided during the company’s quarterly earnings report in May.

Dynacor 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.

The company owns 100% of the advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department. Dynacor has also budgeted approximately $1.0 million to advance other projects 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 CDN$2.93 on the Toronto Stock Exchange, with 38.4 million shares outstanding. 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 [email protected].

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