Dynacor Group Reports Sales of US$23.7 Million for May 2024
Dynacor Group Inc. (TSX-DNG) (Dynacor or the "Corporation"), an international gold ore industrial corporation servicing ASMs (artisanal and small-scale miners), today announced that it had recorded unaudited gold sales of US$23.7 million (C$32.4 million) (1) for May 2024, compared to US$21.5 million (C$29.1 million) in May 2023.
Sales increase versus May last year of US$2.2 million or 10.2% is due to increases in sales prices (+US$3.7 million) partially offset by decreases in sales volumes (-US$1.5 million). Volumes were impacted by lower grades of ore supplied.
In May, the average selling price of gold was US$2,340 per ounce, compared to US$1,980 per ounce in May 2023 as gold price continued to remain high.
The 2024 cumulative sales at the end of May amounted to US$116.4 million, compared to US$97.3 million for the same period of 2023, a 19.6% increase. The average selling price of gold at the end of May 2024 was US$2,178 per ounce compared to US$1,921 per ounce in 2023.
During May 2024, the Veta Dorada plant continued working at full pace processing over 14,500 tonnes.
The Corporation announced sales guidance for 2024 ranging between US$265-285 million using a market gold price ranging between US$2,000 and US$2,050 per ounce.
| (1) | Sales are converted using the monthly average exchange rate |
ABOUT DYNACOR
Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The corporation is engaged in gold production through the processing of ore purchased from the ASM (artisanal and small-scale mining) industry. At present, Dynacor operates in Peru, where its management and processing teams have decades of experience working with ASM miners. It also owns a gold exploration property (Tumipampa) in the Apurimac department.
The corporation intends to expand its processing operations in other jurisdictions as well.
Dynacor produces environmental and socially responsible gold through its PX IMPACT® gold program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium to our customer and strategic partner 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 is listed on the Toronto Stock Exchange (DNG).
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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Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold
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Contact
For more information, please contact:
Director, Shareholder Relations
Dale Nejmeldeen
Dynacor Group Inc.
T: 514-393-9000 #230
E: investors@dynacor.com