InvestmentPitch Media Video Discusses Dynacor Gold's Report of Gold Sales of US$15.7 Million for May and Cumulative 2021 sales of US$69.1 Million from Peruvian Operations - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 11, 2021) - Montreal-based Dynacor Gold Mines (TSX: DNG) (OTC Pink: DNGDF), has reported its quarterly gold sales for the month of May. Unaudited sales for May came in at US$15.7 million, the second best month of sales this year, and a 26% month-over-month increase over the US$12.5 million reported for April. Cumulative sales for the first 5 months of 2021 now total US$69.1 million, which is on track to comfortably exceed management's posted financial guidance in February of US$150 million for the full year.
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Management also forecast annual earnings per share of US$0.18 based on an average US$1,850 per ounce gold price, which the company has been surpassing with May's average selling price of US$1,873.
The company recently increased its dividend by 33% to approximately CDN$0.08 annually, which is paid on a monthly basis.
The company processes gold ore purchased from artisanal miners and the small-scale mining industry in Peru. Due to a significant increase in ore supply of the last number of months, Dynacor has been steadily growing its throughput levels and is currently operating at a maximum rate of 345 tonnes per day, above the equipment's rated capacity of 300 tonnes per day. The company is nearing completion, ahead of schedule, of its expansion of its Veta Dorada processing plant, which will increase the throughput level by 25% from 345 to 430 tonnes per day.
This expansion, budgeted at $1.8 million, has been funded through internally generated cash flow and will enable Dynacor to increase production, improve cost efficiencies, create jobs and elevate the company to top spot as Peru's largest purchaser and processer of gold ore from the artisanal and small-scale mining community.
Dynacor, a founding partner in the PX IMPACT® gold program, produces environmental and socially responsive 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.
With decades of experience in Peru, the company intends to expand its processing operations to other jurisdictions. It also owns the advanced stage Tumipampa gold exploration property in south central Peru's Apurimac department.
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