Gold sales hit a record US$195.9 million for 2021, up 93% from the US$101.5 million reported for 2020. Net income was US$11.8 million for 2021, up 174% from the US$4.3 million reported for 2020.
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Montreal-based Dynacor Gold Mines (TSX:DNG), a dividend-paying industrial gold ore processor, has released its audited annual financial statements, setting numerous records, as it reports its 11th consecutive annual profit.
All figures are in US dollars unless stated otherwise.
Gold sales hit a record US$195.9 million for 2021, up 93% from the US$101.5 million reported for 2020.
Net income was US$11.8 million for 2021, up 174% from the US$4.3 million reported for 2020.
Dynacor is forecasting gold sales in the range of US$200 to US$220 million for 2022, representing growth of 4 to 14% over last year’s sales.
Other significant numbers include:
Gold production hit a record 106,862 gold equivalent ounces for 2021, compared to 51,369 gold equivalent ounces in 2020, a significant increase of 108%.
EBITDA surged to a record high of US$23.5 million, compared to US$11.7 million in 2020.
Earnings per share came in at US$0.30 or CDN$0.38 in 2021, compared to US$0.11 or CDN$0.15 in 2020.
Dynacor, an international gold ore industrial company 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.
In mid-2021, Dynacor completed the expansion of its Veta Dorada plant reaching 430 tpd, approximately 25% higher than the previous 345 tpd.
Thanks to its year opening high level of ore inventory and increasing volume of ore supplied, the mill has been able to operate at full capacity throughout the year averaging a 368 tpd processing rate.
Dynacor is budgeting between US$5 - $8 million for capital expenses in 2022, which includes sustainable capital at the Veta Dorada plant for additional capacity expansion.
This also includes US$1.0 million for an 8-hole diamond drilling program, totalling 2,735 meters, at the company’s 100% owned, advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department, subject to reaching a work agreement with local communities.
The company is continuing to assess other opportunities of growth in Peru as well as 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 $3.45, up from $1.79 at the end of 2020 and $3.16 at the end of 2021
Shareholders are happy, as in addition to the share price appreciation, the company replaced its quarterly dividend with a monthly dividend, which was increased twice during 2021, and currently pays CDN$0.10 per share on an annual basis.
The company has 38.6 million shares outstanding, having repurchased 441,340 shares during the year.
For more information, please refer to the company’s news release, visit the company’s website www.dynacor.com, or contact the company at 514-393-9000 ext 230 or by email at investors@dynacor.com.
