MONTREAL, QC — January 19, 2026 — Leads & Copy —
Dynacor Group Inc. (TSX: DNG) has announced preliminary fourth-quarter and full-year 2025 operating results, along with its 2026 outlook. The company reported that all amounts are in US dollars unless otherwise indicated.
President and CEO Jean Martineau noted that strong gold-equivalent production of 32,838 ounces in Q4-2025 helped deliver a record year for sales, while also surpassing revised annual production guidance. He credited the team’s commitment and quality for enabling a quick rebound from adverse Q2-Q3 ore supply issues, resulting in the strongest production quarter in the past two years.
Operational momentum is expected to continue into 2026, with ongoing optimization in Peru and initial contributions from plants in Ecuador and Senegal. Martineau added that 2026 marks a significant year for Dynacor as it begins to unlock the potential of its diversification strategy.
The company is positioning itself for long-term growth through this year’s capital expenditure program and a material increase in installed capacity. The strategy combines operational excellence with an ambitious expansion plan, ensuring Dynacor continues to create shareholder value.
Dynacor reported it achieved annual operational and financial guidance by exceeding revised production guidance with gold-equivalent (AuEq) production of 113,791 ounces and surpassing initial sales guidance for the third consecutive year, generating record sales of $397.6 million. The realized average price was $3,494 per gold ounce sold during the year.
The company’s quarterly operating performance included producing 32,838 AuEq ounces, marking the second-best fourth-quarter result and a 20% increase compared to Q4-2024. Improved recoveries and efficiencies compared to Q4-2024 were attributed to operational changes.
Dynacor also acquired the Svetlana plant in Ecuador and commenced its retrofit, with initial production expected in Q4-2026. The Senegal pilot plant progressed from planning to on-site equipment delivery, with the first ore expected in early Q2-2026.
Additionally, Dynacor signed an MOU with a potential joint venture partner and initiated discussions with Ghana’s GoldBod.
The full-year 2025 financial results are scheduled to be reported on or about March 26, 2026.
The company provided the following 2026 Guidance:
- Sales (in millions of $ (“$M”)): 530 – 580
- Production (in thousands of AuEq oz): 125 – 135
- Net income (in $M): 22 – 26
Capital expenditure:
- Sustaining capex (in $M) – Peru: 6 – 8
- Capex (in $M) – Senegal: 4 – 5
- Capex (in $M) – Ecuador: 22 – 25
- Capex (in $M) – Other: 0.5 – 1
The production range of 125,000-135,000 AuEq ounces accounts for first ore from the Senegal and Ecuador plants. It assumes Svetlana plant processes first ore in Q4-2026, exiting the year at roughly 150 tpd. Operations will relaunch at 300 tonnes per day, with commercial production expected in Q1-2027.
Sustaining capital expenditures for 2026 in Peru are expected to be approximately $7 million, mainly for the upgrade of the tailings pond, employee and water supply facilities.
Capital expenditure in Ecuador includes capital investment of $7 million deferred from 2025. The bulk relates to upgrading the Svetlana plant’s tanks, cyclones, tailings, and laboratory. Capex expenditure does not include the rehabilitation of two historical tailings ponds.
Capital expenditure in Senegal includes a portion of the Engineering, Procurement and Construction (EPC) cost for the pilot plant and laboratory, and acquisition of a mobile fleet for the 50-tonne per day pilot plant.
Other capex includes capital expenditure on other projects in West Africa.
Net income guidance includes the impact of the production ramp-ups in Ecuador and Senegal.
Delivery of shareholder returns is planned through monthly dividends of C$0.01333 per common share (C$0.16 annually).
Assumptions made in preparing the 2026 outlook include a gold price of $4,200 per ounce, no increase in installed operating capacity in Peru and steady ore supply.
The ore grade supplied may vary with the evolution of the gold price and the purchasing conditions. Final purchasing conditions in Ecuador and Senegal are yet to be determined.
As most of Dynacor’s cost of sales relate to the daily purchasing of ore, its margin and net income are impacted by the inventory level at quarter-start, the favourable appreciation of the gold price, and by the ore supply in the period.
Dynacor Group is an industrial ore processing company dedicated to producing gold from artisanal miners. Founded in 1996, Dynacor has pioneered a responsible mineral supply chain with traceability and audit standards for the artisanal mining industry. By focusing on formalized miners, the Canadian company offers a win-win approach for governments and miners. Dynacor operates the Veta Dorada plant and owns a gold exploration property in Peru. It is expanding to West Africa and within Latin America.
The premium paid by luxury jewellers for Dynacor’s PX Impact® gold goes to Fidamar Foundation, which invests in health and education projects for artisanal mining communities in Peru.
Contact:
Ruth Hanna
Director, Investor Relations
T: 514-393-9000 #236
E: investors@dynacor.com
Source: Dynacor Group Inc.
