Business
Dynacor Group Reports Strong Q2 2023 Earnings Per Share of US$0.12 Or CA$0.16
MONTREAL / Aug 14, 2023 / Business Wire / Dynacor Group Inc. (TSX: DNG) (Dynacor or the Corporation) released its unaudited condensed interim consolidated finan
About this update from Dynacor Group Inc
[{"type":"text","content":"MONTREAL / Aug 14, 2023 / Business Wire / Dynacor Group Inc. (TSX: DNG) (Dynacor or the Corporation) released its unaudited condensed interim consolidated financial statements and the management's discussion and analysis (MD&A) for the second quarter ended June 30, 2023. These documents have been filed electronically with SEDAR at www.sedar.com and will be available on the Corporation's website www.dynacor.com. (All figures in this press release are in Ms of US$ unless stated otherwise. All amounts per share are in US$. All variance % are calculated from rounded figures. Some additions might be incorrect due to rounding). Q2-2023 OVERVIEW AND HIGHLIGHTS OVERVIEW Dynacor completed the three-month period ended June 30, 2023 (“Q2-2023”) with a record production of 32,693 AuEq ounces, quarterly sales of $64.5 million and a net income of $4.5 million (US$0.12 per share) compared to sales of $53.9 million (a 19.7% increase) and a net income of $2.6 million (US$0.07 per share) for the second quarter of 2022 (“Q2-2022”) (a net income increase of 73.1% compared to Q2-2022). Following its 16% increase capacity to 500 tpd at the end of 2022, Dynacor’s ore procurement team was able to increase the tonnage of ore supplied in order to operate the plant at its full capacity during the quarter. The level of ore inventory at the plant continued to rise, reaching 9,600 tonnes at the end of Q2-2023 which represents more than 19 days of production. Contrary to Q1-2023 which has seen a positive trend in gold market price, Q2-2022 and the strong Q2-2023 financial results were affected by the declining trend in the gold market price. At the end of Q2-2023 our total assets is exceeding $100 million for the first time. HIGHLIGHTS Operational Highest ore volume supplied. Total ore volume supplied reached an historical high of 45,730 tonnes in Q2-2023 compared to 32,415 tonnes for the same period of last year; Higher volume processed. The Veta Dorada plant processed a volume of 40,747 tonnes of ore (448 tpd average) compared to 35,822 tonnes in Q2-2022 (394 tpd), a 13.7% increase; Higher gold production. In Q2-2023, gold equivalent production amounted to 32,693 AuEq ounces compared to 27,875 AuEq ounces in Q2-2022 a 17.3% increase. The Q2-2023 production was positively affected by higher volumes and grades of ore processed. Financial High gold price a...