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InvestmentPitch Media Video Discusses Dynacor Gold Mines' Report of Record Quarterly Gold Sales of US$61.9 million, a 157% Increase over Q3-2020 and Net Income of US$3.5 million or US$0.09 per share - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 17, 2021) - Montreal-based Dynacor Gol...
About this update from Dynacor Group Inc
[{"type":"text","content":"InvestmentPitch Media Video Discusses Dynacor Gold Mines' Report of Record Quarterly Gold Sales of US$61.9 million, a 157% Increase over Q3-2020 and Net Income of US$3.5 million or US$0.09 per share - Video Available on Investmentpitch.comVancouver, British Columbia--(Newsfile Corp. - November 17, 2021) - Montreal-based Dynacor Gold Mines (TSX: DNG), a dividend-paying industrial gold ore processor, reported a new quarterly record for gold sales. Unaudited sales of gold for the 3rd quarter ended September 30, 2021 came in at US$61.9 million, an increase of US$37.8 million or 157% over the US$24.1 million reported for the 3rd quarter ended September 30, 2020.For more information, please view the InvestmentPitch Media \"video\" which provides additional information about this news and the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Dynacor\" in the search box.Cannot view this video? Visit:https://www.youtube.com/watch?v=5N_s1Pt9TZYThis increase is mainly due to a growing volume of gold sold due to record processing levels, which combined with a relatively stable gold price has enabled the company to increase its quarterly sales for the fifth consecutive quarter. Given that production for the 3rd quarter of 2020 was reduced following the 3-month shut-down due to the Covid-19 crisis, the current quarter is still up US$19.1 million or 45% when compared to the US$42.8 million reported for the previous quarter ending June 30, 2021, which was also a record.Net income for the current quarter was US$3.5 million (US$0.09 per share), compared to US$2.2 million (US$0.06 per share) for the previous quarter, and US$1.2 million (US$0.03 per share) for the 3rd quarter in 2020. The current quarter was the first quarter with the Veta Dorado plant running at its new capacity of 430 tonnes per day, following its expansion. This is an increase in throughput of 25% above the previous 345 tonnes per day capacity.Ore purchasing and processing continued to be very strong in the 3rd quarter, with 40,000 tonnes supplied by artisanal miners, another record, and more than 36,000 tonnes processed. Since the beginning of 2021, Dynacor has attracted ore in excess of its increased throughput capacity, ensuring a continuous increase in ore inventory, which now sits at more than 14,000 tonnes, representing more than one mo...