MONTREAL--(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 first quarter ended March 31, 2024.

These documents have been filed electronically with SEDAR+ at www.sedarplus.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).

Q1-2024 OVERVIEW AND HIGHLIGHTS

OVERVIEW

Dynacor completed the three-month period ended March 31, 2024 (“Q1-2024”) with record quarterly sales of $67.7 million and a net income of $4.8 million (US$0.13 per share) compared to sales of $56.7 million and a net income of $4.5 million (US$0.11 per share) for the first quarter of 2023 (“Q1-2023”).

In 2023, second half of January planned exports had been postponed to February explaining the high sales level in February and lower sales in January.

HIGHLIGHTS

Operational

Higher ore volume supplied. Total ore volume supplied exceeded 43,000 tonnes during the quarter, a 19.9% increase compared to Q1-2023. At the end of Q1-2024, the ore inventory level represented more than 40 days of production;
Higher volume processed. Thanks to the level of ore inventory at the beginning of the period and to the volume of ore supplied, the Veta Dorada plant processed a volume of 44,006 tonnes of ore (484 tpd average) compared to 41,566 tonnes in Q1-2023 (462 tpd), a 5.9% increase;
Higher gold production. In Q1-2024, gold equivalent production amounted to 31,769 AuEq ounces compared to 29,299 AuEq ounces in Q1-2023 a 8.4% increase.
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