MONTREAL--(BUSINESS WIRE)-- Dynacor Group Inc. (TSX: DNG) (“Dynacor” or the "Corporation"), is pleased to update on its expansion plans within West Africa and Latin America. All figures are in US dollars unless otherwise specified.

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Outside Dynacor’s Senegal office: Mamadou Mbaye, General Manager, with members of Team Senegal and Stéphane Lemarié, Director of Finance (Photo: Business Wire)

Dynacor’s move into new jurisdictions is part of its five-year strategic plan and supports its goal of producing 500,000 AuEq ounces and $1 billion in sales by 2030. To achieve this, the Corporation plans to open four new processing plants: three in West Africa (Senegal, Cote d’Ivoire and Ghana) and one in Latin America.

Solid Foundation for Growth

During the past two years, Dynacor has laid significant groundwork for its four new plants:

Structural - In each country, the Corporation has held positive meetings with government representatives, the chamber of mines, suppliers, and with key groups of artisanal miners. In parallel, it has conducted extensive geological sampling, enhancing its understanding of the geology in the artisanal mining areas in each country.

Financial - Based on construction of its Chala mill in Peru and current costings, Dynacor estimates that construction of a 300-tonne-per-day (“tpd”) mill could cost between $23-$25 million and require working capital of between $7-$8 million. On February 06, 2025, the Corporation closed an upsized public offering for gross proceeds equivalent to approximately $22 million (C$31.6 million). Dynacor intends to use its cash position and proceeds of the financing to accelerate its expansion plans.

Leadership - Over the past year, Dynacor has scaled up its team globally in support of its growth. In Montreal, expansion of the management team has added bench strength and expertise in Africa. Daniel Misiano, the new COO, brings over 30 years of experience in international business development and operations within the mining services sector including in Africa. Martin Houde, the new Metallurgy Director, has over 30 years in industrial operations, construction and consulting in the mineral processing industry, nine of which within West Africa. Ruth Hanna, the new Director, Investor Relations (“IR”), brings 30 years of IR and financial communications experience, including 12 in mining companies operating in Africa.

In Peru, Jorge Luis Cárdenas was appointed Dynacor’s Vice-President of Business Development in Latin America, bringing 30 years of experience in the gold sector. Furthermore, an intensive succession planning process led to the addition of strategic hires across multiple areas. The Corporation has begun providing language classes to personnel to facilitate their communication with Africa.

In Senegal, General Manager Mamadou Mbaye offers more than 25 years of experience in private equity and management of risk, mining and energy investment projects within Africa. Benoît Courteau, Dynacor’s General Manager in Côte d’Ivoire, has a long career in management of mining and industrial construction sites, production facilities, biomass and industrial services including in Africa. Discussions are ongoing with potential country managers and partners in Ghana.

2025 Objectives

• Senegal – Following completion of the environmental impact study, the Corporation has launched calls for tenders for the 50-tpd pilot plant on its mining concession (see press release dated October 11, 2024). Construction of the pilot plant is estimated to cost $4 million excluding support infrastructure, and its completion is targeted by Q1-2026 latest.
• Côte d’Ivoire / Ghana – The Corporation aims to commence preparatory work for the environmental impact report in at least one of the two countries.
• Latin America – Dynacor plans to evaluate its potential expansion within Peru or Ecuador.

The Corporation looks forward to providing regular updates to stakeholders on its expansion progress.

About Dynacor

Dynacor is a dividend-paying industrial gold ore processor headquartered in Montréal, Canada. The Corporation is engaged in gold production through the processing of ore purchased from the ASM (artisanal and small-scale mining) industry. Dynacor operates in Peru where its management and processing teams have decades of experience working with ASM miners. It also owns a gold exploration property (Tumipampa) in the Apurimac department. The Corporation intends to expand its processing operations to other jurisdictions.

Dynacor produces environmentally and socially responsible gold through its PX IMPACT® gold program. A growing number of supportive firms from the fine luxury jewelry, watchmaker and investment sectors pay a small premium to our customer and strategic partner for this PX IMPACT® gold. The premium provides direct investment to develop health and education projects for our artisanal and small-scale miner’s communities.

Dynacor trades on the Toronto Stock Exchange under the ticker DNG and is ranked on the 2024 TSX30. The TSX30 is an annual ranking of the 30 top-performing companies on Toronto Stock Exchange (TSX) over a three-year period.

Forward-Looking Information

Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.

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