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Vancouver, British Columbia--(Newsfile Corp. - September 23, 2021) - Montreal-based Dynacor Gold Mines (TSX: DNG) (OTC Pink: DNGDF), a dividend-paying industrial gold ore processor, has increased its sales, earnings and production guidance for the year ending December 31, 2021. Management is forecasting total gold sales for 2021 in the range of US$185 to $190 million, an increase of 23 to 27% from the US$150 million previously forecast in February. This would represent a year over year increase in the range of 82 to 87% over the US$101.5 million in sales reported for 2020.
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Net income for 2021 is expected to come in at US$9.0 to $9.5 million, an increase of 30 to 38% over the earlier guidance of US$6.9 million. This represents an earnings per share of between US$0.23 and $0.25 or CDN$0.29 to $0.31. In addition, the company is forecasting that production will exceed 100,000 gold equivalent ounces this year, for the first time in the company's history.
These forecasts are based on the following assumptions, that the average price for gold remains around US$1,785 per ounce, and the company continues to receive a consistent average grade of ore. It also assumes a stable exchange rate between the Peruvian sol, and the US and Canadian dollars, with the US/Canadian exchange rate averaging US$1:00 to CDN$1:25.
Dynacor is a significant processor of gold ore, which it purchases from artisanal miners and the small-scale mining industry or "ASMs" in Peru, with more than 600 registered ASMs currently supplying ore.
The company processes ore at its recently expanded Veta Dorada plant, which is running at 430 tonnes per day and is strategically located fifteen minutes off the Pan American Highway near Chala in southern Peru.
Dynacor, a founding partner in the PX IMPACT® gold program, produces environmental and socially responsive gold. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium for this gold which provides direct investment to develop health and education projects for the artisanal and small-scale miner's communities.
With decades of experience in Peru, consistently operating and exporting gold since 1998, the company intends to expand its processing operations to other jurisdictions. The company also owns the advanced stage Tumipampa gold exploration property in south central Peru's Apurimac department.
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