"This was a solid third quarter that reflects our team's resolve to deliver strong operational results that are more representative of the usual Dynacor performance," said Jean Martineau, President & CEO. "Despite ore supply disruptions in the first two weeks in the quarter, we are well on track to meet or beat our full-year production and financial guidance. The higher gold prices and consistent mill performance generated a number of new financial records including record quarterly EBITDA. With our strong cash flow generation and strengthened management team, we continue to cultivate shareholder value through steady execution of our growth projects. We expect to build on this momentum in the fourth quarter and going into 2026."
Q3-2025 Highlights
Robust operations despite two weeks of artisanal miner road blockades in July:
Processing at full capacity from mid-July (429 tpd), for a total of 39,479 tonnes of ore.
Production of 28,948 AuEq ounces, in line with recent historical levels.
Strong financial results due to higher realized gold prices:
Record sales of $100.5 million in Q3-2025 compared to $76.2 million in Q3-2024.
Gross margin of $11.7 million (11.7% of sales) in Q3-2025, compared to $10.3 million (13.6% of sales) in Q3-2024.
Record EBITDA2 of $9.0 million, compared to $8.9 million in Q3-2024.
Non-recurring expenses totaling $0.6 million.
Net income of $5.5 million, compared to $5.9 million in Q3-2024.
Operating cash flows before changes in working capital items of $6.6 million, similar to Q3-2024.
Record cash gross operating margin of $440 per AuEq ounce sold3.
Q3-2025 Highlights (continued)
Advancement of high-return expansion projects:
Ecuador: On July 14, 2025, the Corporation completed the acquisition of 100% of the shares of the Svetlana processing plant and related assets for a total consideration of $9.75 million. The acquisition includes plans to upgrade and ramp up the facility to a production capacity of 300 tonnes per day (tpd), before progressively increasing to 500 tpd. Currently, first ore is expected to be processed in Q4-2026.
Since then, the Dynacor team has been integrating the new subsidiary in Ecuador on three fronts: corporate, operational and community.
The corporate framework continues to advance particularly with regard to its banking, fiscal and legal systems.
Technical assessments of the plant have been conducted, and the request for quote (RFQ) process has begun.
A community participation session was completed in September, apprising the Svetlana host community of Dynacor's environmental management plan.
Senegal: Construction of the 50-tpd pilot plant continues on schedule with first shipments of the modular plant expected on site in mid-November.
Processing of first ore is expected in late Q1-2026.
Ghana: Ongoing preparation of formal proposals on Dynacor's proposed operations for Goldbod and Ghana's government agencies.
Continued focus on shareholder returns: Disbursed a monthly dividend representing CA$0.16 per share on an annual basis or a 3.46% dividend yield based on the current share price.
Dispensed 4,781 hours of health, safety and environment training to the Veta Dorada team.
2025 Outlook versus Actuals
The Corporation confirms its following 2025 revised guidance, as issued on August 11, 2025:
Sales between $340-$350 million (YTD $260.2 million).
Net income between $14-$17 million (YTD $14.1 million).
Production between 105,000-110,000 AuEq ounces (YTD 80,953 AuEq ounces).
Other project expenses of $3 million to achieve the 2025 growth plan (YTD $1.2 million).
The Corporation anticipates that total 2025 capital expenditures will come in below its revised guidance of approximately $12 million in Peru and Senegal, and $17 million in Ecuador, as certain planned investments are expected to be completed in 2026.
Guidance is based on the following assumptions:
(1) No increase in processing capacity and steady ore supply.(2) Average market gold price of between $3,200 and $3,400 per ounce.(3) The ore grade supplied may vary with the evolution of the gold price and the purchasing conditions.
As most of the Corporation's cost of sales relate to the daily purchasing of ore, its margin and net income are impacted by the inventory level at quarter-start, the gradual path of the gold price, and by the ore supply in the period.
Operations Overview
Three-month periodsended September 30,
Nine-month periodsended September 30,
2025
2024
2025
2024
Volume processed (in tonnes)
39,479
47,721
120,973
134,662
Tonnes per day
429
519
443
491
AuEq ounces produced
28,948
30,002
80,953
90,135
During Q3-2025, despite ore supply in the first half of July being impacted by roadblocks erected by protesting artisanal miners, the Corporation processed over 39,000 tonnes (429 tpd on average). This is in comparison to 519 tpd in Q3-2024 when processing throughput had temporarily been increased by about 10% to 550 tpd. Excluding the temporary disruption caused by the roadblocks, the Corporation would have processed over 43,000 tonnes (472 tpd on average), in line with historical processing levels.
Year-to-date production was also impacted by the lower tonnes processed in Q2-2025 due to curfews imposed on artisanal miners in northern Peru and the supply of lower-grade ore in Q1-2025.
Financial Overview
Three-month periodsended September 30,
Nine-month periods ended September 30,
(in $'000) (unaudited)
2025
2024
2025
2024
Sales
100,515
76,181
260,189
211,345
Cost of sales
(88,793
)
(65,838
)
(232,345
)
(181,860
)
Gross operating margin
11,722
10,343
27,844
29,485
General and administrative expenses
(3,513
)
(2,040
)
(9,232
)
(5,871
)
Other project expenses
(234
)
(320
)
(1,225
)
(861
)
Operating income
7,975
7,983
17,387
22,753
Financial income net of expenses
