Dynacor bags profit at 9th consecutive year
Dynacor Gold Mines has released its audited consolidated financial statements and the management’s discussion and analysis (MD&A) for the year ended December 31, 2019. These documents have been filed electronically on the Corporation’s website. The financial results for 2019 reflect Dynacor’s ninth consecutive year of profits as the Corporation recorded a net income of $5.2 M ($0.13 or $0.17 CA per share), an increase of 8.3% compared to 2018.
In 2019, the Corporation purchased a record high volume of 105,238 tonnes of ore and processed a record volume of 98,649 tonnes at its Veta Dorada plant compared to 91,512 tonnes in 2018, a 7.8% increase.
During the last quarter of 2019, our production exceeded the daily available capacity of 300 tpd maintaining an average of 330 tpd.
With a year production of 80,677 ounces of gold the Corporation reached a volume comparable to 2018 and surpassed its second half of 2019 revised guidance of between 44,000 and 46,000 ounces of gold with a production of 46,582 ounces.
At Financial front, 1: it’s a 9th consecutive year of profits; 2: retention by Peruvian authorities in December 2019 for control procedures of a 2,650 ounces gold shipment which impacted Q4 and year 2019 sales and net income; 3: Sales of $102.5 M in 2019 a decrease of 2.1% compared to 2018; 4: Gross operating margin of $13.0 M in 2019, a 1.5% decrease compared to $13.2 M in 2018.
(1) Cash gross operating margin per equivalent ounce Au is calculated by subtracting the average cash cost of sale per equivalent ounces of Au from the average selling price per equivalent ounces of Au and is a non-IFRS financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another company.
