Dynacor Gold Mines Inc. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production Guidance for the Year 2015
Aug 12 15
Dynacor Gold Mines Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company has posted sales of $20,220,000 against $26,781,000 a year ago. Operating income was $1,708,000 against $3,170,000 a year ago. Net income and comprehensive income was $819,000 or $0.02 per diluted share against $2,051,000 or $0.06 per diluted share a year ago. EBITDA was $2,046,000 against $3,521,000 a year ago. Cash flow from operating activities was $2,081,000 against $3,796,000 a year ago. Additions to exploration and evaluation assets amounted to $1.2 million against $0.5 million in 2014.
For the six months, the company has posted sales of $38,968,000 against $39,085,000 a year ago. Operating income was $4,160,000 against $4,723,000 a year ago. Net income was $2,122,000 or $0.06 per diluted share against $2,910,000 or $0.08 per diluted share a year ago. EBITDA was $4,620,000 against $5,354,000 a year ago. Cash flow from operating activities was $4,193,000 against $5,049,000 a year ago. Additions to exploration and evaluation assets amounted to $1.8 million against $0.7 million in 2014.
In second quarter of 2015, the company’s gold production was 16,594 ounces compared to 17,608 ounces of gold in 2014. Despite the fact that processed ore tonnage of 34,372 as at June 30, 2015 is greater than the 30,832 DMT for the same period in 2014.
In six months of 2015, the company’s gold production was 32,152 ounces compared to 29,783 ounces of gold in 2014.
The company had set its 2015 production guidance in the range of 75,000 to 80,000 ounces of gold. The Management considers that because of uncertainty in the price of gold it is difficult to predict the availability of ore during the second half of 2015. Based on current ore purchases from the company suppliers, the company need to lower the 2015 guidance to a range of 64,000 to 68,000 ounces of gold. The company will update this guidance if necessary in step with market conditions.
Dynacor Gold Mines Inc. Announces Executive Changes
Jul 9 15
The board of directors of Dynacor Gold Mines Inc. announced that Marc Duchesne has been appointed to the Audit Committee and Board of Directors.
Marc Duchesne brings to the Company and its Audit Committee his exceptional expertise and impeccable credentials which will reinforce and expand the committee's scope of action as Dynacor grows and faces new challenges. The board also announced that Johanne Duchesne, who resigned for personal reasons from the Board in June 2015, for her contribution to the development of the Corporation and her expert advice.
Dynacor Gold Mines Inc. Reports Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Production Guidance for the Year 2015
May 13 15
Dynacor Gold Mines Inc. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported a net income of $1.3 million or $0.04 per share compared to $0.9 million or $0.02 per share for the same period last year, an increase of 44.4%. Income increased due a higher production which offset a lower price of gold as compared to first quarter of 2014. Gold and silver sales of $18.7 million compared to $12.3 million for the same period last year an increase of 52.0%. EBITDA was $2.6 million compared to $1.8 million for the same period last year. Cash flow from operating activities before change in working capital items of $1.8 million or $0.05 per share compared to $1.3 million or $0.03 per share for the same period last year. Total cash generated from operating activities amounted to $2.1 million compared to $1.3 million for the same period last year. During the period, the Corporation invested $0.9 million ($0.6 million in first quarter of 2014) including $0.2 million at Metalex-Huanca to prepare for capacity increase to 300 tpd and to increase tailing pond capacity, $0.5 million for the Veta Dorada Chala plant including $0.4 million in deposits to contractors for the beginning of construction work and $0.2 million for equipment and vehicles at the Tumipampa project. Additions to exploration and evaluation assets amounted to $0.6 million in compare to $0.2 million for the same period last year as cross-cut underground exploration work resumed at Tumipampa.
Gold production of 15,558 oz compared to 12,175 oz for the same period last year, an increase of 27.8 %. During the period ended March 31, 2015, the Corporation processed 17,130 dry metric tonnes (DMT) of ore compared to 14,002 DMT in the first quarter of 2014, a 22.3% increase. In the first quarter of 2015, the Metalex-Huanca plant operated at its full 250 tpd capacity for 54 days as compared to 32 days in the first quarter of 2014. The average gold grade for in the first quarter of 2015 was slightly above its in the first quarter of 2014 mill feed at 0.95 oz/DMT compared to 0.92 oz/DMT in the first quarter of 2014.
The Corporation has set its 2015 production guidance in the range of 75,000 to 80,000 ounces of gold.