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.
Dynacor Gold Mines Inc. to Report Q1, 2015 Results on May 13, 2015
May 8 15
Dynacor Gold Mines Inc. announced that they will report Q1, 2015 results on May 13, 2015
Dynacor Gold Mines Inc. Announces Audited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Production Guidance for the Full Year of 2015
Mar 30 15
Dynacor Gold Mines Inc. announced audited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. During the fourth quarter ended December 31, 2014, the Corporation recorded net income of $1.4 million or $0.04 per share compared to $1.8 million or $0.06 per share in 2013; During the quarter, a total of 21,062 DMT of ore was processed producing 19,923 ounces of gold (including an all-time record monthly production of 7,179 ounces of gold in December) compared to 20,567 DMT processed and 19,221 ounces in 2013. This increase production is explained by greater volume throughput at the mill. During the quarter, average daily production rate was 245 tpd compared to 237 tpd in 2013. Total sales during the period amounted to $25.1 million compared to $24.8 million in 2013 a 1% increase explained by higher volume of material processed and lower gold market price compared to 2013.
For the year ended December 31, 2014, the Corporation recorded a net income of $6.1 million or $0.17 per share compared to $9.1 million or $0.25 per share in 2013 (which was a record breaking year in terms of production and sales), a 33.3% decrease due to lower sales caused by the temporary stoppage of operations in first quarter of 2014 which led to a lower production volume and a lower average gold price. EBITDA of $12.3 million compared to $15.4 million in 2013, a decrease of $3.1 million or 20.1%. Sales was $88,166,000 compared with $112,127,000 for the same period a year ago. Operating income was $11,210,000 compared with $14,819,000 for the same period a year ago. Cash flow from operating activities was $10,009,000 compared with $12,518,000 for the same period a year ago. Following a record year in 2013 where the Corporation had produced 76,883 ounces of gold and generated sales of $112.1 million, Dynacor produced 68,923 ounces of gold in 2014, just short of its 2014 gold production guidance of 70,000 ounces. This decrease, as explained above, is mainly due to reduced volume of operation during the first
quarter. During the year the Corporation invested $1.9 million compared with $3.7 million in 2013, for the acquisition of property, plant and equipment to be used at the current Huanca plant and for the preparation of construction at Chala. Additions to exploration and evaluation assets during the year amounted to $1.9 million compared with $2.3 million in 2013, as the Corporation concentrated its effort on infrastructure and basic exploration to prepare for intensive work at Tumipampa in 2015.
In January 2015, the Corporation announced its 2015 production guidance of 75,000 and 80,000 ounces of gold. An exceptionally long and heavy rainy season is affecting parts of Peru and will have an impact on the Corporation's first quarter gold production. Management expects production to steadily increase after the rainy season and for the rest of 2015.