Dynacor Group Inc. processed a record 48,300 tonnes of ore during the second quarter of 2026, operating above design capacity for a second consecutive quarter to produce 31,907 gold-equivalent ounces.

The operational performance generated $144.4 million in sales and $1.1 million in net income for the three-month period ended June 30, 2026. The gross operating margin reached $5.6 million, down from $7.1 million in Q2 2025, as financial results were impacted by a sustained decrease in gold prices and higher inventory levels maintained as buffer stock. Dynacor maintains its full-year 2026 production guidance of 125,000 to 135,000 gold-equivalent ounces, backed by year-to-date production of 64,698 ounces.

“This third consecutive quarter of strong operational performance showcases the results of our optimisation projects and positions us strongly to achieve 2026 production guidance. Our operational strength translated into robust gold sales despite a double-digit dip in the gold market. The combination of gold’s sustained decline and our inventory build-up led to a longer inventory turnover, which impacted our financial performance in the quarter. We are unwinding inventory levels in the third quarter and expect margins to normalize in the second half of 2026.”

— Daniel Misiano, President and CEO

Dynacor is advancing international expansion alongside its core operations in Peru, where it operates the Veta Dorada plant. In Senegal, construction of the Galam pilot plant reached over 95% completion during the quarter, with first ore fed to the plant at quarter-end ahead of a targeted first gold pour in Q3 2026. In Ecuador, rehabilitation of the Svetlana processing plant reached approximately 40% completion, with Dynacor targeting the restart of processing operations at the Svetlana plant in Ecuador in the fourth quarter of 2026.

“Beyond our core operations, we achieved a strategic milestone in the period: first ore feed to our Galam plant, marking the beginning of our transition into a geographically diversified gold processor. With both our Senegal and Ecuador plants on track, we continue to position Dynacor to deliver long-term value for our shareholders.”

— Daniel Misiano, President and CEO

In Peru, the corporation’s subsidiary challenged a 2015 tax assessment by the Peruvian Tax Administration at a Tax Court hearing, facing a maximum aggregate exposure of $8.7 million including penalties and interest. Tax assessments for fiscal years 2016, 2017, and 2019 are also being challenged, involving an additional $16.1 million in potential exposure.

Read the full announcement: Dynacor Reports Q2-2026 Results and Updates on Tax Contingencies