VANCOUVER, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) — Montreal-based Dynacor Group Inc (TSX:DNG), a dividend-paying international industrial gold ore processor, has increased its monthly dividend by 20%. The new dividend of $0.01 paid monthly, or $0.12 a share on an annual basis, represents a yield of 4.27%, based on today’s price of $2.81, and marks the 4th dividend increase since the company paid its initial dividend in October 2018.
Jean Martineau, President and CEO, stated: ”
Dynacor is committed to returning cash to its shareholders and maintaining a strong financial position. The company has raised the dividend four times in four years, proving management’s confidence in Dynacor’s ability to generate robust earnings and increased cash flows. Today’s announcement reflects our commitment to our shareholders and demonstrates Dynacor’s stability and growth potential as we advance
.”
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Dynacor purchases ore from artisanal and small-scale miners which it processes at its Veta Dorada processing plant which is strategically located fifteen minutes off the Pan American Highway near Chala in southern Peru. The company recently increased the plant’s gold ore-processing capacity to 500 tonnes per day, an additional 16% following the 25% increase completed in mid-2021. The Veta Dorada plant has been steadily increasing its daily output over the last number of years, allowing Dynacor, through its Peruvian subsidiary, to become the ninth largest gold exporter in Peru for the first nine months of 2022.
The company owns 100% of the advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department. It also intends to expand its processing operations in other jurisdictions.
Dynacor, a founding partner in the PX IMPACT® gold program, produces environmental and socially responsible gold. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium for this gold which provides direct investment to develop health and education projects for the artisanal and small-scale miner’s communities.
Jim Marrone, equity analyst at Singular research reiterated his buy recommendation, giving Dynacor a target price of US$3.50, a premium of 84% above the US$1.90 price on November 21, 2022, the date he issued his report. In his report, he stated: “
With this expansion and production capability, Dynacor is well-positioned for continued growth in the ASM ore-processing business through 2022 and beyond
.”
The shares are currently trading at CDN$2.81 on the Toronto Stock Exchange, with 38.5 million shares outstanding. For more information, please visit the company’s website
www.dynacor.com
, or contact the company at 514-393-9000 ext 230 or by email at
[email protected]
.
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