Dynacor Delays Third-Quarter Results to Nov. 12 and Targets December Start-Up at Svetlana Plant
Key Facts
Dynacor Group said in a statement issued on Nov. 2 that it expects to announce its third-quarter 2026 financial and operating results around Nov. 12, after the quarter’s results announcement was the focus of news circulating on Nov. 11. The company said rehabilitation of the Svetlana plant in Ecuador was more than 80% complete by Sept. 30 and was on budget. The project is part of the company’s expansion into gold processing beyond its existing operations, alongside development of a pilot facility in Senegal. But start-up at Svetlana will not be immediate: the company said some equipment delivery timelines and additional refurbishment requirements will slightly delay hot commissioning and the ramp-up in production. That means the company’s update focuses on project progress and timing, while third-quarter results remain pending.
Dynacor said the first ore passed through the crushing circuit at the Svetlana plant at the end of October, a step ahead of hot commissioning. It said delivery timelines for the cyclone cluster had extended, and additional refurbishment requirements had emerged for the extraction and refining circuits. Hot commissioning is scheduled to begin in December, with the plant’s ramp-up set for the first quarter of 2027. The company expects the first gold pour in January 2027. The restart plan sets an initial rate of 300 tonnes per day, before a later increase to 500 tonnes per day. These stages tie the timing of actual production to the completion of equipment installation and the plant’s gradual start-up.
As of Sept. 30, the company had spent about 10.7 million U.S. dollars and committed about 4 million dollars of its expected 2026 capital expenditures of between 22 million and 25 million dollars. It said these figures include capital spending and commitments recorded through that date, as it completes its projects. Dynacor also announced on Nov. 3 a 20 million dollar gold purchase facility and unsecured advances with Auramet. It said it intends to use the net proceeds for working capital needs, particularly to build inventory for the Svetlana plant. The financing adds a disclosed source of funding for operating and inventory needs as the company continues to prepare the plant.
In Senegal, Dynacor announced on Oct. 5 that it had achieved the first gold pour at the Galam pilot plant, saying the pour took place on Sept. 30 using gold and silver from the Merrill-Crowe circuit. The project includes a modular plant with capacity of 50 tonnes per day. The company says the pilot plant could pave the way for a commercial facility with capacity of 300 tonnes per day in Senegal if the test is successful. The step is significant in the context of the company’s 2026 production guidance, which ranges from 125,000 to 135,000 gold equivalent ounces and includes initial contributions from its Senegal and Ecuador plants. But commercial operation at Galam remains conditional on the pilot phase being successful.
The expansion projects follow strong production in the first half of 2026. In the first quarter, Dynacor produced 32,791 gold equivalent ounces, compared with 27,050 ounces in the same quarter of 2025, setting a first-quarter record. In the second quarter, the company processed 48,300 tonnes at an average of 531 tonnes per day and produced 31,907 gold equivalent ounces, compared with 24,955 ounces in the corresponding period of 2025. In the third quarter of 2025, production was 28,948 ounces, compared with 30,002 ounces in the third quarter of 2024, after ore supply was disrupted by road closures during protests in July. The company also recorded 32,838 ounces in the fourth quarter of 2025, up 20% year over year, which it described as its second-best fourth-quarter result. Third-quarter 2026 results are scheduled to be announced on Nov. 12 before the market opens.