Dynacor’s third-quarter production hits record 34,716 gold-equivalent ounces
Key Facts
Dynacor Group reported record quarterly production of 34,716 gold-equivalent ounces in the third quarter of 2026, while ore processing reached a record 48,373 tonnes, according to a company statement published via GlobeNewswire. The company said daily throughput was 526 tonnes. These record operating figures came in a quarter when gross operating margin fell to 6.0% of sales, from 11.7% in the same period of 2025. Gross margin was $9.0 million, compared with $11.7 million a year earlier. The company attributed the pressure to the level of ore inventory at the start of the quarter and fluctuations in gold prices during August and September.
Chief Executive Daniel Mizzi said lower inventory and the direction of gold prices improved margins compared with the second quarter. He added that the company expects margins to move further back toward their usual levels in the fourth quarter. Mizzi linked the record operating performance to higher production and sales at the upper end of guidance. His remarks put the margin improvement from the second quarter in a different context from the year-over-year comparison, which showed a decline from 11.7% to 6.0%. The quote did not specify the size of the quarterly improvement or the expected margin level in the coming quarter.
Dynacor revised its 2026 net income guidance to a range of $16 million to $18 million, from the original range of $22 million to $26 million. By contrast, the company maintained its annual sales guidance at $530 million to $580 million, as well as its production target of 125,000 to 135,000 gold-equivalent ounces. Sales for the nine months ended September 30 reached $448.1 million, a record for the period, compared with $260.2 million in the same nine months of 2025. Sales through the end of September therefore exceeded the lower end of annual sales guidance, which the company left unchanged. The figures link reported sales growth with a lower net income outlook, while the information available here provided no further detail on the reasons for the guidance revision.
On expansion, the company’s facility in Senegal completed its first doré gold pour by the end of the quarter. In Ecuador, rehabilitation work at the Svetlana mill was 82% complete at the end of September. The company set December as the scheduled date for hot commissioning, with production ramp-up to begin in the first quarter of 2027. These dates mark the project’s next operational steps, according to the company’s announced schedule. This is taking place alongside continued processing and production activity that delivered record quarterly figures in the third quarter.
Dynacor is awaiting a ruling from Peru’s tax court on a disputed tax assessment dating to fiscal year 2015. The company estimated its maximum exposure related to the case at $8.6 million. It describes itself as a Canadian company specializing in buying and processing gold ore from artisanal and small-scale mining operations, and says it has operated since its founding in 1996. It also operates the Veta Dorada plant and owns a gold exploration project in Peru. According to the evidence, on November 11, 2026, the company’s events page listed the third-quarter financial and operating results as forthcoming “around November 12, 2026,” while the results statement was published via GlobeNewswire on November 11.