DYNACOR GROUP (DNG) Q3 2025 earnings summary

Executive summary

• Achieved record sales of $100.5 million and record EBITDA of $9.0 million in Q3-2025, driven by higher gold prices and consistent mill performance.

• Overcame two weeks of ore supply disruptions due to artisanal miner road blockades, processing 39,479 tonnes and producing 28,948 AuEq ounces.

• Net income for Q3-2025 was $5.5 million, slightly below $5.9 million in Q3-2024, with operating cash flows before working capital changes at $6.6 million.

Financial highlights

• Q3-2025 sales increased 32% year-over-year to $100.5 million, mainly due to higher gold prices.

• Gross margin was $11.7 million (11.7% of sales), compared to $10.3 million (13.6%) in Q3-2024.

• General and administrative expenses rose to $3.5 million, reflecting management expansion and non-recurring reorganization costs.

• Net income for the nine months ended September 30, 2025, was $14.1 million, down from $15.2 million in the prior year.

• Earnings per share for Q3-2025 were $0.13 basic and $0.12 diluted.

Outlook and guidance

• 2025 guidance reaffirmed: sales of $340–$350 million, net income of $14–$17 million, and production of 105,000–110,000 AuEq ounces.

• Capital expenditures for 2025 expected below revised guidance of $12 million in Peru/Senegal and $17 million in Ecuador, with some investments deferred to 2026.

• Guidance assumes steady ore supply, no capacity increase, and average gold price of $3,200–$3,400/oz.