"2025 was a transformational year for Dynacor," said Jean Martineau, President & CEO. "In addition to record financial results, we successfully delivered key financing, operational, corporate and expansion milestones, with operational outperformance at year-end. Together, this strengthened foundation enhances our scale and scope and provides a pathway to increasing long-term stakeholder value. In particular, the strategic acquisition of the Svetlana plant leverages our Latin American expertise, unlocking synergies and diversifying our business in a distinct but complementary market. Through integration, streamlined operations and efficiency initiatives, we aim to maximise the value of these two plants over the next two years.
With no debt, a solid balance sheet, strong operational momentum and a refreshed team, we enter 2026 well-positioned to execute on our growth pipeline."
2025 Highlights¹
Production of 113,791 gold-equivalent ounces ("AuEq ounces"), exceeding revised annual guidance, and in line with historical levels.
Record financial results driven by strong gold pricing and execution:
Sales of $397.6 million ("M") in 2025 (increasing 39.8% over 2024) at an average realised gold price of $3,497/oz.
Operating cash flows before changes in working capital items of $25.4M ($0.61 per share) compared to $21.0M ($0.57 per share) in 2024.
EBITDA2 of $33.0M in 2025 compared to $29.5M in 2024.
Excluding non-recurring expenses of $4.2M ($1.9M non-cash), EBITDA would have totaled a record $37.2M.
Net income of $21.3M compared to $16.9M in 2024 and diluted EPS of $0.50.
Strategic acquisition of the Svetlana plant in Ecuador secured with Q1-2025 financing of $22.1M (C$31.6M).
Fast-tracked international expansion:
Launched integration and operations upgrade of Svetlana. First ore is scheduled for Q4-2026.
Advanced the pilot plant in Senegal from planning to on-site delivery of equipment. First ore is expected in Q2-2026.
Signed an MOU with a potential joint venture partner and submitted proposal to Ghana's GoldBod.
Reinforced management capacity and processes in Peru.
Increased monthly dividends to CA$0.16 per share per year, a 14.3% increase from 2024.
Strong safety performance, with a 23% improvement in lost-time injury frequency rates ("LTIFR").
Preventative measures prioritized, with 31,000 hours of health and safety training provided to the Veta Dorada team and 8,500 hours to artisanal miners.
Strengthening of leadership team in Canada: Expansion of Montreal leadership team with key appointments aimed at strengthening operational excellence and driving business expansion in addition to a planned CFO transition.
Q4-2025 Highlights
Record revenue of $137.4M, an 88.0% increase compared to Q4-2024.
Record operating cash flows before changes in working capital items of $8.8M (or $0.21 per share), a significant increase compared to $2.8M ($0.08 per share) in the prior-year period.
Record net income of $7.2M (+$5.5M versus Q4-2024), and diluted EPS of $0.17 (+$0.13 versus Q4-2024).
Production of 32,838 AuEq ounces, a 20.0% increase compared to Q4-2024.
"In 2025, we delivered a record financial performance, marking our 15th consecutive year of profitability. As we transition from one to three managed operations, we are reorganising our business, strengthening internal controls and processes, and building a new team with the expertise to drive additional efficiencies," said Stéphane Lemarié, CFO.
"Our 2025 achievements position us exceptionally well to take full advantage of the current supportive market environment. While record-high gold has significantly enhanced our financial performance, it also boosts working capital requirements. Our 2026 outlook provides for record production and financials, underpinned by strict capital expenditure controls and operational optimisation to maximise margins and cash generation. Notwithstanding the record prices and clean balance sheet, capital allocation will remain disciplined and directly tied to value drivers, growth, efficiency and resilience."
International Expansion Update
Senegal, Work on the pilot plant is advancing on schedule with site work continuing in tandem with shipments on site. Deliveries of the modular plant made so far on site include the Merrill Crowe circuit, jaw crusher, leaching tanks, offices and laboratory. All remaining equipment is either in Dakar or in transit to it.
Site preparations to host the plant are progressing to plan. Work includes the concrete foundation pour, tailings pond cells, fencing and the access road. The water borehole to supply the plant has been completed. Building on its multi-year discussions with key players, the Corporation is in pricing discussions with local ASM sites to supply the ore feedstock needed for the pilot plant. Processing of first ore remains on track for Q2-2026.
Ecuador, Since closing the acquisition of the Svetlana processing plant, the Dynacor team has been integrating the new subsidiary in Ecuador on multiple fronts:
Process plant retrofit - The detailed engineering contract has been awarded for the remediation of the historical tailings ponds and the upgrade of the active tailings pond. Dynacor's self-performing project team is already on site, which will favour local Ecuador suppliers. The main Requests for Quotation are being prepared for the critical path activities.
Dynacor's subsidiary in Ecuador was set up and named Sumacor-EC after quarter-end, recruitment of key personnel has begun, and first operational hires are already on site.
2026 Outlook
2026 guidance
Sales (in $M")
530 - 580
Production (in thousands of AuEq oz)
125 - 135
Net income (in $M)
22 - 26
Capital expenditure
Sustaining capex (in $M), Peru
6 - 8
Capex (in $M) - Senegal
4 - 5
Capex (in $M) - Ecuador
22 - 25
Capex (in $M) - Other
0.5 - 1
Production
Production range of 125,000-135,000 AuEq ounces includes first ore from the Senegal and Ecuador plants. This estimate assumes that the Svetlana plant processes first ore in Q4-2026 and that operations exit the year at a throughput rate of approximately 150 tpd. Svetlana operations will be relaunched at 300 tonnes per day, and commercial production is expected to be achieved in Q1-2027. The Corporation expects to ramp up the facility to a production capacity of 300 tpd, before progressively increasing to 500 tpd.
Capital expenditures
Sustaining capital expenditures for 2026 in Peru are expected to be approximately $7 million, of which the majority is related to upgrade of the tailings pond, employee and water supply facilities.
Capital expenditure in Ecuador includes capital investment of $7 million that was deferred from 2025.The bulk of the expenditure relates to the upgrade of the Svetlana plant tanks, cyclones, tailings and laboratory. Capex expenditure does not include the rehabilitation of two historical tailings ponds.
Capital expenditure in Senegal includes a portion of the Engineering, Procurement and Construction cost for the pilot plant and laboratory, and acquisition of a mobile fleet for the 50 tpd pilot plant.
Other capex includes capital expenditure on other projects in West Africa.
Net income
Net income guidance includes the impact of the production ramp-ups in Ecuador and Senegal.
Other capital requirements
Delivery of shareholder returns through monthly dividends of CA$0.01333 per common share (CA$0.16 annually)
A number of assumptions were made in preparing the 2026 outlook including
Price of gold: $4,200 per ounce
No increase in installed operating capacity in Peru and steady ore supply.
The ore grade supplied may vary with the evolution of the gold price and the purchasing conditions. Final purchasing conditions in Ecuador and Senegal are yet to be determined.
As most of the Corporation's cost of sales relate to the daily purchasing of ore, its margin (and net income) is impacted by the inventory level at quarter-start, the favourable, gradual appreciation of the gold price, and by the ore supply in the period.
Operations Overview
Three-month periodsended December 31,
For the years endedDecember 31,
2025
2024
2025
2024
Volume processed (in tonnes)
44,926
41,210
165,898
175,872
Tonnes per day (tpd)
488
448
455
481
AuEq ounces produced
32,838
27,417
113,791
117,552
Q4-2025 saw a strong operational performance, with almost 45,000 tonnes processed and 32,838 AuEq ounces produced, at the top of the historical production range.
For the year 2025, the Corporation processed over 165,000 tonnes (455 tpd on average), compared to 481 tpd in 2024. Earlier in the year, operations were primarily impacted by a month-long government curfew on regional ASM and planned maintenance in Q2-2025, as well as two weeks of artisanal miner road blockades in July 2025.
Financial Overview
Three-month periodsended December 31,
For the years endedDecember 31,
(in $'000)
2025
2024
2025
2024
Sales
137,406
73,060
397,595
284,405
Cost of sales
(121,942
)
(66,748
)
(354,287
)
(248,608
)
Gross operating margin
