DYNACOR ENDS 2022 WITH SALES OF US$17.8 MILLION (C$24.2 MILLION) FOR DECEMBER AND YEARLY SALES OF US$197.5 MILLION

Montreal, January 24, 2023 – Dynacor Group Inc. (TSX-DNG) (Dynacor or the “Corporation”), an international gold ore industrial corporation servicing ASMs (artisanal and small-scale miners), today announced gold sales of US$17.8 million (unaudited) (C$24.2 million) ⁽¹⁾ for December 2022, compared to US$15.8 million (C$20.2 million) in December 2021, an increase of 12.7% compared to 2021 and yearly sales of US$197.5 million (C$256.9 million) compared to US$195.9 millions (C$ 245.6 million) in 2021.

2022 yearly sales were less than expected due to lower grade of ore purchased and processed during the year.

The average selling price of gold in December was US$1,810 per ounce, compared to US$1,789 per ounce last year. For 2022, the average selling price of gold was US$1,800 per ounce, compared to US$1,792 per ounce in 2021.

During December 2022, our Chala plant processed a monthly record 15,000 tonnes of ore (12,900 tonnes in December 2021) a 16.2% increase compared to 2021.

Gold production totaled 110,359 AuEq ounces compared to 106,862 AuEq, an increase of 3.3% over 2021.

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The Corporation recently announced a 20% increase of its monthly dividend to C$ 0.01 per share with first payment made on January 17^th 2023.

• Sales are converted using the monthly average exchange rate

ABOUT DYNACOR

Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The corporation is engaged in gold production through the processing of ore purchased from the ASM (artisanal and small-scale mining) industry. At present, Dynacor operates in Peru, where its management and processing teams have decades of experience working with ASM miners. It also owns a gold exploration property (Tumipampa) in the Apurimac department.

The corporation intends to expand its processing operations in other jurisdictions as well.

Dynacor produces environmental and socially responsible gold through its PX IMPACT® gold program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium to our customer and strategic partner for this PX IMPACT® gold. The premium provides direct investment to develop health and education projects for our artisanal and small-scale miner’s communities.

Dynacor is listed on the Toronto Stock Exchange (DNG).

FORWARD-LOOKING INFORMATION

Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.

Shares Outstanding: 38,433,518

Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold

CONTACT: For more information, please contact:

Director, Shareholder Relations
Dale Nejmeldeen
Dynacor Group Inc.
T: 514-393-9000 #230
E: investors@dynacor.com