{"id":11329,"date":"2025-08-11T08:00:00","date_gmt":"2025-08-11T12:00:00","guid":{"rendered":"https:\/\/www.dynacor.com\/dynacor-reports-q2-2025-results-and-advances-international-expansion-plan\/"},"modified":"2026-02-11T04:33:41","modified_gmt":"2026-02-11T09:33:41","slug":"dynacor-reports-q2-2025-results-and-advances-international-expansion-plan","status":"publish","type":"post","link":"https:\/\/dynacor.com\/en\/dynacor-reports-q2-2025-results-and-advances-international-expansion-plan\/","title":{"rendered":"Dynacor Reports Q2-2025 Results and Advances International Expansion Plan"},"content":{"rendered":"<p align=\"justify\">MONTREAL, Aug.  11, 2025  (GLOBE NEWSWIRE) &#8212; <strong>Dynacor Group Inc. (TSX: DNG) (\u201cDynacor\u201d or the \u201cCorporation\u201d)<\/strong> today announced its unaudited financial and operational results<sup>1<\/sup> for the second quarter ended June 30, 2025, and achievement of key milestones for its 2030 international expansion plan.<\/p>\n<p align=\"justify\">\u201cIn the second quarter of 2025, Dynacor achieved important milestones that position us well for the future,\u201d said Jean Martineau, President &amp; CEO. \u201cWhile advancing work on the pilot plant in Senegal, we carried out positive due diligence for the Svetlana plant in Ecuador and signed an MOU with a partner in Ghana. The acquisition of Svetlana is a particularly important step towards our 2030 goal of reaching $1 billion in sales. At the same time, operations saw an unseasonably soft quarter with ore supply headwinds in the latter months. Given the slow quarter and external factors extending into mid-July, we have updated our annual production and sales guidance. We are already seeing improvement in the third quarter and anticipate a stronger second half for Veta Dorada.\u201d<\/p>\n<p><strong>Q2-2025 Highlights<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\"><strong>Financial:<\/strong>\n<ul type=\"circle\">\n<li style=\"text-align:justify\">Sales of $79.7\u00a0million, the second-highest quarterly sales.<\/li>\n<li style=\"text-align:justify\">EBITDA<sup>2<\/sup> of $5.7\u00a0million.<\/li>\n<li style=\"text-align:justify\">Non-recurring expenses totaling $1.4 million, including $0.8 million in non-cash items.<\/li>\n<li style=\"text-align:justify\">Net income of $3.5\u00a0million.<\/li>\n<li style=\"text-align:justify\">Operating cash flows before changes in working capital items of $4.2\u00a0million.<\/li>\n<li style=\"text-align:justify\">Cash gross operating margin of $332 per AuEq ounce sold<sup>3<\/sup>.<\/li>\n<li style=\"margin-bottom:5pt;text-align:justify\">Results benefited from the favourable variance of both the Canadian dollar and the Peruvian sol against the US dollar.<\/li>\n<\/ul>\n<\/li>\n<li style=\"text-align:justify\"><strong>Operational: <\/strong>\n<ul type=\"circle\">\n<li style=\"text-align:justify\">Lower ore supply than the historical standard partially attributable to temporary government-mandated curfew on artisanal miners (ASM) in northern Peru and planned maintenance.<\/li>\n<li style=\"text-align:justify\">Processed 38,152 tonnes of ore (419 tpd).<\/li>\n<li style=\"margin-bottom:5pt;text-align:justify\">Produced 24,955 AuEq ounces.<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-bottom:5pt;text-align:justify\"><strong>Solid liquidity<\/strong> with $58.4 million in cash and short-term investments compared to $25.8 million at year-end 2024.<\/li>\n<\/ul>\n<p><strong>Q2-2025 Highlights (suite)<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\"><strong>International expansion plans:<\/strong>\n<ul type=\"circle\">\n<li style=\"text-align:justify\">Senegal: Placed orders for key pieces of equipment and progressed work for construction of the 50-tpd pilot plant.<\/li>\n<li style=\"text-align:justify\">Ghana: Signed a 12-month Memorandum of Understanding (MOU) joint venture agreement with partner Ansong Askew Ltd.<\/li>\n<li style=\"margin-bottom:5pt;text-align:justify\">Ecuador: Subsequent to quarter-end, completed due diligence and signed a Share Purchase Agreement to acquire 100% of the shares of the Svetlana processing plant and assets for $9.75 million.<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-bottom:5pt;text-align:justify\"><strong>Disbursed a monthly dividend representing CA$0.16 per share<\/strong> on an annual basis or a 3.2% dividend yield based on the current share price.<\/li>\n<li style=\"margin-bottom:5pt;text-align:justify\">Dispensed 8,198 hours of health, safety and environment training to the Veta Dorada team.<\/li>\n<li style=\"text-align:justify\">Released 2024 ESG report, the fourth in line with Global Reporting Initiative (GRI) standards.<\/li>\n<\/ul>\n<p align=\"justify\"><strong>2025 Outlook versus Actuals<\/strong><\/p>\n<p align=\"justify\">For 2025, the Corporation has updated its production forecast, reflecting the disruption to its ore supply in Q2 from the government-mandated curfew on artisanal miners in certain regions of northern Peru and the impact on initial Q3 production from temporary road blockades. As a result, the Corporation\u2019s sales for 2025 are expected to come in on the lower end of the initial guidance range.<\/p>\n<table style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\"><strong>Initial 2025 Guidance<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\"><strong>Updated 2025 Guidance<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\"><strong>H1-2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">Sales<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$345-$375 million<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$340-$350 million<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">$159.7 million<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">Net income<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$14-$17 million<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">No Change<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">$8.6 million<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">Production (AuEq oz)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">120-130,000 oz<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">105-110,000 oz<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">52,005 oz<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">Capital expenditures <br \/>(Peru &amp; Senegal)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$15 million<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$12 million<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">$2.6 million<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">Capital expenditures <br \/>(Ecuador)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$17 million\u00b9<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">Other project expenses<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$3 million<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">No Change<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">$1 million<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\u00b9 Includes $9.75 million to purchase the Svetlana plant in Ecuador, disbursed after quarter-end. Acquisition of the plant was funded with the proceeds from the issuance of common shares in Q1-2025.<\/p>\n<p align=\"justify\">Guidance is based on the following assumptions:<br \/>(1) No increase in processing capacity.<br \/>(2) Average market gold price\u00a0of between $2,800 and $3,000 per ounce in initial guidance has been updated to between $3,200 and $3,400 per ounce.<br \/>(3) The ore grade supplied may vary with the evolution of the gold price.<\/p>\n<p align=\"justify\"><strong>Operations Overview<\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\"><strong>Three-month periods <br \/>ended June 30,<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\"><strong>Six-month periods <br \/>ended June 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:54%;width:54%;min-width:54%;text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"><strong>2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Volume processed (in tonnes)<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>38,152<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">42,935<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>81,493<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">86,941<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Tonnes per day<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>419<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">472<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>450<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">478<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">AuEq ounces produced<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>24,955<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">28,364<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>52,005<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">60,133<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Despite a curfew imposed on some regions in northern Peru during the quarter and planned maintenance, the Corporation processed more than 38,000 tonnes during Q2-2025 which represents an average of 419 tpd.<\/li>\n<li style=\"text-align:justify\">The Q2-2025 production compared to Q2-2024 was mainly impacted by lower tonnages processed while the Q1-2025 production was mainly impacted by the supply of lower grade ore.<\/li>\n<\/ul>\n<p><strong>Financial Overview <\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\"><strong>Three-month periods <br \/>ended June 30,<\/strong><\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\"><strong>Six-month periods <\/strong><br \/><strong>ended June 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\"><strong>(in $&#8217;000) (unaudited)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"><strong>2024<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\"><strong>2024<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Sales<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>79,706<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">67,431<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>159,674<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">135,164<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\">Cost of sales<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(72,560<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(57,437<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(143,552<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(116,022<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Gross operating margin <\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>7,146<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,994<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>16,122<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,142<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">General and administrative expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(3,315<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,127<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(5,719<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,831<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\">Other project expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(517<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(327<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(991<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(541<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Operating income <\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,314<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,540<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>9,412<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,770<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Financial income net of expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>302<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">186<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>512<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">357<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Write-off of exploration and evaluation <br \/>assets<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(8<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(18<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(8<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(18<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\">Foreign exchange gain (loss)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,390<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(125<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,665<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(184<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Income before income taxes<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>4,998<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,583<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>11,581<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,925<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Current income tax expense<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(1,416<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,841<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(3,189<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,418<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\">Deferred income tax (expense) recovery<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(113<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(241<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>226<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(225<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Net income and comprehensive <br \/>income<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,469<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,501<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>8,618<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,282<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Earnings per share<\/strong><\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Basic<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>0.08<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.12<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>0.21<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.25<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Diluted<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>0.08<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.12<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>0.21<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.25<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><em>Q2-2025 Quarterly Results<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:justify\">A higher inventory level at the beginning of Q2-2024 allowed the Corporation to benefit more from the timing of higher gold prices, whereas a lower inventory level at the beginning of Q2-2025 reduced the positive impact.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Total sales amounted to $79.7 million compared to $67.4\u00a0million in Q2-2024. The $12.3\u00a0million increase is explained by the higher average gold price realised (+$23.4\u00a0million), partially offset by lower quantities of gold ounces sold (-$11.1\u00a0million) due to the lower tonnage of ore processed.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><em>Q2-2025 Quarterly Results (continued)<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:justify\">The Q2-2025 gross operating margin reached $7.1\u00a0million (9.0% of sales) compared to $10.0\u00a0million (14.8% of sales) in Q2-2024. Both the level and the movement in the gold price impact our gross operating margin. Gross operating margin in Q2-2025 was also impacted by non-recurring expenses, including reorganization expenses and asset rationalization expenses.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">General and administrative expenses totaled $3.3 million in Q2-2025 compared to $2.1 million in Q2-2024. The increase is primarily attributable to the expansion of the management team and higher salaries to reinforce management capacity and processes in the context of its international expansion and non-recurring expenses related to the special and annual shareholder meetings held in Q2-2025.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Other projects represent the expenses incurred by the Corporation to duplicate its unique business model in the same or other jurisdictions.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">The foreign exchange gain is mainly attributable to the variance throughout the period of the Canadian dollar against the US dollar.<\/li>\n<li style=\"text-align:justify\">A $1.5\u00a0million income tax expense was also recorded during Q2-2025. The decrease as a percentage of the net income before taxes is notably explained by the variance throughout the period of the Peruvian sol against the US$ which is the Corporation\u2019s functional currency, as well as a non-recurring deferred tax expense. Future fluctuations will positively or negatively affect the current and deferred tax at the end of each period.<\/li>\n<\/ul>\n<p><strong><em>Q2-2025 Year-To-Date Results<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt;text-align:justify\">During the six-month period ended June 30, 2025, the gold price increased from approximately $2,700\/oz in January to approximately $3,400\/oz in June, which impacted the Corporation\u2019s financial results for the period.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Total sales for the six-month period ended June 30, 2025, amounted to a record $159.7 million, compared to $135.2 million for the same period in 2024. The $24.5\u00a0million increase is explained by higher average gold price (+$45.6\u00a0million), partially offset by lower quantities of gold ounces sold (-$21.1\u00a0million).<\/li>\n<\/ul>\n<p><strong>Cash Flows, Working Capital and Liquidity Overview <\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\"><strong>(in $&#8217;000) (unaudited)<\/strong><\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>Three-month periods <\/strong><br \/><strong>ended June 30,<\/strong><\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>Six-month periods <\/strong><br \/><strong>ended June 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:52%;width:52%;min-width:52%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Operating activities<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income, adjusted for non-cash items<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>4,156<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,815<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>9,955<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,466<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Changes in working capital items<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(2,849<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,863<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>6,837<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,803<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Net cash from operating activities<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,307<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,678<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>16,792<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,269<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Investing activities<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Change in short-term investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acquisition of property, plant and<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">equipment, net of proceeds of disposition<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">and other<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(818<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,582<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(2,122<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,300<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Net cash from (used) in investing activities<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2,182<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,582<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>878<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,300<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Financing activities<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Issuance of common shares<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>&#8211;<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>20,433<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Repurchase of common shares<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(1,162<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(143<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(1,162<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,895<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Dividends paid<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(1,209<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(938<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(2,324<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,907<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Other<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>18<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">69<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>74<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">124<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Net cash from (used) in financing activities<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(2,353<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,012<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>17,021<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,678<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Change in cash during the period<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,136<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,084<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>34,691<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,291<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Effect of exchange rate fluctuations on <br \/>cash<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>954<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(25<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>878<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(38<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Cash, beginning of the period<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>53,298<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">27,675<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>19,819<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22,481<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Cash, end of the period<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>55,388<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34,734<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>55,388<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34,734<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><strong><em><br \/>Investing activities<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">In Q2-2025, Dynacor invested $1.3\u00a0million in capital expenditure of which $0.8 million was disbursed in Peru, mainly to maintain or improve plant efficiency. The remaining $0.5 million investment was for the construction of the ore-processing pilot plant in Senegal.<\/li>\n<li style=\"text-align:justify\">The Corporation will use the proceeds from the issuance of common shares in Q1-2025 to fund the construction of the pilot plant in Senegal and the acquisition and rehabilitation of the plant in Ecuador.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><em>Working Capital and Liquidity<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">As at June 30, 2025, the Corporation\u2019s working capital amounted to $84.7\u00a0million, including $58.4\u00a0million in cash and short-term investments ($58.9\u00a0million, including $25.8\u00a0million in cash and short-term investments as at December 31, 2024).<\/li>\n<\/ul>\n<p><strong>Consolidated Statement of Financial Position<\/strong><\/p>\n<p align=\"justify\">As at June 30, 2025, total assets amounted to $146.4\u00a0million ($125.3\u00a0million as at December 31, 2024). Major variances since year-end 2024 come from the significant increase in cash following the issuance of common shares in February 2025; the decrease in accounts receivable due to the timing of exports and collection of sales taxes and the decrease in ore inventory due to the level of ore supplied compared to the volume processed.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:70%;width:70%;min-width:70%;vertical-align: bottom\"><strong>(in $&#8217;000) (unaudited)<\/strong><\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>As at June 30,<\/strong><\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>As at December 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cash<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>55,388<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,819<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Short-term investments<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2,998<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,999<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accounts receivable<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>17,952<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23,747<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Inventories<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>23,210<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">29,376<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Prepaid expenses and other assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,161<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">361<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Current tax assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>445<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Property, plant and equipment<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>25,997<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26,160<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Exploration and evaluation assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>18,575<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,570<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Right-of-use assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>662<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,070<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Other non-current assets<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>&#8211;<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">159<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Total assets<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>146,388<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">125,261<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Trade and other payables<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>16,395<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,185<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Asset retirement obligations<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,681<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,732<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Current tax liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>&#8211;<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,125<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Deferred tax liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>339<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">565<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Lease liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>696<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,108<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Share unit plan liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>392<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">389<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Shareholders&#8217; equity<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>124,885<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">99,157<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Total liabilities and shareholders\u2019 equity<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>146,388<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">125,261<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><br \/>About Dynacor<\/strong><\/p>\n<p align=\"justify\">Dynacor Group is an industrial ore processing company dedicated to producing gold sourced from artisanal miners. Since its establishment in 1996, Dynacor has pioneered a responsible mineral supply chain with stringent traceability and audit standards for the fast-growing artisanal mining industry. By focusing on fully and part-formalized miners, the Canadian company offers a win-win approach for governments and miners globally. Dynacor operates the Veta Dorada plant and owns a gold exploration property in Peru. The company plans to expand to West Africa and within Latin America.<\/p>\n<p align=\"justify\">The premium paid by luxury jewellers for Dynacor\u2019s PX Impact\u00ae gold goes to Fidamar Foundation, an NGO that mainly invests in health and education projects for artisanal mining communities in Peru. Visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=barWiN8Ob0vCK1PzvQlxT5FhpRP-zo2N2NbzWJROn9j8WPK-ZU2dZSMuUupHpD-hQgUW2lc8mDhwqwd50RGvxwVLzVUeQpOT1xG1N7QYd0w=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.dynacor.com\">www.dynacor.com<\/a> for more information.<\/p>\n<p align=\"justify\"><strong>Forward-Looking Information<\/strong><\/p>\n<p align=\"justify\">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\u2019s current expectations regarding future events and operating performance as of the date of this news release.<\/p>\n<p align=\"justify\"><strong>Contact: <\/strong><\/p>\n<p>For more information, please contact:<\/p>\n<p>Ruth Hanna<br \/>Director, Investor Relations <br \/>T: 514-393-9000 #236<\/p>\n<p align=\"justify\">E: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=KwCiGrcK4e2SLi6bQ0h5iVU8aBE4m4XF83uIwcqDU2g4UayAGbobv6sKD8u3qCsTTq8dRcNYDKn-oDAleIzCW1ytnGFK1kNmtaGVFLhGbRY=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"investors@dynacor.com\">investors@dynacor.com<\/a><br \/>Website: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hLU075AiJwrdlq98xd9ue3pQinz_sssYtKwXAzvePa4-xs1cn2Wvc7F6jlVMkkjeZekomDStJuKdICEx6RunPjOzi7-liAWR6RhDrGKQcTY=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">http:\/\/www.dynacor.com<\/a><\/p>\n<p align=\"justify\">Renmark Financial Communications Inc.<br \/>Bettina Filippone<br \/>T: (416) 644-2020 or (212) 812-7680<br \/>E: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=kfWPZHmK7YPwfMPrSEpV45Yq969R_vNXOtWdlA4RhFUgdmPR-s_m8hlAOhXHfjI9ZKM1awFEg0hyLekOC5vipk3HwGQcWFl3dXOek06iNhE_GnVYnY8nW5-GK_lnZBpHDdF3U0E8qXzj_3nQIpyn_w==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"bfilippone@renmarkfinancial.com\">bfilippone@renmarkfinancial.com<\/a><br \/>Website: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=BCw6y_DNwClOYfgMvBWPdD-oeJkNNyjj5sFi2mCgjfEEIE9o03Xuy-uwqrT763l2NVmNxJVamomGu_t09008zZK8TZEQFoZb9ziwwvT0WCT6teu41yi4bK5Y9Tx3bZ9V\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.renmarkfinancial.com\">www.renmarkfinancial.com<\/a><\/p>\n<p align=\"justify\"><sup>1<\/sup> All figures are in US dollars unless stated otherwise. All variance % are calculated from rounded figures. Some additions might be incorrect due to rounding.<br \/><sup>2<\/sup> EBITDA: \u201cEarnings before interest, taxes and depreciation\u201d is a non-IFRS financial performance measure with no standard definition under IFRS Accounting Standards. It is therefore possible that this measure could not be comparable with a similar measure of another corporation. The Corporation uses this non-IFRS measure as an indicator of the cash generated by the operations and allows investor to compare the profitability of the Corporation with others by canceling effects of different assets basis, effects due to different tax structures as well as the effects of different capital structures. EBITDA is calculated on p.15 of the MD&amp;A. See the \u201cNon-IFRS Measures\u201d section 18 of the Corporation\u2019s MD&amp;A for the three- and six-month periods ended June 30, 2025.<br \/><sup>3<\/sup> Cash gross operating margin per AuEq ounce is in US$ and is calculated by subtracting the average cash cost of sale per equivalent ounce of Au from the average selling price per equivalent ounce of Au and is a non-IFRS financial performance measure with no standard definition under IFRS Accounting Standards. It is therefore possible that this measure could not be comparable with a similar measure of another company. See the \u201cnon-IFRS Measures\u201d in section 18 of the Corporation\u2019s MD&amp;A.<\/p>\n<p><img alt=\"\" src='https:\/\/ml.globenewswire.com\/media\/MDliODJjNjktNThiYy00MzIzLWJkNTYtNzYyZWZiNjk0NmZkLTEwOTU2MjgtMjAyNS0wOC0xMS1lbg==\/tiny\/Dynacor-Inc-.png' \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MONTREAL, Aug.  11, 2025  (GLOBE NEWSWIRE) &#8212; Dynacor Group Inc. (TSX: DNG) (\u201cDynacor\u201d or the \u201cCorporation\u201d) today announced its unaudited financial and operational results1 for the second quarter ended June 30, 2025, and achievement of key milestones for its 2030 international expansion plan.  \u201cIn the second quarter of 2025, Dynacor achieved important milestones that position us well for the future,\u201d said Jean Martineau, President &amp; CEO. \u201cWhile advancing work on the pilot plan<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,65,20],"tags":[],"class_list":["post-11329","post","type-post","status-publish","format-standard","hentry","category-48","category-english","category-press-releases"],"_links":{"self":[{"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/posts\/11329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/comments?post=11329"}],"version-history":[{"count":1,"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/posts\/11329\/revisions"}],"predecessor-version":[{"id":12279,"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/posts\/11329\/revisions\/12279"}],"wp:attachment":[{"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/media?parent=11329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/categories?post=11329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dynacor.com\/en\/wp-json\/wp\/v2\/tags?post=11329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}