Mr. Dale Nejmeldeen reports

DYNACOR GROUP ANNOUNCES DIVIDEND INCREASE FOLLOWING ROBUST Q3-2023 RESULTS

Dynacor Group Inc.'s board of directors has approved a 16.666-per-cent increase to the corporation's monthly dividend. The monthly dividend will increase to 1.166667 cents from one cent and on an annual basis to 14 cents from 12 cents per common share, starting in January, 2024. This announcement marks Dynacor's fifth dividend increase since the corporation paid its first dividend to shareholders in October, 2018.

This decision follows the publication of the company's strong Q3 2023 financial results, which showcased a sales increase of 37.8 per cent and a net income boost of 212.5 per cent, surpassing all expectations. The company's earnings per share were seven U.S. cents, with an impressive revenue of $63.4-million (U.S.). The company also reported record gold production exceeding 34,000 gold equivalent ounces.

The company's robust cash from operating activities before change in working capital items of $3.9-million (U.S.) (10 U.S. cents per share), as evidenced by these stellar results, has given the company the financial flexibility to return more cash to its shareholders. This dividend increase underscores Dynacor's confidence in the company's growth prospects and stability.

Dynacor remains committed to rewarding its shareholders through consistent dividend increases and stock buybacks (137,000 shares repurchased in Q3) as the company continues its growth trajectory.

The corporation's monthly dividend qualifies as an eligible dividend for Canadian income tax purposes. The payment and increase of dividends are at the discretion of the board and will depend on the corporation's financial results, cash requirements, prospects and other factors deemed relevant by the board.

About Dynacor Group Inc.

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

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

Dynacor produces environmentally and socially responsible gold through its PX Impact gold program. A growing number of supportive firms from the fine luxury jewellery, watchmaker and investment sectors pay a small premium to the company's customer and strategic partner for this PX Impact gold. The premium provides direct investment to develop health and education projects for Dynacor's artisanal and small-scale miner communities.

Dynacor is listed on the Toronto Stock Exchange under the symbol DNG.

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