Mr. Daniel Misiano reports

DYNACOR FEEDS FIRST ORE TO ECUADOR MILL

Dynacor Group Inc. has provided an update on its Svetlana plant in Ecuador as it advances toward production restart. Svetlana was over 80 per cent complete as at Sept. 30 and on budget.

Dynacor has been informed of extended delivery timelines for the Svetlana cyclone cluster and additional refurbishment requirements for the elution and refinery circuit. As a result, Dynacor expects a short delay in the hot commissioning and ramp-up of the Svetlana plant. All other critical areas of the plant rehabilitation and restart are progressing to plan including:

• First ore crushed -- first ore was fed through the crushing circuit at end of October:
  • Crushing plant is being commissioned on sterile rock before transitioning to low-grade ore.
• Commissioning is under way -- dry commissioning is continuing in the crushing, grinding and leaching circuits, and will commence in the other circuits over the coming weeks:
  • Hot commissioning is scheduled for December, followed by plant ramp-up in Q1 2027;
  • First gold pour is expected in January.
• Plant rehabilitation is 82 per cent complete and on budget:
  • Refurbishment of the main equipment in the crushing, grinding and leaching areas is complete;
  • On budget -- as of Sept. 30, 2026, approximately $10.7-million (U.S.) had been spent (and $4-million (U.S.) committed) of the $22-million (U.S.) to $25-million (U.S.) projected capital expenditure for 2026;
  • Tailings -- the working tailings storage facility is now operational.
• Growing supplier pool -- To accelerate the plant ramp-up, Dynacor plans to source ore from permitted artisanal and small-scale miners (ASMs) through the following:
  • Svetlana purchasing department -- the internal purchasing team is in discussions with individual ASM suppliers close to Portovelo, a hub for ore processing in the region;
  • Partnership with planetGold -- under the recently signed collaboration agreement, planetGold will select and refer ASMs enlisted in its Ecuador program to Svetlana who, in turn, will evaluate them and their ore for formalized, mercury-free processing. Initially, this will give Svetlana access to 25 to 50 ASM suppliers;
  • Led by the United Nations Environment Program, planetGOLD works globally to make ASM practices safer, cleaner and more profitable;
  • Additional initiatives are under way to increase access to formalized ASM groups.
• Regulatory -- Dynacor's commercialization permit is expected to be issued by Ecuador's MAE (Ministry of Environment and Energy) in the first week of November, 2026:
  • The corporation continues to advance its application for an Investment Protection Agreement (IPA), most recently through in-person negotiations with the Ministry of Production, Foreign Trade, Investments and Fisheries.
• Phased restart -- Svetlana operations are initially being launched at 300 tonnes per day (tpd), before being ramped up to 500 tpd.

Daniel Misiano, president and chief executive officer of Dynacor, stated: "While there has been a slight delay in hot commissioning, all critical aspects of the Svetlana restart are advancing as planned, the first ore milestone has been reached and the project remains on budget. Importantly, we are on track for a strong restart due to the supplier network that is being put in place. We look forward to building on these achievements through continuing to advance to first gold and commercial production.

"Svetlana is a transformational asset for Dynacor that, when ramped up, will drive material production growth and margin expansion. Each milestone completed brings us closer to that growth."

Q3 2026 results

Dynacor expects to report third quarter 2026 financial and operational results on and about Nov. 12, 2026.

About Dynacor Group Inc.

Dynacor Group is an 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 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 is expanding to West Africa and within Latin America.

The premium paid by luxury jewellers for Dynacor's PX Impact gold goes to Fidamar Foundation, an NGO (non-government organization) that mainly invests in health and education projects for artisanal mining communities in Peru.

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