Mr. Jean Martineau reports

DYNACOR BEATS 2025 SALES AND PRODUCTION GUIDANCE AND PROVIDES 2026 OUTLOOK

Dynacor Group Inc. has released preliminary fourth-quarter and full-year 2025 operating results and its 2026 outlook. All amounts are in U.S. dollars unless otherwise indicated.

President and chief executive officer Jean Martineau said: "Strong gold-equivalent production of 32,838 ounces in Q4-2025 helped deliver another record year for sales, while beating our revised annual production guidance. The commitment and quality of our team enabled us to rebound quickly from adverse Q2-Q3 ore supply events and deliver our strongest production quarter of the past two years. Operational momentum is expected to continue into 2026 with ongoing optimization in Peru and first contributions from our plants in Ecuador and Senegal.

"Twenty twenty-six marks an important year forward for Dynacor as we begin unlocking the potential of our diversification strategy. With this year's capital expenditure program and material increase in installed capacity, we are positioning the company for long-term growth. Our strategy combines operational excellence with an ambitious expansion plan, ensuring that Dynacor continues to create shareholder value well into the future."

Q4 and full-year 2025 highlights

Achieved annual operational and financial guidance:

• Exceeded revised production guidance by delivering gold-equivalent (AuEq) production of 113,791 ounces;

• Exceeded initial sales guidance for the third consecutive year by generating record sales of $397.6-million;

• Realized an average price of $3,494 per gold ounce sold in the year;

Dynacor delivered strong quarterly operating performance:

• Produced 32,838 AuEq ounces, the second-best fourth-quarter result, and a 20-per-cent increase compared with Q4-2024;

• Improved recoveries and efficiencies compared with Q4-2024 due to operational changes implemented;

• Acquired Svetlana plant in Ecuador and began its retrofit. Initial production expected in Q4-2026;

• Advanced Senegal pilot plant from planning to on-site delivery of equipment. First ore expected in early Q2-2026. Signed an MOU with a potential joint venture partner and began discussions with Ghana's GoldBod. Dynacor to report full-year 2025 financial results on or about March 26, 2026.

                2026  GUIDANCE

Sales (in millions of dollars)         530-580   
Production (in thousands of AuEq oz)   125-135   
Net income (in $M)                      22-26    
                                                   
Capital expenditures
                               
Sustaining capex (in $M) -- Peru         6-8     
Capex (in $M) -- Senegal                 4-5     
Capex (in $M) -- Ecuador                22-25    
Capex (in $M) -- other                 0.5-1    

Guidance overview

Production

Production range of 125,000 to 135,000 gold-equivalent (AuEq) ounces includes first ore from the Senegal and Ecuador plants. This estimate assumes that the Svetlana plant processes first ore in Q4-2026 and that operations exit the year at a throughput rate of approximately 150 tonnes per day. Svetlana operations will be relaunched at 300 tonnes per day, and commercial production is expected to be achieved in Q1-2027.

Capital expenditures

Sustaining capital expenditures for 2026 in Peru are expected to be approximately $7-million, of which the majority is related to upgrade of the tailings pond, employee and water supply facilities.

Capital expenditure in Ecuador includes capital investment of $7-million that was deferred from 2025. The bulk of the expenditure relates to the upgrade of the Svetlana plant tanks, cyclones, tailings and laboratory. Capex expenditure does not include the rehabilitation of two historical tailings ponds.

Capital expenditure in Senegal includes a portion of the engineering, procurement and construction (EPC) cost for the pilot plant and laboratory, and acquisition of a mobile fleet for the 50-tonne-per-day pilot plant.

Other capex includes capital expenditure on other projects in West Africa.

Net income

Net income guidance includes the impact of the production ramp-ups in Ecuador and Senegal.

Other capital requirements

• Delivery of shareholder returns through monthly dividends of 1.333 cents per common share (16 cents annually).

A number of assumptions were made in preparing the 2026 outlook including:

• Price of gold at $4,200 per ounce;

• No increase in installed operating capacity in Peru and steady ore supply;

• The ore grade supplied may vary with the evolution of the gold price and the purchasing conditions. Final purchasing conditions in Ecuador and Senegal are yet to be determined.

As most of the corporation's cost of sales relate to the daily purchasing of ore, its margin (and net income) is impacted by the inventory level at quarter-start, the favourable, gradual appreciation of the gold price and by the ore supply in the period.

About Dynacor Group Inc.

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 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.

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