Mr. Daniel Misiano reports

DYNACOR PROVIDES EXPANSION AND CORPORATE UPDATE

Dynacor Group Inc. has provided project updates on its Senegal and Ecuador expansion and has provided a corporate update on its reorganization. Both plants remain on track to process first ore in 2026.

Expansion advancing on schedule

Senegal

The 50-tonne-per-day pilot plant in Kedougou continues to advance on schedule. Concrete work on the processing plant continues and erection of structural steel is advancing in the crushing and grinding areas. Construction of the processing plant is about 85 per cent complete, and the ball mill module is being installed. Procurement is almost complete, with most equipment on site already. Mechanical installation of major equipment will be launched shortly, and all required permits are in place to begin commissioning in Q2 2026.

Laboratory and tailings status: The laboratory is close to being structurally complete. Under its build-own-operate model, the laboratory provider will begin its commissioning in the coming few weeks. The tailings storage facility (TSF) cell is nearing 80 per cent completion, with placement of the geomembrane planned for late April.

Operational readiness: Dynacor is recruiting operations and technical teams to support the plant start. Initial agreements have been made with local ore suppliers for the precommissioning stockpile.

Ecuador

Dynacor continues to steadily advance integration and upgrade of the Svetlana processing plant in Ecuador, with gold production expected to begin in Q4 2026. Recently achieved milestones include:

• Processing plant upgrade -- civil engineering work has begun for the remediation of the two decommissioned TSFs and the upgrade of the third active TSF:
  • Refurbishment of the crushing area has begun;
  • Evaluation of the ball mill is continuing;
  • Mechanical contract work is expected to commence on site this week;
  • Most long-lead items have been ordered.
• Dynacor has applied for a commercialization permit and expects to submit its application for an investment protection agreement shortly with the government of Ecuador. All required permits should be in place in Q4 2026.

"We are making good progress on refurbishing Svetlana, which continues to track the 2026 guided capital expenditure and timeline," said chief operating officer Daniel Misiano. "The acquisition of Svetlana is a game changer for Dynacor, and we look forward to accelerating shareholder value creation through its relaunch."

Corporate development advancing

Reorganization of the Peruvian subsidiary continues to progress, consistent with Dynacor's continuing commitment to improving performance, strengthening governance and ensuring compliance with applicable laws. Since 2025, the corporation has fully transformed its legacy operations through a deep overhaul of its organizational structure, systems, policies and procedures.

In this context, the corporation engaged an external firm to conduct an independent review for irregularities in selected processes (see June 27, 2025, news release) in response to concerns regarding certain employee practices that were inconsistent with Dynacor's values. Under its mandate, this firm has conducted a review of relevant records, documents, processes and interviews over more than eight months.

Dynacor's board of directors reviewed the findings of the external firm's review and the board has concluded that the practices under review are currently consistent with Dynacor's values.

In addition, the board is satisfied that the corporation's current governance framework is adequate. The changes implemented through the corporate reorganization have strengthened management capacity and execution, improved internal readiness for growth, and reinforce Dynacor's continuing commitment to transparency. Following completion of the transformational work, Dynacor is embedding a culture of continuous improvement into daily operations as part of its broader change management strategy. As Dynacor advances on its 2030 strategic plan, the board will continue to oversee the evolution of the corporation's strategy, in line with stakeholder expectations and recognized best practices.

The organizational transition also extends to Canada, following the recent announcement of a planned CEO transition after nearly two decades of leadership by president and chief executive officer Jean Martineau. In addition to the appointment of Daniel Misiano as CEO in June, 2026, the management team in Montreal will be strengthened through the planned appointment of a new COO and a compliance director. The additions are intended to support unified leadership across current and new operations, and further strengthen governance, execution and long-term growth.

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.

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