Dynacor Group Inc. (DNG:TSX)

Proven Track Record & Potential Growth – 9% CAGR for ore processed, 18% CAGR for sales, and 16% CAGR for OCF (before WC) over the last decade. We expect growth to accelerate starting in 2026, and DNG expands into Senegal, Ecuador, and other countries.
Steady Profitability – DNG has maintained profitability over the past 15 years, consistently raising operating income from $6.5M to $26.7M during this period.
Strong Balance Sheet & Capital Structure – Excellent balance sheet with US$30.7M in cash and negligible debt.
Rewarding Shareholders through Dividends – DNG currently pays a 2.7% dividend and has been increasing it over time (>20% CAGR) since announcing its first dividend in 2018.

Investment Summary

Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The Company 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.

Company Description