DynaResource Reports 2025 Earnings, Cuts 2025 Production Guidance, Projects 2026 Output
DynaResource disclosed its preliminary 2025 results, showing full‑year gold production of 21,393 ounces, down 17% from 25,677 ounces in 2024. The company cut its 2025 gold output guidance to 21,000 ounces from a previously adjusted 25,000 ounces, reflecting lower ore grades that limited recovery despite a 30% throughput increase in 2023.
Net income for the year was $2.36 million, a modest improvement over the $2.436 million reported for the trailing twelve months ending September 30, 2025. Gross margins rose to 25.7% from 24.5% in 2024, driven by higher recoveries from the new Falcon gravity concentrators that began operating in December 2025 and are producing an average of 18 ounces of gold per day.
The company capitalized $6.9 million in development costs, supporting the expansion of underground development and the new gravity circuit. Working capital remains negative at $20.68 million, and the accumulated deficit stands at $66.70 million, underscoring ongoing liquidity pressures.
Looking ahead, DynaResource projects 2026 gold production of 22,000–24,000 ounces, a modest rebound but still below 2024 levels. The company expects all‑in sustaining costs of $2,400–$2,600 per ounce, higher than the $1,850–$2,050 range forecast for 2025, reflecting anticipated cost inflation and capital expenditures. Sustaining capital spend is set at $15 million, with $11 million earmarked for mine development and $3 million for other sustaining capital. Gold concentrate transport and selling costs are projected at $5 million.
Management highlighted the commissioning of the Falcon gravity circuit as a key operational milestone, noting that the new primary gravity gold circuit has begun producing an average of 18 ounces of gold per day as of December 2025. The company is also advancing exploration at the Victoria and Palos Chinos zones, which are adjacent to existing infrastructure and could accelerate resource expansion.
CEO Rohan Hazelton described 2025 as a “foundational year” that laid the groundwork for a more stable, efficient, and predictable operating profile in 2026. He emphasized continued focus on cost control, operational efficiency, and a strategic shift toward higher‑grade ore bodies to improve profitability in a high‑price environment. The company also reiterated its intention to uplist to a major North American exchange in 2026, a move that could enhance liquidity and investor access.
Analysts note that the guidance cut signals management’s caution amid persistent grade challenges, while the modest production rebound and investment in the gravity circuit suggest confidence in long‑term resource development. The higher AISC guidance for 2026 indicates that cost pressures will remain a headwind, but the company’s focus on high‑grade exploration and operational efficiencies aims to offset these challenges over the medium term.
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