Dynacor Gold (DNG.TO) has announced its financial results for the third quarter of this year. The company was able to sell almost 20,600 ounces of gold in the quarter at a gross operating margin of $285/oz, which is an excellent result. This resulted in an EBITDA of $4.7M which is roughly the same as in the same period last year which is good considering the much lower precious metals prices.
The company has increased its production guidance to 71,000 ounces of gold which is 7.5% higher than the previous guidance thanks to the higher than expected grade of the ore.
As Dynacor has a working capital position of $17.3M (of which $10.3M is being held in cash), the company seems to be in great shape and will very likely use its current production platform to expand its production profile.
> Click here to read the press release
Disclosure: The author holds a long position in Dynacor Gold Mines. Please see our disclaimer for current positions.
