Dynacor Group Inc (DNG)

iolite: Entrenched Dynacor Board Continues Misinformation Trend and Limits Shareholder Rights in a Contested MeetingJune 8, 2026 6:18 PM
Business Wire Dynacor claims leading independent proxy advisors “unanimously support” its director nominees while knowing such recommendations have been pulled down, pending reassessment based on iolite’s BLUE Proxy materials The Board’s actions undermine its messaging to shareholders as Dynacor continues to deflect from well-founded concerns through personal attacks while avoiding transparency and accountability Dynacor’s decision to hold a virtual-only meeting restricts meaningful shareholder participation and limits direct engagement with the Board at a critical time Shareholders are encouraged to assess the Company’s claims and poor track record, and to review iolite’s detailed case for change at Dynacor, available at www.SaveDynacor.com Questions? Need Help Voting BLUE? Contact Kingsdale Advisors by phone at 1-866-228-8614 or email contactus@kingsdaleadvisors.com. Protect your investment by voting with the BLUE Proxy iolite Partners Ltd. (“iolite” or the “Concerned Shareholder”), the largest shareholder of Dynacor Group Inc. (TSX: DNG) (“Dynacor” or the “Company”) with an approximately 7% interest, today responded to Dynacor’s June 8 press release, which relies on outdated proxy advisory references and omits material information relevant to shareholders. Doing so, ahead of the Company’s upcoming Annual General Meeting of Shareholders, scheduled to be held on June 19, 2026 (the “Meeting”), highlights continued governance concerns. Dynacor’s assertion that Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co. LLC (“Glass Lewis”) “unanimously support” its director nominees is materially misleading. Both reports referenced by the Company have been withdrawn and are currently under review. Dynacor is or should have been aware of this prior to communicating with the broader market and soliciting votes from its shareholders. Shareholders should treat Dynacor’s characterization of these recommendations with caution until updated analyses are released. Reliance on superseded materials raises serious questions about the Company’s transparency and judgment in communicating with investors during a contested situation. THE BOARD’S ACTIONS UNDERMINE ITS MESSAGING TO SHAREHOLDERS Rather than addressing the well-founded questions and very serious issues raised by iolite in this contested meeting, Dynacor has chosen to double down on stale and vile personal attacks, while continuing to avoid transparency and accountability. This approach is not only unacceptable, but grossly misguided at a time when shareholders deserve clear answers and responsible leadership. Even more troubling, Dynacor is using shareholder capital to fund what appears to be a deliberate effort to deflect from legitimate concerns — a disgraceful and improper use of corporate resources that underscores the Board’s misaligned priorities. VIRTUAL MEETING DIMINISHES SHAREHOLDER ENGAGEMENT Equally concerning is Dynacor’s decision to still hold its 2026 annual meeting in a virtual-only format. In the context of a contested election, this decision effectively limits meaningful shareholder participation and undermines accountability. A virtual-only meeting restricts the ability of shareholders to engage directly with the Board, reduces the opportunity for spontaneous, unfiltered questions, and signals a reluctance to face investors in an open forum at a critical time for governance oversight. iolite believes that strong governance begins with genuine shareholder engagement and not carefully controlled formats that constrain dialogue. Shareholders should ask why Dynacor is unwilling to provide a hybrid or in-person meeting structure that allows for full and transparent interaction. IOLITE’S CASE FOR CHANGE Shareholders are encouraged to assess the Company’s claims and track record, and to review the detailed case for change, available at www.SaveDynacor.com. This updated site includes iolite’s analysis of Dynacor’s governance practices, capital allocation decisions, and strategic direction, as well as the rationale underpinning its current campaign. iolite remains focused on advancing a constructive path forward that strengthens oversight, enhances accountability, and ensures that shareholder interests are placed at the centre of every decision. Fellow shareholders are urged to protect their investment by voting WITHHOLD on five incumbent directors and AGAINST the stock option plan, to ensure their votes are not returned to outgoing CEO Jean Martineau. The directors standing for re-election represent a significant risk to your investment. On their watch, almost the entire leadership team that built this business over two decades — and more than half of its 550-person workforce — was replaced without explanation; roughly 10 kilograms of gold went unaccounted for; and 100% of the Company's revenue spent four months under the most stringent customs scrutiny. DON’T WAIT. VOTE BLUE TODAY iolite encourages shareholders to review its materials and make their voices heard at the Meeting by voting in line with iolite’s Voting Recommendations ONLY on the BLUE Proxy. Please disregard the proxy materials you have received from Dynacor. Shareholders seeking assistance with voting procedures or with questions regarding the meeting or related materials may contact Kingsdale Advisors at: North American Toll-Free: 1-866-228-8614 Call or Text: 1-437-561-5008 Email: contactus@kingsdaleadvisors.com Website: www.SaveDynacor.com Advisors Fasken Martineau DuMoulin LLP is acting as legal counsel to iolite. Kingsdale Advisors is acting as strategic advisor to iolite. About iolite Partners Ltd. iolite Partners Ltd. is an investment manager focused on identifying and investing in high-quality businesses with the potential for long-term value creation. iolite is a significant shareholder of Dynacor and is committed to ensuring that the Company operates with strong governance, accountability and alignment with shareholder interests. Important Notice This release is published by iolite Partners Ltd., 4th Floor, Harbour Place, 103 South Church Street, PO Box 10240, KY1-1002, Grand Cayman, Cayman Islands, on www.iolitecapital.com. Its sole purpose is to inform shareholders of the voting intentions and recommendations of the undersigned, the beneficial owner of 7% of the common shares of Dynacor Group Inc., 606 Cathcart Street, Suite 640, Montreal, Quebec H3B 1K9, Canada (the “Issuer”). This communication is not, and should not be construed as: (A) a proxy solicitation within the meaning of Part 9 of National Instrument 51-102 — the undersigned relies on the exemption in section 9.2(1), which relieves a beneficial owner who publicly discloses voting intentions from delivering an information circular when no form of proxy is sought from other securityholders; (B) an information circular, notice of meeting, or form of proxy issued by the Issuer or its management — shareholders should rely solely on the Issuer's official meeting materials for definitive information and the circular to be filed by Iolite in connection with the meeting; or (C) investment advice or an offer to buy, sell, or exchange any security of the Issuer or any other entity. The Issuer's 2026 Annual Meeting of Shareholders will be held virtually by live webcast on June 19, 2026, at 10:00 a.m. ET. To attend, vote, or ask questions, follow the procedures set out in the Issuer's management information circular or on its investor relations webpage. The undersigned accepts no responsibility for any shareholder's inability to access the webcast. View source version on businesswire.com: https://www.businesswire.com/news/home/20260608846340/en/ Investors
iolite Capital | Gwattstrasse 15, 8808 Pfäffikon SZ, Switzerland | +41 79 227 29 08 | dynacor@iolitecapital.com Media
Kingsdale Advisors
Phone: 416-644-4031
Email: ageorge@kingsdaleadvisors.com Original: iolite: Entrenched Dynacor Board Continues Misinformation Trend and Limits Shareholder Rights in a Contested Meeting

Dynacor’s Largest Shareholder Mails Dissident Circular, Urges Votes on the BLUE Proxy to Save DynacorJune 3, 2026 5:39 PM
Business Wire iolite urges fellow shareholders to protect their investment by voting WITHHOLD on five incumbent directors and AGAINST the stock option plan, to ensure their votes are not returned to outgoing CEO Jean Martineau. The directors standing for re-election represent a significant risk to your investment. On their watch, almost the entire leadership team that built this business over two decades — and more than half of its 550-person workforce — was replaced without explanation; roughly 10 kilograms of unaccounted-for gold; and 100% of the Company’s revenue spent four months under the most stringent customs scrutiny. Questions? Need Help Voting BLUE? Contact Kingsdale Advisors at 1-866-228-8614 (toll-free in North America), email contactus@kingsdaleadvisors.com, or visit www.SaveDynacor.com. If you have already voted, it is not too late to change your vote! iolite Partners Ltd. (“iolite” or the “Concerned Shareholder”), the largest shareholder of Dynacor Group Inc. (TSX: DNG) (“Dynacor” or the “Company”), with an approximately 7% interest, today announced that it has filed and will commence mailing a Dissident Circular (the “Circular”) to shareholders in connection with Dynacor’s upcoming Annual General Meeting of Shareholders scheduled to be held on June 19, 2026 (the “Meeting”). iolite will also be providing a BLUE Form of Proxy and BLUE Voting Instruction Form (the “BLUE Proxy”) to solicit votes from shareholders of Dynacor. The Circular, shareholder letter and other materials outlining why this Board is a risk to the Company can be accessed at www.SaveDynacor.com. iolite recommends that shareholders ONLY Vote on the BLUE Proxy ‘WITHHOLD’ on the election of certain incumbent directors of Dynacor, namely Jean Martineau, Pierre Beliveau, Rocio Rodriguez-Perrot, Isabelle Rocha, Réjean Gourde (the “Withhold Group”) and ‘AGAINST’ the stock option plan (“iolite’s Voting Recommendations”). Since last year’s capital raise, shareholders were told a story of growth and expansion. The reality, at the Corporation’s only cash-generating asset, was the opposite: a sweeping internal overhaul that was never explained, an opaque external investigation that was never properly disclosed, and renewed turmoil that arrived days after the Board assured the market of “stabilization.” And to this day, the Board uses shareholders’ own money to resist transparency and accountability — then laments the cost of it all, as it did again in yesterday’s press release titled “Setting the Record Straight”. Those costs are not of iolite’s making; they are the price of a Board that has chosen, at every turn, to defend itself rather than answer to its owners. Yesterday, the Board had its opportunity to respond. In iolite’s view, what followed was telling — not for what it said, but for what it did not. It addressed none of the concerns iolite has raised. No explanation. No accountability. No answers. Just “trust us”. iolite believes the most revealing answer this Board has given is the one it has chosen not to give at all. “We are disappointed it has come to this. But our concerns remain unaddressed, and so we are bringing them directly to shareholders,” said Robert Leitz, on behalf of iolite Partners Ltd. “This campaign is funded personally and undertaken for the benefit of all shareholders — one of the few accountability mechanisms left when a Board chooses entrenchment over answers.” Mr. Leitz added: “Dynacor has enormous potential. What it lacks today is the leadership to unlock it. Shareholders have already missed the upside of a thriving gold market as a result. We are asking for a genuinely independent review, with a report we can actually read, and a Board that respects our capital and works for us. Instead, this Board has chosen to repeatedly attack the Company’s largest shareholder rather than answer a single legitimate question. It would not even seat its own incoming CEO on the Board, as respected peers routinely do — telling shareholders, yet again, that this is about entrenchment and self-preservation, not change.” Why Should Shareholders Support iolite’s Campaign? iolite believes shareholders should support its campaign for five principal reasons: Leadership failures and board oversight breakdowns put shareholder value at risk. In iolite’s view, Dynacor’s core business should have been well positioned to outperform in a favourable market environment, but repeated governance and leadership failures have undermined that potential. The incumbent Board initiated, oversaw, and later investigated an unexplained and undisclosed restructuring, only to subsequently dismiss the very individuals hired to implement it. Material leadership dismissals, operational disruption, and regulatory scrutiny were not clearly or fully disclosed to shareholders. iolite believes shareholders were not provided with timely, complete, or meaningful disclosure regarding the restructuring of the Company’s Peruvian operations, the scale of personnel and leadership turnover, the external review process, and other developments affecting its only current revenue-generating asset. The Board failed to respond appropriately to repeated shareholder concerns. Since first disclosing its investment, iolite has repeatedly sought to engage with Dynacor regarding governance, strategy, capital allocation and operations. Those efforts did not lead to meaningful improvements in accountability, transparency, or Board responsiveness. Rather than provide clear answers and credible explanations, the Board chose to use every available means to resist disclosure, scrutiny, and accountability at every turn. The Company’s strategic and capital allocation decisions have raised serious concerns. In iolite’s view, the use of proceeds from the 2025 equity financing, combined with a series of poorly explained operating and strategic decisions, highlights the need for stronger oversight and capital allocation discipline. Shareholders are being asked to support significant strategic decisions and capital deployment without being provided a clear explanation of the rationale behind them or the results achieved. The upcoming vote is an opportunity for shareholders to insist on answers, accountability, and the leadership the Company deserves: The reset Dynacor needs. iolite believes shareholders should use the Meeting to register their dissatisfaction with the Company’s direction, hold accountable the directors most responsible for these failures, oppose further entrenchment by the Withhold Group, and vote AGAINST the proposed amendment to the Stock Option Plan. iolite urges shareholders to protect their investment by holding directors accountable for a period marked by significant governance, disclosure, compliance, and operational failures. Don’t Wait. Vote BLUE Today iolite encourages shareholders to review its forthcoming materials and make their voices heard at the Meeting by voting in line with iolite’s Voting Recommendations ONLY on the BLUE Proxy. Shareholders seeking assistance with voting procedures or with questions regarding the meeting or related materials may contact Kingsdale Advisors at: North American Toll-Free: 1-866-228-8614 Call or Text: 1-437-561-5008 Email: contactus@kingsdaleadvisors.com Website: www.SaveDynacor.com Advisors Fasken Martineau DuMoulin LLP is acting as legal counsel to iolite. Kingsdale Advisors is acting as strategic advisor to iolite. About iolite Partners Ltd. iolite Partners Ltd. is focused on identifying and investing in high-quality businesses with the potential for long-term value creation. iolite is a significant shareholder of Dynacor and is committed to ensuring that the Company operates with strong governance, accountability and alignment with shareholder interests. Important Notice This release is published by iolite Partners Ltd., 4th Floor, Harbour Place, 103 South Church Street, PO Box 10240, KY1-1002, Grand Cayman, Cayman Islands, on www.iolitecapital.com. Its sole purpose is to inform shareholders of the voting intentions and recommendations of the undersigned, the beneficial owner of 7% of the common shares of Dynacor Group Inc., 606 Cathcart Street, Suite 640, Montreal, Quebec H3B 1K9, Canada (the “Issuer”). This communication is not, and should not be construed as: (A) a proxy solicitation within the meaning of Part 9 of National Instrument 51-102 — the undersigned relies on the exemption in section 9.2(1), which relieves a beneficial owner who publicly discloses voting intentions from delivering an information circular when no form of proxy is sought from other securityholders; (B) an information circular, notice of meeting, or form of proxy issued by the Issuer or its management — shareholders should rely solely on the Issuer's official meeting materials for definitive information and the circular to be filed by Iolite in connection with the meeting; or (C) investment advice or an offer to buy, sell, or exchange any security of the Issuer or any other entity. The Issuer's 2026 Annual Meeting of Shareholders will be held virtually by live webcast on June 19, 2026, at 10:00 a.m. ET. To attend, vote, or ask questions, follow the procedures set out in the Issuer's management information circular or on its investor relations webpage. The undersigned accepts no responsibility for any shareholder's inability to access the webcast. View source version on businesswire.com: https://www.businesswire.com/news/home/20260603307807/en/ Investors
iolite Capital | Gwattstrasse 15, 8808 Pfäffikon SZ, Switzerland | +41 79 227 29 08 | dynacor@iolitecapital.com Media
Kingsdale Advisors
Phone: 416-644-4031
Email: ageorge@kingsdaleadvisors.com Original: Dynacor’s Largest Shareholder Mails Dissident Circular, Urges Votes on the BLUE Proxy to Save Dynacor

It’s Time to Set Things Right at Dynacor and Ensure the Viability and Success of the CompanyMay 25, 2026 7:00 AM
Business Wire iolite Urges Dynacor Shareholders to WITHHOLD Votes at the June 19, 2026 AGM *Dynacor needs appropriate and proper oversight, direction and leadership. *Its stakeholders deserve nothing less. *It has not been the case and things need to change in the best interest of the Company and the business in which shareholders have invested. Days after the Corporation announced the conclusion of an independent investigation and the completion of a "transformational restructuring", the architects of that restructuring -- the new senior leadership installed at Veta Dorada, the Peruvian subsidiary generating 100% of Dynacor's revenue -- were terminated. The Chairman stepped down. The designated President & CEO was quietly removed from the ballot to be elected as a director at the next AGM without explanation. Since mid-2024, the Corporation undertook what it described to shareholders as a "strengthening" of its Peruvian operations. In reality, what took place was a wholesale replacement of almost the entire leadership team that had built this business over two decades, and more than half of its 550-person workforce. The consequences were significant and, for the most part, never disclosed. The directors that are now asking to be re-elected initiated the “restructuring”, oversaw it, failed to provide shareholders with appropriate disclosure about its purpose, details and consequences, declared it complete on April 22 -- and then dismissed most of the very team they had installed to execute it. Over more than two decades, Dynacor built a best-in-class reputation for a responsible, traceable artisanal gold supply chain in Peru -- a model that, run properly, generates strong and predictable returns. The gold-price environment of the past two years has been exceptionally supportive. A well-run business with Dynacor's model should have captured significant growth and meaningful windfall. It did not -- because since mid-2024, there has been significant dismissals within Veta Dorada that remain unexplained to the shareholders to this day. The Corporation did announce an external investigation, by way of an ambiguous and oddly worded restructuring announcement, but never disclosed its scope, who conducted it, or what it found. Meanwhile, SUNAT, Peru’s government agency responsible for managing taxation and customs, placed every export shipment of Veta Dorada under its most stringent control regime from January 10 through May 14, 2026 -- a period falling entirely within the tenure of the new leadership the Corporation had installed as the face of its transformation. On April 22, 2026, the Corporation declared victory: the "transformation" complete, operations "stabilised," an external review concluded satisfactorily. Six days later, the two most senior leaders of the Peruvian subsidiary -- the very people publicly described as embodying its "stronger leadership" -- were dismissed without any explanation whatsoever. The Chairman stepped down. The designated President & CEO was quietly removed from the ballot to be re-elected at the next AGM. The SUNAT classification, active throughout the April 22nd announcement, did not lift until May 19 -- 27 days after the all-clear and after the latest dismissals. The Corporation's self-congratulatory press releases describe "completion of transformational work" and "stabilisation of operations." The facts tell a different story. STAKEHOLDERS OF DYNACOR DESERVE PROPER GOVERNANCE, A BOARD AND LEADERSHIP FOCUSED ON THE BUSINESS AND OPTIMIZING VALUE AND TRANSPARENCY. THAT IS FAR FROM WHAT THEY HAVE GOTTEN. IT IS TIME FOR A CHANGE AND SHAREHOLDERS SHOULD VOTE ACCORDINGLY. FOR THE SAKE OF THE HEALTH AND SUCCESS OF DYNACOR, SHAREHOLDERS ARE URGED TO VOTE AS FOLLOWS WITHHOLD Jean Martineau, Pierre Beliveau, Rocio Rodriguez-Perrot, Isabelle Rocha, Rejean Gourde AGAINST Resolution 3 -- stock option replenishment (650,000 options) CHANGE PROXY The default proxyholder is Jean Martineau -- the outgoing CEO under whose tenure, together with Pierre Lépine -- the outgoing Chairman --, the matters discussed above took place. Strike the default. Appoint your own named alternative or attend and vote in person. iolite Partners Ltd. ("iolite"), the largest shareholder of Dynacor Group Inc. (TSX: DNG), is calling on fellow shareholders to WITHHOLD their votes for the re-election of all five incumbent directors responsible for operations, audit & risk, ESG, and disclosure at the annual general meeting on Friday, June 19, 2026.   Dynacor has always been, at its heart, a Peruvian company -- built by Peruvians, on relationships and trust developed over two decades. A year after the contested capital raise, both the people who built this business and those brought in to 'transform' it, are gone. The cracks are now showing in Montreal too. -- Robert Leitz, on behalf of iolite Partners Ltd. Shareholders are owed the information necessary to form their own judgment. Until they receive it, iolite asks them to register that concern at the ballot box. THE OPPORTUNITY -- AND WHY IOLITE IS SPEAKING OUT iolite continues to believe Dynacor represents one of the most attractive opportunities in the small-cap mining sector. The Peruvian operating model -- purchasing ore from artisanal miners, processing it, and exporting refined gold -- has been built over more than two decades, has long-standing relationships at every level of its supply chain, and operates in a gold-price environment of historic strength. Run by capable people, with the controls and the culture that appeared to support the business in its prior period of growth, the opportunity is exceptional. That is precisely why iolite is bringing the matters set out in this release forward. The opportunity will not be captured by the present arrangement.   Dynacor has the model, the market, and the track record to be an exceptional business. What it does not have right now is the leadership, the transparency, or the accountability that will unlock that potential. That is what this campaign is about -- to insist it be run in a way that does justice to what it could be. A reasonable shareholder may ask why iolite would commit hundreds of thousands of dollars to a governance campaign of this kind. iolite is the largest shareholder of Dynacor. iolite's interest in this campaign is the same as that of every other shareholder: that this Corporation be run by competent and accountable people, transparently and in the interest of all shareholders and the wider ecosystem. But iolite's reasons go beyond financial interest. Dynacor is a Canadian-listed public company, and the standards of disclosure, accountability, and shareholder treatment that entails are not optional. Certain things should not happen -- and when they do, they should not go unchallenged. This is not a vote against the business. It is a vote FOR the business -- a vote to insist on the leadership, transparency, and governance that will let it reach its potential. THE FIVE DIRECTORS STANDING FOR RE-ELECTION Jean Martineau is the outgoing President & CEO under whose leadership every matter described in this release occurred: the unexplained management overhaul, the non-disclosure, the missed windfall, the April 22nd victory announcement, the dismissals six days later -- and the four-month SUNAT red-channel classification that ran through it all. He is also the default proxyholder on the Corporation's proxy form -- meaning shareholders who do not act will hand their votes to the very person whose tenure is the subject of this release. Pierre Beliveau, Rocio Rodriguez-Perrot, Rejean Gourde, and Isabelle Rocha are the incumbent non-executive directors who collectively oversaw the overhaul and related approach to disclosure about its consequences, commissioned and controlled the external review, drew their own conclusions from it, excluded iolite's governance proposals from the proxy circular, and authorized the litigation against former employees and business partners who came forward or raised questions. When iolite sought to compel transparency through its own legal remedies, the Corporation deployed every available means of resistance. Each sat on the Board throughout the period described in this release -- and each bore direct responsibility for the oversight areas in which the matters described herein fall, including operations, risk, compliance, and ESG. Each is now asking to be trusted with the recovery. The question before shareholders on June 19 is not whether these individuals acted in good faith. It is whether a board that initiated an unexplained overhaul, was not transparent about its consequences, declared victory prematurely, and responded to scrutiny with litigation is the right board to oversee what comes next. The answer is clearly no. WHAT IOLITE IS CALLING FOR iolite is calling on the Board to provide: The immediate identification of the next President & CEO and Chairman before shareholders are asked to vote on June 19, not after. Shareholders cannot be asked to ratify a governance structure built around unnamed successors. A genuinely independent governance review conducted by external advisors free of existing relationships with the Board and overseen by an unconflicted team -- with a written report made available to shareholders. The review should encompass the matters described in this release, the scope and findings of the prior external review, and an assessment of the Board's own conduct and oversight failures during the period in question. A forensic review of the Corporation's operations covering the period from January 1, 2024, to date, with findings reported directly to shareholders. Given the incumbent Board's sustained resistance to transparency, shareholders are entitled to ask tough questions. Full and transparent disclosure of the matters described, including the cumulative personnel losses and the April 28th dismissals, the withdrawal of Mr. Misiano's CEO designation, the sourcing disruptions and their operational impact, the missing gold incidents, and the SUNAT classification. A strategic and operational review -- meaning an honest assessment, not a press release -- of the present state and outlook of the Latin American and African operations, including the qualifications and track records of the executives now responsible for executing them, and a clear account of how the strategic rationale for the February 2025 capital raise survives the operational and personnel disruptions documented in this release. A candid assessment by the incumbent directors of whether they are the right people to oversee the reset the business requires. The directors seeking re-election on June 19 are the same individuals who initiated the restructuring, controlled the external review, determined what shareholders would be told, and are now asking to be trusted with the recovery. A board genuinely committed to a new beginning would ask itself whether continuity of the same personnel is consistent with that goal -- and provide shareholders with an honest answer before the vote. The appointment of leadership with the demonstrated capability and integrity to operate the business at full capacity -- and to rebuild the reputation for responsible sourcing that Dynacor spent two decades establishing. IOLITE HAS BEEN FORCED INTO THIS POSITION The substantive matters set out in this release were brought to iolite’s attention following iolite's open letter to shareholders dated May 26, 2025. Over the course of more than a year, iolite raised each of these matters with the Corporation in writing and with substantial supporting documentation. At every stage, iolite explicitly invited the Corporation to provide alternative explanations, context, or any information that would contradict or qualify the picture that was emerging. The Corporation declined every such invitation. Where it responded at all, it did so with bare denials -- asserting that certain matters were "not true" -- without providing any supporting explanation, documentation, or context. Bare denial is not engagement. The Corporation has neither substantively addressed the matters described herein nor provided credible explanations for them. A board genuinely confident in its own record would welcome engagement and discussion. It would produce a written report. It would disclose material events as they occurred. It would not exclude shareholder proposals calling for nothing more than independent oversight and basic transparency from its own proxy circular. It would not seek to silence those who raised questions. Fourteen months after the contested capital raise, justified by an overly ambitious expansion strategy, and mere days after hailing the conclusion of an external review and the completion of "transformational" work, there is still no written report for an independent investigation considered material, no named Chairman, and no identified successor CEO. Shareholders are being asked to ratify this record. With the June 19 AGM less than four weeks away, shareholders are being asked to re-elect the very directors responsible for the matters set out below -- without having been told that any of those matters have occurred, or why. That asymmetry cannot stand. iolite is therefore left with no responsible alternative but public disclosure. In a public company, the Board and management are accountable to shareholders, and the burden of transparency rests with them. The Corporation has sought to invert that principle -- casting itself as the party in need of protection from shareholder scrutiny when shareholders are the very persons to whom transparency is owed. iolite is not the threat. The conduct set out in this release is.   Dynacor has one of the best business models in small-cap mining and is operating in the strongest gold market any of us have seen. It should be thriving. Instead, shareholders have watched two years of unexplained management upheaval, a string of material events that were never disclosed, and a Board that responded to every question with litigation rather than answers. We asked for their side of the story at every step. We are still waiting. When a board fails to disclose what it should and resists every attempt at independent verification, reported results must be read with caution. A WITHHOLD vote is not a vote against Dynacor -- it is a vote FOR the business, its ecosystem, and basic shareholder rights. RECENT DEVELOPMENTS SHAREHOLDERS SHOULD WEIGH BEFORE VOTING A management overhaul the Corporation called "strengthening" -- and the consequences it never disclosed Beginning in mid-2024, the Corporation began replacing the leadership of its Peruvian operations -- the management team that had built Dynacor's artisanal gold model, its supplier and miner relationships, and its compliance culture over more than two decades. Each change was communicated to shareholders in anodyne terms: "strengthening the team," creating capacity for the expansion strategy. What the Corporation did not disclose was the scale of what was underway, the reasoning behind it, or what it would cost. What followed was the near-wholesale removal of the longstanding Peruvian leadership within months. By the time the Corporation declared its transformation complete in April 2026, more than half of the Corporation's 550-person Peruvian workforce had been replaced over sixteen months. The Corporation has never explained to shareholders why this was necessary -- why the people who built and operated a best-in-class business over two decades needed to be replaced en masse, or on what basis the individuals brought in to replace them were trusted with such sweeping authority. Beyond preparing the Corporation for growth and expansion, organizational changes of this magnitude had never been raised in discussions with iolite or publicly disclosed by the Corporation. Shareholders are entitled to ask what credentials and operating track record the individuals placed in key leadership positions over the Corporation's sole income-producing asset brought to those roles. Dynacor's artisanal gold model depends on relationships that take years to build and cannot be transferred on short notice. The Corporation has not provided shareholders with the basis on which these appointments were made.   Whether the problems arose under prior leadership or were created by the overhaul itself, responsibility rests with the current Board in either case: for overseeing the conditions that allegedly required such drastic action, and for directing the undisclosed mass dismissals and upheaval that followed. SUNAT red-channel classification -- every shipment, every day, from January 10 through May 14, 2026 From January 10 through May 14, 2026 -- a continuous four-month period – SUNAT placed every export shipment of Minera Veta Dorada under red-channel designation. Veta Dorada is the Peruvian subsidiary that generates all Dynacor's revenue. Red channel is the most stringent of SUNAT's three customs-control regimes: it requires mandatory physical inspection of every shipment and is reserved for exporters whose compliance integrity is, in the regulator's contemporaneous assessment, in question. When iolite raised this matter with the Corporation, it characterised the red-channel classification as normal and unremarkable. It is not -- and had not been for Veta Dorada historically. The Corporation provided no explanation for why the classification was imposed.   Two timing facts are noteworthy. First, the red-channel classification began approximately seven months after iolite first raised material concerns with the Board -- concerns the Board declined to engage with. Second, the classification was still in full effect on April 22, 2026 when the Corporation publicly declared its transformation complete and practices "consistent with its values." The classification did not lift to "verde" until May 19, 2026 -- 27 days after the all-clear announcement. When iolite raised the matter with the Board, no convincing explanation was provided, and no substantive basis was offered for the Corporation's position that the classification was unremarkable. iolite does not consider the responses it received to be adequate. The potential consequences under Peruvian customs and tax law during such a period are wide-ranging. By the Corporation's own continuous disclosure (Q4 2025 MD&A, p. 27), CAD 24.8 million in accrued tax and interest is already disclosed in respect of a small number of contested shipments made between 2015 and 2019. The exposure arising from four months of continuous red-channel scrutiny on every shipment is of an entirely different order of magnitude. The classification also carries reputational weight particularly significant for Dynacor. The Corporation presents itself as a leader in responsible sourcing of artisanal-mined gold, with traceability of ore origin forming a central pillar of its value proposition. A four-month red-channel classification is directly at odds with that self-presentation. When challenged on these matters, the Board denied any heightened regulatory or legal exposure and advanced arguments that iolite does not consider adequate. The independent review -- central to the Corporation’s response, opaque in substance By press release dated April 22, 2026, the Corporation announced that "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." Shareholders are entitled to know what that statement does, and does not, say: The scope of the review has never been sufficiently disclosed. The phrase "practices under review" defines its own scope without revealing it. Shareholders cannot determine whether the material matters set out in this release were among the practices placed under review -- or whether the review was confined to a narrower set of questions of the Board's own choosing. The Board, not the external firm, drew the conclusion. The Corporation's own wording is that the Board reached the conclusion after reviewing the findings -- not that the external firm itself concluded that practices were consistent with the Corporation's values. No written report has been disclosed. No scope, methodology, or findings were shared with shareholders. The identity of the external firm has never been disclosed. A review on which the Corporation has placed such central reliance should be capable of producing a transparent written record. None has been provided. The Board drew its own conclusion from a review it controlled on conduct that occurred under its own oversight, carried out by a firm it selected and has declined to name. Shareholders have been offered no independent verification of any kind. Leadership changes the press releases did not mention Every recent Dynacor press release has described stability and progress. The composition of leadership tells a different story: Chairman steps down. Pierre Lépine has stepped down as Chairman and is not among the nominees standing for re-election, although he remains listed as the backup proxyholder on the proxy form. CEO designation announced, then reversed. On April 9, 2026, Dynacor announced Jean Martineau's retirement and Daniel Misiano's designation as President & CEO. On May 20, 2026 -- the same day the Corporation publicly described "stabilisation of operations" -- Mr. Misiano was quietly removed from the slate of director nominees, without explanation. No successor announced. To date, the identity of the next President & CEO has not been disclosed to the market. Nor has the identity of the proposed new Chairman. Shareholders are being asked to vote on a leadership slate without knowing who will lead the Corporation the day after the meeting. Jean Martineau -- the outgoing President & CEO, under whose leadership all of the above occurred -- remains on the ballot and is standing for re-election. “Legacy operations” -- a peculiar label for the only asset generating cash The Corporation has taken to describing Peru as its "legacy operations" -- a label that implies a business in managed wind-down. Peru is, and will for the foreseeable future remain, the Corporation's only income-producing asset. Describing the one subsidiary that pays all the bills as "legacy" while that business is under SUNAT red-channel scrutiny and has lost its leadership team twice within less than two years is, in iolite's view, difficult to reconcile with the facts.   The Corporation reported operating income of USD 13.5 million against operating cash flow of just USD 2.9 million -- despite a USD 7.9 million tailwind from a reduction in receivables. For a business whose model is the purchase, processing, and export of gold ore, a divergence of this magnitude warrants scrutiny. NORTHERN PERU AND ECUADOR For years, Dynacor's stated growth strategy focused on building a plant in Northern Peru and a complementary facility in a nearby Latin American location -- a logical extension of the Corporation's existing expertise, infrastructure, and supply chain relationships. The operative word is existing. The case for expansion into new geographies rested on Dynacor's ability to replicate what it had built in Peru: the sourcing networks, the artisanal miner relationships, the procurement infrastructure, and the operational discipline that the Corporation's own management described as its defining competitive advantage. That is precisely what the mid-2024 management overhaul dismantled. The people who built those capabilities -- and who would have been the natural architects of any geographic replication -- were removed. The team installed to replace them was itself dismissed in April 2026. The designated President & CEO responsible for executing this strategy has been quietly removed from the ballot.   The restructuring was already underway by mid-2024 and in full swing by January 2025, with almost the entire Peruvian executive leadership team already gone -- an unusual moment to launch a contested capital raise in support of an ambitious expansion strategy. The narrative presented to shareholders was centered on growth and expansion, while the Corporation’s sole cash-generating asset was simultaneously undergoing a massive internal overhaul never communicated. Shareholders were asked to fund an expansion strategy premised on replicating a model. That model has since been materially disrupted by the Corporation's own actions. The Corporation sold the Northern Peru crusher and ore assay laboratory -- the physical infrastructure of the Northern Peru plant strategy -- without disclosure, and redeployed a significant portion of the February 2025 capital raise proceeds toward an Ecuador acquisition, without explaining how the strategic rationale survives the personnel and operational losses documented in this release, or who now carries the knowledge and relationships on which successful replication depends. AFRICAN EXPANSION -- QUESTIONS SHAREHOLDERS ARE ENTITLED TO ASK The Senegal and Ghana expansion projects were the principal justification advanced by the Corporation for the contested February 2025 capital raise, which iolite explicitly warned the Board against in writing on January 30, 2025. Fifteen months later, those projects have added nothing to production, the Corporation continues to hold a material portion of the proceeds in cash, and the risk profile of both has materially increased – for reasons the Corporation has not disclosed to shareholders. Senegal, original partners absent: The original commercial logic of the Senegal project rested on a joint-venture partnership with KN Equipments Inc. and Senegal's Sovereign Wealth Fund FONSIS. Both partners are now absent from the Corporation's disclosure. Per Dynacor's February 11, 2025 release, the project is now led in-country by Mr. Mamadou Mbaye -- the former Executive Vice President of FONSIS. According to a statement issued by the Presidency of the Republic of Djibouti and confirmed by Jeune Afrique Business+, the Board of Directors of the Djibouti Sovereign Fund, which Mr. Mbaye had been appointed to lead, withdrew its confidence in him and terminated his functions with immediate effect following an internal audit. Senegal, security environment: JNIM, an al-Qaeda-affiliated armed group, conducted its largest coordinated offensive in Mali since 2012 on April 25-26, 2026 -- killing the Malian Defense Minister -- and has materially expanded activity along Senegal's eastern border, prompting the deployment of new Gendarmerie units in Kedougou, where Dynacor's pilot plant is located. Senegal, political and regulatory environment: tightening materially -- buffer-zone bans, permit moratoriums, designated-zone restrictions, and military enforcement are structurally squeezing the legal artisanal supply pool, while undocumented ore continues to flow toward Mali. Against that backdrop, Senegal remains a relatively small market and ultimately more of a pilot plant than a scalable platform. Côte d’Ivoire, the opportunity not taken: iolite understands that Mr. Benoît Courteau, the individual named in Dynacor’s February 11, 2025 press release as its General Manager for Côte d’Ivoire, is no longer with the Corporation. Ghana, no meaningful progress: Ghana has been described by the Corporation as a major opportunity. Beyond photographs of meetings, no substantive progress has been disclosed. A PATTERN OF DISCLOSURE FAILURE Each of the matters set out above is, in iolite's view, individually consequential. iolite believes the cumulative effect is that shareholders cannot rely on the incumbent team to provide the disclosure required to make an informed vote at the June 19, 2026 AGM. No successor CEO or Chairman identified as of this release, with the AGM less than four weeks away. Shareholders are being asked to vote on a governance structure without being told who will lead the Corporation the morning after the meeting. The mid-2024 management overhaul -- never explained. The Corporation replaced the Peruvian leadership team that had built the business over two decades, communicating each change as a "strengthening" of operations. More than half the workforce was replaced over sixteen months. The reasoning behind the overhaul, the basis on which replacement executives were selected, and the operational and financial consequences that followed were never disclosed. The rationale remains, to this day, unexplained. SUNAT red-channel classification, January 10 to May 14, 2026 -- a continuous four-month period extending through the April 22 "all-clear" announcement, during which every export shipment was subject to the most stringent of SUNAT's three customs-control regimes. The classification did not lift until May 19 -- 27 days after the Corporation declared operations stabilised. April 2026 dismissals: the two most senior executives of the Peruvian operations -- publicly identified in June 2025 as the architects of the "stronger leadership" -- were terminated six days after the Corporation declared the transformation complete. The timing was sufficiently abrupt that Miner's Day company-wide festivities were cancelled. Silent abandonment of a stated strategy and rationale: the Northern Peru crusher and ore assay laboratory -- the physical infrastructure of the Corporation's publicly stated Northern Peru plant strategy -- were sold without disclosure. Capital raise proceeds were subsequently deployed toward Ecuador without explanation of how the strategic rationale survives the personnel and operational disruptions documented in this release. Inventory irregularities: iolite has been informed of two five-kilogram missing-gold incidents reported internally, which were never disclosed by the Corporation. Independent review -- opaque in every material respect: no written report produced, no external firm identified, no scope or methodology shared, no findings communicated to shareholders. The Board drew its own conclusions about its own conduct, from a review it commissioned, controlled, and conducted through a firm it selected and has declined to name. Shareholders have been offered no independent verification of any kind. Africa expansion -- material risks undisclosed: the original joint-venture partners for the Senegal project are absent from disclosure without explanation; the individual now leading the project in-country has a background shareholders are entitled to scrutinise; the political environment is tightening, the market is small, and Senegal is ultimately just a pilot plant; JNIM has materially escalated operations along Senegal's eastern border. In Côte d'Ivoire, the individual publicly named as in-country lead is no longer with the Corporation. SILENCE, LEGAL THREATS, AND LITIGATION Over more than a year of written correspondence, iolite raised each of the matters set out in this release with the Corporation, with supporting documentation. The Corporation did not engage with their substance. It responded instead with continued litigation against iolite and its representatives. The Corporation announced an external investigation it deemed material enough to disclose publicly yet is actively resisting every attempt to establish what that investigation examined and what it concluded. On April 6, 2026, iolite submitted two proposals for inclusion in the proxy circular: an independent governance review and full disclosure of material facts. The Board excluded both. The exclusion of proposals calling for nothing more than independent oversight and basic transparency is, in iolite's view, itself material information for shareholders assessing the incumbent Board. A board with nothing to hide engages. It does not spend millions in corporate resources -- money belonging to shareholders -- to fight the people asking justified questions. POTENTIAL SCOPE OF CONCERN iolite believes the cumulative cost to shareholders of the matters raised above is significant, and includes -- without limitation: Foregone profits during a record gold-price environment. Gold rose from approximately USD 2,625 per ounce at the start of 2025 to USD 4,325 per ounce by year-end. iolite estimates the foregone windfall attributable to management failures at no less than USD 5 million. Approximately USD 1 million in undisclosed inventory losses from the two missing-gold incidents reported internally. Capital raise proceeds deployed without demonstrated return and a materially heightened risk profile: the contested February 2025 capital raise was justified based on the Corporation’s expansion projects. The risk profile of those projects has since increased materially due to self-inflicted personnel turmoil, raising serious questions regarding execution capability, operational oversight, and the Corporation’s ability to manage heightened geopolitical risk. Legal and advisory costs in connection with employment disputes, litigation against former employees, business partners, shareholders and proxy matters. Potential SUNAT and regulatory exposure in Peru. The consequences under Peruvian customs and tax law of a four-month continuous red-channel classification on every export shipment are materially wider than the existing disclosed figure -- this is the most significant near-term financial risk item. Professional fees expended on the external review -- an engagement that produced no written report and no findings communicated to shareholders. The potential cost and time required to restore operational capabilities -- to the extent these systems and relationships require substantial rebuilding or review. iolite understands that restoring plant throughput came at significant cost. The Corporation has not meaningfully responded to documented concerns. Legal Counsel iolite is represented by Fasken Martineau DuMoulin LLP. About iolite Partners Ltd. Founded in 2008, iolite Capital is a Switzerland-based investment manager focused on exceptional businesses with untapped potential. Using a private equity approach, iolite conducts deep fundamental research, engages constructively with management, and invests for the long term with meaningful skin in the game. www.iolitecapital.com Important Notice This release is published by iolite Partners Ltd., 4th Floor, Harbour Place, 103 South Church Street, PO Box 10240, KY1-1002, Grand Cayman, Cayman Islands, on www.iolitecapital.com. Its sole purpose is to inform shareholders of the voting intentions and recommendations of the undersigned, the beneficial owner of 7% of the common shares of Dynacor Group Inc., 606 Cathcart Street, Suite 640, Montreal, Quebec H3B 1K9, Canada (the “Issuer”). This communication is not, and should not be construed as: (A) a proxy solicitation within the meaning of Part 9 of National Instrument 51-102 -- the undersigned relies on the exemption in s. 9.2(1), which relieves a beneficial owner who publicly discloses voting intentions from delivering an information circular when no form of proxy is sought from other securityholders; (B) an information circular, notice of meeting, or form of proxy issued by the Issuer or its management -- shareholders should rely solely on the Issuer's official meeting materials for definitive information; or (C) investment advice or an offer to buy, sell, or exchange any security of the Issuer or any other entity. Do not send the undersigned any proxy, voting instruction form, or other authorization. If you choose to vote, use only the proxy or voting instruction form supplied by the Issuer, or vote in the manner described in the Issuer's materials. The Issuer's 2026 Annual Meeting of Shareholders will be held virtually by live webcast on June 19, 2026, at 10:00 a.m. ET. To attend, vote, or ask questions, follow the procedures set out in the Issuer's management information circular or on its investor-relations webpage. The undersigned accepts no responsibility for any shareholder's inability to access the webcast. View source version on businesswire.com: https://www.businesswire.com/news/home/20260525242436/en/ Investor Relations Contact
iolite Capital | Gwattstrasse 15, 8808 Pfaffikon SZ, Switzerland | +41 79 227 29 08 | dynacor@iolitecapital.com Original: It’s Time to Set Things Right at Dynacor and Ensure the Viability and Success of the Company

just received final permit to double production


https://dynacorblog.com

Tumipampa gold discovery video - DNG

Financial Post article on Dynacor Gold - DNG

Dynacor: Back to Front

Resources Wire | Jay Currie | October 18, 2015 7:39 PM ET
More from Resources Wire | Jay Currie
Dynacor Huanca ore-processing mill with a current max capacity of 250 tonnes per day
Dynacor Gold MinesDynacor Huanca ore-processing mill with a current max capacity of 250 tonnes per day
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Dynacor: Back to Front

Conventionally a junior explorer finds a property, raises money, drills, raises more money and if things look promising, builds a mine and a mill.

Dynacor (T.DNG) is doing things in reverse.

Jean Martineau, Dynacor’s President and CEO came to junior mining exploration from the brokerage world, “I was a broker in the 1980’s.” said Martineau, “I was amazed at all the dilution I saw. And I was really frustrated. We needed a way to finance other than dilution.”

The creative solution to this problem was to build a small mill to process the ore mined by Peruvian artisanal miners. “We wanted to use the mill to finance our exploration.”

In 1996 Dynacor commenced construction of its custom gold ore-processing plant in southern Peru. It poured its first gold in 1998.

The mill started at a modest 50 tons per day but has been expanded to handle 250 tons per day. “We have established a reputation in Peru.” said Martineau, “We buy the ore from the small miners. We have achieved a 95% recovery rate which is the highest in Peru. We are looking for a gross margin of 17% and the mill generates between 7 and 10 million dollars a year in cash.”

Dynacor wanted the cash to finance exploration. It acquired its flagship property, Tumipampa, in 2000. The property was acquired because Dynacor found high grade gold veins at surface. Currently all of the land around Tumipampa is claimed by major mining companies such as Southern Copper, Buenaventura, Barrick, Yamana, IAMGold, Fresnillo and the Junefield Group from China.

Over the years the company has explored the property and discovered additional veins – and mantos – have been discovered with gold grades ranging from 6 grams per ton on up to 30 grams per ton.

Dynacor has conducted surface drilling programs to delineate the geology of the property. However, in 2012, Dynacor began to excavate a crosscut which allowed the exploration of the property to be conducted underground. “There is more information underground.” explained Martineau, “We have excavated a 2.5 by 3 meter cross-cut tunnel right through mantos and veins.”

Running off this main cross-cutt are drifts and chimneys which can be drilled or excavated to determine grade. In its October 8th 2015 press release, Dynacor was able to report channel sampling in a raise within the Manto Dorado which exposed a massive (35 meters) high-grade gold-bearing band of copper sulphides. The raise showed an average gold grade of 27.3 grams per ton and copper running an average of 2.19% with an average width of 1.2 meters.

October 15, 2015, Dynacor put out another press release outlining the results of further underground exploration. In this release Alonso Sanchez, Dynacor’s Chief Geologist commented “Our exploration results have clearly demonstrated the presence of high grade gold and copper mineralization in the SW and the NE extensions of the Manto Dorado.”

As the exploration work proceeds Dynacor is preparing a bulk sample of 1500 tons of material. “We’ll mill it ourselves.” said Martineau, “We can test our own ore in our own mill.”

The crosscut adit is being excavated by a local mine contractor and Martineau describes the rock coming out of the ground as mineralized material. It will be the rock used for the bulk sample. “Unlike the situation with many mines we don’t have to sink an expensive shaft before we can reach the mineralized zones. We are basically using local contractors to dig through to the target structures.”

“We hope to have a 43-101 ready by spring 2016.” said Martineau. “The objective of this first reserves/resources report is to apply for a mining permit and prepare a first production.“ As Dynacor is actually building a brand new 300 t/d mill in Chala, which is expected to be in operation in the second quarter of 2016, the actual Metalex mill could be available to be used as a pilot plant and, eventually to process ore coming out of Tumipampa in a first step. This will give the company time and money to finance the development of Tumipampa and build a larger new mill on the property.

“With more than 20 mineralized mantos and veins identified today, we are confident that this part of the property could host and important deposit.” Which would, in itself, make a very interesting mining prospect. However, the Tumipampa property also includes a large skarn and porphyry formation bearing copper and gold. “We are surrounded by gold and copper.” said Martineau, “It is disseminated mineralization. Very similar to the Constancia property being developed nearby by Hudbay Minerals. We’re exploring this structure and we will look in the future at all options available to develop this project if it appears viable.”

Having the cash coming in from its milling operations gives Dynacor a tremendous advantage. “We’ve looked at going to the market to raise funds; but, for example we looked in 2011 and the market was down so we decided not to. We’ve spent between 10 and 15 million dollars on the property so far. This year we’ll spend about 4 million. But we want to avoid dilution.”

With only 36.5 million shares outstanding and a market cap of $68.6 million, Dynacor doesn’t need to go to the market to finance advancing its project. Dynacor’s management and Board hold between 11 and 13% of the shares on a fully diluted basis and several institutions hold positions ranging from 3-7%.

“We don’t have any obligation to finance to survive. We make money from our mill.” said Martineau. In the current market it is an enviable position for a junior exploration company to be in.

Dynacor Gold Mines Inc. Discovers new structures

TSX : DNG
OTC PINK : DNGDF


Dynacor Gold Mines Inc.
October 15, 2015 06:55 ET

Dynacor Discovers New Manto Structure and Receives Additional High Grade Gold Assays at Tumipampa, Peru
MONTREAL, QUEBEC--(Marketwired - Oct. 15, 2015) - Dynacor Gold Mines Inc. (TSX:DNG)(OTC:DNGDF) (Dynacor or the Corporation) is pleased to announce new results from its underground exploration campaign at Tumipampa. The results have confirmed both to the NW and to the NE of the Manto Dorado the presence of significant high grade gold and copper mineralization.
Exploration Highlights
Manto Dorado: Assay results have been received from an ongoing sampling program where previously channel samples from the Manto Dorado roof assayed an average of 36.48 g/t Au over 4.85 meters. Additional channel samples were taken in a new 19-meter long drift (Drift #190SW) and returned an average grade of 8.5 g/t Au over an average width of 1.35 m (including a channel sample grading 23.46 g/t Au);

Manto Nelly (A newly discovered mineralized structure): An 18-meter Drift # 190NW was excavated into the Manto and channel sampled revealing, an average grade of 4.8 g/t Au including a channel sample grading 12.51 g/t Au. 5.08 oz/t Ag and 2.32% Cu over 1.20 m;

Manto Nazareno: Raise #900 was extended for an additional 16 meters and channel sampled. Raise #900 now has a total length of 31 meters and an average gold grade of 8.87 g/t and 0.59 % copper;

Lisa vein: Excavation of a Raise #905 in the Lisa vein is underway. The raise is being excavated upwards from a 5-meter segment of Drift #910SW in the Lisa vein that had an average grade of 16.11 g/t gold over 1.94 meters including 55.60 g/t Au (uncut assay) over 0.90 m (see Press Release May 7. 2015).
The complete results for the Manto Dorado (Drift #190SW) are given in Table 1. the Manto Nelly (Drift #190NW) in Table 2 and for Manto Nazareno (Raise #900) in Table 3. Figures 1 and 2 give a composite view of level 350 showing the location of the mineralized Mantos as well as Drifts #190SW and #190NW and Raise #900 and Raise #905. All the reported channel sample and structure widths are true widths.
Results
Manto Dorado
From the 170-meter mark along cross-cut 330NW a 125-meter long by-pass gallery was excavated in order to reach the rich mineralization found in the Manto Dorado intercepted by drill hole HDD07-2015 grading 10.21 g/t Au over 3.69 m and the Manto Dorado split grading 3.99 g/t Au over 2.70 m (Press Release July 16. 2015).
From the end of the by-pass a 19-meter long drift (Drift #190SW) was excavated into the Manto Dorado and 15 channel samples returned an average grade of 8.50 g/t Au. 1.95 oz/t Ag and 0.80% Cu over an average width of 1.35 m. including a channel sample grading 23.46 g/t Au. 1.25 oz/t Ag and 1.70% Cu over a width of 0.70 m (see Table 1 and Figure 1).
Manto Nelly
At the very end of Drift 190SW. a new mineralized structure was discovered (Manto Nelly) which is orientated N49°W. An 18-meter long drift (Drift #190SW) was excavated along Manto Nelly and channel sampling returned an average grade of 4.80 g/t Au. 1.46 oz/t Ag and 0.80% Cu over an average width of 1.50 m. including a channel sample grading 12.51 g/t Au. 5.08 oz/t Ag and 2.32% Cu over a width of 1.20 m (Table 2 and Figure 1).
Manto Nazareno
In the Manto Nazareno, Raise #900 was further extended by an additional 16 meters since very positive gold and copper assays had been obtained in the first 15-meter segment which found an average grade of 12.14 g/t Au. 0.49 oz/t Ag and 0.80 % Cu with an average width of 1.44 meters. Very high grade channel samples included 118 g/t Au and 1.39 % Cu over 0.4 meters. 101 g/t Au and 0.69 % Cu over 0.45 m. and 6.35 g/t Au and 3.75 % Cu over 0.45 meters (for the full set of data refer to Press Release dated September 3. 2015).
Channel sampling in the additional 16-meter segment returned an average of 6.47 g/t Au. 0.32 oz/t Ag and 0.45% Cu. including a channel sample grading 25.80 g/t Au. 0.32 oz/t Ag and 0.03% Cu over 1.30 m (Table 3 and Figure 2).
All told thirty-two channel samples from 14 sampling sites were analysed along Raise #900 and the averaged results are given in Table 3. Over its entire 31-meters Raise #900 has an average gold grade of 8.87 g/t and 0.59 % copper over an average width of 1.46 meters.
To conclude, Alonso Sanchez, Dynacor's Chief Geologist recently commented "Our exploration results have clearly demonstrated the presence of high grade gold and copper mineralization in the SW and the NE extensions of the Manto Dorado. To the SW. Drill hole HDD07-15 led to the discovery of the Manto Raquel and a split of the Manto Dorado (see press release 16th of July 2015) as well as a an area of significant gold mineralization. These results have now been confirmed by the results obtained in Drift #190SW and the discovery of the Manto Nelly. To the NE. the spectacular results obtained in Raise #215 and Drift #190NE (see Press Release dated October 8. 2015 and December 19. 2013) also confirm very significant gold mineralization in the NE extension of the Manto Dorado. All told these results are very promising and Dynacor will continue to explore these areas by the excavation of additional drifts and raises during the coming months."
Sample Analysis and QA/QC procedures
The samples are sent to the internationally certified laboratory Certimin S.A. for analysis. Samples were assayed by ICP analysis and FAA gravimetric finish assay methods, Standards. blanks and duplicates are used in the sampling process as part of the QA/QC which is implemented and followed by Alonso Sanchez. Chief Geologist for Dynacor Gold Mines. B.Eng.
This Press Release has been read and approved by Alonso Sanchez. P. Eng. and Chief Geologist for Dynacor Gold Mines. He acts as the qualified person ("QP") for the Company and is a geologist affiliated to the American Institute of Professional Geologists (AIPG).
Table 1. Channel Sample Assays from Drift #190SW Manto Dorado, Tumipampa
Channel Sample No Width(m) Au (g/t) Ag (oz/t) Cu ( %)
10126 0.70 1.76 1.15 0.54
10127 0.70 4.96 1.12 0.24
10109 1.80 5.09 2.24 0.18
10129 1.60 14.00 3.73 1.08
10130 1.80 21.16 2.74 0.81
10111 1.50 1.27 0.06 0.01
10112 1.60 4.43 1.30 1.02
10113 1.80 6.76 2.40 1.55
10133 1.10 2.84 1.47 0.35
10116 1.00 13.96 1.19 1.14
10134 1.50 2.21 0.82 1.07
10118 1.50 6.09 0.42 0.35
10136 0.70 23.46 1.25 1.70
10119 0.80 9.03 5.11 2.14
10138 0.70 20.42 7.36 0.65
Weighted Average 19-meter Segment 1.35 8.50 1.95 0.80
Table 2. Channel Sample Assays from Drift #190NW Manto Nelly. Tumipampa
Channel No Width(m) Au (g/t) Ag (oz/t) Cu ( %)
10122 1.40 10.33 1.81 1.69
10100 1.20 6.89 3.76 2.54
10102 1.20 12.51 5.08 2.32
10105 1.80 5.32 0.83 0.18
10182 1.50 7.56 1.54 1.02
10107 1.30 4.98 0.55 0.15
10183 1.50 3.27 1.90 2.05
10198 2.00 3.70 0.59 0.20
10188 1.40 1.20 0.83 0.14
10199 2.10 1.14 0.68 0.15
10190 1.40 1.32 0.76 0.13
10282 1.90 3.67 0.83 0.23
10193 0.80 4.13 1.86 0.23
10194 2.00 4.24 0.83 0.07
10196 1.20 5.50 0.74 0.08
10197 2.00 2.02 1.72 0.26
Weighted Average in the 18-meter segment 1.50 4.80 1.46 0.80
Table 3. Channel Sample Assays from Raise-900 Manto Nazareno. Tumipampa
Distance along Raise-900 (meters) Width (m) Au (g/t) Ag (oz/t) Cu ( %)
September 2015 Data published in September 2015
0 1.40 0.97 0.33 0.61
3 1.20 2.61 1.10 0.57
6 1.75 26.34 0.19 0.19
9 1.30 0.87 0.33 1.28
12 1.60 3.33 0.74 1.67
15 1.40 34.27 0.34 0.48
Weighted Average 15-meter segment 1.44 12.14 0.49 0.80
October 2015 Width (m) Au (g/t) Ag (oz/t) Cu ( %)
17 1.30 5.06 0.35 0.37
19 1.50 2.05 0.58 0.94
21 1.80 5.17 0.22 0.82
23 1.55 2.18 0.19 0.26
25 1.60 2.02 0.30 0.84
27 1.40 9.65 0.49 0.08
29 1.30 25.80 0.32 0.03
31 1.35 2.74 0.14 0.00
Weighted Average 16-meter segment 1.48 6.47 0.32 0.45
Weighted Average 31-meter segment 1.46 7.36 0.40 0.62
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold ore-processing and exploration Corporation active in Peru since 1996. The Corporation differentiates itself from pure exploration companies as it generates income from its wholly owned ore-processing plant. Dynacor's basic share count at 36.5 million outstanding is in the lowest quartile of the resource sector. The Corporation's assets include three exploration properties, including the advanced high-grade gold Tumipampa property and an operating 85.000 TPA gold and silver ore processing mill at Metalex-Huanca. The Corporation obtained its permit to construct a brand new 300 tpd mill in Chala Peru. This represents an important milestone for the Corporation's future growth. The Corporation's strength and competitive advantage comes with the experience and knowledge it has developed while working in Peru. Its pride remains in maintaining respect and positive work ethics toward its employees. partners and local communities.
FORWARD LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements. which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor. or industry results, to be materially different from any future result. performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
Dynacor Gold Mines Inc. (TSX:DNG)
Website: http://www.dynacorgold.com
Twitter: http://twitter.com/DynacorGold
Facebook: http://www.facebook.com/pages/Dynacor-Gold-Mines-Inc/222350787793085
Shares outstanding: 36 516 736
To view the images accompanying this press release, please visit the following links:
Figure 1: http://media3.marketwire.com/docs/dynFigure1.jpg
Figure 2: http://media3.marketwire.com/docs/dynFigure2.jpg
CONTACT INFORMATION
Jean Martineau
President and CEO
Dynacor Gold Mines Inc.
T: 514-393-9000 Ext. 228

Dale Nejmeldeen
Investor Relations
Dynacor Gold Mines Inc.
T: 604.492.0099
M: 604.562.1348
nejmeldeen@dynacor.com

Dynacor Gold Mines Inc.
October 08, 2015 10:15 ET

Dynacor-Tumipampa: A Raise in the Manto Dorado Returns 27.26 g/t (0.88 oz/t) Gold and 2.19% Copper Over 35 Meters

MONTREAL, QUEBEC--(Marketwired - Oct. 8, 2015) -
Note to editors: Three graphs and an image are included with this press release on Marketwired's website.

Dynacor Gold Mines Inc. (TSX:DNG) (OTC:DNGDF) (Dynacor or the Corporation) is pleased to announce sampling results of a raise excavated in the Manto Dorado on the Tumipampa project, Peru.

Channel sampling in a raise within the Manto Dorado has exposed a massive (35 meters) high-grade gold-bearing band of copper sulphides. A further 60 meters of excavation of this highly mineralized raise is underway in order to reach the surface. To date, 35 meters have been excavated and the raise (#215) has an average gold grade of 27.3 g/t (0.88 oz/t) and 2.19% copper and an average width of 1.2 meters. The results include twelve (12) channel samples with uncut gold assays between 31.1 g/t (1 oz/t) and 76.2 g/t (2.45 oz/t) and including fifteen (15) channel samples with uncut copper assays between 2% and 8.7%. (see Figures 1 and 2).

Jean Martineau, Dynacor's President and CEO has stated "We are very happy to see the assays demonstrate the rich grades of gold and copper in this latest set of results from the Manto Dorado. Additional underground exploration results are pending and will be published as soon as they are ready. Thereafter, we are planning to test run at the Huanca-Metalex plant a large bulk sample of approximately 1,500 metric tonnes of mineralized material from Tumipampa."
Results

Raise-215 was excavated from the 27.5-meter mark along a 45-meter drift (Drift-190NE) orientated N45°E that was excavated in the Manto Dorado structure. The first 26.0 m of the Drift-190E returned high gold grades of 27.8 g/t Au and 1.69% Cu over a width of 1.5 m. Raise-215 was excavated in two steps. Six (6) meters in 2013 which returned an average grade of 21.6 g/t Au, and 2.14% Cu over an average width of 1.01 m (see press release dated December 19, 2013) and was recently extended a further twenty-nine (29) meters in 2015 adding up to a total of 35 meters (see Figure 3).

All told thirty-seven channel samples were analysed along Raise-215 and the detailed results are given in Table 1. Raise-215 has an average gold grade of 27.3 g/t (0.88 oz/t) and 2.19% copper over 35 meters with an average width of 1.2 meters. Certain channel samples had very high grades of up to 76.2 g/t Au (2.45 oz/t) and 8.7% copper (see Photo 1, below). Two graphs showing the gold and copper grades along the entire 35-meter raise are given in Figure 1 and 2 above.
Sample Analysis and QA/QC procedures

The samples are sent to the internationally certified laboratory Certimin S.A. for analysis. Standards, blanks and duplicates are used in the sampling process as part of the QA/QC that is implemented and followed by Alonso Sanchez, Chief Geologist for Dynacor Gold Mines, B.Eng.

This Press Release has been read and approved by Alonso Sanchez, P. Eng. and Chief Geologist for Dynacor Gold Mines. He acts as the qualified person ("QP") for the Company and is a geologist affiliated to the American Institute of Professional Geologists (AIPG).

Table 1. Channel samples from Raise-215 with data from 2013 and 2015
Distance along
Raise-215 (m) Width (m) Au (g/t) Au (oz/t) Cu (%)
Data published in December 2013
0.75 1.40 6.40 0.21 0.37
1.50 0.70 15.72 0.51 2.21
2.25 1.30 12.97 0.42 0.67
3.00 0.45 28.94 0.93 8.66
3.75 0.90 43.51 1.40 7.54
4.50 1.60 22.08 0.71 1.11
5.25 0.80 36.95 1.19 1.35
6.00 0.90 22.59 0.73 0.84
Weighted Average 6 m
segment 2013 data 1.01 21.64 0.69 2.14
2015 Width (m) Au (g/t) Au (oz/t) Cu (%)
7 1.6 42.2 1.36 3.52
8 1.6 22.2 0.71 2.28
9 1.7 20.2 0.65 0.29
10 1.3 7.6 0.24 1.30
11 1.3 11.4 0.37 1.77
12 1.1 25.6 0.82 4.98
13 1.2 47.8 1.54 3.23
14 1.3 39.8 1.28 2.68
15 1.0 23.1 0.74 6.73
16 1.3 23.2 0.75 2.54
17 1.3 24.0 0.77 3.26
18 1.2 12.1 0.39 1.29
19 1.2 8.9 0.29 0.64
20 1.3 59.0 1.90 1.87
21 1.3 3.1 0.10 0.39
22 1.2 43.6 1.40 3.22
23 1.2 36.0 1.16 1.21
24 1.3 53.6 1.72 4.43
25 1.2 51.8 1.66 1.25
26 1.1 8.7 0.28 1.53
27 1.2 66.4 2.14 4.86
28 1.1 76.2 2.45 3.28
29 1.1 29.0 0.93 2.29
30 1.1 31.6 1.01 2.64
31 1.2 3.4 0.11 0.78
32 1.2 31.2 1.00 0.72
33 1.1 4.1 0.13 0.87
34 1.1 9.8 0.32 0.12
35 1.3 11.8 0.38 1.13
Weighted Average 29 m
segment 2015 data 1.24 28.52 0.92 2.20
Weighted Average total 35m Raise-215 1.19 27.26 0.88 2.19

ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold ore-processing and exploration Corporation active in Peru since 1996. The Corporation differentiates itself from pure exploration companies as it generates income from its wholly owned ore-processing plant. Dynacor's basic share count at 36.5 million outstanding is in the lowest quartile of the resource sector. The Corporation's assets include three exploration properties, including the advanced high-grade gold Tumipampa property and an operating 85,000 TPA gold and silver ore processing mill at Metalex-Huanca. The Corporation obtained its permit to construct a brand new 300 tpd mill in Chala Peru. This represents an important milestone for the Corporation's future growth. The Corporation's strength and competitive advantage comes with the experience and knowledge it has developed while working in Peru. Its pride remains in maintaining respect and positive work ethics toward its employees, partners and local communities.
FORWARD LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.

Dynacor Gold Mines Inc. (TSX:DNG)

Website: http://www.dynacorgold.com

Twitter: http://twitter.com/DynacorGold

Facebook: http://www.facebook.com/pages/Dynacor-Gold-Mines-Inc/222350787793085

Shares outstanding: 36 516 736

To view the images accompanying this press release, please visit the following links:

Figure 1: http://file.marketwire.com/release/fig1_en.jpg

Figure 2: http://file.marketwire.com/release/fig2_en.jpg

Figure 3: http://file.marketwire.com/release/fig3_en.jpg

Photo 1 High grade mineralization in Raise-215, Tumipampa September 2015 :

http://file.marketwire.com/release/Photo%201%20High%20grade%20mineralization%20in%20Raise-215%20Tumipampa%20September%202015.JPG

CONTACT INFORMATION
Jean Martineau
President and CEO
Dynacor Gold Mines Inc.
514-393-9000 Ext. 228

Dale Nejmeldeen
Investor Relations
Dynacor Gold Mines Inc.
604.492.0099 / M: 604.562.1348
604.608.9223 (FAX)
nejmeldeen@dynacor.com

near term outlook
Exploration Tumipampa

Drill results coming from the Manto Dorada, Manto Nazareno & Lisa Vein in october

- 4+ holes were drilled into these structures from the surface and results from these structures are also coming from underground inside the crosscut.

Drill results coming from the surface of the new outcrop findings

Crosscut #1 - Sept 3rd news release said they have crosscut 622metres out of the total 675 they set to go. 53 mtres to go. At 3 mtrs/day means they have finished the cross cut now.

Now that the cross cut is finished they should be building the drilling room, which they will use to to further explore the Manto Dorado, Manto Nazareno and Lisa Vein to test the depth and further the length and discover the enrichment/ bonanza zones.

This drill room will also be instrumental in shoring up our first NI-43 101.

Crosscut #2 - Total length is 485 mtrs, it is currently excavated to 183 mtrs. On sept 9th they reached the NE extension of the Manto Dorado, so these results are just around the corner too.

Using an excavation rate through the crosscut of 3 mtrs per day DNG has aprox 90 days to go before they get to the end of the 2nd crosscut. There is very good potential new structures will be discovered along the way.

SKARN
Excitment is building from recent surface sample discoveries on zone 3&4 of the skarn, which are being drilled now. This is very exciting because the structure and findings are noted by a geologist from a nearby discovery as being exactly like what he discovered on there well known property.

ORE PRODUCTION DIVISION

Chala - (the brand new cost efficient production facility)
Expecting photo update in October
Construction progress update coming in October

Huanca- (exisitng 300tpd production faciltiy)
3rd quarter production & operations news update coming in October
construction update coming in October
Louse James, analyst from Casey Research visited Chala & Tumipampa at the end of September (report coming soon)

As you can see there is much going on in quarter 4.

I expect all of the this news and the completion nearing at Chala to reignite this stock ....it looks like that is happening already...

this week should be interesting.

WHAT, HAPPEN TO THIS BOARD, THIS STOCK IS A MONEY MAKER.

cash flow will rule

dynacor is averaging about 16% profit margin over the last ten years. their projections of 45,000 oz in 2011 at roughly $1500 gold would give $67.5 million in revenue. In 2012 the company would like to add another mill of approximately 300 tpd to their portfolio. if they can execute this expansion, production could essentially ramp up to over 500 tpd in 2012. think about it... 500 tpd would produce about 125,000 ounces at a head grade of .77 oz/t. if gold averages $2000/oz in 2012, dynacor's revenues at 500 tpd would be $250 million.

$250 million in revenue at the avergage of 16% equates to $40 million. considering in the last two reporting years the company improved its profit margin to 19%, one could believe profits of $50 million and more is in the cards.

$50m divided into $35 million o/s is $1.43 profit per share.

analyst nicholas campbell from canaccord recently mentioned 2012e cash flow per share in junior producers is averaging 9.5 times. i expect 9.5 times to be blown out of the water as we move closer to the end of the year. in fact i would venture to predict we will see at least 20 times cash flow per share for the junior producers before the year is over.

hearing news is imminent from production and exploration. when the drills start up again it could get ineteresting... and think of the reaction if they announce a new cross cut campaign is in the works...

let's see: 500 tpd from gold production, drills turning at tumipampa and a new underground mine development plan... nice for a company with 35 million shares out.

i think dng will awaken from its summer time hibernation without warning.

long and strong

Dynacor Gold Mines Reports an Adjusted EBITDA of $2.1M in Q2-2011
Date : 08/15/2011 @ 7:00AM
Source : MarketWire Canada
Stock : Dynacor Gold Mines Inc. (DNG)

http://www.marketwire.com/press-release/dynacor-gold-mines-reports-an-adjusted-ebitda-of-21m-in-q2-2011-tsx-dng-1549356.htm

Sales during the second quarter surged to $18.1 million compared to sales of $8.8 million in the second quarter of 2010, an increase of 106%. Dynacor sold 11,530 ounces of gold compared to 7,234 ounces in the second quarter of 2010, an increase of 59%.


WOO HOO!!! For the complete release, click the link above...

When this 7/22 headline came out, one would think a run would have ensued... NOT!!!

Dynacor Gold Mines: Announces Record Gold (21,734 ounces) and Silver (40,416 ounces) Production From Custom Milling for the Firs
Date : 07/22/2011 @ 10:16AM
Source : MarketWire Canada
Stock : Dynacor Gold Mines Inc. (DNG)

http://ih.advfn.com/p.php?pid=nmona&article=48542070


So, I take it this way... a buying opportunity is near!

Friday was a nice 4% pop... more to come by year end!!!

You just did FJ haha!

Will be digging into this one

(sorry for stalking ya!!!)

Maybe I can make a box and raise some interest...

Folks don't have this radared yet... they will!

Unbeatable headline: Dynacor Generates $3.1 M in Cash Flow from Operations in Fiscal 2010 and Names New CFO

Montreal, March 31, 2011

http://www.dynacorgold.com/index.php?option=com_content&task=view&id=244&Itemid=70

Terrific business model favors shareholders.

I was recently in Peru. I had an opportunity to tour the Dynacor head office in Lima and visit the Acari mill 9 hrs south of the capital. I met the senior management and was able to engage in several informative meetings with the head geologist Alonso Sanchez and President/CEO Jean Martineau. These guys are very excited about the prospects of Tumipampa and the future expansion plans for the mill and company.



Peru is buzzing with economic excitement and you can see signs of the mining industry everywhere. No wonder, considering 50% of the country's industry comes from mining. The government just recently announced it is almost doubling its mining budget, which would increase their portfolio of mining from $24 billion to $42 billion. More than 200 junior mining companies, the majority of which are Canadian, are currently exploring for resources throughout the country.



Tumipampa is Dynacor's flagship property located close to Las Bambas; Xstrata is currently investing $4.2 billion into their property. The money is flowing into this area right now and I am told that Tumipampa is being watched closely by the industry and the Chinese. China is now Peru's number one trading partner.



Currently at the Tumipampa skarn, zone two of the four zones currently targeted for the first drill campaign has been drilled (drill hole two & three are in the lab). The geologist made it very clear that zone four and three (in order of most probable) are the targets he is most excited about (these zones had the largest outcroppings and the most significant anomalous samples). Zone 4 is next to be drilled (drill rig is there now) and then followed up with zone three and zone one. He expects to be drilling with one rig for now; after the rainy season, perhaps as many as four more rigs will be brought to the project.



Sanchez feels there is a minimum of 200mt to a maximum of 1bt of ore at the Tumipampa skarn, which include both significant gold and copper mineralization at grades of 0.30 - 1.4 g/t gold and 0.40 - 1.2% copper. I crunched the numbers for the skarn range predicted, using Hudbay's latest acquisition of Norsemont's Constancia's
.10/lb as a comparable for copper and 7% of gold spot price for gold and I got $368M to $7.1B.



He felt he should have a good understanding of how many tones Tumipampa has by the summer/fall. By this time they will have all the diamond drill results of all four zones complete. We should be looking for drill results that are higher than 0.30% copper, which seems to be the cut off for other copper skarn mines in the area. If the drill results are higher than .3% then it's economic. As for gold anything over 0.05% g/t would be realistic for a large bulk minable deposit.



Now you are most likely wondering....well how good is the geologist? I did some research on Alonso Sanchez and found that he is not only a geologist, but actually a sought after economic geologist. Sanchez has 10 years of experience with NYSE listed Buenaventura where he worked in both the exploration and mining division of the firm. This may explain his strategy of wanting to crosscut into Tumipampa's fifteen veins for immediate production, cash flow and additional intercepts through the development of the adit. Buenaventura is known for this method of production and exploration throughout the country.



I found out that the geologists in the area compare notes and was glad to hear that Sanchez went to Norsemont (recently bought out by Hudbay Minerals for $520 million - 277mt at .43% cu), Las Chances (Southern Copper) and Las Bambas (Xstrata) with his findings and samples and discovered that what he found at Tumipampa was identical to what they had discovered on their properties, except Tumipampa is indicating more gold. Sanchez stopped at Bonaventura to confirm his findings where he worked previously for 10 years and maintains an ongoing relationship with their team.



It was interesting to find out Tumipampa has disseminated mineralization on the property showing same characteristics as Barrick's Laguna Norte deposit that still needs to be explored with possibly one or two drill holes this fall. There are also fifteen gold veins discovered now and I was told these veins alone have 1-1.5 million ounces of gold. Martineau explained that it would not take much to set up a mill like the one they have at Acari and start producing their own gold out of the Tumipampa veins within 18 months. I felt he was seriously thinking of this, but had a better sense that this property could be sold before they could get this done if it reaps the rewards they expect. While sitting down for coffee, he mentioned he would like to retain the 100% ownership of the veins, disseminated, milling business and Casaden by way of spinning out a new company after selling the skarn separately. The original shareholders of DNG would of course be rewarded with new shares of the new co.



As for the trip to Acari...it was a long, very dusty, cliff hanging rugged road through the mountains to the mill. The mill was under tight security. Once inside, I got a full tour of the operations. Prior to my visit, I questioned the availability of ore to the mill. The last thing you want to do is run out of ore. No ore means no gold which means no cash flow. To my satisfaction, they had over 3000 tones of ore sitting waiting to be processed and the trucks just kept arriving with more ore over the two hours I was there. I was told 9-12 trucks arrive on a daily basis. It was confirmed that there is never a shortage of ore due to the hundreds of thousands of producers throughout the country that do not have the ability to process their own ore.



I often wondered about mill maintenance. With all the moving parts in a mill, it's would be easy for mechanical breakdowns...no mill means no gold which means no cash flow again. I was quick to learn there is a full mechanical staff at the site. It also seemed like every 2nd shop in every town along the route from Lima to Acari had a machine repair shop of some sort. While at the mill, I was told that one of the 3 ball crushers was failing and that another larger ball mill was already on order from Lima. It pays to have a mill in a country in which 50% of the industry is mining because everything is right there when you need it. Out of all the South American countries, the Peruvians have the best work ethic. They work hard; their priorities in life are to own their own home and educate their children. This says a lot about the future of Peru.



I also found out that permits have been submitted for a new mill. Apparently DNG owns property that is very close to the fully paved Pan American highway. The plan is to move the existing mill to the highway property within the next 18 months. This new location will allow access by large semi 18 wheel trucks therefore increasing the amount of ore that can be delivered to the property. This new mill will be built to process over 300tpd.



I don't think there are any companies out there currently cash flowing 10M and having a market cap of 55M, with a drilling campaign currently on that could have similar potential to Norsmont (recently taken over by Hudbay Minerals for $520M), Antares Minerals (recently taken over by First Quantum late 2010 for $460M). Additionally, consider Las Bambas mine, owned by Xstrada, being very close to their property in which $4.2B is being invested.



With 70% of this stock being held mostly by institutions such as Sprott, AGF, Trapeze and Sabretooth Master Fund from NY (they have been insider buying recently). There are definitely strong supporters behind this company.



2010 annual report and Q1 are looking like they will be positive news releases for Dynacor.

I just met with the CEO and he explained to me that the surface and channel samples that were taken during Q4 2010 are positive and consistent with all prior samples. This is great news because there are well over 1000 samples now that have proven positive that Tumipampa is sitting on something big. This information will be disclosed in a news release very soon.

I also asked him about Tumipampa and why everyone is so excited about the property. Boy did he light up...body language and facial expressions tell a 1000 words alone, not including that he told me they have been exploring the property since 2000. Most people do not realize there is over 10 years of exploration on the property already. They have drilled the property and found a lot of rich gold veins, and more recently discovered the highly mineralized scarn, which is 4.2kmX1.2 kms. From the geologist eyes, it's like the perfect storm or all the stars have aligned.

The drills are turning on the scarn and there is a big push to get results published asap. The current drilling campaign will unveil the full potential of the scarn within the next 8 months.
If the first drill results are positive DNG will add subsequent drills to speed up the campaign.

One thing Mr Martineau pointed out, which sticks in my head and brings me great comfort this stock will hold it value, is their custom milling operation business model at Acari is a fully operational business on its own. It does not matter if they have any properties to explore! This mill is penned out to bring in over 9 million dollars gross cash margin in 2011. You work with these numbers and you will find that at the current share price the company is still very undervalued.

Hr Martineau explained that high grad viens that already have been discovered at Tumipampa could be used for their owm mine prouction, thus increasing profit margins considerably. A new mill like Acari would have to be built at Tumipampa for this.

He mentioned they are adding another cyanidation tank to the mill at Acari, which will advance the tpd from 165 to 180. This means more cash in the bank to continue the already enormous drilling/exploration campaign and give further support to the stock price and company value.
Mr. Martineau has been with the company since 1996. He is sincerely passionate and knowledgeable about the company and I can confidently say he has the shareholders best interest in mind.

I just met with the CEO and he explained to me that the surface and channel samples that were taken during Q4 2010 are positive and consistent with all prior samples. This is great news because there are well over 1000 samples now that have proven positive that Tumipampa is sitting on something big. This information will be disclosed in a news release very soon.

I also asked him about Tumipampa and why everyone is so excited about the property. Boy did he light up...body language and facial expressions tell a 1000 words alone, not including that he told me they have been exploring the property since 2000. Most people do not realize there is over 10 years of exploration on the property already. They have drilled the property and found a lot of rich gold veins, and more recently discovered the highly mineralized scarn, which is 4.2kmX1.2 kms. From the geologist eyes, it's like the perfect storm or all the stars have aligned.

The drills are turning on the scarn and there is a big push to get results published asap. The current drilling campaign will unveil the full potential of the scarn within the next 8 months.
If the first drill results are positive DNG will add subsequent drills to speed up the campaign.

One thing Mr Martineau pointed out, which sticks in my head and brings me great comfort this stock will hold it value, is their custom milling operation business model at Acari is a fully operational business on its own. It does not matter if they have any properties to explore! This mill is penned out to bring in over 9 million dollars gross cash margin in 2011. You work with these numbers and you will find that at the current share price the company is still very undervalued.

Hr Martineau explained that high grad viens that already have been discovered at Tumipampa could be used for their owm mine prouction, thus increasing profit margins considerably. A new mill like Acari would have to be built at Tumipampa for this.

He mentioned they are adding another cyanidation tank to the mill at Acari, which will advance the tpd from 165 to 180. This means more cash in the bank to continue the already enormous drilling/exploration campaign and give further support to the stock price and company value.
Mr. Martineau has been with the company since 1996. He is sincerely passionate and knowledgeable about the company and I can confidently say he has the shareholders best interest in mind.

Check out this NEW video clip coverage on DNG!

http://www.investmentpitch.com/media/763/Dynacor_Gold_Mines_TSX:_DNG_News_Alert/

I have been following Dynacor for 2 yrs and have been consistently
adding it to my holdings over the last year. I will continue to load
up.... I'm long and confident this stock will continue it's positive
performance. Here is why... and in no particular order of importance.

1/ DNG owns a "cash flow machine" the "Acari custom milling plant"
located in Peru . Simply put, they purchase ore from local ma and pa
miners and process it at the Acari mill.

They are ramping up gold sales production to full capacity of 180
tonnes per day in 2011; this should generate between 45-50,000 ounces
of gold sales while maintaining a healthy $200+/oz of cash gross
margins (as compared to last quarter reported $237/oz) for a gold> exploration company.
This works out to 10 - 12 mill gross cash profit in 2011! Which
brings me to point #2.

#2 - share dilution - there isn't any!

That`s right, DNG does NOT dilute share holdings, they have a fully
operational business that earns income and protects the value of your
shares.

I don't know any other jr. exploration company that has cash flow.
Most have to issue more shares to fund their habit. This continually
de values the shares of the initial investors. Over time there ends up
being so many shares that the company is virtually worthless. This is
the Achilles heel of jr exploration companies!

DNG is fully diluted at 39 million shares.( 59% are held by major
institutions and insiders)

#3- Cash flow from the Acari mill is funding a $5.4 million drilling
campaign in 2011 - should see 1st results very soon.

#4-Their 3 properties in Peru. Tumipampa, Casaden and Acari.

Tumipampa their flagship property is located in a "hot spot". Its
located on one of the riches copper/gold belts in Peru and is
surrounded by world class deposits - xstrata's las bambas and southern
copper's los chances. Several publicly traded companies in the area
have been recently bought out or are presently in negotiations.

As NYC Jay Taylor quoted in his last news letter " Dynacor's flagship
Tumipampa property could become a world-class gold-copper deposit." He
says the company's market capitalization could increase by a factor of
10 or even 50 if this potential is realized."

DNG was his #1 stock pick and he also claimed it has the potential to
be a" moon shot". My buying decision does not come from JT, but his
research supports my findings. It also doesn't hurt that JT has a
loyal following which he has built over 20 plus years, which clearly
has an impact and helps get the story out there. He also gave DNG a
glowing report in his last interview on BNN.

Tumipampa has already shown very positive results as they have been
drilling and exploring since 2000 so they know what they are sitting
on (4.5km X 1.5km skarn deposit). The beautiful thing for investors NOW is,
nobody really knows about the company.

I would not be surprised if a big player buys out Tumipampa.

Casaden and Acari have a good story too, but all the emphasis is on
Tumipampa right now.

#5- Management - has stood the test of time. Over the past two years
that I have been following them, they have consistently under promised
and over delivered. Straight up management team out of Montreal. Their
objective is to build a strong solid company and they do NOT have a
p&d mentality.


6-Dynacor made the "top five" of Top Rebounding Canadian Stocks listed
on the Toronto Stock Exchange in 2010 as well as the "top ten" of Best-
Performing Canadian Stocks Year-to-Date list

http://www.nasd100.com/2010/12/top-rebounding-canadian-stocks-dec-26-2010.html

http://www.nasd100.com/2010/12/best-performing-canadian-stocks-year-to-date-dec-28-2010.html

Performance is important because it puts DNG on bigger players
radar.

#7-Market cap is less than other gold exploration companies in the
same region that do not have a dime to speak of in the way of cash
flow to fund their exploration campaigns. Additionally the company's
annualized price to cash flow ratio is quite undervalued when compared
to the gold industry average of 34 times.
http://finance.yahoo.com/news/Using-the-Price-to-Cash-Flow-zacks-4240796903.html?x=0&.v=1.

Dynacor offers the lower risk and value play of a solid cash flowing
business model while at the same time offers the potential to reap theexplosive rewards of an exploration stock via the drill results. The Company is truly in a niche of its own; therefore, market valuation,
in the opinion of many, is not yet justified.

Check out this NEW video clip coverage on DNG!

http://www.investmentpitch.com/media/763/Dynacor_Gold_Mines_TSX:_DNG_News_Alert/

I have been following Dynacor for 2 yrs and have been consistently
adding it to my holdings over the last year. I will continue to load
up.... I'm long and confident this stock will continue it's positive
performance. Here is why... and in no particular order of importance.

1/ DNG owns a "cash flow machine" the "Acari custom milling plant"
located in Peru . Simply put, they purchase ore from local ma and pa
miners and process it at the Acari mill.

They are ramping up gold sales production to full capacity of 180
tonnes per day in 2011; this should generate between 45-50,000 ounces
of gold sales while maintaining a healthy $200+/oz of cash gross
margins (as compared to last quarter reported $237/oz) for a gold> exploration company.
This works out to 10 - 12 mill gross cash profit in 2011! Which
brings me to point #2.

#2 - share dilution - there isn't any!

That`s right, DNG does NOT dilute share holdings, they have a fully
operational business that earns income and protects the value of your
shares.

I don't know any other jr. exploration company that has cash flow.
Most have to issue more shares to fund their habit. This continually
de values the shares of the initial investors. Over time there ends up
being so many shares that the company is virtually worthless. This is
the Achilles heel of jr exploration companies!

DNG is fully diluted at 39 million shares.( 59% are held by major
institutions and insiders)

#3- Cash flow from the Acari mill is funding a $5.4 million drilling
campaign in 2011 - should see 1st results very soon.

#4-Their 3 properties in Peru. Tumipampa, Casaden and Acari.

Tumipampa their flagship property is located in a "hot spot". Its
located on one of the riches copper/gold belts in Peru and is
surrounded by world class deposits - xstrata's las bambas and southern
copper's los chances. Several publicly traded companies in the area
have been recently bought out or are presently in negotiations.

As NYC Jay Taylor quoted in his last news letter " Dynacor's flagship
Tumipampa property could become a world-class gold-copper deposit." He
says the company's market capitalization could increase by a factor of
10 or even 50 if this potential is realized."

DNG was his #1 stock pick and he also claimed it has the potential to
be a" moon shot". My buying decision does not come from JT, but his
research supports my findings. It also doesn't hurt that JT has a
loyal following which he has built over 20 plus years, which clearly
has an impact and helps get the story out there. He also gave DNG a
glowing report in his last interview on BNN.

Tumipampa has already shown very positive results as they have been
drilling and exploring since 2000 so they know what they are sitting
on (4.5km X 1.5km skarn deposit). The beautiful thing for investors NOW is,
nobody really knows about the company.

I would not be surprised if a big player buys out Tumipampa.

Casaden and Acari have a good story too, but all the emphasis is on
Tumipampa right now.

#5- Management - has stood the test of time. Over the past two years
that I have been following them, they have consistently under promised
and over delivered. Straight up management team out of Montreal. Their
objective is to build a strong solid company and they do NOT have a
p&d mentality.


6-Dynacor made the "top five" of Top Rebounding Canadian Stocks listed
on the Toronto Stock Exchange in 2010 as well as the "top ten" of Best-
Performing Canadian Stocks Year-to-Date list

http://www.nasd100.com/2010/12/top-rebounding-canadian-stocks-dec-26-2010.html

http://www.nasd100.com/2010/12/best-performing-canadian-stocks-year-to-date-dec-28-2010.html

Performance is important because it puts DNG on bigger players
radar.

#7-Market cap is less than other gold exploration companies in the
same region that do not have a dime to speak of in the way of cash
flow to fund their exploration campaigns. Additionally the company's
annualized price to cash flow ratio is quite undervalued when compared
to the gold industry average of 34 times.
http://finance.yahoo.com/news/Using-the-Price-to-Cash-Flow-zacks-4240796903.html?x=0&.v=1.

Dynacor offers the lower risk and value play of a solid cash flowing
business model while at the same time offers the potential to reap theexplosive rewards of an exploration stock via the drill results. The Company is truly in a niche of its own; therefore, market valuation,
in the opinion of many, is not yet justified.