What Dynacor Group does

Dynacor Group (TSX: DNG) is a Canadian industrial gold ore processor founded in 1996 and headquartered in Montreal. The company purchases gold ore from artisanal and small-scale miners (ASM), processes it at dedicated facilities, and sells refined gold at market prices to luxury jewelers and bullion buyers. Its core operation is the 500-tonne-per-day Veta Dorada plant in Chala, Peru, which currently generates 100% of company revenue. Dynacor's differentiated offering is PX Impact® certified ethical gold, which carries a premium price from luxury jewelry buyers; the premium proceeds fund the Fidamar Foundation, an NGO supporting health and education in Peruvian mining communities. The company also holds two Peruvian gold exploration properties (Anta and Tumipampa).

Dynacor's primary proprietary technology is the Mineral Management System (SGM), an internal verification platform for mineral traceability and supply chain auditing of artisanal mining operations. Revenue is generated through the spread between ore purchase costs and realized gold sales prices (an average $3,494/oz in 2025), with incremental premium income from PX Impact® sales. The company operates an enterprise field-sales motion with direct B2B relationships: one side purchases ore from formalized ASM communities, the other sells ethical gold to luxury jewelers. Certifications supporting the model include International Cyanide Code, Great Place to Work (Veta Dorada), and GRI/SASB-aligned annual ESG reporting.

The company is in active international expansion. In July 2025 Dynacor acquired the Svetlana processing plant in Ecuador for $9.75M (ramp to 300-500 tpd, first ore Q4-2026), and is constructing a 50-tpd pilot plant in Kédougou, Senegal (first ore Q2-2026). A 12-month MOU joint venture with Ghana-based Ansong Askew Ltd. (August 2025) and parallel GoldBod discussions signal further West Africa expansion. Management guides 2026 sales to $530-$580M and targets $1B by 2030. Leadership transitioned in June 2026: Daniel Misiano succeeded Jean Martineau as CEO, and Réjean Gourde became Board Chair. The company has paid 65+ consecutive monthly dividends and faces active governance engagement from 10% shareholder iolite Capital.

Name

Dynacor Group

Legal name

Mines d'Or Dynacor Inc.

Website

https://dynacor.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Dynacor Group is a Canadian industrial gold ore processor that purchases ore from artisanal and small-scale miners, processes it at dedicated plants, and sells refined gold — including PX Impact® certified ethical gold — to luxury jewelers and bullion buyers, with operations in Peru and expansion into Ecuador, Senegal, and Ghana.

Ownership category

akta.pro rank

Product category

Gold Ore Processing and Refining

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Plant Operations, Control & Optimization (Metallurgical Accounting, APC, Digital Twins) (IMAKALAJ)

Keywords

• Gold ore processing
• Artisanal mining services
• Ethical gold production
• Precious metals refining
• Mineral traceability solutions

Headquarters

HQ city

Montréal

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Ore Processing and Sales: Dynacor purchases gold ore from artisanal and small-scale miners (ASM), processes it at its facilities, and sells the refined gold at market prices. Revenue is generated through the margin between ore purchase costs and gold sales prices, with additional premium revenue from certified PX Impact gold sales to luxury jewelers.
2. Gold Exploration Property: Dynacor owns and operates gold exploration properties in Peru (Anta and Tumipampa), which may generate future revenue from identified mineral resources.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Dynacor Group is an industrial gold ore processing company that purchases gold ore from artisanal and small-scale miners (ASM), processes it at its own facilities (Veta Dorada in Peru, Svetlana in Ecuador, and a pilot plant in Senegal), and sells refined gold to global markets, including premium-priced PX Impact® certified ethical gold to luxury jewelers. Revenue is generated from the margin between ore purchase costs and gold sales prices, plus premiums paid for traceable, ethically-sourced PX Impact® gold.

Product overview

Dynacor Group is an industrial ore processing company dedicated to producing gold sourced from artisanal and small-scale miners (ASM). The company operates a portfolio of processing facilities: the Veta Dorada plant in Peru (500 tpd capacity) serves as the core operation, while the Svetlana Plant in Ecuador (being ramped to 300-500 tpd) and the Senegal Pilot Plant (50 tpd) represent international expansion. Dynacor's flagship product is PX Impact® Gold, an ethically-certified gold product with traceable supply chain standards, where premium pricing supports community development through the Fidamar Foundation.

Differentiator

Problem solved

Functional benefit

Brands

• PX Impact®: Ethically sourced gold certified by Dynacor, with premium paid by luxury jewelers going to Fidamar Foundation for health and education projects in Peruvian artisanal mining communities
• Veta Dorada
• Fidamar Foundation

Products and services

• Gold Ore Processing Services Industrial-scale gold ore processing service for artisanal and small-scale miners (ASM) operating legally in Peru, Ecuador, and Senegal. Ore is purchased from formalized ASM cooperatives, processed at company-owned plants (Veta Dorada 500 tpd in Peru, Svetlana ramping to 300-500 tpd in Ecuador, 50 tpd pilot in Senegal), and refined into saleable gold. Includes traceability verification through the Mineral Management System (SGM) and access to formal markets, fair pricing, and technical support for miner partners.
• PX Impact® Certified Ethical Gold Premium-priced, ethically-sourced gold product certified by Dynacor with traceable supply chain credentials. Sold to luxury jewelry manufacturers who pay a market premium for ESG-verified gold, with the premium proceeds directed to the Fidamar Foundation to fund health and education projects in Peruvian artisanal mining communities.

Quantifiable outcome

• Record sales of $397.6 million in 2025, exceeding initial guidance for third consecutive year
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core and strategic.

• Ansong Askew Ltd.coreStrategic or Co-development Partner · 1 August 2025Dynacor signed a 12-month Memorandum of Understanding (MOU) joint venture agreement with Ghana-based Ansong Askew Ltd. for operations in Ghana. The partnership is part of Dynacor's West Africa expansion strategy, with ongoing preparation of formal proposals for GoldBod and Ghana's government agencies.
• GoldBod (Ghana)strategicStrategic or Co-development Partner · 1 January 2025Dynacor is pursuing partnership discussions with Ghana's GoldBod (Minerals Commission) for proposed operations. Ongoing preparation of formal proposals on Dynacor's proposed operations for GoldBod and Ghana's government agencies as part of West Africa expansion.

Scale indicators16 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Centamin: Established mid-tier gold producer with its own processing plant in Egypt. Direct operational analog of a single-asset gold processing company at larger scale.
• Barrick Gold: Largest gold mining incumbent with global processing operations. Provides broader industry benchmark for gold processing margins, capital intensity and ESG positioning.

Direct peers

• Aris Mining: Latin America-focused gold producer with processing operations in Colombia. Comparable regional expertise relevant to Dynacor's Peru-to-Ecuador-to-Senegal expansion.
• Equinox Gold: Multi-jurisdiction gold producer with operating processing facilities across the Americas. Comparable scale and operating footprint as Dynacor expands beyond Peru.
• Perseus Mining: Mid-cap gold producer with processing plants in West Africa. Closely comparable jurisdictionally given Dynacor's Senegal plant and Ghana partnership expansion.
• Galiano Gold: Gold miner with operating processing facilities and a focus on ASM community engagement. Closest mid-cap peer in terms of combining gold processing with artisanal-mining adjacent themes.
• Endeavour Mining: Multi-asset West African gold producer with owned processing plants processing ore from multiple sources. Highly relevant as Dynacor expands its own West African footprint via Senegal and Ghana.
• IAMGOLD: Canadian mid-tier gold miner-operator (Toronto-listed) with processing facilities. Cambior (now part of IAMGOLD) shares executive talent with Dynacor's incoming Chair Réjean Gourde, reflecting direct operating comparability.
• Calibre Mining: Mid-tier gold miner-operator in Nicaragua with owned processing infrastructure. Comparable operating model to Dynacor's ore-processing-for-others approach.

Others

• Wheaton Precious Metals: Precious metals streaming company—not a direct competitor but a useful comparable for valuation of streaming/royalty exposures to ASM-sourced gold, similar to how Dynacor captures margin between ASM ore supply and refined-gold sale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/DynacorGold
• YouTubeyoutube.com/channel/UCzO5VNGGKPcpwaaYaFxR1RA
• LinkedInlinkedin.com/company/dynacor-gold-mines-inc-
• Instagraminstagram.com/dynacor_group/?__d=11

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dynacor Group