08:30 AM EDT, 05/15/2025 (MT Newswires) -- Dynacor Group ( DNGDF ) on Thursday said its first-quarter profit rose 7.8% as revenue rose to a record on high gold prices.

The company, which operates a merchant gold mill in Peru, said it earned US$5.15 million, or $0.13 per share, in the period, up from US$4.78 million, or US$0.13, in the year-prior quarter.

Revenue rose 18% to US$79.97 million, even as production in the quarter fell 15% to 27,050 gold-equivalent ounces as it processed lower-grade ores. The company said higher gold prices contributed US$22.3 million to the revenue gain.

Dynacor ( DNGDF ) said it is advancing expansion plans, beginning work on building an mill in Senegal to process ores from artisanal miners while negotiating the purchase of an existing mill in Ecuador.

"I am proud of the Dynacor ( DNGDF ) team's dedication and focus, delivering record sales, solid production and strong financials in the first quarter, which can be the weakest quarter of the year due to the wet season. Despite external market turbulence, we also advanced our expansion plan decisively in the quarter through our conditional offer of intent to acquire a second plant in Latin America and tight oversight of our growth plans into Africa," chief executive Jean Martineau said in a release.

The company said it expects 2025 revenue of around US$360 million, with net income of US$14 million to US$17 million. Annual production is forecast at 120,000 to 130,000 gold equivalent ounces.

Dynacor ( DNGDF ) shares closed down $0.09 to $4.72 Wednesday on the Toronto Stock Exchange.