04:42 PM EDT, 09/05/2025 (MT Newswires) -- Dynacor Group's ( DNGDF ) largest shareholder, iolite Partners, said Friday afternoon that it is renewing its call for Chief Executive Jean Martineau and Chairman Pierre Lepine to resign.

Iolite in a statement said "despite repeated warnings and rising shareholder concern", Dynacor ( DNGDF ) has lagged peers, issued contradictory statements, and lost credibility in the market. "While management highlights expansion into West Africa and Ecuador, the company's core Peruvian operation, Veta Dorada, which generates all current revenue, has clearly lost ground," it added.

Iolite cited "severe underperformance", noting Q2 operating income of US$3.3 million is down 56% year-over-year, despite a 40% gold rally. It said Dynacor ( DNGDF ) lost market share while nearly all Peruvian peers grew strongly. It also cited management's "unconvincing explanations", blaming seasonality, curfews, and inventory pricing.

In addition, Iolite cited 'operational red flags', including "stockpile collapse, an oddly worded restructuring announcement long after the fact" and cost issues, while noting governance and capital allocation "failures".

DNG was up 1.2% on the TSX today.