The company anticipates total gold and silver sales will be in the range of US$200 million to $220 million - which would be 8-16% above the revised guidance for 2021, and approximately 4-14% above final production sales for 2021.

The company's capital budget is expected to range between $5 million and $8 million. This will incorporate a $1 million eight-hole diamond drilling programme, which will cover 2,735m, at Dynacor's Tumipampa gold exploration property in Peru.

The capital budget also includes sustainable capital for the Veta Dorada plant, also in Peru, and additional capacity expansion.

The increase in the capacity budget, operating activities and expansion developments means the company is likely to achieve a significant boost in additional free cash flow in 2022. Cash flow from operating activities is anticipated to be in the range of $14 million to $16 million in 2022.

The guidance also indicated net income will also increase by 22-37% over 2021's revised guidance and will be in the range of $11 million to $13 million, with earnings per share of $0.28 to $0.33.

All forecasts are based on an average gold price of US$1,810 per ounce.

Dynacor is an industrial gold-ore processor based in Montreal, Canada. It is currently operating in Peru with the Tumipampa gold exploration property in the Apurimac region.

On February 23, Dynacor Gold Mines traded on the TSX at C$3.15/share, which was down 0.943% on the day. Its shares have seen a steady incline over the past year after falling below the $2 mark in March last year.