DynaResource, Inc. reported third‑quarter 2025 results that marked a return to profitability, with revenue rising 26% year‑over‑year to $14.1 million and a net income of $1.3 million, compared with a $0.9 million loss in the same quarter of 2024. The company’s revenue also fell 11% sequentially from $15.9 million in Q2 2025, while net income slipped from $0.5 million to $1.3 million, reflecting the impact of seasonal headwinds on sales volume and the cost of operating the mine during the wet season.
The mine produced 4,830 ounces of gold in Q3 2025, a 15% decline from 5,676 ounces in Q3 2024, and throughput increased to 62,741 tons, up 841 tons from the 61,900 tons reported in the prior year. Head grades fell to 3.39 g/t from 3.78 g/t, a drop attributed to wet‑season conditions that reduced ore quality and limited the amount of material that could be processed each day.
Operational highlights included a 1,264‑meter monthly underground development rate, the installation of three Falcon gravity concentrators, and a 73% gold recovery rate. The recovery rate slipped slightly from 74% in Q2 2025, a change that management linked to the wet season’s effect on ore characteristics and the early stage of the new concentrator’s commissioning.
President and CEO Rohan Hazelton said the quarter presented “some challenges” but emphasized progress on development and the expectation that the Falcon concentrators will improve efficiency and recoveries in the coming quarters. He noted that the company remains focused on maintaining production consistency while advancing key development initiatives to strengthen long‑term mine economics.
Despite the positive earnings, DynaResource disclosed substantial doubt about its ability to continue as a going concern, citing negative working capital and an accumulated deficit. The warning signals that the company’s cash position and liquidity remain fragile, and that future capital needs could strain operations if the mine’s performance does not improve further.
The Q3 2025 results illustrate a mixed picture: the company has successfully turned a loss into a profit and achieved a 26% revenue increase, yet sequential declines in revenue and gold production highlight the seasonal impact of wet‑season conditions. The investment in Falcon concentrators is a strategic move aimed at boosting recoveries and long‑term economics, but the going‑concern warning underscores the need for continued financial discipline and potential additional capital to sustain operations.
Overall, DynaResource’s third‑quarter performance shows operational progress and a return to profitability, but the company’s financial risk profile remains a key consideration for stakeholders as it navigates seasonal headwinds and seeks to realize the benefits of its recent capital investments.
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