Mon, Aug 19, 6:30 PM (148 days ago)
DynaResource, Inc.'s Q2 2024 financial performance indicates a decline in revenue, reporting $11.08 million for the quarter and $20.51 million year-to-date, down from $10.91 million and $22.87 million, respectively, in 2023. The decrease is attributed to a lower feed grade in mining operations. Operating expenses increased significantly, with mine production costs rising to $3.76 million in Q2 2024 from $2.94 million in Q2 2023, reflecting heightened test mining activities. The company reported a net loss of $2.93 million for Q2 2024, compared to a loss of $0.59 million in the prior year. Cash flow from operations was negative $4.73 million, exacerbating the working capital deficit to $15.16 million. The company continues to finance operations through equity sales and borrowing, with $3 million raised in the quarter. Future operations hinge on the successful expansion of mining and milling activities, with expectations of increased production capacity. The ongoing exploration and operational costs, alongside fluctuating gold prices, present uncertainties impacting financial stability moving forward.