DynaResource, Inc. (OTCQX: DYNR, CBOE CA: GLAS.A.U), based in Irving, Texas, has recently completed a significant financial maneuver that underscores its commitment to robust financial management and operational advancement. The company successfully repaid its Temporary Additional Credit Line (TACL) with Ocean Partners Holdings Limited, amounting to $4 million, which was due on November 30, 2024. This repayment was made alongside an outstanding balance of $5.85 million on its Revolving Credit Line (RCL).
Following these repayments, DynaResource secured an increase in the maximum principal amount available under the RCL agreement, raising it to $12.5 million. Currently, the company has drawn down approximately $9.85 million, leaving a remaining credit availability of $2.65 million for future needs. This strategic move not only reflects the confidence that Ocean Partners has in DynaResource’s operational capabilities but also highlights the company’s focus on maintaining liquidity and optimizing its capital structure as it advances its operational plans in Mexico.
Rohan Hazelton, President & CEO of DynaResource, expressed satisfaction with the completion of this credit line rollover. He stated, “These actions demonstrate our disciplined approach to capital management and our confidence in the future of our operations.” Hazelton emphasized that the availability of capital, comprising both the remaining funds under the revolving credit line and approximately $4.7 million in cash as of November 30, positions DynaResource favorably to meet its strategic objectives.
DynaResource is actively engaged in mining operations within the historic San Jose de Gracia gold mining district in Sinaloa, Mexico. The company has been making strides in enhancing operational efficiency and cost management while simultaneously focusing on sustainable growth for its shareholders.
This recent financial development follows a series of operational improvements reported by DynaResource. In its Q3 2024 results, the company demonstrated a notable turnaround at the San Jose de Gracia Mine, achieving a revenue increase of 83% compared to the same quarter in 2023. The mine’s production metrics have shown steady improvement, with a targeted production rate set for 25,500 tons per month by the end of Q4 2024.
The positive trajectory continues as DynaResource reported a 26% increase in gold production for October 2024 compared to September, reaching 2,626 ounces. This uptick reflects not only improved grades and processing capabilities, but also effective implementation of cost-cutting measures aimed at restoring profitability.
