MONTREAL, June 03, 2025 (GLOBE NEWSWIRE) -- Dynacor Group Inc. (TSX: DNG) (“Dynacor” or the "Corporation"), is delighted to announce signing of a Memorandum of Understanding (“MOU”) joint venture agreement with Ansong Askew Ltd. (“Ansong-Askew”) in Ghana. The MOU establishes a framework for planning, due diligence, and strategic alignment toward establishing a commercial partnership, with the objective of formalising a joint venture agreement (“JVA”) in Ghana's gold processing sector.
The strategic collaboration is designed to explore and develop mutual business opportunities that will not only benefit stakeholders of both organizations but also contribute to the regulation of Ghana’s artisanal mining sector, enabling the Ghana Gold Board and miners to work together seamlessly. The partnership seeks to leverage Dynacor’s long-standing expertise in traceable, scalable processing of artisanal gold ore with Ansong-Askew’s commercial network and influence.
The Ghana Gold Board is a new governmental entity that is responsible for regulating, overseeing, monitoring, and managing the purchasing, assaying, refining, and exporting of artisanal and small-scale gold in Ghana.
Scope of the MOU
Under the 12-month MOU, both parties agree to explore the effective use and integration of their technical, commercial, and strategic capacities with the intent to collaborate in good faith towards a JVA. A subsequent agreement will define the structure, equity participation, capital contributions, governance model, and profit-sharing terms of the joint venture, where Dynacor will hold a majority position.
“This MOU marks the first, serious step in a promising partnership within Ghana, the country where artisanal mining is greatest in Africa,” noted Jean Martineau, President & CEO of Dynacor. “We are excited to explore the opportunities ahead and look forward to the meaningful impact this partnership will have on our shareholder value-creation plans and on the artisanal gold mining sector in Ghana.”
“The signing of this MOU recognizes the strategic synergies between Dynacor and Ansong-Askew, and our shared commitment to promoting government-permitted, environmentally friendly artisanal gold processing in Ghana,” commented Elena Ansong, Managing Director of Ansong-Askew. “Together, we aim to develop a robust collaboration that enhances Ghana’s position as a leader in the gold mining industry.”
Next Steps
The Corporation is currently attending the Mining in Motion summit in Accra where it has held multiple discussions with the Ghana Gold Board and with players in the artisanal mining sector. Building on the MOU and extensive relationships built, Dynacor will look to purchase a land concession or a future processing plant in a location informed by its geological sampling, meetings and research.
Signature of the MOU between Dynacor and Ansong Askew Ltd. at the Mining in Motion summit in Accra
About Ansong Askew
Ansong Askew Ltd. is a Ghana–UK company based in Ghana that has, since 2017, played a leading role in bringing international industry focus to Ghana’s small-scale gold mining sector. Through high-level engagement with government, industry, and civil society, we support Ghana’s efforts to formalise the ASGM sector by helping to shape policy, build stakeholder alignment, and attract credible partners through the development of an enabling environment. Our work focuses on establishing the infrastructure, compliance frameworks, and market pathways necessary to integrate Ghana’s gold into responsible global supply chains.
About Dynacor
Dynacor Group is an industrial ore processing company dedicated to producing gold sourced from artisanal miners. Since its establishment in 1996, Dynacor has pioneered a responsible mineral supply chain with stringent traceability and audit standards for the fast-growing artisanal mining industry. By focusing on fully and part-formalized miners, the Canadian company offers a win-win approach for governments and miners globally. Dynacor operates the Veta Dorada plant and owns a gold exploration property in Peru. The company plans to expand to West Africa and within Latin America.
The premium paid by luxury jewellers for Dynacor’s PX Impact® gold goes to Fidamar Foundation, an NGO that mainly invests in health and education projects for artisanal mining communities in Peru. Visit www.dynacor.com for more information.
Forward-Looking Information
Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.
Contact:
For more information, please contact:
Ruth Hanna
Director, Investor Relations
T: 514-393-9000 #236
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Website: http://www.dynacor.com
Renmark Financial Communications Inc.
Bettina Filippone
T: (416) 644-2020 or (212) 812-7680
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Website: www.renmarkfinancial.com
