History
DynaResource, owner of Mexico's San Jose de Gracia gold project, funded itself through repeated share sales and loans, later tying itself closely to Ocean Partners.
2015-2019: Early funding and a restatement
DynaResource is a Delaware holding company whose Mexican subsidiary, DynaResource de Mexico (DynaMex), owns the San Jose de Gracia high-grade gold project in Sinaloa, Mexico. In June 2015 it completed a $2.5 million private placement, selling 1,000,000 shares at $2.50 to an accredited investor, with warrants (rights to buy shares at a set price) for another 1,000,000 shares at $2.50, expiring December 2017.
The record then goes quiet until August 2019, when the company restated its 2017 and 2018 results. It concluded that certain mining-site improvement and equipment costs had been wrongly capitalized (booked as assets) rather than expensed. That cut reported earnings by $1,109,324 for 2017 and $755,209 for 2018, and removed roughly $2.3 million from the balance sheet. No fraud was alleged. Auditors also changed often over this period, mostly for administrative reasons.
2020-2023: Pandemic money and a strategic partner
In May 2020, during the COVID downturn, DynaResource closed a $3.9 million convertible-note financing. Golden Post Rail, LLC led with a $2.5 million note paying 10% interest, convertible into Series D Preferred shares at $2.00. Other investors added $1.4 million, and all received long-dated warrants with a nominal $0.01 strike.
In July 2022 Golden Post Rail exercised its 2015 warrant for 2,655,361 shares at $2.04, paying the company about $5.4 million.
In July 2023 the company signed an MOU with Ocean Partners Holdings, finalized in August. The deal extended the gold concentrate purchase (offtake) agreement for San Jose de Gracia through 2026 on an evergreen basis, raised the advance credit line to $17.5 million, and added a $10 million revolving-credit conversion option. Ocean Partners also bought $5 million of stock, 1,000,000 shares at $5.00, and received a board seat.
2024-2026: Cheaper shares and secured debt
In June 2024 DynaResource signed a definitive $2.5 million stock purchase agreement with Golden Post Rail, formalizing an MOU that also involved Ocean Partners. In October 2024 it raised about $6.0 million by selling 5,769,231 shares at $1.04 to Golden Post Rail, Ocean Partners and three individual investors. That was far below the $5.00 Ocean Partners paid just over a year earlier. The beats do not explain the drop.
In September 2025 the company entered a secured credit facility with Ocean Partners UK, priced at SOFR plus 6.75%, repaid over months 7 to 24, with a $3 million termination fee. It is backed by a parent-company guarantee, a general security agreement and a pledge of DynaResource Mexico shares, so a default would put those assets at risk.
As of May 2026, shares on issue stood at about 30.1 million.
Written from the 9 story beats below (2015 to 2 Sept 2025), which come from the company's own announcements and filings.