----

----

| [ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-------|-----------------------------------------------------------------------------------------|

| [   ] | TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934 |
|-----------------|-------------------------------------------------------------------------|

| Delaware                                                       |   | 94-1589426                        |
|----------------------------------------------------------------|--------|-----------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (IRS Employer Identification No.) |

|   | Large Accelerated Filer | [  ] |   | Accelerated Filer         | [  ] |
|--------|-------------------------|----------------|--------|---------------------------|----------------|
|   |                    |           |   |                      |           |
|   | Non-Accelerated Filer   | [  ] |   | Smaller Reporting Company | [X]            |

----

TABLE OF CONTENTS

| Item 1.                                                | Financial Statements                                            | 3  |
|--------------------------------------------------------|-----------------------------------------------------------------|----|
|                                                   | Notes to Financial Statements                                   | 6  |
| Item 2                                            | Management's Discussion and Analysis or Plan of Operation  | 17 |
| Item 4         | Controls and Procedures                                    | 26 |

| Item 1. | Legal Proceedings                                   | 27 |
|---------|-----------------------------------------------------|----|
| Item 2. | Changes in Securities                               | 27 |
| Item 3. | Default upon Senior Securities                      | 27 |
| Item 4. | Submission of Matters to a Vote of Security Holders | 27 |
| Item 5. | Other Information                                   | 27 |
| Item 6. | Exhibits and Reports on Form 8-K                    | 27 |

----

|  DYNARESOURCE, INC.(An Exploration Stage Company) Consolidated Balance Sheets September 30, 2009 and December 31, 2008 |
|---------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  Sept 30, 2009 |  Dec 31, 2008 |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|--------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (Unaudited)    |  (Audited)    |    |
|                                                                                                                                                                                                    ASSETS |                |               |    |
| Current Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                |               |    |
|   Cash and Cash Equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $                   | 1,314,082          | $       | 2,339,561 |   |
|   Foreign Tax Receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                | 38,433             |    | 163,289 |   |
|   Accounts Receivable – Related Party                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                | 0                  |    | 50,225 |   |
|   Other Current Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                | 246,924            |    | 138,773 |   |
|     Total Current Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                | 1,599,439          |    | 2,691,848 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |               |    |   |   |
| Fixed Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                |               |    |   |   |
|   Mining Camp Equipment and Fixtures (Net of Accumulated Depreciation of $480,344 and $430,110)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                | 379,538            |    | 386,075 |   |
|   Mining Properties (Net of Accumulated Amortization of $414,058 and $343,696)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                | 4,289,309          |    | 4,359,671 |   |
|     Total Fixed Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                | 4,668,847          |    | 4,745,746 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |               |    |   |   |
| Other Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                |               |    |   |   |
| Note Receivable - Affiliate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                | 450,000            |    | 0 |   |
| Deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                | 6,683              |    | 5,788 |   |
|   Total Other Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                | 456,683            |    | 5,788 |   |
| TOTAL ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $                   | 6,724,969          | $       | 7,443,382 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |               |    |   |   |
|                                                                                                                                                                                  LIABILITIESAND EQUITY                                                                                              |                |               |    |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |               |    |   |   |
| Current Liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |               |    |   |   |
|   Accounts Payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $                   | 14,504             | $       | 96,970 |   |
|   Accrued Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                | 34,877             |    | 6,133 |   |
|     Total Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                | 49,381             |    | 103,103 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |               |    |   |   |
|    Preferred stock, $1.00 par value, 10,000 shares    authorized, 1,000 and 1,000 shares issued and outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                |  1,000        |    |  1,000 |   |
|    Common stock, $.01 par value, 12,500,000 shares    authorized, 9,073,913 and 9,073,913 shares issued    and outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                |  90,739       |    |  90,739 |   |
|    Preferred Rights                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                | 40,000             |    | 40,000 |   |
|    Additional Paid In Capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                | 24,001,161         |    | 22,774,071 |   |
|    Treasury Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                | ( 385              | )       | ( 47,790 | )  |
|    Common Stock Subscription Receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                | 0                  |    | ( 125,000 | )  |
|    Other Comprehensive Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                | 1,601,472          |    | 1,574,793 |   |
|    Accumulated Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                | ( 6,002,516        | )  | ( 6,002,516 | )  |
|    Accumulated Deficit  Since Reentering the Development Stage                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                | (12,197,479        |    | (10,375,264 | )  |
| Total DynaResource, Inc. Stockholders’ Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                | 7,533,992          |    | 7,930,033 |   |
|     Noncontrolling Interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                | (858,404           | )  | (589,754 | )  |
| TOTAL EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                | 6,675,588          |    | 7,340,279 |   |
|  TOTAL LIABILITIES AND EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $                   | 6,724,969          | $       | 7,443,382 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |               |    |   |   |

----

|  DYNARESOURCE, INC.(An Exploration Stage Company)Consolidated Statement of OperationsFor the Three and Nine Months Ended September 30, 2009 and 2008And Cumulative Since Re-entering the Development Stage (January 1, 2007)(Unaudited) |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                      |   |    Three Months Ended |         |    |    Nine Months Ended |    |          |  Cumulative SinceRe-EnteringDevelopment Stage |   |
|---------------------------------------------------------------------------|--------|--------------------------------------|--------------|---------|-------------------------------------|---------|---------------|----------------------------------------------------|--------|
|                                                                      |   | Sept 30, 2009                        |         |    | Sept 30, 2008                       |    |          | Sept 30, 2009                                      |   |   | Sept 30, 2008 |   |   | (Jan. 1, 2007) |   |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |
| REVENUES                                                                  |   | $                                    | 41,074       |    |                                | $       | 0             |                                               |   | $ | 41,074 |   |   | $ | 0 |   |   | $ | 41,074 |   |
| COST OF SALES                                                             |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|   Exploration Costs                                             |   |                                 | 248,990      |    |                                |    | 1,633,167     |                                               |   |   | 1,107,037 |   |   |   | 3,761,004 |   |   |   | 7,695,313 |   |
|   GROSS PROFIT (DEFICIT)                                        |   |                                 | (207,916     | )       |                                |    | (1,633,167    | )                                                  |   |   | (1,065,963 | ) |   |   | (3,761,004 | ) |   |   | (7,654,239 | ) |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING EXPENSES:                                                       |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|    Depreciation and Amortization                           |   |                                 | 40,340       |    |                                |    | 36,598        |                                               |   |   | 121,019 |   |   |   | 109,794 |   |   |   | 428,416 |   |
|    General and Administrative                              |   |                                 | 346,047      |    |                                |    | 505,901       |                                               |   |   | 1,058,871 |   |   |   | 962,801 |   |   |   | 3,560,375 |   |
|    TOTAL OPERATING EXPENSES                                |   |                                 | 386,387      |    |                                |    | 542,499       |                                               |   |   | 1,179,890 |   |   |   | 1,072,595 |   |   |   | 3,988,791 |   |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| NET OPERATING INCOME (LOSS)                                               |   |                                 | (594,303     | )       |                                |    | (2,175,666    | )                                                  |   |   | (2,245,853 | ) |   |   | (4,833,599 | ) |   |   | (11,643,030 | ) |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                                    |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|  Portfolio Income                                                    |   |                                 |  1,717  |    |                                |    |  515     |                                               |   |   |  6,565 |   |   |   | 1,260 |   |   |   |  16,258 |   |
|     Other income                                      |   |                                 | 0            |    |                                |    | 28            |                                               |   |   | 0 |   |   |   | 2,282 |   |   |   | 2,104 |   |
| TOTAL OTHER INCOME (EXPENSE)                                              |   |                                 | 1,717        |    |                                |    | 543           |                                               |   |   | 6,565 |   |   |   | 3,542 |   |   |   | 18,362 |   |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| NET INCOME (LOSS) BEFORE INCOME TAXES                                     |   |                                 | (592,586     | )       |                                |    | (2,175,123    | )                                                  |   |   | (2,239,288 | ) |   |   | (4,830,057 | ) |   |   | (11,624,668 | ) |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for Income Taxes (Expense)  Benefit                   |   |                                 | 0            |    |                                |    | 0             |                                               |   |   | 0 |   |   |   | 0 |   |   |   | 38,259 |   |
| NET LOSS                                                                  |   |                                 | (592,586     | )       |                                |    | (2,175,123    | )                                                  |   |   | (2,239,288 | ) |   |   | (4,830,057 | ) |   |   | (11,586,409 | ) |
| Net Loss Attributable to Non-Controlling Interest                         |   |                                 | 101,609      |    |                                |    |  347,103 |                                               |   |   |  288,377 |   |   |   |  666,913 |   |   |   |  1,223,111 |   |
| NET LOSS ATTRIBUTABLE TO DYNARESOURCE, INC. COMMON SHAREHOLDERS           |   |                                 | (490,977     | )       |                                |    | (1,828,020    | )                                                  |   |   | (1,950,911 | ) |   |   | (4,163,144 | ) |   |   | (10,363,298 | ) |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPREHENSIVE INCOME (LOSS):                                              |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency Translation Gain (Loss)                                          |   |                                 | (183,999     | )       |                                |    | (237,547      | )                                                  |   |   | 148,423 |   |   |   | 86,921 |   |   |   | (1,684,632 | ) |
| COMPREHENISVE LOSS BEFORE NON-CONTROLLING INTEREST                        |   |                                 | (674,976     | )       |                                |    | (2,065,567    | )                                                  |   |   | (1,802,488 | ) |   |   | (4,076,223 | ) |   |   | (12,047,930 | ) |
| Comprehensive Loss (Income) Attributable to Non-Controlling Interest      |   |                                 |  20,995 |    |                                |    |  0       |                                               |   |   |  (19,727 | ) |   |   |  0 |   |   |   | (40,722 | ) |
| COMPREHENSIVE LOSS ATTRIBUTABLE TO DYNARESOURCE, INC. COMMON SHAREHOLDERS |   | $                                    | (653,981     | )       |                                | $       | (2,065,567    | )                                                  |   | $ | (1,822,215 | ) |   | $ | (4,076,223 | ) |   | $ | (12,007,208 | ) |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| EARNINGS PER SHARE, Basic                                            |   | $                               | ( 0.07  | )  |                                | $  | (0.25    | )                                             |   | $ | (0.20 | )  |   | $  | (0.49  | )  |   |   |   |   |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Average Shares Outstanding, Basic                      |   |                                 | 9,076,913    |    |                                |    | 8,388,079     |                                               |   |   | 9,073,913  |   |   |   | 8,279,709  |   |   |   |   |   |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| EARNINGS PER SHARE, Diluted                                          |   | $                               | (0.07        | )  |                                | $  | (0.25         | )                                             |   | $  | (0.20  | )  |   | $  | (0.49 | )  |   |   |   |   |
|                                                                      |   |                                 |         |    |                                |    |          |                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Average Shares Outstanding, Diluted                         |   |                                 | 9,073,913    |    |                                |    | 8,388,079     |                                               |   |   | 9,073,913 |   |   |   | 8,278,709 |   |   |   |   |   |

----

|  DYNARESOURCE, INC.(An Exploration Stage Company)Consolidated Statements of Cash FlowsFor the Nine Months Ended September 30, 2009 and 2008And Cumulative Since Re-entering the Development Stage (January 1, 2007) (Unaudited) |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                           |   |  Nine Months EndedSept 30, 2009 |       |    |  Nine Months EndedSept 30, 2008 |   |       | CumulativeSince Re-enteringDevelopmentStage(Jan 1, 2007) |   |
|------------------------------------------------------------------------------------------------|--------|--------------------------------------|------------|---------|--------------------------------------|--------|------------|----------------------------------------------------------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES                                                           |   |                                 |       |    |                                 |   |       |                                                     |   |
| Net loss                                                                                       |   | $                                    | (2,239,288 | )       |                                 | $      | (4,830,057 | )                                                        |   | $ | (11,586,409 | ) |
| Adjustments to reconcile net deficit to cash usedby operating activities:                      |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
|      Issuance of Common Stock for Services                            |   |                                 | 0          |    |                                 |   | 181,658    |                                                     |   |   | 539,688 |   |
|      Issuance of Preferred Stock for Services                         |   |                                 | 0          |    |                                 |   | 0          |                                                     |   |   | 1,000 |   |
|      Depreciation and Amortization                                    |   |                                 | 121,019    |    |                                 |   | 109,794    |                                                     |   |   | 428,416 |   |
|      Loss on Disposition of Fixed Assets                              |   |                                 | 0          |    |                                 |   | 0          |                                                     |   |   | 28,006 |   |
|                                                                                           |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
| Change in assets and liabilities:                                                              |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
|      Decrease in Accounts Receivable                                  |   |                                 | 0          |    |                                 |   | 13,079     |                                                     |   |   | 199,143 |   |
|      Decrease  in Accounts Receivable – Related Party |   |                                 | 50,225     |    |                                 |   | 0          |                                                     |   |   | 0 |   |
|      Decrease (Increase)  in Foreign Tax Receivable         |   |                                 | 124,856    |    |                                 |   | (80,197    | )                                                        |   |   | 10,771 |   |
|      (Increase) in Other Current Assets                               |   |                                 | (108,151   | )       |                                 |   | (117,801   | )                                                        |   |   | (169,833 | ) |
|      (Increase) in Deposits                                           |   |                                 | (895       | )       |                                 |   | (5,789     | )                                                        |   |   | (6,683 | ) |
|      (Decrease) in Accounts Payable                                   |   |                                 | (82,466    | )       |                                 |   | 0          |                                                     |   |   | (26,900 | ) |
|      (Decrease) Increase in Accrued Expenses                          |   |                                 | 28,744     |    |                                 |   | 28,290     |                                                     |   |   | (69,259 | ) |
|      (Decrease) in Deferred Tax Liability                             |   |                                 | 0          |    |                                 |   | 0          |                                                     |   |   | (38,259 | ) |
| CASH FLOWS FROM (USED) OPERATING ACTIVITIES                                                    |   |                                 | (2,105,956 | )       |                                 |   | (4,701,023 | )                                                        |   |   | (10,690,319 | ) |
|                                                                                           |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
| CASH FLOWS USED IN INVESTING ACTIVITIES                                                        |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
| Purchase of Fixed Assets                                                                  |   |                                 | (53,821    | )  |                                 |   | (36,347    | )                                                        |   |   | (266,123 | ) |
| Retirement of Fixed Assets                                                                |   |                                 | 9,701      |    |                                 |   | 0          |                                                     |   |   | 9,701 |   |
| Note Recievable Loaned to Affiliate                                                       |   |                                 | (450,000   | )  |                                 |   | 0          |                                                     |   |   | (450,000 | )  |
| CASH FLOWS USED IN INVESTING ACTIVITIES                                                        |   |                                 | (494,120   | )       |                                 |   | (36,347    | )                                                        |   |   | (706,422 | ) |
|                                                                                           |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                           |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
| Proceeds from DynaMexico Earn In                                                               |   |                                 | 1,227,090  |    |                                 |   | 4,050,000  |                                                     |   |   | 9,070,094 |   |
| Proceeds from sale of common stock                                                             |   |                                 | 0          |    |                                 |   | 517,488    |                                                     |   |   | 2,832,574 |   |
| Repurchase of common stock options                                                             |   |                                 | 0          |    |                                 |   | (10,000    | )                                                        |   |   | (10,000 | ) |
| Other comprehensive income (loss)                                                              |   |                                 | 26,679     |    |                                 |   | (117,545   | )                                                        |   |   | 1,682,332 |   |
| Purchase of treasury stock                                                                     |   |                                 | (183,000   | )       |                                 |   | 0          |                                                     |   |   | (230,790 | ) |
| Sale of treasury stock                                                                         |   |                                 | 230,405    |    |                                 |   | 0          |                                                     |   |   | 230,405 |   |
| Repayment of common stock receivable                                                           |   |                                 | 125,000    |    |                                 |   | 0          |                                                     |   |   | 0 |   |
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES                                                    |   |                                 | 1,426,174  |    |                                 |   | 4,439,943  |                                                     |   |   | 13,574,615 |   |
| Effect of exchange rate on cash                                                                |   |                                 | 148,423    |    |                                 |   | 86,921     |                                                     |   |   | (1,684,632 | ) |
| NET INCREASE (DECREASE) IN CASH                                                                |   |                                 | (1,025,479 | )       |                                 |   | (210,506   | )                                                        |   |   | 493,242 |   |
|                                                                                           |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
| Cash, beginning of period                                                                      |   |                                 | 2,339,561  |    |                                 |   | 2,060,665  |                                                     |   |   | 820,840 |   |
| Cash, end of period                                                                            |   | $                                    | 1,314,082  |    |                                 | $      | 1,850,159  |                                                     |   | $ | 1,314,082 |   |
|                                                                                           |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION                                                             |   |                                 |       |    |                                 |   |       |                                                     |   |   |   |   |
| Interest paid                                                                                  |   | $                                    | 0          |    |                                 | $      | 0          |                                                     |   | $ | 0 |   |
| Income taxes paid                                                                              |   | $                                    | 0          |    |                                 | $      | 0          |                                                     |   | $ | 0 |   |
| Non-cash dividend of property                                                                  |   | $                                    | 0          |    |                                 | $      | 0          |                                                     |   | $ | 129,822 |   |

----

|  DYNARESOURCE, INC.(An Exploration Stage Company)Notes to the Consolidated Financial StatementsSeptember 30, 2009(Unaudited) |
|-----------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                     | September 30, 2009 |   |
|----------------------------------------------------------|--------------------|--------|
| Current exchange rate                                    | Pesos.             |   |   | 13.55730 |   |
| Weighted average exchange rate for the nine months ended | Pesos.             |   |   | 13.66278 |   |

|   | · | estimated recoverable ounces of gold, silver or other precious minerals; |
|--------|--------|--------------------------------------------------------------------------|

|   | · | estimated future commodity prices; |
|--------|--------|------------------------------------|

|   | · | estimated expected future operating costs, capital expenditures and reclamation expenditures |
|--------|--------|----------------------------------------------------------------------------------------------|

----

----

| Mining camp equipment and fixtures |   | $      | 492,581  |   |
|------------------------------------|--------|--------|----------|--------|
| Transportation equipment           |   |   | 149,886  |   |
| Lab equipment                      |   |   | 14,306   |   |
| Machinery and equipment            |   |   | 90,950   |   |
| Office furniture and fixtures      |   |   | 75,826   |   |
| Office equipment                   |   |   | 4,083    |   |
| Computer equipment                 |   |   | 32,250   |   |
|     Sub-total  |   | $      | 859,882  |   |
| Less: Accumulated depreciation     |   |   | (480,344 | )      |
|     Total      |   | $      | 379,538  |   |

| San Jose de Gracia:                                    |   |   |      |
|--------------------------------------------------------|--------|--------|-----------|
|     Mining concessions             |   | $      | 4,703,367 |   |
|     Less: Accumulated amortization |   |   | (414,058  | ) |
|         Total  |   | $      | 4,289,309 |   |

----

|                                |   | September 30, 2009 |       |
|------------------------------------------|--------|--------------------|------------|
| Net deferred tax assets attributable to: |   |               |       |
| Prior years                              |   | $                  | 2,263,977  |   |
| Tax benefit (liability) for current year |   |               | 612,846    |   |
| Total Deferred Tax Benefit               |   |               | 2,876,823  |   |
| Valuation Allowance                      |   |               | (2,876,823 | ) |
|                                     |   |               |       |   |
| Net Deferred Tax Benefit                 |   | $                  | 0          |   |

| Phase  |   | On or before |               | Amount of Funds to be deposited to DynaMexico (For SJG Expenditures) |   |       | Interest Earned (by Goldgroup in DynaMexico) |   |   | Cumulative Interest Earned (by Goldgroup in DynaMexico) |   |
|--------|--------|--------------|--------------------|----------------------------------------------------------------------|--------|------------|----------------------------------------------|--------|--------|---------------------------------------------------------|--------|
|   | 1.     |         | June 15, 2007      |                                                                 | $      | 1,000,000  |                                         |   |   | 0                                                       | %      |   | 0%; Completed |   |
|   | 2.     |         | March 15, 2008     |                                                                 | $      | 2,000,000  |                                         |   |   | 15                                                      | %      |   | 15%; Completed |   |
|   | 3.     |         | September 15, 2009 |                                                                 | $      | 3,000,000  |                                         |   |   | 10                                                      | %      |   | 25%; Completed |   |
|   | 4.     |         | March 15, 2011     |                                                                 | $      | 12,000,000 |                                         |   |   | 25                                                      | %      |   | 50% |   |

----

|   | · | DynaResource attached the “SJG Title Opinion”, compiled by Urias Romero Y Asociados, Abraham Urias, Mazatlan, Sinaloa, with attachments and schedules; describing the status and position of DynaMexico and affiliates in Mexico, and confirming the ownership and status of the Mining Concessions comprising the SJG District in Sinaloa, Mexico; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | DynaResource attached its audited, consolidated financial statements at December 31, 2005; |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | The Parties agree to a revised setting of the Board of Directors of DynaMexico, to: |
|--------|--------|-------------------------------------------------------------------------------------|

|   | a) | Two (2) members of DynaResource; K.D. Diepholz, Chairman/CEO of DynaResource as President; and, Charles E. Smith; CFO of DynaResource; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | One (1) member of Goldgroup; Keith Piggott, CEO of Goldgroup. |
|--------|----|---------------------------------------------------------------|

|   | · | A Management Committee was formed to approve budgets and expenditures pursuant to the Earn In.  The setting of the Management Committee is: |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | Two (2) members of Goldgroup; Keith Piggott, CEO of Goldgroup as Chairman;  and, John Sutherland, CFO of Goldgroup; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------|

|   | b) | One (1) member of DynaResource; K.D. Diepholz, Chairman/CEO of DynaResource; |
|--------|----|------------------------------------------------------------------------------|

|   | c) | Members of the Management Committee may be changed as subsequently agreed. |
|--------|----|----------------------------------------------------------------------------|

|   | · | The Parties agree to cooperate to develop the SJG Property, in the best interests of the Project. |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | · | Mineras de DynaResource is the exclusive operating entity at SJG, pursuant to the operating agreement with DynaResource de Mexico; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | DynaResource de Mexico owns the SJG 100%, and all Data and information pursuant thereto;  any information disseminated regarding SJG must be disclosed as from DynaResource de Mexico; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | The SJG Management Committee is not a legal entity and has no authority or ability to sign contracts or incur obligations or liabilities to DynaMexico, Mineras, or DynaOperaciones; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The SJG Management Committee does not have the authority to act for or represent DynaMexico, Mineras, Operaciones, or the SJG Property; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | All personnel must be employed or contracted through Mineras or Operaciones and be accountable to the employing / contracting entity; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|        |   | Nine months ended Sept 30, 2009 |   |   | Year ended December 31, 2008 |   |
|-------------|--------|--------------------------------------|--------|--------|-----------------------------------|--------|
| Consultants |   | $                                    | 0      |   |                              | $      | 238,442 |   |
| Totals      |   | $                                    | 0      |   |                              | $      | 238,442 |   |

----

|   | · | 529,152 options entitle the holder to purchase one share of the Company’s common stock at a price of $3.75 per share. The options expire November 15, 2009.  24,000 options have been exercised since issuance. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 240,917 Options entitle the holder to purchase one share of the Company’s common stock at a price of $5.00 per share. The options expire November 15, 2009.  No options were exercised or cancelled since issuance. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 150,000 options entitle the holder to purchase one share of the Company’s common stock at a price of $2.50 per share. The options expire November 15, 2009.  No options were exercised or cancelled since issuance. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 500,000 options entitle the holder to purchase one share of the Company’s common stock at a price of $2.50 per share. The options expire November 15, 2009.  No options were exercised or cancelled since issuance. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 365,295 options entitle the holder to purchase one share of the Company’s common stock at a price of $5.00 per share.  The options expire November 15, 2009. No options were exercised or cancelled since issuance. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 23,880 options entitle the holder to purchase one share of the Company’s common stock at a price of $10.00 per share and expire November 15, 2009.   No options were exercised or cancelled since issuance. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                              |                | For the Nine MonthsEnded Sept 30, |                           |
|-----------------------------------|--------------------------|-----------------------------------|--------------------------------|
|                              |                | 2009                              |                           |   | 2008 |   |
| Beginning balance                 |                | $                                 | (589,754                       | )  |   | $ |              0 |   |
| Operating income (loss)           |                |                              | (288,377                       | )  |   |   | (319,810 | )  |
| Other comprehensive income (loss) |      |                              |     19,727 |   |   |   |              0 |   |
| Ending balance                    |                | $                                 | (858,404                       | )  |   | $ | (319,810 | )  |

----

----

| NOTE 13 – FAIR VALUE OF FINANCIAL INSTRUMENTS |
|-----------------------------------------------------|

|   | · | Level 1 Inputs – Quoted prices for identical instruments in active markets. |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | Level 2 Inputs – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level 3 Inputs – Instruments with primarily unobservable value drivers. |
|--------|--------|-------------------------------------------------------------------------------|

----

----

|   | · | In Phase I of the Earn In Agreement,  approximately 3,400 meters drilling was accomplished in 22 core drill holes (SJG 07-01 to SJG 07-22); as well as geochemical sampling and mapping, and data consolidation into Surpac Software. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In Phase II of the Earn In Agreement, approximately 5,500 meters was completed in 23 core drill holes (SJG 07-23 to 07-45). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | · | In Phase III of the Earn In Agreement, approximately 15,150 meters was completed in 56 core drill holes (SJG 08-46 to SJG 08-101). |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In Phase IV, which continues, approximately 5,950 meters have been completed in 25 core drill holes (through SJG 08-126). At December 31, 2008, a total of 30,000 meters drilling has been completed, financed pursuant to the Earn In Agreement. An SJG Drill Intercepts Summary File, describing the mineralized intercepts of all core drill holes, including the drilling results of 1997, and including the recent drillingof 2007-2008 can be viewed on the website of the SEC at: |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 http://sec.gov/Archives/edgar/data/1111741/000112178109000078/ex99three.htm

----

----

|   | San Pablo: | Recent Production of 18,250 Oz. at average grade of 20 g/t;  Strike length of 750 M and down dip extension of 500 M; with selected mineralized intercepts of: |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Tajo Verde: | Strike Length of 270 M and down dip of 180 M; Strike of 800 M including Drill Hole # 97-55; with selected intercepts of: |
|--------|-------------|--------------------------------------------------------------------------------------------------------------------------|

|   | La Purisima: | Historical Production of 470,000 Oz. Au, at average grade of 66.7 g/t;  Strike Length of 720 M and down dip extension of 420 M; with selected intercepts of: |
|--------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | La Prieta: | Historical Production of 215,000 Oz. Au., at average grade of 28 g/t;  Dimensions of 100 M by 50 M, to be defined; |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------|

|   | San Pablo: | Geological Mapping located a new drill target approximately 600 meters to the east – southeast of San Pablo.  This area was determined to be the northeast portion of the San Pablo Ore body; which had been displaced by a combination of post-mineral strike-slip and normal faulting; also indicating the potential for a “Pipe Feeder”.  This area will be expected to add significantresources to the mineable ore body at San Pablo; |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Tajo Verde: | Transpressive strike-slip faults that bound this area are determined to be the same faults that control the mineralization in La Purisima and Tajo Verde.  This area also coincides with gaps left from previous drilling campaigns and also a gap in the underground workings. |
|--------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Follow up Drilling at Major Target Areas: |
|-------------------------------------------|

| Tres Amigos: | Down dip extension; extension southwest through La Cecena, Los Hilos; Extension Northeast across Orange Tree; |
|--------------|---------------------------------------------------------------------------------------------------------------|

|   | La Union: | Extension along strike and down dip; |
|--------|-----------|--------------------------------------|

|   | La Purisima: | Extension along strike and down dip; |
|--------|--------------|--------------------------------------|

| Palos Chinos: | Extension along strike and down dip; |
|---------------|--------------------------------------|

|   | La Prieta: | to be defined; |
|--------|------------|----------------|

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----

----

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31.1

31.2

32.1

----