Dundee Corporation Announces the Accretive Monetization of Its Royalty on the Borborema Gold Project

Executive Summary

• Dundee Corporation entered into a Royalty Purchase Agreement to sell its net smelter royalty on the Borborema Gold Project to Gold Royalty Corp. for a total consideration of US $45 million.
• The purchase price consists of US $30 million in cash and US $15 million in GROY common shares issued at US $4.20 per share (the 20‑day VWAP preceding the signing).
• Transaction is expected to close in January 2026 and is described as a “materially NAV‑accretive” transaction that will fund Dundee’s operating initiatives, including its joint venture with Westhaven.

Key Details

• Transaction Structure: Sale of net smelter royalty → cash (US $30 M) + equity (US $15 M).
• Equity Component: GROY common shares issued at US $4.20 per share, based on the 20‑day volume‑weighted average price prior to signing.
• Total Consideration: US $45 million.
• Closing Timeline: Expected completion in January 2026, subject to customary conditions.
• Strategic Rationale: Provides capital for Dundee’s operating‑focused initiatives and is expected to be materially accretive to net asset value (NAV).
• CEO Comment: Jonathan Goodman highlighted the deal as a disciplined capital allocation decision supporting sustainable cash flow and enabling further growth opportunities.

Notable Quotes

“The sale of the Borborema royalty to Gold Royalty Corp. is a disciplined capital allocation decision that supports our strategic priority of building sustainable cash flow from mining operations…provides capital to advance our operating‑focused initiatives, including the recently announced joint venture partnership with Westhaven.” – Jonathan Goodman, President and CEO, Dundee Corporation