Dundee Corporation Extends Strong Investment Performance and Growing Royalty Revenue in Q3

Executive Summary

• Dundee Corporation reported strong third-quarter and nine-month 2025 financial results, driven by significant fair value gains on mining portfolio investments and the first full quarter of royalty revenue from the Borborema Gold Project.
• The company reported net earnings attributable to owners of $90.6 million for Q3 2025 ($0.92 EPS) and $135.0 million for the first nine months ($1.38 EPS), a substantial increase from prior year periods.
• Key strategic developments include the completion of New Found Gold’s acquisition of Maritime Resources (which Dundee held), the sale of its remaining stake in G Mining Ventures, and a private placement investment in Saturn Metals.

Key Details

• Q3 2025 Net Earnings: $90.6 million attributable to owners of the Corporation (2024: $7.3 million), or $0.92 diluted EPS (2024: $0.07).
• Nine Months 2025 Net Earnings: $135.0 million attributable to owners (2024: $67.3 million), or $1.38 diluted EPS (2024: $0.69).
• Portfolio Investment Gains (Q3): Reported net income from all portfolio investments of $84.0 million (2024: $10.1 million). Key drivers included $25.7 million fair value gain on Saturn Metals and $16.8 million fair value gain on Ausgold.
• Portfolio Investment Gains (YTD): Reported net income from portfolio investments of $129.6 million for the nine months ended Sept 30, 2025 (2024: $68.0 million).
• G Mining Ventures Sale: The Corporation sold its remaining stake in G Mining Ventures Corp. for $45.3 million in cash proceeds, recognizing a $14.2 million gain in the current year.
• Borborema Gold Project Royalties: Recognized royalty revenue of $0.7 million in Q3 2025 from Aura Minerals’ Borborema Gold Project, which achieved commercial production on September 22, 2025.
• Maritime Resources / New Found Gold Transaction: New Found Gold completed its acquisition of Maritime Resources on November 13, 2025. Dundee will cease equity method accounting for Maritime in Q4 and transition to fair value accounting for New Found Gold shares. The fair value of Dundee’s Maritime stake as of Sept 30, 2025, was $117.5 million.
• Saturn Metals Private Placement: In October 2025, Dundee participated in Saturn Metals’ AUD$45.0 million private placement, purchasing 8.3 million shares for AUD$4.8 million. Proceeds will fund the Apollo Hill Gold Project pre-feasibility study and exploration.
• Equity Accounted Investments (Q3): Share of income was $9.0 million (2024: $1.4 million), including a $5.9 million dilution gain from Magna Mining Inc.
• General and Administrative Expenses: Consolidated G&A for Q3 2025 was $4.0 million (2024: $4.3 million). Excluding share-based compensation, G&A declined 7.6% year-over-year.
• Mining Services Segment: Dundee Sustainable Technologies Inc. reported a pre-tax loss of $0.1 million in Q3 2025.
• Debt Settlement: Dundee Technologies settled a $5.7 million convertible debenture with Investissement Québec for $1.1 million subsequent to quarter-end.
• Shareholders' Equity: Carrying value per share increased to $4.69 as of Sept 30, 2025, from $3.17 at Dec 31, 2024. Total shares issued and outstanding: 89,981,562.

Notable Quotes

• “This quarter, we delivered strong net earnings that reflected the first full quarter of royalty revenue from the Borborema Gold Project and substantial investment gains across our mining portfolio.” – Jonathan Goodman, President and CEO
• “The announced acquisition of Maritime Resources by New Found Gold marks another pivotal validation of our long-term investment strategy.” – Jonathan Goodman, President and CEO
• “We ended the quarter with a strong cash position, no debt at the parent level, and a growing royalty revenue stream that will strengthen our financial position going forward.” – Jonathan Goodman, President and CEO