Dundee Corporation Delivers Strong 2025 Results; Advances Mining Strategy Through Monetizations and Capital Repositioning

TORONTO, March 25, 2026 (GLOBE NEWSWIRE) — “This year, we delivered solid net earnings driven by significant investment gains across our mining portfolio, alongside sizeable monetization transactions that strengthened Dundee’s year-end cash position and financial flexibility,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “With a strong balance sheet and ample liquidity, we are in a strong position to redeploy capital toward returns-focused growth and deliver sustained shareholder value.”

“Our recently announced earn-in and joint-venture agreement with Westhaven Gold is a clear example of our disciplined approach to deploying capital to build a scalable, long-term mining platform,” Mr. Goodman continued. “The agreement provides Dundee with a path to earn a meaningful interest in Westhaven’s Shovelnose Gold Project and the broader Spences Bridge Gold Belt through staged project expenditures. This transaction reflects our conviction in high-quality assets in stable jurisdictions and our ability to identify opportunities early, apply technical expertise, and support projects with long-term potential.”

“The acquisition of Maritime Resources by New Found Gold in 2025 highlights our ability to identify exceptional assets ahead of the broader market and positions us to reinvest our capital into durable, project-level growth opportunities and capture more of the value that we help to unlock,” Mr. Goodman added.

Mr. Goodman concluded: “We ended the year with a strong cash position, no debt at the parent level, and a new strategic pathway to cash flow generation, strengthening our future financial position. We are proud of the disciplined execution that has positioned us for this next phase of growth and remain focused on advancing opportunities that can generate future cash flow for Dundee and building lasting value for our shareholders. None of this progress would be possible without the dedication, focus and sharp execution of our entire team – they continue to be the driving force behind everything we achieve.”

FOURTH QUARTER AND FULL-YEAR 2025 RESULTS

• On November 13, 2025, New Found Gold Corp. (“NFG”) acquired all of the issued and outstanding shares of Maritime Resources Corp. (“Maritime”), and Maritime shareholders received 0.75 of a share of NFG for each existing Maritime share held. Upon completion of the acquisition transaction, the Corporation received 36.7 million NFG shares, representing an 11% interest in NFG. As a result, the Corporation ceased applying the equity method and reclassified its interest as a portfolio investment measured at fair value through profit and loss (“FVTPL”), recognizing an $82.9 million gain upon the remeasurement.
• On December 16, 2025, the Corporation sold 24.5 million units of NFG (the “NFG Units”) for gross proceeds of $97.9 million. Each NFG Unit consisted of one common share of NFG owned by the Corporation and one-half of a common share purchase warrant (each whole warrant, a “NFG Warrant”). Each NFG Warrant entitles the holder thereof to acquire one additional common share of NFG owned by the Corporation at an exercise price of $5.00 per share for a term of 12 months from the date of issue. In addition, the Corporation recognized a liability associated with the sale of the NFG Warrants, measured at $6.4 million as at December 31, 2025.
• During the fourth quarter of 2025, the Corporation recognized royalty revenue of $1.3 million from the Borborema Gold Project. Subsequent to year-end 2025, the Corporation sold the net smelter royalty for total consideration of $65.8 million and will recognize a $47.5 million gain in the first quarter of 2026.
• On December 12, 2025, the Corporation closed the sale of its 20% interest in Android Industries, LLC (“Android”) and received cash proceeds of US$19.8 million (Cdn$27.3 million), with an incremental US$10.3 million (Cdn$14.1 million) payable contingent upon the release of all escrows. The Corporation recognized a $11.4 million gain on the transaction. Subsequent to year-end 2025, the Corporation received US$3.4 million in cash released from escrow.
• In December 2025, the Corporation recognized a gain of $102.3 million following a change in the accounting treatment for its investment in Magna Mining Inc. (“Magna”) from the equity method to a portfolio investment measured at FVTPL. This change resulted from the Corporation’s determination that it no longer had significant influence over Magna, following the reduction in the Corporation’s ownership interest in Magna to 19% and the cessation of certain rights under a previously existing investor rights agreement.
• In October 2025, the Corporation resolved a long-standing matter, announcing it was successful in its appeals to the Tax Court of Canada, which disputed reassessments issued by the Canada Revenue Agency (“CRA”) for the 2014 tax year for both the Corporation and its wholly owned subsidiary at the time, Dundee Resources Limited. Dundee’s Consolidated Financial Statements for December 31, 2025, reports an amount of $11.5 million deposited with the CRA. Subsequent to year-end, $13.7 million was refunded to the Corporation, inclusive of interest.
• In December 2025, the Corporation signed a definitive earn-in and joint-venture agreement with Westhaven Gold Corp., providing Dundee the right to earn up to a 60% interest in the Shovelnose and broader Spences Bridge Gold Belt projects in southern British Columbia through staged project expenditures of up to $85 million, establishing a new, long-term growth platform aligned with Dundee’s core mining strategy. In February 2026, the Corporation announced the closing of this strategic earn-in agreement.
• Reported net income from all portfolio investments for the fourth quarter of 2025 of $2.1 million (2024 – loss of $2.1 million). The key drivers of the current quarter’s positive performance include fair value gains of $38.8 million and $6.1 million from the investments in NFG and Magna after the reclassification to portfolio investments measured at FVTPL in December 2025. During the same quarter, the Corporation recognized a $15.2 million fair value loss from its investment in Saturn Metals Limited as well as a $20.7 million fair value loss from its investment in a clinical-stage private neuroscience company, TauRx Pharmaceuticals Ltd. For 2025, the Corporation reported net income from portfolio investments of $131.6 million (2024 – $65.9 million). The key drivers of the current year’s performance include $38.8 million, $27.7 million and $21.3 million fair value gains on investments in NFG, Ausgold Limited and Saturn Metals Limited, respectively. In addition, the Corporation sold its remaining stake in G Mining Ventures Corp. for $45.3 million cash proceeds and recognized a $14.2 million gain in the current year.  
• Reported share of loss from equity accounted investments of $2.6 million for the fourth quarter of 2025 (2024 – income of $0.1 million). For 2025, the Corporation recognized share of income from equity accounted investments of $14.9 million (2024 – loss of $0.4 million).
• Reported consolidated general and administrative expenses for the fourth quarter of 2025 of $2.2 million (2024 – $3.8 million). For 2025, the Corporation reported consolidated general and administrative expenses of $14.9 million (2024 – $16.3 million).
• Reported net earnings attributable to owners of the Corporation for the fourth quarter of 2025 of $185.5 million (2024 – net loss of $8.2 million), or earnings per share on a diluted basis of $1.88 (2024 – loss per share of $0.09). For 2025, the Corporation reported net earnings attributable to owners of the Corporation of $320.5 million (2024 – $59.1 million), or earnings per share on a diluted basis of $3.27 (2024 – $0.60).

SEGMENTED FINANCIAL RESULTS  

Mining Investments

In the fourth quarter of 2025, the Corporation reported net earnings before taxes from the mining investments segment of $205.0 million (2024 – loss of $4.2 million). Performance from the mining portfolio investments generated income of $22.7 million (2024 – loss of $2.6 million). The share of loss from equity accounted mining investments during the fourth quarter of 2025 was $2.7 million (2024 – $1.6 million). Drivers of performance are described in the highlights above. During the quarter, this segment reported a gain of $185.2 million on transfers of equity accounted investments NFG and Magna to portfolio investments, where financial instruments are measured at fair value. During the same period, the Corporation reported net income from its royalty interest in the Borborema Gold Project of $0.9 million, which included $1.3 million of royalty revenue.

During 2025, the Corporation reported net earnings before taxes from the mining investments segment of $353.4 million (2024 – $61.6 million). Performance from the mining portfolio investments generated income of $152.9 million (2024 – $62.5 million). The share of income from equity accounted mining investments during 2025 was $14.8 million (2024 – loss of $1.7 million).

Corporate and others

The Corporation reported a pre-tax loss from the corporate and others segment, including non-core subsidiaries, of $11.3 million (2024 – $0.5 million) during the three months ended December 31, 2025. The fair value of non-mining portfolio investments in the corporate and others segment decreased by $20.7 million (2024 – increased $0.5 million) during the fourth quarter of the current year and was driven almost exclusively by the investment revaluation of Dundee’s ownership in TauRx Pharmaceuticals Ltd. The pre-tax loss was partially offset by an $11.4 million gain recognized on the sale of the Corporation’s 20% interest in Android, completed on December 12, 2025.

During 2025, the Corporation reported a pre-tax loss from the corporate and others segment of $21.8 million (2024 – earnings of $5.5 million). The fair value of non-mining portfolio investments in the segment decreased by $21.3 million (2024 – increased by $3.4 million).

Mining Services

During the fourth quarter of 2025, the mining services segment, comprised of the Corporation’s 78%-owned subsidiary, Dundee Sustainable Technologies Inc. (“Dundee Technologies”), reported net earnings before taxes of $3.8 million (2024 – loss of $4.5 million) after recognizing a $4.5 million gain on a debt settlement in November of 2025. During 2025, this segment reported net earnings before taxes of $1.5 million (2024 – loss of $7.9 million).

The Corporation’s audited consolidated financial statements as at and for the years ended December 31, 2025 and 2024, along with the accompanying management’s discussion and analysis, as well as the Annual Information Form, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedarplus.ca or the Corporation’s website at www.dundeecorporation.com.

ABOUT DUNDEE CORPORATION:

Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Investor and Media Relations
T: (416) 864-3584
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