TORONTO, May 12, 2026 (GLOBE NEWSWIRE) -- “The first quarter of 2026 was an important period for Dundee as it marked a meaningful step in the execution of our strategy,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “During the quarter, we closed an $85 million strategic partnership with Westhaven Gold Corp. to advance the Shovelnose Gold Project and the Spences Bridge Gold Belt. This transaction builds on Dundee’s long history as an active and engaged mining investor and represents a meaningful step toward deeper technical involvement, more direct project ownership, and potential future operatorship. In addition, we further strengthened our liquidity position through the sale of our net smelter royalty on the Borborema Gold Project.”

“Our recently announced earn-in and joint-venture agreement with Westhaven Gold reflects the type of disciplined, project-level capital allocation that we believe can create long-term and sustainable value for Dundee shareholders,” Mr. Goodman continued. “The agreement provides Dundee with a path to earn up to a 60% interest in a district-scale portfolio of gold projects in the Spences Bridge Gold Belt, including the Shovelnose Gold Project, through staged expenditures tied to defined work programs. It allows us to deploy capital directly into the ground while maintaining discipline around timing, ownership, technical milestones and future decision-making.”

“Dundee has a long history of identifying high-quality mining opportunities early, applying technical and financial judgment, and supporting the patient advancement of assets” Mr Goodman added. “The strategic partnership with Westhaven builds on that experience and brings together the elements we believe are critical to unlocking long-term value: disciplined capital allocation, technical engagement, strong governance, and the operating processes and accountability required to support a durable mining platform over time.”

Mr. Goodman concluded: “Fair value movements are an inherent feature of our mining investment portfolio, but they do not define the direction of the business. In the first quarter, we remained focused on the areas that we can control: disciplined execution, prudent capital deployment and the steady accumulation of technical, environmental and project data that will inform future decisions. With a strong capital base, no debt at the parent level, and an experienced team, Dundee is well positioned to advance this next phase of its growth and pursue opportunities that can support future cash flow generation and long-term shareholder value. The progress we have made reflects the strength of our team and their continued focus, discipline and commitment to execution.”

FIRST QUARTER 2026 RESULTS

In February 2026, Dundee Corporation (the “Corporation” or “Dundee”) and Westhaven Gold Corp. (“Westhaven”), a gold-focused exploration and development company, announced that an $85.0 million Earn-In and Joint Venture Agreement had become effective, granting the Corporation the sole and exclusive right to acquire up to a 60% interest in a newly incorporated company (“JVCO”), established on April 7, 2026, that will hold Westhaven’s Shovelnose Gold Project, Prospect Valley Gold Project, Skoonka Gold Project and Skoonka North Project located in the Spences Bridge Gold Belt of southern British Columbia (collectively, the “Projects”) upon the funding by the Corporation of certain project expenditures totalling $85.0 million. Under the terms of the Earn-in Agreement, the Corporation has committed to fund a minimum of $30.0 million in project expenditures by February 20, 2029, in exchange for an initial 25% interest in JVCO. In March 2026, the Corporation funded $1.0 million of project expenditures, followed by an additional $5.5 million subsequent to quarter-end. The Corporation expects to earn its first interest in JVCO in late 2026 or early 2027.
In January 2026, Dundee recognized a $47.5 million gain on the sale of its net smelter royalty on the Borborema Gold Project for an aggregate purchase price of $65.8 million, consisting of $41.4 million in cash and 3.6 million shares of Gold Royalty Corp (“GROY”).
On October 23, 2025, the Corporation resolved its outstanding matter with the Tax Court of Canada. The Department of Justice consented to judgments allowing the appeals. During the first quarter of 2026, the Corporation received a refund of $13.7 million inclusive of interest.
- Reported net loss from portfolio investments of $71.6 million (2025 – income of $28.1 million). The key drivers of the current quarter’s negative performance include fair value declines of $28.0 million and $31.1 million from the Corporation’s investments in New Found Gold Corp. and Magna Mining Inc. During the same period of last year, the Corporation recognized a $14.2 million gain on the sale of G Mining Ventures Corp.
- Reported share of loss from equity accounted investments of $0.9 million for the first quarter of 2026 (2025 – income of $0.3 million).
- Reported consolidated general and administrative expenses for the first quarter of 2026 of $3.5 million (2025 – $4.5 million).
- Reported a net loss attributable to owners of the Corporation for the first quarter of 2026 of $6.7 million (2025 – earnings of $24.5 million), or loss per share on a diluted basis of $0.07 (2025 – earnings per share of $0.25).

SEGMENTED FINANCIAL RESULTS

Mining Investments

In the first quarter of 2026, the Corporation reported a pre-tax loss from the mining investments segment of $18.5 million (2025 – earnings of $29.8 million). This result included a pre-tax loss of $70.9 million from the mining portfolio investments (2025 – earnings of $29.6 million). The key drivers of performance are described in the highlights above. The share of loss from equity accounted mining investments during the first quarter of 2026 was $0.3 million (2025 – earnings of $0.2 million).

The pre-tax loss from the mining portfolio investments was partially offset by a $47.5 million gain on the sale of the Corporation’s net smelter royalty on the Borborema Gold Project for an aggregate purchase price of $65.8 million, consisting of $41.4 million in cash and 3.6 million shares of GROY. In addition, the Corporation recognized a $5.2 million gain on the remeasurement of the derivative financial liability associated with the sale of New Found Gold Corp. common share purchase warrants completed in December 2025.

Corporate and others

The Corporation reported net earnings before taxes from the corporate and others segment of $1.0 million (2025 – loss of $4.1 million) during the three months ended March 31, 2026. The fair value of non-mining portfolio investments in the corporate and others segment decreased by $0.7 million (2025 – $1.4 million) during the first quarter and was driven mostly by the investment revaluation of Dundee’s ownership in TauRx Pharmaceuticals Ltd.

Mining Services

During the first quarter of 2026, the mining services segment, comprised of the Corporation’s 78%-owned subsidiary, Dundee Sustainable Technologies Inc. (“Dundee Technologies”), reported a pre-tax loss of $0.8 million (2025 – $1.7 million).

Subsequent to quarter-end, on April 2, 2026, Dundee Technologies entered into a definitive agreement to be privatized by the Corporation. Pursuant to the agreement, the Corporation agrees to acquire all of the issued and outstanding shares of Dundee Technologies not owned by the Corporation for a consideration of $0.03 per share, representing an aggregate value of $0.4 million, subject to shareholder approval and other customary closing conditions. The privatization is expected to close in the first half of 2026. Upon completion, Dundee Technologies will become a wholly owned subsidiary of the Corporation.

SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS


Carrying value as at		March 31, 2026		December 31, 2025
Mining Investments
Portfolio investments		$	335,724	$	374,386
Equity accounted investments			6,714		7,013
Deposit under earn-in agreement			1,000		-
Royalty			-		18,254
			343,438		399,653
Corporate and Others
Corporate			199,569		149,539
Portfolio investments ‒ other			48,076		48,801
Real estate joint ventures			2,049		2,659
			249,694		200,999
Mining Services
Subsidiaries			5,279		4,931
			5,279		4,931
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO CLASS A SUBORDINATE SHARES
AND CLASS B SHARES OF THE CORPORATION		$	598,411	$	605,583

Number of shares of the Corporation issued and outstanding:
	Class A Subordinate Shares		86,718,321		86,891,018
	Class B Shares		3,114,491		3,114,491
Total number of shares issued and outstanding			89,832,812		90,005,509

SHAREHOLDERS' EQUITY ON A PER SHARE BASIS		$	6.66	$	6.73

The Corporation’s unaudited interim consolidated financial statements as at and for the three months ended March 31, 2026 and 2025, along with the accompanying management’s discussion and analysis, 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 (“TSX”) under the symbol “DC.A”. The Corporation is engaged in the identification, evaluation, and advancement of mineral resource opportunities within the mining sector. The Corporation is actively pursuing interests in mining and exploration projects at various stages of development. In connection with these activities, the Corporation conducts technical, geological, and financial due diligence and may enter into joint arrangements, strategic partnerships, and other arrangements with third parties, with its level of involvement in project development and operations varying depending on the nature of the opportunity. The Corporation may support the advancement of mining opportunities through involvement in development planning and oversight of key technical workstreams.

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
E: ir @dundeecorporation.com

Dundee Corporation Reports First Quarter 2026 Financial Results and Progress on Strategic Mining Platform