Dundee (DC-A) Q1 2026 earnings summary

Executive summary

• Closed an $85 million strategic partnership with Westhaven Gold Corp. to advance the Shovelnose Gold Project and Spences Bridge Gold Belt.

• Strengthened liquidity through the sale of a net smelter royalty on the Borborema Gold Project.

• Focused on disciplined capital allocation, technical engagement, and building a durable mining platform.

• Maintained a strong capital base with no parent-level debt and an experienced team.

Financial highlights

• Recognized a $47.5 million gain on the sale of the Borborema Gold Project royalty for $65.8 million ($41.4 million cash, 3.6 million GROY shares).

• Reported net loss from portfolio investments of $71.6 million (2025: income of $28.1 million), driven by fair value declines in New Found Gold Corp. and Magna Mining Inc.

• Net loss attributable to owners for Q1 2026 was $6.7 million (2025: earnings of $24.5 million), or a diluted loss per share of $0.07 (2025: EPS $0.25).

• General and administrative expenses were $3.5 million (2025: $4.5 million).

• Received a $13.7 million tax refund after resolving a matter with the Tax Court of Canada.

Outlook and guidance

• Expects to earn its first interest in JVCO in late 2026 or early 2027 after staged expenditures.

• The privatization of Dundee Sustainable Technologies is expected to close in the first half of 2026.