TORONTO, Nov. 10, 2026 (GLOBE NEWSWIRE) -- “The third quarter of 2026 marked continued progress in the execution of Dundee’s mining strategy,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “At Shovelnose, we completed the 117-hole resource infill drilling program and advanced the technical work required to support the South Zone pre-feasibility study, which is targeted for completion in the second half of 2027. With six drills remaining active, our focus is turning to regional exploration while continuing to build the technical foundation required to make disciplined development decisions.”

“Just as importantly, our work at Shovelnose is helping Dundee build the technical, operating and organizational capabilities required as we evolve toward a more direct role in mining projects. Together with Westhaven and the experienced joint venture team, we have the opportunity not only to advance a high-quality asset, but also to strengthen the systems and processes that will support Dundee’s mining strategy,” Mr. Goodman continued.

Mr. Goodman concluded: “Beyond Shovelnose, we continue to evaluate opportunities across the mining sector. Recent market volatility reinforces the importance of maintaining both investment discipline and financial flexibility. With $142.2 million in cash at quarter-end, minimal debt, and an experienced team, Dundee has the financial flexibility to remain disciplined and acts when we see opportunities capable of creating meaningful long-term value for our shareholders.”

THIRDQUARTER AND FIRST NINE MONTHS OF 2026 RESULTS

• Reported net income from portfolio investments for the third quarter of 2026 of $52.9 million (2025 – $84.0 million). The key drivers of the current quarter’s positive performance include fair value increases of $21.3 million, $18.3 million and $7.0 million from the Corporation’s investments in Ausgold Limited (“Ausgold”), Magna Mining Inc. and Saturn Metals Limited (“Saturn”), respectively. For the nine months ended September 30, 2026, the Corporation reported a net loss from portfolio investments of $41.4 million (2025 – income of $129.6 million). Within the mining investments segment, this loss was more than offset by a $47.5 million gain on the sale of the Corporation’s net smelter royalty on the Borborema Gold Project during the first quarter of 2026 and a $6.4 million gain on the remeasurement of a derivative financial liability.
  

• In August 2026, OceanaGold Corporation (“OceanaGold”) announced a definitive agreement to acquire Ausgold, with Ausgold shareholders entitled to receive 0.03365 OceanaGold common shares for each Ausgold share held or elect to receive cash, subject to certain limitations. The transaction remains subject to customary approvals and closing conditions and is expected to close in December 2026.
  
  
• During the third quarter of 2026, the Corporation invested AUD$12.0 million to acquire 30.0 million shares of Saturn as part of Saturn’s total planned AUD$100.0 million private placement. The Corporation remains committed to invest an additional AUD$8.0 million for 20.0 million Saturn shares, subject to Saturn obtaining the required shareholder and regulatory approvals.
  

• During the first nine months of 2026, the Corporation funded $21.8 million of project expenditures under its $85.0 million Earn-In and Joint Venture Agreement with Westhaven Gold Corp. to advance the Shovelnose Project and Spences Bridge Gold Belt properties. Subsequent to quarter end, the Corporation funded an additional $6.4 million of project expenditures.
  
  
• Reported share of income from equity accounted investments of $1.5 million for the third quarter of 2026 (2025 – $9.0 million). For the nine months ended September 30, 2026, the Corporation reported nominal net income from equity accounted investments (2025 – $17.6 million).
  
  
• Reported consolidated general and administrative expenses for the third quarter of 2026 of $14.4 million (2025 – $4.0 million), including $11.3 million of stock-based compensation expense primarily attributable to the transition to cash-settled accounting and recognition of the associated liabilities. For the nine months ended September 30, 2026, the Corporation reported consolidated general and administrative expenses of $21.7 million (2025 – $12.8 million).
  
  
• Reported net earnings attributable to owners of the Corporation for the third quarter of 2026 of $41.6 million (2025 – $90.6 million), or earnings per share on a diluted basis of $0.53 (2025 – $0.92). For the nine months ended September 30, 2026, the Corporation reported net earnings attributable to owners of the Corporation of $6.8 million (2025 – $135.0 million), or earnings per share on a diluted basis of $0.18 (2025 – $1.38).
  

SEGMENTED FINANCIAL RESULTS  

Mining Investments

In the third quarter of 2026, the Corporation reported net earnings before tax from the mining investments segment of $58.2 million (2025 – $91.4 million). This result included net income before taxes of $56.6 million from the mining portfolio investments (2025 – $81.8 million). The key drivers of performance are described in the highlights above. The share of income before taxes from equity accounted mining investments during the third quarter of 2026 was $1.5 million (2025 – $9.0 million), which included a $1.7 million gain recognized on the Corporation’s investment in Viva Gold Corp. (“Viva”) during the quarter, representing the excess of its share of the fair value of Viva’s net assets over the purchase price.

During the nine months of 2026, the Corporation reported net earnings before tax from the mining investments segment of $12.2 million (2025 – $148.4 million). The mining portfolio investments incurred a pre-tax loss of $42.2 million (2025 – earnings of $130.1 million). This loss was offset by a $47.5 million gain on the sale of the Corporation’s net smelter royalty on the Borborema Gold Project during the first quarter of 2026 as well as a $6.4 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. The share of net earnings before tax from equity accounted mining investments during the first nine months of 2026 was $0.6 million (2025 – $17.5 million).

Corporate and Others

The Corporation reported a pre-tax loss from the corporate and others segment of $16.5 million (2025 – earnings of $0.3 million) during the three months ended September 30, 2026, of which $11.3 million was primarily attributable to the transition to cash-settled accounting for stock-based compensation awards. The fair value of non-mining portfolio investments in the corporate and others segment decreased by $3.8 million (2025 – increased by $2.2 million) during the third quarter and was driven mostly by the investment revaluation of Dundee’s ownership in TauRx Pharmaceuticals Ltd.

During the first nine months of 2026, the Corporation reported a pre-tax loss from the corporate and others segment of $9.9 million (2025 – $10.6 million). The fair value of non-mining portfolio investments in the segment increased by $0.8 million (2025 – decreased by $0.6 million).

Mining Services

During the third quarter of 2026, the mining services segment, comprised of the Corporation’s wholly owned subsidiary, Dundee Sustainable Technologies Inc. (“Dundee Technologies”), reported a pre-tax loss of $0.1 million (2025 – $0.2 million). During the first nine months of 2026, the mining services segment reported a pre-tax loss of $1.7 million (2025 – $2.4 million).

The Corporation’s unaudited interim consolidated financial statements as at and for the three and nine months ended September 30, 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