Announcement • May 09

Dundee Corporation Announces Results Of In-Fill Drilling At Westhaven Gold Corp’s Shovelnose Gold And Silver Project

Dundee Corporation completed a strategic earn-in agreement with Westhaven, whereby Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to CAD 85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CAD 30,000,000, inclusive of a fully funded 50,000m drill program at Shovelnose, which is funding the activities outlined in this news release and is expected to continue through the remainder of 2026. 8,537m of drilling (32 drill holes) have been completed within the South Zone deposit, representing ~23% of the planned mineral resource drilling program. Assay results from 14 drill holes (3,500m; ~10% of planned in-fill drilling) have been received, with notable results including 54.0m grading 8.99 g/t Au and 55 g/t Ag (SNR26-070) and 42.0m grading 4.35 g/t Au and 41 g/t Ag (SNR26-63). The drill program is expected to increase from two to four drills by May 15, 2026, ahead of schedule. Initial drilling is focused on completing ~35,000m of mineral resource in-fill drilling at the South Zone deposit, targeting inclusion in an updated Mineral Resource Estimate (“MRE”) to support the PFS, with anticipated completion in H2 2027. The 2026 drilling program is also expected to include ~15,000m of exploration drilling and additional dedicated drilling for hydrogeological, geotechnical and metallurgical studies in support of the PFS. Environmental Assessment (“EA”) level environmental and socio-economic baseline programs are currently being developed, with implementation to follow in support of the PFS and future EA application. The 35,000m South Zone mineral resource drilling program has been designed to infill the deposit at nominal 25m centres. To date, 32 drill holes (8,537m) have been completed representing approximately 23% of the planned program metreage. Initial results from 14 holes (3,500m or 10% of the planned metreage) are reported in this news release. Selected assay highlights include: SNR26-61: 12.02m grading 3.34 g/t Au and 24 g/t Ag from 142.00m downhole SNR26-63: 42.00m grading 4.35 g/t Au and 41 g/t Ag from 148.00m downhole SNR26-68: 9.04m grading 3.98 g/t Au and 23 g/t Ag from 190.00m downhole, and 6.03m grading 3.74 g/t Au and 27 g/t Ag from 218.00m downhole, and 6.70m grading 4.08 g/t Au and 19 g/t Ag from 228.97m downhole SNR26-69: 11.75m grading 3.89 g/t Au and 25 g/t Ag from 161.15m downhole, and 9.50m grading 7.38 g/t Au and 68 g/t Ag from 184.50m downhole, and 1.26m grading 62.80 g/t Au and 330 g/t Ag from 198.04m downhole SNR26-70: 54.00m grading 8.99 g/t Au and 55 g/t Ag from 152.00m downhole, including 23.00m grading 17.04 g/t Au and 111 g/t Ag from 169.60 downhole SNR26-72: 6.90m grading 4.98 g/t Au and 18 g/t Ag from 237.50m downhole, and 4.49m grading 12.44 g/t Au and 46 g/t Ag from 257.00m downhole Assay intervals noted above represent downhole intersections, not true widths. True widths can be estimated at approximately 70-80% of the reported intervals. A table of assay results, including drill hole locations and orientations, is located at the end of this release. The PFS is expected to be completed in H2 2027 and will focus on evaluating development and mine design scenarios for the South Zone deposit at Shovelnose. The PFS will establish the technical and economic framework required to advance the project toward a potential Feasibility Study. In addition to ongoing mineral resource drilling and the planned update to the South Zone MRE, several 2026 work streams are either underway or planned in support of the PFS, including metallurgical, hydrogeology and geotechnical studies. Additional drilling metreage is expected to be allocated to support this work. EA-level environment and socio-economic baseline studies are also in development and will be implemented in support of the PFS and future EA application and project permitting processes. Most core samples consist of halved drill core cut by manual sawing using industry standard core saws. In rare cases, and where required by physical core conditions, manual splitting may be used. Half of the core is retained in the original core box for reference samples and any required future work, including QA/QC. Core samples, controlled by a unique bar-coded reference number, are delivered to ALS’s Kamloops facility and prepared using the PREP-31 package. Each core sample is crushed to better than 70% passing a 2mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen. Further analytical and assay procedures are conducted in ALS’s North Vancouver facility. A 0.75g subsample of the pulverized split is subjected to four acid digestion and analyzed via ICP-MS (method code ME-MS61m (+Hg)) which reports a suite of 49 elements. All samples are also analyzed for gold by fire assay with an AES finish, method code Au-ICP21 (30g sample size). Samples returning gold values over 10ppm are subjected to over-limit check assays using fire assay and a gravimetric finish (method code Au-GRA21 and a 30g sample size). Other over limit elements may also be subjected to ore grade analyses which vary depending on the element of interest. ALS’s facilities are accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. QA/QC incorporates the laboratory’s internal quality assurance controls as well as Westhaven’s field controls, including the insertion of quarter core duplicates, certified reference materials and blanks, each at a rate of roughly one per 20-25 core samples. Additional blanks are inserted following samples with visible gold or significant concentrations of ginguro (fine grained bands of dark gray to black sulphides). QA/QC data are evaluated on receipt for failures, and appropriate action is taken if results for duplicates, standards and blanks fall outside allowed tolerances. Westhaven’s ongoing QA/QC programs are consistent with industry best practices and include auditing of all exploration data. Any significant changes will be reported when available.

Announcement • Jul 15

G Mining Ventures Corp. (TSX:GMIN) completed the acquisition of Reunion Gold Corporation (TSXV:RGD) from Dundee Corporation (TSX:DC.A), La Mancha Investments S.à r.l. and others for CAD 840 million.

G Mining Ventures Corp. (TSX:GMIN) entered into a definitive agreement to acquire Reunion Gold Corporation (TSXV:RGD) from Dundee Corporation (TSX:DC.A), La Mancha Investments S.à r.l. and others for approximately CAD 840 million on April 22, 2024. Under the terms of the Agreement, GMIN and RGD shareholders will receive common shares of a newly formed company (the "New GMIN") equivalent to RGD shareholders being issued 0.285 GMIN common shares for each RGD common share. The number of common shares issued by New GMIN to GMIN and RGD shareholders will be equivalent to the combined company undergoing a 4-to-1 share consolidation upon closing of the Transaction (0.25 New GMIN common shares will be issued for each GMIN common share and 0.07125 New GMIN common shares will be issued for each RGD common share (the "Exchange Ratio")). RGD shareholders will receive estimated consideration of CAD 0.65 per RGD common share, an estimated transaction equity value of approximately CAD 880 million, based on the closing price of GMIN common shares on the Toronto Stock Exchange ("TSX") on April 19, 2024, excluding the value of the SpinCo consideration. This represents a premium of 29% based on GMIN's and RGD's closing price and 10-day VWAP on the TSX and TSX Venture Exchange ("TSXV") as at April 19, 2024, respectively, without accounting for value of SpinCo. Upon completion of the Transaction, existing GMIN and RGD shareholders will own approximately 57% and 43% of the combined company on a fully-diluted in-the-money basis prior to the concurrent CAD 68.635 million equity financing, and the combined company and RGD shareholders will own 19.9% and 80.1%, respectively, of the outstanding common shares of SpinCo. RGD will be entitled to nominate two members to the board of directors of New GMIN, in addition to the appointment of the common director, David Fennell, to the newly created role of Vice Chairman. New GMIN's board of directors is expected to comprise a total of 9 members (5 GMIN nominees, 3 RGD nominees and 1 La Mancha nominee), including Louis Gignac as Chairman and Louis-Pierre Gignac as director, president, and Chief Executive Officer. To effect the Transaction, New GMIN will acquire all of the issued and outstanding shares of GMIN and RGD. New GMIN, to be renamed G Mining Ventures Corp., will apply for listing on the TSX. The Agreement includes reciprocal deal protections and a reciprocal CAD 31.2 million termination fee payable under certain circumstances. Through the Transaction, GMIN will acquire RGD’s flagship Oko West Project located in Guyana, within the Guiana Shield region. The Transaction will be subject to approval of at least 662/3% of the votes cast by GMIN shareholders, as well as, to the extent required under applicable law, the approval of a simple majority of disinterested shareholders, voting at a special meeting of GMIN shareholders, and at least 662/3% of the votes cast by RGD shareholders, 662/3% of the votes cast by RGD shareholders and option holders, voting together as a single class, as well as, to the extent required under applicable law, the approval of a simple majority of disinterested shareholders, voting at a special meeting of RGD securityholders and holders of no more than 10% of the total issued and outstanding GMIN Shares shall have validly exercised Dissent Rights. Directors and members of senior management of RGD, and La Mancha, as well as two subsidiaries of, and a trust controlled by, Dundee Corporation, who in the aggregate own approximately 29% of RGD's common shares outstanding, have entered into voting support agreements pursuant to which they have agreed to vote their shares in favor of the Transaction, subject to the terms thereof. Additionally, directors and members of senior management of GMIN, as well as GMIN's three largest shareholders, La Mancha, Eldorado Gold Corporation, and Franco-Nevada, who in aggregate own approximately 60% of GMIN's common shares outstanding, have entered into voting support agreements pursuant to which they have agreed to vote their shares in favor of the Transaction. The transaction is expected to be completed in Q3 2024, subject to the receipt of required securityholder, court and TSX approvals and other closing conditions customary in transactions of this nature. The Agreement has been unanimously approved by the disinterested Directors of the Boards of GMIN and RGD following the unanimous recommendations of each of the Special Committees of independent directors of GMIN and RGD (each, a "Special Committee"). The disinterested Directors of the Boards of GMIN and RGD each unanimously recommend that their respective shareholders vote in favour of the Transaction. As of July 9, 2024, the deal was approved by both Reunion's and G mining's shareholders. Reunion Gold obtained a final order from the Ontario Superior Court of Justice on July 11, 2024. The transaction is expected to close on or around July 15, 2024. RBC Capital Markets is acting as financial advisor to GMIN and its Board of Directors. Howard Levine and Patrick Menda of Blake, Cassels & Graydon LLP acting as GMIN's legal advisor. BMO Nesbitt Burns Inc. is acting as financial advisor and fairness opinion provider to RGD and its Board of Directors. Jay C. Kellerman and Daniel Borlack of Stikeman Elliott LLP acting as RGD's legal advisor. SCP Resource Finance acted as financial advisor and fairness opinion provider to RGD's Special Committee. Norton Rose Fulbright Canada LLP is acting as La Mancha's legal advisor. RBC Capital Markets Inc. and Cormark Securities Inc. have each provided a fairness opinion to the Board of Directors and the Special Committee of GMIN. Computershare Trust Company of Canada acted as depositary to GMIN and RGD. G Mining Ventures Corp. (TSX:GMIN) completed the acquisition of Reunion Gold Corporation (TSXV:RGD) from Dundee Corporation (TSX:DC.A), La Mancha Investments S.à r.l. and others on July 15, 2024.

Interest coverage ratio	n/a
Cash	CA$194.29m
Equity	CA$593.15m
Total liabilities	CA$10.22m
Total assets	CA$603.37m

Data	Last Updated (UTC time)
Company Analysis	2026/06/09 21:24
End of Day Share Price	2026/06/09 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
David Haughton	CIBC Capital Markets
Stephen Boland	Stifel Canada

Dundee Balance Sheet Health

Financial Health criteria checks 5/6

Key information

Recent financial health updates

Is Dundee (TSE:DC.A) Using Too Much Debt?

Is Dundee (TSE:DC.A) Using Debt Sensibly?

Is Dundee (TSE:DC.A) Using Too Much Debt?

Is Dundee (TSE:DC.A) Using Too Much Debt?

Is Dundee (TSE:DC.A) Using Debt Sensibly?

Recent updates

CEO, President & Director exercised options to buy CA$237k worth of stock.

Dundee Corporation Reports Results of Infill Drilling At Westhaven’S Shovelnose Gold and Silver Project

First quarter 2026 earnings released: CA$0.07 loss per share (vs CA$0.27 profit in 1Q 2025)

Dundee Corporation Announces Results Of In-Fill Drilling At Westhaven Gold Corp’s Shovelnose Gold And Silver Project

Dundee Corporation (TSX:DC.A) agreed to acquire remaining minority stake in Dundee Sustainable Technologies Inc. (CNSX:DST) for CAD 0.4 million.

Dundee (TSE:DC.A) Is Posting Healthy Earnings, But It Is Not All Good News

Full year 2025 earnings released: EPS: CA$3.57 (vs CA$0.64 in FY 2024)

Dundee Corporation, Annual General Meeting, Jun 03, 2026

Investor sentiment improves as stock rises 16%

Third quarter 2025 earnings released: EPS: CA$1.01 (vs CA$0.072 in 3Q 2024)

Dundee Corporation Wins Tax Court of Canada Appeal

Second quarter 2025 earnings released: EPS: CA$0.22 (vs CA$0.58 in 2Q 2024)

Dundee Corporation Announces the Departure of Steven Sharpe as Executive Vice Chair

Investor sentiment improves as stock rises 23%

First quarter 2025 earnings released: EPS: CA$0.27 (vs CA$0.072 in 1Q 2024)

Investor sentiment deteriorates as stock falls 16%

Dundee Corporation, Annual General Meeting, Jun 19, 2025

Full year 2024 earnings released: EPS: CA$0.64 (vs CA$0.43 loss in FY 2023)

Investor sentiment improves as stock rises 27%

An undisclosed buyer agreed to acquire 20% interest in Android Industries, LLC from Dundee Corporation (TSX:DC.A) for CAD 24.5 million.

Next Edge Capital Corp. completed the acquisition of Investment Management Business of Dundee Corporation from Dundee Corporation (TSX:DC.A).

New minor risk - Shareholder dilution

There Are Some Holes In Dundee's (TSE:DC.A) Solid Earnings Release

Investor sentiment improves as stock rises 17%

Third quarter 2024 earnings released: EPS: CA$0.07 (vs CA$0.31 loss in 3Q 2023)

Investor sentiment improves as stock rises 25%

Aurum Resources Limited (ASX:AUE) entered into a Bid Implementation Agreement to acquire Mako Gold Limited (ASX:MKG) from Dundee Corporation (TSX:DC.A), SPARTA Invest AG, DELPHI Unternehmensberatung Aktiengesellschaft and Geodrill Limited (TSX:GEO), David Harper and others for AUD 18.5 million.

Next Edge Capital Corp. agreed to acquire Investment Management Business of Dundee Corporation from Dundee Corporation (TSX:DC.A).

An undisclosed buyer acquired an unknown stake in TauRx Pharmaceuticals Ltd. from Dundee Corporation (TSX:DC.A) for $1 million.

Dundee Corporation (TSX:DC.A) acquired 5.66% stake in Maritime Resources Corp. (TSXV:MAE) for CAD 1.6 million.

Second quarter 2024 earnings released: EPS: CA$0.58 (vs CA$0.017 in 2Q 2023)

RBC Dominion Securities Inc. entered into an agreement to acquire 5.1% minority stake in G Mining Ventures Corp. (TSX:GMIN) from Dundee Corporation (TSX:DC.A) for CAD 97.35 million.

Independent Director recently bought CA$66k worth of stock

G Mining Ventures Corp. (TSX:GMIN) completed the acquisition of Reunion Gold Corporation (TSXV:RGD) from Dundee Corporation (TSX:DC.A), La Mancha Investments S.à r.l. and others for CAD 840 million.

Dundee Corporation Approves the Appointment of Jaimie Donovan as Independent Director

First quarter 2024 earnings released: EPS: CA$0.07 (vs CA$0.13 loss in 1Q 2023)

G Mining Ventures Corp. (TSX:GMIN) entered into a definitive agreement to acquire Reunion Gold Corporation (TSXV:RGD) from Dundee Corporation (TSX:DC.A), La Mancha Investments S.à r.l. and others for approximately CAD 780 million.

Independent Director recently bought CA$96k worth of stock

Dundee Corporation, Annual General Meeting, Jun 12, 2024

New minor risk - Revenue size

Full year 2023 earnings released: CA$0.43 loss per share (vs CA$0.29 profit in FY 2022)

Is Dundee (TSE:DC.A) Using Too Much Debt?

Third quarter 2023 earnings released

Dundee Corporation Announces Changes to the Board of Directors

New minor risk - Revenue size

Second quarter 2023 earnings released

First quarter 2023 earnings released: CA$0.14 loss per share (vs CA$0.34 profit in 1Q 2022)

Full year 2022 earnings released: EPS: CA$0.29 (vs CA$0.99 loss in FY 2021)

Insufficient new directors

Third quarter 2022 earnings released: EPS: CA$0.039 (vs CA$0.56 loss in 3Q 2021)

Insufficient new directors

Third quarter 2022 earnings released

Is Dundee (TSE:DC.A) Using Debt Sensibly?

Second quarter 2022 earnings released: CA$0.52 loss per share (vs CA$0.15 loss in 2Q 2021)

Insufficient new directors

Insufficient new directors

First quarter 2022 earnings released: EPS: CA$0.34 (vs CA$0.19 loss in 1Q 2021)

Full year 2021 earnings released: CA$1.05 loss per share (vs CA$0.71 loss in FY 2020)

Is Dundee (TSE:DC.A) Using Too Much Debt?

Third quarter 2021 earnings released

Investor sentiment improved over the past week

Second quarter 2021 earnings released: CA$0.15 loss per share (vs CA$0.51 profit in 2Q 2020)

High number of new directors

Shareholders Shouldn’t Be Too Comfortable With Dundee's (TSE:DC.A) Strong Earnings

Executive VP & CFO has left the company

First quarter 2021 earnings released

Is Dundee (TSE:DC.A) Using Too Much Debt?

Independent Director recently bought CA$88k worth of stock

Full year 2020 earnings released

New 90-day high: CA$1.44