TORONTO, Aug. 11, 2026 (GLOBE NEWSWIRE) -- - The second quarter of 2026 was defined by execution,- said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. "Following the closing of our $85 million strategic partnership with Westhaven Gold Corp. to advance the Shovelnose Gold Project ("Shovelnose") and the Spences Bridge Gold Belt, our focus shifted to advancing the work programs that support our earn-in objectives. During the quarter, we made significant progress on Shovelnose through ongoing infill drilling, which has been progressing as planned and reinforces our confidence in the continuity and quality of the deposit. We have since commenced exploration drilling on several highly prospective targets across the broader Spences Bridge Gold Belt, demonstrating our commitment to systematically evaluate and advance the district's potential."
"The work underway at Shovelnose is detailed and methodical, providing the information required to better assess project risks and determine where additional capital can be most effectively deployed," Mr. Goodman continued. "Together, the exploration, resource and engineering work underway is helping us evaluate the potential of the asset base while identifying the most compelling opportunities for future advancement that supports long-term shareholder value."
Mr. Goodman concluded: "Share prices do not move in a straight line, particularly in the mining sector, and periods of volatility will continue to impact our reported results. While that was evident during the first half of 2026, following the strong gains we experienced in 2025, our attention remains firmly on the work that unlocks value over time: disciplined capital allocation, active technical engagement, prudent risk assessment and the continued advancement of high-quality mining assets. With a strong balance sheet, substantively no debt, and an experienced team, Dundee is well positioned to capitalize on opportunities as they arise and continue building long-term value for shareholders."
SECOND QUARTER AND FIRST HALF OF 2026 RESULTS
- Reported a net loss from portfolio investments for the second quarter of 2026 of $22.7 million (2025 - income of $17.4 million). The key drivers of the current quarter's negative performance include fair value declines of $9.5 million and $9.4 million from the Corporation's investments in Magna Mining Inc. and New Found Gold Corp., respectively. For the six months ended June 30, 2026, the Corporate reported a net loss from portfolio investments of $94.3 million (2025 - income of $45.6 million).
- During the first half of 2026, the Corporation funded $9.0 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 $4.0 million of project expenditures.
- Reported share of loss from equity accounted investments of $0.6 million for the second quarter of 2026 (2025 - income of $8.3 million). For the six months ended June 30, 2026, the Corporation reported a net loss from equity accounted investments of $1.5 million (2025 - income of $8.6 million).
- Reported consolidated general and administrative expenses for the second quarter of 2026 of $3.8 million (2025 - $4.2 million). For the six months ended June 30, 2026, the Corporation reported consolidated general and administrative expenses of $7.3 million (2025 - $8.8 million).
- Reported a net loss attributable to owners of the Corporation for the second quarter of 2026 of $28.1 million (2025 - earnings of $19.9 million), or loss per share on a diluted basis of $0.31 (2025 - earnings per share of $0.20). For the six months ended June 30, 2026, the Corporation reported a net loss attributable to owners of the Corporation of $34.8 million (2025 - earnings of $44.4 million), or loss per share on a diluted basis of $0.39 (2025 - earnings per share of $0.46).
SEGMENTED FINANCIAL RESULTS
Mining Investments
In the second quarter of 2026, the Corporation reported a pre-tax loss from the mining investments segment of $27.5 million (2025 - earnings of $27.1 million). This result included a pre-tax loss of $27.9 million from the mining portfolio investments (2025 - earnings of $18.8 million). The key drivers of performance are described in the highlights above. The share of loss from equity accounted mining investments during the second quarter of 2026 was $0.6 million (2025 - earnings of $8.2 million).
During the first six months of 2026, the Corporation reported a pre-tax loss from the mining investments segment of $46.0 million (2025 - earnings of $56.9 million). Performance from the mining portfolio investments incurred a pre-tax loss of $98.8 million (2025 - earnings of $48.4 million). This loss was partially 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 $6.3 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 loss from equity accounted mining investments during the first six months of 2026 was $0.9 million (2025 - earnings of $8.5 million).
Corporate and others
The Corporation reported net earnings before taxes from the corporate and others segment of $5.7 million (2025 - loss of $6.8 million) during the three months ended June 30, 2026. The fair value of non-mining portfolio investments in the corporate and others segment increased by $5.3 million (2025 - decreased by $1.4 million) during the second quarter and was driven mostly by the investment revaluation of Dundee's ownership in TauRx Pharmaceuticals Ltd.
During the first six months of 2026, the Corporation reported net earnings before taxes from the corporate and others segment of $6.6 million (2025 - loss of $10.9 million). The fair value of non-mining portfolio investments in the segment increased by $4.5 million (2025 - decreased by $2.8 million).
Mining Services
During the second 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 $0.8 million (2025 - $0.5 million). During the first six months of 2026, the mining services segment reported a pre-tax loss of $1.6 million (2025 - $2.2 million).
SHAREHOLDERS' EQUITY ON A PER SHARE BASIS
| Carrying value as at | June 30, 2026 | December 31, 2025 | ||||||
| Mining Investments | ||||||||
| Portfolio investments | - | 309,765 | - | 374,386 | ||||
| Equity accounted investments | 7,505 | 7,013 | ||||||
| Deposit under earn-in agreement | 8,985 | - | ||||||
| Royalty | - | 18,254 | ||||||
| 326,255 | 399,653 | |||||||
| Corporate and Others | ||||||||
| Corporate | 187,502 | 149,539 | ||||||
| Portfolio investments ? other | 53,336 | 48,801 | ||||||
| Real estate joint ventures | 2,053 | 2,659 | ||||||
| 242,891 | 200,999 | |||||||
| Mining Services | ||||||||
| Subsidiaries | (107 | - | 4,931 | |||||
| (107 | - | 4,931 | ||||||
| SHAREHOLDERS' EQUITY ATTRIBUTABLE TO CLASS A SUBORDINATE SHARES | ||||||||
| AND CLASS B SHARES OF THE CORPORATION | - | 569,039 | - | 605,583 | ||||
| Number of shares of the Corporation issued and outstanding: | ||||||||
| Class A Subordinate Shares | 86,853,013 | 86,891,018 | ||||||
| Class B Shares | 3,114,491 | 3,114,491 | ||||||
| Total number of shares issued and outstanding | 89,967,504 | 90,005,509 | ||||||
| SHAREHOLDERS' EQUITY ON A PER SHARE BASIS * | - | 6.32 | - | 6.73 | ||||
The Corporation's unaudited interim consolidated financial statements as at and for the three and six months ended June 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
