Dundee Corporation Reports Third Quarter 2026 Profit and Continued Progress at Shovelnose
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.”
THIRD QUARTER AND FIRST NINE MONTHS OF 2026 RESULTS
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