Highlights 

  • Dundee recorded net earnings of USD 90.6 million in Q3 2025, driven by gains across its mining portfolio. 
  • The Borborema Gold Project contributed USD 0.7 million in royalty revenue during the quarter. 
  • Fair value gains from Saturn Metals and Ausgold totalled more than USD 42 million. 
  • Earnings from equity-accounted investments reached USD 9.0 million in Q3 2025. 
  • Dundee ended the quarter with no parent-level debt and a strengthened cash position. 

Dundee Corporation (TSX:DC.A) delivered a meaningful increase in earnings during the third quarter of 2025, supported by portfolio gains and a growing stream ofrecurring revenue. The company reported net earnings attributable toshareholdersof USD 90.6 million, a notable increase from USD 7.3 million in the same period last year. This performance was driven primarily by continued appreciation in Dundee’s mininginvestments, which generated USD 81.8 millions in income in the quarter. 

A key milestone for the company was its first full quarter of royalty revenue from the Borborema Gold Project, operated by Aura Minerals. Dundee recognized USD 0.7 million in royalty income as commercial production at Borborema ramped up following its September 2025 transition to full operating status. Aura sold 9,373 gold-equivalent ounces from the project in Q3, contributing to Dundee’s improved recurringcash flowprofile. 

Several major investment gains added further momentum. Saturn Metals delivered a fair value increase of USD 25.7 million, while Ausgold contributed USD 16.8 million. The company also realized a USD 14.2 million gain through the sale of its remaining position in G Mining Ventures for USD 45.3 million in cash proceeds. 

Strategic Transactions Reinforce Long-Term Investment Positioning 

The quarter also included significant developments within Dundee’s long-held investment positions. New Found Gold completed its acquisition of Maritime Resources, enabling Dundee to transition fromequity-accounting Maritime to holding market-valued shares in New Found Gold beginning in Q4. As of September 30, the fair value of Dundee’s Maritime holdings was USD 117.5 million. 

Additionally, Dundee participated in an AUD 45.0 million private placement by Saturn Metals, investing AUD 4.8 million for 8.3 million shares. Proceeds will support continued advancement of the Apollo Hill Gold Project toward key engineering milestones and exploration programs. 

The company’s share of income from equity-accounted investments totalled USD 9.0 million, boosted by a USD 5.9 million dilution gain as Dundee’s stake in Magna Mining decreased from 21% to 18% following capital-raising activity at Magna. 

Corporate Results and Balance Sheet Position 

Corporate and non-core activities contributed USD 0.4 million in pre-tax earnings during the quarter, compared with a USD 2.0 million loss last year. Fair value adjustments in non-mining investments added USD 2.2 million, driven largely by Dundee’s holdings in TauRx Pharmaceuticals. 

The mining services segment, operated through Dundee Sustainable Technologies, reported a pre-tax loss of USD 0.1 million. Dundee Technologies also settled a USD 5.7 million convertible debenture with Investissement Québec through a USD 1.1 million payment made by Dundee as guarantor. 

Shareholders’ equityrose to USD 421.7 million at quarter-end, equivalent to USD 4.69 per share, up from USD 3.17 at year-end 2024. Dundee maintained no parent-leveldebtand continued to strengthen itsliquidityposition. 

Conclusion 

Dundee Corporation’s third quarter showcased meaningful progress across its mining portfolio, higher recurring royalty income and favourable fair value gains that significantly boosted earnings. With a strengthened balance sheet, expanding investment pipeline and the addition of new production-linked revenue, the company positions itself for continued value creation as it advances its long-term strategy.