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Dundee (DC-A) investor relations material
Dundee Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved strong net earnings in Q3 2025, driven by first full quarter of royalty revenue from Borborema Gold Project and significant investment gains in mining portfolio.
Recurring cash flow now supports core cost base, enabling capital redeployment for growth.
Acquisition of Maritime Resources by New Found Gold validates long-term investment strategy and positions for future upside.
Ended the quarter with a strong cash position, no parent-level debt, and a growing royalty revenue stream.
Financial highlights
Reported Q3 2025 net income from portfolio investments of $84.0 million, up from $10.1 million in Q3 2024; nine-month net income of $129.6 million, up from $68.0 million year-over-year.
Q3 2025 net earnings attributable to owners were $90.6 million ($0.92 per diluted share), compared to $7.3 million ($0.07 per share) in Q3 2024.
Nine-month net earnings attributable to owners were $135.0 million ($1.38 per diluted share), up from $67.3 million ($0.69 per share) in 2024.
General and administrative expenses for Q3 2025 were $4.0 million, down 7.6% year-over-year excluding share-based compensation.
Sold remaining stake in G Mining Ventures for $45.3 million, recognizing a $14.2 million gain.
Outlook and guidance
Ongoing ramp-up at Borborema Gold Project expected to continue through 2025, supporting future royalty revenue growth.
Saturn Metals' private placement to fund Apollo Hill Gold Project pre-feasibility and maiden ore reserve in 2025, with a definitive feasibility study targeted for H2 2026.
Focus remains on disciplined capital deployment and supporting core holdings to unlock value.
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Frequently asked questions
Dundee Corporation is a diversified holding company involved in various industries, including investment management, resources, and agriculture. The company's activities span sectors such as mining, energy, real estate, and sustainable agriculture, where it invests in and manages assets. Dundee Corporation focuses on identifying and nurturing growth opportunities within these industries, leveraging its expertise to provide capital, management, and strategic guidance. Through its portfolio, the company aims to create value for its shareholders across a broad range of sectors, with a particular emphasis on resource and asset management. The company is headquartered in Toronto, Ontario, and its shares are listed on the TSX.
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