Dundee (DC-A) Q2 2025 earnings summary

Executive summary

• Initiated royalty revenue from the Borborema Gold Project, marking a new recurring income stream.

• Achieved net income from all portfolio investments of $17.4 million in Q2 2025, with Saturn Metals contributing $9.3 million.

• Ended the quarter with strong cash reserves and no parent-level debt, enhancing capital allocation flexibility.

• Participated in key private placements and rights offerings, including SPC Nickel, Maritime Resources, Saturn Metals, and Ausgold.

Financial highlights

• Net income from portfolio investments was $17.4 million in Q2 2025 (2024: $45.3 million); $45.6 million for H1 2025 (2024: $57.8 million).

• Net earnings attributable to owners were $19.9 million in Q2 2025 (2024: $52.9 million), or $0.20 diluted EPS (2024: $0.55).

• General and administrative expenses for Q2 2025 were $4.2 million; excluding share-based compensation, expenses declined 3.9% year-over-year.

• Shareholders’ equity per share increased to $3.67 as of June 30, 2025 (Dec 31, 2024: $3.17).

Outlook and guidance

• Recurring royalty revenue is expected to support the core cost base and enable further capital deployment for growth.

• Ramp-up activities at Borborema Gold Project to continue through Q3 2025.