Dundee (DC-A) Q3 2024 earnings summary

Executive summary

• Achieved a strong and transformative Q3, driven by positive core investment performance and strategic capital structure initiatives.

• Sold 11 million G Mining Ventures shares for $95.9M, used to redeem preferred shares and pay down debt.

• Increased ownership in Maritime Resources to 43% by backstopping an $8M rights offering.

• Continued divestment of non-core assets, including sale of flow-through funds and TauRx shares.

Financial highlights

• Q3 2024 net income from portfolio investments: $10.1M (2023: loss of $24.7M); nine months: $68.0M (2023: loss of $22.2M).

• Q3 2024 net earnings attributable to owners: $7.3M or $0.07/share (2023: loss of $26.5M or $0.31/share).

• Nine months net earnings attributable to owners: $67.3M or $0.73/share (2023: loss of $36.0M or $0.43/share).

• General and administrative expenses for Q3: $4.3M, down 16% year-over-year excluding share-based compensation.

• Top 2024 performer: $53.6M fair value gain in Reunion Gold Corporation.

Outlook and guidance

• Sees compelling value in mining equities versus metals prices and remains focused on long-term investments in high-quality projects.

• Expects continued opportunities as the market undervalues discovery and development companies in precious and base metals.