Dundee (DC-A) Q3 2025 earnings summary

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.