Dundee (DC-A) Q4 2025 earnings summary

Executive summary

• Delivered strong net earnings for 2025, driven by significant investment gains and monetization transactions, resulting in a robust year-end cash position and enhanced financial flexibility.

• Advanced mining strategy through a joint-venture agreement with Westhaven Gold and the monetization of key assets, positioning for long-term growth.

• Ended the year with no parent-level debt and a clear pathway to future cash flow generation.

Financial highlights

• Reported net earnings attributable to owners of $320.5 million for 2025 (2024: $59.1 million), or diluted EPS of $3.27 (2024: $0.60).

• Fourth quarter net earnings attributable to owners were $185.5 million (2024: net loss of $8.2 million), or diluted EPS of $1.88 (2024: loss per share of $0.09).

• Net income from portfolio investments for 2025 was $131.6 million (2024: $65.9 million), with key gains from NFG, Ausgold, and Saturn Metals.

• General and administrative expenses for 2025 were $14.9 million, down from $16.3 million in 2024.

• Shareholders’ equity per share rose to $6.73 at year-end 2025 from $3.17 at year-end 2024.

Outlook and guidance

• Positioned to redeploy capital for returns-focused growth and sustained shareholder value.

• Strategic earn-in and joint-venture agreements expected to provide long-term growth platforms.