Dundee Corporation Class A · TSX:DC.A
Dundee Corporation Class A — Investor Presentation (May 2026)
33 slides from Dundee Corporation Class A's investor presentation, May 13, 2026
Slide 1: A Common-Sense Approach to a Complex Industry
TSX: DC.A A COMMON-SENSE APPROACH TO A COMPLEX INDUSTRY A COMMON-SENSE A COMMON-SENSE APPROACH APPROACH TO A COMPLEX TOINDUSTRY A COMPLEX INDUSTRY Dundee has built a simple, more intelligent & de-risked approach to mining investment May 15, 2025 May 2026
Slide 2: Forward-Looking Statements & Non-GAAP Measure
FORWARD-LOOKING STATEMENTSNON-GAAP MEASURE FORWARD-LOOKING STATEMENTS &NON-GAAP MEASURE CAUTIONARY NOTE Forward-Looking Statements The content of this document is for informational purposes only and is not being delivered to you in the context of an offering of any securities described herein, nor i
Slide 3: Dundee Corporation Snapshot | Tight Capital Structure
D U N D E E C O R P O R A T I O N S N A P S H O T | Tight Capital Structure Insider Ownership = 19% 11.1% YTD RETURN Share Price (DC.A)¹ C$4.24 DC.A Share Price Performance ($C) Dec 31, 2023 - May 12, 2026 52-week high/low $5.19/$1.95 $5.50 $5.00 Shares Outstanding 89.8M $4.50 $4.00 Options and Othe
Slide 4: We Are Undervalued
WE ARE UNDERVALUED Dundee’s market value is not reflective of the underlying value of its asset base, and we see meaningful upside to our NAV. We are in the early stages of expected significant growth. Cash $2.02 Magna Mining Inc. (TSXV: NICU) $1.36 Saturn Metals Limited (ASE: STN) $0.66 Ausgold Lim
Slide 5: We seek to close the discount by layering in high-quality cash flows
We seek to close the discount by layering in high-quality cash flows. WE ARE EVOLVING | Deliberately & With Discipline • Our strategic focus is geared toward unlocking value through durable sources of cash flow, recognizing that consistent returns – not just optionality – are essential to rerating o
Slide 6: Shovelnose Joint Venture with Westhaven Gold: Transaction Structure
SHOVELNOSE JOINT VENTURE with TRANSACTION WESTHAVEN GOLD (TSX.V: WHN) STRUCTURE “This earn-in and joint venture agreement represents a transformational step for both the project and Dundee. With a strong balance sheet and ample liquidity, we are choosing to enter a partnership at this stage as a mat
Slide 7: What This Does for Dundee Corp.
WHAT THIS DOES FOR DUNDEE CORP. Turning Our Capital Into Mines & Mines Into Money • Transitions Dundee to a future operator For more information, please visit: https://westhavengold.com • Aligns capital deployment with long -term cash generating objectives • Positions the Company to advance a high-q
Slide 8: Earn-In Agreement with Westhaven on the Shovelnose Project
EARN-INAGREEMENT WITH WESTHAVEN ONTHE SHOVELNOSE PROJECT EARN-IN AGREEMENT WITH WESTHAVEN ON THE SHOVELNOSE PROJECT • Up to $85M in staged earn-in expenditure - Can earn up to a 60% interest in by investing up to C$85M • DUNDEE TO BECOME OPERATOR OF THE SHOVELNOSE PROJECT ONCE 50% INTEREST HAS BEEN
Slide 9: We Know Mining
WE KNOW MINING + Weare geologists, metallurgists, mining engineers, analysts, investment bankers and financiers with extensive industry knowledge. + Our team has 140+ years of collective experience in the mining sector on all sides of a 140 deal — both on the ground and in the capital markets. Z + F
Slide 10: Mining Investment | Strategic Development
30 years of Success MINING INVESTMENT | STRATEGIC DEVELOPMENT • Led by mining veteran, Jonathan Goodman, Dundee is one of the only publicly-traded company that finds, invests in and helps develop resource companies on behalf of its shareholders. * • We target mining and exploration ventures that are
Slide 11: Resource-specific institutional investors are increasingly displaced by generalists
“ Resource-specific institutional investors are increasingly displaced by generalists with less technical expertise, making the market for “ mining stocks less efficient and reinforcing Dundee’s value proposition. Jonathan Goodman President & Chief Executive Officer D U N D E E C O R P O R A T I O N
Slide 12: We Have a Perfect Storm
WE HAVE A PERFECT STORM The Decade of the Miner is a generational opportunity in the world’s most important industry. 12
Slide 13: There Is a Disconnect
THERE IS A DISCONNECT Gold equities are in a huge disconnect from metals prices & broad markets. S&P 500 Since GDXJ’s inception, GOLD gold has outperformed, returning positive 326% vs. positive 24.8% for GDX the GDXJ. CPI GDXJ D U N D E E C O R P O R A T I O N | T S X : D C . A 13
Slide 14: In a Generational Opportunity
JUNE 2024 / TSX:DC.A IN A GENERATIONAL OPPORTUNITY The need for more metals can only be solved with higher prices, leading to higher margins and demand for exploration. It is a perfect storm of macroeconomics, geopolitical events and highly undervalued situations that will transform the sector and l
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Slide 16: The mining sector has been a disaster for investors
“ The mining sector has been a disaster for investors. Limited capital has forced managements to become increasingly “ promotional, leading them to overpromise and underdeliver. Lila A. Manassa Murphy EVP and Chief Financial Officer D U N D E E C O R P O R A T I O N | T S X : D C . A 16
Slide 17: Why Have Investors Turned Away from Mining
It is very difficult for the average investor to make money from mining investments – the WHY HAVE industry is hard to understand and inaccessible. INVESTORS TURNED Industry slump has lasted over 10 years. AWAY FROM MINING ` Most younger investors do not care about mining and/or view it as environme
Slide 18: The Dundee Advantage
THE DUNDEE ADVANTAGE T H E D U N D E E A DVA N TAG E An Investor-focused Approach Making strategic, de-risked, intelligent investments for our shareholders in a challenging industry. D U N D E E C O R P O R A T I O N | T S X : D C . A
Slide 19: Doing the same thing in this business will no longer produce the same result
“ Doing the same thing in this business will no longer produce the same result. We can’t be passive investors. We must be active investors and evolve. Doing the same thing in this business will no longer produce the same result. We can’t be passive investors. We must be active investors and evolve.
Slide 20: Our Approach to Mining Investment
OUR APPROACH TO MINING INVESTMENT OUR APPROACH T O MINING INVESTMENT We offer an entrepreneurial and flexible approach to mining investment. • Invest with us and you access multiple de-risked opportunities. • We take positions in companies following our forensic due diligence approach. • Use our tea
Slide 21: The Dundee Difference
THE DUNDEE DIFFERENCE Dundee has long seen the retail investor disadvantage and WE ARE CHANGING IT We do the research and investing for our We provide mining expertise and shareholders insight inaccessible to most investors Investing in Dundee is like investing We separate the wheat from the chaff i
Slide 22: Our Investment Process Is Unique
OUR INVESTMENT PROCESS I S UNIQUE D U E D I L I G E N C E We do not simply take management or technical reports at face value – we do our own homework. C O N F I D E N T I A L I T Y A G R E E M E N T S We sign confidentiality agreements and do our own analysis and interpretation of technical data. I
Slide 23: Understanding Total Risk
UNDERSTANDING TOTAL RISK Our De-Risking Process is a Key Dundee Differentiator SOVEREIGN / SOCIAL RISK GEOLOGICAL / TECHNICAL RISK • Can you do business in the country? • Address economic stability, government, • Is it an orebody or a science experiment? political infrastructure • Does the proposed
Slide 24: Environmental, Social & Governance: Doing Well by Doing Good
E N V I R O N M E N T, S O C I A L & G O V E R N A N C E Doing Well by Doing Good 24
Slide 25: ESG Is Risk Management
JUNE 2024 / TSX:DC.A ESG IS RISK MANAGEMENT We are purpose-driven to help the next generation of mining companies build and operate mines with the best available operational, technical, environmental, social and governance practices. We work with investee companies to mitigate risks and optimize the
Slide 26: ESG Is Your Social License to Operate
ESG IS YOUR SOCIAL LICENSE TO OPERATE i Ke a / \ i _ = Without robust ESG practices, you rg ee Ss - cannot develop amine. alt te _ = Without proper environmental practices, > \ permits will not be granted or may be o—* revoked. = Without meaningful — outreach, communities will operation and / deny a
Slide 27: 35+ Years of Leadership
35+YEARS OF LEADERSHIP One of the resource and investment industries’ leading executives, 35+ Jonathan Goodman provides 35+ years of experience as a geologist, senior analyst, portfolio manager & Chief Executive Officer of a producing mining company. He served as CEO of Dundee Precious Metals from 1
Slide 28: Our Management Team
JUNE 2024 / TSX:DC.A OUR MANAGEMENT TEAM LILA MURPHY, CFA®, CPA MATTHEW GOODMAN, CFA® MARK PEREIRA DARCY DONELLE, CFA®, CPA, CA EVP & Chief Financial Officer Vice President, Investments VP & Corporate Secretary ViceJUSTIN SICKERT President, Finance Analyst 25+ Years Investment 12+ Years Investment 2
Slide 29: Our Technical Team
JUNE 2024 / TSX:DC.A OUR TECHNICAL TEAM DR. JULIAN BARNES ADRIAN GOLDSTONE JUSTIN SICKERT PhD Geology M. Sc. Environment & Hydrogeology Bachelor of Applied Science Managing Director, Technical Managing Director, Technical Analyst Click here for full bio Click here for full bio Click here for full bi
Slide 30: Our Board of Directors
JUNE 2024 / TSX:DC.A OUR BOARD OF DIRECTORS JONATHAN GOODMAN ANDREW MOLSON TANYA COVASSIN Director Independent Director Independent Director Click here for full bio Click here for full bio Click here for full bio PETER NIXON Chairman & Independent Director Click here for full bio ALLEN PALMIERE BRUC
Slide 31: Global Asset Ownership Map | Project Footprint
ey GLOBAL ASSET OWNERSHIP MAP | PROJECT FOOTPRINT * ©2600 00 © i ; i DUNDEE CORPORATION | TSX: DC.A
Slide 32: Investment Highlights
JUNE 2024 / TSX:DC.A INVESTMENT HIGHLIGHTS One of the only publicly-traded companies that Dundee is highly undervalued. finds, invests in and helps develop resource companies on behalf of its shareholders. We have a generational opportunity Dundee’s approach is unique and in mining, but there is an
Slide 33: Investor Relations
JUNE 2024 / TSX:DC.A 80 Richmond Street West Investor Relations Suite 2000 ir@dundeecorporation.com Toronto, Ontario M5H 2A4 +1.416.864.3584 33