Dundee Corporation Class A · TSX:DC.A
Dundee Corporation Class A — Investor Presentation (May 2025)
29 slides from Dundee Corporation Class A's investor presentation, May 15, 2025
Slide 1: A Common-Sense Approach to a Complex Industry
TSX: DC.A A COMMON-SENSE APPROACH TO A COMPLEX INDUSTRY May 15, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS CAUTIONARY NOTE 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 is it a recommendation or solicitation to buy, hold or sell any security. The information
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% Share Price (DC.A)¹ C$2.13 DC.A Share Price Performance ($C) Dec 31, 2023 - May 15, 2025 52-week high/low $2.42/$1.12 $2.45 $2.25 Shares Outstanding 89.4M $2.05 $1.85 Options and Others² 9.4M $1.65 $1
Slide 4: We Are Undervalued
Dundee’s market value is not reflective of the underlying value of its asset base. WE ARE UNDERVALUED We are in the early stages of expected significant growth. Cash $0.47 Magna Mining Inc. (TSXV: NICU) $0.67 Maritime Resources Corp. (TSXV: MAE) $0.60 Ausgold Limited (ASE: AUC) $0.24 1 Borborema Inc
Slide 5: We Know Mining
WE KNOW MINING We are 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 ae 0, deal — both on the ground and in the capital markets. 7 OY O
Slide 6: 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 7: Quote: Resource-specific investors 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 8: 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. 8
Slide 9: There Is a Disconnect
THERE IS A DISCONNECT Gold equities are in a huge disconnect from metals prices & broad markets. Since GDXJ’s inception, gold has outperformed, returning positive 283% vs. negative 24% for the GDXJ. D U N D E E C O R P O R A T I O N | T S X : D C . A 9
Slide 10: 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
Slide 11: 11
11
Slide 12: Quote: 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 Executive VP 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 12
Slide 13: Why Have Investors Turned Away from Mining
It is very difficult for the average investor to make money from mining investments – the industry is hard to understand and WHY HAVE 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 environment
Slide 14: 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 15: Quote: Doing the same thing will no longer produce the same result
“ 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 Jonathan Goodman President & Chief Executive Officer D U N D E E C O R P O R A T I O N | T S X : D C . A 15
Slide 16: Our Approach to Mining Investment
OUR APPROACH TO 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 team to develop and guide exploration
Slide 17: 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 18: 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 19: 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 20: 20
20
Slide 21: 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 22: ESG Is Your Social License to Operate
A MINE IS A TERRIBLE THING TO WASTE Without robust ESG practices, you cannot develop a mine. ESG IS YOUR Without proper environmental practices, SOCIAL LICENSE permits will not be granted or may be revoked. TO OPERATE Without meaningful social outreach, communities will reject an operation and deny
Slide 23: 35+ Years of Leadership
35+YEARS OF LEADERSHIP One of the resource and investment industries’ leading executives, Jonathan Goodman provides 35+ years of experience as a geologist, 35+ senior analyst, portfolio manager & Chief Executive Officer of a producing mining company. He served as CEO of Dundee Precious Metals from 1
Slide 24: Our Management Team
JUNE 2024 / TSX:DC.A OUR MANAGEMENT TEAM LILA MURPHY, CFA®, CPA MATTHEW GOODMAN, CFA® STEVEN SHARPE, Esq MARK PEREIRA DARCY DONELLE, CFA®, CPA, CA EVP & Chief Financial Officer Vice President, Investments Executive Vice Chair VP & Corporate Secretary Vice President, JUSTIN SICKERT Finance Analyst 25
Slide 25: 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 26: Our Board of Directors
JUNE 2024 / TSX:DC.A OUR BOARD OF DIRECTORS PETER NIXON ANDREW MOLSON JONATHAN GOODMAN TANYA COVASSIN Chairman & Independent Director Independent Director Director Independent Director Click here for full bio Click here for full bio Click here for full bio Click here for full bio ISABEL MEHARRY ALLE
Slide 27: Ownership in Portfolio Companies
44.0% MARITIME RESOURCES CORP. 21.0% MAGNA MINING INC. 19.9% VIVA GOLD CoRP. 18.0% SPC NICKEL CORP. 14.2% SATURN METALS LIMITED 10.8% ‘AUSGOLD UMITED 48% REVIVAL GOLD INC. + 4 ‘SATURN weras D> * ROYALTY INTEREST DUNDEE CORPORATION | TSX: DC.A
Slide 28: 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 29: 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 29