Slide 1: A Common-Sense Approach to a Complex Industry
TSX: DC.A 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 December 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% 184% YTD RETURN Share Price (DC.A)¹ C$3.97 DC.A Share Price Performance ($C) 52-week high/low $4.55/$1.35 Dec 31, 2023 - Dec 19, 2025 $4.65 Shares Outstanding 89.98M $4.15 $3.65 Options and Others² 9.
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 $1.62 Magna Mining Inc. (TSXV: NICU) $1.44 New Found Gold Corp (TSXV: NFG) $0.51 Saturn Metal
Slide 5: 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 6: 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 7: Transaction Structure: Shovelnose Joint Venture with Westhaven Gold
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 8: Earn-in Agreement with Westhaven on the 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 EARNED • Dundee to have a casting vote on the technical c
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 1 75 deal — both on the ground and in the capital markets. * Ou
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 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 GOLD Since GDXJ’s inception, gold has outperformed, returning positive 384% vs. positive 21.6% 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 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 environme
Slide 18: 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 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. Jonathan Goodman President & CEO D U N D E E C O R P O R A T I O N | T S X : D C . A 19
Slide 20: 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 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: Environment, 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 I$ YOUR SOCIAL LICENSE TO OPERATE Py 7 i / ‘ \ \ Te *~ ' es | “s =z = Without robust ESG practices, you Nee Wa de wr cannot develop a mine. oA aT of i = Without proper environmental practices, = oy, \ permits will not be granted or may be ; + revoked. a4 r ; Ta = Without meaningful social outrea
Slide 27: 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 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 here here Click here for full bio here Click here for full bio Click here for full bio PETER NIXON Chairman & Independent Director here Click here for full bio
Slide 31: Dundee portfolio holdings and ownership percentages
35.7% ‘SPC NICKEL CORP. 20.0% VIVA GOLD CORP, 18.8% MAGNA MINING INC. 16.7% ‘SATURN METALS LIMITED 8.6% AUSGOLD LIMITED 3.6% NEW FOUND GOLD CORP. 1.5% ' BORBOREMA INC. * ROYALTY INTEREST DUNDEE CORPORATION | TSX: + 4 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