Dundee Corp Reports C$27.5M Q2 Mining Segment Loss

Dundee Corp. posted a C$27.5 million pre-tax loss from its mining investments segment in the second quarter. That compares with a C$27.1 million profit a year earlier. The decline was driven by losses in the mining portfolio investments, the Toronto-based holding company said.

The mining portfolio investments generated a pre-tax loss of C$27.9 million in the quarter, versus earnings of C$18.8 million in the same period of 2025. Equity-accounted mining investments contributed a loss of C$0.6 million, compared with a profit of C$8.2 million last year.

For the first six months of 2026, the mining investments segment reported a pre-tax loss of C$46.0 million, against a profit of C$56.9 million in the prior year. The mining portfolio loss of C$98.8 million was partly offset by a C$47.5 million gain from the sale of a net smelter royalty on the Borborema Gold Project and a C$6.3 million gain from the remeasurement of a derivative liability tied to New Found Gold Corp. warrants, the company said.

Jonathan Goodman, Dundee's president and chief executive, said the quarter was defined by execution. The company closed an C$85 million strategic partnership with Westhaven Gold Corp. to advance the Shovelnose gold project and the Spences Bridge Gold Belt. Infill drilling at Shovelnose has been progressing as planned, and exploration drilling has begun on several prospective targets across the belt, he said.

The corporate and other segment posted pre-tax earnings of C$5.7 million in the quarter, compared with a loss of C$6.8 million a year earlier. The improvement was driven by a C$5.3 million fair-value gain on the company's stake in TauRx Pharmaceuticals Ltd., Dundee said. For the first half, that segment reported pre-tax earnings of C$6.6 million, versus a loss of C$10.9 million in the prior year.

The mining services unit, Dundee Sustainable Technologies, reported a pre-tax loss of C$0.8 million in the quarter, widening from C$0.5 million a year ago. For the first six months, the unit posted a pre-tax loss of C$1.6 million, narrowing from C$2.2 million in the same period of 2025.

Goodman said the company's reported results were affected by market volatility, which was evident in the first half after strong gains in 2025. "Our attention remains firmly on the work that unlocks value over time: disciplined capital allocation, active technical engagement, prudent risk assessment and the continued advancement of high-quality mining assets," he said in the release. Dundee carries substantively no debt and has a strong balance sheet, he added.

Dundee is a public Canadian mining-focused holding company listed on the Toronto Stock Exchange under the symbol DC.A. It identifies, evaluates and advances mineral resource opportunities, often through joint arrangements and strategic partnerships.