Dundee Corporation reported a net loss attributable to owners of $28.1 million, or $0.31 per diluted share, for the second quarter of 2026, shifting from net earnings of $19.9 million, or $0.20 per share, in the corresponding period of 2025.

The financial result was driven primarily by a net loss from portfolio investments of $22.7 million during the quarter, compared with income of $17.4 million a year earlier. The negative performance included fair value declines of $9.5 million and $9.4 million from the company's investments in Magna Mining Inc. and New Found Gold Corp., respectively. For the six months ended June 30, 2026, Dundee Corporation recorded a net loss from portfolio investments of $94.3 million.

During the first half of 2026, the company funded $9.0 million of project expenditures under its $85 million earn-in and joint venture agreement with Westhaven Gold Corp. to advance the Shovelnose Gold Project and Spences Bridge Gold Belt properties. Subsequent to the quarter end, Dundee Corporation funded an additional $4.0 million of project expenditures.

Field activities at Shovelnose include an ongoing 35,000-metre resource infill drilling program at the South Zone deposit supported by four drill rigs, alongside a Pre-Feasibility Study evaluating potential mine development. Exploration drilling has also commenced across target areas in the broader Spences Bridge Gold Belt.

“The second quarter of 2026 was defined by execution,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “Following the closing of our $85 million strategic partnership with Westhaven Gold Corp. to advance the Shovelnose Gold Project (“Shovelnose”) and the Spences Bridge Gold Belt, our focus shifted to advancing the work programs that support our earn-in objectives. During the quarter, we made significant progress on Shovelnose through ongoing infill drilling, which has been progressing as planned and reinforces our confidence in the continuity and quality of the deposit. We have since commenced exploration drilling on several highly prospective targets across the broader Spences Bridge Gold Belt, demonstrating our commitment to systematically evaluate and advance the district’s potential.”

— Jonathan Goodman, President and Chief Executive Officer

Read the full announcement: Dundee Corporation Reports Second Quarter 2026 Financial Results And Advances Its Mining Strategy