Mr. Jonathan Goodman reports

DUNDEE CORPORATION MAKES CONTINUED PROGRESS ON COST-REDUCTION EFFORTS AND REPORTS FIRST QUARTER 2023 RESULTS

Dundee Corp. has released its financial results for the three months ended March 31, 2023.

FIRST QUARTER 2023 RESULTS

• Reported consolidated general and administrative expenses of $4.8 million (2022 - $5.9 million), representing a 19% year-over-year decline as strategic cost cutting efforts take hold. Corporate head office general and administrative expenses (before non-cash stock-based compensation) fell to $2.0 million in the first quarter of 2023, declining 26% from the $2.7 million incurred from the same period of the prior year.
• Reported net loss from total portfolio investments for the first quarter of 2023 of $7.5 million (2022 - earnings of $46.6 million). The key drivers of performance were the decline in market values in holdings of Reunion Gold Corporation by $5.8 million and Centaurus Metals Limited by $3.3 million.
• Reported share of loss from equity accounted investments for the first quarter of 2023 of $1.9 million (2022 - $46,000)
• Reported net loss attributable to owners of the Corporation for the first quarter of 2023 of $11.4 million (2022 - earnings of $31.1 million), or loss of $0.14 per share (2022 - earnings of $0.34 per share, before the effect of any dilutive securities). Correspondingly, Dundee reported net loss from continuing operations of $11.1 million (2022 - earnings of $31.9 million), or loss of $0.14 per share (2022 - earnings of $0.35 per share, before the effect of any dilutive securities), and losses from discontinued operations of $0.2 million (2022 - $0.8 million), or a loss of $nil per share (2022 - $0.01 per share).

Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation, commented: "Market prices for some of Dundee's core investment holdings, namely Reunion Gold, experienced a pull back in the first quarter of 2023, after delivering strong performance in 2022. At the time of writing, Reunion has reversed those losses and is trading near its 52-week high. Reunion's Oko West project is unquestionably one of only a handful of world-class new gold discoveries of this cycle with the potential for robust project economics in a geopolitically stable jurisdiction. The company is aggressively drilling, delineating, and de-risking this deposit with the goal of a maiden resource estimate mid-year and a preliminary economic assessment by year-end."

"On factors that are in our control in the short-run, I am pleased to report continued progress in our cost cutting initiatives. By continuing to shed non-core assets and reducing year-over-year general and administrative expenses by 20%, we free up more resources that can be deployed to unlock sustainable shareholder value."

"We believe depressed market valuations in the mining sector create an opportunity for Dundee, as we hold to our strong conviction that the need for high quality and sustainably sourced mining assets has never been greater. We remain focused on investing for the long-term and working with our investee companies to maximize asset value and realize their full potential. In addition, our share price trades at a considerable discount to corporate net asset value per share. Furthermore, we believe that our portfolio assets, whose share prices make up our underlying NAV, also trade at a significant discount to their underlying value. This presents a unique opportunity for our shareholders to acquire a high-quality portfolio of assets at a significant double discount to their underlying value with leverage to rising commodity prices."

Mr. Goodman concluded: "The entire team at Dundee continues to work diligently to implement and execute on our strategy across all fronts. I am encouraged by our ability to sustain and grow our momentum in 2023 and we are excited by the opportunity set ahead of us. Our team remains committed to growing the core business, streamlining operations, divesting our remaining non-core businesses and investments, and positioning Dundee to deliver long-term, sustainable value for our stakeholders, shareholders and partners. I would like to thank the entire team for their hard work in navigating a time of continued evolution."

SEGMENTED FINANCIAL RESULTS

Mining Investments

In the first quarter of 2023, the Corporation reported net loss from mining investments of $9.7 million (2022 - earnings of $47.2 million). Performance from the mining investment portfolio contributed $8.7 million to this loss. Share of loss from equity accounted mining investments during the first quarter of 2023 was $1.0 million (2022 - $nil).

Mining Services

Dundee reported a net loss from mining operations of $1.3 million (2022 - $0.7 million) during the three months ended March 31, 2023. Dundee Technologies contributed $1.3 million to the net loss in this segment in the first quarter, compared with $0.7 million incurred in the same period of the prior year.

Corporate and others

The Corporation reported a net loss from corporate and others, including non-core subsidiaries, of $3.3 million (2022 - $5.7 million) during the three months ended March 31, 2023. During this period, the Corporation reported head office general and administrative expenses (before non-cash stock-based compensation) of $2.0 million, which decreased by 26% from the $2.7 million expense incurred from the same period of the prior year. Stock-based compensation added a further $0.6 million (2022 - $0.6 million) to general and administrative expenses during the three months ended March 31, 2023.

Net income from other portfolio investments partially offset the overall loss in this segment, delivering a $1.1 million gain compared to a loss of $0.6 million during the same period last year.

Other subsidiaries and equity accounted investments contributed $1.3 million and $0.9 million, respectively, to this segment's total loss during the first quarter of 2023 (2022 - $1.6 million and $0.05 million, respectively).

During the quarter, corporate subsidiary Goodman & Company, Investment Counsel Inc. launched its most recent tax-assisted limited partnership, CMP 2023 Resource Limited Partnership, raising approximately $10.2 million.

The Corporation's unaudited interim consolidated financial statements as at and for the three months ended March 31, 2023 and 2022, along with the accompanying management's discussion and analysis, as well as the annual information form, have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed by interested parties under the Corporation's profile at www.sedar.com or the Corporation's website at www.dundeecorporation.com

ABOUT DUNDEE CORPORATION:

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol "DC.A". Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.

We seek Safe Harbor.