Mr. Jonathan Goodman reports

DUNDEE CORPORATION REPORTS PROFITABLE SECOND QUARTER AND SUSTAINED COST REDUCTION MOMENTUM

Dundee Corp. has released its financial results for the three and six months ended June 30, 2023.

Second quarter 2023 results:

• Reported net income from portfolio investments for the second quarter of 2023 of $10.1-million (2022: loss of $52.9-million); the key driver of performance during the quarter was the market appreciation in Reunion Gold Corp. by $20.6-million; the positive performance in the current quarter of 2023 was partially offset by a $3.5-million fair value decline on the warrants of Magna Mining Inc.; broad-based market weakness for mining stocks accounted for the remaining decrease; for the six months ended June 30, 2023, the corporation reported net income from portfolio investments of $2.6-million (2022: loss of $6.3-million);
• Reported consolidated general and administrative expenses for the current quarter of $4.2-million (2022: $5.9-million), representing a 29-per-cent year-over-year decline as Dundee sustains momentum with cost-cutting initiatives; corporate head office general and administrative expenses fell to $2.6-million in the second quarter of 2023, declining 16 per cent from $3.1-million incurred from the same period of the prior year;
• Reported share of loss from equity-accounted investments for the second quarter of 2023 of $1.6-million (2022: income of $2.3-million); for the six months ended June 30, 2023, Dundee reported a share of loss from equity-accounted investments of $3.5-million (2022: income of $2.2-million);
• Reported net earnings attributable to owners of the corporation for the second quarter of 2023 of $1.8-million (2022: loss of $44.5-million), or earnings of two cents per share, before the effect of any dilutive securities (2022: loss of 52 cents per share);
• For the six months ended June 30, 2023, the corporation reported a net loss attributable to owners of the corporation of $9.5-million (2022: $13.4-million), or a loss of 11 cents per share (2022: 17 cents per share).

Jonathan Goodman, president and chief executive officer of Dundee, commented: "Dundee is pleased to report a profit in an otherwise challenging market for mining stocks. The unwavering dedication and relentless efforts of our exceptional technical team is critical to identifying investments that can perform well in most market environments. A core holding of Dundee's, Reunion Gold Corp., announced its maiden resource estimate for its Oko West project during the second quarter and reinforced our conviction in its world-class stature. The company's stock continues to trade near its all-time high. Reunion Gold plans to release a preliminary economic assessment on Oko West in the fourth quarter.

"Subsequent to quarter-end, another core holding, Magna Mining Inc., announced the results from its completed preliminary economic assessment (PEA) on its 100-per-cent-owned Crean Hill project. The study pointed to potential favourable economics and paves the way for evaluating the economics of a fully integrated mining complex with its existing wholly owned feasibility-stage Shakespeare project. Refer to Magna's press release disseminated on July 31, 2023, for further details.

"On factors that are within 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 nearly 30 per cent in the second quarter, we free up more resources that can be deployed to unlock shareholder value.

"We believe depressed market valuations in the mining sector create an opportunity for Dundee and its shareholders 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 public portfolio assets, whose share prices make up our underlying net asset value, 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 the second half of 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."

The corporation's unaudited interim consolidated financial statements as at and for the three and six months ended June 30, 2023, and 2022, along with the accompanying management's discussion and analysis, have been filed on SEDAR+ and may be viewed by interested parties under the corporation's profile at SEDAR+ or the corporation's website.

About Dundee Corp.

Dundee is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol DC.A. Through its operating subsidiaries, Dundee 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.