An anonymous director of Dundee reports

DUNDEE CORPORATION ANNOUNCES SALE OF NEW FOUND GOLD CORP. UNITS FOR UP TO C$159.1 MILLION

Dundee Corp. has entered into an agreement with BMO Capital Markets Inc. and SCP Resource Finance LP to sell 24.48 million units at a price of $4 per unit to qualified purchasers for gross proceeds to Dundee of $97.92-million. Each unit will consist of one common share of New Found Gold Corp. owned by Dundee and one-half (0.5) of a common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share of New Found owned by Dundee at an exercise price of $5 for a term of 12 months from the date of issue. In the event that all warrants are exercised, the total gross proceeds to Dundee would be $159.12-million.

In Canada, the sale of the unit shares will be made through block trades on Dec. 8, 2025, and the sale of the warrants will be made on a private placement basis. In the United States, the sale of both the unit shares and the warrants will be made on a private placement basis. The warrants will be subject to a statutory hold period under, and will only be tradable in accordance with, applicable securities laws. The warrant shares will not be subject to a hold period under applicable Canadian securities laws.

The sale transaction is scheduled to close on or about Dec. 16, 2025, or such other date as agreed among Dundee and the dealers.

"Monetizing this position enables us to redeploy capital into opportunities that strengthen our cash generation profile while our retained warrant position preserves meaningful participation in the company's future growth. This transaction reflects our disciplined approach to capital allocation and enhances our ability to advance our strategic priorities," said Jonathan Goodman, president and chief executive officer, Dundee.

Upon closing of the sale transaction, Dundee will own 12,242,569 common shares and 7,655,829 warrants of New Found. Dundee has agreed with the dealers that its remaining New Found shares will be subject to a 60-day lock-up period, subject to customary exceptions. Proceeds from the sale of units will be available to Dundee immediately, and will be used to enhance the corporation's liquidity and for general corporate purposes.

Early warning disclosure

Upon closing of the sale transaction, Dundee will have sold 24.48 million New Found shares, being a component of the units under the sale transaction. The sale of units will provide aggregate gross proceeds to Dundee of $97.92-million.

Prior to the sale transaction, Dundee held 36,722,569 New Found shares and 7,655,829 New Found warrants, representing an approximately 10.8-per-cent interest in New Found on an undiluted basis and a 12.8-per-cent interest in New Found on a partially diluted basis. Upon closing of the sale transaction, Dundee will own 12,242,569 New Found shares and 7,655,829 New Found warrants, representing an approximately 3.6-per-cent interest in New Found on an undiluted basis and a 5.7-per-cent interest in New Found on a partially diluted basis.

In the event that the warrants forming part of the units are exercised in full, Dundee will dispose of an additional 12.24 million New Found shares at a value of $5 per New Found share (being the exercise price of the warrants) for additional gross proceeds to Dundee of $61.2-million. This further disposition will result in an additional decrease in Dundee's shareholdings in New Found, and Dundee would then hold 2,569 New Found shares and 7,655,829 New Found warrants, representing a less than 0.01-per-cent interest on an undiluted basis and a 2.2-per-cent interest on a partially diluted basis.

The disposition of New Found shares provides an immediate source of capital for the business of Dundee. While Dundee currently has no immediate plans or intentions with respect to New Found shares, depending on market conditions, general economic and industry conditions, trading prices of New Found shares, New Found's business, financial condition and prospects, and/or other relevant factors, including Dundee's financial position and liquidity, Dundee may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities, or continue to hold securities of New Found.

Dundee will file an early warning report under National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) in connection with the closing of the sale transaction. As Dundee will have decreased its securityholdings in New Found below 10 per cent, following the above-noted early warning report filing, it will no longer be required to report under the early warning requirements of National Instrument 62-104 (Take-Over Bids and Issuer Bids) unless its securityholdings in New Found increase to 10 per cent or more in the future.

A copy of the said early warning report may be obtained, following its filing, on New Found's SEDAR+ profile or by contacting Dundee.

Dundee Corp.,

Legal department,

80 Richmond St. West, Suite 2000,

Toronto, Ont., M5H 2A4

Telephone: 416-365-5172

About Dundee Corp.

Dundee is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol DC.A. The corporation is primarily engaged in acquiring mineral resource assets. The corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Its team conducts due diligence to assess the geological, technical, environmental and financial merits and risks of each project, and looks to deploy capital where it can either seek to generate investment returns or where the corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.

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