Dundee

What Dundee does

Dundee Corporation is a public Canadian mining-focused holding company listed on the Toronto Stock Exchange (TSX: DC.A) with a market capitalization of C$343.15 million and shares trading at a 47% discount to NAV per share ($4.41 vs. $8.28) as of early 2026. Founded in 1984 and headquartered in Toronto, the company identifies, invests in, and helps develop undervalued mining and exploration companies across Canada, the United States, Australia, and South America, with a portfolio concentrated in SPC Nickel (35.6%), Viva Gold (19.9%), Saturn Metals (19.3%), Magna Mining (18.7%), Ausgold (7.8%), and the Westhaven Shovelnose joint venture (earn-in for up to 60%). Dundee is led by President and CEO Jonathan Goodman and supported by a team of mining, finance, and ESG experts; its reported $320.5 million of 2025 net earnings was driven principally by capital gains on portfolio monetizations (New Found Gold, Android Industries, Borborema royalty) rather than recurring operating revenue.

Dundee's core offering is its mining investment platform, which combines geological, technical, environmental, and financial due diligence with capital deployment and ESG integration support for investee companies. Underlying operations include a strategic $85 million earn-in joint venture with Westhaven Gold Corp. for the Shovelnose Gold Project (2025 PEA: C$454 million after-tax NPV, 43.2% IRR), a 78%-owned subsidiary Dundee Sustainable Technologies Inc. (now subject to privatization at $0.03 per share), and wholly-owned Dundee Resources Limited holding the resource asset base. The company operates with a small headcount (11-50 employees) and no parent-level debt, using a global distribution footprint through TSX and OTC listings.

The business model generates revenue through three primary streams: (i) investment returns and fair value changes on portfolio holdings; (ii) realized capital gains from divestments such as the C$97.92M New Found Gold unit sale, C$27.3M Android Industries exit, and US$45M Borborema royalty monetization; and (iii) management fees of up to 3% of project expenditures under the Westhaven JV operator agreement. There is no public pricing model — returns are reported through regulatory filings — and the company targets shareholders via Toronto Stock Exchange listings (86,718,321 Class A and 3,114,491 Class B shares outstanding as of March 31, 2026), a renewed normal course issuer bid, and ESG-driven investor communications.

Name

Dundee

Legal name

Dundee Corporation

Website

https://dundeecorporation.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

51–100 employees

Short description

Dundee Corporation is a Toronto-listed public mining-focused holding company that identifies, invests in, and helps develop undervalued mineral resource companies. It serves public-market shareholders with a diversified portfolio of gold, nickel, and precious metals investments across three continents.

Ownership category

akta.pro rank

Product category

Mining Investment Holding

NAICS

All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282), Mineral Royalty Traders (6795)

akta.pro primary industry

Natural Resources — Energy & Mineral Resources (FSAAAKAJ)

akta.pro secondary industries

Natural Resources Funds (Timberland, Farmland, Minerals) (FSANAEAK), Strategic Partnerships, Alliances & JVs Advisory (BPAHADAI)

Keywords

• Mining investment holding
• Mineral resource assets
• Mining portfolio management
• Gold exploration investment
• Strategic mining partnerships

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Returns and Portfolio Gains: Dundee generates returns through strategic investments in mining and exploration companies, including fair value changes in portfolio investments, gains on disposal of investments, and share of earnings from equity-accounted investments.
2. Royalty Revenue (Divested): Previously earned royalty revenue from the Borborema Gold Project, which was sold to Gold Royalty Corp. for $65.8 million in Q1 2026.
3. Management Fees: The company earns management fees ranging up to 3% of project expenditures under the Westhaven joint venture agreement as operator.
4. Capital Gains from Asset Monetization: Realized gains from strategic divestments including the sale of interests in New Found Gold, Android Industries, and Maritime Resources.

Distribution channels2 records

Marketing channels6 records

Core offering

Dundee Corporation is a public Canadian mining-focused holding company that identifies, invests in, and helps develop mineral resource and mining exploration companies on behalf of its shareholders. The company deploys capital into undervalued mining and exploration assets with exceptional resource potential, conducts technical, geological, environmental, and financial due diligence, and supports investee companies through strategic partnerships, ESG integration, and active project development across North America, Australia, and South America.

Product overview

Dundee Corporation operates as a public Canadian mining-focused holding company (TSX: DC.A) that provides a platform for investing in mineral resource assets globally. The company's core offering is its mining investment platform, backed by mining, finance, and ESG experts with over 30 years of experience. Dundee identifies undervalued mining and exploration companies offering long-term growth, and supports these investments through due diligence, ESG integration, and strategic partnership programs. The investment portfolio includes strategic stakes in SPC Nickel Corp., Magna Mining Inc., Ausgold Limited, Saturn Metals Limited, and Viva Gold Corp., along with the Shovelnose JV partnership where Dundee can earn up to 60% interest through staged expenditures. The company targets mining and exploration ventures that are undervalued, hold exceptional assets, and offer long-term growth potential across precious and base metals projects on three continents.

Differentiator

Problem solved

Functional benefit

Products and services

• Mining Investment Platform Core investment platform that identifies, evaluates, and advances mineral resource investment opportunities. The platform leverages over 30 years of mining investment experience to find undervalued mining and exploration companies with exceptional assets and long-term growth potential, targeting shareholders seeking exposure to mining investments.
• Due Diligence Services

Quantifiable outcome

• 47% discount between market price and NAV per share ($4.41 vs $8.28)
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Westhaven Gold Corp.coreStrategic or Co-development Partner · 23 February 2026Dundee Corporation entered into an $85 million earn-in and joint venture agreement with Westhaven Gold Corp. to earn up to a 60% interest in the Shovelnose Gold Project and related properties in British Columbia's Spences Bridge Gold Belt. Dundee has committed to invest at least $30 million by February 2029 to earn an initial 25% interest, with additional staged investments to reach 60% ownership. Westhaven remains operator until Dundee earns 50% interest.
• Canada Revenue AgencyminorOthers · 23 October 2025Dundee successfully resolved a long-standing tax dispute with the Canada Revenue Agency for the 2014 tax year. The Tax Court of Canada ruled in Dundee's favor, resulting in a $13.7 million refund inclusive of interest.

Scale indicators10 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Sandstorm Gold Royalties: Royalty and streaming company that acquires and holds royalties on mining assets globally. Directly comparable to Dundee's royalty-trading activity (Borborema sale) and mining-focused investment model, with similar NAV-driven value proposition.
• Gold Royalty Corp. Growth-focused royalty company that acquires and creates mineral royalties. Direct peer — Gold Royalty is the counterparty on Dundee's Borborema royalty sale, operating a virtually identical business model focused on mining royalties and streaming.
• Metalla Royalty & Streaming: Precious-metals royalty and streaming company that acquires and creates royalties. Directly comparable to Dundee's royalty-trading activity with a similar junior-mining focus and NAV-driven equity thesis.

Broad incumbents

• Franco-Nevada Corporation: The world's largest precious-metals royalty and streaming company. Operates a similar model of providing capital to mining companies in exchange for royalties and streams, though at much greater scale and with a more diversified, investment-grade portfolio than Dundee.
• Wheaton Precious Metals: Major precious-metals streaming company with a portfolio of streaming agreements on gold, silver, and other metals. Comparable to Dundee in mining-focused capital deployment, but operates as a pure streaming vehicle with multi-billion-dollar scale.
• Sprott Inc. Alternative-asset manager with significant natural resources and precious-metals investment activities through Sprott Resource Holdings and Sprott Physical Trusts. Comparable mining-focused investment approach and brand recognition among resource investors.

Emerging players

• Uranium Royalty Corp. Emerging royalty company focused specifically on uranium assets. Operates the same royalty-acquisition business model as Dundee has used historically, but applied to a different commodity — useful for modeling sector royalty economics.
• Seabridge Gold: Precious-metals developer holding large-scale gold and copper resource projects. Comparable to Dundee's portfolio companies (Shovelnose, Viva Gold, Ausgold) as a developer where Dundee might take a strategic stake, with similar NAV-versus-market-cap discount dynamics.
• New Found Gold Corp. Canadian gold exploration company that recently acquired Maritime Resources. Dundee held an 11% stake and monetized units for C$97.92M. Comparable as a portfolio company and as a proxy for Dundee's investment selection and exit discipline.
• Westhaven Gold Corp. Junior gold explorer whose flagship Shovelnose Gold Project is the subject of Dundee's $85M earn-in and JV. Comparable as a Dundee's portfolio asset and as a representative peer within the British Columbia gold-exploration space.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/dundeecorp
• LinkedInlinkedin.com/company/dundee-corporation

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments18 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dundee