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DUNDEE CORPORATION | Confidential – Not For Distribution

Dundee Corporation

Q2 2020

Conference Call

2019August14, 2020

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Legal Disclosures

The content of this document is for informational purposes only, and is not being delivered to you in the context of an offering of any securities

described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it

tailored to the needs or circumstances of any investor. Information contained on this document is not, and under no circumstances is it to be

construed as, an offering memorandum, prospectus, advertisement or public offering of the securities described herein. No securities commission

or similar regulatory authority has reviewed this document or has in any way passed upon the merits of the securities described herein and any

representation to the contrary is an offence. Information contained in this document is believed to be accurate and reliable, however, we

cannot guarantee that it is accurate or complete or current at all times. The information provided is subject to change without notice and

Dundee will not be held liable for inaccuracies in the information presented.

Certain information set forth in this document contains forward-looking statements. The risk factors impacting these forward-looking statements

are statements that are predictive in nature, depend upon or refer to future events or conditions. By their nature, forward-looking statements are

subject to numerous risks and uncertainties, some of which are beyond the Corporation’s control. Readers are cautioned that the assumptions

used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as

such, undue reliance should not be placed on forward-looking statements. The Corporation’s actual results, performance or achievement could

differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any

of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will

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Dundee Corporation

2

Jonathan GoodmanChairman and

Chief Executive Officer

TODAY’S PRESENTERS

Robert Sellars

Executive Vice President and

Chief Financial Officer


Q2 2020 Review

Maintained steady-state operations in face of COVID-19

Sale of DPM shares provides immediate cash and improves

liquidity

Substantial Issuer Bid for Series 2 Preferred Shares

– Provides holders with liquidity, helps continued

streamlining of corporate structure

Strategic pivot to junior mining is taking hold

Well-positioned to benefit from global metals rally

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SIGNIFICANT STRATEGIC PROGRESS AND MOMENTUM IN OUR BUSINESS


Sale of Dundee Precious Metals Shares

Monetized substantial DPM position early in Q2

Immediate gross proceeds of $151.8M

Full warrant exercise to add gross proceeds of $95.6M

Potential aggregate gross proceeds of ~$247M

Helped accelerate re-rating of DPM shares and shareholder base

diversification

If all warrants are exercised, Dundee will own less than 1% of

outstanding DPM shares

4

STRATEGIC DISPOSITION OF PORTION OF DPM HOLDING


Series 2 Preferred Shares SIB

Subsequent to Q2 announced SIB to cancel up to $44M of Series 2

Preferred Shares

Offer being made by way of a “modified Dutch auction”

Price range of not less than $16.00 and not more than $18.50

Upon expiry of the offer, Corporation determines lowest purchase

price based on all valid tenders

Shareholders who tender will be eligible to receive a portion of the

cash dividend for quarter ended Sept. 30, 2020

Offer expires on August 27, 2020 at 5 p.m. ET

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SUBSTANTIAL ISSUER BID FOR SIGNIFICANT PORTION OF SERIES 2


Junior Mining Strategy

Strong performance across the junior mining portfolio

Well-positioned for leverage to rising metals prices

Dundee Goodman Merchant Partners active in deal-flow

Involved in 6 mandates during Q2 (advisory and

financing)

Beginning of a sustained rally in metals prices

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PERFORMING WELL IN MIDST OF METALS RALLY


Ongoing Capital Allocation Strategy

Cash position at head office at end of Q2 2020 of ~$140M

DPM share sale has potential to generate additional ~$96M cash

SIB for Series 2 Preferred Shares will help lower expenses and G&A

Two important strategic steps to streamline capital structure

Enhanced ability to fund strategic focus on junior mining sector in

midst of strong metals rally

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DPM SALE AND SIB IMPROVING OVERALL FINANCIAL POSITON


Questions & Answers

8

Question and Answer Session

Q2 2020Financial Review


Financial Review

COMPONENTS OF EARNINGS (LOSS)

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(in millions, except for per share amounts) 2020 Q2 2019 Q2 YTD 2020 YTD 2019

Portfolio transactions

Income (loss) from investments 92.6$ 5.4$ 34.6$ 33.5$

Loss from equity accounted investments (4.1) (3.0) (5.2) (3.3)

88.5 2.4 29.4 30.2

Operations

Operating subsidiaries (22.0) (5.3) (145.2) (7.3)

Head office (13.8) (1.5) (16.5) (3.8)

Income taxes (3.8) (4.0) (5.4) (11.4)

(39.6) (10.8) (167.1) (22.5)

Net (loss) earnings – Continuing operations 48.9$ (8.4)$ (137.7)$ 7.7$

Discontinued operations

Dundee 360 Real Estate Corporation's brokerage division - (0.1) - (1.3)

Net (loss) earnings – Discontinued operations -$ (0.1)$ -$ (1.3)$

Net (loss) earnings for the period 48.9$ (8.5)$ (137.7)$ 6.4$

Attributable to owners of Dundee Corporation 52.3$ (7.9)$ (114.1)$ 7.0$

Continuing operations 52.3 (7.8) (114.1) 8.3

Discontinued operations - (0.1) - (1.3)

Basic (loss) earnings per share 0.49$ (0.12)$ (1.14)$ 0.05$

Continuing operations 0.49 (0.12) (1.14) 0.07

Discontinued operations - - - (0.02)


Financial Review

OPERATING SUBSIDIARIES

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(in millions) 2020 Q2 2019 Q2 YTD 2020 YTD 2019

Goodman & Company, Investment Counsel Inc. (0.7)$ (0.3)$ (1.6)$ (0.7)$

United Hydrocarbon International Corp. (17.0) 3.0 (134.5) 9.0

Dundee Sustainable Technologies Inc. - (0.8) (1.2) (1.7)

Blue Goose Capital Corp. (3.3) (3.8) (6.0) (7.9)

AgriMarine Holdings Inc. (0.8) (1.0) (1.7) (2.6)

Dundee 360 Real Estate Corporation (0.2) (2.4) (0.2) (3.1)

Dundee Energy Limited - - - (0.2)

Eurogas International Inc. - - - (0.1)

(22.0)$ (5.3)$ (145.2)$ (7.3)$


Financial Review

HEAD OFFICE SUMMARY

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(in millions) 2020 Q2 2019 Q2 YTD 2020 YTD 2019

Revenues 1.0$ 1.2$ 2.0$ 2.1$

General and administrative expenses

General (7.1) (4.6) (10.4) (8.8)

Stock based compensation 1.7 (0.1) 1.4 (0.8)

Interest expense (0.1) (1.2) (0.3) (2.8)

(Loss) earnings before the following: (4.5) (4.7) (7.3) (10.3)

Depreciation (0.1) (0.2) (0.3) (0.4)

Remeasurement of financial instrument (9.1) 3.7 (9.1) 9.1

Foreign exchange (0.1) (0.3) 0.2 (2.2)

Net loss (13.8)$ (1.5)$ (16.5)$ (3.8)$


Q2 2020Closing Summary


Closing Summary

Employee safety top priority; business continuity plan remains in place

DPM warrant exercise could generate significant future sum

SIB expected to conclude later this month

Advancing monetization opportunities at Blue Goose and TauRx

Optimization of capital structure ongoing

Lowering interest expense, significantly improved cash position

Well positioned to continue pursuing junior mining strategy

Q2 2020 REVIEW AND OUTLOOK

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Questions & Answers


For More Information

2019

John Vincic

Investor and Media Relations for

Dundee Corporation

Vincic Advisors

E: [email protected]

T: 647.402.6375

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