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DUNDEE CORPORATION | Confidential – Not For Distribution

Dundee Corporation

Q3 2019 Conference Call

2019November 15, 2019

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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

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

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

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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

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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


Dundee Corporation

Continued focus on capital allocation

Significant year-over-year reduction in G&A

Decrease in interest expense with conversion of

Series 5 Preference Shares

Prudently managing our capital to support long-

term vision in resources sector

3

STRATEGIC UPDATE


Capital Structure Optimization Continues

Initiated NCIB for Series 2 and Series 3 preference

shares

Purchased total of 64,800 shares for $947K during Q3 2019

Considering NCIB for DC.A subordinated voting

shares, subject to the approval of the TSX

Provides additional flexibility and potential for deployment of capital

Prudent capital allocation measures in place

4

Q3 2019 OVERVIEW


Dundee Precious Metals Review

Record consolidated gold production of

65,642 ounces

Chelopech: produced 40,328 Au/oz and

10.1 M lbs. of Cu, inline with 2019 guidance

Ada Tepe: Achieved full design capacity;

produced 25,314 Au/oz

Tsumeb Smelter throughput of 42,186

tonnes and on track to meet revised

guidance

AISC of US$728 Au/oz

Generated $21.0 M in free cash flowChelopech Mine

Q3 2019 OVERVIEW

5


Android Industries Update

Significant capex invested to positon

company for next leg of growth

New long-term contracts in place

Forecasting a significant ramp-up in 2020

Company is well-managed and

positioned to grow its EBITDA in coming

years

Q3 2019 OVERVIEW

6


Questions & Answers

7

Question and Answer Session

Q3 2019Financial Review


Financial Review

COMPONENTS OF EARNINGS (LOSS)

8

(in millions, except for per share amounts) 2019 Q3 2018 Q3 YTD 2019 YTD 2018

Portfolio transactions

Income (loss) from investments (15.7)$ (31.5)$ 17.8$ (49.6)$

Earnings (loss) from equity accounted investments 2.2 (7.8) (1.1) (56.5)

(13.5) (39.3) 16.7 (106.1)

Operations

Operating subsidiaries (9.7) (5.1) (17.0) (22.8)

Head office (5.9) (6.5) (9.7) (23.9)

Income taxes (0.6) (2.7) (12.0) (0.5)

(16.2) (14.3) (38.7) (47.2)

Net loss – Continuing operations (29.7)$ (53.6)$ (22.0)$ (153.3)$

Discontinued operations

Dundee Energy Limited Partnership -$ (2.0)$ -$ (5.5)$

Dundee 360 Real Estate Corporation's brokerage division - 0.1 (1.3) (0.8)

Net loss – Discontinued operations -$ (1.9)$ (1.3)$ (6.3)$

Net loss for the period (29.7)$ (55.5)$ (23.3)$ (159.6)$

Attributable to owners of Dundee Corporation (28.6)$ (54.4)$ (21.6)$ (156.1)$

Continuing operations (28.6) (53.3) (20.3) (152.1)

Discontinued operations - (1.1) (1.3) (4.0)

Basic loss per share (0.30)$ (0.92)$ (0.33)$ (2.71)$

Continuing operations (0.30) (0.90) (0.31) (2.64)

Discontinued operations - (0.02) (0.02) (0.07)


Financial Review

OPERATING SUBSIDIARIES

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(in millions) 2019 Q3 2018 Q3 YTD 2019 YTD 2018

Goodman & Company, Investment Counsel Inc. (0.2)$ (0.2)$ (0.9)$ (4.0)$

United Hydrocarbon International Corp. 1.0 5.1 10.0 11.8

Dundee Sustainable Technologies Inc. (0.8) (0.8) (2.5) (2.3)

Blue Goose Capital Corp. (9.4) (4.6) (17.3) (19.1)

AgriMarine Holdings Inc. (0.5) (1.6) (3.1) (3.3)

Dundee 360 Real Estate Corporation 0.2 (1.8) (2.9) (2.4)

Dundee Energy Limited - (0.1) (0.2) 0.5

Eurogas International Inc. - (0.2) (0.1) (0.5)

Dundee Securities Ltd. - (0.9) - (3.5)

(9.7)$ (5.1)$ (17.0)$ (22.8)$


Financial Review

HEAD OFFICE SUMMARY

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(in millions) 2019 Q3 2018 Q3 YTD 2019 YTD 2018

Revenues 1.1$ 0.6$ 3.2$ 1.8$

General and administrative expenses

General (5.0) (5.3) (13.8) (19.0)

Stock based compensation (1.7) 0.3 (2.5) (2.4)

Interest expense (0.2) (1.4) (3.0) (4.1)

Loss before the following: (5.8) (5.8) (16.1) (23.7)

Depreciation (0.1) (0.6) (0.5) (1.7)

Remeasurement of financial instrument - - 9.1 -

Foreign exchange - (0.1) (2.2) 1.5

Net loss (5.9)$ (6.5)$ (9.7)$ (23.9)$


2019Closing Summary


Closing Summary

Continued momentum at Dundee Precious Metals

Monetization efforts ongoing at Blue Goose and TauRx

Stronger summer tourism season at Parq Vancouver

Dundee Goodman Merchant Partners active in deal flow

Well positioned for opportunities in resources sector

Ongoing optimization of capital structure

Q3 2019 REVIEW

12


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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