"The announced acquisition of Maritime Resources by New Found Gold marks another pivotal validation of our long-term investment strategy." Mr. Goodman continued. "We recognized the intrinsic value of Maritime early and supported the company through market cycles. The transaction highlights our ability to identify exceptional assets ahead of the broader market, and positions us to participate in the upside of a synergistic combined platform. We continue to support our core holdings where disciplined capital and technical insight remain central to unlocking value in the underlying assets."
Mr. Goodman concluded: "We ended the quarter with a strong cash position, no debt at the parent level, and a growing royalty revenue stream that will strengthen our financial position going forward. We are proud of the disciplined execution that has positioned us for this next phase of growth and remain focused on seizing new opportunities to bring future cash flow into Dundee and building lasting value for our shareholders. None of this progress would be possible without the dedication, focus and sharp execution of our team, they continue to be the driving force behind everything we achieve."
THIRD QUARTER AND FIRST NINE MONTHS OF 2025 RESULTS
During the third quarter of 2025, the mining investment segment recognized royalty revenue of $0.7 million from the Borborema Gold Project ("Borborema"). Aura Minerals Inc. ("Aura") announced that commercial production on Borborema had been achieved on September 22, 2025, with ramp-up activities expected to continue through the remainder of 2025. In the third quarter and during the first nine months of 2025, Aura sold 9,373 and 10,563 gold equivalent gold ounces, respectively, from Borborema.
Reported net income from all portfolio investments for the third quarter of 2025 of $84.0 million (2024, $10.1 million). The key drivers of the current quarter's positive performance include the $25.7 million and $16.8 million fair value gains on investments in Saturn Metals Limited ("Saturn Metals") and Ausgold Limited ("Ausgold"), respectively. For the nine months ended September 30, 2025, the Corporation reported net income from portfolio investments of $129.6 million (2024, $68.0 million). Consistent with the quarterly performance, the key drivers of the current year's performance include the $36.5 million and $24.5 million fair value gains on investments in Saturn Metals and Ausgold, respectively. In addition, the Corporation sold its remaining stake in G Mining Ventures Corp. for $45.3 million cash proceeds and recognized a $14.2 million gain in the current year.
On November 13, 2025, New Found Gold Corp. ("New Found Gold") announced the completion of the transaction to acquire all of the issued and outstanding shares of Maritime Resources Corp. ("Maritime"), and Maritime shareholders received 0.75 of a share of New Found Gold for each existing Maritime share held. The Corporation will cease to account for its investment in Maritime using the equity method in the fourth quarter and transition to accounting for its newly received shares of New Found Gold as part of its mining portfolio investments measured at fair value. As at September 30, 2025, the fair value of the Corporation's ownership of Maritime shares was $117.5 million, based on a publicly observable quoted market price. On November 12, 2025, Maritime announced the first gold pour from its Hammerdown Gold Project, a significant milestone marking the project's successful transition from development activities into initial production.
Reported share of income from equity accounted investments of $9.0 million for the third quarter of 2025 (2024, $1.4 million). The $9.0 million share of income included a $5.9 million dilution gain recognized from the Corporation's ownership in Magna Mining Inc. having been reduced from 21% at the end of June 2025 to 18% at the end of the third quarter. For the nine months ended September 30, 2025, the Corporation recognized income from equity accounted investments of $17.6 million (2024, loss of $0.5 million).
In October 2025, the Corporation participated in a AUD$45.0 million private placement announced by Saturn Metals, with Dundee purchasing 8.3 million shares in exchange for AUD$4.8 million. Saturn Metals indicates that it will use the proceeds from this private placement to advance their Apollo Hill Gold Project through pre-feasibility and publication of a maiden ore reserve in 2025, followed by a definitive feasibility study targeted for the second half of 2026, as well as to fund regional exploration activities.
Reported consolidated general and administrative expenses for the third quarter of 2025 of $4.0 million (2024, $4.3 million). Excluding share-based compensation of $0.9 million (2024, $0.8 million), consolidated general and administrative expenses declined 7.6% year-over-year. For the nine months ended September 30, 2025, the Corporation reported consolidated general and administrative expenses of $12.8 million (2024, $12.5 million).
Reported net earnings attributable to owners of the Corporation for the third quarter of 2025 of $90.6 million (2024, $7.3 million), or earnings per share on a diluted basis of $0.92 (2024, $0.07). For the nine months ended September 30, 2025, the Corporation reported net earnings attributable to owners of the Corporation of $135.0 million (2024, $67.3 million), or earnings per share on a diluted basis of $1.38 (2024, $0.69).
SEGMENTED FINANCIAL RESULTS
Mining Investments
In the third quarter of 2025, the Corporation reported net earnings before taxes from the mining investments segment of $91.4 million (2024, $10.4 million). Performance from the mining portfolio investments generated income of $81.8 million (2024, $9.0 million). The share of income from equity accounted mining investments during the third quarter of 2025 was $9.0 million (2024, $0.7 million). Drivers of performance are described in the highlights above. During the same period, the Corporation reported net income from its royalty interest in the Borborema Gold Project of $430,000, which included $668,000 of royalty revenue.
During the first nine months of 2025, the Corporation reported net earnings before taxes from the mining investments segment of $148.4 million (2024, $65.8 million). Performance from the mining portfolio investments generated income of $130.1 million (2024, $65.1 million). The share of income from equity accounted mining investments during the first nine months of 2025 was $17.5 million (2024, loss of $0.1 million).
Corporate and others
The Corporation reported net earnings before taxes from the corporate and others segment, including non-core subsidiaries, of $0.4 million (2024, loss of $2.0 million) during the three months ended September 30, 2025. The fair value of non-mining portfolio investments in the corporate and others segment increased by $2.2 million (2024, $1.2 million) during the third quarter of the current year and was driven almost exclusively by the investment revaluation of Dundee's ownership in TauRx Pharmaceuticals Ltd. During the same period, the segment's non-mining equity accounted investments reported pre-tax loss of $10,000 (2024, ...
