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DUNDEE CORPORATION | Confidential – Not For Distribution

Dundee Corporation

Q4 and Year End 2019

Conference Call

2019March 27, 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

derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of

new information, future events or otherwise, except as required by law.

The contents of this document are protected by applicable copyright laws. No permission is granted to copy, distribute, modify, post, or frame

any text, graphics, design or logos. DUNDEE CORPORATIONR is a trademark owned by Dundee Corporation, used under license. Unauthorized

use or exploitation of such marks and names is strictly prohibited.

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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

Top priority is employee health and well-being

Business continuity plan implemented

All head office employees working from home

Seamless transition due to preparation and

technology investment

Thanks to all staff during these uncertain times

3

CORONA VIRUS UPDATE


2019 Year in Review

Two key areas of focus in 2019:

Continued streamlining and rationalization of portfolio

Strengthening of capital structure

Significant progress on both initiatives

Generated cash proceeds, lowered interest expense,

while improving financial position

Continued focus in both areas in 2020

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DUAL TRACK STRATEGY DELIVERING RESULTS


Impact of COVID-19 on Portfolio

Parq Vancouver – B.C. casinos closed impacting hotels,

conference and restaurants

Android Industries – plant shutdowns in North America

and Europe

Dundee Sarea -- Redecam operations partially

suspended

Portfolio of Publicly Traded Securities – decline in value

5

PORTFOLIO INVESTMENTS


Dundee Precious Metals Review

Record annual production in 2019

230,592 Au/oz and 37.2 M lbs of Cu

Tsumeb Smelter improved throughput and

solid ramp-up during Q4

AISC of US$725 Au/oz

Generated US$67.2M in free cash flow

Introduced inaugural dividend in Q1 2020

3-year guidance outlook provided

Chelopech Mine

2019 REVIEW

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Dundee Precious Metals Review

Corporate update on March 25, 2020

Employee well-being is top priority

Comprehensive contingency plans in

place

Monitoring situation closely in Bulgaria,

Namibia and Serbia

No impact on mining and smelting

operations

Re-affirmed guidance for 2020

Ada Tepe Mine

COVID-19 PROACTIVE RESPONSE MEASURES

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UHIC Update

Reduced the value of UHIC in Q4 due to

volatility in oil prices

Increased the discount rate to 19.3%

Sensitivity analysis increased

Positive on long-term prospects for UHIC

Time for oil price recovery before first

production in 2022/23

IMPACT OF DECLINING OIL PRICES

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TauRx Update

TauRx completed US$100 million financing

First tranche of US$70 million closed in 2019

Second tranche to close in 2020

500,000 class B preference shares at an aggregate

subscription amount of US$100 million or US$200/share

The preferences shares are convertible to ordinary

shares on a one-to-one basis

New capital will fund studies and bolster cash reserves

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IMPROVED FINANCIAL POSITION


Questions & Answers

10

Question and Answer Session

Q4 and Year End 2019Financial Review


Financial Review

COMPONENTS OF EARNINGS (LOSS)

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(in millions, except for per share amounts) 2019 Q4 2018 Q4 YTD 2019 YTD 2018

Portfolio transactions

Income (loss) from investments 32.7$ (16.2)$ 50.5$ (65.8)$

Loss from equity accounted investments (1.0) (7.8) (2.1) (64.3)

31.7 (24.0) 48.4 (130.1)

Operations

Operating subsidiaries (19.2) (39.0) (36.2) (61.8)

Head office (5.0) 20.0 (14.7) (3.9)

Income taxes (4.9) (9.5) (16.9) (10.0)

(29.1) (28.5) (67.8) (75.7)

Net (loss) earnings – Continuing operations 2.6$ (52.5)$ (19.4)$ (205.8)$

Discontinued operations

Dundee Energy Limited Partnership -$ 9.0$ -$ 3.5$

Dundee 360 Real Estate Corporation's brokerage division - (6.0) (1.3) (6.8)

Net (loss) earnings – Discontinued operations -$ 3.0$ (1.3)$ (3.3)$

Net (loss) earnings for the period 2.6$ (49.5)$ (20.7)$ (209.1)$

Attributable to owners of Dundee Corporation 6.3$ (46.3)$ (15.3)$ (202.4)$

Continuing operations 6.3 (45.5) (14.0) (197.6)

Discontinued operations - (0.8) (1.3) (4.8)

Basic (loss) earnings per share 0.04$ (0.79)$ (0.26)$ (3.49)$

Continuing operations 0.04 (0.78) (0.24) (3.41)

Discontinued operations - (0.01) (0.02) (0.08)


Financial Review

OPERATING SUBSIDIARIES

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(in millions) 2019 Q4 2018 Q4 YTD 2019 YTD 2018

Goodman & Company, Investment Counsel Inc. -$ 1.2$ (0.9)$ (2.8)$

United Hydrocarbon International Corp. (18.2) (34.1) (8.2) (22.3)

Dundee Sustainable Technologies Inc. (0.8) (1.1) (3.3) (3.4)

Blue Goose Capital Corp. (0.5) (1.3) (17.8) (20.4)

AgriMarine Holdings Inc. (0.7) (1.0) (3.8) (4.3)

Dundee 360 Real Estate Corporation 1.0 (1.4) (1.9) (3.8)

Dundee Energy Limited - (0.1) (0.2) 0.4

Eurogas International Inc. - (0.4) (0.1) (0.9)

Dundee Securities Ltd. - (0.8) - (4.3)

(19.2)$ (39.0)$ (36.2)$ (61.8)$


Financial Review

HEAD OFFICE SUMMARY

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(in millions) 2019 Q4 2018 Q4 YTD 2019 YTD 2018

Revenues (1.2)$ 1.0$ 2.0$ 2.8$

General and administrative expenses

General (5.5) (5.8) (19.3) (24.8)

Stock based compensation 2.3 (0.2) (0.2) (2.6)

Interest expense (0.2) (1.2) (3.2) (5.3)

(Loss) earnings before the following: (4.6) (6.2) (20.7) (29.9)

Depreciation (0.2) (4.3) (0.7) (6.0)

Remeasurement of financial instrument - 30.0 9.1 30.0

Foreign exchange (0.2) 0.5 (2.4) 2.0

Net (loss) earnings (5.0)$ 20.0$ (14.7)$ (3.9)$


2019Closing Summary


Closing Summary

Managing through unprecedented times with COVID-19

Enhanced focus on expense containment

Top priority is employee safety and business continuity

Monitoring all portfolio investments closely

DPM inaugural dividend provides new cash flow source

Continued focus on portfolio rationalization and streamlining G&A

Ongoing optimization of capital structure

2019 REVIEW AND 2020 OUTLOOK

15


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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