Dundee Corporation Announces Results of Infill Drilling at Westhaven’s Shovelnose Gold and Silver Project, Southern British Columbia

TORONTO, May 26, 2026 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (“Dundee” or the “Corporation”) is pleased to report continued progress on Westhaven Gold Corp’s (“Westhaven”) 2026 exploration program at the Shovelnose gold and silver project ("Shovelnose"), in southern British Columbia, including results from an additional 10 drill holes from ongoing mineral resource infill drilling at the South Zone deposit.

On February 23, 2026, the Corporation completed a strategic earn-in agreement with Westhaven, whereby Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to CDN$85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, inclusive of a fully funded 50,000m drill program at Shovelnose, which is funding the activities outlined in this news release and is expected to continue through the remainder of 2026.

Jonathan Goodman, President and CEO of Dundee commented:

“We are pleased with the early progress of the South Zone mineral resource infill drilling program, which is progressing as planned and reinforces our confidence in the continuity and quality of the deposit.  The initial work is enabling us to better define the margins of the mineralized system and provides an important foundation for the next stages of technical work as we advance the project through the joint venture.  We look forward to continuing this disciplined, data-driven approach with our partner as we work to unlock the long-term value of the assets.” 

Key Highlights:

• 11,514m of drilling (40 drill holes) have been completed within the South Zone deposit, representing ~33% of the planned mineral resource drilling program. Initial drilling is focused on completing ~35,000m of mineral resource infill drilling at the South Zone deposit, targeting inclusion in an updated Mineral Resource Estimate (“MRE”) to support a preliminary feasibility study, with anticipated completion in H2 2027.
  
• Assay results from 10 drill holes are reported in this news release bringing the total reported results to 24 holes (6,102m; ~17% of planned infill drilling).
  
• Notable new results include 33.0m grading 14.0 g/t Au and 78 g/t Ag including 8.12m grading 47.56 g/t Au and 229 g/t Ag (SNR26-73) and 24.63m grading 9.51 g/t Au and 44 g/t Ag (SNR26-74). See table below for full results.
• Three drills are presently conducting mineral resource infill drilling of the South Zone with the fourth drill approximately one third of the way through a first phase 1,200m hydrogeological drilling program in support of ongoing pre-feasibility studies.
• Airborne geophysical surveys of the Shovelnose property are now complete with final data processing and reporting to follow by mid-summer, in time to help guide exploration drilling later this year.
  
  

South Zone Mineral Resource Infill Drilling

The 35,000m South Zone mineral resource drilling program has been designed to infill the deposit at nominal 25m centres. To date, 40 drill holes (11,514m) have been completed representing approximately 33% of the planned program metreage. Results from 10 holes are reported in this news release.

Selected assay highlights include:

SNR26-73:        33.0m grading 14.0 g/t Au & 78 g/t Ag from 163.0m downhole, including

                          8.12m grading 47.56 g/t Au and 229 g/t Ag from 179.48m downhole        

SNR26-74:         24.63m grading 9.51 g/t Au & 44 g/t Ag from 158.52m downhole; including

                           4.01m grading 36.05 g/t & 123 g/t Ag from 170.57m

SNR26-75:         17.13m grading 10.08 g/t Au & 82 g/t Ag from 141.00m downhole

SNR26-76:        11.77m grading 15.63 g/t Au & 104 g/t Ag from 140.78m downhole, including

                          4.22m grading 30.56 g/t Au and 234 g/t Ag from 140.78m downhole

SNR26-78:         9.62m grading 5.18 g/t Au and 24 g/t Ag from 71.88m downhole

Assay intervals noted above represent downhole intersections, not true widths. True widths can be estimated at approximately 70-80% of the reported intervals. All assay results related to the 10 holes are presented in Table 1, including drill hole locations and orientations, located at the end of this release. For previously reported assay results from the South Zone mineral resource drilling program, please refer to the Corporation’s press release dated May 7, 2026.

Figure 1 shows the locations of the drill holes reported in this news release, as well as the other holes completed in 2026, the planned 2026 drill collar locations and the drill collars of pre-2026 drilling of the South Zone.

Figures 2 and 3 present South Zone cross-sections highlighting several high-grade drill intercepts. The sections are viewed to the northwest (310°) and illustrate strong continuity of mineralization hosted within structurally controlled quartz veins and hydrothermal breccia zones.

Sampling, Laboratory Analyses and Quality Assurance/Quality Control (QA/QC)

Most core samples consist of halved drill core cut by manual sawing using industry standard core saws. In rare cases, and where required by physical core conditions, manual splitting may be used. Half of the core is retained in the original core box for reference samples and any required future work, including QA/QC. Core samples, controlled by a unique bar-coded reference number, are delivered to ALS’s Kamloops facility and prepared using the PREP-31 package. Each core sample is crushed to better than 70% passing a 2mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen.

Further analytical and assay procedures are conducted in ALS’s North Vancouver facility. A 0.75g subsample of the pulverized split is subjected to four acid digestion and analyzed via ICP-MS (method code ME-MS61m (+Hg)) which reports a suite of 49 elements.

All samples are also analyzed for gold by fire assay with an AES finish, method code Au-ICP21 (30g sample size). Samples returning gold values over 10ppm are subjected to over-limit check assays using fire assay and a gravimetric finish (method code Au-GRA21 and a 30g sample size). Other over-limit elements may also be subjected to ore grade analyses which vary depending on the element of interest. ALS’s facilities are independent of the Company and Westhaven and are accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. QA/QC incorporates the laboratory’s internal quality assurance controls as well as Westhaven’s field controls, including the insertion of quarter core duplicates, certified reference materials and blanks, each at a rate of roughly one per 20-25 core samples. Additional blanks are inserted following samples with visible gold or significant concentrations of ginguro (fine grained bands of dark gray to black sulphides).

QA/QC data are evaluated on receipt for failures, and appropriate action is taken if results for duplicates, standards and blanks fall outside allowed tolerances. Dundee understands that Westhaven’s ongoing QA/QC programs are consistent with industry best practices and include auditing of all exploration data. Any significant changes will be reported when available.

Figure 1 – Plan View Map May 2026

Figure 2 – South Zone Cross Section A-A’

Figure 3 – South Zone Cross Section B-B’

Table 1 – Assay Highlights

ABOUT DUNDEE CORPORATION:

Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Robin Hopkins, P.Geo. (NT/NU), Vice President, Exploration for Westhaven and a Qualified Person for the Company under the definitions established by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Hopkins is independent of Dundee.

FOR FURTHER INFORMATION PLEASE CONTACT:

Investor and Media Relations
T: (416) 864-3584
E: ir@dundeecorporation.com

FORWARD-LOOKING STATEMENTS:

This news release contains “forward-looking information” and "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements are made as of the date of this news release and Dundee does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements in this news release may include, but are not limited to, statements with respect to completing planned airborne geophysical surveys, completing approximately 50,000m of drilling during the year; completing an updated South Zone mineral resource estimate and the planned Pre-Feasibility Study; future planned activities; future mineral production and future growth potential for the Shovelnose project; the interpretation of preliminary results from exploration undertaken to date at the Shovelnose project using various exploration techniques and analysis; statements with respect to potential styles of epithermal mineralization at the Shovelnose project; and the possibility that the Shovelnose project may host multiple gold bearing epithermal systems.

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management of Dundee as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Assumptions have been made regarding, among other things, the price of gold and other precious metals; costs of exploration and development; the estimated costs of development of exploration of the Shovelnose project; Westhaven’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

Although management of Dundee have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information. Such factors include, without limitation: precious metals price volatility; regulatory, consent or permitting delays; risks relating to reliance on Westhaven’s management team and outside contractors; risks regarding mineral resources and reserves; Westhaven’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; Westhaven’s interactions with surrounding communities; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; and the factors identified in Dundee’s other public disclosure available on SEDAR+ at www.sedarplus.ca. Mineral exploration involves a high degree of risk and few properties, which are explored, are ultimately developed into producing mines. There can be no assurance that such forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.

Dundee will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

Photos accompanying this announcement are available at

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