Dundee Reports High-Grade Shovelnose Results as Exploration and Pre-Feasibility Study Work Advances

TORONTO, Oct. 28, 2026 (ZM NEWSWIRE) — Dundee Corporation (TSX: DC.A) (“Dundee” or the “Corporation”) is pleased to report additional high-grade infill results from the South Zone at the Shovelnose Gold Project, including 23 meters grading 6.69g/t gold and 41.7g/t silver.

With the 117 hole resource infill program now complete, six drills remain active at Shovelnose as the project moves into its next phase. Work is focused on a broader exploration program together with the geotechnical and hydrogeological drilling required to support the South Zone pre-feasibility study targeted for completion in the second half of 2027.

Jonathan Goodman, President and CEO commented:

“This is an exciting transition point for Shovelnose. We have completed the resource infill drilling and are now focused on two important priorities: stepping out to test the broader exploration potential of the property as well as completing the field work required to advance the South Zone pre-feasibility study. With six drills active, we are continuing to build momentum both around the existing resource while testing the much larger potential of the property.”

Key Highlights:

• New South Zone infill drill results include highlight assays of:
  • 23.00m grading 6.69 g/t Au and 41.7 g/t Ag
  • 5.53m grading 16.51 g/t Au and 133.5 g/t Ag
  • 14.59m grading 4.38 g/t Au and 27.6 g/t Ag
  • 10.30m grading 3.51 g/t Au and 23.5 g/t Ag
  • 6.04m grading 5.79 g/t Au and 3.5 g/t Ag
  • 16.41m grading 2.07 g/t Au and 23.2 g/t Ag
  • 5.97m grading 5.34 g/t Au and 10.6 g/t Ag
  • 1.5m grading 20.90 g/t Au and 29.1 g/t Ag
  • 6.07m grading 4.56 g/t Au and 7.6 g/t Ag
• Approximately 10,000m of exploration, hydrogeological and geotechnical drilling has been completed to date, including 10 exploration drill holes testing areas below and to the north of the South Zone deposit (5,008m). Exploration drilling is expected to continue through to December 15, 2026.
• Ongoing geotechnical and hydrogeology drilling programs supporting the South Zone PFS are on track for completion in Q4 2026.

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.

South Zone Mineral Resource Infill Drilling

Assay results from the 117-hole (37,242m) resource infill drill program at the South Zone deposit continue to show excellent continuity of mineralization in each of Vein Zones 1, 2 and 3. Results have been received from an additional 19 infill drill holes and are reported in Table 1, bringing the total number of reported drillholes to 91. For previously reported assay results from the South Zone mineral resource drilling program, please refer to the Corporation’s press releases dated May 7, 2026, May 26, 2026, July 7, 2026, July 28, 2026, August 20, 2026, and September 22, 2026. The resource drilling program was designed to infill the deposit at nominal 25m centres with results to be included in an updated mineral resource estimate to support a PFS targeting completion in H2 2027.

Selected assay highlights include:

SNR26-123:	14.59m grading 4.38 g/t Au & 28 g/t Ag from 313.40m downhole
SNR26-125:	3.00m grading 5.93 g/t Au & 7 g/t Ag from 116.00m downhole; and
	5.53m grading 16.51 g/t Au & 134 g/t Ag from 163.00m downhole
SNR26-127:	10.30m grading 3.51 g/t Au & 24 g/t Ag from 143.50m downhole; and
	6.04m grading 5.79 g/t Au & 4 g/t Ag from 182.90m downhole; and
	6.00m grading 3.17 g/t Au & 5 g/t Ag from 229.00m downhole
SNR26-137b:	16.41m grading 2.07 g/t Au & 23 g/t Ag from 264.59m downhole
SNR26-140:	1.50m grading 20.90 g/t Au & 29 g/t Ag from 265.50m downhole; and
	5.28m grading 2.31 g/t Au & 10 g/t Ag from 377.38m downhole
SNR26-149:	2.72m grading 2.29 g/t Au & 7 g/t Ag from 152.28m downhole; and
	2.29m grading 3.07 g/t Au & 4 g/t Ag from 182.00m downhole; and
	23.00m grading 6.69 g/t Au & 42 g/t Ag from 193.00m downhole
SNR26-150:	5.97m grading 5.34 g/t Au & 11 g/t Ag from 76.64m downhole
SNR26-157:	6.07m grading 4.56 g/t Au & 8 g/t Ag from 147.13m downhole

Table 1 shows assay results, including drill hole locations and orientations. Reported assay intervals represent downhole intersections, not true widths. True widths can be estimated at approximately 70-80% of the reported intervals.

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

Figure 2 presents a South Zone cross-section highlighting drill hole SNR26-149, and 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) or Au-ICP22 (50g 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, or Au-GRAV22 and a 50g sample size). The switch to 50g aliquots applies to 2026 resource infill drill holes starting at, and including, SNR26-98. Other over-limit elements may also be subjected to ore grade analyses which vary depending on the element of interest.

ALS’s facilities 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. 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 October 2026

Figure 2 – South Zone Cross Section A-A’

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 Westhaven 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 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 Shovelnose; 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; 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.

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