Dundee Corporation Announces the Start of Exploration at Westhaven’s Spences Bridge Gold Belt Properties, Southern British Columbia

TORONTO, July 07, 2026 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (“Dundee” or the “Corporation”) is pleased to report the start of exploration at Westhaven Gold Corp’s (“Westhaven”) Spences Bridge Gold Belt properties in southern British Columbia, including prospecting, geological mapping and soil sampling surveys on priority target areas at the Prospect Valley and Shovelnose properties, as well as mobilization of a fifth drill rig to the Shovelnose property in preparation for a 15,000m exploration drilling program expected to commence mid-month and continue through mid-December. With the start of exploration, the 2026 program is now combining potential resource growth through drilling and district scale exploration with project derisking through resource infill drilling and advancement of Pre-Feasibility studies (“PFS”). The ongoing 35,000m resource infill drilling program continues to confirm the continuity of mineralization within the South Zone deposit, including intersections of 9.8m grading 8.3 g/t Au and 11 g/t Ag (SNR26-83) and 11.46m grading 4.59 g/t Au and 43 g/t Ag (SNR26-92).

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 commented:

“We are excited to see exploration activity underway across the Spences Bridge Gold Belt. The combination of district-scale exploration, and continued advancement of engineering studies and resource work, provides multiple opportunities to unlock value while improving our understanding of the broader potential of these assets.” 

Spences Bridge Gold Belt 2026 Exploration Programs

In addition to the ongoing PFS studies, targeted exploration work has commenced on both the Shovelnose gold property and the Prospect Valley gold property, located 30km to the northwest of Shovelnose.

Prospecting, mapping and more detailed sampling are underway at priority targets located throughout the Shovelnose property, ahead of potential drill testing later this season. This field work follows on the successful completion of airborne magnetic and radiometric surveys (spring 2026) over the property’s expanded landholdings (acquired by Westhaven in 2024). The geophysical surveys were intended to support reconnaissance scale sampling undertaken by Westhaven in 2025 which identified spatially restricted areas with geological and geochemical similarities to known high grade gold-silver deposits elsewhere on the property. One area of particular focus is located approximately 15km southeast of the South Zone deposit, where silicified and clay altered volcanic rocks were identified in 2025 with float, subcrop and outcrop rock grab samples returning from background levels up to 2.45 g/t Au (96.2 g/t Ag) (Please see Westhaven’s news release dated January 26, 2026).

Field work has also started at the Prospect Valley property, which hosts low sulphidation epithermal systems associated with the Discovery North, Discovery South, Dog Leg, NEZ and NIC occurrences, identified by previous, locally focussed, drill programs. During 2024 and 2025 Westhaven collected 389 rock samples and 121 stream sediment samples from underexplored areas of the 10,927-ha property, returning from background levels up to 2.76 g/t Au in rock samples and 1,795 ppb Au from a stream silt. Westhaven’s sampling also reconfirmed the presence of anomalous unsourced quartz breccia float samples from the Bonanza Valley area in the southwest corner of the property. Historic gold values returned from numerous float clasts in this area are higher than any encountered in drilling elsewhere on the Property (up to 43.34 g/t Au), and the bedrock source has yet to be located. Maximum gold values in new quartz float samples collected by Westhaven are up to 3.20 g/t Au.

Initial work completed so far in 2026 includes collection of over 75 soil samples from the Bonanza Valley area to better constrain possible source locations of these compelling float samples. Recent logging activities have also opened up new roads and areas of bedrock exposure that will be evaluated this field season.

South Zone Mineral Resource Infill Drilling

Assay results from the ongoing 35,000m resource infill drilling 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 15 infill drill holes (Table 1), mainly testing narrower Vein Zone 2 and Vein Zone 3 mineralization in the northern part of the deposit. The resource drilling program has been 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. To date, 61 drill holes (18,925m) have been completed representing approximately 54% of the planned program metreage.

Selected assay highlights include:

SNR26-79:		4.28m grading 10.26 g/t Au & 57 g/t Ag from 115.50m downhole
SNR26-83:		6.81m grading 7.72 g/t Au & 32 g/t Ag from 149.41m downhole; and
		9.85m grading 8.30 g/t & 11 g/t Ag from 301.65m downhole
SNR26-87:		8.22m grading 4.77 g/t Au & 61 g/t Ag from 115.78m downhole
SNR26-88:		7.04m grading 2.92 g/t Au & 141 g/t Ag from 125.00m downhole
SNR26-92:		11.46m grading 4.59 g/t Au & 43 g/t Ag from 160.54m downhole; and
		4.86m grading 9.95 g/t Au & 86 g/t Ag from 305.15m downhole
SNR26-95:		6.98m grading 6.48 g/t Au & 37 g/t Ag from 262.02m 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 15 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 releases dated May 7, 2026 and May 26, 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) 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 July 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 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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