Dundee Corp CEO Jonathan Goodman to Rick Rule: "We're Buying Undervalued Assets and Adding Adult Supervision" - A Merchant Bank Built for the Next Resource Bull Market

With Dundee trading at a deep discount to NAV and a proven track record of turning small stakes into nine-figure wins, Goodman outlines how the family-controlled merchant bank is positioning for the next leg in gold, copper, and nickel.

Vancouver, BC – May 2026 — In a wide-ranging pre-conference interview for the 2026 Natural Resources Investment Symposium, Rick Rule sat down with Jonathan Goodman, CEO of Dundee Corp (TSX: DC.A). The discussion highlighted Dundee’s disciplined approach as a mining merchant bank, its significant undervaluation, and a pipeline of high-conviction opportunities in gold and base metals.Goodman, whose father Ned was a legendary figure in Canadian mining finance, has spent his career straddling operations and capital markets. He holds a geological engineering degree, an MBA, and a CFA, giving him a unique edge in identifying and unlocking value.

“The operators consider me a financial guy and the finance people consider me an operations guy,” Goodman told Rule. “But the reality is, having been able to live in both worlds, you can see a lot of anomalies and opportunities.”

Deep Discount to NAV with a Proven Playbook

Dundee Corp currently trades around $4 per share, while Goodman estimates its asset value between $7 and $10 per share. The company takes concentrated positions — typically 10% to 19.9% — often with board representation, and works hands-on with management to derisk and advance projects.

This “adult supervision” model has delivered outsized returns in the past:

• Repadre Capital — Built from a single royalty into a company sold for roughly $400 million.

• Dundee Precious Metals — Converted from a closed-end fund into an operating company now valued at approximately $11 billion with assets in Bulgaria, Bosnia, and Serbia.

• Reunion Gold — Dundee increased its stake after identifying surface gold potential at OKO West in Guyana. After helping advance the project, it was sold to G Mining Ventures, generating approximately $150 million for Dundee.

Goodman emphasized that the strategy is repeatable:

“We sign a CA, we look at the data… and we make some of our own assumptions to determine whether or not we think we see a mine here.”

Current High-Conviction Positions

Magna Mining (Sudbury Basin, Ontario)

Dundee is a major shareholder and board participant. The company is consolidating high-grade nickel-copper assets in one of the world’s premier districts, including the recently acquired Crean Hill and McCreedy West mines. Goodman highlighted the strategic value of Magna’s permitted mill in a basin dominated by two major players.

Saturn Metals (Australia)

A heap-leach gold project that Goodman believes is mispriced due to its Australian listing. The company is completing a feasibility study on a potential 100,000–120,000 oz/year low-cost operation.

Shovel Nose Gold (Direct JV, Canada)

Dundee’s first major direct project interest — earning 60% by spending $85 million. The high-grade, low-sulfidation epithermal system has substantial exploration upside.

Goodman made it clear that long-term ownership for cash flow is also an option:

“We don’t always feel that we need an exit… Get the mine built, get cash flows, pay out the cash flows to shareholders, and you’re going to get NAV.”

Why Now? The Merchant Bank Model in a Resource Bull Market

Rule and Goodman both see strong tailwinds for well-capitalized, technically adept players. With many junior and mid-tier companies starved for capital or operational expertise, Dundee’s model — combining balance sheet strength, technical insight, and patient capital — is particularly well suited for the current environment. Goodman is optimistic about the next five years, focusing on building a portfolio that can deliver both capital gains and, ultimately, dividend-paying mining assets.

Conference Context

Dundee Corp is a sponsor of the 2026 Natural Resources Investment Symposium (July 6–10 in Boca Raton, Florida, with live stream options). Goodman and the Dundee team will be available for discussions with investors.

For more information or to reach Dundee Corp directly:

Jonathan Goodman (jgoodman@dundeecorporation.com).

This article is based on the May 2026 interview between Rick Rule and Jonathan Goodman. It is for informational and educational purposes only and does not constitute investment advice. Resource markets are volatile and involve significant risk. Investors should conduct their own due diligence and consult qualified professionals before making investment decisions.