Dundee Corporation closes Big River Gold privatization transaction with Aura Minerals to develop and participate in future cash flow from the Borborema mine

Dundee Society

TORONTO, Sept. 21, 2022 (GLOBE NEWSWIRE) — Dundee Society (TSX: DC.A) (“Dundee” or the “Company”) is pleased to announce the closing of the previously announced transaction in which Dundee Resources Limited (“Dundee Resources”), a wholly owned subsidiary of the Company, will retain a 20 percent interest in Big River Gold Limited (“Big River”) through a joint venture agreement with Aura Minerals Inc (“Aura”). The Supreme Court of Western Australia approved the acquisition of Big River on September 8, 2022.

Aura, a returns-focused mid-tier gold and copper producer, in partnership with Dundee Resources, plans to review the project and complete a feasibility study (“Borborema FS”) in accordance with National Instrument 43- 101 – Disclosure Standards for Mineral Resources Projects (“NI-43-101”) on the Borborema Project by early 2023. On a preliminary basis, and subject to FS completion and confirmation Borborema, construction of the Borborema project is expected to begin in 2023 and production is expected to begin in 2025.

As previously indicated, Aura and Dundee Resources’ joint venture in the project will be held through an intermediary holding company (“Borborema Inc.”), and Dundee Resources will hold an indirect 20% interest in Borborema, Inc. as a result of the contribution of shares of Big River previously held by Dundee Resources and a “complementary” cash subscription for shares of Borborema, Inc. of approximately US$2.5 million.

Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation, said, “I am pleased to announce the closing of this transaction and allow Dundee to participate directly in all future cash flows from this high quality mining project. under development in Brazil. We are delighted to be working closely with our respected partner Aura, an exceptional, responsible and ESG-conscious operator with extensive experience and success operating in Brazil to develop the fully licensed Borborema Gold Project and we look forward to updating the market on progress and timelines as Borborema, Inc. moves into development and production. This is clearly a transformational transaction for Dundee, and we look forward to our evolution into becoming an emerging gold producer. »


Dundee Corporation is an independent Canadian holding company listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on creating long-term sustainable value as a trusted partner in the mining industry with over 30 years of experience in accretive mining investments.


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Advisors and Council

Cassels, Brock, & Blackwell LLP is acting as Canadian legal advisor and Blackwall Legal LLP is acting as Australian legal advisor to Dundee Resources Limited.

Canaccord Genuity Corp. is acting as exclusive financial advisor, Gowling WLG (Canada) LLP is acting as Canadian legal advisor and King & Wood Mallesons is acting as Australian legal advisor to Aura Minerals.

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information includes statements that use forward-looking terminology such as “may”, “could”, “should”, “will”, “should”, “intend”, “target”, “plan”, ” expects”, “budget”, “estimate”, “plan”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “see” or the negative or grammatical variation of these this or other variations thereof or comparable terminology. Such forward-looking information includes, but is not limited to, statements regarding the closing of the transaction; plans and expectations regarding the timing of completion of Borborema FS, exploration plans at Borborema, timing and completion of development at Borborema and timing and level of production at Borborema; mine life at Borborema and other expectations, as well as any other statements relating to potential production forecasts and any other statements which may predict, forecast, indicate or imply plans, intentions, levels of activity, results, performance or achievements future.

Forward-looking statements are necessarily based on a number of estimates and assumptions which, although considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Specific reference is made to the most recent Annual Information Form filed with certain Canadian provincial securities regulators for a discussion of some of the factors underlying the forward-looking statements, which include, but are not limited to, the ability to the Company to achieve its long-term objectives, the prospects and the timing and expected results thereof, the Company’s ability to successfully achieve its business objectives, the volatility of copper and gold prices or certain other commodities, fluctuations in debt and equity markets, uncertainties in the interpretation of geological data, cost increases, environmental issues, compliance and changes in environmental laws and regulations, fluctuations interest and foreign exchange rates, the accuracy of any estimates of mineral reserves and mineral resources, general economic conditions and other risks associated with the mineral exploration and development industry. Should any of these risks or uncertainties materialize, or should opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events could differ materially from those anticipated in the forward-looking information. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other risk factors that are not currently known to the Company or that the Company currently believes to be immaterial and that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date of publication. The forward-looking information contained in this press release represents the Company’s expectations as of the date of this press release (or as otherwise stated) and is subject to change after such date. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

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