sculpin

Now sitting on about $1.40 cash/share at the corporate level with an additional $33mm to come in if the rest of the DPM warrants are exercised by next May. Dundee Corp.'s senior management will host a conference call on Monday, Nov. 16, 2020, at 10 a.m. ET, to discuss the company's third quarter 2020 results. Third quarter 2020 results conference call and webcast Date: Monday, Nov. 16, 2020 Time: 10 a.m. ET Webcast: on Dundee's website Live call: 1-888-231-8191 or 1-647-427-7450 Replay: 1-855-859-2056 or 1-416-849-0833 Replay passcode: 5533506 Dundee plans to issue a news release containing the third quarter 2020 results after market close on Friday, Nov. 13, 2020, and will also post it to the company's website. The conference call will be archived for replay until Monday, Nov. 23, 2020, at midnight. An archive of the audio webcast will also be available at Dundee's website.

Globe says insiders buying at Dundee Corp. 2020-08-10 08:51 ET - In the News Shares issued 99,977,865 DC.A Close 2020-08-07 C$ 1.42 Also In the News (C:DPM) Dundee Precious Metals Inc The Globe and Mail reports in its Saturday, Aug. 8, edition that on May 13, Dundee Corp. ($1.42) raised $151.8-million in gross proceeds via the sale of 23.9 million Dundee Precious Metals ($9.80) shares. The Globe's guest columnist Ted Dixon writes in the Who Is Buying and Selling column that Dundee is sitting on a cash pile available to support what chief executive officer Jonathan Goodman has said is the firm's strategic focus on the junior mining sector. Mr. Goodman and Dundee Corp. director Murray Sinclair are literally buying into the junior mining pivot. Since May 19, Mr. Goodman has spent $2-million buying Dundee Corp. shares at an average price of $1.23.

Why not buy a place in Sequim or the San Juans? Much drier & sunnier than Seattle, beautiful location and close. The Olympic Rain Shadow is a small region northwest of the city of Seattle which experiences significantly dryer and brighter weather than surrounding locations. The rain shadow encompasses the towns of Sequim, Port Angeles, Port Townsend, Coupeville, and Victoria BC, as well as much of the San Juan Islands. For details on climate, precipitation, and an Olympic rain shadow map, see our location page; for current conditions, check our Sequim weather station, or click here for a detailed Sequim weather forecast. Here are some highlights from our days of sunshine studies: Winter (Nov-Jan) saw 5X as many mostly sunny days in the shadow vs. Seattle. Winter saw only 1/4 as many dreary days in the shadow vs. Seattle. Spring (Feb-May) saw the highest number of "rain shadow" days per month, at nearly 8! Summer (Jul-Sep) saw rain shadow areas and Seattle with nearly equal mostly sunny days. Port Angeles was definitely *in* the rain shadow, with quite similar benefits to Sequim. Anacortes was on the north eastern fringe of the rain shadow. http://olympicrainshadow.com/

http://prefblog.com/ GMP To Suspend Preferred Share Dividends July 31st, 2020 GMP Capital Inc. has announced: DIVIDENDS The Company’s net working capital as at June 30, 2020 was $122.8 million. While this level of liquidity is sufficient to pay dividends, under Section 38(3) of the Business Corporations Act (Ontario), the Company’s governing corporate statute, the Company cannot pay a dividend if there are reasonable grounds for believing that the net realizable value of the Company’s assets would be less than the aggregate of its liabilities and its legal stated capital of all classes of shares (common and preferred). Due to the current level of stated capital of the Company’s outstanding common and preferred shares, the Board of Directors has reasonable grounds to believe that this test would not be satisfied as at September 30, 2020, the date on which its quarterly preferred share dividend would normally be paid. As such the Company is suspending the dividends on its preferred shares. At its next meeting of common shareholders, the Company intends to seek the approval of its common shareholders to reduce the stated capital of the common shares to allow the Company to resume paying dividends, including accrued, unpaid dividends on the preferred shares. Dividends on the outstanding preferred shares are cumulative and will continue to accrue in accordance with the rights, privileges, restrictions and conditions associated with each series of preferred shares. Affected issues are GMP.PR.B and GMP.PR.C. These issues have been on Review-Developing at DBRS for a long time, due to uncertainty regarding the proposed deal with Richardson GMP. It looks like the uncertainty became a lot more uncertain! Of particular interest is the following quote (emphasis added): At its next meeting of common shareholders, the Company intends to seek the approval of its common shareholders to reduce the stated capital of the common shares to allow the Company to resume paying dividends, including accrued, unpaid dividends on the preferred shares. So there’s no indication as to how much of a reduction in stated capital the company will seek. A sharp reduction in stated capital at Aimia allowed the company to resume dividends on the common and to execute a Substantial Issuer Bid for that common, neither of which was good for the preferred shareholders. Thanks to Assiduous Reader DR for bring this to my attention!

GMP just suspended their preferred dividend for what looks like a technical reason / incompetence but I don’t know for sure. Essentially, they need to have a shareholder meeting to reduce the stated capital and from what I can tell they haven’t had their 2019 AGM yet so it should be by year end. Anyway, another bad idea in a string of bad ideas from me. Apologies. Most likely only a bad idea in the short term. If one can use price weakness to add to the GMP prefs at lower levels on this news, when the dividend is restored later this year, will turn out to be an even better idea.

Research Note - Dundee Precious Metals Inc. (DPM:TSX,$9.09|BUY $13.00 TRGT) FROM STRENGTH TO STRENGTH We have revised our model and target price following our conversation with DPM on Friday, July 03. DPM is a stable and solid performing mid-tier producer. It generates cashflow from stable, low risk jurisdictions. And with its recent additions to the TSX composite index it has the requisite liquidity that represents a company having a significant re-rating potential. Moreover, its return of cash to shareholders, through a quarterly dividend of US$0.02/share and share repurchase program, is attractive to investors. DPM is backed by solid low-cost production which is growing and a cost structure that is declining. Q1 saw stellar production of 73 Koz Au and 9.4 Mlbs copper at a low AISC of $593/oz. Free cash flow is expected to be around $140 M to $180 M per year in the next three years. DPM remains on track to meet it production and cost guidance for 2020 at all of its operations. We maintain our BUY rating and have revised our 12-month target price to C$13.00/share (from C$9.50/share). We spoke with the Company to gauge its general working conditions during COVID-19, the Company’s full year guidance and its Q2/19 expectations. DPM’s production is progressing well and is largely uninterrupted. Chelopech and Ada Tepe mines in Bulgaria continue to operate fully and in line with guidance. Tsumeb, the smelter in Namibia, is also operating in line with guidance albeit with reduced staff in certain areas, as government mandated. Q1 Result Review: In Q1 DPM reported a record revenue of $152M (+9% Q/Q from $140M) and generated $77.5M in EBITDA (+41% Q/Q from $55M). Free cash flow came in at $49.2M (+315% Q/Q from $11.8M). In Q1/20 DPM’s consolidated gold production of 73.0 Koz and copper production of 9.4 Mlbs were achieved at an impressive cash cost of $511/oz and an AISC of $593/oz net of byproduct. Lower production costs, higher realized metal prices and lower sustaining and growth capital, as well as a solid production profile, contributed to an impressive AISC. Tsumeb processed 65 Kt also beat our estimate (MPI est. 55 Kt), at a cost of $357/t. The Company ended first quarter debt free, with $13.6M cash in hand and an undrawn portion of RCF of $175M. It expects to fully settle its prepaid forward gold sale of 20.97 Koz in 2020. Valuation: We maintain our BUY rating and have revised our 12-month target price to C$13.00/share (from C$9.50/share). Our valuation is now based on a 1.3x NAV (from a 1.0x NA) and is based on a long-term gold and copper price of $1,550/oz and $2.75/lbs. DPM is currently trading at 0.9x our NAV estimate. Our NAV multiple is based on DPM’s strong track record of delivering on expectations since it declared commercial at Ada Tepe and completed ramping up in Q2/19 and transitioned from a single asset to multi asset gold producer. DPM is trading at a valuation below to inline with other mid to large-cap producers. Its 2020E P/CFPS of 4.5x and 2021E P/CFPS of 3.7x reflects a significant discount to peers that are trading at 2020E P/CFPS of 7.2x and 2021E P/CFPS of 5.2x. For the rest of the year we expect DPM to continue to close that gap. With large capital investment ending, focus has turned to production optimization and cash flow generation. Its recently instituted quarterly dividend of US$0.02/share reflects its cash flow generating potential. We are modeling an annual production of 272 Koz of gold and 37Mlbs of copper at an AISC of $717/oz, net of byproduct. For Q2/20 we expect a consolidated gold production of 67.75 Koz (40.67 Koz for Chelopech and 27.07 Koz for Ada Tepe) and 9.35Mlbs of copper, at an AISC of ~US$700/oz Au produced. 2020 Production Guidance: For FY20 consolidated gold production is expected to be between 257 Koz and 299 Koz. Copper production guidance is between 35 Mlbs to 40 Mlbs. The guidance for the Tsumeb smelter processed concentrate is 230 Kt to 265 Kt. DPM is guiding for 2020 AISC to be between US$700 and US$780/oz sold, net of byproduct. E: research@mpartners.ca www.mpartners.ca 70 York Street Suite 1500 Toronto, ON Canada M5J 1S9

Top Insider Buys and Sells Past Week Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction Volume or Value Price Jun 23/20 Jun 23/20 Sinclair, Alistair Murray Indirect Ownership Subordinate Voting Shares Class A 10 - Acquisition in the public market 47,600 $1.31 Jun 22/20 Jun 22/20 Sinclair, Alistair Murray Control or Direction Subordinate Voting Shares Class A 10 - Acquisition in the public market 46,400 $1.30 Jun 19/20 Jun 19/20 Sinclair, Alistair Murray Control or Direction Subordinate Voting Shares Class A 10 - Acquisition in the public market 50,800 $1.29 Jun 17/20 Jun 17/20 Sinclair, Alistair Murray Control or Direction Subordinate Voting Shares Class A 10 - Acquisition in the public market 3,700 $1.25 Jun 15/20 Jun 15/20 Sinclair, Alistair Murray Control or Direction Preferred Shares Cumulative Floating Rate First Preference Shares, Series 3 10 - Acquisition in the public market 1,000 $15.50 Jun 15/20 Jun 15/20 Sinclair, Alistair Murray Control or Direction Subordinate Voting Shares Class A 10 - Acquisition in the public market 13,000 $1.21 Jun 12/20 Jun 12/20 Sinclair, Alistair Murray Control or Direction Subordinate Voting Shares Class A 10 - Acquisition in the public market 16,000 $1.23 Jun 11/20 Jun 11/20 Sinclair, Alistair Murray Control or Direction Preferred Shares 5-Year Rate Reset First Pref. Shares, Series 2 10 - Acquisition in the public market 2,200 $15.70 Jun 11/20 Jun 11/20 Sinclair, Alistair Murray Control or Direction Subordinate Voting Shares Class A 10 - Acquisition in the public market 20,400 $1.23 Jun 10/20 Jun 10/20 Sinclair, Alistair Murray Control or Direction Preferred Shares 5-Year Rate Reset First Pref. Shares, Series 2 10 - Acquisition in the public market 17,800 $15.82

CRWN - CROWN CAPITAL PARTNERS INC - Company Website http://www.crowncapital.ca Wed 24 Jun 14:25:15 EDT - Trade times are ET. News times are ET. Bid/ask/vol sizes in thousands. Sym-X Bid - Ask Last Chg % Vol $Vol #Tr Open-Hi-Lo Year Hi-Lo Last Trade News Delay CRWN - T 0.2 3.56 · 3.65 0.2 3.60 14.1 51 13 3.60 3.65 3.60 8.53 3.49 14:00:26 Jun 15 realtime I have been buying some of the convertible debt (low $70’s) & equity ($3.60) in Crown Capital CRWN (TSX) this week. Book is currently over $10 but I would expect it to drop due to loan impairments in the current environment – Current share price is probably way overdone to the downside though. Management is large holders of shares. In May they suspended their dividend to conserve capital that they say will be used to deploy into their strategy and repurchase shares. There has been some insider buying at these levels. This Company would be a great candidate to be taken private or purchased by a larger player in the mezzanine, private debt market. Latest research from May… CROWN CAPITAL PARTNERS INC. (TSX: CRWN) 12-Month Target: $8.25 Last Close: $4.15 Recommendation: BUY SPECIAL SITUATIONS RESEARCH Implied Total Return: 98.8% COMPANY DESCRIPTION: Crown Capital Partners Inc. (“Crown”, the “Company”, or “CRWN”) is a specialty finance company which provides tailored capital solutions, with minimal or no ownership dilution, to middle-market companies. In addition, management is currently working on Income Streaming Initiatives (power). May 6, 2020 Event. Q1/20 Results, Strategic Update, Dividend Suspension. Highlights. ▪ Revenue for the quarter of $6.4M came in below our estimate of $9.8M and the street at $11.5M ▪ Net loss of $1.2M for the quarter was below our estimate of $1.7M of earnings which was driven by a net unrealized loss on investments of $3.6M. ▪ Total assets increased to $338M at quarter end from ~$300M at the end of 2019 as a result of the previously announced new loans completed during the quarter to Centric Health and CCI wireless. COVID-19 Impact. ▪ Management expects most companies in the portfolio to be impacted to some degree while the analysis of the impact is ongoing. ▪ The portfolio is currently highlighted as stable, and CRWN does not expect any failures at this time. ▪ Interest payments have been steady to date. ▪ Energy exposure is focused on natural gas. Dividend Suspension and Business Repositioning. ▪ In light of the current market environment, CRWN is accelerating a repositioning of the company/balance sheet to focus on: Development of revenue sources where CRWN can be a direct investor and asset manager of capital pools such as the distributed power opportunity. Increased focus on capital light business through a decreased position in the Crown Partners Fund toward a target of 20% or less from the current 39%. ▪ In order to maximize funds available for the repositioning of the business and share buybacks CRWN is suspending dividends for the time being (likely 9-12 months). Outlook. ▪ Management highlights the fact that economic crisis has in the past created opportunity for alternative finance providers which they hope to capitalize on.

Also, Sinclair/Earlston buying continues... On June 11th they added 20,400 DC.A and 2,200 DC.PR.B. Total shares bought by SInclair in the past three weeks: DC.A: 1,226,000 DC.PR.B: 102,200 DC.PR.D: 32,600 Total value of insider buying in the past month including Jonathan Goodman's 1.5M share DC.A purchase a few weeks back is about $5.4M.

Jonathan Goodman bought 1.5M shares @ $1.15 on May 15. Always nice when the CEO buys 1.5% of the company. Insiders and Polar own approximately 35% of the shares outstanding... sizable buybacks will further squeeze out the marginal sellers.

M Partners note on DC.... We have a Research Note on Dundee Corporation (DC.A – TSX). Dundee Corporation released Q1/20 financial results after market close yesterday. In the quarter, Dundee recorded a net loss of $166.4M ($1.63/share), compared to earnings of $14.9M ($0.21/share) in Q1/19. The majority of the loss was driven by 84%-owned United Hydrocarbon International Corp. (UHIC), which reported a net loss of $117.5M primarily related to a fair value change in royalty interest and associated contingent bonus payments. This makes a minimal impact on our view of the value of Dundee for the following reasons: The fair value change is largely driven by the steep decline in the price of oil, which could rebound once the economy restarts, or within the 2-3 years before first oil is expected for UHIC. Thus future quarters could see a gain on value in this investment. Assumptions were also negatively affected by changes in the discount rate and probability of success, and pushing out first oil by one year Our core book value analysis always attributed zero value to UHIC's business (Resource Assets on the balance sheet), since it was based on a binary event of achieving first oil in Chad, with contingent bonus payments for meeting certain milestones and royalties on oil produced. In our view, this is additional upside, and fluctuations in the interim period are quite irrelevant to Dundee's value. The loss in the quarter was also impacted by a $61.1M depreciation in the market value of investments, including a $39.8M decline in value of Dundee Precious Metals (DPM-TSX | BUY $9.50 TRGT). DPM is by far its largest position, and since quarter end has appreciated 40% ($64M). Other core positions such as Jervois Mining (JRV-TSXV | N/R) and Reunion Gold (RGD-TSXV | N/R) have appreciated since March 31. Subsequent to quarter-end on May 7, Dundee announced that it had entered into an agreement with RBC Dominion Securities Inc. and Stifel GMP to sell 23.9M units of Dundee Precious Metals at $6.35/unit. Each unit consists of 1 common share owned by DC.A and one-half common share purchase warrant with an exercise price of $8.00 for 12 months. Through this transaction which closed today, Dundee will be generating $151.8M in cash, and through warrant exercise would generate a total of $247.4M. Prior to this sale, Dundee held 35.9M shares of DPM, or 19.83%. It will now own 6.62%, and less than 1% if warrants are fully exercised. Our current core book value analysis indicates a target price of $2.60/share, in line with our previous analysis in August 2019 but with significant improvement in margin of safety considering we estimate $1.55 in cash/share following the sale of DPM and repayment of $10.1M in debt drawn in Q1. While this was a tough quarter for Dundee Corp. and the business is not immune to COVID-19, we believe that its exposure to mining will serve DC.A shareholders well in the near future, and with the massive cash injection from the sale of DPM, the current share price's discount to our core book value is even more unjustified. In these uncertain times, cash is king. While management is assessing potential uses for the cash, we believe it is highly probable we see a larger repurchase of preferred shares (Series 2 and 3, both with ongoing NCIBs) and an SIB/NCIB for the common shares. Research T. 416.603.4343 F. 416.603.8608 E: research@mpartners.ca www.mpartners.ca 70 York Street Suite 1500 Toronto, ON Canada M5J 1S9

Good read on Dundee from Ravensource Fund - smart activist style investors. Let's hope they are able to convince the Goodman's to chop G&A more, get more aggressive on selling non core & core assets at decent values & direct proceeds to increase value of both the common & preferred... Dundee Corp. (“Dundee”) Through a combination of an increase in market prices and dividends earned, our investment in Dundee’s preferred shares was our top performer in 2019, generating a total gross return of 52.5% and increasing the value of your Ravensource investment by 3.4%. Dundee is a Canadian, publicly listed holding company (TSX: DC.A) with investments across a broad spectrum of industries. Ravensource has an investment in Dundee’s Series 2 & 3 preferred shares, which are the highest-ranking securities in Dundee’s capital structure. We believe the preferred shares are mis-priced – the company’s tangible assets are worth several times our purchase price of approximately $12 per $25 preferred share – and there are win-win restructuring initiatives to capitalize on the mis-pricing that the Stornoway Team can help actualize. Our 2019 performance was a result of actions taken by Dundee to de-risk itself and create material asset value of which the preferred shareholders were the prime beneficiaries. Stornoway identified and advocated certain of these initiatives directly to Dundee’s CEO in late 2018 and early 2019. Most importantly, Dundee removed the #1 risk facing our investment by converting $82 million of Series 5 preferred shares that ranked equally with our preferreds into common shares that rank behind us (the “Equitization”). In effect, we jumped the queue to the claim on Dundee’s assets. While the Equitization was the watershed moment, other value-enhancing milestones in 2019 included non-core asset sales; a buyback program for our Series 2 & 3 preferreds; and Dundee Precious Metals completing its second gold mine, enabling the initiation of a dividend to Dundee. Despite its increase in price over 2019, Dundee’s preferreds continue to trade at just 60 cents on the dollar. This large discount persists even though the market value of Dundee’s publicly traded stake in Dundee Precious Metals alone is worth 2.7x the preferred shares’ market price, and Dundee’s common shares have a market capitalization of more than $115 million despite ranking behind the preferred shares. If the markets are rational, our preferred shares should trade closer to $25. But to do so, it will take a more encompassing solution than the company has embarked on to date. In 2019, much was achieved to de-risk Dundee and increase the value of our investment. However, neither we — nor the market — are satisfied. Dundee must aggressively expand its efforts to stream-line its bloated overhead, sell non-core assets and opportunistically restructure its liabilities. Rest assured, in 2020, we will up our ante and intensify our engagement with the company to enhance Dundee’s stakeholder value and capture the value lying dormant in its preferred shares. http://www.ravensource.ca/storage/documents/1587402336-Ravensource_Fund-Letter_to_Unitholders-December_31__2019.pdf

In the MD&A, Dundee have marked their investment in Taurx down to $40mm which represents just over $30 US per Taurx share. applied a value per share of US$30.60, the equivalent of a 50% discount to the volume-weighted average price of ordinary shares issued from treasury during 2015 and 2016. The new investor in Taurx is buying shares at $200 US which is 6.5 times the carrying value of DC's Taurx investment on the books. While these shares do have other rights (marketing of drug in Asia etc), the $200US/share value would value Dundee's interest in Taurx at $260 million Canadian or about $2.50 per DC share. The investor subscribed for 500,000 class B preference shares at an aggregate subscription amount of US$100 million or US$200/share. The new class of preference shares does not have any liquidation preferences but convey to the holder a call option to acquire commercialization rights for LMTX® over certain territories in Asia. The preferences shares are convertible to ordinary shares on a one-to-one basis upon the attainment of pre-specified regulatory and/or listing objectives alongside the injection of a further material amount of cash.

6.2M bbl Global crude draw last week Thus, globally there's been close to no draws or builds in crude inventories for the past four weeks. Moreover, preliminary data for the past week indicate that crude stocks in China have actually been declining (20M barrels)!! https://seekingalpha.com/article/4326853-open-insights-eias-weekly-petroleum-report-02-14-20

What if the market has the demand for oil completely wrong in terms of the Corona virus?? Very interesting thesis that turns the Oil Demand consensus completely on its head.... Summary There are predictions that global oil demand will drop by 3-million barrels per day because of the Coronavirus contagion. So why is China stocking-up? In the SARS contagion starting in November 2002, constraints on flying and public transport increased driving, which is much less fuel-efficient. SARS was controlled by mid-2003, but the disruptions to transport continued until early 2005. China’s oil consumption went up by 11% in 2003 and by 16.5% in 2004. Extrapolating the China/SARS model for “what-if COVID-19 goes global”,spits-out a number of nine-million barrels per day of extra oil demand in 2020. Long oil and long offshore E&P. https://seekingalpha.com/article/4328510-what-china-knows-coronavirus-oil-traders-dont-know