09:15 AM EDT, 05/14/2024 (MT Newswires) -- Dundee Corp. (DC-A.TO), which rose 2.3% yesterday, overnight Monday announced a first quarter profit was that boosted by its investment in Reunion Gold ( RGDFF ) .

The investment holding company reported net earnings attributable to shareholders was $7.2 million or $0.07 per share, compared with a loss of $11.4 million, or $0.14 per share, last year.

Reported net income from portfolio investments was $12.6 million, compared with a loss of $7.5 million the year before. The key driver was an $8.4 million market appreciation in its investment in Reunion Gold ( RGDFF ), the company said.

Reported consolidated general and administrative expenses for the first quarter of $4.1 million compared to 2023's $4.8 million, representing a 15% year-over-year decline.

"Dundee is pleased to report a return to profit in the first quarter of 2024, driven by strong investment performance amidst record gold prices and continued progress on cost reduction efforts," said Jonathan Goodman, President and Chief Executive Officer in a statement. "We anticipate more opportunities ahead as the market, in our view, continues to overlook the significant value of companies engaged in the discovery and development of high-quality precious metals, as well as base metals, and strategic resources."