06:59 AM EDT, 08/14/2024 (MT Newswires) -- Dundee (DC-A.TO), a public Canadian independent holding company, late on Tuesday reported a jump in second-quarter net earnings as net income from portfolio investments rose, driven by an increase in the value of the company's investment in Reunion Gold (RGD.V).

Second-quarter net earnings rose to $52.9 million, or $0.58 per share, from $1.8 million, or $0.02 per share.

Net income from portfolio investments came in at $45.3 million, up from $10.1 million. Reunion and G Mining Ventures ( GMINF ) completed their business combination during the quarter. Reunion is Dundee's largest investment.

The company also said it has sold a significant portion of its investment in G Mining Ventures ( GMINF ), with part of the proceeds to be used to satisfy the mandatory prepayment requirement of a loan with Earlston Investments.

"The combined value of Dundee's remaining holding in G Mining Ventures ( GMINF ) and proceeds from today's sale transaction exceeds our current market capitalization, presenting a compelling investment opportunity in our stock," said Jonathan Goodman, president and CEO of Dundee.