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Investment Thesis: Large margin of safety to a conservative case NAV in a SOTP analysis. Today, Dundee is a principally a passive investor in a slimmed down portfolio with interesting core assets, anchored by its 20% ownership in publicly-traded Dundee Precious Metals (DPM), the value of which now equals Dundee’s total enterprise value. The company has no real capital commitments going forward as a result of monetization and restructuring events, executed over the past few years. Moreover,