Lundin Gold

Lundin Gold Inc. is a Canadian-based gold mining company committed to developing its flagship asset, the Fruta del Norte (FDN) mine, located in southeast Ecuador. As Ecuador’s first large-scale underground gold mine, FDN is one of the highest-grade and lowest-cost gold mines globally, with proven and probable reserves of 5.5 million ounces of gold at an average grade of 7.89 g/t. The project is in full production, positioning Lundin Gold as a major player in the gold mining sector with a strong foundation for long-term growth.

Since commencing operations, Lundin Gold has prioritized operational excellence and financial strength. The company achieved debt-free status in 2023 after early repayment of project finance facilities, enhancing its capacity to generate substantial free cash flow. In 2024, Lundin Gold continues to advance its growth strategy, focusing on expanding throughput and increasing resource potential through extensive near-mine and regional exploration. The company’s expansion initiatives aim to bolster annual production and improve resource recovery, with ongoing investments in process optimization and infrastructure.

Listed on the Toronto Stock Exchange (TSX: LUG), Nasdaq Stockholm, and OTCQX (LUGDF), Lundin Gold is led by a highly experienced management team dedicated to responsible mining. Through rigorous environmental, social, and governance (ESG) standards and meaningful community partnerships, Lundin Gold is shaping a sustainable future in Ecuador and delivering long-term value to its shareholders.

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Lundin Gold offers a unique investment opportunity centered on its Fruta del Norte (FDN) mine, a high-grade, low-cost operation with the potential for significant long-term cash flow. With an expected annual production guidance of 450,000 to 500,000 ounces of gold and one of the lowest all-in sustaining costs (AISC) globally, FDN ranks among the top-performing gold mines in terms of profitability and operational efficiency. The company’s recent debt repayment enhances shareholder value, giving investors unencumbered exposure to rising gold prices and the company’s robust cash flows.

In addition to FDN’s current production strength, Lundin Gold is investing in strategic growth through an expansion project aimed at increasing mill throughput and improving recovery rates, which will support sustainable production levels and additional revenue potential. Furthermore, Lundin Gold is actively engaged in a substantial near-mine and regional exploration program, targeting resource expansion and new discoveries around FDN, with promising early-stage results in multiple zones.

Ecuador’s supportive regulatory framework, combined with Lundin Gold’s strong environmental and social track record, positions the company advantageously within a rapidly emerging mining jurisdiction. With rising global demand for gold, Lundin Gold stands ready to deliver strong returns for its investors, benefiting from FDN’s high-grade reserves, exceptional cost profile, and a focused approach to responsible and sustainable growth.

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Lundin Gold Inc. is led by a seasoned management team with a strong track record in the mining industry, dedicated to maximizing value through operational excellence and sustainable practices. At the helm is Ron Hochstein, President and CEO, who brings over 30 years of mining and project development experience. Under his leadership, Lundin Gold has successfully advanced the Fruta del Norte (FDN) mine from development to full-scale production, establishing it as one of the top-performing gold mines worldwide.

Supporting Hochstein is Chester See, Chief Financial Officer, whose expertise in financial management and strategy has been instrumental in securing the company’s robust financial position, enabling early debt repayment and significant cash flow generation. Terry Smith, Chief Operating Officer, oversees FDN’s operational efficiency and safety, leveraging over three decades of experience in large-scale mining operations.

Lundin Gold’s management team, supported by an experienced Board of Directors, brings a depth of expertise across finance, operations, and sustainability, positioning the company for continued success in delivering shareholder value and driving sustainable development in Ecuador.

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Lundin Gold Inc. is executing a comprehensive growth strategy focused on enhancing the Fruta del Norte (FDN) mine’s production capacity, expanding its resource base, and reinforcing its commitment to responsible mining. Central to this strategy is the ongoing expansion project aimed at increasing mill throughput to 5,000 tonnes per day by the end of 2024, which is expected to support higher production rates and improved recovery efficiencies.

To extend FDN’s life and unlock additional value, Lundin Gold is advancing an ambitious exploration program around the mine and throughout the region. The company has committed to an extensive drilling program that targets near-mine and regional opportunities, including newly identified high-grade zones east of FDN. These efforts align with Lundin Gold’s goal of replacing mined ounces and growing reserves, securing a sustainable production pipeline.

Sustainability is embedded in Lundin Gold’s growth strategy, with initiatives focused on reducing greenhouse gas emissions, optimizing water use, and enhancing tailings management. The company is working toward carbon neutrality by 2030 and actively collaborates with local communities and stakeholders to drive positive social and economic outcomes in Ecuador.

Through strategic investments in production expansion, resource growth, and sustainability, Lundin Gold is positioning itself for long-term success, building shareholder value while contributing to a responsible and resilient mining sector in Ecuador.

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Lundin Gold Inc. is in a strong financial position, driven by the high-grade, low-cost production at its Fruta del Norte (FDN) mine. The company achieved debt-free status in early 2024, following the accelerated repayment of its project financing facilities, which now provides shareholders with full exposure to cash flow from FDN. For the first half of 2024, Lundin Gold generated $252 million in cash flow from operations, demonstrating the mine’s capacity to support ongoing growth and shareholder returns.

FDN’s low all-in sustaining cost (AISC) of $820-$890 per ounce positions Lundin Gold as one of the most cost-efficient gold producers globally, enhancing its profitability even amidst fluctuating gold prices. The company has maintained a consistent dividend policy, with $95 million allocated to shareholder dividends in 2024, underscoring its commitment to delivering direct value to investors.

Lundin Gold’s strong balance sheet and robust cash flow generation enable continued investment in its expansion project and exploration activities, further enhancing its growth potential. The company remains focused on disciplined capital management, supporting sustainable operations and strategic development initiatives aimed at maximizing long-term value for shareholders.

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Lundin Gold Inc. has established itself as a prominent player in the gold mining industry, with its Fruta del Norte (FDN) mine representing one of the world’s highest-grade, low-cost gold operations. By leveraging its unique position as Ecuador’s first large-scale underground gold mine, Lundin Gold is well-positioned for sustained growth and value creation. The company’s debt-free status and strong cash flow enable continuous investment in production expansion, exploration, and shareholder dividends, all while maintaining a disciplined approach to capital management.

With an ambitious growth strategy, Lundin Gold is advancing toward increased production capacity, expanded resource potential, and long-term operational sustainability. The company’s commitment to rigorous environmental, social, and governance (ESG) principles ensures responsible mining practices that positively impact local communities and the broader Ecuadorian economy. As Lundin Gold continues to unlock FDN’s full potential, it offers investors a compelling opportunity to participate in the success of a leading gold producer committed to sustainable growth.

For investors seeking exposure to a high-grade, low-cost asset with significant expansion opportunities and a strong focus on ESG, Lundin Gold represents a well-rounded and responsible choice in today’s mining landscape.

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