Lundin Gold Inc

Latest Results (03.04.2026):

Lundin Gold Inc — fourth quarter of 2025 (and full-year 2025) results: the company reported an outstanding year and strong Q4, driven by higher realized gold prices and expanded processing capacity. For the year, Lundin Gold produced 498,315 oz of gold, generated $1.78 billion in revenues, delivered record free cash flow of $926 million, and reported net income of $792 million. The fourth quarter produced 119,483 oz, revenue of $526.6 million and net income of $234.2 million.

Production and sales

Full-year 2025 production was 498,315 oz (324,485 oz in concentrate; 173,830 oz doré), matching elevated guidance; Q4 production was 119,483 oz. The company sold 503,330 oz for the year and 124,041 oz in Q4.

Revenue and price realization

Revenues were $1.78 billion for 2025 (Q4 $526.6M). Average realized gold price was $3,594/oz for the year and $4,299/oz in Q4, partly reflecting positive adjustments on provisionally priced sales.

Profitability and cash generation

EBITDA for 2025 was about $1.24 billion; net income was $792 million (Q4 net income $234 million). Cash from operations totaled $1.02 billion for the year and free cash flow reached a record $925.8 million ($328.2M in Q4).

Costs and margins

Cash operating costs were $838/oz for the year ($947/oz in Q4); full-year AISC was $1,015/oz (Q4 AISC $1,193/oz). Higher royalties and statutory employee profit sharing tied to strong prices lifted unit costs versus 2024.

Balance sheet and shareholder returns

The company finished 2025 with $630 million cash, no debt, and working capital of $595 million. Lundin Gold returned $664 million in dividends in 2025 and declared $1.15/share payable in Q1 2026 (includes fixed and variable components).

Growth, exploration and reserves

Process plant expansion completed early 2025 raised throughput to ~5,000 tpd and supported a record drilling campaign (121,519 m in 2025). Maiden Mineral Reserve for FDNS and inferred resource for FDN East were announced, and large 2026 exploration plans (133,000 m) were outlined.

2026 outlook

2026 guidance: production 475,000–525,000 oz (assuming ~5,500 tpd and 91% recovery); cash costs $900–$960/oz; AISC $1,110–$1,170/oz; sustaining capex $75–$90M; exploration budget ~ $85M. Management expects an integrated expansion decision in 2026 and plans continued dividends (fixed $0.30/quarter plus variable payout).

Operational, safety and community notes

Throughput and recoveries improved (annual average recovery 89.0%); Q4 had the highest quarterly mine tonnage since start-up. Safety metrics were strong (no LTIs in 2025) and community programs and local partnerships continued to advance.