Lundin Gold Inc. Q3 2025 Earnings Recap

Lundin Gold delivered a robust Q3 2025 performance, achieving record production levels and significant revenue growth amidst rising gold prices, while strategically expanding its exploration efforts.

Key Takeaways

• Produced 122,000 ounces of gold, with an average mill throughput of 5,264 tonnes per day, reaffirming annual guidance of 490,000 to 525,000 ounces.
• Revenue soared 38% year-over-year to $447 million, with net income reaching a record high of $208 million, a 53% increase.
• Declared a quarterly dividend of $0.80 per share, reflecting a robust cash flow and increased variable component to align with free cash flow performance.
• Expanded exploration program from 80,000 meters to a minimum of 120,000 meters, highlighting strong potential across multiple sites.
• All-in sustaining costs per ounce sold remained competitive at $1,036, with a substantial ASIC margin of 71% driven by higher gold prices.