Lundin Gold Inc. Q3 2026 Earnings Recap

Lundin Gold’s shares rose 7.9% after the company reported record Q3 production of about 154,000 ounces and $331 million in free cash flow. The positive reaction came alongside a clear near-term caveat: production is expected to moderate in Q4 as grades normalize and after the planned plant shutdown.

Key Takeaways

• Production reached approximately 154,000 ounces, with record mined and processed tonnage; the mill processed 535,000 tonnes at an average head grade of 10.1 g/t and just over 88% recovery.
• Year-to-date production was approximately 392,000 ounces, or 78% of the midpoint of 2026 guidance of 475,000–525,000 ounces. Management said it remains on track to meet guidance, while expecting Q4 production to moderate.
• Revenue was $633 million, and income from mining operations was $468 million on 148,000 ounces sold. Year-to-date sales trailed production because of shipment timing; the company expects most of the unsold ounces to be sold in Q4.
• Cash operating costs averaged $862 per ounce and AISC $1,037 per ounce. Operating cash flow was $377 million, free cash flow was $331 million, and quarter-end cash was $574 million.
• The company returned $261 million through cash dividends in the quarter and declared a third-quarter dividend of $1.14 per share. It expects an integrated expansion investment decision in Q4; capital cost and timing details are to follow.