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Lundin Gold Inc

TSX:LUGLive AI agent

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador.

Investor website: https://lundingold.com/

About

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world. The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders. Lundin Gold’s common shares are listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol “LUG” and the OTCQX under the symbol “LUGDF.”

Verified company data

Shares outstanding
241,832,730
Mineral resource
Mineral Reserve and Resource Summary The tables below summarize the Mineral Reserve and Mineral Resource estimates for FDN effective as of December 31, 2025. Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del Norte is contained in the “Amended NI 43-101 Technical Report Fruta del Norte Mine Ecuador” dated March 29, 2023 (the “FDN Technical Report”) which is available under the Company's profile on SEDAR+ at www.sedarplus.ca. Except as set out in this release, key assumptions, parameters and risks associated with the Company's 2025 Mineral Reserve and Mineral Resource estimates are listed in the FDN Technical Report. Table 1: Mineral Reserves, as at December 31, 2025 | | **Mineral Reserves(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)** | | :-: | :-: | | | **Category** | **Tonnage**<br>**kt** | **Grade**<br>**(g/t Au)** | **Grade**<br>**(g/t Ag)** | **Contained**<br>**Metal**<br>**(k oz Au)** | **Contained**<br>**Metal**<br>**(k oz Ag)** | | :-: | :-: | :-: | :-: | :-: | :-: | :-: | | **FDN** | Proven | 7,854 | 9.92 | 11.76 | 2,506 | 2,970 | | Probable | 15,300 | 5.70 | 10.89 | 2,803 | 5,358 | | **Total P & P** | **23,154** | **7.14** | **11.20** | **5,309** | **8,328** | | **FDNS** | Proven | - | - | - | - | - | | Probable | 2,505 | 6.66 | 6.94 | 536 | 559 | | **Total P & P** | **2,505** | **6.66** | **6.94** | **536** | **559** | | **Total** | Proven | 7,854 | 9.92 | 11.76 | 2,506 | 2,970 | | Probable | 17,805 | 5.83 | 10.34 | 3,339 | 5,917 | | **P & P** | **25,659** | **7.09** | **10.77** | **5,845** | **8,887** | _Notes:_ 1. _2014 CIM Definitions Standards on Mineral Resources and Reserves, and the 2019 CIM Best Practice Guidelines have been followed._ 2. _The Mineral Reserves estimate has an effective date of December 31, 2025._ 3. _Ore Mined (Depletion) totals are for Reserve depletion only. Some material mined and processed in 2025 was non-Reserve material._ 4. _These Mineral Reserves have been diluted based on site geotechnical recommendations and actual mine performance and have had a mining recovery applied._ 5. _Mineral Reserves were estimated using key inputs listed in the table below:_ | **Key Input** | **Unit** | **2025 YE** | **2024 YE** | | --- | :-: | :-: | :-: | | | | FDN | FDNS | FDN | | --- | :-: | :-: | :-: | :-: | | Gold Price | $/oz | 1,700 | 1,700 | 1,500 | | Stope Mining Cost | $/t | 49 | 71 | 52 | | Process, Surface Ops, G&A Cost | $/t | 75 | 75 | 72 | | Surface Royalties, Sustaining Capital, Closure Costs | $/t | 12 | 12 | 8 | | Taxes | $/t | 2 | 2 | 2 | | Dilution Factor | % | - | - | 8 | | Concentrate Transport & Treatment | $/oz | 85 | 85 | 43 | | Payable Gold Concentrate | % | 97.4 | 97.4 | 97.0 | | Royalty | $/oz | 96 | 96 | 85 | | Gold Metallurgical Recovery | % | 91.2 | 91.2 | 91.2 | | Gold Cut-off Grade - Longhole Stoping* | g/t | 3.2 | 3.7 | 3.7 | *Longhole stoping is inclusive of both longitudinal and transverse methods. 1. _Silver was not considered in the calculation of the cut-off grade but is recovered and contributes to the revenue stream._ 2. _Tonnages are rounded to the nearest 1,000 t, gold and silver grades are rounded to two decimal places, and costs are rounded to the nearest dollar. Tonnage and grade measurements are in metric units; contained gold and silver are reported as thousands of troy ounces._ 3. _All dollar figures are in US dollars._ 4. _Figures may not add due to rounding._ 5. _The Qualified Person for the year end 2024 and 2025 estimates is Terry Smith P.Eng., Lundin Gold’s Chief Operating Officer._ **Table 2: Mineral Resources, as at December 31, 2025** | **Mineral Resources (1)(2)(3)(4)(5)(6)(7)** | | :-: | | | **Category** | **Tonnage**<br>**Kt** | **Grade**<br>**(g/t Au)** | **Grade**<br>**(g/t Ag)** | **Contained Metal**<br>**(k oz Au)** | **Contained Metal**<br>**(k oz Ag)** | | --- | :-: | :-: | :-: | :-: | :-: | :-: | | **FDN** | Measured | 10,404 | 9.48 | 12.27 | 3,171 | 4,105 | | Indicated | 19,063 | 5.78 | 11.00 | 3,542 | 6,740 | | **Total M & I** | **29,467** | **7.09** | **11.45** | **6,713** | **10,845** | | Inferred | 831 | 4.83 | 8.48 | 129 | 227 | | **FDNS** | Measured | - | - | - | - | - | | Indicated | 3,144 | 7.58 | 8.66 | 766 | 875 | | **Total M & I** | **3,144** | **7.58** | **8.66** | **766** | **875** | | Inferred | 7,247 | 6.37 | 18.52 | 1,484 | 4,314 | | **FDNE** | Measured | - | - | - | - | - | | Indicated | - | - | - | - | - | | **Total M & I** | **-** | **-** | **-** | **-** | **-** | | Inferred | 2,166 | 6.01 | 7.61 | 418 | 530 | | **Total** | Measured | 10,404 | 9.48 | 12.27 | 3,171 | 4,105 | | Indicated | 22,207 | 6.03 | 10.67 | 4,309 | 7,615 | | **M & I** | **32,611** | **7.13** | **11.18** | **7,480** | **11,720** | | Inferred | 10,245 | 6.17 | 15.40 | 2,031 | 5,071 | _Notes:_ 1. _2014 CIM Definition Standards were followed for the classification of Mineral Resources, and the 2019 CIM Best Practice Guidelines have been followed._ 2. _Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability._ 3. _Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them to enable them to be categorized as Mineral Reserves._ 4. _Mineral Resources are reported at a cut-off grade of 2.59 g/t Au in FDN and 2.79 g/t Au in FDNS/FDNE, which are calculated using a long-term gold price of US$2,000/oz._ 5. _Mineral Resources were depleted by mining to December 31, 2025._ 6. _Figures may not add due to rounding._ 7. _Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del Norte is contained in the FDN Technical Report which is available under the Company's profile on SEDAR+. Except as set out herein, the assumptions, parameters and risks associated with the Company's Mineral Resource and Mineral Reserve estimates set out herein are as set out in the FDN Technical Report._ **Qualified Persons** In this news release, the Qualified Person for the Mineral Resource estimate is Andre Oliveira, P. Geo, Vice President, Exploration and the Qualified Person for the Mineral Reserve estimate is Terry Smith P.Eng, Lundin Gold’s Chief Operating Officer, both of whom are employees of the Company and are Qualified Persons in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101'). The technical information contained in this news release has been reviewed and approved by Terry Smith, P. Eng., Lundin Gold’s Chief Operating Officer, and Andre Oliveira, P. Geo., Lundin Gold’s Vice President, Exploration, both of whom are Qualified Persons in accordance with the requirements of NI 43-101. For information on Lundin Gold’s QAQC and data verification procedures, please refer to Lundin Gold’s Annual Information Form dated March 17, 2025, filed under the Company’s profile on SEDAR+ ( www.sedarplus.ca).
Projects
["The 100% owned Fruta del Norte gold mine in southeast Ecuador is one of the highest grade, lowest costing gold mines in the world. The deposit is hosted in the La Zarza concession, located in the 38km2 Suarez Pull-Apart Basin. Fruta del Norte is an underground mine, producing gold concentrate and doré. Lundin Gold acquired the asset in late 2014, began construction in July 2017, poured first gold in November 2019, and declared commercial production in February 2020.\n\nThe Fruta del Norte deposit is located within a 150 km long copper–gold metallogenic sub-province in the Cordillera del Cóndor region in south eastern Ecuador.\n\nFruta del Norte Facts\n\n| LOCATION | Southeast Ecuador |\n| OWNERSHIP | 100% |\n| MINE TYPE | Underground |\n| PROBABLE RESERVES | 5.54 million ounces of gold grading 7.81 grams per tonne |\n| MEASURED AND INDICATED RESOURCES | 7.06 million ounces of gold grading 7.17 grams per tonne |\n| INFERRED RESOURCES | 2.36 million ounces of gold grading 5.27 grams per tonne |\n| LIFE OF MINE | ~12 years |\n| FUTURE PRODUCTION | Average of 500,000 ounces gold per year |\n| INFRASTRUCTURE | 21 km road and 42 km powerline connect Fruta del Norte to Ecuador’s national highway system and power grid |\n| NEAREST CITY | Loja |\n| ACCESS | Via a 150km long paved highway through the town of Los Encuentros to the Zamora River Bridge, then a <10 km long public/private gravel road to the Fruta del Norte site."]
Leadership
Jamie Beck (President, CEO & Director, Jamie Beck, P.Eng., is currently President and Chief Executive Officer of Lundin Gold Inc. Mr. Beck previously served as Chief Executive Officer of Filo Corp. from 2020 to 2025, where he guided the company to its transaction with BHP and Lundin Mining. Prior to that, Mr. Beck served as Vice President, Corporate Development and Projects of Filo Mining and Josemaria Resources Inc. (formerly NGEx Resources Inc.). Before joining Filo, Mr. Beck worked in corporate development with Lundin Mining, with a focus on project development, corporate strategy, acquisitions, divestments, and joint ventures. Mr. Beck joined the Lundin Group of Companies in 2009 and has worked with many of the mining companies in the group. He is a registered Professional Engineer in the province of Ontario, holds a Bachelor of Applied Science from Queen’s University, and an MBA from the University of British Columbia.), Chester See (CFO, During his career, Chester has held positions of increasing responsibility in a number of publicly traded companies, including three years at Western Coal Corp., where he served as Manager, Financial Reporting & Treasury at the time of its $3.3 billion acquisition by Walter Energy Ltd. in 2011. From 2011 to 2013, Mr. See served as Financial Controller for Lucara Diamond Corp. and CFO of NGEx Resources Inc. from 2014 to 2016. Prior to his involvement in the mining industry, Mr. See spent three years in public accounting with PricewaterhouseCoopers working with a diverse client base both in Canada and internationally. He is a graduate of the University of British Columbia with a Bachelor of Commerce (Accounting) and is a member of the Chartered Professional Accountants of British Columbia.), Terry Smith (COO, Terry Smith joined Lundin Gold as Chief Operating Officer in March of 2023. He is a mining engineer with over 20 years of varied experience in operations, capital projects, engineering studies and business development. Previously, Terry has worked for mining companies that include Coeur Mining, Barrick, and Teck with projects in Canada, USA, Africa, and Latin America. During his tenure with Coeur Mining, he helped drive safety performance to industry lows as well as improving production, reducing costs, and extending mine life. Terry is a Professional Engineer with the Association of Professional Engineers and Geoscientists in British Columbia and a graduate from Laurentian University with a degree in Mining Engineering.), Sheila Colman (Vice President, Legal and Sustainability, Sheila is Vice President, Legal and Sustainability of Lundin Gold. She also serves as Corporate Secretary to Lundin Gold’s Board of Directors. Sheila oversees Lundin Gold’s legal and corporate sustainability matters. She has more than two decades of experience working in public companies in the mining sector and, since the acquisition of the Fruta del Norte gold mine in Ecuador, she has been responsible for Lundin Gold’s legal affairs ranging from corporate and commercial transactions, equity and debt financings and strategic relationships to board matters, compliance, and corporate governance. Sheila oversees the Company’s advancement of its long-term sustainability strategy and leads on ESG/climate initiatives. From 2015 to 2023, Sheila held the position of Vice-President Legal and Corporate Secretary at Lundin Gold. Prior to joining Lundin Gold, Sheila was Vice President and Corporate Secretary of Denison Mines Corp., a Canadian uranium mining company, a position which she held since 2004. Before moving into mining, Sheila worked as in house counsel at Labatt Breweries, one of Canada’s leading brewers. Sheila graduated from Queen's University with a B.A.(H) in 1990 and then received her LL.B. from Queen's University in 1993. She is a member of both the British Columbia and Ontario Bars and has a Global Competent Boards designation (GCB.D) from Competent Boards.), Andre Oliveira (Vice President, Exploration, Andre Oliveira joined Lundin Gold as Vice President, Explorations in March 2022. Andre is a Professional Geologist and has over 20 years of experience in all stages of gold and base metals exploration in South America. Andre was employed by Yamana Gold for more than 17 years and held the roles of Senior Geologist, Manager, Country Director, and ultimately as South America Senior director, where has been directly involved with the exploration success in several producing mines and in the generation of new early-stage exploration projects. Earlier in his carrier, Mr. Oliveira was an exploration geologist at Anglo Gold Ashanti’s Crixas gold mine and as Regional Exploration Geologist at De Beers. Andre is a registered Professional Geoscientist in the province of Ontario, holds a Bachelor of Geology from the University of Sao Paulo and an ongoing MBA in International Mineral Resources Management from University of Dundee. Andre is a Qualified Persons under National Instrument 43-101.), Brendan Creaney (Vice President, Corporate Development and Investor Relations, Brendan Creaney joined Lundin Gold as Vice President, Corporate Development and Investor Relations in October 2024. Brendan is an accomplished finance professional with more than 15 years of experience in the mining industry. He was most recently Chief Financial Officer of Trevali Mining. Prior to that he held several finance roles with Goldcorp from 2012 to 2019 in such functions as corporate development, business planning, studies and projects, capital allocation, and strategy. Brendan also held project finance roles at Barrick Gold Corporation and Novagold Resources. He holds a Master of Business Administration specializing in Finance from the University of Manchester and a Bachelor of Arts degree from the University of Victoria.)

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