LUNDIN GOLD REPORTS SECOND QUARTER 2025 RESULTS
Exceptional operating performance drives record revenues and free cash flow
VANCOUVER, BC, Aug. 7, 2025 /CNW/ - Lundin Gold Inc. (TSX:LUG) (Nasdaq Stockholm: LUG) (OTCQX:LUGDF) ("Lundin Gold" or the "Company") today announced its financial results for the second quarter of 2025, featuring record revenues of $453 million and net income of $197 million ($0.82 per share). Free cash flow1 of $236 million ($0.98 per share) was driven by strong gold production of 139,433 ounces ("oz"), with 136,737 oz sold at an average realized gold price1 of $3,361 per oz, at low cash operating costs1 of $756 and all-in sustaining costs1 ("AISC") of $927 per oz sold. The Company also announced cash dividends totaling $0.79 per share (approximately $190 million) comprised of the fixed quarterly dividend of $0.30 per share and the variable quarterly dividend of $0.49 per share, to be paid at the end of the third quarter. All dollar amounts are stated in US dollars unless otherwise indicated. PDF Version
Ron Hochstein, President and CEO commented, "The second quarter of 2025 delivered outstanding results for Lundin Gold, featuring record revenues and record free cash flow. This was driven by excellent gold production, sales, and a robust realized gold price. Our mill achieved impressive throughput of 5,064 tpd with improved recoveries, a testament to our team's operational excellence.
Given this strong performance and outlook, we've elevated the lower end of our 2025 production guidance from 475,000 to 490,000 oz while maintaining the upper end at 525,000 oz. We also expect to remain within the upper end of our cash operating cost1 and AISC1 guidance for the year. We are confident that our continued efforts to reduce costs and improve mill throughput will allow us to offset the impact of rising gold prices on royalties and profit sharing payable to employees.
As a direct result of our strong Q2 financial performance, we are pleased to declare sector leading dividends totaling $0.79 per share, comprised of both our fixed and variable components, for payment in the third quarter. This demonstrates the effectiveness of our new dividend policy in returning capital to shareholders during periods of strong free cash flow, while still allowing us to strategically invest in our long-term growth initiatives. Lundin Gold remains in a formidable financial position, poised for continued success."
OPERATING AND FINANCIAL RESULTS SUMMARY
The following two tables provide an overview of key operating and financial results.
Three months ended
June 30,
Six months ended
June 30,
2025
2024
2025
2024
Tonnes ore mined
448,627
419,173
851,848
838,931
Tonnes ore milled
460,820
424,899
858,979
838,495
Average mill throughput (tpd)
5,064
4,669
4,745
4,607
Average head grade (g/t)
10.4
11.0
10.4
10.2
Average recovery
90.9 %
89.0 %
89.8 %
88.6 %
Gold ounces produced
139,433
133,062
256,746
244,634
Gold ounces sold
136,737
129,396
254,378
238,312
___________
1 Refer to "Non-IFRS Measures" section.
Three months ended
June 30,
Six months ended
June 30,
2025
2024
2025
2024
Revenues ($'000)
452,880
301,431
809,225
528,172
Income from mining operations ($'000)
314,161
171,757
547,707
284,994
Earnings before interest, taxes, depreciation, and amortization ($'000)1
318,840
457,069
560,342
568,681
Adjusted earnings before interest, taxes, depreciation, and amortization ($'000)1
318,840
195,401
560,342
326,857
Net income ($'000)
196,731
119,291
350,231
161,188
Basic income per share ($)
0.82
0.50
1.46
0.68
Cash provided by operating activities ($'000)
254,782
144,169
449,090
252,083
Free cash flow ($'000)1
235,670
(123,427)
406,453
(41,168)
Free cash flow per share ($)1
0.98
(0.52)
1.69
(0.17)
Average realized gold price ($/oz sold)1
3,361
2,379
3,231
2,270
Cash operating cost ($/oz sold)1
756
725
773
730
All-in sustaining costs ($/oz sold)1
927
875
918
872
Adjusted earnings ($'000)1
196,731
98,938
350,231
156,734
Adjusted earnings per share ($)1
0.82
0.41
1.46
0.66
Dividends paid per share ($)
