Lundin Gold (LUG) investor relations material

Executive summary

• Achieved record gold production of 122,086 oz in Q3 2025, with 124,911 oz sold and a record mill throughput of 5,264 tpd, driven by process plant expansion and high gold prices.

• Net income reached a record $208 million ($0.86/share), up 53% year-over-year, and EBITDA was $312 million, up 41% from Q3 2024.

• Free cash flow was $191 million ($0.79 per share), supporting a declared dividend of $0.80 per share for Q4.

• Leadership transition announced: Jamie Beck to become President and CEO effective November 7, 2025, succeeding Ron Hochstein.

• Fruta del Norte remains the core asset, with ongoing optimization, expansion, and exploration initiatives.

Financial highlights

• Q3 2025 revenues were $447 million, up from $323 million in Q3 2024, with net income of $208 million and EBITDA of $312 million.

• Cash flow from operations was $216 million, and free cash flow was $191 million for the quarter.

• Cash balance at quarter-end was $494 million, with working capital of $577 million.

• Dividend payout for Q3 was $0.80 per share, totaling $193 million; total dividends paid YTD were $471 million.

• Cash operating cost per ounce was $861; AISC was $1,036 per ounce, both impacted by higher royalties and profit sharing.

Outlook and guidance

• 2025 gold production guidance confirmed at 490,000–525,000 oz.

• Cash operating cost and AISC expected at the upper end of guidance ($730–$790/oz and $935–$995/oz) due to elevated gold prices and associated higher royalties.

• Mill throughput target of 5,500 tpd by 2026, with Q3 2025 achieving a record 5,264 tpd.

• Largest-ever exploration drill program underway, expanded to a minimum of 120,000 metres for 2025.

• Quarterly minimum dividend of $0.30/share expected to continue, plus variable dividend based on at least 50% of normalized free cash flow.