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Lundin Gold
Lundin Gold (LUG) investor relations material
Lundin Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
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.
What is the gold price sensitivity on AISC?
Describe the expanded exploration and FDNS integration.
What drove the 100% FCF variable dividend?
Porphyry resource estimate timing and funding?
Future dividend policy vs. growth capital needs?
Gold recovery improvement timeline?
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Next Lundin Gold earnings date
Q4 202520 Feb, 2026
Lundin Gold
Next Lundin Gold earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Lundin Gold Inc. explores for gold and silver deposits. Its principal property is the Fruta del Norte project that covers an area of approximately 5,000 hectares located in the Cordillera del Condor region of southeastern Ecuador. The company was formerly known as Corriente Resources Inc. and changed its name to Lundin Gold Inc. in September 2015. Lundin Gold Inc. was incorporated in 1986 and is headquartered in Vancouver, Canada.
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