Latest news with #RonHochstein
Cision Canada
3 days ago
- Business
- Cision Canada
LUNDIN GOLD REPORTS Q2 2025 PRODUCTION OF 139,433 OUNCES OF GOLD
VANCOUVER, BC, July 9, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to report second quarter 2025 gold production of 139,433 ounces ("oz") from its Fruta del Norte gold mine ("Fruta del Norte") in southeast Ecuador. Of the total quarterly gold production, 92,242 oz were produced as concentrate and 47,191 oz as doré. During the same quarter in 2024, the Company produced 133,062 oz of gold. All amounts are in U.S. dollars unless otherwise indicated. PDF Version View PDF In the second quarter of 2025, the mill processed 460,820 tonnes of ore resulting in an average throughput rate of 5,064 tonnes per day at an average grade of 10.4 grams per tonne with recoveries of 90.9%. Ron Hochstein, President and CEO commented, " Our strong performance this quarter has us well on track to meet our 2025 production guidance of 475,000 to 525,000 ounces. The Plant Expansion project, commissioned in the first quarter, has been a clear success, with average throughput reaching 5,064 tonnes per day and recoveries near 91%. Elevated grades also boosted our first-half results, and we anticipate they'll reduce in the second half, and average out to our previously disclosed guidance of 9.2 grams per tonne for the full year. Overall, Fruta del Norte and the operating team continue to perform and pursue operational excellence." Production Results Q2 2025 Q2 2024 H1 2025 H1 2024 Ore processed (tonnes) 460,820 424,899 858,979 838,495 Average throughput (tonnes per day) 5,064 4,669 4,745 4,607 Average head grade (grams per tonne) 10.4 11.0 10.4 10.2 Recovery (%) 90.9 % 89.0 % 89.8 % 88.6 % Gold ounces produced 139,433 133,062 256,746 244,634 Concentrate 92,242 83,910 167,736 157,874 Doré 47,191 49,152 89,010 86,760 Gold ounces sold 136,737 129,396 254,378 238,312 Average realized gold price ($/oz sold) 3,361 2,379 3,231 2,270 1 Average realized gold price during the second quarter of 2025 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair value estimates as at March 31, 2025. First Quarter of 2025 Results Conference Call and Webcast Lundin Gold will publish its second quarter of 2025 results on Thursday, August 7, 2025, after market close in North America. The Company will host a conference call and webcast to discuss its results on Friday, August 8th at 5:30 a.m. PT, 8:30 a.m. ET, 2:30 p.m. CET. Conference call details and a link to the webcast will be published with the results for the second quarter of 2025. Non-IFRS Financial Measures This news release refers to certain financial measures, such as average realized gold price, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been calculated on a basis consistent with historical periods. Please refer to the Company's MD&A filed on SEDAR+ under the Company's profile at starting on page 11, for the three months ended March 31, 2025 for an explanation of non-IFRS measures used. Qualified Persons The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Terry Smith P. Eng, Lundin Gold's COO, who is a Qualified Person under National Instrument 43-101. 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. Additional Information The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on July 9, 2025 at 3:00 p.m. Pacific Time through the contact persons set out below. Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws. This press release contains forward-looking information in a number of places, such as in statements pertaining to production outlook and the anticipated improvement of recoveries. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 17, 2025, which is available at or at Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador; community relations; power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; non-compliance with laws and regulations and compliance costs; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations. SOURCE Lundin Gold Inc.
Cision Canada
08-05-2025
- Business
- Cision Canada
LUNDIN GOLD ADDS NEW VARIABLE COMPONENT TO ITS DIVIDEND POLICY AND ANNOUNCES A SPECIAL DIVIDEND
VANCOUVER, BC, May 8, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce that its Board of Directors has amended the Company's dividend policy and declared cash dividends of US$0.45 per common share. The declaration includes a new variable quarterly dividend of US$0.15 per share (the "Variable Dividend") and the existing fixed quarterly dividend of US$0.30 per share (the "Fixed Dividend"). The Variable Dividend and the Fixed Dividend (collectively, the "Quarterly Dividends") will be payable on June 25, 2025 to shareholders of record at the close of business on June 10, 2025 (the "Quarterly Record Date"). View PDF View PDF In addition, the Board has declared a special dividend of US$0.41 per common share (the "Special Dividend"), equivalent to approximately US$100 million. This Special Dividend will be payable on June 9, 2025, to shareholders of record at the close of business on May 22, 2025 (the "Special Record Date"). The Quarterly Dividends and the Special Dividend qualify as "eligible dividends" under Canadian income tax rules. "Given the favourable combination of increased gold prices, a debt-free balance sheet, and the robust performance of our operations, I am very pleased to announce both a special dividend totalling approximately US$100 million, and the introduction of a variable quarterly dividend to complement our existing fixed dividends," said Ron Hochstein, President and CEO. " Moving forward, our sustainable fixed dividend combined with the new variable quarterly dividend will enable us to increase returns to our shareholders during periods of strong free cash flow, while still allowing us to fund our successful exploration programs and pursue growth opportunities." Special Dividend payable on June 9, 2025 U.S. dollars per share Approximate total in US$m Special Dividend 0.41 100 Quarterly Dividends payable on June 25, 2025 U.S. dollars per share Approximate total in US$m Fixed Dividend 0.30 72 Variable Dividend 0.15 37 Total Quarterly Dividend 0.45 109 Subject to the continued discretion of the Board of Directors, the Variable Dividend will be equal to an amount per share based on at least 50% of the Company's normalized free cash flow during the preceding quarter, less the Fixed Dividend paid during such period. The Company will determine its normalized free cash flow each quarter by removing significant non-recurring items from its free cash flow 1 calculation. For the Variable Dividends anticipated to be paid on account of the 2025 financial year, this normalization includes annual payments made in April of income taxes and profit sharing, together equaling US$95.3 million, which amount will be apportioned across each financial quarter at a rate of US$23.8 million. In future years, Lundin Gold plans to disclose the details of this normalization with its year-end financial results. The Variable Dividend for the first quarter 2025 was calculated as follows: Based on today's closing price of the Company's common shares on the TSX of CAD$59.39, the Quarterly Dividends totaling US$0.45 per common share represent an estimated annual yield of approximately 4.2%2. The Quarterly Dividends for common shares trading on the TSX and the OTCQX will be paid in Canadian dollars on June 25, 2025 based on the prevailing exchange rate at the Quarterly Record Date. The Quarterly Dividends for shares trading on Nasdaq Stockholm will be paid on June 30, 2025 in Swedish kronor (SEK) in accordance with Euroclear principles. To execute the payment of the Quarterly Dividends, a temporary administrative cross-border transfer closure will be applied by Euroclear from June 5, 2025, up to and including Tuesday, June 10, 2025 during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm. The Special Dividend for common shares trading on the TSX and the OTCQX will be paid in Canadian dollars on June 9, 2025 based on the prevailing exchange rate at the Special Record Date. The Special Dividend for shares trading on Nasdaq Stockholm will be paid on June 12, 2025 in Swedish kronor (SEK) in accordance with Euroclear principles. To execute the payment of the Special Dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from Tuesday, May 20, 2025, up to and including Thursday, May 22, 2025 during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm. Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. For further details, please visit: 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. Additional Information The information in this release is subject to the disclosure requirements of Lundin Gold under the Swedish Financial Instruments Trading Act. This information was publicly communicated on May 8, 2025 at 4:30 p.m. Pacific Time through the contact persons set out below. Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks, and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws. This press release contains forward-looking information in a number of places, such as in statements relating to the timing, amount and payment of dividends, and the estimated annual yield. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 17, 2025, which is available at or on Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include risks relating to: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations. SOURCE Lundin Gold Inc.
Cision Canada
08-05-2025
- Business
- Cision Canada
LUNDIN GOLD REPORTS FIRST QUARTER 2025 RESULTS
Strong production and high gold prices result in increased shareholder dividends VANCOUVER, BC, May 8, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") today announced its financial results for the first quarter of 2025, featuring record revenues of $356 million and net income of $154 million ($0.64 per share). Free cash flow 1 of $171 million ($0.71 per share) was driven by strong gold production of 117,313 ounces ("oz"), with 117,641 oz sold at an average realized gold price 1 of $3,081 per oz, at low cash operating costs 1 of $792 and all-in sustaining costs 1 ("AISC") of $909 per oz sold. The Company also reported increased shareholder returns through an amendment to its dividend policy as well as the declaration of a special dividend. All dollar amounts are stated in US dollars unless otherwise indicated. PDF Version View PDF Ron Hochstein, President and CEO commented, "The first quarter of 2025 is yet another quarter marked by record financial results for Lundin Gold. As a result of our exploration program results in the first quarter, we have expanded our program to continue to evaluate numerous targets. In addition, given the Company's future outlook, which includes the benefits of the recently completed process plant expansion project, we are on track to meet our full-year guidance and have increased shareholder returns through the special dividend and introduction of a variable dividend to complement our fixed sustainable dividend." The following two tables provide an overview of key operating and financial results. __________________ 1 Refer to "Non-IFRS Measures" section. Three months ended March 31, 2025 2024 Revenues ($'000) 356,345 226,741 Income from mining operations ($'000) 233,546 113,237 Earnings before interest, taxes, depreciation, and amortization ($'000) 1 241,502 111,612 Adjusted earnings before interest, taxes, depreciation, and amortization ($'000) 1 241,502 131,456 Net income ($'000) 153,500 41,897 Basic income per share ($) 0.64 0.18 Cash provided by operating activities ($'000) 194,308 107,914 Free cash flow ($'000) 1 170,783 82,259 Free cash flow per share ($) 1 0.71 0.35 Average realized gold price ($/oz sold) 1 3,081 2,141 Cash operating cost ($/oz sold) 1 792 735 All-in sustaining costs ($/oz sold) 1 909 864 Adjusted earnings ($'000) 1 153,500 57,796 Adjusted earnings per share ($) 1 0.64 0.24 Dividends paid per share ($) 0.30 0.10 FIRST QUARTER HIGHLIGHTS Financial Results Gold sales totalled 117,641 oz, consisting of 78,552 oz in concentrate and 39,089 oz as doré, resulting in gross revenues of $362 million at an average realized gold price 1 of $3,081 per oz. Average realized gold price 1 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair value estimates as at December 31, 2024. Net of treatment and refining charges, revenues for the quarter were $356 million. Average realized gold price 1 includes $2,926 per ounce of gross price received and a favourable impact of $155 per oz mark-to-market on provisionally priced sales. Cash operating costs 1 and AISC 1 were $792 and $909 per oz of gold sold, respectively. Sustaining capital expenditures 1 are expected to increase in future quarters with the initiation of the fifth tailings dam raise and other site infrastructure improvement projects. The Company generated cash from operating activities of $194 million and free cash flow 1 of $171 million, or $0.71 per share, resulting in a cash balance of $452 million at March 31, 2025 following the quarterly dividend payment of $72.7 million. EBITDA 1 was $242 million while income from mining operations was $234 million which, after deducting corporate, exploration, and taxes, resulted in net income of $154 million for the quarter or $0.64 per share. ______________ 1 Refer to "Non-IFRS Measures" section. Production Results Mine production was aligned with mill availability which resulted in 403,221 tonnes mined at an average grade of 9.5 g/t. The mill processed 398,159 tonnes at an average throughput rate of 4,424 tpd with performance affected by the proactive completion of the relining of the SAG mill and other maintenance activities. These activities, originally scheduled for the second quarter, were completed during planned downtime associated with equipment tie-ins for the process plant expansion project. The average grade of ore milled was 10.4 g/t with average recovery at 88.5%. Mined grades were lower than milled grades, mainly due to positive reconciliation. Gold production was 117,313 oz which was comprised of 75,494 oz in concentrate and 41,819 oz as doré. Plant throughput for the month of March averaged 5,076 tpd and recoveries averaged 90.0%. These figures demonstrate the early benefits of the expansion with more potential expected to be unlocked through optimization. Outlook With the process plant expansion project now complete, the Company is well-positioned to meet its production guidance of 475,000 to 525,000 oz and AISC 1 guidance of $935 to $995 per oz sold. Sustaining capital expenditures 1 are expected to increase over the remaining quarters of 2025 with construction of the fifth raise of the tailings dam starting in the second quarter as well as several other capital projects. Increased rainfall in Ecuador since the start of 2025 has normalized power supply from the national grid. Commissioning of the four additional diesel generators purchased last year continues with completion expected by the end of the second quarter. These additional diesel generators are expected to allow the FDN process plant to run slightly below capacity in the event of recurrence of power disruption from the national grid. On the Company's exploration programs, results continue to demonstrate significant exploration potential and provide a growing pipeline of targets around FDN. The near-mine underground drilling program will continue to advance at FDNS where the primary focus is the conversion and expansion of this new system. The surface drilling program will continue to explore the extensions of Bonza Sur, FDN East, advance at Trancaloma, and explore for new sectors around FDN. Due to the proximity between Bonza Sur and the recently discovered Trancaloma porphyry system, the decision has been made to delay the initial Mineral Resource Estimate for Bonza Sur to better understand the geological environment. Fourteen rigs are currently turning across the conversion and near-mine exploration programs. The regional exploration program will continue to focus on the unexplored large package of mineral concessions located on a highly prospective environment which hosts the Fruta del Norte deposit. This is the first year of a new three-year greenfield strategy to identify new areas for exploration drilling. The 2025 program includes a geophysical magnetic survey and a geochemical sampling program. Based on the first quarter results, the Company expects to increase the near-mine drilling program by 18,000 metres to a minimum of 83,000 metres to accelerate the definition of near-mine targets and the conversion drilling program from 15,000 metres to approximately 25,000 metres. A minimum of 108,000 metres of drilling are planned across the conversion and near-mine drilling programs for 2025. The total estimated cost of the near-mine and regional exploration program is $47 million for the year. This represents the largest drill program ever completed on the land package that hosts the FDN deposit. Under its amended dividend policy, the Company anticipates continuing to declare quarterly fixed dividends of $0.30 per share (the "Fixed Dividend"), equivalent to approximately $300 million annually based on currently issued and outstanding shares, plus a variable dividend equal to an amount per share based on at least 50% of the Company's normalized free cash flow less the Fixed Dividend. The Company will determine its normalized free cash flow each quarter by removing significant non-recurring items from its free cash flow 1 calculation such as annual income taxes and profit sharing which have historically been paid in the second quarter of each year. Liquidity and Capital Resources At the end of March 31, 2025, the Company is in a strong financial position. As at March 31, 2025, the Company had cash of $452 million and a working capital balance of $551 million compared to cash of $349 million and a working capital balance of $459 million at December 31, 2024. The change in cash during the first quarter of 2025 was primarily due to cash generated from operating activities of $194 million and proceeds from the exercise of stock options and anti-dilution rights totalling $4.5 million. This is offset by dividends paid of $72.7 million and capital expenditures of $23.5 million. Capital Expenditures Sustaining Capital Preparations were underway for the fifth raise of the tailings dam with work starting late in the second quarter and expected to conclude during the first quarter of 2026. Other projects that advanced during the quarter included improvements to the industrial and potable water supply as well as enhancements to the South Portal. Commissioning of the four diesel-powered generators continued and is expected to be completed by the end of the second quarter. The 2025 conversion drilling program is focused on FDNS, located in the south portion of the FDN deposit. During the first quarter, the conversion drilling program completed approximately 2,762 metres across 17 holes with two rigs currently turning. All drill holes confirmed the mineralization continuity and indicated higher grade zones within the vein system. Some conversion drill holes also intercepted mineralized zones outside of the existing geological model. A complete table of the conversion drilling results received to date can be found in Lundin Gold's press release dated May 7, 2025. Process Plant Expansion Project The process plant expansion project was completed during the quarter, including commissioning of the remaining two Jameson cells, new concentrate filter, and other ancillary upgrades. Downtime was required in the quarter to complete the remaining tie-ins and commissioning, with the relining of the SAG mill completed opportunistically. Plant throughput for the month of March averaged 5,076 tpd and recoveries averaged 90.0%. These figures demonstrate the early benefits of the expansion with more potential expected to be unlocked through optimization. __________________ 1 Refer to "Non-IFRS Measures" section. Health and Safety During the first quarter there were no Lost Time Incidents and two Medical Aid Incidents. The Total Recordable Incident Rate across the Company was 0.21 per 200,000 hours worked for the quarter. Community Lundin Gold sponsored community projects continued to advance well in the first quarter of 2025. One of the Company's most impactful programs, run by the non-governmental organization Educación para Compartir, has focused on mental health and well-being in our local communities since its inception in November 2023. During the first quarter, approximately 775 counselling sessions were provided, with an intake of approximately 70 new patients. As of the end of March, over 550 youth were registered in extra-curricular activities through the program, including English studies, basketball, soccer, dance, music and boxing. Engagement with the local governments of Yantzaza and Los Encuentros continued through support agreements for rural road maintenance, basic service infrastructure, community well-being and support for livestock and local farmers initiatives. During the quarter, the Company committed to several noteworthy projects, such as the renewal of internet connectivity to all 22 communities in FDN's area of influence, the Neighbourhood Doctor Project which helps Ecuador's Ministry of Health provide care in remote areas of the Yantzaza canton, and projects relating to road maintenance and water treatment. In addition, the Company supported Ecuador's Ministry of Transportation and Public Works to repair critical areas of the national road network. EXPLORATION Near-Mine Exploration Program During the first quarter of 2025, the Company completed a total of 16,105 metres across 43 holes from surface and underground. The underground near mine drilling program focused on the FDNS deposit, which remains open for expansion in the north and along the south extension. Exploration of this deposit is currently underway using an underground rig at the recently reopened and rehabilitated South Portal. The underground drilling program also advanced at FDN East and is currently exploring the mineralization continuity in the central portion of this target. As at the date of this press release, two underground rigs are active in the near mine drilling program. The surface near mine drilling program continues to advance the delineation of the Bonza Sur deposit, the definition of the FDN East target, and exploring new sectors like Trancaloma and Castillo. As at the date of this press release, 10 surface rigs are drilling, three of them at Bonza Sur, one at FDN East, three at Trancaloma, and three testing new sectors. At Bonza Sur, drill holes were completed mainly along the east and south extension of the deposit and confirmed the deposit's continuity. In the east extension, the drilling program defined the east limit, close to the contact with the Trancaloma porphyry. In the south end of the deposit recent drilling suggests further potential for expansion along this direction. The Bonza Sur mineralization has already been identified for more than 2.6 kilometres along the north-south strike and for at least 500 metres along the downdip and remains open to the south. At FDN East, the surface drilling program advanced in conjunction with the underground program and confirmed the mineralization continuity in the central part of the target and indicated areas for further expansion potential toward the north and south direction. The near-mine exploration program continues to advance in unexplored areas close to FDN. A systematic exploration program employing geochemical and geophysical surveys and geological mapping advanced on potential targets, and the initial drilling results confirmed the occurrence of copper-gold porphyry mineralization in distinct sectors. At Trancaloma, located on the east border of Bonza Sur, the drilling program intercepted a wide copper-gold porphyry mineralization in the eastern portion of the target. At the porphyry target Castillo, located along the west border of Bonza Sur, the drilling program intercepted copper gold mineralization, potentially an outer hydrothermal alteration halo of another porphyry system in this sector, and covered by conglomerates of the Suarez Basin. In addition to the drilling programs, mine engineering work began on FDNS to evaluate geotechnical, mine design, metallurgical characteristics, and infrastructure needs with the goal of integrating this Mineral Resource into FDN's 2026 updated long-term mine plan. A table of first quarter 2025 near mine results for the FDNS, FDN East, Bonza Sur and Trancaloma targets received to date can be found in Lundin Gold's press release dated February 23 and May 7, 2025. Regional Exploration Program The Company initiated its multi-year regional exploration program during the first quarter of 2025. The program is expected to cover approximately 54,000 hectares on 23 of the Company's concessions along the Zamora Copper Gold Belt, a high potential geological setting which hosts the Fruta del Norte mine and several large copper gold projects. The exploration program was initiated in the Gamora district, located 65 kilometres north of FDN and approximately four kilometres north of the Mirador copper gold mine. The Gamora district comprises multiple exploration sectors that exhibit geological features similar to those found in copper-gold porphyry systems. Geological mapping and geochemical sampling program were completed in distinct parts of the district during the quarter. Initial results identified new potential targets for further evaluation. CORPORATE The Company published its 2024 Sustainability Report in April which marks its second year of transition towards aligning with the European Sustainability Reporting Standards. The Company paid a quarterly dividend of $0.30 per share on March 26, 2025 (March 31, 2025 for shares trading on Nasdaq Stockholm) based on a record date of March 11, 2025, for a total of $72.7 million. With the release of its first quarter 2025 results, the Company amended its dividend policy to provide, subject to the discretion of the Board of Directors, for a quarterly Fixed Dividend, plus a variable dividend equal to an amount per share based on at least 50% of the Company's normalized free cash flow during the preceding quarter less the Fixed Dividend paid during such period. Pursuant to the amended dividend policy, the Company declared cash dividends of $0.45 per share, comprised of the Fixed Dividend of $0.30 per share and the variable dividend of $0.15 per share. The dividends are payable on June 25, 2025 (June 30, 2025 for shares trading on Nasdaq Stockholm) to shareholders of record on June 10, 2025. As a result of the rapid and substantial increase in gold price, combined with a debt-free balance sheet, and robust performance of operations, the Company also declared a special dividend of $0.41 per share. The special dividend is payable on June 9, 2025 (June 12, 2025 for shares trading on Nasdaq Stockholm) to shareholders of record on May 22, 2025. Qualified Persons The technical information relating to Fruta del Norte contained in this press release has been reviewed and approved by Terry Smith P. Eng, Lundin Gold's COO, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The disclosure of exploration information contained in this press release was prepared by Andre Oliveira Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of NI 43-101. Webcast and Conference Call The Company will host a conference call and webcast to discuss its results on Friday, May 9 at 8:00 a.m. PT, 11:00 a.m. ET, 5:00 p.m. CET. Conference Call Dial-In Numbers: A link to the webcast will be available on the Company's website, A replay of the conference call will be available two hours after its completion until May 16, 2025. About Lundin Gold 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. Non-IFRS Measures This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, sustaining capital expenditures, free cash flow, free cash flow per share, and adjusted earnings, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of assistance in the understanding of the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 11 of the Company's MD&A for the year ended March 31, 2025 available on SEDAR+. Additional Information The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on May 8, 2025 at 4:30 p.m. Pacific Time through the contact persons set out below. Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws. This press release contains forward-looking information in several places, such as in statements relating to to the Company's 2025 production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and cash flow forecasts, gold price, its estimated capital costs and sustaining capital; the Company's ability to mitigate the impacts on its operations of a power disruption from the national grid; the recovery of VAT, the anticipated benefits of the process plant expansion project; benefits of the Company's community programs; the Company's declaration and payment of dividends pursuant to its dividend policy; the timing and the success of its drill program at Fruta del Norte and its other exploration activities; and estimates of Mineral Resources and Reserves at Fruta del Norte. Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include risks relating to: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed under the heading "Risk Factors" in the Company's Annual Information Form dated March 17, 2025 available at
Cision Canada
07-05-2025
- Business
- Cision Canada
LUNDIN GOLD REPORTS STRONG EXPLORATION RESULTS ACROSS PORTFOLIO OF TARGETS AND EXPANDS 2025 DRILLING PROGRAM TO 108,000 METRES
VANCOUVER, BC, May 7, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce positive results from its conversion and near-mine exploration drilling programs at its 100% owned Fruta del Norte ("FDN") gold mine in southeast Ecuador. High-grade intercepts from the conversion program at FDN South ("FDNS") have confirmed the deposit's continuity. At FDN East, further high-grade results continue to underscore the target's growth potential. At Trancaloma, results confirm the discovery of a copper-gold porphyry system at surface and highlight the potential for other porphyries near Trancaloma. At Bonza Sur, drilling confirms the mineral envelope and indicates the potential for further extension. Following the programs' successes in the first quarter and a growing pipeline of targets, the 2025 exploration program is being expanded from an initial 80,000 metres to a minimum of 108,000 metres. Highlights from drilling programs at FDNS, FDN East, Trancaloma and Bonza Sur are outlined below, with detailed results provided in Appendix 1. View PDF Ron Hochstein, President and CEO, commented, " I am very excited to announce our initial results from Lundin Gold's 2025 drilling program, which continue to demonstrate the significant exploration potential and a growing pipeline of targets around FDN. At FDNS, high-grade results from our conversion drilling program have confirmed the continuity of the system and identified new mineralized zones. Recent high-grade drill results at FDN East have significantly advanced our geological understanding of the target and its potential. At Trancaloma, the wide copper-gold mineralization intercepted confirm the existence of a porphyry at surface and our recent exploration work strongly suggest the occurrences of other mineralized porphyry systems surrounding FDN. Based on these results, we will accelerate the delineation of these new exploration opportunities and are therefore planning to increase our drilling programs for 2025 from 80,000 to a minimum of 108,000 metres, which will represent the largest annual drilling program ever completed at FDN." FDNS Drilling Highlights (not true widths): Drill hole FDN-C25-196 intersected 72.80 grams per tonne ("g/t") of gold ("Au") over 7.95m from 67.60m, including: 1,320.0 g/t Au over 0.40m Drill hole FDN-C25-204 intersected 40.60 g/t Au over 13.90m from 43.80m, including: 272.57 g/t Au over 1.90m Drill hole FDN-C25-198 intersected 48.82 g/t Au over 6.45m from 145.85m, including: 616.00 g/t Au over 0.45m Conversion drilling results have confirmed the continuity of FDNS and identified additional mineralized zones. Based on these results, the 2025 conversion drilling program is being increased by 10,000 metres. In addition, studies are underway with the goal of integrating FDNS into FDN's 2026 long-term mine plan. FDN East Drilling Highlights (not true widths): Drill hole UGE-E-25-248 intersected 7.12 g/t Au over 14.30m from 229.85m and 4.62 g/t Au over 23.15m from 321.30m including: 15.23 g/t Au over 5.75m 8.19 g/t Au over 6.85m Drill results show FDN East mineralization continuity and indicate areas for further expansion. Trancaloma Drilling Highlights (not true widths): Drill hole TRL-2024-220 intersected 0.41% Cu, 0.10 g/t Au, 1.51 g/t Ag, and 14.21 ppm Mo (0.50% CuEq 1) over 858.10m from 0.0m, including: 0.54% Cu, 0.14 g/t Au, 1.94 g/t Ag, and 11.08 ppm Mo (0.65% CuEq 1) over 447.95m With confirmation of the presence of a copper and gold porphyry system, these results significantly enhance the prospectivity around FDN and suggest the potential for other porphyry targets near Trancaloma, including Castillo and Sandia. Bonza Sur Highlights (not true widths): Results confirm the continuity of the mineral envelope and indicate potential extension along the southern limit and spatial relation in the east with the recently discovered Trancaloma porphyry. The decision has been made to delay the initial Mineral Resource estimate on Bonza Sur to better understand this mineral system. 2025 Exploration Program Increase: The 2025 drilling program is being expanded as follows: Conversion drilling program increased from 15,000 to 25,000 metres 2 Near-mine exploration program increased from 65,000 to 83,000 metres and estimated to cost $39 million from $32 million SUMMARY OF CURRENT DRILLING PROGRAMS The Company's near-mine exploration strategy focuses on extending mine life through the expansion of Mineral Resources at FDN by exploring and delineating new discoveries close to the operation. Over the past three years, the exploration programs at FDN have driven the resource growth and the discovery of new sectors. In 2025, the near-mine underground drilling program continues to advance at FDNS by expanding this deposit, while the surface drilling explores the extensions of Bonza Sur, FDN East, Trancaloma and test new sectors around FDN (see Figure 1). The conversion drilling program at FDNS is meeting our objectives to date regarding improving our understanding of the deposit. Fourteen rigs (10 surface rigs and four underground rigs) are currently turning across the conversion and near-mine exploration programs. _____________________ 1 Copper equivalent (CuEq) for drill intersections is calculated based on US$4.00/lb Cu, US$1,800/oz Au, US$30/oz Ag and US$25/oz Mo. The formula is: CuEq % = Cu % + (0.6562 * Au g/t) + (0.0109 * Ag g/t) + (0.0006 * Mo ppm). Metallurgical recoveries and net smelter returns are not considered. 2 Costs of the 2025 conversion drilling program are classified as Sustaining Capital. FDNS Starting in February, the conversion underground drilling programs advanced at FDNS where the primary focus is to convert Inferred Resources to Indicated category and improve the confidence of the geological model. The FDNS deposit is an epithermal vein system recently defined across the southern limit of FDN and is currently estimated to contain a large Inferred Resource of approximately 2.09 Moz from 12.35 Mt with an average grade of 5.25 g/t. For more information on the FDN Mineral Reserve and Resource estimate as at December 31, 2024, please refer to the Company's Annual Information Form dated March 17, 2025 (the "AIF") under the Company's profile at The conversion drilling program advanced in the western and central sectors of FDNS where a total of 2,761 metres of underground drilling across 17 drill holes was completed. All drill holes confirmed the mineralization continuity and indicated higher grade zones within the vein system (see Figure 2). Highlights to drill holes FDN-C25-196 (72.80 g/t Au over 7.95m) and FDN-C25-198 (48.82 g/t Au over 6.45m) related to higher grade veins in the west sector of the deposit. Assay results from the drilling undertaken at FDNS are presented in Table 1. Furthermore, several conversion drill holes intercepted mineralized zones outside of existing geological modelling. Of note, drill holes FDN-C25-204 (40.60 g/t Au over 13.90m), FDN-C25-203 (12.49 g/t Au over 10.55m) and UGE-S-25-251 (10.80 g/t Au over 12.85m) defined an additional higher-grade zone within the central portion of FDNS. Two underground rigs are currently turning as part of the conversion drilling program at FDNS. The FDNS deposit remains open for expansion to the North and along the south extension where an underground rig is currently exploring this potential from the recently reopened and rehabilitated South Portal. In addition to the drilling programs, engineering work began to evaluate geotechnical, mine design, metallurgical characteristics and infrastructure needs with the goal of integrating FDNS into FDN's 2026 long-term mine plan. FDN EAST At FDN East, the exploration program continues to define and expand this new buried epithermal mineralized system located only 100m east of FDN (see Figure 2). Since its discovery, the drilling program advanced the understanding of the main geological controls which resulted in the delineation of new mineralized zones in the central part of the target. The most recent drilling results confirmed the gold mineralization continuity and indicated areas for further expansion potential toward the north and south direction (Figure 2). Highlights that returned distinct mineralized levels from underground hole UGE-E-25-248 (7.12 g/t Au over 14.30m, 15.23 g/t Au over 5.75m and 6.85m @ 8.19 g/t Au) that indicate further step out drilling is warranted. Assay results from the drilling undertaken at FDN East are presented in Table 2. Currently, one surface drill rig and one underground rig are turning at FDN East. TRANCALOMA COPPER-GOLD PORPHYRY SYSTEM AND ADDITIONAL NEAR MINE PORPHYRY POTENTIAL Since the discovery of FDN, the occurrence of porphyry systems has been recognized around FDN with very limited exploration carried out (see Figure 3 and 4). In recent months, a systematic exploration program employing geochemical and geophysical surveys and geological mapping advanced on potential targets, and the initial drilling results confirmed the occurrence of copper-gold porphyry mineralization in distinct sectors. At Trancaloma, located on the east border of Bonza Sur, the drilling program intercepted a wide copper-gold porphyry mineralization in the eastern portion of the target (see Figure 3 and 4). Drill hole TR 2024-220 intersected 0.41% Cu, 0.10 g/t Au, 1.51 g/t Ag, and 14.21 ppm Mo (0.50% CuEq 1) over 858.10m, including 0.54% Cu, 0.14 g/t Au, 1.94 g/t Ag, and 11.08 ppm Mo (0.65% CuEq 1) over 447.95m. This showed continuous mineralization from surface, with a wide inner higher-grade core that remains open in all directions. This drill hole ended in mineralization. The mineralization is associated with a strongly developed and zoned porphyry related hydrothermal alteration and veining. In the western portion of Trancaloma, additional drill holes have suggested copper-gold mineralization intercepted from surface that remains open at depth (see Figure 3). The most recent assay results from the drilling program undertaken at Trancaloma are presented in Table 3. At the porphyry target Castillo, located along the west border of Bonza Sur, the drill hole CAS-2025-241 intercepted copper gold mineralization, potentially an outer hydrothermal alteration halo of another porphyry system in this sector, and covered by conglomerates of the Suarez Basin (see Figure 3 and 4). Additional drilling is planned at Castillo as well in additional untested sectors. Currently, three surface drill rigs are exploring Trancaloma. BONZA SUR At Bonza Sur, located south from FDN, the drilling advanced in the mineral envelope delineation. The Bonza Sur deposit currently extends over 2.6 kilometres along strike, is 150 metres wide, and reaches at least 500 metres deep (see Figures 1 and 4). Over the last few months, the drilling program confirmed the deposit's continuity in the central area and defined the east limit, close to the contact with the Trancaloma porphyry. Furthermore, drill hole AMN-2025-245 (0.51 g/t Au over 135.90m, including 1.12 g/t Au over 47.20m) located in the south end of the deposit suggests further potential for expansion along this direction (see Figure 4). The most recent assay results from the drilling program undertaken at Bonza Sur are presented in Table 2. Based on the drilling to date at Bonza Sur and the nearby Trancaloma target that was recently discovered, the decision has been made to delay the initial Mineral Resource Estimate for Bonza Sur. The exploration work completed to date indicates that the two systems are spatially related. Additional drilling is currently underway to define their limits and exploration potential. (see Figure 1 and 3). Currently, three rigs are currently turning at Bonza Sur. 2025 DRILLING PROGRAM EXPANSION The 2025 drilling programs continue to yield exciting results and demonstrate the significant untapped exploration potential near the current FDN deposit. Based on these initial results, the Company will increase the near-mine exploration drilling program by 18,000 metres to a minimum of 83,000 metres to accelerate the definition of near-mine targets and the conversion drilling program from 15,000 metres to approximately 25,000 metres. A minimum of 108,000 metres of drilling are planned across the conversion and near-mine drilling programs for 2025. This revised program will now include up to sixteen drill rigs, ten surface rigs and six underground rigs. The total cost estimate of the 2025 near mine exploration program is $39 million while the 2025 conversion drilling program is included in sustaining capital. The 2025 regional exploration program remains unchanged at $8 million. The 2025 program represents the largest annual drill program ever completed on the land package that hosts the FDN deposit. Qualified Persons and Technical Notes The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analyzed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru. The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples. The remaining half core is retained for verification and reference purposes. For further information on the assay, QA-QC, and data verification procedures, please see Lundin Gold's AIF. Copper equivalent (CuEq) for drill intersections is calculated based on US$4.00/lb Cu, US$1,800/oz Au, US$30/oz Ag and US$25/oz Mo. The formula is: CuEq % = Cu % + (0.6562 * Au g/t) + (0.0109 * Ag g/t) + (0.0006 * Mo ppm). Metallurgical recoveries and net smelter returns are not considered. About Lundin Gold 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. Additional Information The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on May 7, 2025 at 3:00 p.m. Pacific Time through the contact persons set out below. Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks, and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws. This press release contains forward-looking information in a number of places, such as in statements relating to the Company's exploration plans, activities and results and its plans to update its estimates of Mineral Reserves and Resources. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's AIF. Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations. APPENDIX 1 Table 1: Drillhole assay results from the drilling program at FDNS reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths and true widths Hole ID From (m) To (m) Interval (m) True width (m) Au (g/t) Ag (g/t) Target Zone FDN-C25-190 69.60 76.20 6.60 6.50 16.16 5.91 FDNS Underground Including 73.05 73.80 0.75 0.74 109.50 19.40 FDN-C25-190 95.55 98.50 2.95 2.95 23.17 1.65 Including 96.95 97.50 0.55 0.55 120.00 7.10 FDN-C25-190 129.50 134.25 4.75 4.73 19.37 6.47 Including 130.90 131.35 0.45 0.45 105.00 13.20 FDN-C25-191 No Significant Results FDNS Underground FDN-C25-192 27.30 31.50 4.20 3.22 7.22 4.99 FDNS Underground FDN-C25-192 106.90 111.00 4.10 4.04 6.89 11.52 FDN-C25-193 83.05 85.50 2.45 2.12 12.91 8.56 FDNS Underground FDN-C25-193 97.45 101.00 3.55 3.34 5.30 9.28 FDN-C25-194 No Significant Results FDNS Underground FDN-C25-195 49.90 56.15 6.25 6.16 8.97 5.78 FDNS Underground FDN-C25-195 123.60 128.40 4.80 4.16 7.73 2.27 Including 126.40 128.40 2.00 1.73 14.43 2.95 FDN-C25-196 34.50 38.50 4.00 2.57 6.91 4.00 FDNS Underground FDN-C25-196 67.60 75.55 7.95 6.09 72.80 17.46 Including 67.60 68.00 0.40 0.31 1320.00 206.00 FDN-C25-197 27.35 32.45 5.10 3.91 5.96 7.49 FDNS Underground FDN-C25-197 41.10 49.10 8.00 6.93 5.00 5.74 FDN-C25-197 56.80 67.50 10.70 9.27 9.34 7.97 Including 61.60 64.80 3.20 2.77 24.94 5.92 FDN-C25-198 64.70 67.95 3.25 2.95 6.55 17.88 FDNS Underground FDN-C25-198 145.85 152.30 6.45 6.43 48.82 15.82 Including 147.95 148.40 0.45 0.45 616.00 99.90 FDN-C25-198 162.25 164.20 1.95 1.92 6.69 4.87 FDN-C25-199 25.80 31.20 5.40 4.31 7.19 4.75 FDNS Underground Including 27.90 30.25 2.35 1.88 14.64 9.28 FDN-C25-199 47.20 48.20 1.00 0.97 3.77 3.30 FDN-C25-199 53.60 56.00 2.40 2.32 4.73 11.00 FDN-C25-199 62.00 69.40 7.40 5.67 5.24 9.72 FDN-C25-199 125.60 134.00 8.40 8.38 29.86 19.40 Including 127.90 133.00 5.10 5.09 48.51 23.67 FDN-C25-200 Pending Results FDNS Underground FDN-C25-201 Pending Results FDNS Underground FDN-C25-202 Pending Results FDNS Underground FDN-C25-203 44.50 55.05 10.55 10.28 12.49 6.60 FDNS Underground Including 45.50 50.10 4.60 4.48 25.11 13.23 FDN-C25-203 90.50 93.20 2.70 1.74 6.20 2.00 FDN-C25-203 111.25 116.70 5.45 5.12 6.66 4.34 Including 113.60 115.75 2.15 2.02 10.70 4.30 FDN-C25-203 135.20 140.15 4.95 4.29 19.24 3.10 Including 137.90 139.15 1.25 1.08 67.52 7.42 FDN-C25-203 159.00 162.70 3.70 3.35 5.68 2.54 FDN-C25-203 182.95 191.00 8.05 7.30 4.87 4.55 Including 186.50 188.70 2.20 1.99 7.45 7.00 FDN-C25-204 37.20 38.20 1.00 0.93 3.71 0.80 FDNS Underground FDN-C25-204 43.80 57.70 13.90 12.60 40.60 16.96 Including 52.70 54.60 1.90 1.72 272.57 103.07 FDN-C25-204 68.20 76.40 8.20 8.08 4.61 3.04 FDN-C25-204 84.70 108.90 24.20 21.56 3.60 2.03 Including 93.80 98.00 4.20 3.74 5.15 3.11 Including 102.00 106.90 4.90 4.37 5.15 2.53 FDN-C25-204 147.20 148.40 1.20 0.92 3.82 1.33 FDN-C25-204 152.30 154.00 1.70 1.20 8.70 3.60 FDN-C25-204 162.70 165.80 3.10 2.99 4.48 1.11 FDN-C25-204 167.00 180.60 13.60 13.14 7.81 1.97 Including 172.90 180.60 7.70 7.44 11.04 2.71 FDN-C25-204 188.80 191.50 2.70 2.61 5.62 0.99 FDN-C25-205 Pending Results FDNS Underground FDN-C25-206 Pending Results FDNS Underground FDN-C25-207 44.90 50.40 5.50 5.10 8.73 4.71 FDNS Underground FDN-C25-207 102.90 106.90 4.00 3.76 7.71 4.18 FDN-C25-207 137.10 142.40 5.30 4.59 7.90 3.23 Including 140.85 142.40 1.55 1.34 14.89 4.52 FDN-C25-207 146.20 156.00 9.80 8.49 5.14 1.56 Including 150.60 151.50 0.90 0.78 15.15 2.30 UGE-S-25-221 11.20 15.50 4.30 4.04 7.12 7.33 FDNS Underground UGE-S-25-221 66.80 69.30 2.50 5.89 10.70 5.87 UGE-S-25-221 135.40 138.95 3.55 1.78 9.68 6.50 UGE-S-25-221 217.00 219.10 2.10 1.97 9.30 1.61 UGE-S-25-249 32.70 36.10 3.40 1.33 3.95 1.30 FDNS Underground UGE-S-25-249 49.70 52.70 3.00 1.36 3.52 0.97 UGE-S-25-249 60.40 63.40 3.00 1.32 4.75 1.30 UGE-S-25-250 No Significant Results FDNS Underground UGE-S-25-251 43.85 56.70 12.85 12.08 10.80 6.91 FDNS Underground Including 43.85 46.40 2.55 2.40 22.10 24.76 Including 50.10 51.60 1.50 1.41 25.33 3.10 UGE-S-25-251 69.10 75.55 6.45 6.06 37.81 8.09 Including 71.60 72.05 0.45 2.49 461.00 89.60 FDN-C25-208 Pending Results FDNS Underground FDN-C25-209 Pending Results FDNS Underground FDN-C25-210 Pending Results FDNS Underground FDN-C25-211 Pending Results FDNS Underground FDN-C25-212 Pending Results FDNS Underground FDN-C25-213 Pending Results FDNS Underground FDN-C25-214 Pending Results FDNS Underground FDN-C25-215 Pending Results FDNS Underground FDN-C25-216 Pending Results FDNS Underground FDN-C25-217 Pending Results FDNS Underground FDN-C25-218 Pending Results FDNS Underground UGE-S-25-286 Pending Results FDNS Underground Table 2: Drillhole assay results from FDN East and Bonza Sur drilling program reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Target Zone FDNE-2025-242 No Significant Results FDN - East Surface FDNE-2025-258 205.15 246.95 41.80 0.46 0.76 FDN - East Surface Including 236.50 245.75 9.25 0.92 1.60 FDNE-2025-263 177.50 185.45 7.95 2.72 6.41 FDN - East Surface Including 177.50 178.7 1.20 7.36 25.61 Including 183.90 185.45 1.55 6.97 6.51 FDNE-2025-274 No Significant Results FDN - East Surface FDNE-2025-279 Pending Results FDN - East Surface UGE-E-25-215 291.90 308.20 16.30 2.97 1.74 FDN - East Underground Including 302.10 303.10 1.00 44.30 18.40 UGE-E-25-247 Pending Results FDN - East Underground UGE-E-25-248 217.90 251.25 33.35 4.05 6.96 FDN - East Surface Including 229.85 244.15 14.30 7.12 8.40 UGE-E-25-248 321.30 344.45 23.15 4.62 20.75 Including 321.30 327.05 5.75 15.23 39.80 UGE-E-25-248 368.95 374.60 5.65 8.21 26.89 UGE-E-25-248 515.40 522.25 6.85 8.19 103.83 UGE-E-25-248 567.60 569.60 2.00 14.96 10.22 UGE-E-25-248 581.30 585.70 4.40 4.68 14.86 BLP-2024-186 No Significant Results BLP Surface BLP-2024-187 118.90 142.20 23.30 0.32 8.74 BLP Surface AMN-2024-190 177.95 193.80 15.85 0.56 8.35 BLP Surface AMN-2024-190 430.50 521.70 91.20 0.68 2.74 Including 458.15 501.05 42.90 1.00 3.44 with 491.40 495.15 3.75 3.43 3.72 AMN-2024-193 276.30 294.30 18.00 0.30 2.16 BLP Surface AMN-2024-193 390.60 453.60 63.00 0.37 1.70 Including 390.60 402.10 11.50 0.65 3.68 Including 426.90 453.60 26.70 0.55 1.74 with 433.90 441.35 7.45 1.10 2.57 BLP-2024-194 35.50 38.10 2.60 1.36 3.40 BLP Surface BLP-2024-197 27.10 90.00 62.90 0.18 2.13 BLP Surface Including 78.50 90.00 11.50 0.39 1.74 BLP-2024-198 18.80 58.80 40.00 0.28 6.35 BLP Surface Including 41.50 53.65 12.15 0.44 0.94 BLP-2024-198 141.90 156.40 14.50 0.29 1.99 AMN-2024-202 309.90 311.75 1.85 1.07 1.20 BLP Surface AMN-2024-203 173.90 207.30 33.40 0.29 8.13 BLP Surface AMN-2024-203 268.40 305.30 36.90 0.36 9.92 AMN-2024-203 433.60 436.20 2.60 10.29 58.01 BLP-2024-205 0.40 162.70 162.30 1.10 7.74 BLP Surface Including 50.15 68.20 18.05 2.72 27.85 with 58.50 62.75 4.25 6.14 81.43 Including 146.10 157.10 11.00 3.19 3.64 with 150.10 152.10 2.00 14.90 11.67 BLP-2024-218 40.10 253.70 213.60 0.50 5.29 BLP Surface Including 55.05 111.40 56.35 1.23 5.02 Including 148.40 161.55 13.15 1.19 31.60 AMN-2024-224 No Significant Results BLP Surface BLP-2024-225 41.40 69.30 27.90 0.32 1.68 BLP Surface Including 49.30 55.20 5.90 0.91 3.56 BLP-2024-226 182.80 201.80 19.00 0.40 14.62 BLP Surface Including 199.15 200.85 1.70 3.81 137.69 BLP-2024-226 340.40 364.80 24.40 0.29 2.05 BLP-2024-226 399.55 412.00 12.45 0.44 4.12 Including 405.00 407.10 2.10 1.91 14.24 BLP-2024-231 66.20 87.60 21.40 0.12 16.53 BLP Surface BLP-2024-232 183.65 226.80 43.15 0.66 4.26 BLP Surface Including 219.10 221.05 1.95 7.73 11.99 BLP-2024-232 252.40 276.70 24.30 0.31 6.08 Including 257.00 260.70 3.70 0.90 4.64 BLP-2024-233 87.00 90.00 3.00 1.09 0.93 BLP Surface AMN-2024-237 167.20 168.20 1.00 3.31 2.44 BLP Surface BLP-2024-238 70.90 76.75 5.85 0.69 2.13 BLP Surface BLP-2024-238 208.40 219.80 11.40 0.20 0.95 BLP-2024-240 128.30 210.10 81.80 0.63 6.04 BLP Surface Including 141.00 184.70 43.70 1.05 8.44 BLP-2025-244 61.50 206.25 144.75 0.30 2.31 BLP Surface Including 81.15 87.30 6.15 0.90 5.07 BLP-2025-244 303.30 335.70 32.40 0.40 4.41 AMN-2025-245 28.65 64.65 36.00 0.33 10.10 BLP Surface AMN-2025-245 196.50 332.40 135.90 0.51 2.14 Including 285.20 332.40 47.20 1.12 2.92 BLP-2025-246 48.80 69.40 20.60 0.16 4.13 BLP Surface BLP-2025-246 178.90 200.50 21.60 0.19 2.22 BLP-2025-255 28.90 117.80 88.90 0.32 8.86 BLP Surface Including 28.90 43.80 14.90 1.01 19.78 with 28.90 32.75 3.85 2.53 31.39 BLP-2025-255 276.10 292.40 16.30 0.53 13.00 BLP-2025-256 No Significant Results BLP Surface BLP-2025-257 203.20 215.90 12.70 0.31 4.44 BLP Surface BLP-2025-259 89.15 99.20 10.05 0.30 6.41 BLP Surface BLP-2025-262 67.45 185.60 118.15 0.30 44.46 BLP Surface Including 74.30 94.55 20.25 0.51 12.21 Including 140.60 183.60 43.00 0.39 111.00 BLP-2025-264 36.00 87.10 51.10 0.63 4.14 BLP Surface including 36.00 59.50 23.50 0.99 5.31 BLP-2025-265 1.60 450.00 448.40 0.35 5.40 BLP Surface Including 1.60 31.30 29.70 1.10 3.58 with 18.50 23.40 4.90 3.34 1.99 Including 351.10 412.80 61.70 1.30 18.86 with 390.70 395.60 4.90 9.29 35.15 BLP-2025-266 16.20 39.30 23.10 0.20 4.19 BLP Surface BLP-2025-266 84.40 155.00 70.60 0.30 5.13 Including 140.90 151.30 10.40 0.91 7.16 BLP-2025-266 205.90 265.60 59.70 0.14 3.97 BLP-2025-267 75.40 133.80 58.40 2.14 6.24 BLP Surface Including 109.10 128.3 19.20 5.41 10.51 with 120.70 127.6 6.90 12.49 14.96 BLP-2025-268 34.60 49.80 15.20 0.35 2.62 BLP Surface BLP-2025-268 91.20 103.00 11.80 0.55 1.46 Including 94.00 96.00 2.00 2.15 1.91 AMN-2025-269 327.40 347.95 20.55 0.51 11.70 BLP Surface Including 332.40 336.45 4.05 1.56 44.60 BLP-2025-270 15.00 28.00 13.00 0.33 1.64 BLP Surface BLP-2025-270 35.00 46.00 11.00 0.47 3.21 BLP-2025-270 93.55 152.75 59.20 0.30 27.83 Including 110.95 113.80 2.85 2.78 492.66 BLP-2025-271 101.35 110.10 8.75 0.30 1.00 BLP Surface BLP-2025-271 127.30 153.80 26.50 0.18 1.12 BLP-2025-271 190.75 204.75 14.00 0.28 0.98 BLP-2025-271 278.15 300.40 22.25 0.23 6.89 Including with 290.00 300.40 10.40 0.40 12.32 BLP-2025-275 No Significant Results BLP Surface AMN-2025-276 Pending Results BLP Surface AMN-2025-277 Pending Results BLP Surface BLP-2025-278 Pending Results BLP Surface AMN-2025-280 Pending Results BLP Surface AMN-2025-283 Pending Results BLP Surface BLP-2025-284 Pending Results BLP Surface AMN-2025-285 Pending Results BLP Surface BLP-2025-287 Pending Results BLP Surface AMN-2025-288 Pending Results BLP Surface Table 3: Drillhole assay results from the Trancaloma and Castillo Porphyry targets surface drilling program. Drill hole intercepts are reported in drill core lengths. Table 4: FDNS, FDN East, Bonza Sur and Trancaloma Collar Drill Holes SOURCE Lundin Gold Inc.
Cision Canada
24-04-2025
- Business
- Cision Canada
LUNDIN GOLD RELEASES 2024 SUSTAINABILITY REPORT
VANCOUVER, BC, April 24, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce the release of its 2024 Sustainability Report which outlines the Company's progress and performance against its 5-Year Sustainability Strategy across its business activities. All amounts are in U.S. dollars unless otherwise indicated. PDF Version View PDF " Last year was a remarkable year for our Company. Along with 2024 marking our 10 th anniversary in Ecuador and 5 th anniversary of production, it was a year of record performance – including our sustainability performance," said Ron Hochstein, President and Chief Executive Officer of Lundin Gold. " As we close out our 5-year Sustainability Strategy (2021-2025), we are seeing the cumulative positive impacts of our work, both in our area of influence and more broadly in Ecuador. We have already achieved the majority of our 2025 targets set under our strategy; this outstanding performance was achieved through the commitment of our employees who integrate sustainability across our business. I am proud of this work and look forward to developing our new 5-year sustainability strategy, continuing to build trust with our stakeholders, and creating shared value in Ecuador for generations to come." Highlights of Lundin Gold's 2024 Sustainability Report: Achieved zero significant safety incidents (on-site and off-site. Achieved an industry low greenhouse gas (GHG) emissions (Scopes 1 and 2) intensity of 0.10 tCO 2 e per ounce of gold produced. Met the five-year water reduction target early, achieving per capita water consumption of 197 litres per day, a significant accomplishment compared to the 2021 per capita consumption of 326 litres per day. Progressed alignment of the Fruta del Norte tailings facility with the Global Industry Standards for Tailings Management (GISTM). Surpassed our 2025 land reclamation and rehabilitation target by restoring a total of 15.4 hectares of land since 2021. Surpassed our 2025 waste management target through 94% recovery of non-hazardous solid waste (recycling and reuse); also achieved a 27% reduction in the generation of hazardous waste since 2021. Continued to divert more than 40% of waste from tailings to backfill in the mine. Commenced the second phase of a large urban regeneration infrastructure project in our area of influence, with local government co-financing. Continued to provide internet connectivity to all 22 communities in our area of influence. Maintained strong support of local suppliers in Zamora Chinchipe through expenditures of $28 million in the year. Surpassed 3,400 psychotherapy sessions since the launch of a mental health and well-being program in our local community in November 2023. Contributed to a 100% graduation rate at the local high school in our area of influence through the assistance of the Company's educational support program. Increased direct economic contributions in Ecuador of $290 million, including wages and benefits, operating costs and community investments, as compared to $285 million in 2023. Lundin Gold's Sustainability Report was developed with guidance from globally recognized sustainability reporting frameworks, standards, and recommendations, including the European Sustainability Reporting Standards (ESRS), Global Reporting Initiative (GRI) and the Sector Standard for Mining (GRI 14), Sustainability Standards Accounting Board (SASB), and United Nations Sustainable Development Goals (UN SDGs). As a participant of the UN Global Compact (UNGC), the 2024 Sustainability Report is part of our Communication on Progress commitment. Lundin Gold's Sustainability Report is available for download on the Company's website. About Lundin Gold 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. Information The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on April 24, 2025 at 5:00 a.m. Pacific Time through the contact persons set out below. Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws. This press release contains forward-looking information in several places, such as in statements relating to the Company's sustainability initiatives and targets and the impact of such activities, including its commitment and activities to reduce its GHG emissions. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 17, 2025, which is available at or Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include risks relating to: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations. SOURCE Lundin Gold Inc.
