Lundin Gold (LUG) investor relations material

Executive summary

• Achieved record operational and financial performance in 2025, with gold production of 498,315 oz and sales of 503,330 oz, supported by record throughput rates and process plant expansion.

• Generated record free cash flow of $926 million and ended the year with $630 million in cash after paying $664 million in dividends.

• Advanced largest exploration program to date, drilling 121,519 metres and expanding resource base, including FDNS and FDN East.

• Declared a $1.15/share Q4 dividend (~$278 million), with a variable component reflecting 100% of normalized free cash flow.

• Incorporated FDNS into mineral reserves, with underground development to proceed and significant resource growth at FDNS and FDN East.

Financial highlights

• Generated $1.78 billion in annual revenue, up from $1.19 billion in FY 2024.

• Net income reached $792 million for the year; Q4 net income was $234 million, up 81% from Q4 2024.

• EBITDA for 2025 was $1.24 billion; Q4 EBITDA was $364 million.

• Free cash flow totaled $926 million for the year ($3.84/share), with $328 million in Q4.

• Cash provided by operating activities totaled $1.02 billion.

Outlook and guidance

• 2026 gold production guidance: 475,000–525,000 oz, with average throughput of 5,500 tpd and 91% recovery.

• Cash operating costs expected at $900–$960/oz; AISC at $1,110–$1,170/oz, reflecting higher assumed gold prices and increased royalties.

• Largest exploration program planned for 2026 with 133,000 metres of drilling and $85 million investment.

• Intends to make an integrated investment decision on mine expansion in 2026.

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