Lundin Gold (LUG) investor relations material

Executive summary

• Achieved gold production of 118,994 oz in Q2 2026, with year-to-date output of 239,000 oz, positioning to meet 2026 guidance of 475,000–525,000 oz.

• Q2 2026 revenues reached $478 million, driven by strong operational performance and higher realized gold prices, despite lower sales due to timing.

• Distributed $293 million in Q2 dividends and $571 million in H1, including a $747 million LunR share dividend-in-kind, representing 100% of normalized free cash flow.

• Advanced the largest exploration program in company history, with 28,789 metres drilled in Q2 and new copper-gold porphyry discoveries at Sandia.

• Maintained a robust cash position of $507 million at quarter-end, with $445 million in working capital.

Financial highlights

• Q2 2026 revenues were $478 million, net income was $220 million ($0.91/share), and adjusted earnings were $202 million ($0.84/share).

• Adjusted EBITDA was $347 million, and free cash flow for Q2 was $96 million after $221 million in tax and profit-sharing payments.

• Cash operating cost per oz sold was $1,016, and AISC was $1,176/oz, with an AISC margin of 73%.

• Free cash flow per share in Q2 was $0.40.

• Working capital at quarter-end was $445 million.

Outlook and guidance

• Full-year production guidance reaffirmed at 475,000–525,000 oz, with higher production and grades expected in H2 2026.

• Average mill throughput guided at 5,500 tpd for the remainder of the year, with upside potential if higher rates are sustained.

• Mine-to-mill expansion study and process plant expansion on track for completion by year-end, targeting higher sustained throughput and integration of FDNS.

• Largest exploration program in company history underway, with 133,000 metres of drilling planned for 2026 and maiden resource for Sandia expected in early 2027.

• Dividend policy maintained, with quarterly minimum dividends of $0.30/share plus variable dividends based on free cash flow.