Lundin Gold
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Lundin Gold (LUG) investor relations material

Lundin Gold Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary20 Feb, 2026

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.

What processing capacity increase is targeted
Quantify gold price impact on 2026 unit costs
What is the strategy for porphyry system development
FDNS mining method impact on unit costs
Bonza Sur: underground access potential
Porphyry corridor exploration priorities
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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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