Lundin Gold (LUG) investor relations material

Executive summary

• Q3 production reached 153,736 oz, setting quarterly records for production, tonnes mined, tonnes milled and gold sales; higher grades and throughput drove record financial results.

• 9M production was 392,472 oz, ~78% of the midpoint of 2026 production guidance of 475,000–525,000 oz; AISC guidance remained $1,110–$1,170/oz sold.

• Q3 operating cash flow was $376.9M and free cash flow was $330.9M; quarter-end cash was $573.6M.

Financial highlights

• Q3 revenue was $633.0M and income from mining operations was $467.7M, versus $447.1M and $305.2M YoY; net income was $293.8M and basic EPS was $1.21.

• Adjusted EBITDA was $480.0M and adjusted earnings were $296.8M, or $1.23/share; adjusted results exclude the silver-stream derivative loss and related deferred taxes.

• Q3 gold sales were 148,326 oz; 9M sales were 374,019 oz versus production of 392,472 oz, with most unsold ounces expected to sell in Q4.

• 9M revenue was $1,678.1M versus $1,256.3M; net income was $787.0M versus $557.9M YoY.

Outlook and guidance

• 2026 gold production guidance remains 475,000–525,000 oz and AISC guidance $1,110–$1,170/oz sold; Q4 production is expected to moderate with lower scheduled grades and October plant maintenance.

• Throughput is expected to remain strong; sustaining capex is expected to rise in Q4 as the sixth tailings dam raise and Colibrí 4 quarry development begin.

• An integrated FDNS and mill-expansion investment decision is expected in Q4 2026; final cost estimates and schedules are in development.

• 2026 exploration plans include 133,000 m of drilling and estimated investment of $85M; ~109,000 m was completed through September 30, with a Sandia maiden resource targeted for early 2027.