Lundin Gold (LUG) investor relations material

Executive summary

• Achieved record gold production of 139,433 oz and sales of over 136,000 oz in Q2 2025, with average recovery of 90.9% and strong operational performance.

• Q2 2025 revenue surged 50% year-over-year to $453 million, net income reached $197 million, and EBITDA was $319 million, driven by higher gold prices and production.

• Free cash flow for Q2 2025 was $236 million ($0.98 per share), supporting a declared dividend of $0.79 per share, including both fixed and variable components.

• Largest ever exploration program underway, with significant progress at FDNS, Tranquiloma, Sandia, and FDN East, and new copper-gold porphyry discoveries.

• Paid and announced approximately $470 million in dividends year-to-date, exceeding the initial $300 million target.

Financial highlights

• Q2 2025 revenues rose to $453 million from $301.4 million in Q2 2024; net income increased to $197 million from $119.3 million year-over-year.

• EBITDA for Q2 2025 was $319 million; free cash flow per share was $0.98, up from $0.47 in Q2 2024.

• Cash provided by operating activities was $254.8 million in Q2 2025, with a cash balance of $493 million at quarter-end.

• All-in sustaining cost (AISC) per oz sold was $927 in Q2 2025, with a 72% AISC margin.

• Working capital at June 30, 2025 was $562 million, up from $459 million at year-end 2024.

Outlook and guidance

• 2025 production guidance raised to 490,000–525,000 oz, with cost guidance maintained despite higher realized gold prices.

• Cash operating cost and AISC expected near the upper end of guidance ($730–$790 and $935–$995 per oz sold) due to increased royalties and profit sharing.

• Mill throughput targeted to reach 5,500 tpd in 2026, with ongoing optimization and increased throughput expected in H2 2025.

• Sustaining capital expenditures expected to increase in H2 2025 for tailings dam and infrastructure projects.

• Grades for H2 2025 expected to be sub-9 g/t, with recoveries around 90%.