LUNDIN GOLD REPORTS THIRD QUARTER 2025 RESULTS

Executive Summary

• Lundin Gold reported record financial results for the third quarter of 2025, driven by record-high gold prices, achieving $447 million in revenue and $208 million in net income ($0.86 per share).
• The company generated $191 million in free cash flow ($0.79 per share) from the sale of 124,911 ounces of gold at an average realized price of $3,634 per ounce.
• The Board declared a substantial cash dividend of $0.80 per share ($0.30 fixed + $0.50 variable), reflecting 100% of normalized free cash flow, payable in the fourth quarter.

Key Details

• Financial Performance (Q3 2025):
  • Revenues: $447 million.
  • Net Income: $208 million ($0.86 per share).
  • Free Cash Flow: $191 million ($0.79 per share).
  • Cash from Operating Activities: $216 million.
  • Cash Balance: $494 million as of September 30, 2025.
• Production and Sales:
  • Gold Ounces Sold: 124,911 oz (81,790 oz in concentrate; 43,121 oz as doré).
  • Gold Ounces Produced: 122,086 oz (78,172 oz in concentrate; 43,914 oz as doré).
  • Average Realized Gold Price: $3,634 per oz (comprised of $3,446 gross price and $188 favorable adjustment from provisionally priced sales).
  • Tonnes Ore Mined: 480,519 tonnes (record high).
  • Tonnes Ore Milled: 484,296 tonnes.
  • Average Mill Throughput: 5,264 tpd (record high).
  • Average Head Grade: 8.9 g/t.
  • Average Recovery: 88.2%.
• Costs:
  • Cash Operating Costs: $861 per oz sold.
  • All-In Sustaining Costs (AISC): $1,036 per oz sold.
  • Note: Costs increased due to higher royalties and statutory profit sharing driven by record gold prices.
• Dividends:
  • Declared Dividend: $0.80 per share ($0.30 fixed + $0.50 variable).
  • Total Value: Approximately $193 million.
  • Payable: End of Q4 2025 (December 22, 2025).
  • Variable Component: Calculated at 100% of normalized free cash flow (exceeding the 50% policy minimum).
  • Previous Dividend Paid: $0.79 per share ($191 million) paid on September 25, 2025.
• Outlook and Guidance:
  • Full-Year Production Guidance: 490,000 to 525,000 oz.
  • Cost Guidance: Cash operating costs and AISC expected at the upper end of guidance ranges ($730-$790/oz and $935-$995/oz, respectively) due to high gold prices.
  • Cost Sensitivity: Estimated $10/oz increase in costs for every $100/oz increase in gold price.
• Exploration and Development:
  • 2025 Exploration Program: Expanded from 80,000m to a minimum of 120,000m.
  • Drilling Activity: 17 rigs active; 32,973m completed in Q3 across 58 holes.
  • FDNS Conversion Drilling: 8,976m completed across 64 holes; confirmed continuity and higher-grade zones.
  • Regional Exploration: Advanced in Gamora district and Soberano concession; airborne geophysics survey completed.
  • FDNS Integration: Mine engineering underway to integrate FDNS into the long-term mine plan (update expected Q1 2026).
• Capital Expenditures:
  • Sustaining CapEx: $14.3 million (Q3).
  • Non-Sustaining CapEx: $7.7 million (Q3).
  • Total CapEx: $67.0 million (YTD 2025).
  • Tailings Dam: Fifth raise under construction, on track for Q1 2026 completion.
• Corporate Updates:
  • Leadership Transition: Ron Hochstein stepping down as President/CEO; Jamie Beck appointed President/CEO effective November 7, 2025.
  • Sustainability: New five-year strategy (2026-2030) launched.
  • Community: Phase 2 of mental health/well-being program commenced; humanitarian aid provided for flooding in Zamora Chinchipe.

Notable Quotes

• Ron Hochstein, President and CEO: "I'm extremely pleased to announce that Lundin Gold has delivered an exceptional third quarter highlighted by record net income of $208 million and robust free cash flow of $191 million. This high-margin performance, with an AISC of $1,036 against an average realized gold price of $3,634 per oz sold, demonstrates the world-class quality of Fruta del Norte."
• Ron Hochstein, President and CEO: "As I transition to a new role in the Lundin Group, I am confident that Lundin Gold is well positioned to continue delivering strong performance under Jamie Beck's leadership, as he joins in the role of President and Chief Executive Officer on November 7th...The best is yet to come!"