Northwire Canada EditionSunday, July 26, 2026
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B 0.150 +0.0% IFOS 2.28 −2.6% IMM 0.060 +0.0% ROCK 3.38 −1.7% NVX 0.250 −7.4% HAR 0.050 +0.0% YGT 0.175 +0.0% GEN 0.070 −nan% CRB 0.040 +14.3% MSA 7.07 +2.2% AEM 204.81 +0.7% OPW 0.105 +5.0% GRL 0.275 −1.8% AIS 0.150 +0.0% CUU 0.580 −1.7% SOMA 0.720 +5.9% B 0.150 +0.0% IFOS 2.28 −2.6% IMM 0.060 +0.0% ROCK 3.38 −1.7% NVX 0.250 −7.4% HAR 0.050 +0.0% YGT 0.175 +0.0% GEN 0.070 −nan% CRB 0.040 +14.3% MSA 7.07 +2.2% AEM 204.81 +0.7% OPW 0.105 +5.0% GRL 0.275 −1.8% AIS 0.150 +0.0% CUU 0.580 −1.7% SOMA 0.720 +5.9%
Production / Operations

LUNDIN GOLD ACHIEVES RECORD Q4 THROUGHPUT AND ACHIEVES 2025 PRODUCTION GUIDANCE WITH 498,315 OUNCES OF GOLD

Lundin Gold Hits Production Targets as Soaring Realized Prices and Throughput Expansion Fuel Massive Capital Returns

By The Northwire Desk — AI Analysis Jan 12, 2026 · 17:00 LUG · 117.98 Lundin Gold Inc.
Executive Summary

The news release dated January 12, 2026, confirms that Lundin Gold achieved its revised 2025 production guidance, producing 498,315 ounces of gold. This was supported by a record fourth-quarter mill throughput of 5,271 tonnes per day (tpd). The average head grade for the year was 9.5 g/t, though Q4 saw a lower grade of 8.7 g/t. Critically, the average realized gold price in Q4 2025 reached $4,299 per ounce sold. For 2026, the company has set production guidance at 475,000 to 525,000 ounces, aiming for a further throughput increase to 5,500 tpd and improved recoveries of 91%.

Material Impact
  • Operational Consistency: The 2025 production of 498,315 oz is at the midpoint of the revised guidance (490k-525k oz) and represents a successful execution of the mine plan despite the CEO transition in late 2025.
  • Throughput Outperformance: Achieving 5,271 tpd in Q4 2025 exceeds the 5,000 tpd target set earlier in the year and provides a clear path to the 5,500 tpd goal for 2026. This debottlenecking is essential to offset the anticipated grade decline (from 9.5 g/t in 2025 to 8.3 g/t in 2026).
  • Financial Windfall: The realized gold price of $4,299/oz in Q4 is extraordinary. Given that AISC was approximately $1,036/oz in Q3 2025, the profit margins are currently exceeding 75%, leading to massive free cash flow (FCF).
  • Capital Allocation: The company has shifted to a "pay-for-performance" model, increasing its variable dividend to 100% of normalized FCF in Q3 2025. With current realized prices, the dividend yield has become a primary attraction for the stock.
LUG · Price
Company Overview

Lundin Gold operates the 100%-owned Fruta del Norte (FDN) mine in southeast Ecuador. FDN is one of the highest-grade operating gold mines in the world. The project was acquired from Kinross in 2014 and achieved commercial production in 2020. Flagship assets now include the FDN mine and the emerging FDNS deposit, which is being fast-tracked for production.

Read the original news release →

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