Lundin Gold Reports Q2 2026 Production of 118,994 Ounces of Gold
Lundin reports a back-end-weighted year with Q2 results as expected, delivering no surprises to the market.
Lundin Gold Inc. (LUG) produced 118,994 oz of gold in the second quarter of 2026, a decrease from the 139,433 oz recorded in Q2 2025 and slightly below the 119,742 oz produced in Q1 2026. During the quarter, the company processed 500,143 tonnes of ore, achieving an average throughput of 5,496 tonnes per day against 2026 guidance of 5,500 tpd. The operation maintained a head grade of 8.3 g/t and a recovery rate of 89.1%.
The quarter included nine days of planned plant maintenance, though improved access to higher-grade stopes drove higher throughput and grades in June. Lundin Gold sold 110,385 oz of gold at an average realized price of $4,359.10/oz. This figure includes a negative $166/oz provisional pricing adjustment, bringing the pre-adjustment price to $4,525/oz. The company reaffirmed its full-year 2026 production guidance of 475,000–525,000 oz.
Lundin Gold Inc. (LUG) reported production figures that aligned precisely with prior guidance, landing exactly where management had forecasted. The company noted there were no surprises, misses, or positive deviations that would alter the investment thesis.
The realized gold price of $4,359/oz was weighed down by a large provisional pricing adjustment. This adjustment was identified as a mark-to-market artifact and does not reflect operational weakness.
Following a predicted soft quarter, the company reaffirmed its annual guidance. This reaffirmation is considered neutral, as it neither de-risks nor adds risk to the outlook. There is no material impact from these results.
Lundin Gold Inc. is a Canadian gold mining company operating the world-class Fruta del Norte (FDN) gold mine in Ecuador. The mine is a high-grade underground operation producing doré and concentrate. The company holds a 100% interest in FDN, subject to a 5% net smelter return royalty and a 50% Ecuador government profit-sharing mechanism. It is part of the Lundin Group.
Near-mine exploration has defined the FDNS and FDN East satellites, with FDNS already holding a maiden reserve. A large copper-gold porphyry district is being explored on the same property, with multiple porphyry systems identified.