Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) reported second quarter 2026 gold production of 118,994 ounces from its Fruta del Norte gold mine in southeast Ecuador. Of the total, 79,208 ounces were produced as concentrate and 39,786 ounces as doré. This compares to 139,433 ounces produced in the same quarter of 2025.
Mill Performance and Grades
During the second quarter of 2026, the mill processed 500,143 tonnes of ore at an average throughput rate of 5,496 tonnes per day, with an average head grade of 8.3 grams per tonne and gold recovery of 89.1%. In the prior-year quarter, throughput was 460,820 tonnes at 5,064 tpd, with a grade of 10.4 g/t and recovery of 90.9%.
CEO Commentary on Production
Jamie Beck, President and CEO, commented: “Second quarter production of 118,994 ounces of gold, in what was planned to be the weakest quarter of the year, emphasizes the strength of our operations. Despite a total of nine days of planned plant maintenance during the quarter, improved access to higher grade stopes resulted in materially higher throughput and grades in June, driving a strong finish to the quarter and reinforcing our operating momentum heading into the second half of the year. We remain focused on mine and plant performance and are on track to achieve our 2026 production guidance of 475,000 to 525,000 ounces of gold.”
Sales and Realized Gold Price
Gold sales for the quarter totaled 110,385 ounces, compared to 136,737 ounces in Q2 2025. The average realized gold price was $4,359 per ounce sold, down from $3,361 in the same period last year. The company noted that the average realized gold price was negatively impacted by declining gold prices on provisionally priced sales, which were below fair value estimates as of March 31, 2026. Excluding provisional pricing impacts, gold sales were done at a price of $4,525 per ounce, with adjustments reducing the average realized price by $166 per ounce.
First Half 2026 Production Summary
For the first half of 2026, Lundin Gold produced 238,736 ounces of gold, compared to 256,746 ounces in H1 2025. Mill throughput reached 996,941 tonnes at an average rate of 5,508 tpd, with a grade of 8.4 g/t and recovery of 89.2%. Gold sales for the first half were 225,693 ounces at an average realized price of $4,662 per ounce.
Upcoming Results and Conference Call
Lundin Gold will publish its second quarter 2026 results on Thursday, August 6, 2026, after market close in North America. The company will host a conference call and webcast on Friday, August 7, 2026, at 8:00 a.m. PT (11:00 a.m. ET, 5:00 p.m. CET). Details will be provided with the quarterly results release.
Non-IFRS Financial Measures
This news release refers to certain financial measures, such as average realized gold price, which are not recognized under IFRS and do not have standardized meaning. These measures may not be comparable to similar measures reported by other companies. They have been calculated on a basis consistent with historical periods. For further explanation, refer to the Company’s MD&A filed on SEDAR+ for the quarter ended March 31, 2026.
