LUNDIN GOLD REPORTS THIRD QUARTER OF 2024 RESULTS
Record cash generation, revenue, and adjusted EBITDA achieved and supported by a strong gold price
VANCOUVER, BC, Nov. 7, 2024 /CNW/ - Lundin Gold Inc. (TSX:LUG) (Nasdaq Stockholm: LUG) (OTCQX:LUGDF) ("Lundin Gold" or the "Company") is pleased to report results for the third quarter of 2024, highlighted by record high cash flow with cash from operating activities of $218 million and adjusted free cash flow1 of $182 million or $0.76 per share. This was achieved through record revenues of $323 million realized from the sale of 125,887 ounces ("oz") at an average realized gold price1 of $2,615 per oz. Record adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA")1 of $220 million were also achieved during the quarter. Cash operating costs1 and all-in sustaining costs ("AISC")1 this quarter were $681 and $877 per oz sold, respectively. All amounts are in U.S. dollars unless otherwise indicated. View PDF
"I'm pleased to announce that Lundin Gold has achieved another quarter of record results. Our operating cash flow reached a record high of $218 million, and we again set new records for both revenue and adjusted EBITDA1. This was underscored by both the team's operating performance and a high gold price." Ron Hochstein, President and CEO commented, "As we move into the last quarter of the year, we expect to achieve the high end of production guidance of 450,000 to 500,000 oz and the upper end of AISC1 guidance of $820 to $890 per oz largely due to higher sustaining capital. Lastly, the Process Plant Expansion remains on track, and we are looking forward to bringing the major components online by year end to increase throughput to 5,000 tonnes per day and improve recoveries."
OPERATING AND FINANCIAL RESULTS SUMMARY
The following two tables provide an overview of key operating and financial results.
Three months ended
September 30,
Nine months ended
September 30,
2024
2023
2024
2023
Tonnes ore mined
427,389
397,702
1,266,320
1,229,845
Tonnes ore milled
425,340
416,072
1,263,835
1,226,777
Average mill throughput (tpd)
4,623
4,523
4,613
4,494
Average head grade (g/t)
10.3
9.7
10.3
10.9
Average recovery
86.8 %
86.5 %
88.0 %
88.5 %
Gold ounces produced
122,154
112,212
366,788
381,964
Gold ounces sold
125,887
112,711
364,199
376,360
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1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 14 to 18 of the Company's MD&A for the third quarter ended September 30, 2024 available on SEDAR+.
Three months ended
September 30,
Nine months ended
September 30,
2024
2023
2024
2023
Revenues ($'000)
323,087
211,172
851,259
711,830
Income from mining operations ($'000)
203,184
99,620
488,178
357,129
Earnings before interest, taxes, depreciation, and amortization ($'000)[2]
220,469
133,170
789,150
426,702
Adjusted earnings before interest, taxes, depreciation, and amortization ($'000)1
220,469
121,492
547,326
430,137
Net income ($'000)
135,715
53,782
296,903
168,395
Basic income per share ($)
0.57
0.23
1.24
0.71
Cash provided by operating activities ($'000)
218,286
120,030
470,369
426,821
Adjusted free cash flow ($'000)1
181,609
80,937
376,016
201,143
Adjusted free cash flow per share ($)1
0.76
0.34
1.57
0.85
Average realized gold price ($/oz sold)1
2,615
1,931
2,390
1,942
Cash operating cost ($/oz sold)1
681
704
713
662
All-in sustaining costs ($/oz sold)1
877
907
874
807
Adjusted earnings ($'000)1
135,715
44,673
292,449
171,074
Adjusted earnings per share ($)1
0.57
0.19
1.22
0.72
Dividends paid per share ($)
