VANCOUVER, BC, Feb. 19, 2026 /CNW/ - Lundin Gold Inc. (TSX:LUG) (Nasdaq Stockholm: LUG) (OTCQX:LUGDF) ("Lundin Gold" or the "Company") today announced its financial results for the fourth quarter and year ended December 31, 2025. The year delivered exceptional operational and financial performance, including gold production of 498,315 oz, in line with elevated guidance, and record free cash flow¹ of $926 million. The Company generated record revenues of $1.78 billion from sales of 503,330 oz at an average realized gold price1 of $3,594 per oz, supported by stable operations, strong margins, and completion of the process plant expansion early in the year. PDF Version
The Company's gold mine in Ecuador, Fruta del Norte ("FDN"), achieved average throughput of 5,009 tpd with recoveries of 89.0%. Cash operating costs¹ of $838/oz and AISC¹ of $1,015/oz remained competitive despite higher royalties and employee profit sharing tied to strong gold prices, resulting in robust margins throughout the year.
The Company also advanced its most extensive exploration program to date, drilling 121,519 metres across conversion and near mine programs and further demonstrating the significant potential of the broader land package. Lundin Gold returned a record $664 million in dividends during the year and has declared $1.15 per share payable in Q1 2026. All amounts are in U.S. dollars unless otherwise indicated.
Jamie Beck, President and CEO, commented "2025 was an outstanding year for Lundin Gold, marked by strong operational delivery, record financial results and dividends to our shareholders. FDN again demonstrated strong production and exceptional cash flow, reinforcing the strength of this world‑class asset.
Our exploration results were equally impressive. Following our MRMR update, FDNS now carries an initial Mineral Reserve and FDN East has an initial Inferred Mineral Resource. Drilling at both targets continues to demonstrate the scale and continuity of these high‑grade epithermal systems, with the potential to extend the life of mine.
The emerging copper gold porphyry systems at Sandia, Trancaloma, Castillo and other targets further illustrate the exceptional endowment of the district. Together with the growth at FDNS, FDN East and Bonza Sur, the combination of multiple high grade epithermal deposits and several promising porphyry centres provides rare long term optionality and a powerful foundation for future district scale growth
With no debt, a strong balance sheet, and a growing pipeline of high‑quality opportunities, we enter 2026 with considerable strategic flexibility and remain focused on disciplined execution and responsible growth."
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1
Refer to "Non-IFRS Measures" section.
OPERATING AND FINANCIAL RESULTS SUMMARY
The following two tables provide an overview of key operating and financial results.
Three months endedDecember 31,
Year ended December 31,
2025
2024
2025
2024
Tonnes ore mined
501,301
405,529
1,832,695
1,671,849
Tonnes ore milled
484,950
427,030
1,828,225
1,690,865
Average mill throughput (tpd)
5,271
4,642
5,009
4,620
Average mill head grade (g/t)
8.7
11.3
9.5
10.5
Average recovery
88.3 %
87.1 %
89.0 %
87.8 %
Gold ounces produced
119,483
135,241
498,315
502,029
Gold ounces sold
124,041
131,175
503,330
495,374
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
Revenues ($'000)
526,596
341,791
1,782,940
1,193,050
Income from mining operations ($'000)
373,402
215,208
1,226,337
703,386
Earnings before interest, taxes, depreciation, and amortization ($'000)1
363,788
232,223
1,235,810
1,021,373
Adjusted earnings before interest, taxes, depreciation, and amortization ($'000)1
363,788
232,223
1,235,810
779,549
Net income ($'000)
234,205
129,147
792,151
426,050
Basic income per share ($)
0.97
0.54
3.29
1.78
Cash provided by operating activities ($'000)
358,405
192,021
1,023,029
662,390
Free cash flow ($'000)1
328,197
163,767
925,799
304,208
Free cash flow per share ($)1
1.36
0.68
3.84
1.27
Average realized gold price ($/oz sold)1
4,299
2,664
3,594
2,462
Cash operating cost ($/oz sold)1
947
709
838
712
All-in sustaining costs ($/oz sold)1
1,193
879
1,015
875
Adjusted earnings ($'000)1
234,205
129,147
792,151
421,596
Adjusted earnings per share ($)1
0.97
0.54
3.29
1.76
Dividends paid per share ($)
0.80
0.20
2.75
0.60
FOURTH QUARTER AND FULL YEAR HIGHLIGHTS
Year ended December 31, 2025
FDN achieved annual gold production of 498,315 oz, comprised of 324,485 oz in concentrate and 173,830 oz as doré, which meets the Company's 2025 elevated guidance.
A total of 1,832,695 and 1,828,225 tonnes of ore was mined and processed, respectively. In 2025, average mill throughput exceeded 5,000 tpd, demonstrating the benefits of the process plant expansion project completed in Q1 2025. The mine also ramped up progressively throughout the year keeping pace with the mill.
The average grade of ore milled was 9.5 grams per tonne ("g/t") with improved average recoveries of 89.0% when compared to 2024.
The Company sold a total of 503,330 oz of gold, consisting of 331,305 oz ...
