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Lundin Gold Reports First Quarter Of 2024 Results; Results Provide Strong Foundation to Meet 2024 Guidance
Results Provide Strong Foundation to Meet 2024 Guidance VANCOUVER, BC, May 8, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
About this update from Lundin Gold Inc.
[{"type":"text","content":" Results Provide Strong Foundation to Meet 2024 Guidance VANCOUVER, BC, May 8, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) (\"Lundin Gold\" or the \"Company\") is pleased to report results for the first quarter of 2024, highlighted by gold production of 111,572 ounces (\"oz\") and gold sales of 108,916 oz at a cash operating cost[1] of $735 per oz sold and all-in sustaining cost (\"AISC\")1 of $868 per oz sold from its Fruta del Norte gold mine (\"Fruta del Norte\" or \"FDN\") located in southeastern Ecuador. Bolstered by strong operating performance, reduced debt servicing costs and record high gold prices, Fruta del Norte generated in excess of $100 million cash from operating activities in the first quarter, and free cash flow1 of $82.3 million or $0.35 per share, resulting in a cash balance of $324 million as at March 31, 2024. All amounts are in U.S. dollars unless otherwise indicated. \"I'm pleased to report another great start to the year for Lundin Gold. Operations are running consistently, including cost performance and production which is weighted to the second half of the year. Our Process Plant Expansion Project to deliver increased throughput and recoveries is on track for year-end completion. As a result of our conversion drilling, we announced the replacement of our Mineral Reserves and continue to focus on organic growth opportunities.\" Ron Hochstein, President and CEO commented, \"With the buy out of the stream credit facility and offtake agreement, we are poised to repay the final piece of the Fruta del Norte project finance debt by the end of the second quarter, and are looking forward to further margin expansion in addition to unencumbered exposure to rising gold prices. 2024 is shaping up to be a great year with our continued focus on operational excellence, near-term production growth and very exciting exploration throughout the Fruta del Norte district.\" OPERATING AND FINANCIAL RESULTS SUMMARY The following two tables provide an overview of key operating and financial results. Three months ended March 31 2024 2023 Tonnes ore mined 419,758 427,735 Tonnes ore milled 413,596 392,332 Average mill throughput (tpd) 4,545 4,359 Average mill head grade (g/t) 9.5 12.3 Average recovery 88.3 % 90.6 % Gold ounces produced 111,572 140,...