Business
Lundin Gold Reports Production of 122,154 Ounces of Gold in the Third Quarter Of 2024
VANCOUVER, BC, Oct. 8, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to report
About this update from Lundin Gold Inc.
[{"type":"text","content":" VANCOUVER, BC, Oct. 8, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) (\"Lundin Gold\" or the \"Company\") is pleased to report third quarter 2024 gold production of 122,154 ounces (\"oz\") from its Fruta del Norte gold mine (\"Fruta del Norte\") in southeast Ecuador. Of the total quarterly gold production, 73,532 oz were produced as concentrate and 48,622 oz as doré, and gold sales totalled 125,887 oz. During the same quarter in 2023, the Company produced 112,212 oz of gold and gold sales were 112,711 oz. All amounts are in U.S. dollars unless otherwise indicated. In the third quarter of 2024, the mill processed 425,340 tonnes of ore resulting in an average throughput rate of 4,623 tonnes per day at an average grade of 10.3 grams per tonne with recoveries of 86.8%. Ron Hochstein, President and CEO commented, \"I'm pleased to announce that during the third quarter we achieved the milestone of 2.0 million ounces of production from Fruta del Norte in just under five years of operation. Having produced 366,788 oz year to date, we are confident in achieving our 2024 production target of 450,000 to 500,000 oz. Average throughput in the third quarter was 4,623 tonnes per day, which was higher than planned and helped to offset lower recoveries. We are excited about Lundin Gold's continued success this year and we look forward to bringing the major components of the Process Plant Expansion project on line by year end.\" Production Results Q3 2024 Q3 2023 Ore processed (tonnes) 425,340 416,072 Average throughput (tonnes per day) 4,623 4,523 Average head grade (grams per tonne) 10.3 9.7 Recovery (%) 86.8 % 86.5 % Gold ounces produced 122,154 112,212 Concentrate 73,532 71,902 Doré 48,622 40,310 Gold ounces sold 125,887 112,711 Average realized gold price ($/oz sold) 2,6151 1,931 1 Average realized gold price during the third quarter of 2024 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair value estimates as at June 30, 2024. Final Payment Made Relating to Stream Credit Facility and Offtake Buy Out As previously announced on April 25, 2024 Lundin Gold entered into an agreement with Newmont Corporation to buy out 100% of the balance of the stream credit facility and offtake agreement for its 100% owned Fruta del No...