Business
Lundin Gold Reports Second Quarter 2023 Results And Updates 2023 Guidance
Fruta del Norte achieves record gold production of 269,752 oz and AISC¹ of $765 per oz sold in the first half of 2023 VANCOUVER, BC, Aug. 9, 2023 /CNW/ -
About this update from Lundin Gold Inc.
[{"type":"text","content":" Fruta del Norte achieves record gold production of 269,752 oz and AISC¹ of $765 per oz sold in the first half of 2023 VANCOUVER, BC, Aug. 9, 2023 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) (\"Lundin Gold\" or the \"Company\") today reports results for the second quarter and first half of 2023, highlighted by Q2 production of 129,731 ounces (\"oz\") of gold and sales of 128,958 oz, at a cash operating cost1 of $644 per oz sold and all-in sustaining cost (\"AISC\")1 of $802 per oz sold. For the first half of 2023, Lundin Gold produced 269,752 oz and sold 263,649 of gold at an AISC of $765 per oz. Lundin Gold generated $132 million in free cash flow1 over the three-month period, the highest quarterly free cash flow1 achieved to date. All amounts are in U.S. dollars unless otherwise indicated. Based on very strong performance during the first half of 2023, the Company has increased its 2023 production guidance to 450,000 to 485,000 oz. In addition, the Company has reduced its 2023 cash operating cost1 guidance to $650 to $700 per oz sold and AISC1 to $820 to $870 per oz sold. This is compared to previous production guidance of 425,000 to 475,000 oz, cash operating cost1 guidance of $700 to $760 per oz sold and AISC1 guidance of $870 to $940 per oz sold. Ron Hochstein, President and CEO commented, \"As a result of strong operating results in the first half of 2023 and confidence that our team can continue to deliver excellent performance, we are increasing production guidance and reducing cash operating cost1 and AISC1 guidance. Specifically, we are pleased that the bottom of our original cost guidance range is now the top of our revised cost guidance range. We've said that Lundin Gold is a cash flow story for some time now, and our free cash flow generated during the second quarter highlights that. This free cash flow enables us to fund future highly prospective exploration programs, pay down our debt, pay dividends, and look at potential expansion opportunities. The Company is in a strong position, and I am excited to take this momentum into the second half of the year.\" ______________________________ 1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 13 to 16 of the Company's MD&A for the three and six mont...