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Lundin Gold Three Year Outlook Anticipates Continued Growth In Gold Production From Fruta Del Norte
2023 production estimated between 425,000 to 475,000 ounces VANCOUVER, BC, Nov. 29, 2022 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX:
About this update from Lundin Gold Inc.
[{"type":"text","content":" 2023 production estimated between 425,000 to 475,000 ounces VANCOUVER, BC, Nov. 29, 2022 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) (\"Lundin Gold\" or the \"Company\") is pleased to announce its 2023 guidance and three-year gold production outlook. All amounts are in U.S. dollars unless otherwise indicated. Highlights: 2023 production is estimated between 425,000 to 475,000 ounces (\"oz\"). Cash operating costs¹ and all-in sustaining costs[1] (\"AISC\") for 2023 are expected to range between $700 and $760 and $870 and $940 per oz gold sold, respectively. Total sustaining capital in 2023 is estimated at $45 to $55 million. 28,000 metres is planned to be drilled under the 2023 near mine and regional exploration programs. The Company's outlook for production, sustaining capital and AISC for the next three years is provided in the table below. 2023 2024 2025 Gold Production (oz) 425,000 – 475,000 450,000 – 500,000 465,000 – 515,000 Sustaining Capital ($ million) 45 – 55 25 – 35 45 – 55 Cash operating cost ($/oz)¹ 700 – 760 650 – 710 640 – 700 AISC ($/oz)¹ 870 – 940 780 – 850 800 – 870 1. Gold/silver price per oz assumptions for the three years are $1,650/$18.50, respectively. Ron Hochstein, President and CEO commented, \"Now that the South Ventilation Raise has been completed, the additional ventilation will allow us to increase the rate of mining to 4,400 tonnes per day, to match the expected throughput of the mill. At current gold prices and considering the low cost nature of this mine notwithstanding inflationary pressure, we look forward to continuing generating strong free cash flow for years to come with a production forecast well in excess of 400,000 oz.\" _________________________ 1 See Non-GAAP Financial Measures below. 2023 Guidance and 2023-2025 Outlook Gold production at Fruta del Norte for 2023 is estimated to be between 425,000 to 475,000 oz based on an average throughput rate of 4,400 tpd. The head grade is estimated to average 9.67 g/t, with fluctuations expected during the year as different sections of the ore body are mined. Average mill recovery for the year is estimated at 90%. Cash operating costs are estimated to range between $700 and $760 per oz of gold sold in 2023, with variability expected during the year. AISC for 2023 is expected to range ...