Lundin Gold Inc. · TSX:LUG
Lundin Gold — FY2025 Earnings Presentation
24 slides from Lundin Gold's earnings presentation, Feb 20, 2026
Slide 1: Fourth Quarter and Full Year 2025 Results Conference Call
FOURTH QUARTER AND FULL YEAR 2025 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) FEBRUARY 20, 2026
Slide 2: Jamie Beck, President and CEO
JAMIE BECK PRESIDENT AND CEO Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 Slide 2 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 3: Caution Regarding Forward Looking Information and Statements
CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS All statements, other than statements of historical fact, made and “inferred" and “historical” mineral resources. U.S. investors are information contained in this presentation and responses to There can be no assurance that such statements
Slide 4: Full Year 2025 Highlights
FULL YEAR 2025 HIGHLIGHTS - Gold production of 498,315 oz, with 503,330 oz sold Production - Average grade of ore milled was 9.5 g/t with average recovery at 89.0% - Mill processed 1,828,225 tonnes at a record throughput rate of 5,009 tpd Cash Operating Costs1 - Cash operating costs1 of $838 per oz
Slide 5: Q4 2025 Growth and Margin Capture
Q4 2025 GROWTH AND MARGIN CAPTURE 3,200 $3,106 Q4 2025 vs Q4 2024 Results $2,598 500 2,700 AISC margin ($/oz) $2,434 Revenue Free Cash Flow1 $2,172 AISC margin ($ millions) $527m (record) $328m (record) 2,200 400 $1,785 $385 Up 54% Up 100% $1,738 1,700 $1,504 $333 $325 300 $1,273 Net Income Earnings
Slide 6: Terry Smith, COO
TERRY SMITH COO Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 Slide 6 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 7: 2025 Safety Performance: No Lost Time Incidents in 2025
2025 SAFETY PERFORMANCE NO LOST TIME INCIDENTS IN 2025 Achieved our lowest annual total recordable incident rate of 0.22 in 2025 7 Lost Time Incidents 0.75 0.76 Medical Aid Incidents Total Recorable Incident Rate per 200,000 hours worked0.66 6 0.63 0.62 0.56 5 0.46 4 0.37 0.36 0.33 3 0.28 0.26 2 0.2
Slide 8: 2025 Production Guidance on Track
2025 PRODUCTION GUIDANCE ON TRACK Achieved 2025 Revised Production Q4 2025 Results FY 2025 Results Guidance of 490,000 oz. - 525,000 oz with 498,315 produced. 119,483 oz 498,315 oz Gold produced Gold produced Q4 2025 Highlights › Record mining and milling rates as debottlenecking advanced toward the
Slide 9: FDNS Inclusion into Mineral Reserves
FDNS INCLUSION INTO MINERAL RESERVES LONGSECTION (FACING EAST) › Conversion drilling recently added a portion of the growing FDNS deposit into Mineral Reserves › Underground mine development toward the deposit to proceed. N › Anticipated 2026 non sustaining capital costs associated with FDNS develop
Slide 10: FDNS Integration into Mine to Mill Expansion Study
FDNS INTEGRATION INTO MINE TO MILL EXPANSION STUDY › The mine-to-mill expansion study is evaluating higher sustained mining rates by incorporating FDNS into the broader mine plan as well as plant debottlenecking and upgrades supporting increased throughput. › Plans to make an integrated investment d
Slide 11: Chester See, CFO
CHESTER SEE CFO Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 Slide 11 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 12: Fourth Quarter and Full Year 2025 Financial Highlights
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL HIGHLIGHTS Three Months ended December 31 Twelve Months ended December 31 (Tables are expressed in $’000, except share and per share Q4 2025 Q4 2024 FY 2025 FY 2024 amounts, or unless otherwise stated) Net revenues 526,596 341,791 1,782,940 1,193,050 Incom
Slide 13: Free Cash Flow
FREE CASH FLOW1 Three Months ended December 31 Twelve Months ended December 31 (Tables are expressed in $’000, except share and per Q4 2025 Q4 2024 FY 2025 FY 2024 share amounts, or unless otherwise stated) Net cash provided by operating activities 358,405 192,021 1,023,029 662,390 Net cash used for
Slide 14: Cash Flow
CASH FLOW Lundin Gold generated $1.0 billion in cash from operations ending the year with a cash balance of $630 million after the payment of $664 million in dividends. 19 22 36 330664 662 1,023 Q2 contribution 144 97 was $192m 93 630 349 268349 CashCash as atas Dec. 31, 2023 at Dec. 31, 2024 Cash g
Slide 15: Announced Quarterly Dividend of $279 Million
ANNOUNCED QUARTERLY DIVIDEND OF $279 MILLION TO BE PAID OUT IN THE FOURTH QUARTER Dollars per Approximate share total in $m Announced quarterly cash dividends of $1.15 per Fixed dividend 0.30 73 common share consisting of: Variable dividend 0.85 205 › Fixed dividend of $0.30 per share. Total quarter
Slide 16: Jamie Beck, President and CEO
JAMIE BECK PRESIDENT AND CEO Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 Slide 16 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 17: 2025 Mineral Reserves and Mineral Resources
2025 MINERAL RESERVES AND MINERAL RESOURCES LARGEST FDN RESERVE AND RESOURCE STATEMENT EVER PUBLISHED Highest contained gold ounces ever reported at FDN › Proven & Probable Reserves: 5.85 Moz (25.66 Mt @ 7.09 g/t), +6% YoY 2.4 Moz 2.0 Moz after 0.53 Moz mining depletion • Includes FDNS inaugural Res
Slide 18: Track Record of Mineral Reserve Replacement
TRACK RECORD OF MINERAL RESERVE REPLACEMENT 3.95 Moz 5.85 Moz 4.82 Moz -2.93 Moz 2016 Technical Report Mining Depletion Additions Dec 31, 2025 Mineral Reserves 1. Please see the Company’s press release dated February 17, 2026 titled “Lundin Gold Reports Record Mineral Reserves and Expands the FDN Di
Slide 19: Near Mine Conversion and Exploration FDNS
NEAR MINE CONVERSION AND EXPLORATION FDNS Conversion Drilling › Recent results confirms strong gold mineralization with several standout intercepts › Defines wide, high-grade zones within the mineral envelope Continues to support › Mineral Reserve expansion at FDNS Exploration Drilling › Exceptional
Slide 20: Near Mine Exploration FDN East
NEAR MINE EXPLORATION FDN EAST Exploration Drilling › Newly discovered veins extend the footprint ~150 m beyond the inaugural Mineral Resource › Confirms a broader mineralized trend than previously defined › Potential extension under cover toward the Sandia porphyry Lundin Gold Q4 and Full Year 2025
Slide 21: Near Mine Exploration Emerging Porphyry Corridor
NEAR MINE EXPLORATION EMERGING PORPHYRY CORRIDOR Sandia › Best porphyry intercept to date: 322 m @ 1.08% CuEq, near surface. › Footprint: 1.3 km x 0.7 km x 1.0 km; open NW, east, and at depth. › Currently largest + highest grade porphyry system on FDN concessions. Trancaloma › Drilling into shallowi
Slide 22: 2026 Objectives
2026 OBJECTIVES Remain focused on health, safety and environmental performance Achieve 2026 production and unit cost guidance Targeting record exploration drilling program of 133,000 metres FDNS incorporated into Mineral Reserves, and underground mine development to proceed Complete mine to mill exp
Slide 23: Lundin Gold
LUNDIN GOLD Operational Excellence Cash Flow Growth ESG Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 Slide 23 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 24: Thank You
LUNDINGOLD #6 BUILDING 4 LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING THANK YOU Certified