Lundin Gold Inc. · TSX:LUG
Lundin Gold — Q3 2026 Earnings Presentation
21 slides from Lundin Gold's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Results Conference Call
THIRD QUARTER 2026 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) NOVEMBER 5, 2026
Slide 2: Jamie Beck, President and CEO
JAMIE BECK PRESIDENT AND CEO Lundin Gold Q3 2026 Conference Call | November 5, 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 advised that, while such terms are recognized and required by information contained in this presentation and responses to There can be no assurance that such statements wil
Slide 4: Q3 2026 Highlights
Q3 2026 HIGHLIGHTS - Gold production of 153,736 oz, with 148,326 oz sold Production - Average grade of ore milled was 10.1 g/t with average recovery at 88.3% - 535,711 tonnes milled at a throughput rate of 5,823 tpd Cash Operating - Cash operating costs1 of $862 per oz of gold sold Costs1 and AISC1
Slide 5: Terry Smith, COO
TERRY SMITH COO Lundin Gold Q3 2026 Conference Call | November 5, 2026 Slide 5 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 6: Q3 2026 Safety Performance
Q3 2026 SAFETY PERFORMANCE 7 Lost Time Incidents 0.75 0.76 Medical Aid Incidents Total Recordable Incident Rate per 200,000 hours worked0.66 6 0.63 0.62 0.56 5 0.46 4 0.37 0.39 0.36 0.33 3 0.28 0.26 2 0.21 0.19 0.16 1 0.06 2 3 3 5 0 3 5 2 0 2 0.00 0 4 3 1 3 0 2 0.00 0 0 0 -0.04 Q1 2024 Q2 2024 Q3 20
Slide 7: Strong Third Quarter; Positioned to Achieve Guidance
STRONG THIRD QUARTER; POSITIONED TO ACHIEVE GUIDANCE Q3 2026 Results YTD 2026 Results › Record quarterly throughput and ounces 153,736 oz 392,472 oz Gold produced Gold produced › Average throughput exceeded 5,800 tonnes per day 103,311 oz 50,425 oz 261,970 oz 130,502 oz Gold as concentrate Gold as d
Slide 8: Development Progressing at FDNS and FDN East
DEVELOPMENT PROGRESSING AT FDNS AND FDN EAST A 39m of MINE PORTAL development into FDN East › Development at FDNS progressing › 102 metres completed from the south portal (218 metres year-to-date) FDN East › 49 metres on 1170 level (221 metres year-to-date) FDN › 39 metres of development towards FDN
Slide 9: Chester See, CFO
CHESTER SEE CFO Lundin Gold Q3 2026 Conference Call | November 5, 2026 Slide 9 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 10: Third Quarter 2026 Financial Highlights
THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS Three Months Ended Sept. 30th Nine Months Ended Sept. 30th (Tables are expressed in $’000, except share and Q3 2026 Q3 2025 YTD 2026 YTD 2025 per share amounts, or unless otherwise stated) Ounces sold 148,326 124,911 374,019 379,289 Revenues 632,998 447,119 1,
Slide 11: Free Cash Flow
FREE CASH FLOW1 Three Months Ended Sept. 30th Nine Months Ended Sept. 30th (Tables are expressed in $’000, except share and Q3 2026 Q3 2025 YTD 2026 YTD 2025 per share amounts, or unless otherwise stated) Net cash provided by operating activities 376,935 215,533 872,098 664,623 Net cash used for inv
Slide 12: Cash Balance
CASH BALANCE Lundin Gold generated $872 million in cash from operations YTD 2026 with a cash balance of $574 million after the payment of $832 million in dividends. 872 (6) 630 (832) 574 (91) Annual profit sharing and tax amount of Excludes $747 million $221 million included LunR dividend in kind Ca
Slide 13: Announced Quarterly Dividend of $275 Million to Be Paid in Fourth Quarter
ANNOUNCED QUARTERLY DIVIDEND OF $275 MILLION TO BE PAID OUT IN THE FOURTH QUARTER Announced quarterly cash dividends of $1.14 per Approximate total2 Dollars per share in $m common share consisting of: Fixed dividend 0.30 72 › Fixed dividend of $0.30 per share. Variable dividend 0.84 203 Total quarte
Slide 14: Jamie Beck, President and CEO
JAMIE BECK PRESIDENT AND CEO Lundin Gold Q3 2026 Conference Call | November 5, 2026 Slide 14 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 15: High-Grade Intercepts Extend FDNS Envelope
HIGH-GRADE INTERCEPTS EXTEND FDNS ENVELOPE Conversion Drilling › Demonstrating continuity of high-grade FDN FDN-C26-542 zones in support of resource and reserve FDN-C26-537 East 6.25m @ 50.26 g/t Au (62.30m) Incl. 0.85m @ 353.12 g/t Au growth 7.60m @ 102.39 g/t Au (14.60m) Incl. 3.25m @ 231.86 g/t A
Slide 16: Conversion Drilling Starts at FDN East
CONVERSION DRILLING W FDN and FDN East – Cross-Section (Looking North) E STARTS AT FDN EAST Exploration Drilling › Drilling confirmed continuity of the FDN East mineralization and the geological FDN-C26-547 1.20m @ 29.51 g/t Au (162.20m) model along the western portion of Incl. 0.40m @ 87.20 g/t Au
Slide 17: High-Grade at Bonza Sur Provides Underground Optionality
HIGH-GRADE AT BONZA SUR PROVIDES UNDERGROUND OPTIONALITY Exploration Drilling S N Longitudinal Section - FDN – Bonza Sur Mineralized Trend-4 km (Looking East) › Drilling of high- BLP-2026-553 BLP-2026-562 BLP-2026-559 grade zones within 3.05m @ 204.26 g/t Au (140.25m) 10.35m @ 3.75 g/t Au (71.40m) 1
Slide 18: New Epithermal Discovery at Quebrada Dorada
NEW EPITHERMAL DISCOVERY AT QUEBRADA DORADA Extends known epithermal district to 8km from FDN to Quebrada Dorada › Highlight intercepts: 13.05 m @ 6.53 g/t Au and 3.15m @ 20.15 g/t Au N Longitudinal Section: FDN – Quebrada Dorada Mineralized Trend - 8 km (Looking East) S QUEBRADA DORADA DISCOVERY FD
Slide 19: 2026 Objectives on Track
2026 OBJECTIVES ON TRACK Remain focused on health, safety and environmental TRIR of 0.19, performance continued focus Achieve 2026 production and unit cost guidance On track, guidance reiterated Targeting record exploration drilling program of ~109k metres drilled YTD 133,000 metres FDNS incorporate
Slide 20: Lundin Gold
LUNDIN GOLD Operational Excellence Cash Flow Growth ESG Lundin Gold Q3 2026 Conference Call | November 5, 2026 Slide 20 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 21: Thank You
LUNDINGOLD #6 BUILDING 4 LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING THANK YOU Certified