Lundin Gold Inc. · TSX:LUG
Lundin Gold — Q4 2024 Earnings Presentation
19 slides from Lundin Gold's earnings presentation, Feb 21, 2025
Slide 1: Fourth Quarter and Full Year 2024 Results Conference Call
BUILDING A LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING February 21, 2025 FOURTH QUARTER AND FULL YEAR 2024 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) www.lundingold.com TSX, Nasdaq Stockholm: LUG OTCQX: LUGDF
Slide 2: Ron F. Hochstein, President and CEO
RON F. HOCHSTEIN PRESIDENT AND CEO Slide 2 Lundin Gold Q4 and Full Year 2024 Conference Call | February 21, 2025 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 assurance that such statements will prove to be accurate, Canadian regulations, the Securities and Exchange Commission information contained in this presentation and respon
Slide 4: Full Year 2024 Highlights
FULL YEAR 2024 HIGHLIGHTS • Exceeded production guidance and achieved record annual production – 502,029 oz. • Achieved unit cost guidance – Cash operating costs1 and AISC1 for 2024 were $712 and $875 per Strong operating results oz of gold sold, respectively. • Safety – Recorded ten Lost Time Incid
Slide 5: Terry Smith, COO
TERRY SMITH COO Slide 5 Lundin Gold Q4 and Full Year 2024 Conference Call | February 21, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 6: Exceeded 2024 Production Guidance and Achieved Record Annual Production
EXCEEDED 2024 PRODUCTION GUIDANCE AND ACHIEVED RECORD ANNUAL PRODUCTION Q4 2024 FY 2024 135,241 oz 502,029 oz Gold produced Gold produced 88,834 oz 46,407 oz 320,240 oz 181,789 oz Gold as concentrate Gold as doré Gold as concentrate Gold as doré 427,030 11.3 g/t 1,690,865 10.5 g/t Tonnes milled Aver
Slide 7: Plant Expansion Project Substantially Complete
PLANT EXPANSION PROJECT SUBSTANTIALLY COMPLETE Delivering mill expansion to 5,000 tpd and improving recoveries by 3% • Plant throughput continued to increase through the fourth quarter with consistent periods of 5,000 tpd achieved. • Recoveries were positively impacted after the first of three James
Slide 8: Ecuador Energy and FDN Generator Project
ECUADOR ENERGY AND FDN GENERATOR PROJECT Background • Several countries in South America experienced a prolonged drought in 2024. • More than 70% of Ecuador’s electricity is hydroelectric power. The drought resulted in power shortages in 2024. • Following increased rainfall in Ecuador since the star
Slide 9: Chester See, CFO
CHESTER SEE CFO Slide 9 Lundin Gold Q4 and Full Year 2024 Conference Call | February 21, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 10: Fourth Quarter and Full Year 2024 Financial Highlights
FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL HIGHLIGHTS Three Months ended December 31 Twelve Months ended December 31 (Tables are expressed in $’000, except share and per share Q4 2024 Q4 2023 2024 2023 amounts, or unless otherwise stated) Net revenues 341,791 190,688 1,193,050 902,518 Income from m
Slide 11: Free Cash Flow
FREE CASH FLOW1 Three Months ended December 31 Year ended December 31 (Tables are expressed in $’000, except share and per Q4 2024 Q4 2023 2024 2023 share amounts, or unless otherwise stated) Net cash provided by operating activities 192,021 92,574 662,390 519,395 Net cash used for investing activit
Slide 12: Cash Is King at FDN
CASH IS KING AT FDN Lundin Gold generated $662 million in cash from operations in 2024 and ended the year with a cash balance of $349 million after the payment of $144 million in dividends. 22 36 330 662 Q4 contribution 144 was $192m 93 349 268 Cash as at Dec. 31, 2023 Cash generated from Proceeds f
Slide 13: Capital Allocation Program
CAPITAL ALLOCATION PROGRAM Quarterly dividend increase by 50% • On February 20, 2025 increased dividend by 50% from $0.20 to $0.30 per share. On an annual Annualized Dividend basis this represents approximately $300 million. • This is the second increase to the dividend in the last twelve months – o
Slide 14: Ron F. Hochstein, President and CEO
RON F. HOCHSTEIN PRESIDENT AND CEO Slide 14 Lundin Gold Q4 and Full Year 2024 Conference Call | February 21, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 15: 2024 Mineral Reserves and Mineral Resources
2024 MINERAL RESERVES AND MINERAL RESOURCES LARGEST FDN RESERVE AND RESOURCE STATEMENT EVER PUBLISHED Based on contained gold ounces the 2024 estimates are the highest ever published at FDN for Mineral Reserves and Resources. • Proven and Probable Mineral Reserves increased to 5.54 Moz of contained
Slide 16: 2025 Objectives
2025 OBJECTIVES Remain focused on health, safety and environmental performance Fully complete Plant Expansion Project and optimize Achieve 2025 production and unit cost guidance Increase exploration drilling to record levels Establish initial Reserve at FDNS and continue to grow Inferred Publish ini
Slide 17: One of the Lowest Cost Gold Mines in the World
ONE OF THE LOWEST COST GOLD MINES IN THE WORLD AISC1 Q4 2024 FY 2024 2400 2200 Cash operating costs $709 $712 2000 Corporate social $4 $4 1800 responsibility All-In Sustaining Cost (US$/oz) 1600 Treatment and refining $89 $84 charges 1400 Accretion of 1200 $2 $2 restoration prevision 1000 Sustaining
Slide 18: Lundin Gold
LUNDIN GOLD Operational Excellence Cash Flow Growth ESG Slide 18 Lundin Gold Q4 and Full Year 2024 Conference Call | February 21, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 19: Building a Leading Gold Company Through Responsible Mining
BUILDING A LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING Contact information: Brendan Creaney – VP, Corporate Development and Investor Relations Brendan.creaney@lundingold.com +1 604-376-4595 Lundin Gold Ecuador Lundin Gold Ecuador LundinGold LundinGold LundinGold LundinGold @LundinGold / LundinGo