Slide 1: Second Quarter 2025 Results Conference Call
SECOND QUARTER 2025 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) AUGUST 8, 2025
Slide 2: Ron F. Hochstein, President and CEO
RON F. HOCHSTEIN PRESIDENT AND CEO Slide 2 Lundin Gold Q2 2025 Conference Call | August 8, 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 differ materially from those anticipated in this forward-looking Important Information for US Investors information contained in this presentation and responses to informat
Slide 4: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS - Gold production of 139,433 oz, with 136,737 oz sold Production - Average grade of ore milled was 10.4 g/t with record average recovery at 90.9% - Mill processed 460,820 tonnes at a record throughput rate of 5,064 tpd Cash Operating Costs1 - Cash operating costs1 of $756 per oz o
Slide 5: Q2 2025 Growth and Margin Capture
Q2 2025 GROWTH AND MARGIN CAPTURE 2,500 $2,434 400 Q2 2025 vs Q2 2024 Results $2,172 350 AISC margin ($/oz) 2,000 $1,785 $333 Revenue Adj. Free Cash Flow3 $1,738 300 $453m $236m AISC margin ($ millions) $1,504 Up 50% Up 110% 250 1,500 $256 $1,273 $234 $219 200 Net Income Earnings per Share $195 1,00
Slide 6: Terry Smith, COO
TERRY SMITH COO Slide 6 Lundin Gold Q2 2025 Conference Call | August 8, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 7: Safety Performance Improvements Over 2024
SAFETY PERFORMANCE IMPROVEMENTS OVER 2024 7 0.75 Lost Time Incidents 0.76 Medical Aid Incidents Total Recorable Incident Rate per 200,000 hours worked 0.66 6 0.63 0.62 0.56 5 0.46 4 0.36 0.33 3 0.26 0.21 2 0.16 1 0.06 0.00 0 -0.04 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Slide 7 Lundin Gold Q
Slide 8: Strong First Half of 2025
STRONG FIRST HALF OF 2025 Q2 2025 Results H1 2025 Results › Record throughput and recovery achieving the process plant expansion operational targets. › 2025 Production Guidance: Increased 139,433 oz 256,746 oz Gold produced Gold produced bottom end of guidance from 475,000 to 490,000 oz. Maintained
Slide 9: Chester See, CFO
CHESTER SEE CFO Slide 9 Lundin Gold Q2 2025 Conference Call | August 8, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 10: Second Quarter 2025 Financial Highlights
SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS Three Months ended June 30 Six Months ended June 30 (Tables are expressed in $’000, except share and per share Q2 2025 Q2 2024 H1 2025 H1 2024 amounts, or unless otherwise stated) Net revenues 452,880 301,431 809,225 528,172 Income from mining operations 314,
Slide 11: Free Cash Flow
FREE CASH FLOW1 Three Months ended June 30 Six Months ended June 30 (Tables are expressed in $’000, except share and per Q2 2025 Q2 2024 H1 2025 H1 2024 share amounts, or unless otherwise stated) Net cash provided by operating activities 254,782 144,169 449,090 252,083 Net cash used for investing ac
Slide 12: Cash Is King at FDN
CASH IS KING AT FDN Lundin Gold generated $449 million in cash from operations in H1 2025 and ended the half year with a cash balance of $493 million after the payment of $280 million in dividends. 18 22 36 280 449 330 43 662 Q2 contribution 144 was $192m 93 493 349 349 268 CashCash as atas Dec. 31,
Slide 13: 2025 Cost Guidance Confirmed
2025 COST GUIDANCE CONFIRMED 2025 Cost Guidance › The significant increase in gold price has led to exceptional financial performance, but it has also increased our costs. 730 - 790 935 - 995 Cash Cost ($/oz sold)1,2 AISC ($/oz sold)1,2 › Specifically, higher gold prices have resulted in increased e
Slide 14: Announced Quarterly Dividend of $190 Million to Be Paid in Third Quarter
ANNOUNCED QUARTERLY DIVIDEND OF $190 MILLION TO BE PAID OUT IN THE THIRD QUARTER Approximate total in Dollars per share $m Announced quarterly cash dividends Fixed dividend 0.30 72 of $0.79 per common share consisting of: Variable dividend 0.49 118 Total quarterly dividend 0.79 190 › Fixed dividend
Slide 15: Ron F. Hochstein, President and CEO
RON F. HOCHSTEIN PRESIDENT AND CEO Slide 15 Lundin Gold Q2 2025 Conference Call | August 8, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 16: Near Mine Exploration: FDNS and FDN East
NEAR MINE EXPLORATION FDNS AND FDN EAST N FDNS Conversion Drilling › Results have confirmed the continuity of the mineralization at FDNS, with several higher-grade zones identified within the deposit. › High-grade drill holes outside the current geological model demonstrate significant potential for
Slide 17: Near Mine Exploration: Emerging Porphyry Corridor
NEAR MINE EXPLORATION EMERGING PORPHYRY CORRIDOR The discovery of another copper-gold porphyry system, a highly prospective near mine corridor Q2 2025 results adjacent to the epithermal gold deposits has 2024-2025 results Soil > 200ppm Cu emerged. Porphyries Targets Trancaloma › Results confirmed th
Slide 18: 2025 Objectives Well on Track
2025 OBJECTIVES WELL ON TRACK Remain focused on health, safety and TRIR 0.10 for H1 2025 compared to 0.66 for FY environmental performance 2024 Fully complete Plant Expansion Project and Completed in Q1 - optimizations focus for optimize remainder of 2025 Achieve 2025 production and unit cost Raised
Slide 19: Lundin Gold
LUNDIN GOLD Operational Excellence Cash Flow Growth ESG Slide 19 Lundin Gold Q2 2025 Conference Call | August 8, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 20: Thank You
LUNDINGOLD #6 BUILDING 4 LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING THANK YOU