Slide 1: First Quarter 2025 Results Conference Call
FIRST QUARTER 2025 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) MAY 9, 2025
Slide 2: Ron F. Hochstein, President and CEO
RON F. HOCHSTEIN PRESIDENT AND CEO Slide 2 Lundin Gold Q1 2025 Conference Call | May 9, 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: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS - Gold production of 117,313 oz, with 117,641 oz sold Production - Average grade of ore milled was 10.4 g/t with average recovery at 88.5% - Mill processed 398,159 tonnes at a throughput rate of 4,424 tpd Cash Operating Costs1 - Cash operating costs1 of $792 per oz of gold sold an
Slide 5: Q1 2025 Growth and Margin Capture
Q1 2025 GROWTH AND MARGIN CAPTURE $2,172 Q1 2025 vs Q1 2024 Results AISC margin ($/oz) $1,785 Revenue Free Cash Flow1 $1,738 $356.3m $170.8m $1,504 Up 57% Up 108% $1,273 AISC margin ($ millions) $256 $234 Net Income Earnings per Share $219 $195 $153.5m $0.64 Up 266% Up 256% $139 EBITDA1 AISC Margin2
Slide 6: Terry Smith, COO
TERRY SMITH COO Slide 6 Lundin Gold Q1 2025 Conference Call | May 9, 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 worked0.66 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 -0.04 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Slide 7 Lundin Gold Q1 2025 Confere
Slide 8: Strong Start to 2025
STRONG START TO 2025 Q1 2025 Results - Plant Expansion Project complete. 117,313 oz Gold produced - Q1 maintenance done: Essential maintenance, including SAG mill relining, was completed in the first quarter. - Positive plant performance: The expanded plant is performing well 75,494 oz 41,819 oz wit
Slide 9: Chester See, CFO
CHESTER SEE CFO Slide 9 Lundin Gold Q1 2025 Conference Call | May 9, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 10: First Quarter 2025 Financial Highlights
FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS Three Months ended March 31 (Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q1 2025 Q1 2024 Net revenues 356,345 226,741 Income from mining operations 233,546 113,237 Net income 153,500 41,897 Basic income per sh
Slide 11: Free Cash Flow: Strong Quarterly Free Cash Flow Generation
FREE CASH FLOW1 STRONG QUARTERLY FREE CASH FLOW GENERATION Three Months ended March 31 Q4 2024 to Q1 2025 Changes to Cash 4 (Tables are expressed in $’000, except share and per Q1 2025 Q1 2024 share amounts, or unless otherwise stated) 73 Net cash provided by operating activities 194,308 107,914 194
Slide 12: Fixed Dividend Complemented by Variable Dividend and Special Dividend
FIXED DIVIDEND COMPLEMENTED BY VARIABLE DIVIDEND AND SPECIAL DIVIDEND Approximate Special dividend Dollars per share total in $m - $0.41 per share payout on June 9, 2025. Special dividend 0.41 100 - Record date: May 22, 2025. Introducing quarterly variable dividend Dollars per share Approximate tota
Slide 13: Ron F. Hochstein, President and CEO
RON F. HOCHSTEIN PRESIDENT AND CEO Slide 13 Lundin Gold Q1 2025 Conference Call | May 9, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 14: Near Mine Exploration Results
NEAR MINE EXPLORATION ¯ RESULTS FDNS - High-grade drilling confirms FDNS continuity and new zones. Trancaloma and other porphyries - Copper-gold porphyry system confirmed. - Enhanced prospectivity around FDN suggests potential for other near mine porphyry targets (Castillo, Sandia). Bonza Sur - Resu
Slide 15: Near Mine Exploration Priorities
NEAR MINE EXPLORATION ¯ PRIORITIES 1. FDNS - Grow and mature FDNS with the objective of bringing into the 2026 long term mine plan. Conversion and expansion drilling. 2. Trancaloma - Explore this recently discovered copper gold porphyry 3. Bonza Sur - Continue drilling in the south extension and dri
Slide 16: 2025 Objectives Well on Track
2025 OBJECTIVES WELL ON TRACK Remain focused on health, safety and TRIR 0.21 for Q1 compared to 0.66 for 2024 environmental performance Fully complete Plant Expansion Project and Complete - optimizations focus in Q2 optimize Achieve 2025 production and unit cost Confirm 2025 guidance guidance Increa
Slide 17: Lundin Gold
LUNDIN GOLD Operational Excellence Cash Flow Growth ESG Slide 17 Lundin Gold Q1 2025 Conference Call | May 9, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 18: Thank You
LUNDINGOLD #6 BUILDING 4 LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING THANK YOU