Lundin Gold Inc. · TSX:LUG
Lundin Gold — Q3 2025 Earnings Presentation
23 slides from Lundin Gold's earnings presentation, Nov 7, 2025
Slide 1: Third Quarter 2025 Results Conference Call
THIRD QUARTER 2025 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) NOVEMBER 7, 2025
Slide 2: Ron F. Hochstein, Departing President and CEO
RON F. HOCHSTEIN DEPARTING PRESIDENT AND CEO Slide 2 Lundin Gold Q3 2025 Conference Call | November 7, 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 Canadian regulations, the Securities and Exchange Commission information contained in this presentation and
Slide 4: Lundin Gold CEO Transition
LUNDIN GOLD CEO TRANSITION - Ron Hochstein is transitioning to a new opportunity in the Lundin Group after 10 years as President, CEO, and Director of Lundin Gold. - Jamie Beck a long time Lundin Group employee, most recently as CEO of Filo, has been appointed President, CEO and Director of Lundin G
Slide 5: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS - Gold production of 122,086 oz, with 124,911 oz sold Production - Average grade of ore milled was 8.9 g/t with average recovery at 88.2% - Mill processed 484,296 tonnes at a record throughput rate of 5,264 tpd Cash Operating Costs1 - Cash operating costs1 of $861 per oz of gold s
Slide 6: Q3 2025 Growth and Margin Capture
Q3 2025 GROWTH AND MARGIN CAPTURE 3,000 Q3 2025 vs Q3 2024 Results $2,598 500 2,500 $2,434 AISC margin ($/oz) $2,172 Revenue Free Cash Flow1 400 $447m $191m 2,000 $1,785 AISC margin ($ millions) $1,738 Up 38% Up 5% $1,504 $333 $325 300 1,500 $1,273 Net Income Earnings per Share $256 $234 $208m (reco
Slide 7: Terry Smith, COO
TERRY SMITH COO Slide 7 Lundin Gold Q3 2025 Conference Call | November 7, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 8: 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 0.37 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 Q3 2025 Slide 8
Slide 9: 2025 Production Guidance on Track
2025 PRODUCTION GUIDANCE ON TRACK › Record mining and milling rate as Q3 2025 Results YTD 2025 Results debottlenecking continues to ramp up to 5,500 tpd average for 2026. › 2025 Production Guidance confirmed 122,086 oz 378,832 oz at 490,000 oz. - 525,000 oz. Gold produced Gold produced › Looking ahe
Slide 10: FDNS Is Targeted for Mine Plan Integration Less Than Two Years After Its Discovery
FDNS IS TARGETED FOR MINE PLAN INTEGRATION LESS THAN TWO YEARS AFTER ITS DISCOVERY 2024 MRE - 12.3Mt Conversion drilling Two drifts developed at 5.25 g/t for complete awaiting south of FDN to support ~2.1Moz’s with only final assays, underground ~7,000 metres of exploratory drilling exploration dril
Slide 11: Chester See, CFO
CHESTER SEE CFO Slide 11 Lundin Gold Q3 2025 Conference Call | November 7, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 12: Third Quarter 2025 Financial Highlights
THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS Three Months ended September 30 Nine Months ended September 30 (Tables are expressed in $’000, except share and per share Q3 2025 Q3 2024 YTD 2025 YTD 2024 amounts, or unless otherwise stated) Net revenues 447,119 323,087 1,256,344 851,259 Income from mining o
Slide 13: Free Cash Flow
FREE CASH FLOW1 Three Months ended September 30 Nine Months ended September 30 (Tables are expressed in $’000, except share and per Q3 2025 Q3 2024 YTD 2025 YTD 2024 share amounts, or unless otherwise stated) Net cash provided by operating activities 215,533 217,873 664,623 466,406 Net cash used for
Slide 14: Cash Is King at FDN
CASH IS KING AT FDN Lundin Gold generated $665 million in cash from operations year to date ending the period with a cash balance of $494 million after the payment of $471 million in dividends. 18 22 36 330471 665 662 Q2 contribution 144 67 was $192m 93 494 349 349 268 CashCash as atas Dec. 31, 2023
Slide 15: Announced Quarterly Dividend of $193 Million to Be Paid in Q4
ANNOUNCED QUARTERLY DIVIDEND OF $193 MILLION TO BE PAID OUT IN THE FOURTH QUARTER Announced quarterly cash dividends of $0.80 per Dollars per Approximate share total in $m common share consisting of: Fixed dividend 0.30 72 › Fixed dividend of $0.30 per share Variable dividend 0.50 120 Total quarterl
Slide 16: Ron F. Hochstein, Departing President and CEO
RON F. HOCHSTEIN DEPARTING PRESIDENT AND CEO Slide 16 Lundin Gold Q3 2025 Conference Call | November 7, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 17: Milestone Achieved - Equity Raised Greater Than Dividends Paid / Declared
MILESTONE ACHIEVED - EQUITY RAISED GREATER THAN DIVIDENDS PAID / DECLARED › With this latest declared dividend of $193 Equity Raised1 Greater than Dividends Paid / Declared million, Lundin Gold achieves a major (US$m) milestone. $193 › Returned approximately $949 million in total dividends, a sum th
Slide 18: Jamie Beck, President and CEO
JAMIE BECK PRESIDENT AND CEO Slide 18 Lundin Gold Q3 2025 Conference Call | November 7, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 19: Near Mine Exploration: FDNS and FDN East
NEAR MINE EXPLORATION FDNS AND FDN EAST FDNS › Conversion drilling for 2025 has been completed and awaiting final assays. › Exploratory drilling continues in the south. FDN East › Exploration drilling is ongoing as we investigate how far the known mineralization extends into the center of the target
Slide 20: Near Mine Exploration: Emerging Porphyry Corridor
NEAR MINE EXPLORATION EMERGING PORPHYRY CORRIDOR Sandia › Step-out drilling confirmed a continuous mineralized zone for nearly 1,000m along strike, 500m in width, and 800m at depth A large mineral envelope has emerged, remaining open in all directions. › Highest grade / width intercept yet on porphy
Slide 21: 2025 Objectives Well on Track
2025 OBJECTIVES WELL ON TRACK Remain focused on health, safety and TRIR 0.20 for YTD 2025 compared to 0.66 for environmental performance FY 2024 Fully complete Plant Expansion Project and Completed in Q1 - optimizations focus for optimize remainder of 2025 Achieve 2025 production and unit cost Raise
Slide 22: Lundin Gold
LUNDIN GOLD Operational Excellence Cash Flow Growth ESG Slide 22 Lundin Gold Q3 2025 Conference Call | November 7, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 23: Thank You
LUNDINGOLD #6 BUILDING 4 LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING THANK YOU