Lundin Gold Inc. · TSX:LUG
Lundin Gold — Q2 2026 Earnings Presentation
21 slides from Lundin Gold's earnings presentation, Aug 7, 2026
Slide 1: Second Quarter 2026 Results Conference Call
SECOND QUARTER 2026 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) AUGUST 7, 2026
Slide 2: Jamie Beck, President and CEO
JAMIE BECK PRESIDENT AND CEO Lundin Gold Q2 2026 Conference Call | August 7, 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: Q2 2026 Highlights
Q2 2026 HIGHLIGHTS - Gold production of 118,994 oz, with 110,385 oz sold Production - Average grade of ore milled was 8.3 g/t with average recovery at 89.1% - 500,143 tonnes milled at a throughput rate of 5,496 tpd Cash Operating - Cash operating costs1 of $1,016 per oz of gold sold Costs1 and AISC1
Slide 5: Terry Smith, COO
TERRY SMITH COO Lundin Gold Q2 2026 Conference Call | August 7, 2026 Slide 5 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 6: Q2 2026 Safety Performance
Q2 2026 SAFETY PERFORMANCE 7 Lost Time Incidents 0.75 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 0.37 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 -0.04 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Slide 7: Consistent First Half Accelerating into H2
CONSISTENT FIRST HALF ACCELERATING INTO H2 Q2 2026 Results H1 2026 Results › Maintained average throughput at 5,500 118,994 oz 238,736 oz tonnes per day including nine-day Gold produced Gold produced planned shutdown › 2026 production expected to be back-end weighted, reflecting higher 79,208 oz 39,
Slide 8: Development Progressing at FDNS and FDN East
DEVELOPMENT PROGRESSING AT FDNS AND FDN EAST A Planned FDN East MINE PORTAL development › Development at FDNS progressing on the 1170 and 1080 levels and from the south portal › First development ore from FDNS processed in Q2 FDN East FDN › Development towards FDN East began in June to support explo
Slide 9: Chester See, CFO
CHESTER SEE CFO Lundin Gold Q2 2026 Conference Call | August 7, 2026 Slide 9 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 10: Second Quarter 2026 Financial Highlights
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS Three Months Ended June 30th Six Months Ended June 30th (Tables are expressed in $’000, except share and Q2 2026 Q2 2025 H1 2026 H1 2025 per share amounts, or unless otherwise stated) Revenues 477,692 452,880 1,045,072 809,225 Income from mining operations 33
Slide 11: Free Cash Flow
FREE CASH FLOW1 Three Months Ended June 30th Six Months Ended June 30th (Tables are expressed in $’000, except share and Q2 2026 Q2 2025 H1 2026 H1 2025 per share amounts, or unless otherwise stated) Net cash provided by operating activities 125,187 254,782 495,163 449,090 Net cash used for investin
Slide 12: Cash Balance
CASH BALANCE Lundin Gold generated $495 million in cash from operations H1 2026 with a cash balance of $507 million after the payment of $571 million in dividends. 495 3 (4) 630 (571) 507 (46) (0) Annual profit sharing and tax amount of $221 million included Excludes $747 million LunR dividend in ki
Slide 13: Announced Quarterly Dividend of $261 Million to Be Paid Out in the Third Quarter
ANNOUNCED QUARTERLY DIVIDEND OF $261 MILLION TO BE PAID OUT IN THE THIRD QUARTER Announced quarterly cash dividends of $1.08 per Approximate total2 Dollars per share in $m common share consisting of: Fixed dividend 0.30 73 › Fixed dividend of $0.30 per share. Variable dividend 0.78 189 Total quarter
Slide 14: Jamie Beck, President and CEO
JAMIE BECK PRESIDENT AND CEO Lundin Gold Q2 2026 Conference Call | August 7, 2026 Slide 14 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 15: High-Grade Intercepts Extend FDNS Envelope at Depth
HIGH-GRADE INTERCEPTS EXTEND FDNS ENVELOPE AT DEPTH Conversion Drilling › Demonstrating continuity of high-grade zones in support of resource and reserve growth › Highlight Results ‒ FDN-C26-443 6.90 m @ 199.90 g/t Au ‒ FDN-C26-481 4.50 m @ 196.79 g/t Au Exploration Drilling › High-grade intercepts
Slide 16: FDN East Delivers Record Intercept and Extends to the East
FDN EAST DELIVERS MINE PORTAL UGE–E-26-429 – Q1 2026 RECORD INTERCEPT AND 7.30m @ 6.69 g/t Au (90.30m) Incl. 2.40m @ 16.13 g/t Au EXTENDS TO THE EAST 4.20m @ 169.93 g/t Au (427.50m) Incl. 1.00m @ 712.00 g/t Au Exploration Drilling UGE-E-26-487 – Q2 2026 FDN 4.25m @ 5.00 g/t Au (263.65m) Incl. 0.60m
Slide 17: Near Mine Exploration at FDN Extends Along Upper Contact
NEAR MINE EXPLORATION AT FDN EXTENDS ALONG UPPER CONTACT Exploration Drilling › Drilling intersected the upper extension of the FDN mineral envelope close to existing underground infrastructure › Mineralization encountered along the Suarez conglomerate contact, confirming continuity above the curren
Slide 18: Discovery of Two New Porphyries Brings Total to Seven
DISCOVERY OF TWO NEW PORPHYRIES BRINGS TOTAL TO SEVEN Exploration drilling › Two new porphyries discovered - Sandia Northeast and Sandia Southeast › Sandia footprint expanding – 1,600m strike x 700m width x 1,000m depth › High-grade portion at Sandia extended to the North › Results ‒ SND-2026-502 55
Slide 19: 2026 Objectives on Track
2026 OBJECTIVES ON TRACK Remain focused on health, safety and environmental TRIR of 0.19, performance continued focus On track, production Achieve 2026 production and unit cost guidance H2 weighted Targeting record exploration drilling program of ~54k metres drilled in H1 133,000 metres FDNS incorpo
Slide 20: Lundin Gold
LUNDIN GOLD Operational Excellence Cash Flow Growth ESG Lundin Gold Q2 2026 Conference Call | August 7, 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