The following is a summary of the Lundin Gold Inc. (LUGDF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Lundin Gold achieved record cash generation with adjusted free cash flow of $182 million from $218 million cash flow from operations in Q3 2024.

• Record quarterly revenues of $323 million were realized from the sale of 125,887 ounces of gold at an average price of $2,615 per ounce.

• Adjusted earnings were $136 million or $0.57 per share, significantly up from $45 million or $0.19 per share in the previous year.

• Strong gold production for the year, with 367,000 ounces produced by the end of Q3, on track to reach 450,000 to 500,000 ounces as per guidance.

• Achieved an all-in sustaining cost (AISC) of $877 per ounce due to higher sustaining capital expenditures.

Business Progress:

• Lundin Gold is committed to a substantial expansion of the process plant, expecting completion by end of the year.

• The new Jameson cell technology is anticipated to enhance metallurgical recoveries by approximately 3%, aiming for a throughput increase to 5,000 tonnes per day.

• Delineation drilling continues at FDNS, showcasing high-grade vein systems and promising conversion of mineral resources to reserves in upcoming estimates.

Opportunities:

• Strategic exploration plans in place with at least 80,000 meters of drilling targeted for the year to expand and confirm mineral potential.

• The discovery of Bonza Sur and other deposits continues to show promising expansion opportunities and the potential for new satellite deposits.

Risks:

• Higher diesel consumption and operational adjustments due to prolonged drought in South America impacting hydroelectric power generation, increasing operational costs.

• Potential for increased operating costs from newly acquired diesel power generators to compensate for intermittent power supply issues.

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