Lundin Gold
Lundin Gold is a Canadian single-asset gold producer operating the high-grade Fruta del Norte underground mine in Ecuador, selling gold concentrate and doré to international smelters and refiners under long-term offtake agreements.
- Company typePublic
- Founded2014
- HeadquartersVancouver, Canada
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Lundin Gold does
Lundin Gold Inc. is a Canadian single-asset gold producer headquartered in Vancouver, British Columbia, with common shares listed on the TSX and Nasdaq Stockholm under the symbol LUG (and on OTCQX as LUGDF). The company operates the Fruta del Norte underground gold mine in the Zamora-Chinchipe province of southeast Ecuador — acquired in late 2014, constructed from July 2017, and in commercial production since March 2020. Fruta del Norte is among the highest-grade operating gold mines in the world, with an average grade of 7.09 g/t Au and 5.85 million ounces in Proven and Probable Mineral Reserves as of December 31, 2025, supporting a 12+ year mine life.
The company's core products are gold concentrate (produced via carbon-in-leach processing) and on-site refined gold doré bars. Approximately 50% of concentrate production is committed under an offtake agreement to Boliden for the first eight years of operations, with the balance sold to other smelters and refiners internationally. The mine is supported by an advanced underground operation using the K'isa and Kuri declines, a south ventilation raise, and a 4,200 tpd processing plant achieved through a 2021 throughput expansion. Exploration is increasingly enabled by Fleet Space's ExoSphere satellite-enabled geoscience platform, deployed in February 2026 to provide metre-scale structural resolution for drill targeting in the Cordillera del Cóndor.
Lundin Gold generates revenue by selling gold at spot-linked realized prices (averaging $3,594/oz in 2025 versus $2,462/oz in 2024) and reached $1.78 billion in revenue with $926 million in free cash flow in 2025. Its customer base is concentrated among international smelters and refiners, while its investor base spans institutional and retail investors on dual Canadian and Swedish listings. The company completed a $670 million silver stream-for-equity transaction with LunR Royalties in May 2026, monetizing the silver byproduct stream to distribute value to shareholders while retaining full gold exposure to the mine.
Lundin Gold firmographics
Firmographics- Name
- Lundin Gold
- Legal name
- Lundin Gold Inc.
- Website
- https://lundingold.com
- Company type
- Public
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Lundin Gold is a Canadian single-asset gold producer operating the high-grade Fruta del Norte underground mine in Ecuador, selling gold concentrate and doré to international smelters and refiners under long-term offtake agreements.
- Ownership category
- akta.pro rank
Lundin Gold industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (212220), Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industry
- Precious Metals Smelting & Refining (IMAKAEAE)
Keywords
Where Lundin Gold is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Lundin Gold business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Technology or R&D, Infrastructure, Supply Chain
Revenue model
- Gold Sales: Primary revenue stream from sale of gold produced at Fruta del Norte mine. Gold is sold as both concentrate (approximately 60-70% of production) and doré bars (approximately 30-40%). Average realized gold price was $3,594/oz in 2025. The company sold 427,298 oz of gold in 2021 at $1,772/oz average realized price, generating $757.2 million in revenues.
- Silver Stream Transaction: Lundin Gold executed a $670 million silver stream-for-equity transaction with LunR Royalties, selling 100% of payable silver production until 12.2 million ounces delivered, then 50% of additional silver at 10-30% of spot silver prices. Received 50.5 million LunR shares to be distributed to shareholders as dividend-in-kind.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Gold commodity pricing - market determined |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Lundin Gold product offering
Product offeringCore offering
Lundin Gold operates the 100% owned Fruta del Norte underground gold mine in southeast Ecuador, producing gold in two physical forms: gold concentrate (processed via carbon-in-leach technology and shipped to smelters) and gold doré bars (refined on-site). The mine is among the highest-grade operating gold mines in the world at 7.09 g/t Au average grade, with 5.85 million ounces of Proven and Probable Mineral Reserves and a 12+ year mine life.
Product overview
Lundin Gold is a Canadian gold mining company that operates as a single-asset producer with its 100% owned Fruta del Norte underground gold mine in southeast Ecuador. The company produces gold in two forms: gold concentrate (processed via carbon-in-leach technology and shipped to smelters) and gold doré bars (refined on-site). The mine has been in commercial production since March 2020 and is among the highest-grade operating gold mines globally. The company's product portfolio centers on gold production from the Fruta del Norte mine, supplemented by ongoing exploration services both near-mine and regionally to extend the mine's operational life and identify new resources.
Differentiator
Problem solved
Functional benefit
Products and services
- Gold Concentrate Gold concentrate produced from the Fruta del Norte processing plant using carbon-in-leach (CIL) technology. The concentrate (approximately 60-70% of production) is shipped internationally to smelters for further refining into pure gold. Approximately 50% of production is contracted under a long-term offtake agreement with Boliden.
- Gold Doré Bars Refined gold-silver alloy bars (doré) produced on-site at the Fruta del Norte processing facility, representing approximately 30-40% of total production. Doré bars are shipped to international gold refiners for further processing into pure gold.
Quantifiable outcome
- 498,315 oz gold production in 2025
- +4 more outcomes
Companies that use Lundin Gold
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Lundin Gold technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Lundin Gold partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- LunR Royalties Corp.coreLundin Gold executed a $670 million silver stream-for-equity transaction with LunR Royalties. Lundin Gold sells 100% of payable silver production until 12.2 million oz delivered, then 50% of additional silver at 10-30% of spot prices. Lundin Gold received 50.5 million LunR shares to distribute to shareholders as dividend-in-kind. Transaction closed May 28, 2026.
- Fleet Space TechnologiescoreLundin Gold partnered with Australian space company Fleet Space Technologies to improve exploration targeting at Fruta del Norte using ExoSphere satellite-enabled seismic data technology. The collaboration aims to extend mine operational life and optimize drilling in challenging terrain and geological complexity.
- HiSeis (acquired by Fleet Space)coreFleet Space acquired HiSeis active seismic technology in 2025, which is integrated into the ExoSphere platform deployed at Fruta del Norte for blind mineral system discovery.
- BolidencoreExecuted gold concentrate offtake agreement with Boliden for approximately 50% of Fruta del Norte's gold concentrate production over its first eight years of operations.
Scale indicators11 records
Recent moves7 records
Expansion highlights5 records
Lundin Gold competitors and assessment
Company assessmentBroad incumbents
- Newmont Corporation: Newmont is the world's largest gold mining company, a direct major producer of gold. Newmont acquired Newcrest Mining (former ~27% shareholder of Lundin Gold) and maintains board representation on Lundin Gold, making it both a strategic peer and a connected incumbent.
- Barrick Gold Corporation: Barrick is one of the world's largest gold miners, operating high-grade underground and open-pit gold mines globally. COO Terry Smith previously held operational roles at Barrick, indicating direct cultural and operational comparability.
- Teck Resources Limited: Teck is a major diversified miner with significant gold and copper operations, sharing historical personnel connections (Terry Smith worked at Teck, Dr. Gillian Davidson was Director of Social Responsibility at Teck). Comparable diversified miner with gold exposure.
Direct peers
- Agnico Eagle Mines Limited: Agnico Eagle is a senior gold producer focused on high-quality, long-life gold mines in safe jurisdictions, with comparable emphasis on grade, low AISC, and disciplined capital allocation. Similar mid-cap public gold producer profile.
- Kinross Gold Corporation: Kinross is a mid-tier gold producer with operations across the Americas and West Africa, comparable in scale to Lundin Gold with similar focus on producing gold from multi-asset portfolios.
- Eldorado Gold Corporation: Eldorado Gold is a mid-tier gold and base metals producer with underground operations in jurisdictions including Greece and Canada, sharing focus on underground mining and grade-driven economics similar to Fruta del Norte.
- IAMGOLD Corporation: IAMGOLD is a mid-tier gold producer with operations in the Americas and West Africa, including significant underground mines. Comparable in scale, gold focus, and growth stage to Lundin Gold.
- B2Gold Corp. B2Gold is a mid-tier senior gold producer with operations in Africa and the Americas, similar production scale (~500k+ oz annually) and focus on gold as primary commodity, comparable to Lundin Gold's profile.
- Endeavour Mining plc: Endeavour Mining is a senior West African-focused gold producer operating multiple mines, with similar production scale and growth profile. Shares the same single-commodity gold exposure and capital returns focus.
- Yamana Gold Inc. Yamana Gold is a Canadian gold producer with operations across the Americas (acquired by Pan American Silver and Agnico Eagle in 2022). VP Exploration Andre Oliveira spent 17+ years at Yamana, making it a highly relevant peer in terms of South American gold operations and exploration methodology.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Lundin Gold social profiles
Digital presenceLundin Gold financial estimates
Financial estimateRevenue estimate
Valuation estimate
Lundin Gold leadership team
Management profileNumber of profiles
Profiles14 records
Lundin Gold subsidiaries and ownership
Company hierarchySubsidiaries1 record
Lundin Gold funding detail
Funding detailFunding overview
Funding rounds5 records
Investors11 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Lundin Gold M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Lundin Gold
What does Lundin Gold do?
Lundin Gold operates the 100% owned Fruta del Norte underground gold mine in southeast Ecuador, producing gold in two physical forms: gold concentrate (processed via carbon-in-leach technology and shipped to smelters) and gold doré bars (refined on-site). The mine is among the highest-grade operating gold mines in the world at 7.09 g/t Au average grade, with 5.85 million ounces of Proven and Probable Mineral Reserves and a 12+ year mine life.
Is Lundin Gold a public or private company?
Lundin Gold is a public company. It is classified as public and is currently operating.
When was Lundin Gold founded?
Lundin Gold was founded in 2014. It employs 1,001 to 5,000 people.
Where is Lundin Gold based?
Lundin Gold is headquartered in Vancouver, Canada, in the North America region.
How does Lundin Gold make money?
Two revenue lines are on record. Gold Sales are the primary driver. The others are silver Stream Transaction.
Who are Lundin Gold's main competitors?
Broad incumbents on record are Newmont Corporation, Barrick Gold Corporation and Teck Resources Limited. Direct peers are Agnico Eagle Mines Limited, Kinross Gold Corporation, Eldorado Gold Corporation, IAMGOLD Corporation, B2Gold Corp., Endeavour Mining plc and Yamana Gold Inc..
Does Lundin Gold have an API?
No public API is recorded for Lundin Gold.
What industry is Lundin Gold in?
Lundin Gold's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAE, Precious Metals Smelting & Refining. Its NAICS code is 212220 and its SIC code is 1040.