Lundin Gold

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.

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

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

• Gold mining production
• Underground gold extraction
• Precious metals concentrate
• Gold doré refining
• Mineral exploration services

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. 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.
2. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core 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

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• LunR Royalties Corp.coreStrategic or Co-development Partner · 28 May 2026Lundin 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 TechnologiescoreTechnology or Integration · 25 February 2026Lundin 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)coreTechnology or Integration · 1 January 2025Fleet 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.
• BolidencoreChannel Partner/ Reseller/ Distributor · 1 January 2018Executed 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

Broad 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

• Xx.com/lundingoldec
• Facebookfacebook.com/lundin-gold

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lundin Gold