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Lundin Gold Q2 Gold Production Rises, Beats National Bank of Canada Estimates

BY MT Newswires | ECONOMIC | 07/10/25 06:25 AM EDT

06:25 AM EDT, 07/10/2025 (MT Newswires) -- Lundin Gold (LUGDF) late on Wednesday said second-quarter gold production rose to 139,433 ounces from 133,062 ounces.

Of the total, 92,242 ounces were produced as concentrate, up from 83,910 ounces. The mill processed 460,820 tonnes of ore, up from 424,899 tonnes, at an average grade of 104 grams per tonne.

The company sold 136,737 ounces of gold, up from 129,396 ounces.

National Bank of Canada on Wednesday maintained Lundin's sector perform rating and $89 price target. The second quarter results showed strong production on continued elevated grades, setting up for a robust free cash flow against a record realized gold price, the bank said.

Full-year 2025 guidance was reiterated at 475,000 to 525,000 ounces as grades are expected to normalize lower in the second half of the year.

Second-quarter production beat National Bank's estimate of 135,200 ounces. The bank said Lundin is well-positioned on full-year 2025 guidance with year-to-date production at about 51% of the midpoint.

Elevated grades and record throughput make for a potent combination with favorable read-through to all-in sustaining cost and free cash flow in conjunction with expected low sustaining capital expenditure, National Bank noted.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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