Lundin Gold Off to a Strong Start in 2021

SEATTLE (Scrap Monster): Lundin Gold Inc. reported results for the first quarter of 2021. The company reported record quarterly production.

The gold production during the quarter totalled 104,137 ounces, whereas the gold sales stood at 81,805 ounces. The production comprised of 70,642 ounces of concentrate and 33,675 ounces of dore. Lundin Gold recorded average all-in sustaining cost (AISC) of $830 per oz sold. The net revenues during the quarter were $140.0 million, at adjusted earnings of $37.4 million. The cash flow from operations totalled $75.1 million during the initial quarter of the current year, said the company press release.

Lundin Gold reported income from mining operations of $64.0 million and cash flow from operations of $75.1 million. The cash balance and working capital balance as at the end of the quarter were $94.4 million and $57.6 million respectively.

The company is well on track to meet its annual gold production guidance of 380,000 to 420,000 ounces of gold in 2021. The AISC for the year is projected at $770-$830 per ounce of gold sold.

Ron Hochstein, President and CEO noted that the operating results have met or exceeded expectations, ever since the restart of operations in Q3 2020. With further developments and updates, the company is well positioned to generate strong shareholder value in the future.

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