Lundin Gold Posted Stellar Results in Q3 This Year

SEATTLE (Scrap Monster): Lundin Gold Inc. reported strong 2021 third quarter results. Based on this, the company foresees hitting the upper end of its stated gold production guidance for the current year of 380,000 to 420,000 oz of gold produced. At the same time, it anticipates to hit the lower end of the AISC guidance of between $770 and $830 per oz of gold sold.

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The Q3 gold production totalled 107,663 ounces, which comprised of 76,837 oz of concentrate and 30,826 oz of dore. It mined a total of 382,667 tonnes during the quarter, extending its strong performance. The company sold a total of 111,605 ounces of gold, comprising of 78,251 oz of concentrate and 33,354 oz of dore.

Lundin Gold reported income from mining operations of $89.4 million. The company generated cash flow from operations of $92.7 million. The free cash flow for the quarter was $47.1 million for the quarter. The quarterly EBITDA and adjusted EBITDA stood at $112.8 million and $113.5 million, respectively. Meantime, the company reported quarterly net income of $56.7 million.

Ron Hochstein, President and CEO commented that its Fruta del Norte mine generated significant free cash flow of $194 million during the initial nine-month period of the year. The company’s throughput expansion program is substantially complete, he added.