Lundin Gold Sees Record Q1 Profit on Robust Gold Market

Lundin Gold ended the quarter with $704 million in cash and no debt.

SEATTLE (Scrap Monster): Canadian gold miner Lundin Gold Inc. reported record first-quarter 2026 earnings and free cash flow, supported by strong operational performance at its Fruta del Norte mine and sharply higher gold prices.

The company posted net income of $273 million for the quarter ended March 31, up significantly from $153.5 million a year earlier. Free cash flow reached a record $349 million, while revenue climbed to $567 million from $356 million in Q1 2025.

Lundin Gold Announced Strong Gold Production in Q3 2025

Gold production totaled 119,742 ounces, with sales of 115,308 ounces at an average realized gold price of $4,951 per ounce. Cash operating costs rose to $987 per ounce sold, while all-in sustaining costs increased to $1,114 per ounce, mainly due to higher royalties and statutory profit-sharing linked to elevated gold prices.

Lundin Gold ended the quarter with $704 million in cash and no debt. The company also returned $278 million to shareholders through dividends and declared a second-quarter cash dividend of $1.21 per share.

The company said it remains on track to achieve its 2026 production guidance of 475,000 to 525,000 ounces and continues advancing expansion and exploration programs across the Fruta del Norte district in Ecuador.