Lundin Gold Posted Strong Operational and Financial Results in Q1 2022

SEATTLE (Scrap Monster): Lundin Gold Inc. reported exceptional results for the initial quarter of the current year.

According to company press release, it produced 121,665 ounces of gold during the quarter. The quarterly gold sales totalled 119,282 ounces. The company reported an All-in Sustaining Cost (AISC) of $696 per oz sold. The company generated free cash flow of $91.8 million, thus delivering cash balance of $337 million at the end of the quarter.

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The income from mining operations stood at $111 million. The EBITDA and adjusted EBITDA were $98.8 million and $133.5 million respectively. Lundin Gold reported net income of $23.2 million and adjusted earnings of $57.6 million or $0.25 per share.

The Board of Directors has approved implementation of a dividend policy, following significant cash flow generation throughout 2021 and in Q1 this year. Accordingly, the company will pay two cash dividends per calendar year, following the release of second quarter and year end results, respectively.

Commenting on the results, Ron Hochstein, President and CEO, Lundin Gold said that he is delighted to announce continuation of strong financial and operational results in Q1 2022. The company is poised to perform well this year and continue to create shareholder value, he added.