Lundin Gold Announced Robust Start to the Year

SEATTLE (Scrap Monster): Lundin Gold reported results for first quarter of 2024.

The revenues totalled $226.7 million during the quarter, marginally lower when compared with $256.7 million in Q1 2023. The income from mining operations declined from $132.7 million a year ago to $113.2 million in Q1 2024. The adjusted EBITDA too dipped from $159.1 million to $131.5 million over the previous year quarter. The company reported net income of $41.9 million, down from $51.5 million in the three-month period ended 31^st March, 2023.

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Fruta del Norte generated in excess of $100 million cash from operating activities in the first quarter of 2024.

The quarterly gold production totalled 111,572 ounces, which comprised of 73,964 oz in concentrate and 37,608 oz as dore. The mine production otalled 419,758 tonnes of ore. The mill processed 413,596 tonnes of ore at an average throughput rate of 4,545 tpd. The average grade of ore milled was 9.5 grams per tonne, said the company press release.

Commenting on the outlook, Lundin Gold noted that the robust Q1 performance provides a strong foundation for the rest of the year. It kept the previously announced production guidance of 450,000 to 500,000 oz and AISC guidance of $820 to $890 oz. sold unchanged. The production is expected to be higher during the second half of the year.