SEATTLE (Scrap Monster): Vancouver-based Lundin Gold reported robust results for Q2 and first half of 2022. On the back of strong results, the company raised its guidance for the current year.
The company reported Q2 gold production of 111,890 ounces, while the sales totalled 96,291 oz. It reported cash operating cost of $702 per oz sold and all-in sustaining cost ("AISC") of $864 per oz sold. In the initial six-month period of the year, the company produced 233,555 oz of gold. Also, it sold 215,573 of gold at an AISC of $771 per oz for the first half of the year.
Lundin Gold generated cash from operating activities of $60.7 million and free cash flow of $21.2 million during the quarter. It ended the quarter with a cash balance of $301 million.
Based on the strong operating results for H1 2022, the company lifted its production guidance from 405,000 to 445,000 oz to between 430,000 and 460,000 oz. Also, it reduced its AISC guidance from $860 to $930 per oz sold to between $820 and $870 per oz sold, said the company press release.
Ron Hochstein, President and CEO commented that Fruta del Norte continues to generate significant operating cash flow. The company is hopeful to take this momentum into the second half of the year, he added.