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Lundin Gold Posts Strong Q2 2026 Results as Higher Gold Prices Lift Earnings
Fruta del Norte mine in Ecuador delivers higher revenue and profit as record gold prices offset a lighter production quarter.
MONTREAL (Scrap Monster): Lundin Gold delivered a strong second quarter in 2026, supported by solid operations and high gold prices at its Fruta del Norte (FDN) mine in Ecuador.
The company reported revenue of about $478 million and adjusted earnings of $202 million for the quarter ended June 30. Gold production reached 118,994 ounces, while sales totaled 110,385 ounces. The company achieved an average realized gold price of $4,359 per ounce. Cash operating costs stood at $1,016 per ounce sold, while all-in sustaining costs (AISC) were $1,176 per ounce.
What Readers Should Know
- Higher realized gold prices, not higher output, were the main driver of Q2 profit growth.
- Production and sales volumes stayed in line with the company's operating plan for the year.
- Lundin Gold returned a large share of quarterly free cash flow to shareholders as dividends.
- The company remains within its previously issued 2026 production and cost guidance.
- Lundin Gold is preparing its largest-ever exploration program later in 2026.
Why Q2 Profit Rose
The quarter's earnings growth was tied primarily to price, not volume. Lundin Gold's average realized gold price of $4,359 per ounce pushed revenue to roughly $478 million and adjusted earnings to $202 million for the three months ended June 30.
Gold production came in at 118,994 ounces, with sales of 110,385 ounces. Cash operating costs were $1,016 per ounce sold, and all-in sustaining costs (AISC) were $1,176 per ounce.
What the Production Data Showed
The FDN mine produced 485,296 tonnes of ore during the quarter. The mill processed 500,143 tonnes of ore at an average throughput rate of 5,496 tonnes per day.
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Cash Position and Shareholder Returns
Lundin Gold ended the quarter with $507 million in cash and cash equivalents. It generated $96 million in free cash flow and returned $293 million to shareholders through dividends during the quarter.
What Happens Next
For the first half of 2026, gold production totaled 238,736 ounces. The company remains on track to meet its 2026 production guidance of 475,000 to 525,000 ounces. Lundin Gold also reaffirmed AISC guidance of $1,110 to $1,170 per ounce.
Looking forward, the company targets its largest exploration program in company history, with 133,000 metres of drilling planned in 2026. Total investment for the 2026 exploration program is estimated at around $85 million, the company said.
People Also Ask
How much gold did Lundin Gold produce in Q2 2026?
Lundin Gold produced 118,994 ounces of gold at its Fruta del Norte mine in the second quarter of 2026.
What was Lundin Gold's average realized gold price in Q2 2026?
The company achieved an average realized gold price of $4,359 per ounce during the quarter.
How much cash did Lundin Gold return to shareholders in Q2 2026?
Lundin Gold returned $293 million to shareholders through dividends during the quarter.
Is Lundin Gold on track to meet its 2026 production guidance?
Yes. After producing 238,736 ounces in the first half of 2026, the company remains on track to meet its guidance of 475,000 to 525,000 ounces for the year.
How large is Lundin Gold's 2026 exploration program?
The program calls for 133,000 metres of drilling, with total investment estimated at around $85 million.
