Lundin Gold (TSX: LUG) Delivers Record Q2 Performance: 133,062 Ounces of Gold Produced

2 min read | July 09, 2024 01:52 AM EDT | By Team Kalkine Media

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Lundin Gold (TSX: LUG) Delivers Record Q2 Performance: 133,062 Ounces of Gold Produced — Image source: Company website

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Lundin Gold Inc. (TSX: LUG) has announced robust second-quarter 2024 results from its Fruta del Norte gold mine in southeast Ecuador, marking a significant uptick in production and operational efficiency. The company reported a total gold production of 133,062 ounces (oz) during the quarter, with 83,910 oz produced as concentrate and 49,152 oz as doré. Gold sales for the same period amounted to 129,396 ounces, showcasing strong market demand and effective sales strategies.

Comparatively, in the second quarter of 2023, Lundin Gold produced 129,731 oz of gold, underscoring a steady growth trajectory in its output capabilities year over year. The consistent increase in production underscores the company's commitment to operational excellence and efficiency at Fruta del Norte.

During Q2 2024, the mill processed 424,899 tonnes of ore, achieving an average throughput rate of 4,669 tonnes per day. The ore processed exhibited an average grade of 11.0 grams per tonne with impressive recoveries of 89.0%. These metrics highlight both the quality of the ore extracted and the efficiency of Lundin Gold's processing operations.

Ron Hochstein, President and CEO of Lundin Gold, expressed satisfaction with the quarterly performance, noting, "Another strong quarter puts us firmly on track to meet our 2024 production guidance of 450,000 to 500,000 oz." Hochstein attributed the improved performance to higher grades and recoveries compared to the previous quarter. He also emphasised that the increased throughput was a result of ongoing debottlenecking efforts, unrelated to the Process Plant Expansion project, which remains scheduled for completion by year-end.

Q2 2024	Q2 2023	H1 2024	H1 2023
Ore processed (tonnes)	424,899	418,373	838,495	810,705
Average throughput (tonnes per day)	4,669	4,598	4,607	4,479
Average head grade (grams per tonne)	11.0	11.0	10.2	11.6
Recovery (%)	89.0 %	88.0 %	88.6 %	89.3 %
Gold ounces produced	133,062	129,731	244,634	269,752
Concentrate	83,910	85,395	157,874	173,631
Doré	49,152	44,336	86,760	96,121
Gold ounces sold	129,396	128,958	238,312	263,649
Average realized gold price ($/oz sold)	2,379	1,942	2,270	1,947

Looking ahead, Lundin Gold is poised for continued success, building upon a solid foundation established in the first half of the year. Hochstein's optimistic outlook reflects confidence in the company's operational capabilities and strategic direction, bolstered by the consistent performance of Fruta del Norte.

The positive quarterly results reinforce Lundin Gold's position as a leading player in the gold mining sector, with a focus on sustainable growth and maximising shareholder value. As the company advances towards meeting its annual production targets, investors and stakeholders can anticipate further updates on operational milestones and strategic initiatives aimed at enhancing long-term profitability and operational efficiency.

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