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Lundin Gold Inc

www: www.lundingold.com   email: info@lundingold.com
Category: Major
Rating:
Upside Downside Quality
2.5 3.5 A
Risk: Some View History

Rating History

Date Category Rating Risk
Upside Downside Quality
05/23/2026 Major 2.0 3.5ASome
Current Major 2.5 3.5ASome
Profile
Notes
Forum
Your Data



Waiting for

TradingView Chart

Price Data Price Data Drill Results Drill Results

Symbol Traded Checked Price
TSE:LUG 11/04/2026 11/04/2026 CAD 91.2800
OTCMKTS:LUGDF 11/04/2026 11/04/2026 USD 65.3800
Date Notes
07/31/2025
9 meters at 139 gpt AU = 1251 G-M. That's a unicorn hole.
9 meters at 139 gpt AU = 1251 G-M. That's a unicorn hole.

Performance

+/-
since 		1 Day Last Friday 4 Weeks
6.21% 8.00% 3.75%
3 Months 6 Months 1 Year
16.30% 1.04% -4.27%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
4 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 05/23/2026)

Lundin Gold has turned their Fruta Del Norte mine in Ecuador into a cash flow machine. It is an 9M oz high-grade deposit, with a low AISC of around $1100. They will mine around 500,000 oz in 2025, with FCF around $1.2B at $4500 gold.

They paid off their debt and are now ready to acquire another company and become a growth oriented company. They will also pay a high dividend (around 5%) using 50% of FCF and buy-back shares. Early investors are happy. The stock price is up big since the deal for Fruta Del Norte was done.

Investor like it, driving up their FD market cap to $15 billion. It's now pricey, but if they can grow production and gold prices take off, this stock could do well (3-bagger).

One red flag is potential political issues in Ecuador, but right now the government seems to be satisfied with existing high tax / high royalty arrangement. Even with these high taxes, Lundin is generating a lot of FCF.

They have 200,00 acres at Fruta (their only property) to explore and are already drilling two discoveries (Barbasso and Puente-Princesa). Plus, they have a 50% JV with Newcrest mining who is looking for a second big mine on this property. The key for this stock is going be if they can expand production at Fruta, or perhaps grow through an acquisition.

In January 2016, they agreed to a deal with the Ecuador government to mine the Fruta Del Norte project. The Ecuador government will receive at least 50% of the profit, and up to 70% depending on the gold price. Interestingly, they only mention a 22% income tax on their current presentation. I sent them an email to get the total tax and royalty rate, and did not get a reply.

Investors have done extremely well. The share price has risen from $3.50 in 2018 to $61 today. Now they can enjoy the dividends from 50% of FCF.


DD

General Details

Financial 05/23/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $15,010.94M $15,898.12M 05/23/2026 $887.17M
MCap (OS): $14,878.24M $15,757.57M 05/23/2026 $879.33M
Total Assets: $1,800.00M $1,800.00M 05/23/2026 $0.00M
Total Liabilities: $468.00M $468.00M 05/23/2026 $0.00M
Current Assets: $704.00M $704.00M 05/23/2026 $0.00M
Current Liabilities: $170.00M $170.00M 05/23/2026 $0.00M
Total Debt: $0.00M $0.00M 05/23/2026 $0.00M
Cash: $704.00M $704.00M 05/23/2026 $0.00M
Debt (Net): $-704.00M $-704.00M $0.00M
Enterprise Value: $14,306.94M $15,194.12M $887.17M
Cash Flow: $1,254.80M $1,066.05M never $-188.75M
Cash Flow Multiple: 11.96 14.91 never 2.95
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 05/23/2026 n/a
Misc 05/23/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 240,851,709 240,851,709 05/23/2026 0
Shares (FD): 243,000,000 243,000,000 05/23/2026 0
Insider Ownership: 50% 50% 07/01/2026 n/a
Dividend (Annual): 5.68% 5.3% 07/01/2026 -0.38
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a 01/01/2020 05/23/2026 n/a
Production (Gold Eq Oz.): (guess) 
500,000		 (guess) 
500,000		 05/23/2026 0
Production (Silver Eq Oz.): (guess) 
29,821,386		 (guess) 
39,189,112		 05/23/2026 9,367,726
Development Phase: Producer (Single Mine) Producer (Single Mine) 05/23/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 05/23/2026 0
Cash Flow Multiple: 24 24 05/23/2026 0.00

Resource Data

GOLD 05/23/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 5.00M 5.00M 05/23/2026 0.00M
Measured & Indicated: 7.00M 7.00M 05/23/2026 0.00M
Inferred: 2.00M 2.00M 05/23/2026 0.00M
Reserves & Resources: 9.00M 9.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 4.50M 4.50M 05/23/2026 0.00M
Measured & Indicated: 5.94M 5.94M 05/23/2026 0.00M
Inferred: 0.90M 0.90M 05/23/2026 0.00M
Reserves & Resources: 6.84M 6.84M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
500,000oz.		 (guess) 
500,000oz.		 05/23/2026 0oz.
Cash Cost: $1,100 $1,100 05/23/2026 $0.00
Extra Operating Cost: $900 $900 05/23/2026 $0.00
Total: $2,000 $2,000 05/23/2026 $0.00
Margin (Free Cash Flow): $2,510 (56%) $2,132 (52%) $-377.49
MCap / Production (AuEq): $30,021.89 $31,796.23 $1,774.35
EV / Production (AuEq): $28,613.89 $30,388.23 $1,774.35
G
R
A
D
E		 Underground (Avg): 8.00 g/t 8.00 g/t 05/23/2026 n/a
Open Pit (Avg): n/a n/a 05/23/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 07/01/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 8.00M 8.00M 05/23/2026 0.00M
Annual Production: 550,000oz. 550,000oz. 05/23/2026 0oz.
Cash Cost: $1,250 $1,250 05/23/2026 $0
Extra Operating Cost: $900 $900 05/23/2026 $0
SILVER 05/23/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 05/23/2026 0.00M
Measured & Indicated: n/a n/a 05/23/2026 0.00M
Inferred: n/a n/a 05/23/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 05/23/2026 0.00M
Measured & Indicated: n/a n/a 05/23/2026 0.00M
Inferred: n/a n/a 05/23/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 05/23/2026 $0.00
Extra Operating Cost: n/a n/a 05/23/2026 $0.00
Total: n/a n/a 05/23/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $503.36 $405.68 $-97.68
EV / Production (AgEq): $479.75 $387.71 $-92.04
G
R
A
D
E		 Underground (Avg): n/a n/a 05/23/2026 n/a
Open Pit (Avg): n/a n/a 05/23/2026 n/a
Recovery Rate: n/a n/a 05/23/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 05/23/2026 0.00M
Annual Production: n/a n/a 05/23/2026 n/a
Cash Cost: n/a n/a 05/23/2026 n/a
Extra Operating Cost: n/a n/a 05/23/2026 n/a

Property

Last Analysis Data  (05/23/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Fruta Del Norte
100 show
9 million oz underground mine at 8 gpt.

Plus, exploration potential.

50% minimum tax.
70% maximum tax (for higher gold prices).

Size: 80,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Fruta Del Norte
100 show
9 million oz underground mine at 8 gpt.

Plus, exploration potential.

50% minimum tax.
70% maximum tax (for higher gold prices).

Size: 80,000 ha

Profitability (by resource)

Proven &
Probable		 05/23/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 5.00M 5.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 93.68M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.50M 4.50M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 84.31M
Maximum Profit (Gold): $11,293.16M $9,594.45M n/a $-1,698.71M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $11,293.16M $9,594.45M n/a $-1,698.71M
Max Profit / Current MCap: 0.752 0.603 n/a -0.149
Max Profit Per Share (Gold): $46.47 $39.48 n/a $-6.99
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $46.47 $39.48 n/a $-6.99
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $3,335.77 $3,532.91 n/a $197.15
FD MCap / Silver Eq.: $55.93 $45.08 n/a $-10.85
FD MCap / Per Metal
as % Spot Price:		 73.97% 85.50% n/a 11.53%
EV / Gold Eq.: $3,179.32 $3,376.47 n/a $197.15
EV / Silver Eq.: $53.31 $43.08 n/a $-10.23
EV / Per Metal
as % Spot Price:		 70.50% 81.71% n/a 11.21%
Measured &
Indicated		 05/23/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 7.00M 7.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 131.15M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 5.94M 5.94M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 111.29M
Maximum Profit (Gold): $14,906.96M $12,664.67M n/a $-2,242.29M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $14,906.96M $12,664.67M n/a $-2,242.29M
Max Profit / Current MCap: 0.993 0.797 n/a -0.196
Max Profit Per Share (Gold): $61.35 $52.12 n/a $-9.23
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $61.35 $52.12 n/a $-9.23
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $2,527.09 $2,676.45 n/a $149.36
FD MCap / Silver Eq.: $42.37 $34.15 n/a $-8.22
FD MCap / Per Metal
as % Spot Price:		 56.04% 64.77% n/a 8.73%
EV / Gold Eq.: $2,408.58 $2,557.93 n/a $149.36
EV / Silver Eq.: $40.38 $32.64 n/a $-7.75
EV / Per Metal
as % Spot Price:		 53.41% 61.90% n/a 8.49%

Reserves &
Resources		 05/23/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 9.00M 9.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 168.62M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.84M 6.84M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 128.15M
Maximum Profit (Gold): $17,165.60M $14,583.56M n/a $-2,582.03M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $17,165.60M $14,583.56M n/a $-2,582.03M
Max Profit / Current MCap: 1.144 0.917 n/a -0.226
Max Profit Per Share (Gold): $70.64 $60.01 n/a $-10.63
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $70.64 $60.01 n/a $-10.63
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $2,194.58 $2,324.29 n/a $129.70
FD MCap / Silver Eq.: $36.80 $29.65 n/a $-7.14
FD MCap / Per Metal
as % Spot Price:		 48.66% 56.25% n/a 7.58%
EV / Gold Eq.: $2,091.66 $2,221.36 n/a $129.70
EV / Silver Eq.: $35.07 $28.34 n/a $-6.73
EV / Per Metal
as % Spot Price:		 46.38% 53.76% n/a 7.38%

Future Valuation (Cash Flow & Totals)

Totals 05/23/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
C
U
R
R
E
N
T		 R & R Valuation: $9,253.68M $8,479.07M n/a $-774.61M
FD MCap: $15,010.94M $15,898.12M n/a $887.17M
Annual Gold Production: (guess) 
500,000oz.		 (guess) 
500,000oz.		 05/23/2026 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E		 FD MCap (Resources): $16,800.00M $16,800.00M n/a $0M
FD MCap Growth (Resources): 12% 6% n/a -6%
FD MCap (Cash Flow): $64,020.00M $64,020M n/a 0.00M
FD MCap Growth (Cash Flow): 326% 303% n/a -24%
Estimated
Price		 USD: $263.46 $263.46 n/a $0.00
CAD: $363.5818 $367.5747 n/a $3.9930
Ratio FD MCap (Resources : Cash Flow): 0.26 0.26 n/a 0.00
Annual
Production		 Gold: 550,000 oz. 550,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current
FD MCap / 		Gold Eq. Reserves: 1,876.37 1,987.26 n/a 110.90
Silver Eq. Reserves: 53.61 56.78 n/a 3.17
Gold Eq. Production: 27,292.62 28,905.67 n/a 1,613.04
Silver Eq. Production: 779.79 825.88 n/a 46.09
P&P
Reserves
(oz.)		 Gold: 8.00M 8.00M 05/23/2026 n/a
Silver: n/a n/a 05/23/2026 n/a
Gold Eq.: 8.00M 8.00M 05/23/2026 n/a
Silver Eq.: 280.00M 280.00M 05/23/2026 n/a
P&P Reserves
per FD
Share (oz.)		 Gold: 0.033 0.033 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.033 0.033 n/a n/a
Silver Eq.: 1.152 1.152 n/a n/a
Free Cash Flow 05/23/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Current: $1,254.80M $1,066.05M n/a $-188.75M
Current Multiple: 11.96 14.91 n/a 2.95
Current FCF/MCap Ratio: 8.36% 6.71% n/a -1.65%
Current FCF/Share: $5.16 $4.39 n/a $-0.78
F
U
T
U
R
E		 @ current pm prices: $1,297.77M $1,090.16M n/a $-207.62M
Multiple @ current pm prices: 11.57 14.58 n/a 3.02
Growth @ current pm prices: 3.43% 2.26% n/a -0.01
@ future prices: $2,667.50M $2,667.50M n/a $0.00M
Multiple @ future prices: 5.63 5.96 n/a 0.33
Growth @ future prices: 150.22% 150.22% n/a 0.38

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