Canadian mining company Lundin Gold achieved a record free cash flow of 349 million US dollars and a net profit of 273 million US dollars in the quarter to March 31, marking a strong start to the financial year.
Lundin produced 119,742 ounces of gold in the quarter, with 115,308 ounces of gold sold at an average selling price of US$4,951 per ounce - resulting in total revenue of US$567 million.
Cash operating costs and all-in sustaining costs were US$987/oz and US$1,114/oz respectively. This reflects higher royalties and a higher statutory profit share associated with the higher gold prices.
Lundin ended the quarter with cash and cash equivalents of US$704 million and no debt, while US$278 million was returned to shareholders in the form of dividends.
The Board of Directors declared a cash dividend of $1.21 per share for the current quarter. According to Jamie Beck President and CEO of Lundin , this is a record quarterly dividend that reflects the exceptional quality of Fruta del Norte and its ability to consistently generate significant free cash flow.
Lundin remains on track to achieve its 2026 production guidance of 475,000 ounces to 525,000 ounces and continues to make progress on exploration and a study to expand the production facility by one mile to increase processing throughput at Fruta del Norte.