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LUNDIN GOLD REPORTS PRODUCTION OF 133,062 OUNCES OF GOLD IN THE SECOND QUARTER OF 2024
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to report second quarter 2024 gold production of 133,062 ounces from its Fruta del Norte gold mine in southeast Ecuador. Of the total quarterly gold production, 83,910 oz were produced as concentrate and 49,152 oz as doré, and gold sales totalled 129,396 ounces. During the same quarter in 2023, the Company produced 129,731 oz of gold and gold sales were 128, 958 ounces.
In the second quarter of 2024, the mill processed 424,899 tonnes of ore resulting in an average throughput rate of 4,669 tonnes per day at an average grade of 11.0 grams per tonne with recoveries of 89.0%.
Ron Hochstein, President and CEO commented, “Another strong quarter puts us firmly on track to meet our 2024 production guidance of 450,000 to 500,000 oz. Higher grades and recoveries versus last quarter helped to drive the performance, along with average throughput in the second quarter of 4,669 tonnes per day. This improvement in throughput is the result of continued debottlenecking and is not an impact of the Process Plant Expansion project, the completion of which remains on track for year end. Lundin Gold has had a great first half of the year, and a solid foundation to continue building from.”
Production Results
| 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 |
Qualified Persons
The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Ron Hochstein P. Eng, Lundin Gold’s President and CEO who is a Qualified Person under National Instrument 43-101.
About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canada, is committed to positive and long-lasting impact on our host communities, while delivering significant value to stakeholders through operational excellence, cash flow generation and focused growth. Lundin Gold currently operates its 100% owned Fruta del Norte gold mine in southeast Ecuador, which is one of the highest-grade gold mines in production in the world today. The Company also owns a portfolio of prospective exploration properties close to FDN.
Posted July 9, 2024
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