Lundin Gold Reports Q3 2026 Production of 153,736 Ounces of Gold
VANCOUVER, BC, October 8, 2026 /CNW/ Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG; OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to report third quarter 2026 gold production of 153,736 ounces ("oz") from its Fruta del Norte gold mine ("Fruta del Norte") in southeast Ecuador. This represents the highest quarterly gold production achieved since commercial production commenced at Fruta del Norte. Of the total quarterly gold production, 103,311 oz were produced as concentrate and 50,425 oz as doré. During the same quarter in 2025, the Company produced 122,086 oz of gold. All amounts are in U.S. dollars unless otherwise indicated. Production was driven by higher-than-planned grades and strong mill throughput.
In the third quarter of 2026, the mill processed 535,711 tonnes of ore resulting in an average throughput rate of 5,823 tonnes per day ("tpd") at an average grade of 10.1 grams per tonne with recoveries of 88.3%. During the first nine months of 2026, the mill processed 1,532,652 tonnes of ore and produced 392,472 oz of gold.
Jamie Beck, President and CEO commented, “The third quarter marked the strongest production quarter in Fruta del Norte's history, with 153,736 ounces of gold produced. Record quarterly throughput and higher grades drove record production during the quarter, resulting in 392,472 ounces of gold produced through the first nine months of 2026. Following this strong performance, we are well positioned to deliver full-year production within our 2026 guidance range of 475,000 to 525,000 ounces. On a year-to-date basis, sales trailed production due to timing, and we expect the majority of these ounces to be sold in the fourth quarter."
Production Results
| Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | |
| Ore processed (tonnes) | 535,711 | 484,296 | 1,532,652 | 1,343,275 |
| Average throughput (tonnes per day) | 5,823 | 5,264 | 5,614 | 4,920 |
| Average head grade (grams per tonne) | 10.1 | 8.9 | 9.0 | 9.8 |
| Recovery (%) | 88.3% | 88.2% | 88.9% | 89.3% |
| Gold ounces produced | 153,736 | 122,086 | 392,472 | 378,832 |
| Concentrate | 103,311 | 78,172 | 261,970 | 245,908 |
| Doré | 50,425 | 43,914 | 130,502 | 132,924 |
| Gold ounces sold | 148,326 | 124,911 | 374,019 | 379,289 |
| Average realized gold price ($/oz sold) | 4,299 | 3,634 | 4,518 | 3,364 |
1 Average realized gold price during the third quarter of 2026 was positively impacted by gold prices on provisionally priced gold sales which were above fair value estimates as at September 30, 2026. Gold sales for the quarter before provisional pricing impact were done at a price of $4,253 per ounce and provisional pricing adjustments increased the average realized gold price by $46 per ounce.
Third Quarter of 2026 Results Conference Call and Webcast
Lundin Gold will publish its third quarter 2026 results on Wednesday, November 4, 2026, after market close in North America. The Company will host a conference call and webcast to discuss its results on Thursday, November 5 at 8:00 a.m. PT, 11:00 a.m. ET, 5:00 p.m. CET. Conference call details and a link to the webcast will be published with third quarter 2026 results.
Non-IFRS Financial Measures
This news release refers to certain financial measures, such as average realized gold price, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been calculated on a basis consistent with historical periods. Please refer to the Company's MD&A filed on SEDAR+ under the Company's profile at www.sedarplus.ca, starting on page 13, for the quarter ended June 30, 2026 for an explanation of non-IFRS measures used.
Qualified Persons
The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Terry Smith P. Eng, Lundin Gold's COO, who is a Qualified Person under National Instrument 43-101.
Additional Information
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on October 8, 2026, at 2:00 p.m. Pacific Time through the contact persons set out below.
Caution Regarding Forward-Looking Information and Statements
Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.
This press release contains forward-looking information in a number of places, such as in statements pertaining to production outlook. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 20, 2026, which is available at www.lundingold.com or at www.sedarplus.ca
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: fiscal risk; community relations; mining operations; security situation; waste disposal and tailings; environmental compliance; illegal mining; infrastructure; forecasts relating to production and costs; land acquisition and surface rights; indigenous consultation requirements; Mineral Reserve and Mineral Resource estimates; regulatory compliance and government approvals; dependence on a single mine; climate change and extreme weather events; shortages of critical resources; exploration and development; control of Lundin Gold; information systems and cyber security; health and safety; human rights; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; availability of workforce and labour relations; key talent recruitment and retention; gold price; market price of the Company's shares; social media and reputation; insurance and uninsured risks; dividends; internal controls; conflicts of interest; violation of anti-bribery and corruption laws; claims and legal proceedings; reclamation obligations; expropriation and nationalization; and pandemics, epidemics or infectious disease outbreak.
For more information, please contact
Brendan Creaney
Vice President, Corporate Development and Investor Relations
Tel: +1 604-376-4595
brendan.creaney@lundingold.com
About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders.