Revenue Source: Mining (Gold production)

TOP 3 Markets:

1. USA: 40%
2. Canada: 25%
3. Europe: 20%

Lundin Gold Inc. generates its revenue mainly from gold production, with the majority of income coming from the sale of gold bars. The USA is the company's largest market, followed by Canada and Europe. These markets benefit from a stable demand for gold as an investment product and industrial commodity. The focus on these markets reflects the company's strategic orientation to operate in regions with high demand and stable economic conditions.

Main Production Site: Fruta del Norte Mine, Ecuador

Lundin Gold Inc. operates the Fruta del Norte Mine, located in the Zamora-Chinchipe province in southeastern Ecuador. This mine is one of the largest and highest-quality gold mines worldwide and serves as the company's primary production site.

The Fruta del Norte Mine began production in 2019 and has since made a significant contribution to Lundin Gold's gold production. The company focuses on efficiently operating this mine to maximize gold production and optimize operating costs.

Revenue Growth: Estimated at 10-12% (2025, based on industry trends) Investment Budget: Increased by 20% for exploration projects (2025)

Lundin Gold Inc. is focusing on expanding its production capacities and developing new gold deposits, particularly in Ecuador. The company is increasing its investment in exploration projects to expand its resource base and extend the life of existing mines.

Another strategic focus is on improving operational efficiency and reducing production costs. This is intended to be achieved through technological innovations and optimized operational processes.

In addition, Lundin Gold plans to expand its presence in international markets to benefit from the increasing demand for gold. This could be supported by strategic partnerships and joint ventures.

Commodities/Materials: Gold, Silver

Lundin Gold Inc. primarily operates the Fruta del Norte gold mine in Ecuador. The primary commodities the company produces are gold and silver. As Lundin Gold is a mining company focusing on the extraction and export of these metals, it generally does not import commodities but exports the extracted materials.

Imported Materials: Mining equipment, processing chemicals

However, Lundin Gold imports various materials and equipment for the operation of the mine. These include mining equipment and chemicals necessary for ore processing.

Countries of Origin: USA, Canada, China

The equipment and chemicals are typically imported from countries such as the USA, Canada, and China, which are leading in the production of mining equipment and technologies. These materials are crucial for the efficient operation and maintenance of the mine's production capacities.

Gold production: 476,329 ounces (2024)
All-in Sustaining Costs (AISC): 770 USD per ounce (2024)
Market share in Ecuador: Leading in gold mining

Lundin Gold Inc. has a significant competitive advantage that arises from several factors. The company operates the Fruta del Norte Mine in Ecuador, one of the highest-quality gold mines globally. The low All-in Sustaining Costs (AISC) of 770 USD per ounce in 2024 position Lundin Gold in the lower cost quartile of the industry, providing a substantial cost advantage.

Additionally, Lundin Gold benefits from stable production and strong operational cash flow, giving the company financial flexibility to invest in further explorations and expansions. The strategic location in Ecuador, an emerging mining country, also offers potential for future growth.

The competitive advantage is further strengthened by the high quality of resources and efficient operational management, securing Lundin Gold a leading position in gold mining in the region.

Institutional Investor Share: 60% (estimated, 2025)

Insider Buys/Sells: No significant changes (estimated, 2025)

The institutional investor share in Lundin Gold Inc. is estimated to be around 60%. This high participation indicates a strong trust by institutional investors in the long-term development of the company.

In 2025, there were no significant insider buys or sells, indicating a stable assessment of the company's value by management and other insiders. This can be seen as a sign that Lundin Gold's executives are satisfied with the current company strategy and market conditions.

Market share of Lundin Gold Inc.: Estimate 3-4% (2025, based on market analyses)

Major competitors and their market shares:

1. Newmont Corporation: 15-16%
2. Barrick Gold Corporation: 14-15%
3. AngloGold Ashanti Limited: 8-9%
4. Kinross Gold Corporation: 6-7%
5. Gold Fields Limited: 5-6%
6. Agnico Eagle Mines Limited: 5-6%
7. Lundin Gold Inc.: 3-4%
8. Yamana Gold Inc.: 3-4%
9. Harmony Gold Mining Co. Ltd: 2-3%
10. Eldorado Gold Corporation: 2-3%

Moat of Lundin Gold Inc.:

Lundin Gold Inc. has a moderate moat, mainly due to its high-quality gold deposits in Ecuador, especially the Fruta del Norte project, which is considered one of the largest and highest-grade gold deposits in the world. This provides the company with some protection against price fluctuations and production risks.

Compared to larger competitors like Newmont and Barrick, which have diversified global operations and extensive financial resources, Lundin Gold's moat is less pronounced. These larger companies have the advantage of being better able to manage risks and benefit from economies of scale due to their size and diversification.

In summary, Lundin Gold has a significant advantage in terms of the quality of its resources, but compared to market leaders, it lags behind in terms of diversification and financial strength.

Gold production: 476,329 ounces (2024) Operating cash flow: $320 million USD (2024) Exploration budget: $45 million USD (2025)

Lundin Gold Inc. achieved a gold production of 476,329 ounces in 2024, indicating a stable operational performance. The operating cash flow amounted to $320 million USD, demonstrating the company's ability to generate significant revenue from its existing mining projects.

The exploration budget for 2025 is $45 million USD, suggesting that Lundin Gold continues to invest in exploring and developing new projects. This could open up future growth opportunities and increase the company's long-term production capacity.

Overall, Lundin Gold demonstrates solid operational performance and a commitment to future growth through exploration. This could make the stock an attractive investment, especially for investors interested in the long-term development in the gold sector.

Dividend Yield: 3.5% (2025)
Dividend History: Continuous payout since 2022

Lundin Gold Inc. pays a dividend with a current yield of 3.5%. Since introducing the dividend in 2022, the company has consistently distributed it, indicating a reliable dividend policy.

The stability of the payout is supported by the company's solid financial position and the positive development of gold production. Analysts expect that Lundin Gold can maintain its dividend policy as long as market conditions remain stable and production targets are met.