Lundin Gold (LUG) investor relations material

Operational performance and expansion plans

• Production began in 2019 with a reserve base of nearly 5 million ounces; over 3 million ounces mined to date, with reserves now at 6 million ounces.

• Mill currently operates at 5,500 tons per day, with expansion to 6,500–7,000 tons per day planned, driven by engineering constraints and new ore sources.

• Expansion aims to maintain annual production at around 500,000 ounces for several years, leveraging new discoveries at FDN South and East.

• Detailed expansion and capital plans will be released later this year, with execution expected through 2027 and new ore contributions starting in 2028.

• Bonza Sur is being re-evaluated for higher-grade, vein-style mining to supplement mill feed.

Exploration and resource development

• Exploration program includes 130,000 meters of drilling and a $100 million budget, targeting both gold and copper-gold porphyry systems.

• Seven distinct copper-dominant porphyry centers identified, with Sandia porphyry resource estimate expected in Q1 2027.

• Porphyry systems are close to existing operations and could support a future copper mining district.

• Less than 10% of the 65,000-hectare land package has been explored, indicating significant upside.

Financial strategy and capital allocation

• All-in sustaining cost is about $1,100/oz, supporting strong margins and flexibility for both exploration and expansion.

• Capital returns policy includes a minimum of 50% of free cash flow as dividends, with recent quarters returning 100% via dividends and share repurchases.

• Dividend yield is currently just below 7–8%, with flexibility to adjust for future capital needs, especially for copper project development.