Lundin Gold Inc report results for the second quarter of 2024 (2Q), highlighted by record quarterly revenues of $301 million realized from the sale of 129,396 ounces (oz) at an average realized gold price1 of $2,379 per oz. From this, record adjusted EBITDA 1 of $195 million was achieved.
The Company continues to generate significant cash flow with cash from operating activities of $144 million and adjusted free cash flow 1 of $112 million. Cash operating costs1 and all-in sustaining costs this quarter were $725 and $875 per oz sold, respectively. During the quarter, the Company continued to focus on operational excellence, and the underlying cost of operations was reduced. Prevailing gold prices increased royalties, however, which impacted overall cash operating costs1 and AISC. All amounts are in U.S. dollars unless otherwise indicated.
The end of the second quarter marked the closing of the buyout of the Stream Facility and Offtake from Newmont Corporation following payment of the first tranche of the purchase price of $180 million. The second and final tranche of $150 million is due on September 30, 2024. As at June 30, 2024, Lundin Gold had a cash balance of $238 million and is now debt free.
“I’m pleased to report another record quarter for Lundin Gold across a number of key metrics. The strong financial performance achieved was underpinned by strong grades, improvements in recoveries and a high average mill throughput.” Ron Hochstein, President and CEO commented.
“Moving into the second half of 2024, we will continue to focus on operational excellence and will advance our now increased near-mine exploration program. We are on track with our process plant expansion project and expect operations to be positively impacted once completed by the end of this year. Additionally, our debt free position following the buyout of the Stream Facility and Offtake has allowed us to double the amount of our quarterly dividend, from $0.10 to $0.20 per share, equivalent to approximately $200 million annually” Ron added.
Offical Facebook account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of D
Divine Solitaires honoured leading partner jewelers from across India at IIJS Premiere 2026, alongside the first weekly lucky draw of TSFI's Wood Jubilee edition.
#divinesolitaires #hzinternational #iijspremiere #heerazhaveraat #luckydraw
✨ A moment to remember at IIJS Premiere 2026!
Proud to be part of Jewellers for Hope, bringing the jewellery community together for a meaningful cause. Grateful to be part of this special initiative.
#iijspremiere2026 #uniquechains #jewellersforhope #gjepc #iijs2026
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
