Lundin Gold report results for the first quarter of 2024, highlighted by gold production of 111,572 ounces and gold sales of 108,916 oz at a cash operating cost of $735 per oz sold and all-in sustaining cost 1of $868 per oz sold from its Fruta Del Norte gold mine located in south-eastern Ecuador.
Bolstered by strong operating performance, reduced debt servicing costs and record high gold prices, Fruta Del Norte generated in excess of $100 million cash from operating activities in the first quarter, and free cash flow1 of $82.3 million or $0.35 per share, resulting in a cash balance of $324 million as at March 31, 2024.
“I’m pleased to report another great start to the year for Lundin Gold. Operations are running consistently, including cost performance and production which is weighted to the second half of the year. Our Process Plant Expansion Project to deliver increased throughput and recoveries is on track for year-end completion.
As a result of our conversion drilling, we announced the replacement of our Mineral Reserves and continue to focus on organic growth opportunities” Ron Hochstein, President and CEO commented.
“With the buyout of the stream credit facility and offtake agreement, we are poised to repay the final piece of the Fruta Del Norte project finance debt by the end of the second quarter, and are looking forward to further margin expansion in addition to unencumbered exposure to rising gold prices.
2024 is shaping up to be a great year with our continued focus on operational excellence, near-term production growth and very exciting exploration throughout the Fruta Del Norte district” Ron Hochstein adds.
