Lundin Gold Inc
LUGLundin Gold Inc. operates as a mining company in Canada. The company holds interests in 27 metallic mineral concessions and three construction material concessions covering an area of approximately 64,270 hectares located in Southeast Ecuador. It primary holds interests in the Fruta del Norte gold project comprising seven concessions covering an area of approximately 5,566 hectares located near the city of Loja in Ecuador. The company was formerly known as Fortress Minerals Corp. and changed its name to Lundin Gold Inc. in December 2014. Lundin Gold Inc. was incorporated in 1986 and is headquartered in Vancouver, Canada.
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Key Information
Legal Entity
Lundin Gold Inc
Sector
Precious Metal
Founded
August 8, 1996
Employees
1,893
Reporting Currency
CAD
Contact Phone
604-689-7842
Website
www.lundingold.comHeadquarters Address
885 West Georgia Street , Vancouver , BC V6C 3E8 , CA
Identifiers
ISIN
CA5503711080CUSIP
550371108
Commodity Portfolio
Organization
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Videos
Victor Feng of Auro Metals Inc. talks to Chen Lin | Metals Investor Forum Sept. 2026
Key Highlights
brief- Victor Feng places Tincorp roughly 36 km south of Lundin Gold's Fruta del Norte mine in Ecuador's Zamora copper-gold belt
- Cited by Victor Feng as part of the case that Ecuador hosts multiple major-tier gold assets
Auro Metals is targeting a doubling of the 4.1Moz Santa Barbara porphyry (large, low-grade gold-copper) resource via 40,000m of Phase 2 and 3 drilling. Ecuadorian porphyries have drawn major-miner M&A: Sol Gold sold for $1.2B and Lumina Gold for $420M in the past 18 months. Hole 68 cut 905m at 0.6 g/t gold and 0.12% copper — comparable to Filo's earlier porphyry intercepts and ending in mineralization at depth. Silvercorp's 27.3% cornerstone stake leaves it well-positioned to re-enter as a strategic acquirer at the permitting stage. Copper-recovery metallurgical work begins in October with samples shipped to Vancouver, ahead of a resource update in early-to-mid 2027.
Victor Feng of Auro Metals Inc. presents at Metals Investor Forum in Vancouver | Sep 2026
Key Highlights
brief- Lundin Gold's Fruta del Norte mine is cited as a regional anchor, located 36 km north of Santa Barbara, where the speaker says Lundin Gold has made new porphyry discoveries within its concession boundaries.
- Fruta del Norte is also listed as one of the significant epithermal systems in the Zamora copper-gold belt, reinforcing the district-scale setting around Santa Barbara.
Oro Metals' Santa Barbara project in Ecuador's Zamora belt hosts 4.1 Moz gold + 0.5 Blbs copper based on 22,000m of historic drilling. Phase 1 (11,000m) is complete with assays pending; Phase 2 (20,000m) is underway with 7 rigs including three 1,000m-depth rigs. H-DSP 68 returned the project's best hole: 905m at 0.6 g/t gold + 0.12% copper from 56m, extending mineralization beyond the current pit shell. Oro trades at a discount to peers on EV/oz basis (peer average ~$73/oz); Silvercorp holds 27.3% and insiders/management own 16%. The mineralized system remains open in all directions and at depth, with metallurgical test work planned for October.
Vizsla Silver - Panuco Project Update: Site Access, The Path and Timeline To Production
Key Highlights
brief- The CEO cites Guillermo Hernandez's background with Lundin Gold at Fruta del Norte as evidence of the geological depth added to the Panuco team.
Vizsla Silver targets first silver at Panuco around mid-to-late 2028, a slight timeline slip after January's tragedy kept work off site. Mexican government and military support underpins a planned return to site by end-2026, with roughly $10 million set aside for security. EPCM (engineering, procurement, construction management) award to M3 and the FLSmidth mill equipment package lock in capital cost certainty before the final investment decision. Over $400 million in cash covers the full build, and management argues the shares look cheap at about four times NAV (net asset value). Underground drill bays at Copala aim to convert 25 million inferred ounces, in a district where under 5% of known veins have been drilled.
Barrick–Newmont Nevada JV, Permitting Risk, Royalties, and Mine Financing | Analyst Joe Mazumdar
Key Highlights
brief- The guest cites Lundin Gold in Ecuador as an example of a single-asset company carrying a geopolitical discount, noting such companies typically pay out a high share of cash flow in dividends so investors focus on the payout rather than the jurisdiction.
Barrick is selling Fourmile at a steep discount, but access to permitted autoclave (pressure oxidation) capacity via Goldrush justifies it. Seabridge's KSM court setback shows Indigenous consultation now extends beyond a project's footprint, raising permitting risk across British Columbia. Major gold producers returned roughly 30% of first-half 2026 revenue to shareholders, with buybacks outpacing dividends and the top five dominating. Judge management on per-share value: grow assets without growing the share count, and favor teams that raise capital at rising prices. Coffee's upfront capital quadrupled in a decade, reinforcing the case for hunting fatal flaws early — cutoff grades, jurisdictions, and site visits.
Canada Holds The Ultimate Energy Card In This Trade War
Key Highlights
detailed- Step-out drilling at Lundin Gold's flagship Sandia Discovery in southern Ecuador intersected more than 900 meters of continuous copper, gold and molybdenum mineralization from shallow depths, the host reports.
- The campaign has now identified seven distinct mineralized porphyry centers across the district.
- That work has expanded the overall deposit footprint to about 1.6 kilometers along strike.
- An ongoing multi-rig drill campaign is building toward a resource estimate targeted for early 2027.
Silver takes the spotlight as compounding industrial deficits meet green energy, AI infrastructure and widening supply constraints. Canada's trade-war strength is cheap, clean hydro power: the U.S. imports roughly 70% of its primary aluminum from Quebec smelters it cannot quickly restart. Gold Fields raised its interim dividend 132% and lifted buybacks to $1.25 billion, returning over 60% of first-half free cash flow. State money is moving downstream of the mine: a $500 million U.S. DOE round funds lithium extraction, cobalt refining, graphite substitutes and battery-scrap recovery. Two porphyry stories are scaling: Corcel hit anomalous copper, gold and molybdenum at Yuma King, while Lundin Gold's Ecuador footprint hit 1.6 km along strike.
Willem Middelkoop: The Next Financial Crisis, 'Perfect Storm' For Commodities & Mining Discoveries
Key Highlights
brief- The guest cites Lundin Gold as the dramatic payoff from his early Aurelian Resources investment: he bought 10,000 shares at 30 cents, Aurelian was valued at ~$20 million at discovery, and the resulting Lundin Gold later traded at a(~$20 billion valuation.
- He holds Lundin Gold up as the case study for why sticking with Tier 1 discoveries through production is the only way to capture the full compounding upside.
Weimar lite is already underway as foreign holders have dropped below 30% of US Treasuries and the Fed has absorbed $330B in a year. Central banks have bought around 1,000 tonnes of gold per year for five straight years -- about a third of global mine output. Gold is being reintroduced into the monetary system without any formal conference, as central banks now hold more gold than Treasuries. Gold producers print record free cash flow at PE ratios of 10-11, roughly a tenth of Magnificent Seven valuations. Discovery investors hold at least 1% stakes in tier-one deposits, scaling back after runs but never selling through production.
A $549M BET ON AUSTRALIA | OceanaGold x AusGold
Key Highlights
brief- Trading at ~$15.9B market cap on 500k oz (~ $32k/oz) — used as the bull-case valuation comparable, same exchange as OGC at over twice the per-ounce multiple
OceanaGold acquires AusGold for $549M, gaining Katanning — a Western Australia open-pit gold project — as its fifth asset. All-stock deal at a 44% premium to AusGold 20-day VWAP; first gold slips from AusGold 2028 target to 2029. Katanning economics: 10.3-year mine life, 1.2Moz recovered, AISC near $1,590/oz, $354M pre-production capex, 1.1 g/t grade. Value hinges on re-rating from developer 0.4x NAV to producer 0.7x NAV — a ~1.7x lift on identical ounces. OceanaGold trades at ~$11,500 per guided ounce versus Lundin Gold $32,000 and Alamos Gold $26,100 — the gap the deal aims to close.
Mineros ($MSA | $MNSAF) CEO on Growth Story, Investments & 2030 Gold Production Goals
Key Highlights
brief- Included by Don Durrett in the 'elite eight' majors he says are four-baggers or better at $7,000 gold.
Mineros S.A. trades at 0.47 times net asset value (what its mines and cash are worth) despite a tenfold share-price re-rating under Sun Valley control. Sun Valley Investments deployed about $200 million to take control, then doubled silver recovery and lifted gold output 22% through operational fixes. Guidance rose to 240,000 ounces with costs tracking below plan, and the CEO targets 500,000 ounces by 2030 via the Porvenir project and acquisitions. An upsized $175 million buyback and $30 million dividend program return cash, while a strategic gold reserve keeps bullion in company vaults. Analyst Don Durrett argues quality mid-tier gold producers are the sweet spot, and Mineros still offers tenfold upside on his $7,000 gold assumption.
#100 Digging for Dollars #28 The Game Has Changed Dan Earle and Access to Capital In the Mining Sect
Key Highlights
detailed- The guest calls Frida del Norte one of the strongest gold assets developed in the last cycle and Lundin Gold one of the best single-asset companies in the sector.
- He says financing Frida del Norte took a little over a billion dollars, at an all-in cost of capital of around 20 percent including fees.
- He covered the company as a sell-side analyst at TD Securities, visiting Frida del Norte before it was public and following it through development, and uses that history to frame how much cheaper junior financing has since become.
- Lundin Gold is his reference point for what used to be possible, contrasted with juniors now reaching the broad market, the bond market and the high-yield market.
Access to capital, once a junior miner's edge, is no longer an advantage now that participation in resource equities has broadened. Cost of capital has collapsed: Lundin Gold financed Frida del Norte near 20%, while juniors now issue bonds below 9%. Big raises remove junior mining's top risk — getting through the valley of death — which makes dilution a secondary worry. Dan Earle argues investors anchored to prior cycles misread today's deals; newcomers without fixed priors often perform better. Three rapid pitches: a Nevada producer with a $750M NAV second asset, a $6M Peru silver explorer, and a fresh copper find.
Skeena Gold + Silver | Walter Coles and Jimmy Connor
Key Highlights
brief- The host uses Lundin Gold as a valuation comparable, putting it at roughly a $26 billion Canadian market cap while Skeena sits near $4 billion.
Eskay Creek is fully permitted and half built, with Coles guiding to first cash flow in 2027 instead of 2028 or 2029. Silver supplies roughly 40% of the project's value, averaging 9.5 million ounces a year in the first five years. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) runs $538 per gold-equivalent ounce in years one through five. Coles says the Blackstone-Orion package covers construction, and refinancing the 12.13% debt plus a two-thirds stream buyback come next. Management expects investors to front-run the first cash flow, and values Skeena between mid-tier gold producers on EBITDA multiples.
Free Virtual Silver Conference Replay
Key Highlights
brief- Named by the Skeena guest as a valuation benchmark - around a C$26 billion market cap - for where Skeena could trade once Eskay Creek generates cash flow.
Silver's five-year supply deficit and rising industrial demand anchor the bull case speakers make despite a 30% one-day price crash. Sprott managers call the selloff a buying opportunity: average in slowly, judge explorers on deposit size, producers on cash flow. Dolly Varden's merger with Contango pairs high-grade BC silver with an Alaska gold miner's cash flow and permitting expertise. AbraSilver and Aya are advancing toward bigger resources and record output, while Skeena is fully permitted and targets 2027 cash flow. Washington's critical-minerals push, including the $12 billion Project Vault reserve fund, and cheap grid power are reshaping mining economics.
Osisko Development Update | Sean Roosen and Jimmy Connor
Key Highlights
brief- Cited by Roosen as the valuation leader among peers: about a $24 billion market cap for roughly 400,000 ounces of annual production, or around $5 billion per 100,000 ounces.
Osisko Development is fully permitted and fully funded, building a 5,000-ton-per-day underground mine at Caribou targeting 220,000 ounces of gold a year. The optimized feasibility study outlines a 10-year mine life with AISC (all-in sustaining cost — the full cost per ounce) of $1,157. Roosen argues $4,600 gold could add 1.5 to 3 million ounces by lowering the cut-off grade, the minimum grade worth mining. He calls the stock cheap versus peers, citing about $700 million enterprise value net of cash against producers valued in billions per 100,000 ounces. Roosen assumes Osisko Development is in play daily and fears a takeover could arrive before drilling finishes the district's resource.
Erik Wetterling – Value Proposition In Montage Gold, Inflection Resources, and K2 Gold
Key Highlights
brief- Used as a valuation benchmark for Montage: Lundin Gold trades at a ~$29B market cap producing 500K oz/yr at a world-class deposit, which Wetterling leans on to argue Montage at ~$4.05B is not stretched.
Erik Wetterling argues Montage Gold still has upside on the second leg of the Lassonde curve, with ex-Endeavour management running ahead of schedule at Koné in Côte d'Ivoire. He frames Inflection Resources as a many-targets, AngloGold Ashanti-funded hunt for Tier-1 porphyries in New South Wales, where one discovery could rerate the stock. K2 Gold's Si2 drilling in Nevada is a cheap optionality shot at a Silicon/Merlin-style epithermal, while the Mojave project remains the flagship. Wetterling stresses probability stacking: even a sub-5% per-target hit rate compounded across Inflection's roughly 30 targets builds a credible discovery case. Disclosure: the guest owns shares in all three names and is a banner sponsor of K2 Gold on the Hedgeless Horseman website.
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