Lundin Gold Inc 2025年度报告

TSX, NASDAQ STOCKHOLM:LUGOTCQX:LUGDF 2 0 2 5ANNUALREPORT CORPORATE INFORMATION BOARD OF DIRECTORS REGIONAL HEAD OFFICEAurelian Ecuador S.A., a subsidiary of Lundin Gold Inc. Av. Amazonas N37-29 y UNP Edificio Eurocenter, Piso 5Quito, Pichincha EcuadorTelephone: 593-2-299-6400 Jack Lundin, ChairmanVancouver, CanadaCarmel DanieleLondon, United KingdomGillian DavidsonEdinburgh, United KingdomIan GibbsVancouver, CanadaMelissa HarmonDenver, USAAshley HeppenstallLondon, United KingdomJamie BeckVancouver, CanadaScott LangleyToronto, CanadaAngelina MehtaMontreal, Canada COMMUNITY OFFICECalle 1ro de Mayo y 12 de Febrero, esquina Los Encuentros, Zamora-Chinchipe, Ecuador STOCK EXCHANGE LISTINGS The Toronto Stock Exchange Trading Symbol: LUGNasdaq Stockholm Trading Symbol: LUG SHARE REGISTRAR AND TRANSFER AGENT Computershare Investor Services Inc. 510 Burrard Street,3rd Floor Vancouver, BC V6C 3B9Telephone: 1-800-564-6253 OFFICERS AUDITOR Jamie BeckPresident & Chief Executive OfficerChester SeeChief Financial OfficerTerry SmithChief Operating OfficerSheila ColmanVice President, Legal and SustainabilityAndre OliveiraVice President, ExplorationBrendan CreaneyVice President, Corporate Development and InvestorRelations PricewaterhouseCoopers LLP 250 Howe St, Suite 700Vancouver, BC V6C 3S7Telephone: 604-806-7000 ADDITIONAL INFORMATION Further information about Lundin Gold is available bycontacting: Brendan Creaney, Vice President, Corporate Developmentand Investor Relations Telephone: 604-806-3089Toll Free: 1-888-689-7842info@lundingold.com OFFICES CORPORATE HEAD OFFICELundin Gold Inc. Lundin Gold Ecuador Four Bentall Centre1055 Dunsmuir Street, Suite 2800Vancouver, BC V7X 1L2Telephone: 604-689-7842Toll Free: 1-888-689-7842Facsimile: 604-689-4250 Four Bentall Centre1055 Dunsmuir Street, Suite 2800Vancouver, BC V7X 1L2Canada Av. Amazonas N37-29 y UNP Edificio Eurocenter,Piso 5Quito, Pichincha, Ecuador Telephone: 593-2-299-6400 Telephone: 604-689-7842Toll Free: 1-888-689-7842 info@lundingold.com www.lundingold.com @LundinGoldEC@LundinGold @lundingoldec Lundin Gold Ecuador Lundin Gold @LundinGold TABLE OF CONTENTS 5CEO Letter17Management’s Discussion and Analysis235Sustainability Statement3121PwC Limited Assurance Sustainability Statement4124Financial Statements5149PwC Financial Statements Audit Report6 CEO LETTER Dear Fellow Shareholders, 2025 was a year of exceptional performance for Lundin Gold, driven by strong operational execution, record financial results, anoutstanding safety record, and continued success across our exploration programs. As I step into the role of President and ChiefExecutive Officer, I am pleased to build on the strong foundation established by Ron Hochstein and the entire Lundin Gold team,and to lead the Company forward with a continued focus on disciplined operations, environmental and social responsibility, andlongterm value creation. At our Fruta del Norte (“FDN”) mine, disciplined execution and continuous improvement once again delivered results thatreinforce the Tier 1 quality of this worldclass asset. Following the successful completion of the process plant expansion early inthe year, average throughput reached 5,009 tonnes per day, supporting annual gold production of 498,315 ounces in line withour elevated guidance range. Strong operating performance, combined with a historically high gold price environment, delivered record financial resultsacross all key metrics. During the year, we sold 503,330 ounces of gold at an average realized gold price¹ of $3,594 per ounce,generating record revenues of $1.78 billion. Despite higher royalties and statutory employee profitsharing associated withstronger gold prices, disciplined cost control resulted in Cash Operating Costs¹ of $838 per ounce sold and All-In Sustaining Cost¹(“AISC”) of $1,015 per ounce sold, maintaining FDN’s position as a low cost, high margin operation. These results translated into record Free Cash Flow¹ of $926 million in 2025, demonstrating the exceptional cash-generatingcapability of our business. Over the course of the year, our strong balance sheet and financial flexibility enabled us to return$664 million to shareholders through an enhanced dividend framework, including the introduction of a variable dividend linkedto normalized free cash flow that supplements our fixed dividend, reinforcing our commitment to meaningful capital returns. Exploration remains central to Lundin Gold’s long-term strategy. In 2025, we executed our largest exploration program todate, completing 121,519 metres of drilling across resource conversion and near mine targets. A central focus was FDN South(“FDNS”), where continued drilling success supported the declaration of an initial Mineral Reserve. Based on the strength ofthese results, we made the development decision for FDNS in early 2026, advancing it as a key component of Fruta del Norte’slong-term mine plan. Our Mineral Reserve and Mineral Resource up