Lundin Gold (TSX: LUG) produced 153,736 ounces of gold at its Fruta del Norte mine in the third quarter, its strongest three months since the Ecuadorian operation entered commercial production. Output was up 26% from the 122,086 ounces produced in the same period last year.
Higher grades and faster milling drove most of the gain. The mill processed 535,711 tonnes of ore during the quarter, averaging 5,823 tonnes per day compared with 5,264 tonnes per day a year earlier. Head grade rose to 10.1 g/t gold from 8.9 g/t, while recoveries were essentially flat at 88.3%.
Concentrate accounted for 103,311 ounces of the quarter’s production, with the remaining 50,425 ounces produced as doré.
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Sales came in slightly below production at 148,326 ounces, sold at an average realized price of US$4,299 per ounce. That compares with US$3,634 per ounce in the third quarter of 2025, and includes a US$46 per ounce lift from provisional pricing adjustments.
“The third quarter marked the strongest production quarter in Fruta del Norte’s history,” said President and CEO Jamie Beck. He added that the company is “well positioned to deliver full-year production within our 2026 guidance range,” and said ounces produced but not yet sold this year are expected to be sold mostly in the fourth quarter.
Through the first nine months of the year, Fruta del Norte has produced 392,472 ounces from 1,532,652 tonnes of ore, averaging 5,614 tonnes per day at a grade of 9.0 g/t gold. To reach the low end of its 475,000 to 525,000 ounce guidance, the mine needs 82,528 ounces in the fourth quarter. The midpoint requires about 107,500 ounces, and the operation has topped that figure in every quarter so far this year.
Throughput and grade are both running ahead of the plan the company set out last December, which assumed 5,500 tonnes per day at 8.3 g/t gold. Recovery is the exception. The year-to-date rate of 88.9% sits below the 91% assumed in guidance.
Lundin Gold will release its full third quarter financial results on November 4.
Lundin Gold last traded at $86.71 on the TSX.
