Lundin Gold (TSX: LUG) is starting the year on solid footing, reporting first quarter production of 119,742 ounces of gold from its Fruta del Norte mine in Ecuador. The result represents slight growth versus the 117,313 ounces produced during the same period last year, underpinned by record-breaking throughput levels at the facility’s mill.
The company averaged a throughput of 5,520 tonnes per day during the quarter, a fresh record that slightly nudged past its annual guidance target of 5,500. This operational efficiency helped offset a decline in head grades, which averaged 8.4 grams per tonne compared to 10.4 grams per tonne a year ago.
President and CEO Jamie Beck noted that the performance keeps the company firmly on track to meet its full-year guidance of 475,000 to 525,000 ounces. The quarter saw a mix of 79,451 ounces produced as concentrate and 40,291 ounces as doré.
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This momentum follows a banner 2025, where Lundin Gold hit the upper end of its revised guidance by producing 498,315 ounces. The company’s performance in the final months of last year was particularly robust, yielding 119,483 ounces in the fourth quarter. While the Q1 2026 figures are effectively flat against that record-setting fourth quarter, the sustained throughput suggests the mine is settling into its expanded capacity.
Gold sales for the first quarter totaled 115,308 ounces, with an average realized price of $4,951 per ounce. This pricing reflects the significant tailwinds provided by a surging gold market, which has substantially increased the value of provisionally priced sales compared to year-end estimates.
Full financial results for the quarter are scheduled for release on May 6 after the close of markets.
Lundin Gold last traded at $112.78 on the TSX.
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