Lundin Gold Reports Record Mineral Reserves and Expands the FDN District with FDNS Reserve and FDN East Inferred Resource
Highlights
- Proven and Probable Mineral Reserves total 5.85 million ounces ("Moz") from 25.66 million tonnes ("Mt") at 7.09 grams per tonne ("g/t") Au, up 6% year over year after 2025 mining depletion of 0.53 Moz, marking the highest Reserve inventory ever reported at FDN.
- Includes FDNS inaugural Mineral Reserve of 0.54 Moz (2.50 Mt at 6.66 g/t Au). The rapid conversion from discovery to an initial Reserve highlights the quality of the deposit and potential for future growth.
- Measured & Indicated Resources of 7.48
Moz Au (32.61 Mt at 7.13 g/t Au), net of 2025 mining depletion, increased by 6% relative to 2024.- Includes FDNS conversion of 0.77 Moz (3.14 Mt at 7.58 g/t Au) with higher average grade relative to the initial 2024 Inferred Resource.
- Inferred Resources total 2.03 Moz (10.25 Mt at 6.17 g/t Au) after successfully adding 0.58 Moz from both FDNS and FDN East and converting 0.91 Moz to M&I.
- Includes FDN East's inaugural Inferred Mineral Resource of 0.42
Moz Au (2.17 Mt at 6.01 g/t Au), formally establishing a third near mine deposit open for further exploration.
- Includes FDN East's inaugural Inferred Mineral Resource of 0.42
Mineral Reserves
Total Proven and Probable Mineral Reserves increased to 5.85 Moz of contained gold from 25.66 Mt with an average grade of 7.09 g/t after 2025 mining depletion of 0.53 Moz.
FDN
FDN added 0.30 Moz to Mineral Reserves prior to 2025 mining depletion, driven primarily by the reduction in cutoff grade from 3.7 g/t to 3.2 g/t due to the application of a higher gold price, contributions from exploration drilling, and cost discipline resulting in flat unit operating costs year-over-year. Additional increases also reflect updated Reserve assumptions for 2025, including refinements to mining dilution and recovery factors, and minor design optimizations that expanded the mineable inventory. See Table 1 for details.
FDNS
FDNS was first intersected in Q2 2024 during an exploration drilling campaign accessed by two levels of underground development advanced from the south of FDN. Following the inaugural Inferred Resource announced in 2025,
Ongoing infill and step out drilling at FDNS will continue through 2026 with the objective of converting additional Inferred Resources and testing extensions along strike and at depth.
Measured and Indicated Mineral Resources
The updated Measured and Indicated ("M&I") Mineral Resource estimate, inclusive of Mineral Reserves, now totals 7.48 Moz (32.61 Mt at 7.13 g/t Au), an increase supported by the conversion of 0.91 Moz from the Inferred category during 2025.
FDN
At FDN, updates to the Measured and Indicated inventory largely reflect refinements to the geological model, supported by ongoing infill drilling and reconciliation data from mining. These updates improved definition of orebody geometries and grade continuity, resulting in modest increases to contained ounces and maintaining the high confidence of the M&I category.
FDNS
The 2025 program at FDNS was designed to advance the 2024 Inferred Resource toward Reserve confidence. Through focused infill drilling and refined vein modelling, 0.77 Moz (3.14 Mt at 7.58 g/t Au) were upgraded to Indicated. The updated model improved the vein geometries, resulting in a notable uplift in average grade compared to the initial Inferred Resource from 2024.
Inferred Mineral Resources
In addition to upgrades to Measured and Indicated Resources, the Company continued to advance its large Inferred Resource base through both FDNS and FDN East. Total Inferred ounces of contained gold are 2.03 Moz from 10.25 Mt with an average grade of 6.17 g/t.
FDN East
Near mine exploration in 2024 and 2025 delineated a new mineralized trend east of the main FDN orebody, culminating in FDN East's inaugural Inferred Mineral Resource of 0.42
FDNS
At FDNS, exploration drilling successfully expanded the Mineral Resource base by 0.17 Moz, and the deposit remains open along the south and northeastern extensions and at depth.
Figure 1: Mineral Reserves Waterfall Compared to 2024 (Contained ounces represented in thousands)
Figure 2: 2025 Mineral Resources – Measured, Indicated, and Inferred
Mineral Resource and Reserve Summary
The tables below summarize the Mineral Resource and Mineral Reserve estimates for FDN effective as of
Table 1: Mineral Reserves,
as at
|
|
Mineral Reserves (1)(2)(3)(4)(5)(6)(7)(8)(9)(10) |
||||||
|
|
Category |
Tonnage kt |
Grade (g/t Au) |
Grade (g/t Ag) |
Contained (k oz Au) |
Contained (k oz Ag) |
|
|
FDN |
Proven |
7,854 |
9.92 |
11.76 |
2,506 |
2,970 |
|
|
Probable |
15,300 |
5.70 |
10.89 |
2,803 |
5,358 |
||
|
Total P & P |
23,154 |
7.14 |
11.20 |
5,309 |
8,328 |
||
|
FDNS |
Proven |
- |
- |
- |
- |
- |
|
|
Probable |
2,505 |
6.66 |
6.94 |
536 |
559 |
||
|
Total P & P |
2,505 |
6.66 |
6.94 |
536 |
559 |
||
|
Total |
Proven |
7,854 |
9.92 |
11.76 |
2,506 |
2,970 |
|
|
Probable |
17,805 |
5.83 |
10.34 |
3,339 |
5,917 |
||
|
P & P |
25,659 |
7.09 |
10.77 |
5,845 |
8,887 |
||
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
(1) |
2014 CIM Definitions Standards on Mineral Resources and Reserves, and the 2019 CIM Best Practice Guidelines have been followed. |
|
(2) |
The Mineral Reserves estimate has an effective date of |
|
(3) |
Ore Mined (Depletion) totals are for Reserve depletion only. Some material mined and processed in 2025 was non-Reserve material. |
|
(4) |
These Mineral Reserves have been diluted based on site geotechnical recommendations and actual mine performance and have had a mining recovery applied. |
|
(5) |
Mineral Reserves were estimated using key inputs listed in the table below: |
|
Key Input |
Unit |
2025 YE |
2024 YE |
|
|
|
|
FDN |
FDNS |
FDN |
|
Gold Price |
$/oz |
1,700 |
1,700 |
1,500 |
|
Stope |
$/t |
49 |
71 |
52 |
|
Process, Surface Ops, G&A Cost |
$/t |
75 |
75 |
72 |
|
Surface Royalties, |
$/t |
12 |
12 |
8 |
|
Taxes |
$/t |
2 |
2 |
2 |
|
Dilution Factor |
% |
- |
- |
8 |
|
|
$/oz |
85 |
85 |
43 |
|
Payable Gold Concentrate |
% |
97.4 |
97.4 |
97.0 |
|
Royalty |
$/oz |
96 |
96 |
85 |
|
Gold Metallurgical Recovery |
% |
91.2 |
91.2 |
91.2 |
|
Gold Cut-off Grade - Longhole Stoping* |
g/t |
3.2 |
3.7 |
3.7 |
|
*Longhole stoping is inclusive of both longitudinal and transverse methods. |
|
|
|
(6) |
Silver was not considered in the calculation of the cut-off grade but is recovered and contributes to the revenue stream. |
|
(7) |
Tonnages are rounded to the nearest 1,000 t, gold and silver grades are rounded to two decimal places, and costs are rounded to the nearest dollar. Tonnage and grade measurements are in metric units; contained gold and silver are reported as thousands of troy ounces. |
|
(8) |
All dollar figures are in US dollars. |
|
(9) |
Figures may not add due to rounding. |
|
(10) |
The Qualified Person for the year end 2024 and 2025 estimates is |
Table 2: Mineral Resources, as at
|
Mineral Resources (1)(2)(3)(4)(5)(6)(7) |
||||||
|
|
Category |
Tonnage Kt |
Grade (g/t Au) |
Grade (g/t Ag) |
Contained (k oz Au) |
Contained (k oz Ag) |
|
FDN |
Measured |
10,404 |
9.48 |
12.27 |
3,171 |
4,105 |
|
Indicated |
19,063 |
5.78 |
11.00 |
3,542 |
6,740 |
|
|
Total |
29,467 |
7.09 |
11.45 |
6,713 |
10,845 |
|
|
Inferred |
831 |
4.83 |
8.48 |
129 |
227 |
|
|
FDNS |
Measured |
- |
- |
- |
- |
- |
|
Indicated |
3,144 |
7.58 |
8.66 |
766 |
875 |
|
|
Total |
3,144 |
7.58 |
8.66 |
766 |
875 |
|
|
Inferred |
7,247 |
6.37 |
18.52 |
1,484 |
4,314 |
|
|
FDNE |
Measured |
- |
- |
- |
- |
- |
|
Indicated |
- |
- |
- |
- |
- |
|
|
Total |
- |
- |
- |
- |
- |
|
|
Inferred |
2,166 |
6.01 |
7.61 |
418 |
530 |
|
|
Total |
Measured |
10,404 |
9.48 |
12.27 |
3,171 |
4,105 |
|
Indicated |
22,207 |
6.03 |
10.67 |
4,309 |
7,615 |
|
|
|
32,611 |
7.13 |
11.18 |
7,480 |
11,720 |
|
|
Inferred |
10,245 |
6.17 |
15.40 |
2,031 |
5,071 |
|
|
|
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Notes: |
|
|
(1) |
2014 CIM Definition Standards were followed for the classification of Mineral Resources, and the 2019 CIM Best Practice Guidelines have been followed. |
|
(2) |
Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. |
|
(3) |
Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them to enable them to be categorized as Mineral Reserves. |
|
(4) |
Mineral Resources are reported at a cut-off grade of 2.59 g/t Au in FDN and 2.79 g/t Au in FDNS/FDNE, which are calculated using a long-term gold price of |
|
(5) |
Mineral Resources were depleted by mining to |
|
(6) |
Figures may not add due to rounding. |
|
(7) |
Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del Norte is contained in the FDN Technical Report which is available under the Company's profile on SEDAR+. Except as set out herein, the assumptions, parameters and risks associated with the Company's Mineral Resource and Mineral Reserve estimates set out herein are as set out in the FDN Technical Report. |
Qualified Persons
In this news release, the Qualified Person for the Mineral Resource estimate is Andre Oliveira,
The technical information contained in this news release has been reviewed and approved by
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This press release contains forward-looking information in a number of places, such as in statements pertaining to estimates of Mineral Reserves and Mineral Resources. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated
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