Lundin Gold produces 112,212 ounces of gold in Q3 2023, shares up

Lundin Gold Inc. [TSX-LUG, Nasdaq Stockholm; OTCQX-LUGDF] had third quarter 2023 gold production of 112,212 ounces (oz) from its Fruta del Norte gold mine in southeast Ecuador. Of the total quarterly gold production, 71,902 oz were produced as concentrate and 40,310 oz as doré. During the same quarter in 2022, the company produced 121,635 oz of gold. Gold sales in the third quarter of 2023 totalled 112,711 oz and were sold at an average realized gold price of $1,931 per oz. All dollar amounts are stated in United States dollars unless otherwise stated.

In the third quarter of 2023, the mill processed 416,072 tonnes resulting in an average throughput rate of 4,523 tonnes per day at an average grade of 9.7 g/t with recoveries of 86.5%.

Ron Hochstein, president and CEO, commented: “Our third quarter results put Lundin Gold firmly on track to meet its 2023 production guidance. The increase in mill throughput partially offsets lower recoveries in the third quarter resulting in a decrease in production compared to that achieved during the same quarter last year. We continue to focus on improving recoveries through numerous initiatives and expect improvement in the coming quarters.”

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world.

In early trading Friday  October 13, shares of Lundin Gold gained $1.07 to $16.30.