Financials Lundin Gold Inc.

Equities

LUG

CA5503711080

Gold

Delayed Toronto S.E. Other stock markets 11:51:43 2025-06-13 EDT			5-day change	1st Jan Change
71.95 ^CAD	-1.42%		-0.01%	+134.38%

06-11	Sandstorm Gold Brief: Also Notes 260 Metres Grading 3.29% Copper and 2.08 g/t Gold Intersected at Hugo North Extension	MT
06-11	Sandstorm Gold Brief: Notes First Majestic Confirms New Discovery at Santa Elena; Fruta del Norte Expands 2025 Drilling Program to 108,000 Metres	MT

Projected Income Statement: Lundin Gold Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	449.7	933.2	1,111	1,218	1,694	2,114	2,204	2,090
Change	-	107.53%	19.03%	9.68%	39.05%	24.77%	4.26%	-5.14%
EBITDA ¹	223.3	545.5	636.4	710.1	1,107	1,459	1,485	1,408
Change	-	144.26%	16.67%	11.58%	55.88%	31.81%	1.81%	-5.21%
EBIT ¹	153.8	408.7	454.2	527	891.3	1,295	1,367	1,222
Change	-	165.78%	11.14%	16.03%	69.11%	45.29%	5.55%	-10.58%
Interest Paid ¹	-52.3	-64.81	-318.2	-97.72	-378.6	-6.97	-	-
Earnings before Tax (EBT) ¹	-75.8	327.2	-	384.8	900.4	1,276	1,322	1,245
Change	-	531.63%	-	-	134.01%	41.71%	3.58%	-5.81%
Net income ¹	-59.21	281.8	99.77	242.3	605	873.9	915.2	886.1
Change	-	575.92%	-64.59%	142.82%	149.73%	44.45%	4.73%	-3.18%
Announcement Date	2/24/21	2/23/22	2/23/23	2/22/24	2/21/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	17.49	154.3	237.6	-	270.4	237.8	237.3	278	229.1	282.2	287.3	343.2	328	291.4	257.4	311.2	414.3	448.2	485.3	495.4	534.6	558.3	515	542	596.8	628.3	637.9	-
Change	-	782.29%	54.01%	-	-	-12.05%	-0.24%	17.15%	-17.58%	23.17%	1.81%	19.45%	-4.41%	-11.17%	-11.65%	20.88%	33.16%	8.18%	8.27%	2.07%	7.91%	4.44%	-7.75%	5.25%	10.1%	5.28%	1.53%	-
EBITDA ¹	5.35	100	-	94.89	169.2	141.5	128.5	171.5	134.9	156.9	152.6	212.6	201.1	167.6	129.5	180.4	268.6	305.9	329.7	335.7	402	398.1	398.5	370.1	392.7	405.6	409	319.1
Change	-	1,770.06%	-	-	78.32%	-16.39%	-9.14%	33.39%	-21.32%	16.33%	-2.77%	39.33%	-5.4%	-16.66%	-22.77%	39.34%	48.89%	13.88%	7.8%	1.81%	19.75%	-0.96%	0.1%	-7.14%	6.1%	3.29%	0.84%	-21.99%
EBIT ¹	-34.65	-	-	-	-	-	-	-	-	-	-	-	-	123.2	87.89	130.3	217.2	258.5	265.6	293.4	345.6	288.8	369.1	346.3	386	412	418.9	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-28.66%	48.21%	66.77%	18.99%	2.76%	10.46%	17.8%	-16.43%	27.79%	-6.17%	11.46%	6.74%	1.66%	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-22.1	-25.17	-22.4	-10.45	-349.8	5.808	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-85.63	-	-	-	-	-	-	-	-	-	-	-	-	114.1	26.45	96.77	235.8	264.3	286.2	301	327.9	328	333.9	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-76.83%	265.87%	143.67%	12.08%	8.3%	5.18%	8.93%	0.02%	1.78%	-	-	-	-	-
Net income ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	74.21	14.93	57.49	164	188.3	183.4	213.4	224.6	224.7	228.7	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-79.88%	285.02%	185.2%	14.83%	-2.61%	16.36%	5.28%	0.02%	1.78%	-	-	-	-	-
Announcement Date	8/11/20	11/9/20	2/24/21	5/12/21	8/11/21	11/9/21	2/23/22	5/3/22	8/9/22	11/8/22	2/23/23	5/10/23	8/9/23	11/8/23	2/22/24	5/9/24	8/8/24	11/8/24	2/21/25	5/8/25	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Lundin Gold Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	976	607	-	50.8	-496	-728	-988	-1,379
Change	-	-37.81%	-	-	-1,076.38%	-46.76%	-35.71%	-39.57%
Announcement Date	2/24/21	2/23/22	2/23/23	2/22/24	2/21/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Lundin Gold Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	73.78	72.52	72.93	65.19	117.1	135.9	130.5	123
Change	-	-1.7%	0.57%	-10.62%	79.56%	16.11%	-3.99%	-5.76%
Free Cash Flow (FCF) ¹	68.9	459.1	502.4	356.1	766.8	899.1	941	809.1
Change	-	566.32%	9.44%	-29.13%	115.35%	17.25%	4.67%	-14.02%
Announcement Date	2/24/21	2/23/22	2/23/23	2/22/24	2/21/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Lundin Gold Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	49.67%	58.46%	57.3%	58.29%	65.34%	69.03%	67.41%	67.35%
EBIT Margin (%)	34.2%	43.79%	40.89%	43.26%	52.61%	61.27%	62.02%	58.46%
EBT Margin (%)	-16.86%	35.06%	-	31.58%	53.15%	60.37%	59.97%	59.55%
Net margin (%)	-13.17%	30.19%	8.98%	19.88%	35.71%	41.34%	41.53%	42.39%
FCF margin (%)	15.32%	49.19%	45.23%	29.23%	45.26%	42.54%	42.7%	38.7%
FCF / Net Income (%)	-116.37%	162.93%	503.6%	146.98%	126.75%	102.88%	102.82%	91.31%
Profitability
ROA	7.27%	13.88%	-	-	-	33%	-	-
ROE	-22.58%	31.6%	15%	22.6%	39.23%	53.71%	53.59%	36.72%
Financial Health
Leverage (Debt/EBITDA)	4.37x	1.11x	-	0.07x	-	-	-	-
Debt / Free cash flow	14.17x	1.32x	-	0.14x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	16.41%	7.77%	6.57%	5.35%	6.91%	6.43%	5.92%	5.88%
CAPEX / EBITDA (%)	33.04%	13.29%	11.46%	9.18%	10.57%	9.31%	8.78%	8.73%
CAPEX / FCF (%)	107.08%	15.8%	14.52%	18.31%	15.27%	15.12%	13.87%	15.2%
Items per share
Cash flow per share ¹	0.6272	2.266	2.431	2.935	3.898	4.348	4.375	4.059
Change	-	261.36%	7.25%	20.75%	32.79%	11.55%	0.62%	-7.23%
Dividend per Share ¹	-	-	0.405	0.5406	0.8523	2.887	4.31	2.509
Change	-	-	-	33.46%	57.67%	238.68%	49.31%	-41.79%
Book Value Per Share ¹	3.202	4.441	-	5.431	7.22	8.55	10.4	12.18
Change	-	38.7%	-	-	32.95%	18.42%	21.64%	17.09%
EPS ¹	-0.2637	1.196	0.4204	1.012	2.499	3.585	3.731	3.664
Change	-	553.69%	-64.85%	140.8%	146.84%	43.44%	4.09%	-1.8%
Nbr of stocks (in thousands)	230,088	233,362	235,647	237,860	240,195	241,230	241,230	241,230
Announcement Date	2/24/21	2/23/22	2/23/23	2/22/24	2/21/25	-	-	-