Lundin Gold (LUG) — Stock Analysis 2026 [3.8]

Analysis as of 5 November 2026. Price deck: base gold US$4,500/oz — the fixed-grid price nearest the representative trailing average (3-month US$4,303.64, 6-month US$4,290.96 and 12-month US$4,468.92, COMEX daily closes to 5 November 2026) — with every grid price run as a scenario: extreme bear US$3,000, deep bear US$3,500, bear US$4,000, base US$4,500 and bull US$5,000/oz; silver goes to the LunR stream and stays inside the guided costs; no analyst consensus is on file at this date, and no forecast and no spot price enter the value. At US$68.62 a share (C$95.87 TSX close, 5 November 2026, the day after the Q3 2026 results) the market-implied deck is US$6,049/oz gold. Fundamentals are the FY2025 filings and the September 2026 quarterly report of 4 November 2026. Refreshed on each quarterly report and on material events. Rating: ★★★★ Solid / Modestly overvalued (wide band).

Lundin Gold owns and runs Fruta del Norte, a high-grade underground gold mine in southeast Ecuador that produced 498,315 ounces in 2025 at an all-in sustaining cost of US$1,015/oz. The thesis in one line: a debt-free, one-mine producer that paid US$6.53 a share in dividends in the first nine months of 2026, whose share price already pays for gold above every trailing average. Why now: the Q3 2026 report reaffirmed 475,000–525,000 ounces for the year, the FDN South development decision is taken, and Ecuador’s tax authority has issued a US$154 million assessment the company disputes. To screen Lundin Gold against every listed gold producer on cost, reserve life and stage, see Metal Pilot’s gold mining stock screener.

1. Snapshot & thesis

Lundin Gold Inc. (TSX: LUG; OTC: LUGDF) is a Canadian mining producer in the precious-metals sector — gold, with silver streamed away — reporting in US dollars. It owns one mine, Fruta del Norte in Zamora-Chinchipe, Ecuador (100%, through Aurelian Ecuador S.A.), in commercial production since late 2019, and 28 metallic mineral concessions around it. FDN South sits inside the mine’s reserve; the Sandia copper-gold porphyry is the first target outside it.

Figure 1. Lundin Gold in numbers, as of 5 November 2026

Figure data: Table 1; rating per Section 9, valuation per Section 7.

Thesis in brief. Bull: no debt, US$573.6 million of cash and a guided AISC of US$1,110–1,170/oz against a nine-month realised price of US$4,518/oz, with a variable dividend that pays out all normalised free cash flow after the fixed one; the 2025 reserve grew after depletion. Bear: one mine in one country, a head grade of 9.0 g/t that sits above the reserve’s 7.09 g/t average, a price of 2.07× net asset value, and an open tax assessment. What tips it: whether conversion drilling and FDN South hold the grade, and whether gold holds the base deck: the read turns Overvalued below US$4,497/oz.

Table 1. Lundin Gold in numbers

Source: Lundin Gold’s filings on SEDAR+ and lundingold.com — the September 2026 Quarterly (MD&A and interim statements, 4 November 2026) for nine-month results, the balance sheet at 30 September 2026, the dividend and the share count at 4 November 2026; the 2025 annual report for FY2025 production, costs, revenue and free cash flow; the 2026 guidance release; the AIF 2025 (20 March 2026) for reserves and resources (NI 43-101, effective 31 December 2025); price per Yahoo Finance, TSX close 5 November 2026, at USD/CAD 1.3972; valuation rows per Section 7. Notes: (1) market capitalisation on the 241,601,862 shares outstanding at 4 November 2026; (2) cash margin is the realised gold price of $3,594/oz less the cash operating cost of $838/oz sold; (3) resources are inclusive of reserves; (4) reserve life is 5.85 Moz ÷ FY2025 production; (5) the stream obligation is carried at fair value through profit or loss and settled in silver, not cash. Listed: Public (TSX: LUG; OTC: LUGDF).

How to read this analysis: the statcards and Section 9 carry the verdict; Sections 2–6 carry the evidence, Section 7 the valuation.

2. Assets & operations

Lundin Gold sells its gold unhedged, as doré and concentrate; for how the metal is priced and why miners gear to it, see Gold — A Complete Market Guide. This section covers the mine and the ground around it.

2.1 Portfolio overview

Table 2. Lundin Gold asset portfolio, by value

Source: Lundin Gold AIF 2025 (20 March 2026), Mineral Reserves update p.11 (NI 43-101, effective 31 December 2025); the 2025 annual report, Note 1 p.41 (stage, 28 concessions); the 2026 guidance release, p.1. Notes: (1) reserve life is contained ounces ÷ FY2025 production; Section 7 runs the tonnes at 5,500 tpd for 11.92 years; (2) Sandia’s maiden resource is targeted for early 2027.

Value and revenue are one mine. Fruta del Norte is US$7,098.0 million of the US$7,857.4 million enterprise NAV (90%) and all of 2025’s revenue; the resource credit adds US$866.5 million and two years of non-sustaining capital takes US$107.1 million off. The regional concessions carry no value until a resource is declared. The asset map is not drawn (Section 10.1).

2.2 Revenue split

Figure 2. Revenue by commodity

Source: Lundin Gold 2025 annual report, MD&A Highlights p.8 (revenues) and Non-IFRS measures p.18 (silver revenues); gold is revenues less silver revenues.

Figure 3. Revenue by asset

Source: Lundin Gold 2025 annual report, MD&A Highlights p.8 and Overview p.7 (one operating mine, 100% owned).

Gold is 98.7% of 2025 revenue. Since 1 March 2026 the silver goes to the LunR stream at 10% of spot, so the silver share falls further.

2.3 Fruta del Norte

Fruta del Norte is held 100% through Aurelian Ecuador S.A. under an Exploitation Agreement with the State, in commercial production since late 2019. Three encumbrances sit on it: a 5% net smelter royalty to the Government of Ecuador and a 1% net revenue royalty in perpetuity on the current concessions (royalty expense US$102.8 million in 2025); the LunR silver stream, effective 1 March 2026, which takes 100% of payable silver until 12.2 Moz have been delivered, then 50%, and 7.5% after a further 7.8 Moz, against ongoing payments of 10%, 20% and 30% of spot — sold for US$670 million in 50,505,051 LunR shares; and the Sovereign Adjustment, an annual test of the State’s benefits against the operating company’s cumulative free-cash-flow NPV.

The mill averaged 5,614 tonnes a day in the first nine months of 2026 (5,009 in 2025) at a 9.0 g/t head grade and 88.9% recovery (9.5 g/t and 89.0% in 2025). The process plant expansion targets 5,500 tpd on average, with a mine-to-mill study above it; the tailings expansion supports operations to 2040 at that rate. Proven and probable reserves are 25.66 Mt at 7.09 g/t for 5.85 Moz of gold and 8.89 Moz of silver (NI 43-101, effective 31 December 2025, at US$1,700/oz; prepared by Entech Mining, QP Terry Smith, P.Eng.), including FDN South’s inaugural 2.50 Mt. Measured and indicated resources are 32.61 Mt at 7.13 g/t for 7.48 Moz inclusive, Inferred 10.25 Mt at 6.17 g/t for 2.03 Moz (US$2,000/oz).

The FDN South development decision was taken in early 2026; its capital and the plant expansion’s are not yet guided (n/d), and non-sustaining spend was US$43.2 million in the first nine months, against sustaining guidance of US$75–90 million for the year. The asset risk: the tax authority’s US$154 million notice of assessment over the 2023 sovereign adjustment, including potential fines and penalties and excluding interest, which the company disputes.

2.4 Exploration and regional concessions

The 28 concessions around the mine hold the growth that is not yet in the reserve. A record 121,519 metres were drilled across conversion and near-mine programs in 2025, and the 2026 budget of US$85 million funds 133,000 metres of exploration — the largest program in the company’s history — plus 25,000 metres of conversion. The Sandia copper-gold porphyry targets a maiden resource in early 2027. Newcrest’s earn-in on the regional ground ended in 2023.

2.5 Production, reserves & costs

Output has held near 500 koz: 502,029 ounces in 2024 and 498,315 in 2025 (324,485 in concentrate, 173,830 as doré), then 392,472 in the first nine months of 2026, 153,736 of them in Q3, with the 475,000–525,000 range reaffirmed. Costs have risen with the gold price — royalties and other price-linked lines add US$10/oz to AISC for every US$100/oz of gold. AISC went from US$875/oz in 2024 to US$1,015/oz in 2025 and US$1,102/oz for the nine months (Q3 US$1,037/oz); cash operating cost from US$712 to US$838 and US$946/oz. Reserves rose from 5.54 Moz to 5.85 Moz in 2025 after 0.53 Moz of depletion, a 158% replacement, for 11.7 years at 2025’s output.

Figure 4. Gold output (koz)

Source: Lundin Gold 2025 annual report, Key operating results p.8; September 2026 Quarterly, p.3; 2026 guidance release, p.1.

Nine months of 2026 already make 79% of the 2025 total; the guidance midpoint repeats 2025. The reserves-and-resources-by-asset figure is not drawn — one operating asset (Section 10.1).

2.6 Peer positioning

The peers behind the stars in Section 9 are five Toronto-listed gold producers whose 2025 filings are on hand: Alamos Gold (TSX: AGI), OceanaGold (TSX: OGC), Torex Gold (TSX: TXG), Aris Mining (TSX: ARIS) and Dundee Precious Metals (TSX: DPM). None is in a pending takeover; none appears in Section 7.

Table 3. Peer positioning — quality metrics

Source: Lundin Gold per Table 1; Alamos Gold MD&A 2025 p.4 and AIF 2025; OceanaGold AIF 2025 (Haile 184,733, Macraes 147,007, Waihi 75,125 oz); Aris Mining MD&A 2025 p.7; Torex Gold AIF 2025; Dundee Precious Metals annual report 2025 — all on SEDAR+. Notes: (1) n/d where the peer’s filing could not be tied to the year; (2) AISC definitions differ between issuers. Rows sorted by FY2025 production.

Lundin Gold produces close to Alamos Gold’s group total from one mine, at an AISC US$509/oz lower — the only peer cost on file. Its reserve is just over a third of Alamos’s 15.9 Moz but larger than Torex’s Morelos (4.84 Moz on a gold-equivalent basis) and Dundee’s. The trade-off is plain: the best grade and cost in the set, in one mine and one country.

3. Financials & balance sheet

Revenue has grown every year since 2021, to US$1,782.9 million in 2025 (+49.4%), on a realised price that rose from US$1,772 to US$3,594/oz while the cash margin widened from 64% to 77%. Cash from operations of US$1,023.0 million ran 1.29× net income of US$792.2 million; the FY2024 EBITDA of US$1,021.4 million includes items that the adjusted US$779.5 million removes. The first nine months of 2026 brought revenue of US$1,678.1 million, adjusted EBITDA of US$1,250.7 million and free cash flow of US$775.4 million. For how these measures read, see the financial metrics guide.

The cost deck. 2026 guidance is US$900–960/oz cash cost and US$1,110–1,170/oz AISC per ounce sold, US$75–90 million of sustaining capital and US$85 million of exploration; growth capital is not guided (n/d). Price-linked lines — the 5% NSR, the 1% NRR and the rest — add US$10/oz per US$100/oz of gold. Income tax expense (US$331 million in 2025, US$312.6 million paid) carries 22% corporate tax, a 12% government profit share and 5% withholding on dividends paid from Ecuador; tax pools are not disclosed (n/d).

Balance sheet. At 30 September 2026 the company held US$573.6 million of cash and no borrowings or lease line on the face, so net debt is negative at every grid price; the last project debt went with the US$330 million buyout of Newmont’s stream and offtake in June 2024. Against that sit US$207.7 million of income taxes payable, a US$9.1 million reclamation provision (9.4% pre-tax discount, 1.0% inflation) and the US$692.6 million stream obligation, settled in silver. Gold is unhedged; operations run in US dollars.

Capital returns. A fixed dividend plus a variable one of 100% of normalised free cash flow after it (policy floor 50%): US$0.30 and US$0.84 a share in Q3 2026, US$6.53 paid in the nine months including the LunR shares distributed in June, after US$2.75 in 2025. Buybacks are token — 49,500 shares for US$3.1 million in 2026.

Table 4. Five-year financial summary (US$m unless stated)

Source: Lundin Gold annual reports 2021–2025 on SEDAR+, MD&A Highlights and Selected annual information (each year from the latest report that prints it). Notes: (1) cash margin is the realised gold price less cash operating cost per ounce sold, with its share of the realised price; (2) net debt is long-term debt less cash, short-term investments excluded; (3) FY2023 free cash flow is the 2024 report’s adjusted row, and FY2024 is after the $330 m stream and offtake buyout; (4) FY2021 sustaining capital is not printed as a year total in the reports searched (the 2021 report’s p.7 lists projects only); growth capital is the non-sustaining line, printed for FY2025 only; (5) no dividend was paid before 2022.

4. Management, strategy & structure

4.1 Management & governance

Jamie Beck became President and CEO on 7 November 2025, after Ron Hochstein left the day before; he was CEO of Filo Corp. until its 2025 acquisition by BHP and Lundin Mining. Chester See has been CFO since August 2024, after serving as SVP Finance and interim CFO. The Chair, Jack Lundin, is also President (since 2022) and CEO (since December 2023) of Lundin Mining Corporation. Six of the nine board nominees are independent; two, Melissa Harmon and Scott Langley, are Newmont’s nominees. The committees are Audit (three directors, all independent); Compensation; and Corporate Governance and Nominating. Related parties: key management pay of US$3.2 million in cash and US$4.8 million in stock-based awards for the nine months of 2026, and US$0.6 million of office rental and services from Namdo Management Services, associated with a director. Directors and officers own 998,191 shares (0.41%).

4.2 Strategy

The frame is one mine, run harder and longer, with the cash paid out. The levers: the process plant expansion to 5,500 tpd on average, with a mine-to-mill expansion study above it; FDN South, developed from the 2026 decision; conversion drilling to replace reserves; and the US$85 million 2026 exploration budget, aimed at near-mine targets and the Sandia porphyry, maiden resource targeted early 2027. Growth is organic; no acquisition method is stated. Returns follow the fixed-plus-variable dividend policy amended in May 2025.

4.3 Ownership & structure

The most material deals: the LunR silver stream (effective 1 March 2026), sold for US$670 million in 50,505,051 LunR Royalties shares that were distributed to shareholders as a dividend-in-kind on 11 June 2026; and the US$330 million buyout of Newmont’s stream facility and offtake on 27 June 2024 — the offtake covered 50% of the mine’s gold up to 2.5 Moz. Newmont became a 32% holder on acquiring Newcrest in November 2023, and Newcrest’s regional earn-in ended that year. Two holders own more than 10%: Newmont, 77,089,349 shares (31.88%), and Nemesia S.à.r.l., controlled by trusts settled by the late Adolf H. Lundin, 63,489,121 (26.26%), of 241,806,676 at 16 March 2026. Strategic holders have anti-dilution rights, exercised for US$11.2 million (252,592 shares) in 2026. The dilutive instruments are options, PSUs, RSUs and DSUs; the share count is 241,601,862 basic and 243,357,290 fully diluted at 4 November 2026.

5. ESG & sustainability

The 2025 sustainability statement follows the ESRS structure with a TCFD-aligned climate report. Safety improved: a total recordable incident rate of 0.22 per 200,000 hours in 2025, with no fatalities, against 0.66 in 2024 and 0.24 in 2023. Scope 1 and 2 emissions intensity was 0.10 tCO2e per ounce; no reduction target with a baseline is in the source set (n/d). The fifth tailings dam raise was 85% complete at the end of 2025, due in Q1 2026, and the sixth has started. Community spend is not disclosed (n/d).

6. Risks

Table 5. Risk register

Source: Lundin Gold AIF 2025 and 2025 annual report; September 2026 Quarterly (the SRI assessment, p.6); the cases in Section 7. Likelihood and impact are the author’s 1–5 assessment, not disclosed figures.

Figure 5. Risk matrix — likelihood × impact

Source: Table 5. Each point prints its likelihood × impact score; the shaded region is the high-likelihood, high-impact quadrant. Ratings are the author’s assessment, not disclosed figures.

Section 7 prices the first three: the grade sets the reserve-life ounces, the withholding base and the assessment sit in the gap register, and the deck sets the read. Ecuador’s risk sits in the jurisdiction star, not the discount rate.

7. Valuation

Valuation as of 5 November 2026, in US dollars. Horizon: spot fair value. Price deck: base gold US$4,500/oz — the 3-month, 6-month and 12-month trailing averages (US$4,303.64, US$4,290.96 and US$4,468.92, COMEX daily closes to 5 November 2026) all sit nearest that price on the US$3,000–5,000 grid; the scenarios run from US$3,000 to US$5,000 in US$500 steps. Silver is held inside the guided costs: since 1 March 2026 all of Fruta del Norte’s payable silver goes to the LunR Royalties stream at 10% of the silver price, so the company keeps a by-product that was 1.3% of revenue before the stream. Discount rate 5% real, after tax — the precious-metal producer rate, sensitised at 4% and 7%. Share price US$68.62 (C$95.87 TSX close on 5 November 2026, the day after the third-quarter results, at USD/CAD 1.3972) on 243.4 million fully diluted shares.

Lundin Gold is valued on the producer (mining) archetype of How to Value Commodity Stocks, on one asset: Fruta del Norte in southeast Ecuador, held 100% and producing since late 2019, with the FDN South reserve inside its 31 December 2025 statement. The build takes that mine, less the non-sustaining capital now being spent on FDN South and the plant expansion, plus a risked credit for the measured and indicated ounces outside the reserve. Net asset value carries half the weight, EV/EBITDA on the next twelve months 30% and free-cash-flow yield support 20% — the producer set, unchanged.

The mine’s life is set by tonnes, not by this year’s ounces. The 25.66 Mt reserve, less what the mill has processed since January, lasts 11.92 years at the 5,500 tonnes a day the company expects after its plant expansion. Over that life the reserve’s 7.09 g/t grade, at the 88.9% recovery achieved in 2026, gives about 398,000 ounces a year — well under the 475,000–525,000 guided for 2026, when the mill is feeding ore near 9 g/t. The 2026 all-in sustaining cost guidance, US$1,110–1,170/oz, is carried as a cost per tonne milled, which lifts the unit cost to about US$1,402/oz at the reserve grade; the royalty and other price-linked lines move by US$10/oz for every US$100/oz of gold. Ecuador’s tax is charged on the cash margin with no depreciation shield: the 12% government profit share, 22% income tax on the rest and 5% withholding on the distributed balance, 34.8% combined.

Two claims sit outside the build. The silver stream’s US$692.6 million obligation is not deducted, because the silver it takes is already out of the rows; the tax authority’s US$154 million assessment over the 2023 sovereign adjustment is disputed and not provided for, so it is named in the gap register with its bound. The rest of the section follows the build in order: the vehicle map and the mine’s row, the bridge to equity, the multiples on the next twelve months, the free-cash-flow build, and then the five grid prices side by side.

Table 6. Load-bearing inputs — the filed figures the valuation moves on (full register: Table 20)

Source: the Lundin Gold filings named in each row; the full register closes §10.1 as Table 20.

8. Near-term catalysts (1–3 years)

Table 18. Near-term catalysts

Source: Lundin Gold September 2026 Quarterly (4 November 2026), the 2026 guidance release and the 2025 annual report. Timing is company guidance, not a guarantee.

Each catalyst either holds the grade and the tonnes or adds ounces — the levers the bear case turns on. As a producer, Lundin Gold carries no takeover-optionality subsection.

9. Rating & verdict

Lundin Gold is a mining producer in precious metals, scored on the producer weights against the five Section 2.6 peers: asset quality, cost, reserves, balance sheet and capital allocation at 15% each, the other four dimensions at 6.25%.

Figure 9. Scorecard by dimension, 5 November 2026

Figure data: Table 19. Each spoke prints its stars and weight; the dashed ring is the weighted composite, 3.84/5.

Table 19. Scorecard rationale — Lundin Gold, 5 November 2026

Source: each row cites its evidence in this analysis, from Lundin Gold’s filings on SEDAR+; peers per Table 3, 2025 filings.

Weighted average: 0.60 + 0.75 + 0.60 + 0.60 + 0.60 + 0.1875 + 0.1875 + 0.125 + 0.1875 = 3.84/5 → ★★★★, Solid.

The two-axis verdict. As of 5 November 2026, Lundin Gold rates ★★★★ Solid and reads Modestly overvalued (wide band): blended fair value US$48.07 against US$68.62, implied −30.0%, on NAV/share of US$33.21 at the US$4,500/oz base — full: a first-rate mine whose price runs ahead of its reserve. At the held multiples the share price implies gold at US$6,049/oz. The target multiples sit 10% above their anchors, carried by the cost star (★★★★★) and the four-star asset, reserve, balance-sheet and capital-allocation terms, less two points for Ecuador (★★).

The bull case is margin: the lowest cost in the peer set, no debt and every spare dollar paid out. The bear case is grade and place: the mine is feeding ore well above its reserve average, all of it in one country with an open tax dispute. Grade tips it. To rank Lundin Gold against every listed gold producer on cost, reserve life and stage, see Metal Pilot’s gold mining stock screener.

10. Sources, methodology & disclaimer

10.1 Sources, methodology & data vintage

Company filings. Lundin Gold’s filings on SEDAR+ and lundingold.com: the AIF 2025 (20 March 2026; reserves and resources at 31 December 2025, NI 43-101), the annual reports 2021–2025 (MD&A and consolidated statements), the September 2026 Quarterly (MD&A and interim statements, 4 November 2026), the 2026 guidance release, the 2026 management information circular, the 2025 sustainability statement and the Fruta del Norte NI 43-101 technical report (amended 29 March 2023). Peers’ 2025 filings as in Table 3.

Market data. Yahoo Finance for the TSX close of C$95.87 on 5 November 2026 and USD/CAD 1.3972, and COMEX gold (GC=F) daily closes to 5 November 2026. No analyst-consensus capture is on file at the as-of, so that cross-check is n/d.

Methodology. Data as of 5 November 2026; balance sheet at 30 September 2026; share count at 4 November 2026; reserves at 31 December 2025 (NI 43-101), depleted to 5 November 2026 in Section 7. Base deck US$4,500/oz gold on the fixed US$3,000–5,000/oz grid in US$500 steps, silver to the LunR stream, 5% real after tax (4% and 7% sensitised); weights 50% NAV, 30% EV/EBITDA, 20% FCF yield; target multiples 10% above their anchors from the scorecard’s driver line. NAV/share US$33.21; blended fair value US$48.07 (US$25.65–54.70), implied −30.0%, Modestly overvalued (wide band); market-implied deck US$6,049/oz. Scorecard: producer weights against the five peers in Table 3, on their 2025 filings. US dollars, IFRS, calendar year. Refreshed on each quarterly report and on material events.

Re-run log. 6 November 2026: first edition, on the reset model, from the filings to the September 2026 Quarterly and the TSX close of 5 November 2026: NAV/share US$39.63, blended fair value US$54.11, implied −21.1%, Modestly overvalued (wide band); 3.8/5 Solid. 6 November 2026 (fix round): Ecuador’s tax put on the filing’s structure — 12% government profit share, 22% income tax, 5% dividend withholding, 34.8% combined in place of 22% — NAV/share US$33.21 (from US$39.63), blended fair value US$48.07 (from US$54.11), implied −30.0% (from −21.1%), read unchanged, Modestly overvalued (wide band); 3.8/5 Solid.

Figures not drawn. The asset map is not built. The reserves-and-resources-by-asset figure is skipped — one operating asset. Figure 4 starts at 2024, the first year whose production is in the facts on hand; the Section 3 financial line is not drawn.

Data gaps. The documents that would close them: a life-of-mine plan newer than the March 2023 technical report (grade by year, FDN South); the FDN South and plant-expansion capital guidance; the investor rights agreements behind the anti-dilution rights; a dated analyst-consensus capture; a provider series of five year-end multiples; and the peer lines that could not be tied to a year (Table 3). The deck sensitivity, P/NAV map, cross-checks and grid notes are in the model’s out file, claude/valuation-models/lundin-gold-lug.out.md; the load-bearing inputs open Section 7 as Table 6, and every input the valuation quotes closes this section as Table 20.

Table 20. Source register — the filed figures behind the valuation (load-bearing inputs: Table 6)

Source: Lundin Gold’s filings on SEDAR+ and the Yahoo Finance market series named in each row; Table 6 is the load-bearing subset.

10.2 Disclaimer & disclosure

This analysis is for information only and is not investment advice, a recommendation or an offer to buy or sell any security. It is a point-in-time snapshot as of 5 November 2026: the price, the multiples and the valuation read all move. Reserve, resource and guidance figures are estimates on the codes stated beside each table. The Quality × Value verdict is an analytical read, never an instruction. This report was prepared with AI assistance (Claude Opus 5.5) from primary filings; verify every figure against the original documents. The author holds no position in Lundin Gold or any company named here.