Record 242.64 g/t Intercept Leads Lundin Gold Drilling Results in Ecuador

Key Facts

Lundin Gold announced new results on October 26, 2026, from its conversion and exploration drilling programs near the Fruta del Norte mine in southeastern Ecuador. The results covered three deposits—FDN South, FDN East and Bonza Sur—not just the main mine. The standout intercept came from hole PLP-2026-559 at Bonza Sur, grading 242.64 grams of gold per tonne over 3.30 meters from a depth of 141.20 meters. The company said it was the highest-grade intercept recorded at the deposits to that date. It included 1,090 grams per tonne over 0.70 meters.

At FDN South, hole FDN-C26-535 returned 124.27 grams per tonne over 11.00 meters from a depth of 118.30 meters. The intercept included a 1-meter section grading 1,290 grams per tonne. The company cautioned that reported lengths do not represent the deposits’ true widths, an important limitation when reading and comparing drilling results. At FDN East, hole UGE-E-26-566 intersected 59.12 grams per tonne over 4.45 meters from a depth of 241.95 meters. That included a 1.10-meter section grading 102 grams per tonne.

Lundin Gold said drilling at FDN South is extending mineralization beyond the resource boundary, including veins farther east, a southern extension and greater depths. It added that the results point to continued mineralization and higher-grade zones north and south of the deposit. The company is conducting exploration drilling in the area alongside conversion drilling, which aims to upgrade inferred resources to measured and indicated resources and support potential reserve additions. The results therefore outline a path to expanding geological understanding of the deposits and assessing their resources; they do not in themselves represent an announcement of newly approved reserves. Chief Executive Jamie Beck said the expansion of nearby deposits strengthens the company’s confidence in their combined ability to support production at current levels over the long term.

At FDN South, the company had completed about 22,979 meters of drilling across 190 holes since January 2026, with five underground rigs operating there when the results were announced. The company had announced the deposit’s first mineral reserve in 2026, totaling 0.54 million ounces, or 2.50 million tonnes grading 6.66 grams per tonne. According to the company, the reserve announcement came about 18 months after the deposit was discovered. At FDN East, the conversion drilling program aims to upgrade inferred resources to the indicated category and improve confidence in the geological model. The company reported completing 39 meters of underground development toward the deposit by September 30, 2026, and about 4,237 meters of drilling across 15 holes since August 2026.

The drilling results come as the Fruta del Norte mine posts strong production: it produced 153,736 ounces in the third quarter of 2026, its highest quarterly output since commercial production began. That compared with production of 122,086 ounces in the third quarter of 2025, while the company’s 2026 annual production guidance ranged from 475,000 to 525,000 ounces. The company sold 148,326 ounces in the third quarter, with an average realized price of $4,299 per ounce, compared with $3,634 in the same period of 2025. It said provisional pricing adjustments added $46 per ounce to the average. In the market, the company’s shares, listed under the ticker 0R4M.L, fell from a close of 656.8 on October 19 to 603.2 on October 23, 2026.

Lundin Gold is scheduled to report its third-quarter financial results on November 4, 2026, after North American markets close. The company said a conference call and webcast will follow on November 5 at 8:00 a.m. Pacific time. Those dates follow the drilling results announcement, while conversion and exploration programs remain part of the company’s assessment of the potential of deposits around the mine. Conversion drilling is focused on improving resource classification at FDN South and FDN East, according to the company. Beck described the potential effect of deposit expansion on supporting long-term production as a combined possibility across the deposits, not a proven extension of the mine’s life.