Record revenues and adjusted EBITDA achieved on the back of strong gold price VANCOUVER, BC, Aug. 8, 2024 /CNW/ - Lundin Gold Inc. (TSX:LUG) (Nasdaq Stockholm: LUG) (OTCQX:LUGDF) ("Lundin Gold" or the "Company") is pleased to report results for the second quarter of 2024, highlighted by record quarterly revenues of $301 million realized from the sale of 129,396 ounces ("oz") at an average realized gold price1 of $2,379 per oz. From this, record adjusted EBITDA1 of $195 million was achieved. The Company continues to generate significant cash flow with cash from operating activities of $144 million and adjusted free cash flow1 of $112 million or $0.47 per share, which excludes the one-time finance expense incurred upon buy out of the stream loan credit facility (the "Stream Facility") and offtake commitment (the "Offtake"). Cash operating costs1 and all-in sustaining costs ("AISC")1 this quarter were $725 and $875 per oz sold, respectively. During the quarter, the Company continued to focus on operational excellence, and the underlying cost of operations was reduced. Prevailing gold prices increased royalties, however, which impacted overall cash operating costs1 and AISC1. All amounts are in U.S. dollars unless otherwise indicated. PDF Version  The end of the second quarter marked the closing of the buy out of the Stream Facility and Offtake from Newmont Corporation following payment of the first tranche of the purchase price of $180 million. The second and final tranche of $150 million is due on September 30, 2024. As at June 30, 2024, Lundin Gold had a cash balance of $238 million and is now debt free. "I'm pleased to report another record quarter for Lundin Gold across a number of key metrics. The strong financial performance achieved was underpinned by strong grades, improvements in recoveries and a high average mill throughput." Ron Hochstein, President and CEO commented, "Moving into the second half of 2024, we will continue to focus on operational excellence and will advance our now increased near-mine exploration program. We are on track with our process plant expansion project and expect operations to be positively impacted once completed by the end of this year. Additionally, our debt free position following the buy out of the Stream Facility and Offtake has allowed us to double the amount of our quarterly dividend, from $0.10 to $0.20 per share, equivalent to approximately $200 million annually." OPERATING AND FINANCIAL RESULTS SUMMARY The following two tables provide an overview of key operating and financial results. Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Tonnes ore mined 419,173 404,408 838,931 832,143 Tonnes ore milled 424,899 418,373 838,495 810,705 Average mill throughput (tpd) 4,669 4,598 4,607 4,479 Average head grade (g/t) 11.0 11.0 10.2 11.6 Average recovery 89.0 % 88.0 % 88.6 % 89.3 % Gold ounces produced 133,062 129,731 244,634 269,752 Gold ounces sold 129,396 128,958 238,312 263,649   Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net revenues ($'000) 301,431 243,930 528,172 500,658 Income from mining operations ($'000) 171,757 124,801 284,994 257,509 Earnings before interest, taxes, depreciation, and amortization ($'000)1 457,069 149,900 568,681 293,532 Adjusted earnings before interest, taxes, depreciation, and amortization ($'000)1 195,401 149,579 326,857 308,645 Net income ($'000) 119,291 63,148 161,188 114,613 Basic income per share ($) 0.50 0.27 0.68 0.48 Cash provided by operating activities ($'000) 144,169 162,352 252,083 306,791 Adjusted free cash flow ($'000)1 112,148 131,859 194,407 120,206 Adjusted free cash flow per share ($)1 0.47 0.56 0.81 0.51 Average realized gold price ($/oz sold)1 2,379 1,942 2,270 1,947 Cash operating cost ($/oz sold)1 725 644 730 644 All-in sustaining costs ($/oz sold)1 875 802 872 765 Adjusted earnings ($'000)1 98,938 59,387