EarningsQ2 2026 Earnings Report
DE:F1YN Q2 2026 EPS Results
Actual EPS€0.73
Consensus EPS€0.77
Beat/MissMissed by -€0.03
One Year Ago EPS€0.67
DE:F1YN Q2 2026 Revenue Results
Actual Revenue€413.74M
Expected Revenue€433.28M
Beat/MissMissed by -€19.54M
YoY Revenue Growth+5.45%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
DE:F1YN Upcoming Earnings
Lundin Gold's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:F1YN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a broadly positive operational and financial performance: strong production and throughput, low unit costs, substantial operating cash flow and free cash flow, aggressive shareholder returns (100% of normalized free cash flow distributed), continued exploration success with high-grade drill hits and porphyry discoveries, and ongoing development work including a timely mine-to-mill study. Lowlights were mainly timing- or accounting-related (seasonal Q2 softness, planned maintenance downtime, sizable annual tax/profit-sharing payments, and potential reported earnings volatility from noncash fair value revaluations). Overall, the positives materially outweigh the negatives.Company Guidance
Production and Throughput
Q2 production of ~119,000 oz gold; year-to-date production ~239,000 oz (about 48% of the guidance midpoint of 500,000 oz). Processed just over 500,000 tonnes in Q2 with an average head grade of 8.3 g/t and recoveries just over 89%. Mill averaged ~5,500 tpd for the quarter with June averaging closer to 6,000 tpd, providing upside potential into H2.
Reaffirmed Full-Year Guidance
Reaffirmed 2026 production guidance of 475,000–525,000 oz and maintained guided average throughput of 5,500 tpd, with commentary that higher June throughput could support results toward the upper end of guidance.
Strong Financial Performance and Cash Generation
Net revenues of $478M and income from mining operations of $337M in Q2. Cash generated by operating activities of $495M in H1. Q2 operating cash flow generated ~$125M despite one-time annual payments; free cash flow in Q2 was $96M after $221M of annual tax and profit-sharing payments.
Low Unit Costs and Robust Margins
Cash operating costs averaged $1,016/oz and AISC averaged $1,176/oz in Q2, yielding an AISC margin of approximately 73%, indicating strong per-ounce profitability.
Capital Returns to Shareholders
Declared Q2 dividend of $1.08 per share (total YTD dividends $2.29 per share). Returned $293M to shareholders in Q2 and $571M in the first half. Dividend policy returned 100% of normalized free cash flow for the quarter (above the policy minimum of 50%). Commenced normal course issuer bid (share repurchases) to further enhance returns.
Exploration Success and District Growth
Meaningful exploration progress: discovered 2 new copper-gold porphyries (bringing total porphyries to 7 on the property), expanded Sandia to ~1.6 km strike x 700 m width x 1 km vertical, and intercepted significant porphyry intervals (551 m @0.5% CuEq and 909 m @0.46% CuEq).
High-Impact Conversion and Exploration Drill Results
Outstanding high-grade drill intercepts at FDNS and FDN East supporting conversion and resource growth — e.g., 6.9 m @199.9 g/t Au, 4.5 m @196.8 g/t Au, 11.75 m @108.6 g/t Au (including 0.4 m @2 kg Au), FDN East 4 m @236.6 g/t (1 m @933 g/t), and near-mine results at FDN such as 20.9 m @9.3 g/t and 8.1 m @15.1 g/t.
Progress on Development and Studies
Completed 370 m of FDNS development and commenced development towards FDN East in July. Mine-to-mill expansion study remains on track for completion by year-end with an integrated investment decision targeted for late 2026.
Strong Balance Sheet
Ended H1 2026 with $507M in cash and $445M in working capital while remaining debt-free, supporting continued exploration, development and shareholder returns.
Safety Performance
Recorded 0 lost-time injuries and 2 medical treatment incidents in the quarter with increased reporting of near misses, indicating active safety engagement.
DE:F1YN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed