LUGDF - Lundin Gold reports Q4 earnings; initiates FY23 outlook

• Lundin Gold press release ( OTCQX:LUGDF ): Q4 Non-GAAP EPS of $0.14.
• Revenue of $210.96M (+13.2% Y/Y) beats by $10.67M .
• Fourth quarter sales of 119,890 oz gold, consisting of 77,622 oz of concentrate and 42,268 oz of doré, at an average realized gold price ¹ of $1,814 per oz for total gross revenues from gold sales of $217 million.
• Cash operating costs and AISC for the quarter were $713 and $865 per oz of gold sold, respectively. For 2022, cash operating costs were $671 and AISC was $805 per oz of gold sold.
• Gold production during the fourth quarter totalled 121,139 oz, comprised of 78,756 oz of concentrate and 42,383 oz of doré. Gold production for 2022 totalled 476,329 oz.
• At the end of the 2022 Year, the Company had a cash balance of $363 million.
• Outlook: Consistent with previously announced guidance, gold production at FDN for 2023 is estimated to be between 425,000 to 475,000 oz based on an average throughput rate of 4,400 tpd, an increase from the average throughput of 4,274 tpd achieved in 2022.
• Cash operating costs are estimated to range between $700 and $760 per oz of gold sold in 2023, with variability expected during the year. Sustaining capital for 2023 is estimated at $45 to $55 million and AISC is expected to range between $870 and $940 per oz of gold sold, based on an assumed gold price of $1,650 per oz and silver price of $18.50 per oz.

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