Lundin Gold drills new bonanza-grade intercepts at Fruta del Norte, strengthening Ecuador expansion plans

Lundin Gold reported its highest-grade intercept ever at Fruta del Norte South in Ecuador, highlighting bonanza gold mineralization and supporting plans to convert the FDNS zone into reserves and extend mine life in 2026.

Lundin Gold has delivered its highest-grade drill intercept yet at the Fruta del Norte gold mine in southeast Ecuador, a result that deepens confidence in the newly discovered Fruta del Norte South (FDNS) zone and supports the company’s plan to convert it into mineral reserves next year. The standout hole returned 5.2 metres grading 491.62 g/t gold from shallow depth, including 1.1 metres at 2,286 g/t, reinforcing the mine’s reputation as one of the world’s highest-grade operating gold assets.

Record intercept underscores high-grade potential of FDNS

In its Nov. 20 update, Lundin Gold reported underground conversion drilling at FDNS cut the exceptional interval in hole FDN-C25-305 at about 40.6 metres depth. While narrow intercepts can be challenging to mine economically, the grades are considered extraordinary even by epithermal standards.

Other notable results from the same program included:

• 6.3 m at 41.46 g/t gold (FDN-C25-260)
• 10.5 m at 22.76 g/t gold (FDN-C25-261)
• 6.3 m at 33.71 g/t gold (FDN-C25-259)

Together, the intercepts highlight continuity of mineralization and the presence of higher-grade lenses beyond earlier interpretations.

Fast-tracking a discovery into reserves

FDNS was discovered in 2024 along the southern margin of the main Fruta del Norte orebody. The zone is an epithermal vein system currently hosting an inferred resource of 12.35 million tonnes grading 5.25 g/t gold, for about 2.09 million ounces of contained metal.

CEO Jamie Beck said the results mark a major step toward an initial FDNS mineral reserve estimate targeted for early 2026, a rapid progression of less than two years from discovery to potential reserve status.

FDN East adds a second growth front

Near-mine drilling is also delivering upside at FDN East, around 100 metres east of existing underground workings. Recent holes defined multiple subparallel epithermal structures traced over roughly 500 metres of strike and still open for expansion. Latest highlights include:

• 10.8 m at 14.10 g/t gold, including 2.4 m at 56.09 g/t
• 15.05 m at 9.27 g/t gold, including 4.2 m at 17.51 g/t

Lundin Gold views FDN East as a potential satellite deposit close to infrastructure, offering meaningful near-term production optionality.

Largest drill campaign in the district

Backing the momentum, Lundin Gold expanded its 2025 drilling plan from 80,000 metres to at least 120,000 metres, deploying 17 rigs across conversion and exploration work — the biggest drill program ever executed on the Fruta del Norte land package.

At FDNS alone, the company has completed 16,282 metres across 97 holes this year, focusing on upgrading inferred resources to indicated category so they can be incorporated into the mine plan and reserve base. 

A world-class mine aiming to extend life

Fruta del Norte began commercial production in 2020 and produced a record 502,029 ounces of gold in 2024. The operation currently supports a ~12-year mine life, underpinned by proven and probable reserves of 5.54 million ounces at 7.81 g/t gold. 

With FDNS and FDN East continuing to deliver high-grade growth close to existing workings, Lundin Gold is positioning these zones as the next engines of reserve replacement and potential mine-life extension.

Outlook

The latest bonanza-grade intercepts reinforce the view that FDNS is a larger, higher-grade system than initially understood, while FDN East provides an additional near-infrastructure discovery. As new data feeds into reserve and resource updates expected in early 2026, Lundin Gold is betting that these satellite zones will keep Fruta del Norte among the top-tier underground gold mines globally for years to come.