Lundin Gold

LUG.TO

Gold · Basic Materials

Price

C$100.80

+1.75 (+1.77%)

Market Cap

C$24.38B

Exchange

Toronto Stock Exchange

Winston Score

Winston is happy

An exceptional business — strong profitability, growth, and balance sheet.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Exceptional

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Share count rising — dilution

+3.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 234.6M (2021) → 242.5M (2025)

Winston Score History

The full picture

Lundin Gold is a Canadian gold mining company that owns and operates the Fruta del Norte mine in southeastern Ecuador. Fruta del Norte is one of the highest-grade large gold mines in the world, meaning the ore it digs up contains an unusually high concentration of gold compared to most other mines. The company sells gold bullion to refiners and financial institutions, which is the standard way gold miners turn their product into cash.

Lundin Gold makes money by selling the gold it produces, and its high ore grade keeps production costs low — which explains its unusually strong profit margins. The company operates almost entirely from this single mine in Ecuador, making it a focused but geographically concentrated business. Its main competitive advantage is the quality of the ore body itself, since high-grade deposits are rare and hard to replicate. The biggest risk the company faces is that it relies on one mine in one country, so any operational disruption, political instability in Ecuador, or falling gold prices would have an outsized impact on its results.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+11.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

58.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$507M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Lundin Gold is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

70.5%

Premium pricing power — 70.5% gross margin

Profit after running costs

Operating Margin

66.5%

Excellent — 66.5% operating margin

Return on the money invested

ROCE

242.1%

Exceptional — 242.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+37.1%

Fast-growing sales (+37.1% YoY)

Profit growth

EPS YoY

+50.6%

Earnings growing fast (+50.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

115%

Turns 115% of profit into real cash

Spare cash per sale

FCF Margin

48.6%

Converts sales into free cash efficiently (48.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.9x

Fair value — P/E 18.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.0

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

5.89%

Healthy income — 5.89% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+115.5%

Dividend growing fast (115.5% YoY)

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