Lundin Gold

LUGDF

Gold · Basic Materials

Price

$54.66

+1.04 (+1.94%)

Market Cap

$13.22B

Exchange

Other OTC

Winston Score

Winston is happy

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

Share count rising — dilution

+2.3% over 4y

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

Diluted shares outstanding: 236.9M (2021) → 242.5M (2025)

Lundin Gold is a Canadian mining company that owns and operates a single gold mine called Fruta del Norte, located in southeastern Ecuador. The mine produces gold, which is sold to refiners and commodity traders on global markets. Fruta del Norte is one of the highest-grade large gold mines in the world, meaning it produces more gold per ton of rock than most competing mines.

The company makes money by selling the gold it digs out of the ground, with revenue tied directly to the global price of gold. Lundin Gold operates entirely in Ecuador, making it a single-asset, single-country company — which keeps costs focused but also concentrates risk. Its main competitive advantage is the exceptional ore grade at Fruta del Norte, which drives unusually low production costs and high margins. The biggest risk the company faces is its dependence on one mine, meaning any operational disruption, political instability in Ecuador, or falling gold prices would directly and significantly impact its financial results.

Winston Score History

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

+59.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+76.6% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

58.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$704M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Lundin Gold grew revenue 59% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Gross Margin

74.1%

Premium pricing power — 74.1% gross margin

Operating Margin

68.9%

Excellent — 68.9% operating margin

ROCE

28.7%

Exceptional — 28.7% 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 YoY

+51.0%

Fast-growing sales (51.0% YoY)

EPS YoY

+68.4%

Earnings growing fast (68.4% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

132%

Turns 132% of profit into real cash

FCF Margin

56.0%

Converts sales into free cash efficiently (56.0%)

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

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

Comfortably covers interest (100.0x)

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

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Valuation

P/E Ratio (TTM)

14.4x

Attractive valuation — P/E 14.4

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

P/E vs Forward

+0.6

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

6.52%

Healthy income — 6.52% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+190.7%

Dividend growing fast (190.7% YoY)

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