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Canadian gold mining company operating the high-grade Fruta del Norte underground mine in Ecuador.
Canadian gold mining company operating the high-grade Fruta del Norte underground mine in Ecuador.
Earns by selling the gold, with some silver, from its one mine to refiners and smelters, so results track the gold price and how smoothly that mine runs. Production began in 2019 and it has been a single-asset company since.
In one line: A single-asset, high-grade Canadian gold producer.
Moat: narrow (installed base). One of the highest-grade gold mines globally, though single-asset/single-country concentration risk.
Headquarters: Vancouver, Canada · Founded: 2014 · Employees: 2,013
Size Lundin Gold (LUG.TO) is a Canada Materials company (Precious Metals) with a market value of $17.0B, the 53rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$98.46 on 6 Nov 2026.
Performance Over six months the shares gained 6.6%, against -11.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 35.6% over the last twelve months (peer median +33.5%); the operating margin is 65.1% (peer median 44.8%).
Valuation It trades at 16.0× forward earnings against a peer median of 11.6× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +39%, so the hurdle is -29 pp: the price already allows for a slowdown.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$2.79B | C$2.49B | C$1.63B | C$1.22B | C$1.06B |
| Revenue growth | — | +52% | +34% | +15% | — |
| Gross profit | C$1.88B | C$1.63B | C$907M | C$555M | C$461M |
| EBITDA | C$2.00B | C$1.73B | C$1.05B | C$711M | C$606M |
| Net income | C$1.29B | C$1.11B | C$584M | C$242M | C$95.8M |
| Free cash flow | C$1.39B | C$1.32B | C$437M | C$363M | C$448M |
| Capital expenditure | C$124M | C$120M | C$113M | C$65.1M | C$70.3M |
| Total debt | C$0 | C$0 | C$0 | C$403M | C$905M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lundin Gold LUG.TO | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% |
| Newmont NEM | $126B | +4% | +23% | 55% | 12.7× | -8.9% |
| Agnico Eagle Mines AEM.TO | $98.4B | +6% | +41% | 59% | 16.9× | 8.4% |
| Equinox Gold EQX.TO | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% |
| Kinross Gold K.TO | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% |
| Barrick Mining ABX.TO | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% |
| Alamos Gold AGI.TO | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% |
| B2Gold BTO.TO | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% |
| Endeavour Mining EDV.TO | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LUG.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.8% | -0.4% | highest of 21 |
| 6-month return | +6.6% | -11.5% | 4th highest of 21 |
| Distance from 52-week high | -24.8% | -36.8% | 6th highest of 21 |
| Revenue growth (TTM) | +35.6% | +33.5% | 11th highest of 21 |
| Operating margin | 65.1% | 44.8% | 2nd highest of 21 |
| Forward P/E | 16.0× | 11.6× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.9% | -1.2% | 6th most demanding of 19 |
| Growth delivered (Del g) | +39.0% | +17.7% | highest of 19 |
| Hurdle (Req g minus delivered) | -29.1 pp | -16.2 pp | 4th least demanding of 19 |
| EV / EBITDA | 11.6× | 8.4× | 3rd most expensive of 17 |
| Net debt / EBITDA | -0.4× | -0.0× | 5th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Shandong Gold Mining 600547.SS | China | $16.5B | -24% | +12% | 13% | 18.9× | -5.6% | +10.6% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |
| Alamos Gold AGI.TO | Canada | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% | +20.3% |
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Chifeng Jilong Gold Mining 600988.SS | China | $11.6B | -2% | +23% | 43% | 17.4× | -5.7% | +22.6% |
| Fresnillo FRES.L | United Kingdom | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% | +12.6% |
| Northern Star Resources NST.AX | Australia | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% | +22.5% |
| Kinross Gold K.TO | Canada | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% | +11.8% |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |
| Hecla Mining HL | United States | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% | +15.0% |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | United States | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% | +17.7% |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |