Lundin GOLD Repays IN Full Its Senior Debt Facility
NEWS RELEASE
Vancouver, November 14, 2023
Lundin Gold Inc. 885 West Georgia Street, Suite 2000 Phone: +1 604 689 7842 lundingold.com
Vancouver, BC, V6C 3E8 Fax: +1 604 689 4250 Email: [email protected]
LUNDIN GOLD REPAYS IN FULL ITS SENIOR DEBT FACILITY
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG; OTCQX: LUGDF) ("Lundin Gold" or the "Company") is
pleased to announce that it has fully repaid the remaining balance plus accrued interest for a total payment of
$72.2 million under its senior debt facility (“Senior Facility”), well in advance of its original maturity date of June
2026. With this, the Company has extinguished all bank debt. All dollar amounts are stated in U.S. currency,
unless otherwise indicated.
The Senior Facility was established in 2018 to fund the development and construction of the Fruta del Norte
(“FDN”) gold mine in Ecuador with an original principal amount of $350 million from a syndicate of seven
lenders that consisted of ING Capital LLC, Societe Generale, Caterpillar Financial Services Limited (Cat Financial),
The Bank of Nova Scotia, Natixis, KfW IPEX-Bank GmbH and Bank of Montreal, a portion of which was supported
by a raw material guarantee provided by the Finnish export credit agency, Finnvera plc.
Ron Hochstein, President and CEO commented, “I would like to take this opportunity to thank each of the
lenders and guarantor for their participation and trust in Lundin Gold, the country of Ecuador, and Fruta del
Norte in 2018. Their belief and continued support through the construction of FDN and subsequent transition to
operations allowed us to introduce responsible mining in Ecuador and create opportunities for the people of
Zamora-Chinchipe that may not have otherwise existed. We are pleased to execute our debt reduction strategy
on an accelerated basis. The full repayment of the Senior Facility provides Lundin Gold with improved free cash
flow margins and increased capital allocation flexibility.”
About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador.
Fruta del Norte is among the highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise in mine operations and are dedicated
to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with
international best practices. Lundin Gold is committed to delivering value to its shareholders, while
simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe
workplace and minimizing the environmental impact. The Company believes that the value created t hrough
the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.
Additional Information
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market
Abuse Regulation. This information was publicly communicated on November 14, 2023 at 2:00 p.m. Pacific
Time through the contact persons set out below.
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For more information, please contact
Ron F. Hochstein Finlay Heppenstall
President and CEO Director, Investor Relations and Corporate Development
Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089
Tel (Canada): +1-604-806-3589 [email protected]