Lundin reserves at Ecuadorian mine Fruta del Norte rise 6%
Tue Feb 24 2026
The Canadian company Lundin Gold recorded in 2025 a year-on-year increase of around 6% in the gold reserves of its Fruta del Norte mine in Ecuador, strengthening the useful life of its main asset in the country in a context of resource expansion and new exploration targets. Proven and probable reserves reached 5.85 million ounces of gold, contained in 25.66 million tonnes with a grade of 7.09g/t, compared with the 5.54 million ounces reported in 2024, a figure that the company described as a historic record.
The figures include the first mineral reserve of Fruta del Norte Sur (FDNS), with 540,000 ounces converted in just 18 months since its discovery, which would demonstrate the quality of the deposit and its growth potential. "The update marks a new milestone for Fruta del Norte. We have increased the proven and probable mineral reserves (…), more than offsetting the 2025 extraction, and, most importantly, we delivered the inaugural FDNS reserve approximately 18 months after its discovery," said Jamie Beck, president and CEO of Lundin Gold, in a statement.
The company also included the inaugural inferred resource of FDN East, a third deposit near the mine that opens the door to further exploration work. Measured and indicated resources rose to 7.48 million ounces, an increase of 6% compared with 2024, driven by the conversion of 770,000 ounces in FDNS, with a grade higher than initially estimated.
Inferred resources totaled 2.03 million ounces, including FDNS and FDN East, in addition to the conversion of 910,000 ounces to higher confidence categories. In 2025, Lundin produced 498.315oz of gold, meeting its guidance and consolidating the operational performance of its key asset in Ecuador.
By 2026, the company is projecting production of 475,000–525,000oz of gold, along with an investment of US$100 million (mn) in its exploration program, which entails 133,000m of drilling in nearby, regional, and reserve replacement areas.
Near-mine exploration will require US$56mn to drill 100,000m; US$21mn will be allocated to regional exploration, with 8,000m, and US$8mn is planned for conversion drilling at FDN and FDNS, with 25,000m.
“Near-mine drilling is the future of Lundin Gold's growth in the medium term,” Juan José Herrera, Lundin Gold's director of business sustainability, told BNamericas. The company also plans to allocate between US$75mn and US$90mn to sustaining capital.
In the coming months, the company will define the economic feasibility of FDNS, the investment amount, possible modifications to the processing plant, and specific underground development needs. The final investment decision will be made by the board of directors in the second half of 2026.
The rapid conversion of FDNS into proven reserves in just 18 months reflects the geological strength of the district and Lundin Gold's ability to accelerate project maturation.
The incorporation of FDN East as an inferred resource opens a new exploration front that, if confirmed in higher categories, could significantly extend the mine’s useful life. Lundin Gold aims to find a deposit with characteristics similar to Fruta del Norte and secure a presence in the country for around 50 years.
Fruta del Norte is the only large-scale gold mine in production in Ecuador, which makes it the cornerstone of the country’s gold mining in a favorable price environment.
Source: https://www.bnamericas.com/