The first large-scale modern gold mine in Ecuador

Guidance and Outlook

Three Year Guidance

2022

2023 (1)

2024 (1)

Production (oz Au)

430,000 - 460,000

390,000 - 430,000

400,000 - 440,000

Sustaining Capital ($ million)

40 - 45

30 - 35

7 – 12

Cash Operating Cost ($/oz) (1)

660 -720

700 -775

675 – 745

AISC ($/oz) (1)

820 - 870

850 - 915

750 - 810

Head Grade (g/t Au)

9.8

Avg. Mill Recovery

89%

Mill Throughput (tpd)

4,200

1. Gold/silver price per oz assumption, based on analyst estimates, is 2022: $1,750/$22.50; 2023: $1,715/$23.81; 2024: $1,642/$22.43

2022

Regional Exploration Expenditure

$14.0m

Near-Mine Exploration Expenditure

$4.0m

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TSX: LUG $ 9.14
OMX: LUG kr 74.9
Gold: $ 1805.89