TSX:LUNR $20.11

Portfolio

LunR’s portfolio is comprised of a cash flowing life-of-mine silver stream on Lundin Gold’s Fruta del Norte mine, and royalties on NGEx Minerals’ Vicuña District exploration projects: Lunahuasi and Los Helados.

Fruta del Norte
  • Location: Southeast Ecuador
  • Ownership: 100% Lundin Gold
  • Mine Type: Underground
  • Deposit Type: Intermediate sulphidation epithermal system
  • Mineralization: Gold-Silver
  • Stream: 100% of payable silver

Fruta del Norte is a high-grade underground mine in Southeast Ecuador, producing gold with byproduct silver in doré and concentrate. It is one of the world’s lowest cost major gold mines and is forecasted to produce 475 to 525 koz of gold and 500 to 600 koz of payable silver1 in 2026. LunR will purchase 100% of payable silver production at 10% of spot pricing until 12.2 Moz have been delivered, reducing to 50% of production at 20% of spot pricing until an additional 7.8 Moz are delivered, reducing to 7.5% of production at 30% of spot pricing for the remaining life-of-mine.

1. See Lundin Gold’s February 22, 2026 press release.

Lunahuasi

Lunahuasi
  • Location: San Juan Province, Argentina
  • Ownership: 100% NGEx
  • Deposit Type: High-sulphidation epithermal system
  • Mineralization: Copper-Gold-Silver
  • Royalty: 1.00% NSR

Lunahuasi is the most recent discovery in the emerging Vicuña District which encompasses the Caserones mine, and the Josemaria, Filo del Sol and Los Helados deposits. Drilling to date at Lunahuasi has returned the highest grades ever encountered in the Vicuña District with significant upside as NGEx continues to explore the large mineralized system.

Los Helados
  • Location: Region III, Chile
  • Ownership: 69% NGEx, 31% Lundin Mining
  • Deposit Type: Copper-Gold Porphyry
  • Mineralization: Copper-Gold-Silver
  • Royalty: 1.38% NSR

Los Helados is one of the largest undeveloped copper-gold resources in the world. The deposit is located approximately 17 kilometres from the operating Caserones mine, where NGEx Minerals’ 31% partner at Los Helados holds a majority interest. In addition, Los Helados is approximately 10 kilometres from Lundin Mining’s Josemaria project which is under development in San Juan Province, Argentina.