Inside Lundin Gold (TSX:LUG) — How We Score the NI 43-101 Report

Lundin Gold (TSX:LUG) is the first fully indexed company profile on Mineralis — and therefore the best opportunity to walk through the MAS-Score methodology on a real example. Current partial score: 49 of 55 (based on 3 of 8 sub-scores, 55% weight coverage).

The source documents

The MAS-Score for Lundin Gold is based on three public filings held in the Mineralis documents index and referenced via clickable citations:

• NI 43-101 Technical Report, Q3 2024 — Fruta del Norte mine resource statement. Source for grade 8.68 g/t and tonnage 17.98 Mt as well as proven-and-probable reserve classification.
• MD&A Q3 2024 — Management Discussion & Analysis. Source for cash position $412M USD, total debt $95M USD, and quarterly capex $28M USD.
• Proxy Circular 2024 — Annual General Meeting Information Circular. Source for CEO Ron Hochstein (tenure since 2017), insider holding 4.2% per SEDAR, board independence ratio 0.66.

Sub-Score 1: Geology = 80/100

Lundin Gold's Fruta del Norte mine is a high-grade underground gold deposit in Ecuador. The combination of 8.68 g/t grade and 17.98 Mt tonnage at proven-and-probable classification yields a Geology sub-score of 80/100.

Why not 100? Three factors:

• Tonnage of 17.98 Mt is solid but below the 100+ Mt of major underground operations (e.g. Olimpiada in Russia with 200+ Mt). Scaling limit.
• Underground mining has higher cost-per-tonne than open-pit. The high grade compensates for this, but operational flexibility is constrained.
• The reserve pipeline is single-asset — no diversification bonus. If Fruta del Norte unexpectedly runs into permitting issues, the company has no backup asset.

Sub-Score 2: Capital = 100/100

This is where Lundin Gold takes a perfect score. Cash position $412M USD against total debt $95M USD yields a net cash position of $317M USD. At quarterly capex of $28M USD, that is cash runway of more than 11 quarters with no further cash flow — and Lundin Gold is in fact free-cash-flow positive (capex below operating cash flow).

Recent dilution stands at 1.5% (below the 5% warning threshold that triggers a penalty). Overall: financial-stability best-in-class for a mid-tier mining company.

Sub-Score 3: Management = 95/100

Ron Hochstein has been CEO since 2017 — a 7-year tenure significantly above the industry average of 4-5 years. Insider holding at 4.2% is above average for a mid-tier (typical is 0.5-2.5%). Board independence ratio of 0.66 is OK but not best-in-class (major standard is 0.75+).

Past discovery record is classified as "high" — the Lundin group has a multi-decade track record of successful mining discoveries (Lukas Lundin legacy, Eric Sprott connection, etc.).

Why 95 rather than 100? The missing board-independence best-in-class and a concentration penalty (Lundin Gold is part of the Lundin family of companies — some related-party-transaction risk).

Aggregation: partial score 49 of 55

The three live sub-scores are aggregated using their weights:

Rounded: 49 / 55 partial score. That is the number displayed live on mineralis.io/companies/TSX:LUG.

Why 5 of 8 sub-scores are still missing

v0.1 launched with 3 sub-scores in order to get the end-to-end pipeline (indexing → scoring → explanation → citations → display) production-ready before expanding the sub-score scope. Roadmap:

• v0.2 (Q3 2026): Jurisdiction (10%), Stage (10%), Permitting (10%) — all three backed by external data sources (Fraser Institute Index, regulatory tracking).
• v0.3 (Q4 2026): Catalysts (10%), Promotional Risk (5%) — forward-looking events and behavioral flags.

With all 8 sub-scores live, Lundin Gold's total score will land somewhere between 85-95/100 (Ecuador jurisdiction penalty likely the largest drag). For now we only display what we can transparently justify — no black-box approximations.

See it live

The complete Lundin Gold profile on mineralis.io shows: three live sub-scores with AI explanations, clickable footnote markers [^1] that scroll to the citation sources, three indexed documents with external links to the SEDAR filings.

→ Lundin Gold profile on mineralis.io