Lundin Gold and LunR Royalties Corp sign a $692.6 million silver stream-for-equity transaction

Lundin Gold signs a binding term sheet with LunR Royalties Corp for a proposed $692.6 million silver stream-for-equity transaction

Under the transaction, Lundin Gold will sell a silver stream on the Fruta del Norte Mine in Ecuador in exchange for newly issued shares on LunR Royalties. The LunR Royalties’ shares will be based on a 20-day volume weighted average price of the LunR shares on the TSX, as of 20 February 2026. 

Lundin Gold will sell the payable silver production of Fruta del Norte until 12.2 million ounces have been delivered. The company will sell half of the payable silver until an additional 7.8 million ounces have been delivered, and thereafter, will sell 7.5% of the payable silver for the remaining mine life. 

Vice president of corporate development and investor relations Brendan Creaney says by converting a small by-product into an equity interest in a rapidly emerging royalty company, the company is crystallising value now and creating a new avenue of long-term value.