# Lundin Gold replaces FDN depletion, exploring for more

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lundin-gold-replaces-fdn-depletion-exploring-for-more--9a5384c0-65c6-41d5-b5b8-3ed39dd68049

Original source: https://www.mining-journal.com/precious-metals/news/1454420/lundin-gold-replaces-fdn-depletion-exploring

Publisher: miningjournal

Original announcement: 2023-06-13T13:15:58.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-01T00:34:05.863Z

Atlas analysis updated: 2026-10-01T00:34:05.863Z

- Company: Lundin Gold

- Ticker: Unavailable

- Exchange: Unavailable

- Region: Ecuador

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update

- Extracted: 2026-10-01 00:34:06 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Lundin Gold has successfully added 1.58Moz of gold resources through resource conversion drilling. The company has commenced a two-year drill programme aimed at converting the remaining 1.8Moz of indicated and 1.7Moz of inferred resources at the FDN project.

Reasoning: The article reports successful resource conversion drilling adding 1.58Moz of gold resources and outlines a two-year programme to convert remaining indicated and inferred resources.

- Positive factor: Resource conversion success

- Positive factor: Ongoing drill programme targeting conversion of remaining resources

- Negative factor: Mention of FDN depletion

Facts used in scoring: 2

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The article discusses resource conversion drilling and the status of existing indicated and inferred resources.

Evidence · text

> Resource conversion drilling has added 1.58Moz of resources

## Extracted facts

Stored fact records: 2. Some facts used in scoring do not have a stored record.

## Resource Estimates (2)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lundin-gold-replaces-fdn-depletion-exploring-for-more--9a5384c0-65c6-41d5-b5b8-3ed39dd68049#fact-resource-facts-0)

FDN · gold

#### Identity

- Project: FDN
- Commodity: gold
- Region: ecuador
- Reported Region: Ecuador

#### Resource scope

- Estimate type: resource
- Resource group id: resource:14a5cf7b54ea55785b03

#### Resource Data

- Category: indicated
- Contained Metal: 1.8
- Contained Unit: moz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-06-13T00:00:00.000Z

Reasoning: Indicated resource target for conversion mentioned in text.

- Positive factor: Target for conversion

Evidence · text

> targeting the conversion of the remaining 1.8Moz of indicated

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lundin-gold-replaces-fdn-depletion-exploring-for-more--9a5384c0-65c6-41d5-b5b8-3ed39dd68049#fact-resource-facts-1)

FDN · gold

#### Identity

- Project: FDN
- Commodity: gold
- Region: ecuador
- Reported Region: Ecuador

#### Resource scope

- Estimate type: resource
- Resource group id: resource:f59ef6cd896d02fa41f8

#### Resource Data

- Category: inferred
- Contained Metal: 1.7
- Contained Unit: moz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-06-13T00:00:00.000Z

Reasoning: Inferred resource target for conversion mentioned in text.

- Positive factor: Target for conversion

Evidence · text

> and 1.7Moz of inferred resources

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.