11:18 AM EDT, 04/01/2024 (MT Newswires) -- National Bank of Canada over the weekend ascribed a neutral bias to Lundin Gold's ( LUGDF ) updated reserve and resource estimate for year-end 2023.

The estimate outlined reserves of 5.5 million ounces of gold grading 7.89 g/t gold as of Dec. 31, 2023, increasing from 5.0 million ounces at 8.68 g/t gold in the previous year.

Resources stood at 8.5 million ounces at 8.4 g/t gold as of Dec. 31, 2023, compared to 8.5 million ounces at 8.2 g/t gold a year ago.

The bank said the increase in reserves more than offset depletion in 2023, offering visibility for mine life extensions. This was partially offset by easing grades.

National Bank gave Lundin a sector perform rating with a $20.00 price target.

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