09:19 AM EDT, 09/12/2025 (MT Newswires) -- Lundin Gold ( LUGDF ) late Thursday said its president, chief executive officer and director, Ron Hochstein, will step down after 10 years in the role.

Jamie Beck, formerly president, CEO and director of Filo Corp., will succeed Hochstein as president, CEO and director effective Nov. 7.

Filo Corp. was acquired by BHP and Lundin Mining (LUN.TO) in January.

National Bank maintained Lundin's sector perform rating and $85 price target following the news.

The bank said its thesis on Lundin is supported by its elevated free cash flow, low-cost production and exploration upside. The target was based on 12.0x EV/EBITDA NTM.

Lundin's share price closed 1.8% lower at $92.22 on the TSX Thursday.