A Swedish-Canadian billionaire family has struck gold after investing in a little-known mining stock that exploded 21x in just one year.
The Lundins invested $17.5 million CAD ($12.88 million) in the Vancouver-based metals exploration and development firm Montage Gold Corp (MAUTF) in March 2024, when it was trading at $0.70 CAD ($0.52) per share, Bloomberg reports.
At the time, the Lundins already held a large stake in the mining company and decided to invest additional capital to help bring Montage’s flagship Ivory Coast mine up and running.
The Toronto-listed MAUTF began its ascent in January after the company announced that its Ivory Coast mine would begin producing gold by the end of 2026, earlier than expected. The stock soared to $15.04 CAD ($11.07), delivering an eye-popping 2,409% return for the Lundins in just 12 months.
As of January, Montage’s Ivory Coast mine was estimated to contain $3.1 billion worth of gold, assuming the metal averages $3,000 over the project’s 16-year lifespan. At time of writing, gold is $5,183 – about 7.58% below its all-time high of $5,602, which it hit in late January.
The Lundins control 20% of Montage, valued at around $759 million. Data from the Bloomberg Billionaire Index shows that the Lundins have a net worth of $18.1 billion.
A representative for the Lundin family did not respond to requests for comment.
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