Lundin Turns to Space Tech to Find More Gold in Ecuador

Why It Matters

By reducing exploration risk and improving drill efficiency, Lundin can sustain production and profitability while mitigating environmental impact in a challenging jungle environment.

Key Takeaways

• Lundin allocates $100M for 2026 Ecuador exploration.
• Fleet Space provides high‑resolution active seismic via ExoSphere.
• Seismic data improves drill targeting under 200 m cover.
• Expected output 475‑525k ounces gold 2026‑2028.
• Technology reduces risk, environmental impact in jungle terrain.

Pulse Analysis

Lundin Gold’s $100 million exploration budget reflects a strategic push to maximize the lifespan of Fruta del Norte, Ecuador’s first large‑scale underground gold mine. With gold prices remaining strong, extending the mine’s output beyond its initial 12‑year horizon is critical for the company’s cash flow and shareholder returns. The project’s geology—buried beneath over 200 metres of volcanic‑sedimentary cover—has historically limited conventional surface methods, prompting Lundin to seek advanced solutions that can reveal concealed structures and guide drilling decisions.

Enter Fleet Space Technologies and its ExoSphere platform, which combines high‑resolution active seismic surveys with legacy geological and assay datasets. The technology, bolstered by Fleet’s 2025 acquisition of HiSeis, delivers metre‑scale subsurface imaging, allowing Lundin to construct a layered structural model of the fault‑controlled epithermal system. This refined model has already identified new high‑priority drill targets, promising to improve hit rates and reduce the number of non‑productive holes. The integration of space‑derived data analytics into mineral exploration exemplifies the growing convergence of geoscience and satellite‑based technologies.

The partnership signals a broader shift in the mining sector toward data‑driven, low‑impact exploration, especially in remote, environmentally sensitive regions like the Condor Mountain range. By enhancing targeting precision, Lundin can lower operational costs, shorten project timelines, and lessen its ecological footprint—key considerations for regulators and local communities in Ecuador. As neighboring Andean nations continue to dominate large‑scale mining, adopting such innovative techniques could give Ecuadorian projects a competitive edge, attracting further investment and accelerating the country’s mineral development agenda.