Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to report results from its ongoing near‑mine exploration drilling programs at the Fruta del Norte gold mine in southeast Ecuador.

Drilling has returned to Bonza Sur, where recent results support the reinterpretation of the geology focused on higher-grade mineralization within the broader, shallow mineralized system. Further south on the FDN property, the discovery of the Quebrada Dorada epithermal vein system extends the known gold mineralized trend to more than eight kilometres.

Program Highlights

• Bonza Sur – High-Grade Potential: Renewed drilling, including the highest-grade interval ever recorded at the deposit, is defining higher-grade zones within the broader mineralized system, and supporting an updated geological interpretation.
• Bonza Sur – Development Optionality: As FDNS underground development advances south, it could provide future access to higher-grade zones in the northern part of Bonza Sur.
• Quebrada Dorada – New Discovery: The newest epithermal vein system discovered on the FDN property. Mineralized drill intercepts define a large mineral footprint, extend the known gold epithermal mineralized trend to more than eight kilometres and highlight district-scale potential for further exploration and new discoveries.

Jamie Beck, President and CEO, commented: “We are excited to be drilling again at Bonza Sur, where recent results are changing our understanding of the potential significance of the higher-grade mineralization within this large, shallow system. Importantly, with FDNS underground development advancing to the south, we see the potential to ultimately access the northern portion of Bonza Sur from underground, adding another opportunity to our growing near-mine pipeline.

The new Quebrada Dorada discovery further demonstrates the exploration potential of the FDN district. With the largest exploration program ever carried out on the FDN property underway, we continue to see significant opportunities for resource growth across the district.”

Exploration Drilling Program Highlights (not true widths)

BONZA SUR

• Drill hole BLP-2026-553 intersected 204.26 grams per tonne of gold over 3.05m from 140.25m, including:
  • 1035.60 g/t Au over 0.60m
• Drill hole BLP-2026-483-D1 intersected 28.05 g/t Au over 4.20m from 698.30m, including:
  • 50.44 g/t Au over 2.30m
• Drill hole BLP-2026-483-D2 intersected 13.75 g/t Au over 5.50m from 715.35m, including:
  • 23.21 g/t Au over 3.20m
• Drill hole BLP-2026-475-D5 intersected 25.24 g/t Au over 2.90m from 962.45m, including:
  • 179.0 g/t Au over 0.40m

QUEBRADA DORADA

• Drill hole CHT-2026-495 intersected 6.53 g/t Au over 13.05m from 194.70m, including:
  • 22.81 g/t Au over 3.00m
• Drill hole ALE-2026-529 intersected 20.15 g/t Au over 3.15m from 361.70m, including:
  • 96.70 g/t Au over 0.65m

FRUTA DEL NORTE NEAR MINE EXPLORATION PROGRAM

Over the past several years, Fruta del Norte has emerged as a globally significant mineral district containing multiple identified epithermal gold systems and copper-gold porphyries. The Company’s exploration strategy has so far resulted in the discoveries of the Fruta del Norte South (FDNS), Fruta del Norte East (FDN East), and Bonza Sur deposits and has defined a continuous mineralized trend extending for more than four kilometres between FDN (in the north) to Bonza Sur (in the south). The discovery of a new epithermal gold system at Quebrada Dorada further extends the gold mineralized trend to eight kilometres (Figures 1 and 3).

BONZA SUR

Discovered by testing a surface geochemical anomaly south of FDNS, Bonza Sur is a large, shallow epithermal system that has been defined with wide-spaced drilling along two kilometres of strike. Mineralization at Bonza Sur extends to surface and consists of disseminated mineralization with higher-grade zones occurring within the broader mineralized envelope (Figure 2).

The 2026 near-mine exploration drilling program at Bonza Sur has focused on defining the continuity and geometry of these high-grade zones by reducing the spacing between drillholes and refining the geological interpretation of the deposit. In the northern portion of Bonza Sur, drilling has returned multiple high-grade results associated with quartz veining, confirming the continuity of the distinct high-grade zones within the main envelope. Of note, drill hole BLP-2026-553 returned the highest-grade interval ever recorded at the deposit and highlights the exploration potential of the area bordering FDNS. Currently, three rigs are drilling at Bonza Sur.

The higher-grade zones in the northern portion of Bonza Sur are particularly significant given their proximity to advancing underground development at FDNS, which could provide future access to portions of the deposit. The broader disseminated mineralization extends to surface and provides additional development optionality. Results received to date are summarized in Tables 1 and 3.

QUEBRADA DORADA

Located on the eastern side of the East fault approximately two kilometres to the south of Bonza Sur, Quebrada Dorada represents the discovery of an entirely new epithermal vein system on the FDN property (Figures 1, 3 and 4).

Discovered through systematic scout drilling along the southern extension of the East Fault, this new epithermal system was intercepted near the Chontas porphyry mineralization. The discovery of Quebrada Dorada extends the known gold mineralized trend to more than eight kilometres, with the trend remaining open to the south for further expansion and new discoveries.

The drilling program at Quebrada Dorada has advanced rapidly, with the mineralized footprint currently defined over approximately 2.7 kilometres from north to south (Figure 4). Gold mineralization is hosted by multiple generations of subparallel quartz-chalcedony veins with local hydrothermal breccias and stockworks, native gold, and minor sulphides including galena and sphalerite. The system remains sparsely tested, and drilling is now focused on following up these initial results. Two rigs are currently drilling at Quebrada Dorada. Results received to date are summarized in Tables 2 and 3.

Qualified Persons and Technical Notes

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analyzed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru. The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples. The remaining half core is retained for verification and reference purposes. For further information on the assay, QA-QC, and data verification procedures, please see Lundin Gold’s Annual Information Form dated March 20, 2026, which is available at www.lundingold.com or at www.sedarplus.ca.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador.  Fruta del Norte is among the highest-grade operating gold mines in the world.

The Company’s board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on September 24, 2026 at 2:00 p.m. Pacific Time through the contact persons set out below.

APPENDIX 1

Table 1: Drillhole assay results from the Bonza Sur drilling program reported for thickness versus grade intervals above 4.2 (m x g/t Au > 4.2). Drill hole intercepts are reported in drill core lengths.

Table 2: Drillhole assay results from the Quebrada Dorada drilling program reported for thickness versus grade intervals above 2 (m x g/t Au > 2). Drill hole intercepts are reported in drill core lengths.

 Table 3: Quebrada Dorada and Bonza Sur Collar Drill Holes