Lundin Gold Inc.  (TSX: LUG) (Nasdaq Stockholm: LUG) is pleased to report fourth quarter 2020 gold production of 96,830 ounces from its Fruta del Norte gold mine in southeast Ecuador, bringing gold production to 191,080 ounces since the restart of operations on July 1, 2020.  Fruta del Norte reached Commercial Production on March 1, 2020 and production for the year totalled 242,400 ounces.

During the fourth quarter of 2020, the mill processed approximately 337,000 tonnes at an average throughput of 3,665 tonnes per day.  The average grade of ore milled during the quarter was 10.1 grams per tonne, and average recovery was 88.6%.

“Fruta del Norte delivered another strong quarter to close out 2020.  The grades mined, recoveries and average throughput were all better than expected during the fourth quarter.  This enabled us to exceed the upper end of our gold production guidance of 170,000 ounces for the second half of 2020,” said Ron Hochstein, President and CEO of Lundin Gold.  “I am very proud of the operational results the team achieved during a challenging time, which included a 15-day blockade of the road to Fruta del Norte.  The Company is focussed on continuing to optimize our operations in the year ahead.  Work is also well underway on the throughput expansion project.”

Production Results

Qualified Person

The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Ron Hochstein P. Eng, Lundin Gold’s President and CEO who is a Qualified Person under National Instrument 43-101.

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 largest and highest-grade gold projects in the world currently in production.

The Company’s board and management team have extensive expertise in mine operations and are dedicated to advancing 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, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.  The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.