Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to report third quarter 2022 gold production of 121,635 ounces from its Fruta del Norte gold mine in southeast Ecuador. Of the total quarterly gold production, 81,607 oz were produced as a concentrate and 40,028 oz as doré. During the same quarter in 2021, the Company produced 107,663 oz of gold.

In the third quarter of 2022, the mill processed approximately 379,258 tonnes at an average throughput rate of 4,122 tonnes per day, the average grade of ore milled was 11.0 grams per tonne, and average recovery was 90.3%.

Gold sales in the third quarter of 2022 totalled 134,640 ounces versus 111,605 ounces sold in the same period last year. Gold sales exceeded gold produced in the third quarter. This is the result of gold shipments and sales from late June delayed into July due to blockades on some of Ecuador’s major highways during a national strike.

Ron Hochstein, President and CEO commented, “Once again, I am pleased to report strong operating results. Lundin Gold remains firmly on track to meet its 2022 production and cost guidance. While the second half of 2022 has begun strongly, we will continue to push the boundaries of what Fruta del Norte is capable of.”

Production Results

Qualified Persons

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 highest-grade operating gold mines in the world.

The Company’s board and management team have extensive expertise in mine operations 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, 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.