Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) is pleased to report second quarter 2022 gold production of 111,890 ounces from its Fruta del Norte gold mine in southeast Ecuador. Of the total quarterly gold production, 75,730 oz were produced as a concentrate and 36,160 oz as doré. During the same quarter in 2021, the Company produced 108,799 oz of gold.

In the second quarter of 2022, the mill processed approximately 385,675 tonnes at an average throughput rate of 4,238 tonnes per day, the average grade of ore milled was 10.3 grams per tonne, and average recovery was 87.6%. Recoveries in the second quarter were impacted by the milling of some oxidized ore.

Gold sales in the second quarter of 2022 totalled 96,291 ounces versus 125,412 ounces sold in the same period last year. While operations were largely unimpacted by the recent national strike in Ecuador, which ended on June 30^th, some gold shipments and sales planned for the month were impeded by blockades on some of Ecuador’s major highways.

Ron Hochstein, President and CEO commented, “The recent period of national protests was challenging for the people of Ecuador. I am very proud of how the team at Fruta del Norte managed the challenge with minimal impact on operations. I am pleased to report that Lundin Gold remains firmly on track to meet or exceed its 2022 production guidance and meet its 2022 cost guidance. I look forward to a strong second half of this year.”

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.