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Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to report fourth quarter 2022 gold production of 121,139 ounces  from its Fruta del Norte gold mine in southeast Ecuador, resulting in total gold production of 476,329 oz for the year, exceeding the high end of the Company’s 2022 guidance of 460,000 oz. Of the total quarterly gold production, 78,756 oz were produced as a concentrate and 42,383 oz as doré. During the same quarter in 2021, the Company produced 107,915 oz of gold.


In the fourth quarter of 2022, the mill processed approximately 420,838 tonnes at an average throughput rate of 4,574 tonnes per day (“tpd”), the average grade of ore milled was 10.0 grams per tonne, and average recovery was 89.6%.


Ron Hochstein, President and CEO commented, “I am extremely happy to announce that for the second year running, Lundin Gold has beaten its production guidance. We continue to push the boundaries of what Fruta del Norte is capable of, and noteworthy improvements have been made across the board as compared to last year. Our average throughput of 4,574 tpd this fourth quarter is proof that there is a lot more we can get out of Fruta del Norte, and I’m particularly excited to continue building on our successes in 2023.”


Production Results


Q4 2022 FY 2022 Q4 2021 FY 2021
Ore processed (tonnes) 420,838 1,559,178 379,166 1,415,634
Average throughput (tonnes per day) 4,574 4,272 4,121 3,878
Average head grade (grams per tonne) 10.0 10.6 9.9 10.6
Recovery (%) 89.6 % 89.5 % 89.7 % 88.6 %
Gold ounces produced 121,139 476,329 107,915 428,514
Concentrate 78,756 314,694 75,299 289,499
Doré 42,383 161,635 32,616 139,015
Gold ounces sold 119,890 470,103 108,476 427,298


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.


Posted January 10, 2023

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