Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to report fourth quarter 2023 gold production of 99,310 ounces (“oz”) from its Fruta del Norte gold mine in southeast Ecuador, resulting in total gold production of 481,274 oz for the year, in line with the high end of the Company’s upwardly revised 2023 guidance range of 450,000 to 485,000 oz. Of the total quarterly gold production, 65,298 oz were produced as a concentrate and 34,012 oz as doré. During the same quarter in 2022, the Company produced 121,139 oz of gold.

In the fourth quarter of 2023, the mill processed approximately 427,743 tonnes at an average throughput rate of 4,649 tonnes per day, the average grade of ore milled was 8.2 grams per tonne, and average recovery was 88.1%.

Ron Hochstein, President and CEO commented, “I am happy to announce that Lundin Gold is in line with the high end of its revised 2023 production guidance. 2024 will be an exciting year at FDN, with the expansion of plant throughput to 5,000 tpd and the installation of new flotation technology to improve recoveries. In addition, we will be undertaking the largest ever exploration program on our extensive land package. I’m excited to continue building on our successes over the next year.”

Production Results

Lundin Gold’s operations in Ecuador have not been impacted by the recent security situation in the country. The Company continues to closely monitor the situation.

Non-IFRS Financial Measures

This news release refers to certain financial measures, such as average realized gold price, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been calculated on a basis consistent with historical periods. Please refer to the Company’s MD&A filed on SEDAR+ under the Company’s profile at www.sedarplus.com, pages 14 to 17, for the third quarter of 2023 for an explanation of non-IFRS measures used.

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.