Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to report additional strong results from its ongoing conversion and near‑mine exploration drilling programs at the Fruta del Norte gold mine in southeast Ecuador.

The drilling programs delivered positive results across FDN, FDNS, and FDN East within the Company’s mining property.  Notably, recent conversion drilling at FDNS delivered two of the highest grade‑thickness gold intercepts ever drilled at FDN, underscoring the growing importance of FDNS as a major source of high‑grade mineralization and supporting continued Mineral Resource and Mineral Reserve growth.

Highlights

Conversion Drilling

• FDNS: Recent drilling returned the highest‑grade intercepts ever recorded at FDNS, including two intervals that rank as the second and fourth highest grade-thickness gold intercepts drilled across the entire FDN mining property (Figure 1), reinforcing FDNS as a primary driver of recent and ongoing Mineral Resource and Mineral Reserve growth.

Exploration Drilling

• FDNS: Successfully confirmed mineralization continuity along the downdip extension of the deposit, outside the current Mineral Resource envelope, and highlighted areas with meaningful potential for further expansion.
• FDN East: Drilling confirmed northward continuity of the vein system beyond the inaugural Mineral Resource, returning the highest‑grade interval ever recorded at FDN East, and demonstrated continuity of newly discovered eastern veins, highlighting an expanding footprint and additional exploration upside.
• FDN: Drilling intercepted the upper continuity of the main FDN mineral envelope close to existing underground infrastructure, identifying additional near‑mine expansion opportunities.

Jamie Beck, President and CEO, commented, “Conversion drilling at FDNS has consistently delivered some of the best results at FDN since its discovery, and these results are no exception, including two of the highest grade-thickness gold intercepts ever drilled at Fruta del Norte.   Exceptional systems tend to surprise to the upside, and it is clear there remains significant potential for additional expansion.

At FDN East, the highest‑grade interval ever reported along the extension of the mineral envelope confirms meaningful exploration upside, while at FDN, positive results close to existing underground development highlight opportunities for further growth.  With 17 rigs currently operating at site between the epithermal gold deposits and copper gold porphyry targets, we remain confident in our ability to continue creating value through disciplined exploration across this remarkable mining district.”

Conversion Drilling Program Highlights (not true widths)

FDNS

• Drill hole FDN-C25-374 intersected 667.78 grams per tonne (“g/t”) of gold (“Au”) over 7.50m from 19.15m, including:
  • 4,710 g/t Au over 0.60m
• Drill hole FDN-C26-380 intersected 523.01 g/t Au over 8.25m from 22.55m, including:
  • 2,389.51 g/t Au over 1.80m
• Drill hole FDN-C26-389 intersected 17.47 g/t Au over 8.85m from 16.70m, including:
  • 110.06 g/t Au over 1.20m
• Drill hole FDN-C26-379 intersected 16.13 g/t Au over 7.00m from 54.45m, including:
  • 31.42 g/t Au over 3.25m

Exploration Drilling Program Highlights (not true widths)

FDNS

• Drill hole UGE-S-26-472 intersected 22.97 g/t Au over 5.00m from 46.90m, including:
  • 56.15 g/t Au over 1.35m

FDN East

• Drill hole UGE–E-26-429 intersected 169.93 g/t Au over 4.20 m from 427.50m including:
  • 712 g/t Au over 1.00m
• Drill hole UGE-E-25-425 intersected 20.34 g/t Au over 5.90m from 299.00m, including:
  • 61.21 g/t Au over 1.80m

FDN

• Drill hole UGE-26-479 intersected 10.55 g/t Au over 23.55 m from 58.15m including:
  • 24.90 g/t Au over 2.30m
• Drill hole UGE-26-461 intersected 8.32 g/t Au over 7.85m from 74.85m, including:
  • 15.71 g/t Au over 3.40m

DRILLING PROGRAMS

Lundin Gold’s near‑mine exploration strategy is focused on extending mine life through the discovery and delineation of new mineralized zones near existing infrastructure.  Since the start of commercial production, these efforts have contributed to significant Mineral Reserve growth.

2026 is set to be a landmark year for the Company, with the largest exploration program in its history, totaling approximately 133,000 metres of planned drilling.  Conversion and near‑mine exploration activities will account for approximately 125,000 metres, combining surface and underground drilling aimed at Mineral Resource conversion, the discovery and delineation of new mineralized zones, and the potential identification of new gold and copper‑gold resources across the Fruta del Norte mining property.

FDNS

The 2026 underground conversion drilling program continues to advance across several sectors of FDNS, where the Company declared an inaugural Mineral Reserve of 0.54 Moz (2.50 Mt at 6.66 g/t Au) approximately two years after the deposit’s discovery.  This reserve declaration followed a succession of consistently strong conversion drilling results that have exceeded expectations.

Recent drilling has focused on the central and northern sectors of the deposit and continues to intercept mineralization consistently, further validating the geological model (Figures 2 and 3).  The program returned the highest‑grade intercepts ever recorded at FDNS, including FDN‑C25‑374 (667.78 g/t Au over 7.50 m; 60.19 g/t Au over 13.95 m) and FDN‑C26‑380 (523.01 g/t Au over 8.25 m; 32.94 g/t Au over 4.55 m) and highlighted additional high‑grade zones within the established mineral envelope.

Underground exploration drilling continues to extend the FDNS mineral envelope beyond the current Mineral Resource.  Hole UGE‑S‑26‑472 (22.97 g/t Au over 5.00 m) intercepted multiple mineralized veins at depth, indicating further expansion potential in the northern sector of the deposit (Figures 2 and 3).  Results received to date are summarized in Tables 1 and 4.

FDN EAST

FDN East is a buried epithermal system composed of multiple subparallel north‑south‑trending veins located approximately 100 metres east of FDN’s existing underground infrastructure.  Drilling in 2025 defined a deposit footprint of 500‑metre strike length and supported an inaugural Inferred Mineral Resource of 0.42 Moz Au (2.17 Mt at 6.01 g/t Au).

The mineral envelope remains open, and underground exploration drilling is ongoing.  Along the northern extension, drilling returned the highest‑grade intercept ever recorded at FDN East, confirming mineral continuity and highlighting strong exploration potential along strike (Figure 4). In addition, drilling confirmed the continuity of newly identified veins beyond the initial Mineral Resource and the deposit footprint strike length is now 500 metres West to East and 800 metres North to South and open for further discovery to the North, East, and South.  Results received to date are presented in Tables 2 and 4.

FDN

At FDN, underground exploration drilling intercepted the upper extension of the deposit along the contact with the Suarez conglomerate sequence, close to existing underground infrastructure.  Highlights include UGE‑26‑479 (10.55 g/t Au over 23.55 m) and UGE‑26‑461 (8.32 g/t Au over 7.85 m), underscoring significant exploration potential in areas readily accessible from current mine development (Figure 5).  Results received to date are summarized in Tables 3 and 4.

Figure 1: Map showing newly released (in yellow) and historical selected drill results (in gray) highlighting the highest grade-thickness intercepts across the FDN property. Drill hole intercepts are represented in drill core lengths.

 Figure 2: Map showing FDN deposit, and FDNS selected drilling results

 Figure 3: Long section showing FDN and FDNS deposits with selected FDNS conversion and exploration drilling results

 Figure 4: Map showing FDN, FDNS, and FDN East deposits with selected FDN East exploration drilling results

 Figure 5: Long Section showing FDN, FDNS, FDN East deposits with selected exploration drilling results along the FDN upper extension

Qualified Persons and Technical Notes

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analyzed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru.  The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples.  The remaining half core is retained for verification and reference purposes. For historic holes and further information on the assay, QA-QC, and data verification procedures, please see Lundin Gold’s Annual Information Form dated March 20, 2026 (“AIF”).

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 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 through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.  Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders.

APPENDIX 1

Table 1: Drillhole assay results from the FDNS drilling program reported for thickness versus grade intervals above 8.37 (m x g/t Au > 8.37). Drill hole intercepts are reported in drill core lengths and true widths.

Table 2: Drillhole assay results from FDN East drilling program reported for thickness versus grade intervals above 8.37 (m x g/t Au >8.37). Drill hole intercepts are reported in drill core lengths and true widths

Table 3: Drillhole assay results from FDN drilling program reported for thickness versus grade intervals above 8.37 (m x g/t Au >8.37). Drill hole intercepts are reported in drill core lengths and true widths

Table 4: FDNS, FDN and FDN East Collar Drill Holes