Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) is pleased to report an all-time high quarterly gold production of 140,021 ounces from its Fruta del Norte gold mine in southeast Ecuador in the first quarter 2023. Of the total quarterly gold production, 88,236 oz were produced as concentrate and 51,785 oz as doré. During the same quarter in 2022, the Company produced 121,665 oz of gold. Gold sales in the first quarter of 2023 totalled 134,691 oz versus 119,282 oz sold in the same period last year.

In the first quarter of 2023, the mill processed 392,332 tonnes resulting in an average throughput rate of 4,359 tonnes per day at an average grade of 12.3 grams per tonne with recoveries of 90.6%. These results are in line with the variability incorporated within the Company’s production guidance of 425,000 to 475,000 oz for 2023, as grades and gold production are expected to vary over the coming quarters.

Ron Hochstein, President and CEO commented, “2023 is off to a great start, and I’m extremely happy to announce that record gold production was achieved through an all-time high in recoveries and grade. I’m excited to continue building on the success of the first quarter and look forward to what the rest of the year has to offer.”

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.