Positive results from ongoing 2024 exploration program indicates Bonza Sur continues to grow and the potential to extend FDN at depth

Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to announce initial results from its ongoing 2024 near-mine exploration and conversion programs at its 100% owned Fruta del Norte gold mine in southeast Ecuador. Positive near-mine drilling intercepts were achieved at Bonza Sur and in extensions at depth of the FDN deposit, while a new high-grade discovery has been made to the east of FDN. Furthermore, the conversion drilling program advanced within the north sector of the FDN deposit and returned wide, high-grade intercepts in areas adjacent to where operations are currently taking place. These positive results for both the near-mine and conversion drilling programs support the continued organic growth potential at FDN.  Highlights from the near-mine and conversion programs are outlined below. Detailed results are provided at the end of this release (see Appendix 1).

Near-Mine Exploration Highlights (not true widths):

• Drill hole BLP-2024-101 (at Bonza Sur) intersected 32.31 grams per tonne of gold over 14.50m from 74.0 m, including:
  • 442.16 g/t Au over 1.0 m
• Drill hole UGE-DD-24-089 (at FDN Depth) intersected 8.62 g/t Au over 19.9 m from 97.7 m and 12.04 g/t Au over 11.8 m from 264.90 m including:
  • 21.4 g/t Au over 5.9 m
• Drill hole UGE-E-24-094 (at FDN East) intersected 76.95 g/t Au over 5.0 m from 156.1 m, including:
  • 349 g/t Au over 1.1 m
• Drill hole FDNE-2023-064 (at FDN East) intersected 12.35 g/t Au over 6.4 m from 823.0 m, including:
  • 29.37 g/t Au over 2.6. m

Conversion Drilling Highlights (not true widths):

• Drill hole FDN-C24-084 intersected 14.61 g/t Au over 63.6 m from 103.4 m, including:
  • 28.48 g/t Au over 29.9 m
• Drill hole FDN-C24-083 intersected 10.04 g/t Au over 61.8 m from 14.9 m, including:
  • 16.72 g/t Au over 24.8 m
• Drill hole FDN-C24-086 intersected 14.84 g/t Au over 28.6 m from 160.6 m, including:
  • 30.97 g/t Au over 6.0 m

Ron Hochstein, President and CEO, commented, “I am pleased to announce initial results from Lundin Gold’s 2024 near-mine exploration and conversion drilling programs. The intercepts continue to enhance our confidence in the exploration potential of the district with a growing pipeline of discoveries around FDN supporting our ability for future resource growth. Our conversion program has also successfully defined zones of high-grade mineralization within the FDN deposit that we expect will lead to continued conversion of Mineral Resources to Reserves. Ten rigs, three underground and seven on surface, are currently turning on our conversion and exploration programs and a minimum of 65,000 metres of drilling are planned in 2024 representing the largest drilling program ever conducted on the land package that hosts FDN”.

NEAR-MINE PROGRAM

The 2024 near-mine drilling program will focus on three main objectives: extending the FDN deposit at depth and to the south, advancing the delineation of Bonza Sur and exploring for new near-mine discoveries, including at FDN East (see Figures 1, 2 and 3). During the first quarter of 2024 surface drilling was focussed on Bonza Sur and the new FDN East discovery. Drilling at FDN South and other targets will be completed later in the year.

Initial drill results continue to confirm the potential for possible future resource upside. A total of 12,313 metres across twenty-six holes, from surface and underground, have been completed in 2024. Assay results are presented in Tables 1 and 3 at the end of this release. Results are still pending for some drill holes.

Bonza Sur

Drilling at Bonza Sur continues to explore and delineate this epithermal target, located only one kilometre south of the FDN deposit. A total of eight new drill holes were completed as at March 31, 2024 with results continuing to show its mineral potential to the north, south and at depth. Recent results, shown in Tables 1 and 3 at the end of this release, confirm higher-grade intercepts at shallower depths associated mainly with vein/veinlet zones of quartz and minor chalcedony and manganoan-carbonate with occurrences of disseminated to semi-massive levels of sulphides (mainly sphalerite and galena).

Since the discovery of Bonza Sur in early 2023, drilling has defined three subparallel vein/veinlet zones (Colorada Central, West, and East) that have been delineated for over 1,300 metres along strike from north to south and for at least 500 metres at depth and still remains open in all directions (see Figure 1).

The primary focus of drilling at Bonza Sur is to better understand the target’s mineralized zones through reducing drill spacing as well as expanding the system along the north extension and at depth. Three rigs are currently turning.

FDN at Depth

Underground exploration drilling at FDN continues to explore extensions of the mineral envelope at depth and four drill holes have been completed year-to-date. Of note, drill hole UGE-DD-24-089 (8.62 g/t Au over 19.9 m and 12.04 g/t Au over 11.8 m) indicates gold mineralization associated with zones of hydrothermal alteration of a similar composition to that found at shallower levels of the mine and underscores the potential to expand FDN’s current mineral envelope (see Figure 2).

Assay results for the underground exploration drilling program received to date are presented in Table 1.  A number of results are pending. Additional drilling is taking place below the deepest boundary of the FDN resource envelope, where one underground rig is currently turning.

FDN East

The near-mine exploration program continues to generate discoveries in unexplored areas close to FDN. Several drill holes, from surface and underground, were completed as part of a systematic exploratory program to test several new targets and resulted in the discovery of a new buried epithermal mineralized system, FDN East, located only 100m east of FDN (see Figure 1).

Gold mineralization at FDN East is associated with significant levels of hydrothermal alteration represented by veins and/or veinlets of chalcedony, sulfides (mainly pyrite) and visible gold, hosted in similar volcanic and intrusive rocks to those found at FDN and are buried by a sedimentary cover. This new discovery returned positive results in most drill holes completed, such as drill holes UGE-E-24-094 (76.95 g/t Au over 5.0 m), FDNE-2023-064 (12.35 g/t Au over 6.4 m) and UGE-E-23-045 (15.11 g/t Au over 3.8 m), indicating another high-grade system.

Drilling at FDN East currently focuses on expanding on the initial positive results achieved to gain a better understanding of the mineralized zones and the main geological controls. Assay results from the drilling undertaken at FDN East are presented in Table 1.

CONVERSION PROGRAM

Conversion drilling in 2023 was successful at reclassifying Inferred Resources to Indicated in areas immediately beyond the current Mineral Reserve boundary and enabled conversion and the addition of close to one million ounces to Mineral Reserves. For more information on Lundin Gold’s current estimates of Mineral Reserves, refer to Annual Information Form dated March 26, 2024 which is filed under the Company’s profile at www.sedarplus.ca.

In 2024, the conversion program is planned to comprise of approximately 10,000 metres of drilling. A total of 3,710 metres across 30 drill holes have been completed year-to-date in the north sector of the FDN deposit.

Conversion drilling continues to confirm mineralization at FDN with high-grade drilling intercepts associated to breccias and stockwork zones, like the mineralization found in the north sector of the Mineral Reserve envelope. Assay results from the conversion program are presented in Table 2. Some results from the conversion program are pending. Two rigs are currently turning under the conversion program.

Qualified Persons

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 analysed 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 further information on the assay, QA-QC and data verification procedures, please see Lundin Gold’s Annual Information Form dated March 26, 2024, filed under the Company’s profile at www.sedarplus.ca.

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.

APPENDIX 1

Table 1: Drillhole assay results from the near-mine drilling program reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths

Table 2: Drillhole assay results from the conversion underground drilling program reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths and true width

Table 3: Collar locations of reported drill holes

Figure 1: Near-mine drilling program showing FDN, FDN East, Bonza Sur and selected results (CNW Group/Lundin Gold Inc.)

Figure 2: FDN long section showing underground exploration drilling results (CNW Group/Lundin Gold Inc.)

Figure 3: FDN long section showing selected conversion drilling results (CNW Group/Lundin Gold Inc.)