Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to report third quarter 2024 gold production of 122,154 ounces from its Fruta del Norte gold mine in southeast Ecuador. Of the total quarterly gold production, 73,532 oz were produced as concentrate and 48,622 oz as doré, and gold sales totalled 125,887 oz. During the same quarter in 2023, the Company produced 112,212 oz of gold and gold sales were 112,711 oz. All amounts are in U.S. dollars unless otherwise indicated. View PDF

In the third quarter of 2024, the mill processed 425,340 tonnes of ore resulting in an average throughput rate of 4,623 tonnes per day at an average grade of 10.3 grams per tonne with recoveries of 86.8%.

Ron Hochstein, President and CEO commented, “I’m pleased to announce that during the third quarter we achieved the milestone of 2.0 million ounces of production from Fruta del Norte in just under five years of operation. Having produced 366,788 oz year to date, we are confident in achieving our 2024 production target of 450,000 to 500,000 oz. Average throughput in the third quarter was 4,623 tonnes per day, which was higher than planned and helped to offset lower recoveries. We are excited about Lundin Gold’s continued success this year and we look forward to bringing the major components of the Process Plant Expansion project on line by year end.”

Production Results

Final Payment Made Relating to Stream Credit Facility and Offtake Buy Out

As previously announced on April 25, 2024 Lundin Gold entered into an agreement with Newmont Corporation to buy out 100% of the balance of the stream credit facility and offtake agreement for its 100% owned Fruta del Norte gold mine in Ecuador for total consideration of $330 million payable in cash over two tranches. The first tranche of $180 million was paid on June 28, 2024.

We are pleased to confirm that the second and final payment for $150 million was made on September 27, 2024.

Appointment of Vice President, Corporate Development and Investor Relations

The Company is pleased to announce the appointment of Mr. Brendan Creaney as Vice President, Corporate Development and Investor Relations. Brendan is an accomplished finance professional with more than 15 years of experience in the mining industry. He was most recently Chief Financial Officer of Trevali Mining. Prior to that he held several finance roles with Goldcorp from 2012 to 2019 in such functions as corporate development, business planning, studies and projects, capital allocation, and strategy. Brendan also held project finance roles at Barrick Gold Corporation and Novagold Resources. He holds a Master of Business Administration specializing in Finance from the University of Manchester and a Bachelor of Arts degree from the University of Victoria.

Qualified Persons

The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Terry Smith P. Eng, Lundin Gold’s COO, who is a Qualified Person under National Instrument 43-101.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, is committed to positive and long-lasting impact on our host communities, while delivering significant value to stakeholders through operational excellence, cash flow generation and focused growth. Lundin Gold currently operates its 100% owned Fruta del Norte gold mine in southeast Ecuador, which is one of the highest-grade gold mines in production in the world today. The Company also owns a portfolio of prospective exploration properties close to FDN.