Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to report first quarter 2025 gold production of 117,313 ounces from its Fruta del Norte gold mine in southeast Ecuador.  Of the total quarterly gold production, 75,494 oz were produced as concentrate and 41,819 oz as doré.  During the same quarter in 2024, the Company produced 111,572 oz of gold. All amounts are in U.S. dollars unless otherwise indicated. PDF Version

In the first quarter of 2025, the mill processed 398,159 tonnes of ore resulting in an average throughput rate of 4,424 tonnes per day at an average grade of 10.4 grams per tonne with recoveries of 88.5%.

Ron Hochstein, President and CEO commented, “2025 is off to a strong start, marked by the successful completion of our Plant Expansion Project this quarter.  Capitalizing on the downtime associated with the new equipment tie-ins, we proactively completed the relining of the SAG mill, as well as other maintenance that was originally scheduled in the second quarter, positioning us well for the remainder of the year.  As a result of strategic mine resequencing and positive grade reconciliation, we have seen a higher mill head grade, which we now expect to continue through the first half of the year before moderating in the second half.  We are also pleased with the initial performance of the process plant, post Plant Expansion Project, in terms of throughput and recoveries and are focused on optimizing performance in the coming quarter.”

Production Results

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.ca, starting on page 15, for the financial year ended December 31, 2024 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 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, 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.