Lundin Gold Inc. (TSX: LUG) (Nasdaq: LUG) (OTCQX: LUGDF) is pleased to report first quarter 2026 gold production of 119,742 ounces from its Fruta del Norte gold mine in southeast Ecuador.  Of the total quarterly gold production, 79,451 oz were produced as concentrate and 40,291 oz as doré.  During the same quarter in 2025, the Company produced 117,313 oz of gold.  All amounts are in U.S. dollars unless otherwise indicated.

In the first quarter of 2026, the mill processed 496,798 tonnes of ore resulting in an average throughput rate of 5,520 tonnes per day at an average grade of 8.4 grams per tonne with recoveries of 89.2%.

Jamie Beck, President and CEO commented, “First quarter production of 119,742 ounces marks a strong start to 2026, reflecting an increase in mill throughput and stable operating performance at Fruta del Norte.  During the quarter, average throughput exceeded our annual guidance rate of 5,500 tpd, reaching a new quarterly record of 5,520 tpd. With this strong operating momentum, we are on track to achieve our 2026 production guidance of 475,000 to 525,000 ounces of gold while maintaining a focus on optimizing recoveries and overall mine and plant performance.”

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, 2025 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.