Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to report third quarter 2026 gold production of 153,736 ounces from its Fruta del Norte gold mine in southeast Ecuador. This represents the highest quarterly gold production achieved since commercial production commenced at Fruta del Norte. Of the total quarterly gold production, 103,311 oz were produced as concentrate and 50,425 oz as doré. During the same quarter in 2025, the Company produced 122,086 oz of gold. All amounts are in U.S. dollars unless otherwise indicated. Production was driven by higher-than-planned grades and strong mill throughput.

In the third quarter of 2026, the mill processed 535,711 tonnes of ore resulting in an average throughput rate of 5,823 tonnes per day at an average grade of 10.1 grams per tonne with recoveries of 88.3%. During the first nine months of 2026, the mill processed 1,532,652 tonnes of ore and produced 392,472 oz of gold.

Jamie Beck, President and CEO commented, “The third quarter marked the strongest production quarter in Fruta del Norte’s history, with 153,736 ounces of gold produced. Record quarterly throughput and higher grades drove record production during the quarter, resulting in 392,472 ounces of gold produced through the first nine months of 2026. Following this strong performance, we are well positioned to deliver full-year production within our 2026 guidance range of 475,000 to 525,000 ounces. On a year-to-date basis, sales trailed production due to timing, and we expect the majority of these ounces to be sold in the fourth 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 13, for the quarter ended June 30, 2026 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.