COMPANY IS ON TRACK TO MEET UPPER END OF 2021 PRODUCTION GUIDANCE

Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) is pleased to report third quarter 2021 gold production of 107,663 ounces from its Fruta del Norte gold mine in southeast Ecuador resulting in gold production of 320,599 oz for the nine months ended September 30, 2021. Of the total quarterly gold production, 76,837 oz were produced as a concentrate and 30,826 oz as doré. During the same quarter in 2020, the Company produced 94,250 oz of gold.

In the third quarter of 2021, the mill processed approximately 365,316 tonnes at an average throughput rate of 3,971 tonnes per day, the average grade of ore milled was 10.3 grams per tonne, and average recovery was 88.8%.

Ron Hochstein, President and CEO commented, “When compared to one year ago, it is clear that Fruta del Norte has progressed significantly. We remain on track to meet the upper end of our 2021 production guidance of 420,000 ounces of gold. The mine is now producing at 4,200 tpd. We have been increasing the average plant throughput and, with the completion of the mill expansion early in Q4, will achieve the expanded 4,200 tpd nameplate capacity as planned. I am very happy with how this second half of 2021 has begun and what the team continues to achieve.”

Production Results

Qualified Persons

The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Ron Hochstein P. Eng, Lundin Gold’s President and CEO 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 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.