Lundin Gold Reports High-grade Mineralization At Fdns As Part Of Its Near-mine Drilling Program

Highest-grade drill holes reported at FDNS confirm high grade vein system close to mine infrastructure

VANCOUVER, July 31, 2024 - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce additional results from its ongoing 2024 near-mine and conversion drilling programs at its 100% owned Fruta del Norte ("FDN") gold mine in southeast Ecuador. The near-mine drilling program at FDN South ("FDNS") returned significant results, highlighted by one of the highest-grade intercepts achieved in this sector to date. The conversion drilling program continues to advance in the north sector of the FDN deposit with wide and high-grade drilling results returned in areas adjacent to mine workings. Highlights from the FDNS and conversion programs are outlined below. Detailed results are provided at the end of this release (see Appendix 1). PDF Version

FDNS Exploration Highlights (not true widths):

• Drill hole UGE-S-2024-138 intersected 27.04 grams per tonne ("g/t") of gold ("Au") over 30.10m from 18.1m, including:
  • 109.27 g/t Au over 6.30m
  • 13.31 g/t Au over 8.10m
• Drill hole UGE-S-24-129 intersected 17.14 g/t Au over 8.05 m from 130.60 m, including:
  • 31.28 g/t Au over 3.90 m
• Drill hole UGE-S-24-132 intersected 7.71 g/t Au over 9.05 m from 99.7 m, including:
  • 29.17 g/t Au over 2.15 m

Conversion Drilling Highlights (not true widths):

• Drill hole FDN-C24-134 intersected 8.63 g/t Au over 69.00 m from 0.8 m, including:
  • 17.91 g/t Au over 23.20 m
• Drill hole FDN-C24-111 intersected 6.11 g/t Au over 122.05 m from 126.40 m, including:
  • 17.96 g/t Au over 5.6 m
• Drill hole FDN-C24-107 intersected 18.23 g/t Au over 32.85 m from 0.0 m, including:
  • 67.82 g/t Au over 7.8 m

Ron Hochstein, President and CEO, commented, "I am very pleased with the continued advancement of our exploration programs. FDNS is near our existing infrastructure and the high-grade zone currently being delineated continues to suggest meaningful Mineral Resource upside and potential for expansion at FDN. In addition, the conversion program continues to intercept wide and high-grade zones within the FDN deposit resource envelope that we expect will lead to continued conversion of Mineral Resources to Reserves. Importantly, our exploration programs are illustrating the potential for continued replacement of mined Mineral Reserves."

NEAR-MINE EXPLORATION PROGRAM

The near-mine exploration strategy focuses on extending mine life through the expansion of Mineral Resources at FDN by exploring and delineating new discoveries close to the operation. Ten rigs are currently turning on the FDN conversion and near-mine exploration programs, three underground and seven on surface.

A total of 26,056 metres across sixty-four holes, from surface and underground, have been completed in 2024 as part of the near-mine program. One of the key components of the near-mine program is the underground drilling program, which investigates potential expansion of the FDN deposit. Over recent months underground drilling has focused on FDNS, where extension of underground levels 1170 and 1080 to the south of FDN has enabled drilling in this sector.

FDNS

At FDNS, exploration and geological data interpretation indicated new areas for resource growth at the southern limit of the FDN deposit (see figure 1). Ten drill holes have been completed in 2024 and results confirm the presence of a new high-grade vein system represented by hydrothermal alteration zones with chalcedony manganoan-calcite veins and a significant amount of visible gold (see figure 2). Highlights include drill hole UGE-S-2024-138 (109.27 g/t Au over 6.30m), the highest-grade intercept ever recorded at FDNS. Assay results are presented in Tables 1 and 3 at the end of this release. Results are still pending for some drill holes.

The delineation of this vein system suggests a new style of gold mineralization in this sector and highlights the upside potential for additional higher-grade zones close to existing infrastructure. The system remains open for expansion along strike to the south and at depth. One rig is currently turning at FDNS and a second will shortly be added.

CONVERSION PROGRAM

The 2024 conversion drilling program continues to work on the objective of converting Inferred Mineral Resources to Indicated in areas immediately beyond the current Mineral Reserve boundary in the north and central sector of the FDN deposit. A total of 9,772 metres of underground drilling across 70 drill holes has been completed to date in 2024.

Numerous drill holes have returned wide and high-grade intercepts associated to large hydrothermal alteration zones represented by breccias, veining or stockwork zones, very similar in style and geometry to that found in the areas of the north sector currently being mined (see figure 3). Two rigs are currently turning under the conversion program, and based on results to date, the conversion program will be increased from 9,815 metres to 14,000 metres in 2024. Assay results received to date are presented in Tables 2 and 3 at the end of this release. Some results from the conversion program are pending.

Figure 1: Map showing FDNS near-mine exploration and conversion drilling programs

Figure 2: Cross section (left) and plan view map (right) with selected FDNS exploration drilling results

Figure 3: FDN long section showing selected conversion drilling results

Qualified Persons

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analysed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru. The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples. The remaining half core is retained for verification and reference purposes. For further information on the assay, QA-QC and data verification procedures, please see Lundin Gold's Annual Information Form dated March 26, 2024, filed under the Company's profile at www.sedarplus.ca.

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.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on July 31, 2024 at 2:00 p.m. Pacific Time through the contact persons set out below.

Caution Regarding Forward-Looking Information and Statements

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements relating to the Company's exploration plans, activities and results. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 26, 2004, which is available at www.lundingold.com or www.sedarplus.ca.

Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; security; non-compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings; government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and development; control of Lundin Gold; availability of workforce and labour relations; dividends; information systems and cyber security; Mineral Reserve and Mineral Resource estimates; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats; global economic conditions; shortages of critical resources; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to maintain obligations or comply with debt; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

APPENDIX 1

Table 1: Drillhole assay results from the near-mine drilling program at FDNS reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths

Table 2: Drillhole assay results from the conversion underground drilling program reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths and true width

Table 3: Collar locations of reported drill holes

SOURCE Lundin Gold Inc.