Mr. Ron Hochstein reports

LUNDIN GOLD CLOSES US$400 MILLION PRIVATE PLACEMENT

Lundin Gold Inc. has closed its previously announced $400-million (U.S.) equity private placement financing. Upon closing, the company issued 93,497,140 common shares and now has 213,163,980 common shares outstanding.

With the closing of the private placement, Newcrest Mining Ltd. now owns 27.1 per cent of the company's outstanding shares; Zebra Holdings and Investments SARL and Lorito Holdings SARL (the Lundin family trusts) collectively own 22.3 per cent; and Orion Mine Finance Group owns 11.4 per cent.

Both Newcrest and Orion have board representation rights tied to their ownership positions. The board of directors has appointed Orion's nominee, Istvan Zollei, as a director, effective March 26, 2018. Mr. Zollei is a portfolio manager with Orion and previously was an investment manager with another mine finance group. Prior to this, he worked at Barclay Capital's natural resource private equity investment group, with responsibility for investments in the mining, oil/gas and power sectors. He started his career at Lehman Brothers' investment banking division. Mr. Zollei earned his BA from Harvard College in economics and his MBA from the Wharton School (University of Pennsylvania) in finance and management. The company expects to appoint Newcrest's two additional directors shortly after closing.

"The completion of this private placement is a turning point for Lundin Gold. This investment significantly reduces risks around the funding of the project and represents a strong endorsement for Fruta del Norte and our management team. Our focus is currently on underground mine development and construction at site, which are both progressing as planned," said Ron Hochstein, president and chief executive officer of Lundin Gold. "I would also like to welcome Istvan to the board. His experience in the mining sector and international finance will be an asset to the board as we continue to develop the project and grow the company into a mid-tier gold producer."

About Lundin Gold Inc.

Lundin Gold, headquartered in Vancouver, Canada, is developing its wholly owned Fruta del Norte gold project in southeast Ecuador. Fruta del Norte is one of the highest-grade and largest gold projects currently under construction. The company's board and management team have extensive expertise in mine construction and operations and are dedicated to advancing this project through to first gold production in 2019.

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