Mr. Ron Hochstein reports

LUNDIN GOLD ANNOUNCES INDUSTRY LEADING GREENHOUSE GAS EMISSIONS INTENSITY AND GOAL TO BE CARBON NEUTRAL BY 2030

Lundin Gold Inc. has published its second climate change report, has set its objective to be carbon neutral by 2030 and has also published its seventh annual sustainability report. All dollar amounts are stated in U.S. dollars.

Climate Change Report Highlights

Lundin Gold has reported a greenhouse gas (GHG) emissions (Scopes 1 and 2) intensity of 0.06 tCO2e per ounce of gold produced in 2022 from its 100% owned Fruta del Norte gold mine in Ecuador. Based on publicly available data from 152 gold mines that reported their Scopes 1 and 2 GHG emissions in 2021 and on Lundin Gold's 2022 emissions performance, the emissions intensity of Fruta del Norte is among the lowest in the industry. By comparison, the average GHG emissions intensity of reporting underground mines was 0.42 tCO2e per ounce of gold produced in 2021.1

Lundin Gold has set a target to be carbon neutral by 2030 with respect to its Scopes 1 and 2 emissions based on its current life of mine plan. The establishment of this target is supported by a detailed analysis of the Company's emissions and the identification, evaluation and prioritization of direct decarbonization opportunities. Through this exercise, Lundin Gold has developed an initial road map to carbon neutrality which is set out in this year's Climate Change Report.

After its initial estimate of Scope 3 GHG emissions in Lundin Gold's inaugural Climate Change report published last year, the Company has improved and expanded the reporting of these estimates in this year's Climate Change Report.

Ron Hochstein, President and CEO, commented, "With its incredibly low carbon footprint, Fruta del Norte continues to prove itself as a world class asset. Through our commitment to carbon neutrality by 2030, Lundin Gold is determined to maintain its position as one of the world's lowest carbon intensity gold producers."

Lundin Gold is also pleased to announce the publication of its 2022 Sustainability Report. This report highlights accomplishments and progress achieved by the Company on several initiatives and programs last year including:

• Industry leading health and safety performance with a Company-wide total recordable incident rate of 0.30 per 200,000 hours work.
• Certification as a Great Place to Work.
• Significant improvement in water management, with 95% of water at site being re-used and/or recycled.
• Approximately $37 million of procurement expenditures in 2022 in Fruta del Norte's immediate area of influence, representing 14% of total procurement spend.
• Continued success of the Company's education support program, culminating in 260 local students enrolled in higher education since 2015.

This year's Climate Change Report and 2022 Sustainability Report are available on Lundin Gold's website.

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.

We seek Safe Harbor.

1 See Lundin Gold's May 2023 Climate Change Report on the company's website.