Mr. Ron Hochstein reports

LUNDIN GOLD REPORTS PRODUCTION OF 129,731 OUNCES OF GOLD IN THE SECOND QUARTER OF 2023

Lundin Gold Inc. had second quarter 2023 gold production of 129,731 ounces (oz) from its Fruta del Norte gold mine in southeast Ecuador. Of the total quarterly gold production, 85,395 oz were produced as concentrate and 44,336 oz as dore. During the same quarter in 2022, the company produced 111,890 oz of gold. Gold sales in the second quarter 2023 totalled 128,958 oz versus 96,291 oz sold in the same period last year.

In the second quarter of 2023, the mill processed 418,373 tonnes resulting in an average throughput rate of 4,598 tonnes per day at an average grade of 11.0 grams per tonne with recoveries of 88.0 per cent. Grade and recoveries are expected to vary over the coming quarters.

Ron Hochstein, president and chief executive officer, commented: "Higher-than-expected grade and mill throughput in the second quarter have offset lower recoveries, which were caused by changes in ore type and oxidation impacts on the coarse ore stockpile. In the first half of 2023, mill performance has been excellent, resulting in the achievement of an average throughput rate of 4,479 tonnes per day. Although we expect recoveries to be impacted in the third quarter, we continue to optimize operations and believe we can build on the successes achieved in the first half of the year. As a result, we will be reviewing our 2023 guidance and will provide an update as part of our second quarter financial results in a few weeks time."

                 PRODUCTION RESULTS  
                                       Q2 2023   Q2 2022

Ore processed (tonnes)                 418,373   385,675
Average throughput (tonnes per day)      4,598     4,238  
Average head grade (grams per tonne)      11.0      10.3   
Recovery (%)                             88.0%     87.6% 
Gold ounces produced                   129,731   111,890
Concentrate                             85,395    75,730 
Dore                                    44,336    36,160 
Gold ounces sold                       128,958    96,291

Second quarter of 2023 results conference call and webcast

Lundin Gold will publish its second quarter of 2023 results on Wednesday, Aug. 9, 2023, after market close in North America. The company will host a conference call and webcast to discuss its results on Thursday, Aug. 10, at 7 a.m. PT, 10 a.m. ET, 4 p.m. CET. Conference call details and a link to the webcast will be published with the second quarter of 2023 results.

Qualified persons

The technical information relating to Fruta del Norte contained in this news release has been reviewed and approved by Ron Hochstein, PEng, Lundin Gold's president and chief executive officer, who is a qualified person under National Instrument 43-101.

About Lundin Gold Inc.

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.