Mr. Ron Hochstein reports

LUNDIN GOLD EXPANDS ITS 2023 NEAR-MINE EXPLORATION PROGRAM

For the second time this year Lundin Gold Inc. is expanding its 2023 near-mine exploration program at its Fruta del Norte (FDN) operation in southeast Ecuador. The company plans to increase the 2023 near-mine drilling program by 7,500 metres to a minimum of 30,000 metres to accelerate delineation of new targets and continue to explore other sectors along FDN's major structures. The 2023 near-mine program was originally planned for 15,500 metres and increased to 23,000 meters in May. The regional exploration program continues unchanged.

As a result of improved productivities in the field, the expanded program is expected to be completed within the revised near-mine exploration budget of $12.9-million announced earlier this year. Six rigs (one underground and five on surface) are currently operating on the near-mine program. Three additional rigs are also turning on the company's other programs, including one underground on the conversion program and two surface rigs on the regional program.

Ron Hochstein, president and chief executive officer, commented: "I am pleased to announce further expansion of our near-mine exploration program. Results from the near-mine program have improved our understanding of many targets within this highly prospective district, leading to the current program now being almost double what was originally planned for 2023. A minimum of 50,000 metres of drilling is planned across the conversion, near-mine and regional programs in 2023. This represents the largest drill program in the district since 2007."

Qualified persons

The technical information contained in this news release has been reviewed and approved by Andre Oliveira, PGeo, vice-president, exploration of the company, who is a qualified person in accordance with the requirements of 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 advancing 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.