Mr. Ron Hochstein reports

LUNDIN GOLD REPORTS PRODUCTION OF 112,212 OUNCES OF GOLD IN THE THIRD QUARTER OF 2023

Lundin Gold Inc. had third quarter 2023 gold production of 112,212 ounces (oz) from its Fruta del Norte gold mine in southeast Ecuador. Of the total quarterly gold production, 71,902 oz were produced as concentrate and 40,310 oz as dore. During the same quarter in 2022, the company produced 121,635 oz of gold. Gold sales in the third quarter of 2023 totalled 112,711 oz and were sold at an average realized gold price of $1,931 per oz. All dollar amounts are stated in United States dollars unless otherwise stated.

In the third quarter of 2023, the mill processed 416,072 tonnes resulting in an average throughput rate of 4,523 tonnes per day at an average grade of 9.7 grams per tonne with recoveries of 86.5 per cent.

Ron Hochstein, president and chief executive officer, commented: "Our third quarter results put Lundin Gold firmly on track to meet its 2023 production guidance. The increase in mill throughput partially offsets lower recoveries in the third quarter resulting in a decrease in production compared to that achieved during the same quarter last year. We continue to focus on improving recoveries through numerous initiatives and expect improvement in the coming quarters."

Third quarter of 2023 results conference call and webcast

Lundin Gold will publish its third quarter of 2023 results on Wednesday, Nov. 8, 2023, after market close in North America. The company will host a conference call and webcast to discuss its results on Thursday, Nov. 9, at 7 a.m. PT, 10 a.m. ET, 4 p.m. CT. Conference call details and a link to the webcast will be published with the third quarter of 2023 results.

Qualified person

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 CEO, 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 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.