Mr. Ron Hochstein reports

LUNDIN GOLD REPORTS FURTHER HIGH-GRADE INTERCEPTS FROM ITS 2023 EXPLORATION PROGRAMS

Lundin Gold Inc. has released recent results from its conversion and near-mine exploration programs at its 100-per-cent-owned Fruta del Norte (FDN) gold mine in southeast Ecuador. The 2023 conversion drilling program, targeting inferred mineral resources within the FDN deposit, has been concluded, and several high-grade results confirm mineralization immediately adjacent to where operations in the mine are currently taking place. In parallel, the near-mine program has advanced in defining and expanding Bonza Sur, a new epithermal system discovered to the south of FDN.

Highlights from the conversion and near-mine drilling programs are outlined herein.

Highlights from underground conversion holes drilled (not true widths):

• Drill hole FDN-C23-062 intersected 6.92 grams per tonne gold over 48.5 metres from 50.60 m, including 22.88 g/t Au over 8.70 m.
• Drill hole FDN-C23-048 intersected 6.49 g/t Au over 37.9 m from 123.30 m, including 12.59 g/t Au over 6.60 m.
• Drill hole FDN-C23-042 intersected 8.32 g/t Au over 18.7 m from 89.00 m, including 16.78 g/t Au over 6.70 m.
• Drill hole FDN-C23-067 intersected 20.01 g/t Au over 14.20 m from 14.60 m, including 34.86 g/t Au over 7.1 m.

Highlights from near-mine surface exploration holes drilled at Bonza Sur (not true widths):

• Drill hole BLP-2023-042 intersected 7.44 g/t Au over 8.8 m from 620.20 m, including 34.68 g/t Au over 1.8 m.
• Drill hole BLP-2023-053 intersected 5.87 g/t Au over 11.90 m from 168.4 m, including 14.39 g/t Au over 4.0 m.

Ron Hochstein, president and chief executive officer, commented: "I am very pleased with the progress of Lundin Gold's 2023 exploration programs. The conversion program has successfully concluded and has defined several wide, high-grade mineralized zones in distinct sectors outside the current reserve that we expect to underpin further future conversion of resources to reserves, while results received from drilling at Bonza Sur have expanded its mineralization footprint. We are encouraged by the promising drill results, exemplified through the expansion of our exploration programs to a minimum of 50,000 metres in 2023, the largest drilling program since 2007. We believe that these programs will enable the generation of significant shareholder value in years to come."

Conversion program

A total of 11,233 metres of underground drilling from 79 drill holes was completed as part of the 2023 conversion program in several sectors of the FDN deposit. The program for this year is complete, and drill results have significantly improved its confidence in the geologic model.

Conversion drilling in the southern sector of FDN has returned several high-grade intercepts associated mainly with vein and/or veinlet zones hosted in volcanic or porphyritic intrusive rocks. In the north-central sector, results show gold mineralization in breccias and stockwork zones, similar to mineralization found in the mineral reserve envelope of this sector.

This year's conversion drilling results are currently being incorporated into the geological model, and will form the basis of an updated mineral resource and reserve estimate to be completed during the first quarter of 2024.

In addition to the drilling, development on the 1,170 and 1,080 underground levels is under way to provide drill stations for the 2024 conversion program. Total development is estimated at 765 metres.

Near-mine exploration program

The near-mine program continues to explore distinct sectors located along trend of the FDN deposit and within extensions of its major controlling structures. As at Oct. 31, 2023, a total of 26,361 metres across 46 holes, from surface and underground, have been completed. Drilling earlier this year (see news releases published on Jan. 26, May 4 and Aug. 3, 2023) discovered a new exploration target, Bonza Sur, which has been a primary focus over the last few months.

Bonza Sur

At Bonza Sur, the exploration program continues to advance in defining a new epithermal system, located only one kilometre south of the FDN deposit. Seven new drill holes were completed and confirm the extension of the new mineralized zone. Recent results indicate that the gold mineralization is hosted by the same volcanic sequence found at the FDN deposit and associated mainly to vein/veinlet zones of quartz and minor chalcedony and manganoan-carbonate with occurrences of disseminated to semi-massive levels of sulphides (mainly sphalerite and galena).

Since the discovery of Bonza Sur, numerous drilling intercepts suggest the occurrence of three subparallel vein/veinlet zones, called Colorada Central, West and East. This epithermal system is believed to extend to surface and stretches for 850 metres along the north-south strike and for at least 500 metres at depth in the central area. BLP-2023-42 represents the deepest intercept at Bonza Sur. Gold mineralization remains open in all directions.

Over the coming months, the drilling program at Bonza Sur will focus on better understanding the mineralized zones through reducing drill spacing and focusing on further exploration at depth and along strike. Two rigs are currently turning at Bonza Sur.

Qualified person

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.

Samples consist of half HQ- and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analyzed by 50-gram fire assay and multielement (ICP-AES/ICP-MS) at the ALS laboratory in Lima, Peru. The quality assurance/quality control program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples. The remaining half core is retained for verification and reference purposes. For further information on the assay, QA/QC and data verification procedures, please see Lundin Gold's annual information form dated March 31, 2023, filed under the company's profile on SEDAR+.

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.