Mr. Ron Hochstein reports

LUNDIN GOLD THREE YEAR OUTLOOK ANTICIPATES SUSTAINED STRONG FREE CASH FLOW GENERATION FROM FRUTA DEL NORTE

Lundin Gold Inc. has released its 2024 guidance and three-year outlook for its 100-per-cent-owned Fruta del Norte (FDN) gold mine in southeast Ecuador. All amounts are in U.S. dollars unless otherwise indicated.

Highlights:

• 2024 production is estimated between 450,000 to 500,000 ounces ("oz").
• Cash operating costs1 and all-in sustaining costs1 ("AISC") for 2024 are expected to range between $680 to $740 and $820 to $890 per oz of gold sold, respectively.
• Total sustaining capital in 2024 is estimated at $35 to $45 million.
• 56,000 metres is planned to be drilled under the 2024 near-mine and regional exploration programs.

The Company's outlook for production, sustaining capital and AISC for the next three years is provided in the table below.

Ron Hochstein, President and CEO commented, " 2024 marks Lundin Gold's next step in our FDN expansion story by increasing plant throughput to 5,000 tonnes per day and installing new flotation technology to improve recoveries, which will be operational by Q4 next year. In parallel, the Company will carry out the largest exploration program ever conducted on the extensive and highly prospective land package that hosts Fruta del Norte. Based on forecasted performance, we look forward to continued generation of strong free cash flow for years to come."

1 See Non-GAAP Financial Measures below2 Gold/silver price per oz assumptions for the three years are $1,900/$22.50, respectively

2024 Guidance and 2024-2026 Outlook

Gold production at FDN for 2024 is estimated to be between 450,000 to 500,000 oz based on an average throughput rate of 4,500 tonnes per day ("tpd"), with an increase to 5,000 tpd from the end of 2024 onwards. Head grade is estimated to average 9.9 g/t, with fluctuations expected during the year as different sections of the ore body are mined. Average mill recovery for the year is estimated at 89%.

Cash operating costs are estimated to range between $680 and $740 per oz of gold sold in 2024, with variability expected during the year. AISC for 2024 is expected to range between $820 and $890 per oz of gold sold, based on an assumed gold price of $1,900/oz and silver price of $22.50/oz. These cost estimates reflect "steady state" operations with slightly higher unit costs anticipated compared to 2023 mainly due to increased royalties resulting from the increase in assumed gold price.

Total sustaining capital in 2024 is estimated at $35 to $45 million and will include preliminary works for future TSF expansion, implementation of a mine dispatch system, replacement of mobile equipment and a few projects that will be carried over from 2023, such as upgrades to the wastewater treatment plants.

Gold production is expected to increase over the outlook period principally due to an increase in throughput and recoveries. Except for variations in gold price, the other significant factor affecting AISC is fluctuations in sustaining capital over the three-year period.

Other 2024 Activities

The Company plans to spend approximately $36 million to increase plant throughput to 5,000 tpd and improve metallurgical recoveries with the addition of three Jameson cells. With the installation of the Jameson technology in late 2024, the Company expects gold recoveries to improve by approximately 3%.

Based on the results of its 2023 conversion drilling program, the Company intends to release updated estimates of Mineral Reserves and Resources for FDN early in 2024.

Lundin Gold also expects to continue its near-mine and regional exploration programs with a planned 56,000 metres of drilling in 2024 utilizing a minimum of nine rigs as compared to approximately 42,000 metres in 2023.

The near-mine program will focus on underground and surface drilling at or near FDN. Drilling in 2023 indicates significant potential for the extension of FDN resources at depth as well as to the east, west and south of the current resource envelope. The 2024 near-mine program is estimated to cost $30 million and intends to drill 46,000 metres. Underground drilling will continue exploring below the current FDN resource envelope, while surface drilling in 2024 will primarily focus on the FDNS and Bonza Sur targets, as well as other targets to the north and east of FDN.

The regional program will focus on several exploration targets located in the 16 kilometre long Suarez Basin, with the objective of identifying new epithermal systems. The 2024 regional program is estimated to cost $12 million and will drill 10,000 metres.

Consistent with the Company's dividend policy, Lundin Gold anticipates declaring quarterly dividends of at least $0.10 per share, subject to the approval of the Board of Directors. The Company expects to review its dividend policy in the latter half of 2024.

Qualified Persons

The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a Qualified Person under National Instrument 43-101.

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.