Mr. Ron Hochstein reports

LUNDIN GOLD DECLARES QUARTERLY DIVIDEND

Lundin Gold Inc.'s board of directors has declared a quarterly cash dividend of 10 U.S. cents per common share. The dividend will be payable on March 25, 2024, to shareholders of record at the close of business on March 8, 2024. This dividend qualifies as an eligible dividend for Canadian income tax purposes.

Based on today's closing price of the company's common shares on the Toronto Stock Exchange of $15.21 (Canadian), this quarterly dividend of 10 U.S. cents per common share represents an estimated annual yield of approximately 3.6 per cent (1).

Dividends for shares trading on the TSX and the OTCQX will be paid in Canadian dollars on March 25, 2024, based on the prevailing exchange rate at the record date. Dividends for shares trading on Nasdaq Stockholm will be paid in Swedish kronor (SEK) in accordance with Euroclear principles on March 28, 2024. To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from March 6, 2024, up to and including March 8, 2024, during which period shares of the company cannot be transferred between the TSX and Nasdaq Stockholm. Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. For further details, please visit the Lundin Gold website.

(1) Estimated yield assumes four quarterly dividends of 10 U.S. cents per common share and has been calculated using today's Canadian-dollar-to-U.S.-dollar exchange rate of 1.3494 as provided by the Bank of Canada.

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.

Additional information

The information in this news release is subject to the disclosure requirements of Lundin Gold under the EU market abuse regulation. This information was publicly communicated on Feb. 22, 2024, at 4 p.m. Pacific Time.

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