Mr. Ron Hochstein reports

LUNDIN GOLD ANNOUNCES INCREASE IN MINERAL RESERVES TO 5.50 MILLION OUNCES

Lundin Gold Inc. has released its updated estimates of mineral reserves and mineral resources as at Dec. 31, 2023, for its Fruta del Norte gold mine (FDN) in Ecuador. The tables of the updated estimates of mineral reserves and resources can be found at the end of this release.

Highlights:

• Measured and indicated resources are reported at 23.53 million tonnes (Mt) with an average grade of 9.24 grams per tonne (g/t) containing 6.99 million ounces (Moz) of gold.
• Proven and probable reserves for FDN are reported at 21.70 Mt with an average grade of 7.89 g/t containing 5.50 Moz of gold.

Ron Hochstein, president and chief executive officer, commented: "I am extremely pleased to announce our year-end reserve and resource estimate. With this updated estimate, Lundin Gold has grown FDN's mineral reserves since operations began in 2019, adding approximately 2.6 Moz before mining depletion. This kind of success is only possible with an asset of exceptional quality like FDN and a strong geology team. Our 2023 conversion drilling program has enabled us to grow our measured and indicated resources, and the near-mine program has also provided additions to our inferred resources. Based on planned conversion and exploration programs for 2024, I am very excited for the potential to add more ounces over the coming year."

Mineral resources update

The 2023 conversion drilling campaign was successful at reclassifying inferred resources to indicated in areas immediately beyond the current reserve boundary. The new areas of indicated resources include extensions to the north, at depth and to the south of the FDN deposit.

A total of 350,000 ounces of new inferred resources were also added as a result of the conversion and near-mine drilling completed in 2023. Inferred resources are reported at 7.98 Mt with an average grade of 5.77 g/t containing 1.5 Moz.

Mineral reserves update

Increases to the reserve estimate are primarily due to successful conversion drilling, modifications to the mine design and some changes to technical parameters. Mine design modifications include: a higher proportion of long hole mining versus drift and fill, and improvements in mining dilution and recovery estimates. Technical parameter modifications include minor changes in cut-off grade estimates and higher mill recoveries which are expected after the process plant expansion is completed later this year. It should be noted that unit costs per tonne for drift and fill mining increased as compared with 2022 based on anticipated ground conditions from better geotechnical information. The cut-off gold price of $1,400/oz was unchanged from the year prior.

Mineral resource and reserve summary

The tables entitled "Mineral resources, as at Dec. 31, 2023," and "Mineral reserves, as at Dec. 31, 2023," summarize the mineral resource and mineral reserve estimates for FDN effective as of Dec. 31, 2023. Additional information on mineral resource and mineral reserve estimates for Fruta del Norte is contained in the "Amended NI [National Instrument] 43-101 technical report, Fruta del Norte mine, Ecuador," dated March 29, 2023 (the FDN technical report), which is available under the company's profile on SEDAR+. Except as set out in this release, major assumptions, parameters and risks associated with the company's 2023 mineral resource and mineral reserve estimates are listed in the FDN technical report.

Qualified persons

In this news release, the qualified person for the mineral resource estimate is Freddy Ildefonso, Msc, PGeo, mineral superintendent of Fruta del Norte mine, and the qualified person for the mineral reserve estimate is Terry Smith, PEng, Lundin Gold's chief operating officer, both of whom are qualified persons in accordance with the requirements of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

The technical information contained in this news release has been reviewed and approved by Mr. Smith, PEng, Lundin Gold's chief operating officer, and Andre Oliviera, PGeo, Lundin Gold's vice-president of exploration, both of whom are qualified persons in accordance with the requirements of NI 43-101.

For information on Lundin Gold's quality assurance/quality control (QA/QC) and data verification procedures, please refer to Lundin Gold's annual information form dated March 26, 2024, 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 southeastern 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.

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