Mr. Ron Hochstein reports

LUNDIN GOLD REPORTS Q1 2024 PRODUCTION OF 111,572 OUNCES OF GOLD

Lundin Gold Inc. had first quarter 2024 gold production of 111,572 ounces (oz) from its Fruta del Norte gold mine in southeast Ecuador. Of the total quarterly gold production, 73,964 oz were produced as concentrate and 37,608 oz as dore. During the same quarter in 2023, the company produced 140,021 oz of gold.

In the first quarter of 2024, the mill processed 413,596 tonnes at an average throughput rate of 4,545 tonnes per day, the average grade of ore milled was 9.5 grams per tonne and the average recovery was 88.3 per cent. These results provide a strong foundation for meeting the company's production guidance of 450,000 to 500,000 oz for 2024.

Ron Hochstein, president and chief executive officer, commented: "Two thousand twenty-four is off to a solid start, with strong production in line with our expectations. The phase 2 plant expansion project is firmly under way and on track for year-end completion. Importantly, we do expect 2024 production to be weighted to the second half from increasing grades and recoveries in the coming quarters. With this first quarter performance, we have put ourselves in a great position to meet production guidance for 2024."

First quarter of 2024 results conference call and webcast

Lundin Gold will publish its first quarter of 2024 results on Wednesday, May 8, 2024, after the market close in North America. The company will host a conference call and webcast to discuss its results on Thursday, May 9, 2024, at 9 a.m. PT (12 p.m. ET) (6 p.m. CET). Conference call details and a link to the webcast will be published with the first quarter of 2024 results.

Non-IFRS (international financial reporting standards) financial measures

This news release refers to certain financial measures, such as average realized gold price, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable with such measures as reported by other companies. These measures have been calculated on a basis consistent with historical periods. Please refer to the company's MD&A (management's discussion and analysis) filed on SEDAR+ under the company's profile, pages 16 to 18, for the financial year ended Dec. 31, 2023, for an explanation of non-IFRS measures used.

Qualified persons

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 chief executive officer, 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 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.

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