Mr. Ron Hochstein reports

LUNDIN GOLD ANNOUNCES CEO TRANSITION, CELEBRATING RON HOCHSTEIN'S REMARKABLE JOURNEY AND WELCOMING JAMIE BECK

Lundin Gold Inc. will make a planned leadership transition as Ron Hochstein will step down as president, chief executive officer and director of the company after 10 years of transformative leadership. Jamie Beck, former president, CEO and director of Filo Corp., will be appointed president, CEO and director, effective Nov. 7, 2025.

Ron Hochstein, president and CEO, commented: "With the support of the board and our two largest shareholders, I have decided that the time is right to transition Lundin Gold to new leadership.

"The past 10 years with Lundin Gold have been a tremendous adventure and very rewarding. During this time, I've had the privilege of working with people committed to making responsible mining in Ecuador a success for all stakeholders. I have worked with Jamie for over 15 years in various roles within the Lundin group, and I am very confident that he will continue to build on this legacy that began with the vision of Lukas Lundin in 2014."

Jack Lundin, chairman, commented: "Ron has had a remarkable impact on the mining industry as a builder, operator, and through his unwavering commitment to building Fruta del Norte and Lundin Gold into what it is today. Ron created a legacy for Ecuador in terms of delivering the benefits of what responsible mining can do for a country. As Ron transitions to a new opportunity within the Lundin group, Lundin Gold is well positioned for the future with a great pipeline of organic growth opportunities and with a strong and cohesive management team. The board extends its deepest gratitude to Ron. We are equally confident that Jamie will guide the company into an exciting new chapter."

Mr. Beck brings a proven record of creating shareholder value within the Lundin group. Under his six-year leadership at Filo, the exploration program delivered the discovery of one of the largest copper, gold and silver deposits in the world, culminating in the $4.5-billion acquisition of Filo by BHP and Lundin Mining in January, 2025. During his tenure as CEO, Filo delivered an approximately 1,700-per-cent return for its shareholders. Since joining in 2009, he has held numerous senior roles within the Lundin group, including at NGEx Resources, Filo Mining, Josemaria Resources and Lundin Mining. He also has direct experience with Fruta del Norte, having provided financial analysis and support for Lundin Gold's $240-million (U.S.) acquisition of Fruta del Norte from Kinross Corp. and later during negotiations on fiscal terms with the government of Ecuador. He is a registered professional engineer in the province of Ontario, and holds a bachelor of applied science in mechanical engineering from Queen's University and an MBA from the University of British Columbia.

He will start working with Lundin Gold, effective immediately, to ensure a smooth transition, which reflects Lundin Gold's long-term commitment to governance, continuity and sustainable growth.

Mr. Hochstein will support this transition over the next few months as he readies to pursue his next challenge within the Lundin group following Mr. Beck's appointment in November.

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 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 through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing the environmental impact. Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the company and its stakeholders.

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