Mr. Ron Hochstein reports

LUNDIN GOLD REPORTS Q1 2025 PRODUCTION OF 117,313 OUNCES OF GOLD

Lundin Gold Inc. had first quarter 2025 gold production of 117,313 ounces (oz) from its Fruta del Norte gold mine in southeastern Ecuador. Of the total quarterly gold production, 75,494 oz were produced as concentrate and 41,819 oz as dore. During the same quarter in 2024, the company produced 111,572 oz of gold. All dollar amounts are in U.S. dollars unless otherwise indicated.

In the first quarter of 2025, the mill processed 398,159 tonnes of ore, resulting in an average throughput rate of 4,424 tonnes per day at an average grade of 10.4 grams per tonne with recoveries of 88.5 per cent.

Ron Hochstein, president and chief executive officer, commented: "Two thousand twenty-five is off to a strong start, marked by the successful completion of our plant expansion project this quarter. Capitalizing on the downtime associated with the new equipment tie-ins, we pro-actively completed the relining of the SAG mill, as well as other maintenance that was originally scheduled in the second quarter, positioning us well for the remainder of the year. As a result of strategic mine resequencing and positive grade reconciliation, we have seen a higher mill head grade, which we now expect to continue through the first half of the year before moderating in the second half. We are also pleased with the initial performance of the process plant, postplant expansion project, in terms of throughput and recoveries, and are focused on optimizing performance in the coming quarter."

First quarter of 2025 results conference call and webcast

Lundin Gold will publish its first quarter of 2025 results on Thursday, May 8, 2025, after the market close in North America. The company will host a conference call and webcast to discuss its results on Friday, May 9, 2025, at 8 a.m. PT (11 a.m. ET) (5 p.m. CET). Conference call details and a link to the webcast will be published with the first quarter of 2025 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, starting on page 15, for the financial year ended Dec. 31, 2024, for an explanation of non-IFRS measures used.

Qualified person

The technical information relating to Fruta del Norte contained in this news release has been reviewed and approved by Terry Smith, PEng, Lundin Gold's chief operating offiicer, 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 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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