In the fourth quarter of 2023, the mill processed approximately 427,743 tonnes at an average throughput rate of 4,649 tonnes per day ("tpd"), the average grade of ore milled was 8.2 grams per tonne, and average recovery was 88.1%.

Ron Hochstein, President and CEO commented, "I am happy to announce that Lundin Gold is in line with the high end of its revised 2023 production guidance. 2024 will be an exciting year at FDN, with the expansion of plant throughput to 5,000 tpd and the installation of new flotation technology to improve recoveries. In addition, we will be undertaking the largest ever exploration program on our extensive land package. I'm excited to continue building on our successes over the next year."

Production Results

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Q4 2023 FY 2023 Q4 2022 FY 2022
Ore processed 427,743 1,654,520 420,838 1,559,178
(tonnes)
Average throughput 4,649 4,533 4,574 4,272
(tonnes per day)
Average head grade 8.2 10.2 10.0 10.6
(grams per tonne)
Recovery (%) 88.1% 88.4% 89.6% 89.5%
Gold ounces produced 99,310 481,274 121,139 476,329
 Concentrate 65,298 310,831 78,756 314,694
 Doré 34,012 170,443 42,383 161,635
Gold ounces sold 98,005 474,365 119,890 470,103
Average realized gold 2,021 1,958 1,814 1,789
price ($/oz sold)[1]

Lundin Gold's operations in Ecuador have not been impacted by the recent security situation in the country. The Company continues to closely monitor the situation.

Year End 2023 Results Conference Call and Webcast

Lundin Gold will publish its year end 2023 results on Thursday, February 22, 2024, after market close in North America. The Company will host a conference call and webcast to discuss its results on Friday, February 23 at 7:00 a.m. PT, 10:00 a.m. ET, 4:00 p.m. CET. Conference call details and a link to the webcast will be published with the year end 2023 results.

___________________

1 Refer to Non-IFRS Financial Measures section in this News Release.
 

Non-IFRS 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 to 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 filed on SEDAR+ under the Company's profile at www.sedar.com, pages 14 to 17, for the third quarter of 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 P. Eng, Lundin Gold's President and CEO who is a Qualified Person under National Instrument 43-101.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on January 11, 2024 at 2:00 p.m. Pacific Time through the contact persons set out below.

Caution Regarding Caution Regarding Forward-Looking Information and Statements

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information.Lundin Goldbelieves that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements pertaining to the opportunity to improve the operational performance of Fruta del Norte. There can be no assurance that such statements will prove to be accurate, asLundin Gold'sactual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section inLundin Gold'sAnnual Information Form dated March 31, 2023, which is available atwww.lundingold.comor on SEDAR+.

Lundin Gold'sactual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include:risks related to political and economic instability in Ecuador;risks associated with the Company's community relationships; risks related to estimates of production, cash flows and costs; risks inherent to mining operations; shortages of critical supplies; the cost of non-compliance and compliance costs; control of the Company's largest shareholders; volatility in the price of gold; failure of the Company to maintain its obligations under its debt facilities; risks related to Lundin Gold's compliance with environmental laws and liability for environmental contamination; the lack of availability of infrastructure; the Company's reliance on one mine; security risks to the Company, its assets and its personnel; risks related to illegal mining; exploration and development risks; the impacts of a pandemic virus outbreak; risks related to the Company's ability to obtain, maintain or renew regulatory approvals, permits and licenses; uncertainty with and changes to the tax regime in Ecuador; the reliance of the Company on its information systems and the risk of cyber-attacks on those systems; the imprecision of Mineral Reserve and Resource estimates; deficient or vulnerable title to concessions, easements and surface rights; inherent safety hazards and risk to the health and safety of the Company's employees and contractors; risks related to the Company's workforce and its labour relations; key talent recruitment and retention of key personnel; volatility in the market price of the Company's shares; measures to protect endangered species and critical habitats; social media and reputation; the adequacy of the Company's insurance; risks relating to the declaration of dividends; uncertainty as to reclamation and decommissioning; the ability of Lundin Gold to ensure compliance with anti-bribery and anti-corruption laws; the uncertainty regarding risks posed by climate change; limits of disclosure and internal controls; the potential for litigation; and risks due to conflicts of interest.

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