Lundin Gold Inc.: Lundin Gold Reports High-Grade Gold Results including 124.27 g/t Au over 11.00 Metres at FDNS and 242.64 g/t Au over 3.30 Metres at Bonza Sur; Conversion Drilling Commences at FDN East

VANCOUVER, B.C., October 26, 2026 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to report strong results from its ongoing conversion and near-mine exploration drilling programs at the Fruta del Norte ("FDN") gold mine in southeast Ecuador.

Drilling programs continue to deliver positive results across multiple distinct epithermal gold deposits at FDN. The commencement of conversion drilling at FDN East is an important step in refining the geological model of the deposit, while underground development advances to provide improved access for exploration drilling.

Highlights

• FDNS exploration: Drilling continues to extend mineralization beyond the Mineral Resource envelope, including new zones in the easternmost veins, along the southern extension, and at depth.
• FDNS conversion: Drilling confirms continuity and higher-grade zones in the northern and southern areas of the deposit, supporting further Mineral Reserve additions. Highlights include 124.27 grams per tonne ("g/t") gold ("Au") over 11.00m.
• Bonza Sur exploration: Drilling confirms continuity of higher-grade zones within the broader mineralized system, including the highest-grade interval ever recorded at the deposit, 242.64 g/t Au over 3.30m.
• FDN East conversion: Initial conversion drilling confirms the continuity of mineralization and is refining the geological model. Underground development is advancing to provide improved access for continued exploration drilling and to support potential future production.

Jamie Beck, President and CEO, commented, "Our near-mine exploration programs continue to deliver exceptional results at FDNS, FDN East, and Bonza Sur. As these gold deposits continue to expand alongside the FDN deposit, we are increasingly confident in their combined potential to sustain production at current levels over the long-term. The higher-grade zones emerging at Bonza Sur, including the highest-grade interval ever recorded at the deposit, further strengthen that potential.

The start of conversion drilling at FDN East is an important step in refining our understanding of the deposit as underground development advances to improve drilling access. The rapid evolution of the Fruta del Norte district into a cluster of epithermal gold deposits demonstrates the extraordinary geological potential of the property and the ability of our teams not only to discover new deposits, but to rapidly advance them towards future production."

Conversion Drilling Program Highlights (not true widths)

FDNS

• Drill hole FDN-C26-535 intersected 124.27 g/t of Au over 11.00m from 118.30m, including:

• 1,290.00 g/t Au over 1.00m

• Drill hole FDN-C26-537 intersected 102.39 g/t Au over 7.60m from 14.60m, including:

• 231.86 g/t Au over 3.25m

• Drill hole FDN-C26-508 intersected 151.27 g/t Au over 3.20m from 112.75m, including:

• 1,180.00 g/t Au over 0.40m

• Drill hole FDN-C26-542 intersected 50.26 g/t Au over 6.25m from 62.30m, including:

• 353.12 g/t Au over 0.85m

FDN East

• Drill hole UGE-E-26-566 intersected 59.12 g/t Au over 4.45 m from 241.95m, including:

• 102.00 g/t Au over 1.10m

• Drill hole FDN-C26-515 intersected 23.80 g/t Au over 3.35m from 182.55m, including:

• 52.90 g/t Au over 1.00m

Exploration Drilling Program Highlights (not true widths)

FDNS

• Drill hole UGE-S-26-554 intersected 20.95 g/t Au over 8.45m from 22.70m, including:
  • 56.32 g/t Au over 2.85m
• Drill hole UGE-S-26-527 intersected 21.42 g/t Au over 7.95m from 168.50m, including:
  • 50.45 g/t Au over 3.15m
• Drill hole UGE-S-26-533 intersected 27.39 g/t Au over 6.75m from 67.20m, including:
  • 123.08 g/t Au over 1.30m

Bonza Sur

• Drill hole BLP-2026-559 intersected 242.64 g/t Au over 3.30m from 141.20m including:

• 1,090.00 g/t Au over 0.70m

FDNS

Underground drilling continues to advance at FDNS, located directly south of the FDN deposit. In 2026, the Company declared an inaugural Mineral Reserve of 0.54 Moz (2.50 Mt at 6.66 g/t Au) approximately 18 months after the deposit's discovery.

The current conversion drilling program aims to upgrade Inferred Resources to the Indicated category and to support further Mineral Reserve additions. Since January 2026, approximately 22,979 metres of drilling has been completed across 190 holes and meaningful intercepts continue to be recorded (Figure 2). Outstanding drill results in both the northern portion and the southern extension of FDNS confirm the continuity of mineralization and highlight higher-grade zones for further delineation.

Exploration drilling is extending the limits of the FDNS deposit and providing areas for further potential mineral resource growth (Figure 3). Drilling along the upper continuity of the easternmost veins has intercepted new mineralization and provides additional areas for further drilling. Along the southern extension of FDNS, toward the northern end of Bonza Sur, drilling intercepted distinct higher-grade zones, while also intercepting the continuity of the vein system at depth. Results received to date are summarized in Table 1. Five underground rigs are currently operating at FDNS.

FDN EAST

At FDN East (a buried epithermal deposit located less than 100 metres from the main FDN mine infrastructure) the Company recently initiated a conversion drilling program aiming to upgrade Inferred Resources to the Indicated category and improve the confidence of the geological model (Figure 4). This conversion program is ongoing as underground development advances toward the FDN East deposit. This development will provide improved access for the exploration drilling program and support potential future production. As of September 30, 2026, 39 metres of underground development has been completed towards the deposit.

Since August 2026, approximately 4,237 metres of conversion drilling has been completed across 15 holes along the western portion of the deposit (Figure 4). Most of the drill holes have intercepted the continuity of the mineralization, confirming the current geological interpretation. Drilling has also intercepted high-grade mineralized veins near FDN, providing new areas for further drilling. Currently, one underground rig is operating at FDN East. Results received to date are presented in Table 2.

Bonza Sur

Exploration drilling is advancing at Bonza Sur, assessing the continuity and geometry of the high-grade zones within the mineralized envelope. The program is currently focused on the northern portion of the deposit where drilling continues to confirm the continuity of mineralization. Of note, drill hole BLP-2026-559 returned the highest-grade interval ever recorded at the deposit, demonstrating further exploration potential in this area (Figure 5). Currently, three surface rigs are drilling at Bonza Sur. Results received to date are summarized in Tables 1 and 3.

Figure 1: Long-section showing FDN District mineral footprint with the FDN, FDNS, FDN East, and Bonza Sur deposits.

Figure 2: Plan View showing FDN, FDNS, and FDN East deposits with selected FDNS conversion drilling results.

Figure 3: Long section showing FDN and FDNS deposits with selected FDNS Exploration drilling results

Figure 4: Cross section showing FDN, FDNS, and FDN East deposits with selected FDN East conversion drilling results

Figure 5: Long Section showing FDN, FDNS, FDN East and Bonza Sur deposits with selected exploration drilling results at Bonza Sur

Qualified Persons and Technical Notes

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analyzed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru.  The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples.  The remaining half core is retained for verification and reference purposes.  For further information on the assay, QA-QC, and data verification procedures, please see Lundin Gold's most recent Annual Information Form.

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 October 26, 2026 at 2:00 p.m. Pacific Time through the contact persons set out below.

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 Gold believes 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 relating to the Company's exploration plans, activities and results and its plans to update its estimates of Mineral Reserves and Resources.  There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual 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 in Lundin Gold's Annual Information Form dated March 20, 2026 available under the Company's profile at www.sedarplus.ca.

Lundin Gold's actual 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: fiscal risk; community relations; mining operations; security situation; waste disposal and tailings; environmental compliance; illegal mining; infrastructure; forecasts relating to production and costs; land acquisition and surface rights; indigenous consultation requirements; Mineral Reserve and Mineral Resource estimates; regulatory compliance and government approvals; dependence on a single mine; climate change and extreme weather events; shortages of critical resources; exploration and development; control of Lundin Gold; information systems and cyber security; health and safety; human rights; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; availability of workforce and labour relations; key talent recruitment and retention; gold price; market price of the Company's shares; social media and reputation; insurance and uninsured risks; dividends; internal controls; conflicts of interest; violation of anti-bribery and corruption laws; claims and legal proceedings; reclamation obligations; expropriation and nationalization; and pandemics, epidemics or infectious disease outbreak.

APPENDIX 1

Table 1: Drillhole assay results from the FDNS drilling program reported for thickness versus grade intervals above 8.37 (m x g/t Au > 8.37). Drill hole intercepts are reported in drill core lengths and true widths.