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 average recovery was 88.3%. These results provide a strong foundation for meeting our production guidance of 450,000 to 500,000 oz for 2024.

Ron Hochstein, President and CEO commented, "2024 is off to a solid start, with strong production in line with our expectations. The Phase 2 Plant Expansion Project is firmly underway, 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."

Production Results

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Q1 2024 Q1 2023
Ore processed (tonnes) 413,596 392,332
Average throughput (tonnes per day) 4,545 4,359
Average mill feed grade (grams per tonne) 9.5 12.3
Recovery (%) 88.3% 90.6%
Gold ounces produced 111,572 140,021
Concentrate 73,964 88,236
Doré 37,608 51,785
Gold ounces sold 108,916 134,691
Average realized gold price ($/oz sold)[1] 2,141 1,952

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 market close in North America. The Company will host a conference call and webcast to discuss its results on Thursday, May 9 at 9:00 a.m. PT, 12:00 p.m. ET, 6:00 p.m. CET. Conference call details and a link to the webcast will be published with the first quarter of 2024 results.

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.sedarplus.ca, pages 16 to 18, for the financial year ended December 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 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 April 10, 2024 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 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 estimates of Mineral Reserves and Mineral Resources and the anticipated Process Plant Expansion and improvement of recoveries. 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 26, 2024, which is available atwww.lundingold.comor at www.sedarplus.ca

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:instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; security; non-compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings; government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and development; control of Lundin Gold; availability of workforce and labour relations; dividends; information systems and cyber security; Mineral Reserve and Mineral Resource estimates; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats; global economic conditions; shortages of critical resources; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to maintain obligations or comply with debt; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

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

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