Kvartalsrapport Q1 2023

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NEWS RELEASE 
Vancouver, May 10, 2023 
 
 
Lundin Gold Inc.  885 West Georgia Street, Suite 2000  Phone: +1 604 689 7842  lundingold.com 
  Vancouver, BC, V6C 3E8    Fax: +1 604 689 4250  Email: info@lundingold.com 
 
 
 
LUNDIN GOLD REPORTS FIRST QUARTER OF 2023 RESULTS 
 
Momentum From 2022 Continues with Strong Production and Cost Performance 
 
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)  ("Lundin Gold" or the "Company")  is 
pleased to report results for the first quarter of 2023, highlighted by all-time high gold production of 140,021 
ounces (“oz”) and gold sales of 134,691 oz at a cash operating cost1 of $644 per oz sold and all-in sustaining cost 
(“AISC”)1 of $728 per oz sold . Although the robust performance provides a strong start for the ye ar, the 
Company’s production guidance for 2023 remains unchanged as grade and gold production are expected to vary 
over the coming quarters. Due to the ramp up of sustaining capital activities starting in the second quarter, the 
most significant being the construction of the fourth tailings dam raise, the Company also maintains its AISC 1 
guidance. All amounts are in U.S. dollars unless otherwise indicated. 
 
As at March 31, 2023, the Company maintained a strong cash balance of $210 million compared to $363 million 
as at December 31, 2022  with the decrease being driven by the use of cash for debt reduction initiatives and 
dividends to shareholders .  During the three months ended March 31, 2023, the Company utilized cash to 
optimize its balance sheet through the full repayment of the gold prepay facility (“GPP”) of $208 million which 
provides the Company with greater exposure to the positive outlook on gold price .   This one-time transaction 
resulted in additional interest and finance charges of $129 million with a resultant first quarter free cash flow of 
$(11.7).  
 
Ron Hochstein, President and CEO commented, “Our strong operating and financial results were achieved while 
maintaining our outstanding safety record. On the heels of an excellent quarter, the operations team at FDN 
recently reached the milestone of four million hours worked without a Lost Time Incident or Medical Aid Incident.  
We continue to realize increased cash flows from Fruta del Norte a s a result of our commitment to operational 
excellence and the full repayment of the gold prepay  at the start of the year . The team at FDN is doing a great 
job, and I expect this positive momentum to continue.” 
 
  
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 
13 of the Company's MD&A for the first quarter ended March 31, 2023 available on SEDAR.

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2 
 
OPERATING AND FINANCIAL RESULTS SUMMARY 
 
The following two tables provide an overview of key operating and financial results. 
 
 Three months ended  
March 31 
 2023 2022 
Tonnes ore mined 427,735 379,629 
Tonnes ore milled 392,332 373,407 
Average mill head grade (g/t) 12.3 11.2 
Average recovery 90.6% 90.2% 
Average mill throughput (tpd) 4,359 4,149 
Gold ounces produced 140,021 121,665 
Gold ounces sold 134,691 119,282 
 
 Three months ended  
March 31 
 2023 2022 
Revenues ($’000) 256,728 216,472 
Income from mining operations ($’000) 132,708 111,207 
Earnings before interest, taxes, depreciation, and amortization ($’000)1 143,632 98,822 
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 159,066 133,546 
Net income ($’000) 51,465 23,182 
Cash flow from operations ($’000) 144,439 127,330 
Free cash flow ($’000)1 (11,653) 91,806 
Average realized gold price ($/oz sold)1 1,952 1,862 
Cash operating cost ($/oz sold)1 644 619 
All-in sustaining costs ($/oz sold)1 728 696 
Free cash flow per share ($)1 (0.05) 0.39 
Adjusted net earnings ($‘000)1 67,014 57,550 
Adjusted net earnings per share ($)1 0.28 0.25 
Dividends paid per share ($) 0.10 - 
 
FIRST QUARTER HIGHLIGHTS 
 
Financial Results – Strong Cash Flow From Operations Underlines Inherent Strength of FDN 
 
• First quarter sales of 134,691 oz gold, consisting of 85,122 oz in concentrate and 49,569 oz as doré, at an 
average realized gold price1 of $1,952 per oz for total gross revenues from gold sales of $263 million. 
• Net of treatment and refining charges, revenues in the first quarter were $257 million. 
• Cash operating costs 1 and AISC 1 for the quarter were $ 644 and $ 728 per oz of gold sold, respectively. 
Sustaining capital is expected to increase significantly in future periods with the start of the fourth tailings 
dam raise and ramp up of other site infrastructure and improvement projects which is expected to result in 
higher AISC1 for the remainder of the year. 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 
13 of the Company's MD&A for the first quarter ended March 31, 2023 available on SEDAR.

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3 
 
• The Company generated cash flow of $144 million from operations and negative free cash flow 1 of $(11.7) 
million or $(0.05) per share.  Free cash flow1 was impacted by the full repayment of the GPP which resulted 
in additional interest and finance charge paid during the period of $129 million. 
• Notwithstanding the payment of $208 million to extinguish the GPP, the Company ended the quarter with 
a cash balance of $210 million. 
• Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 were $144 
million and $159 million, respectively. The difference is the derivative loss of $15.4 million in the quarter. 
• Net income was $51.5 million including a derivative loss of $15.4 million, and net of corporate, exploration, 
finance costs, and associated taxes on earnings. Adjusted earnings1, which exclude the derivative loss, were 
$67.0 million, or $0.28 per share.   
 
Production Results – All Time Highs Across the Board 
 
• Gold production during the f irst quarter totalled 140,021 oz, comprised of 88,236 oz of concentrate and 
51,785 oz of doré. 
• Mine production ramped up to 427,735 tonnes of ore at an average grade of 11.7 grams per tonne. 
• The mill processed 392,332 tonnes of ore at an average throughput rate of 4,359 tonnes per day (“ tpd”). 
The throughput rate was below the guided average for the year of 4,400 tpd due to the completion of the 
relining of the SAG and ball mills late in the quarter. 
• The average grade of ore milled was 12.3 grams per tonne with average recovery at 90.6%. Recoveries were 
positively impacted by processing high -grade ore and an ore blending strategy that improved flotation 
recoveries. 
 
Liquidity and Capital Resources 
  
At the end of the first quarter of 2023, the Company is in a strong financial position: 
  
(in thousands of U.S. dollars) As at March 31,  
2023 
As at December 31,  
2022 
Financial Position:     
Cash  209,714 363,400 
Working capital  256,853 194,804 
Total assets 1,467,040 1,668,865 
Long-term debt 434,175 667,966 
  
The change in cash during the first quarter of 2023 was primarily due to the full repayment of the GPP of $208 
million; principal repayments, interest and finance charges, including associated taxes, under the stream credit 
facility totalling $21.0 million; interest and principal repayments under the senior debt of $42.8 million; dividends 
of $23.6 million; and cash outflows of $7.2 million for sustaini ng capital expenditures. This is offset by cash 
generated from operating activities of $144 million and proceeds from the exercise of stock options and anti -
dilution rights of $4.0 million.

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4 
 
Capital Expenditures 
 
• Sustaining Capital: 
o Preparations were underway for the fourth raise of the tailings dam late in the first quarter with work 
starting in the second quarter and completion expected in the fourth quarter. 
o Construction of the new warehouse progressed as planned during the quarter with completion expected 
late in the second quarter. 
o Other sustaining capital projects such as a new sewage treatment plant, underground mine maintenance 
facility, and other efficiency improvement projects are expected to ramp up during the remainder of the 
year. 
o The 2023 conversion drilling program completed eight drill holes of approximately 1,400 metres during 
the quarter  in distinct sectors of the FDN deposit. In the north -central sector, four drill holes were 
completed with positive assay results associated with hydrothermal breccias that confirmed 
mineralization continuity along the downdip extension. In the southern sec tor, four drill holes were 
completed and intercepted veins and veinlets hosted in volcanic rocks, generally associated to the gold 
mineralization at FDN. A complete table of results received to date can be found in Lundin Gold’s press 
release dated May 4, 2023. 
 
Health and Safety 
 
During the f irst quarter there were no Lost Time Incidents  (“LTIs”) and one Medical Aid Incident  (“MAIs”) on 
exploration activities. The Total Recordable Incident Rate across exploration and operations was 0.15 per 200,000 
hours worked. In April 2023, the FDN operations reached a significant milestone of 4.0 million hours worked with 
neither an LTI nor a MAI. 
 
Community 
 
Various community projects supported by the Company continued to progress in the first quarter. Micro 
businesses established by local entrepreneurs and supported by the Company and Lundin Foundation have 
successfully become suppliers to FDN. The local text ile manufacturer, fire extinguisher maintenance company, 
and pest control / fumigation company continue to work with the mine. Also in the first quarter, the evaluation 
of potential new areas for local businesses has commenced. Efforts have continued to ensure that local farmers 
retain access to local, national, and international markets. 
 
Longstanding projects such as road maintenance, educational support to promote access to higher education, 
efficiency improvements in the agricultural sector and addressing infrastructure challenges continue to progress.   
  
The Company continues to engage with local indigenous peoples, especially the Shuar Federation of Zamora 
Chinchipe, to jointly implement projects that promote economic opportunities and the Shuar culture. In the first 
quarter, the Shuar Cultural Centre, which was constructed and is managed in partnership with the Lundin 
Foundation, hosted multiple events and received an increased number of visitors. 
 
Corporate 
 
The Company paid its quarte rly dividend of $0.10 per share on March 31, 2023 (April 4 for shares trading on 
Nasdaq Stockholm) based on a record date of March 13, 2023, for a total of $23.6 million. With the release of its 
first quarter 2023 results, the Company has declared a cash dividend of $0.10 per share, which is payable on June 
27, 2023 (June 30 for shares trading on Nasdaq Stockholm) to shareholders of record on June 13, 2023.

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5 
 
Several Board and Management changes were also made in the first quarter. At the end of the quarter, one of 
Newcrest’s representatives, Mr. Robert Thiele , resigned from the board of directors, and Ms. Jill Terry was 
appointed as his replacement. The Company also appointed Mr. Terry Smith as Chief Operating Officer and Mr. 
Chester See as Interim C hief Financial Officer  during the quarter,  concurrent with the retirement of Mr. 
Alessandro Bitelli, Executive Vice President and Chief Financial Officer . In April 2023, the Company announced 
that Mr. Christopher Kololian was hired as the Company’s Chief Financial Officer and is expected to commence 
in the role on July 1, 2023. Chester See will continue in the role of Senior Vice President, Finance. 
 
EXPLORATION – EXCITING DEVELOPMENTS BEING MADE IN HIGHLY PROSPECTIVE LAND PACKAGE 
 
Near-Mine Exploration Program 
The near mine drilling program restarted in February, following a change in drilling contractors at year end, and 
continues to explore extensions of major controlling structures of the FDN deposit targeting distinct sectors near 
FDN.  In the first quarter, the program completed a total of 3,660 metres across eight holes, from surface and 
underground. 
 
• The surface drilling program is focused along the south extension of the East Fault.  A total of six drill 
holes were completed with most intercepting significant hydrothermal alteration from epithermal 
systems.  Initial positive intercepts indicate a new mineralized  zone, FDN Sur (“FDNS”), and identified 
targets for further evaluation, Bonza Sur  and Castillo.  Three surface rigs are currently drilling, two of 
them exploring the extensions of FDNS and another at Bonza Sur. 
 
o At FDNS, three surface drill holes were completed, and all successfully intercepted hydrothermal 
alteration zones of similar composition to that found at FDN.  The most recent results from hole 
FDNS-2023-19 point to significant exploration potential to be developed along the north strike 
and at depth, parallel to the operating mine.  Remaining results from drill holes completed in the 
first quarter are pending. 
 
o At Bonza Sur, three surface drill holes were completed, and initial results suggest a new 
mineralized zone located only one kilometre so uth from FDN.  The intercepted gold 
mineralization is hosted in a wide hydrothermal alteration zone along the north -south strike 
direction.  This is coincident with a large soil gold anomaly that extends continuously for more 
than 1.2 kilometres.  
 
o At Castillo, drill results indicate a new mineralized zone to the south of FDN. This sector is located 
underneath the Suarez Basin and to the west of the East Fault, in a similar geological setting to 
FDN and FDNS. 
 
• The underground drilling program focused on the  continuity of FDN at depth and explored new areas 
across the West Fault.  Two drill holes were completed in the north central part of FDN, and drill hole 
UGE-W-23-018 intercepted narrow gold mineralization located west from the West Fault, which will be 
followed up with further drilling during the year. 
 
A complete table of results received to date can be found in Lundin Gold’s press release dated May 4, 2023. 
 
Regional Exploration Program 
The regional drilling program restarted late in the first quarter with one drill hole in progress at Quebrada La 
Negra located along the southwestern basin border.  The drill hole is investigating the northern continuity of a 
major fault where wide hydrothermal alteration zones with breccias and/or veins and disseminated sulfides were 
intercepted during the 2022 drilling program.

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6 
 
The regional program will continue to advance in the identification of important indicators that point toward the 
presence of buried epithermal deposits in the southern basin.  New targets of interest have been identified and 
will be tested targeting new potentially mineralized structures.  
 
Newcrest Earn-In Agreement 
On the concessions held by the Company’s subsidiary, Surnorte S.A., a second phase of scout drilling commenced 
at the Gamora Project, located in southeast Ecuador. This work is being conducted by Newcrest Mining Limited 
(“Newcrest”) as the operator under an earn-in agreement with Lundin Gold pursuant to which Newcrest can earn 
up to a 50% interest in eight exploration concessions located to the north and south of Fruta del Norte.   The 
current phase of diamond core drilling at Gamora is focused on testing priority copper-gold targets in the Mirador 
copper porphyry district. The program is planned to finish in June 2023. 
 
OUTLOOK – POSITIONED TO GENERATE STRONG SHAREHOLDER VALUE FOR YEARS TO COME 
 
Consistent with previously announced guidance, gold production at FDN for 2023 is estimated to be between 
425,000 to 475,000 oz based on an average throughput rate of 4,400 tpd, an increase from the average 
throughput of 4,274 tpd achieved in 2022. The head grade is estimated to average 9.67 g/t, with fluctuations 
expected during the year as different sections of the ore body are mined. Average mill recovery for the year is 
estimated at 90%. 
 
Lundin Gold’s performance in the first quarter of 2023 provides a strong foundation for the rest of the year, and 
the Company’s produc tion guidance of 425,000 to 475,000 oz and AISC1 1 of $870 to $940 for 2023 remain 
unchanged. 
 
Sustaining capital is expected to increase over the remaining quarters of 2023 with construction of the fourth 
raise of the tailings dam starting in the second quarter as well as several other capital projects.  In addition, the 
conversion drilling program, aiming to convert Inferred to Indicated Mineral Resources is planned to continue.  
 
Exploration drilling, on the near mine program, is planned to incre ase from 15,500 metres to 23,000 metres of 
drilling for 2023 as a result of positive results recently received.  The near mine drilling program will continue to 
advance exploration of the recently identified FDNS , Bonza Sur, and Castillo  targets near FDN. Another rig is 
planned to be incorporated in the second quarter, bringing the total number of surface rigs to four.  The regional 
drilling program is planned to focus on the southern Suarez Basin, advancing along the eastern and western 
borders of the Basi n.  Its objective is to follow up on the numerous target areas identified during the 2022 
program and test new and unexplored targets.  The regional drilling program is planned to comprise a total of 
12,500 metres for the year, with one rig currently opera ting.   The estimated exploration budget for 2023 is 
anticipated to increase from $21.1 million to $24.6 million. 
 
The Company anticipates declaring quarterly dividends of at least $0.10 per share, equivalent to approximately 
$100 million annually, based on currently issued and outstanding shares.  
 
Qualified Persons 
 
The technical information relating to FDN 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 NI 43-101. The disclosure 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 
13 of the Company's MD&A for the first quarter ended March 31, 2023 available on SEDAR.

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7 
 
of exploration information contained in this press release was prepared by Andre Oliveira, P.Geo, Lundin Gold’s 
V.P. Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101. 
 
Webcast and Conference Call 
 
The Company will host a conference call and webcast to discuss its results on Thursday, May 11 at 7:00 a.m. PT, 
10:00 a.m. ET, 4:00 p.m. CET. 
 
Conference Call Dial-In Numbers: 
 
Participant Dial-In North America: +1 416-764-8659 
Toll-Free Participant Dial-In North America: +1 888-664-6392 
Participant Dial-In Sweden: 0200899189 
Conference ID: Lundin Gold / 42623507 
 
A link to the webcast will be available on the Company’s website, www.lundingold.com.   
 
A replay of the conference call will be available two hours after the completion of the call until Thursday, May 
25, 2023. 
 
Toll Free North America Replay Number: +1 888-390-0541 
International Replay Number: +1 416-764-8677 
Replay passcode: 623507 # 
 
About Lundin Gold 
 
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador and 
a large exploration land package that hosts the Fruta del Norte deposit at its northern edge. Fruta del Norte is 
among the highest-grade operating gold mines in the world. 
 
The Company's board and management team have extensive expertise in mine operations and are dedicated to 
operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with 
international best practices. Lundin Gold is commi tted to delivering value to its shareholders, while 
simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe 
workplace and minimizing the environmental impact. The Company believes that the value created through the 
development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.  
 
Non-IFRS Measures  
 
This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, 
adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, free cash flow, free cash flow per share, 
and adjusted earnings, 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 me asures have been derived from the 
Company's financial statements because the Company believes that, with the achievement of commercial 
production, they are of assistance in the understanding of the results of operations and its financial position. 
Certain additional disclosures for t hese specified financial measures have been incorporated by reference and 
can be found on page 13 of the Company's MD&A for the three months ended March 31, 2023 available on 
SEDAR.

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8 
 
 
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 May 10, 2023 at 4:30 p.m. Pacific Time  
through the contact persons set out below. 
 
For more information, please contact 
 
Ron F. Hochstein  Finlay Heppenstall 
President and CEO  Director, Investor Relations and Corporate Development 
Tel (Ecuador): +593 2-299-6400  Tel: +1 604 806 3089 
Tel (Canada): +1-604-806-3589  finlay.heppenstall@lundingold.com  
ron.hochstein@lundingold.com   
 
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", "w ill", "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 un certainties, 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 fo rward-
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 several places, such as in statements relating to the Company’s  2023 production 
outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts, cash f low forecasts 
and financing obligations; its estimated capital costs; expected management changes; be nefits of the Company’s community programs; 
the Company’s declaration and payment of dividends pursuant to its dividend policy; the timing and the success of its drill program at Fruta 
del Norte and its other exploration activities; and estimates of Minera l Resources and Reserves at Fruta del Norte.    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 31, 2023, which is available at www.lundingold.com or on SEDAR.  
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: 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 crit ical 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 t o 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 s afety 
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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Q1 2023

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
INTRODUCTION 
 
This Management’s Discussion and Analysis (“MD&A”) of Lundin Gold Inc. and its subsidiaries (collectively, “Lundin 
Gold” or the “Company”) provides a detailed analysis of the Company’s business and compares its financial results for 
the three months ended March 31, 2023 with those of the same period from the previous year.  
 
This MD&A is dated as of May 10, 2023 and should be read in conjunction with the Company’s unaudited condensed 
consolidated interim financial statements and related notes thereto for the three months ended March 31, 2023, which 
are prepared in accordance with IAS 34: Interim Financial Statements, and the Company’s audited annual consolidated 
financial statements and related notes thereto, which are prepared in accordance with International Financial Reporting 
Standards as issued by the International Accounting Standards Board (“IFRS”), and the MD&A for the fiscal year ended 
December 31, 2022.   
 
Other continuous disclosure documents, including the Company’s press releases , quarterly and annual reports and 
annual information form , are available through its filings with the securities regulatory auth orities in Canada at 
www.sedar.com. 
 
Lundin Gold, headquartered in Vancouver, Canada, owns 28 metallic mineral concessions and three construction 
material concessions covering an area of approximately 64,454 hectares in southeast Ecuador, including the Fruta del 
Norte gold mine (“Fruta del Norte” or “FDN”).  Fruta del Norte is comprised of seven concessions covering an area of 
approximately 5,566 hectares and is located approximately 140 km east-northeast of the City of Loja.  Fruta del Norte 
is one of the highest-grade gold mines in production in the world today.   
 
The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte 
responsibly and pursuing growth.  The Company operates with transparency and in accordance with international best 
practices.  Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic 
and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental 
impact.  The Company believes that the value created through the operations of Fruta del Norte will benefit its 
shareholders, the Government and the citizens of Ecuador. 
 
 
FIRST QUARTER 2023 HIGHLIGHTS AND ACTIVITIES 
 
Lundin Gold’s momentum from 2022 continued in the first quarter of 2023 with an all -time high in gold production of 
140,021 ounces (“oz”) and gold sales of 134,691 oz at a cash operating cost1 of $644 per oz sold and all-in sustaining 
cost (“AISC”) 1 of $728 per oz sold .  From this, revenues and adjusted earnings 1 of $257 million and $ 67.0 million, 
respectively, were realized during the quarter.   
 
As at March 31, 2023, the Company maintained a strong cash balance of $210 million compared to $363 million as at 
December 31, 2022 with the decrease being driven by the use of cash for debt reduction initiatives and dividends to 
shareholders.  During the three months ended March 31, 2023, the Company utilized cash to optimize its balance sheet 
through the full repayment of the gold prepay facility (“GPP”) of $208 million which provides the Company with greater 
exposure to the positive outlook on gold price.  This one -time transaction resulted in additional int erest and finance 
charges of $129 million with a resultant first quarter free cash flow of $(11.7). 
 
Production during the first quarter of 2023 was driven by processing ore with an average grade of 12.3 grams per tonne 
(“g/t”), the highest quarterly average grade achieved to date.  The mine deferred certain lower grade stopes to later this 
year in order to complete additional geotechnical work to maximize mining recovery , which factored in the average 
grade processed during the period.  Although the robust performance during the first quarter of 2023 provides a strong 
start for the year, the Company’s production guidance of 425,000 to 475,000 oz for 2023 remains unchanged as grade 
and gold production are expected to vary over the coming quarters.  Notwithstanding the reported AISC1 for the quarter, 
due to the ramp up of sustaining capital activities starting in the second quarter, the most significant being the 
construction of the fourth tailings dam raise, the Company also maintains its AISC1 guidance. 
 
The following two tables provide an overview of key operating and financial results achieved during the first quarter of 
2023 compared to the same period in 2022. 
 
1 Refer to “Non-IFRS Measures” section in this MD&A. 
1

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
Three months ended 
March 31, 
2023 2022 
Tonnes ore mined 427,735 379,629 
Tonnes ore milled 392,332 373,407 
Average mill head grade (g/t) 12.3 11.2 
Average recovery 90.6% 90.2% 
Average mill throughput (tpd) 4,359 4,149 
Gold ounces produced 140,021 121,665 
Gold ounces sold 134,691 119,282 
Three months ended 
March 31, 
2023 2022 
Revenues ($’000) 256,728 216,472 
Income from mining operations ($’000) 132,708 111,207 
Earnings before interest, taxes, depreciation, and 
amortization ($’000)1 143,632 98,822 
Adjusted earnings before interest, taxes, 
depreciation, and amortization ($’000)1 159,066 133,546 
Net income ($’000) 51,465 23,182 
Basic income per share ($) 0.22 0.10 
Cash provided by operating activities ($’000) 144,439 127,330 
Free cash flow ($’000)1 (11,653) 91,806 
Average realized gold price ($/oz sold)1  1,952 1,862 
Cash operating cost ($/oz sold)1 644 619 
All-in sustaining costs ($/oz sold)1 728 696 
Free cash flow per share ($)1 (0.05) 0.39 
Adjusted earnings ($‘000)1 67,014 57,550 
Adjusted earnings per share ($)1 0.28 0.25 
Dividends paid per share ($) 0.10 - 
1 Refer to “Non-IFRS Measures” section. 
2

===== SIDA 12 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
The difference between net income and adjusted earnings1 during the first quarter of 2023 is due to non-cash derivative 
losses of $15.4 million associated with fair value accounting of the stream facility.  This non-cash item is driven by 
numerous factors including expected production profile, anticipated forward gold and silver prices, and yields.  Non -
cash derivative gains (or losses) associated with decreased (or increased) short -term production and anticipated 
decreasing (or increasing) forward gold and silver prices are recorded in the statement of operations, while non -cash 
derivative gains (or losses) associated with increasing (or decreasing) yields are recorded in the statement of other 
comprehensive income.  
 
These non-cash gains or losses are derived from complex valuation modelling and accounting treatment which are 
explained in more detail later in this MD&A.  Revaluation of these obligations has and will continue to result in 
considerable period-to-period volatility i n the Company’s net income, comprehensive income, current and long-term 
liabilities and do not necessarily reflect the amounts that will actually be repaid when the obligations become due.       
 
Operating and Financial Results During the First Quarter of 2023 
 
• Mine production ramped up to 427,735 tonnes of ore at an average grade of 11.7 grams per tonne. 
• The mill processed 392,332 tonnes of ore at an average throughput  rate of 4,359 tpd.  The throughput rate 
was below the guided average for the year of 4,400 tpd due to the completion of the relining of the SAG and 
ball mills late in the quarter. 
• The average grade of ore milled was 12.3 grams per tonne with average recovery at 90.6%. Recoveries were 
positively impacted by processing high -grade ore  and an ore blending strategy that improve d flotation 
recoveries. 
• Gold production was 140,021 oz, comprised of 88,236 oz in concentrate and 51,785 oz as doré.  The Company 
sold a total of 134,691 oz of gold, consisting of 85,122 oz in concentrate and 49,569 oz as doré at an average 
realized gold price1 of $1,952 per oz for total gross revenues from gold sales of $263 million.  Net of treatment 
and refining charges, revenues were $257 million. 
• Cash operating costs1 and AISC1 were $644 and $728 per oz of gold sold, respectively.  Sustaining capital is 
expected to increase significantly in future periods with the start of the fourth  tailings dam raise and ramp up 
of other site infrastructure and improvement projects which is expected to result in higher AISC 1 for the 
remainder of the year. 
• The Company generated cash flow of $ 144 million from operations  and negative f ree cash flow ¹ of $(11.7) 
million or $(0.05) per share.  Free cash flow 1 was impacted by the full repayment of the gold prepay facility 
which resulted in additional interest and finance charge paid during the period of $129 million. 
• Notwithstanding the payment of $20 8 million to extinguish the gold prepay facility, the Company ended the 
quarter with a cash balance of $210 million. 
• Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 were $144 
million and $159 million, respectively.  The difference is the derivative loss of $15.4 million in the quarter. 
• Net income was $51.5 million including a derivative loss of $15.4 million, and net of corporate, exploration, 
finance costs, and associated taxes on earnings.  Adjusted earnings¹, which exclude the derivative loss, were 
$67.0 million, or $0.28 per share.   
 
Update to Mineral Reserve and Mineral Resource Estimates 
 
On March 31, 2023, the Company filed a new technical report prepared in accordance with NI 43-101 for the Fruta del 
Norte mine. This report entitled “Amended NI 43 -101 Technical Report Fruta del Norte Mine Ecuador” (the “FDN 
Technical Report”)2, replaces the Company’s previous technical report entitled “Fruta del Norte Project Ecuador NI 43-
101 Technical Report on Feasibility Study”, dated June 2016 with an effective date of April 30, 2016, filed on SEDAR 
under the Company’s profile at www.sedar.com (the “2016 Technical Report”).  
 
The conversion drilling program at Fruta  del Norte successfully resulted in the replacement of all mined Mineral 
Reserves since the beginning of operations and added additional Mineral Reserves.   
  
 
1 Refer to “Non-IFRS Measures” section. 
2 This report supersedes the report dated March 29, 2023, titled “NI 43-101 Technical Report Fruta del Norte Mine 
Ecuador” in its entirety. 
3

===== SIDA 13 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Comparison of Reserve Estimates(3)(4)(5)(6)(7) 
 Tonnage 
(M t) 
Grade 
(g/t Au) 
Contained Metal 
(M oz Au) 
Grade 
(g/t Ag) 
Contained Metal 
(M oz Ag) 
2016 Reserve(1)      
   Proven 0 0 0 0 0 
   Probable 15.49 9.67 4.82 12.7 6.34 
   Total 15.49 9.67 4.82 12.7 6.34 
2022 Reserve(2)      
   Proven 10.75 9.95 3.44 11.6 4.00 
   Probable 7.23 6.81 1.58 11.2 2.60 
   Total  17.98 8.68 5.02 11.4 6.60 
 
Notes:  
1. For details of the 2016 estimate, see the 2016 Technical Report. 
2. For details of the 2022 estimate, see the FDN Technical Report.  The Qualified Person for the estimate is Jason Cox, 
P.Eng., an employee of SLR Consulting. The estimate has an effective date of December 31, 2022. 
3. Mineral Reserves were estimated using key inputs listed in the table below: 
 
Key Input 2016 Technical 
Report 
FDN Technical 
Report Unit 
Gold Price 1,400 1,400 $/oz 
Transverse Stoping Mining Cost 61 51 $/t 
Drift & Fill Mining Cost 80 77 $/t 
Process, Surface Ops, G&A Cost 75.8 64 $/t 
Dilution Factor 8 8 Percent 
Concentrate Transport & Treatment 65.9 80 $/oz 
Royalty 77 76 $/oz 
Gold Metallurgical Recovery 93.9 88.5 Percent 
 
4. Gold cut-off grades for the different mining methods are listed in the table below: 
 
Gold Cut-off Grade 2016 Technical 
Report 
FDN Technical 
Report Unit 
Transverse Stope 4.7 4.2 g/t 
Drift and Fill 5.3 5.0 g/t 
 
5. Silver was not considered in the calculation of the cut-off grade. 
6. Tonnages are rounded to the nearest 1,000 t, gold grades are rounded to two decimal places, and silver grades are rounded 
to one decimal place. Tonnage and grade measurements are in metric units; contained gold and silver are reported as 
thousands of troy ounces. 
7. Rounding as required by reporting guidelines may result in summation differences. 
 
Capital Expenditures 
 
Sustaining Capital 
• Preparations were underway for the fourth raise of the tailings dam late in the first quarter with work starting 
in the second quarter and completion expected in the fourth quarter. 
• Construction of the new warehouse progressed as planned during the quarter with completion e xpected late 
in the second quarter. 
• Other sustaining capital projects such as a new sewage treatment plant , underground mine maintenance 
facility, and other efficiency improvement projects are expected to ramp up during the remainder of the year. 
  
4

===== SIDA 14 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
• The 2023 conversion drilling program completed eight drill holes of approximately 1,400 metres during the 
quarter in distinct sectors of the FDN deposit.  In the north-central sector, four drill holes were completed with 
positive assay results associated with hydrothermal breccias that confirmed mineralization continuity along 
the downdip extension.  In the southern sector, four drill holes were completed and intercepted veins and 
veinlets hosted in volcanic rocks, generally associated to the gold mineralization at FDN. A complete table of 
results received to date can be found in Lundin Gold’s press release dated May 4, 2023. 
 
Health and Safety and Community 
 
Health and Safety 
• During the quarter there were no  Lost Time Incidents ("LTI”) and one Medical Aid Incident  (“MAI”) on 
exploration activities. 
• The Total Recordable Incident Rate across exploration and operations was 0.15 per 200,000 hours worked. 
• In April 2023, the FDN operations reached a significant milestone of 4.0 million hours worked with neither an 
LTI nor a MAI. 
 
Community 
Various community projects supported by the Company continued to progress in the first quarter.  Micro businesses 
established by local entrepreneurs and supported by the Company and Lundin Foundation have successfully become 
suppliers to FDN.  The local textile manufacturer, fire extinguisher maintenance company, and pest control / fumigation 
company continue to work with the mine.  Also in the first quarter, the evaluation of po tential new areas for local 
businesses has commenced.  Efforts have continued to ensure that local farmers retain access to local, national , and 
international markets. 
 
Longstanding projects such as road maintenance, educational support to promote access t o higher education, 
efficiency improvements in the agricultural sector and addressing infrastructure challenges continue to progress.   
  
The Company continues to engage with local indigenous peoples, especially the Shuar Federation of Zamora 
Chinchipe, to jointly implement projects that promote economic opportunities and the Shuar culture.  In the first quarter, 
the Shuar Cultural Center, which was constructed and is managed in partnership with the Lundin Foundation, hosted 
multiple events and received an increased number of visitors. 
 
Exploration 
 
Near Mine Exploration Program 
The near mine drilling program restarted in February, following a change in drilling contractors at year end, and 
continues to explore extensions of major controlling structures of the FDN deposit targeting distinct sectors near FDN.  
In the first quarter, the program completed a total of 3,660 metres across eight holes, from surface and underground. 
 
• The surface drilling program is focused along the south extension of the East Fault.  A total of six drill holes 
were completed with most intercepting significant hydrothermal alteration from epithermal systems.  Initial 
positive intercepts indicate a new mineralized zone, FDN Sur (“FDNS”), and identified targets for further 
evaluation, Bonza Sur and Castillo.  Three surface rigs are currently drilling, two of them exploring the 
extensions of FDNS and another at Bonza Sur. 
 
o At FDNS, three surface drill holes were completed, and all successfully intercepted hydrothermal 
alteration zones of similar composition to that found at FDN.  The most recent results from hole 
FDNS-2023-19 point to significant exploration potential to be developed along the north strike and at 
depth, parallel to the operating mine.  Remaining results from drill holes completed in the first quarter 
are pending. 
 
o At Bonza Sur, three surface drill holes were completed, and initial results suggest a new mineralized 
zone located only one kilometre south from FDN.  The intercepted gold mineralization is hosted in a 
wide hydrothermal alteration zone along the north-south strike direction.  This is coincident with a 
large soil gold anomaly that extends continuously for more than 1.2 kilometres.  
 
5

===== SIDA 15 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
o At Castillo, drill results indicate a new mineralized zone to the south of FDN. This sector is located 
underneath the Suarez Basin and to the west of the East Fault, in a similar geological setting to FDN 
and FDNS.   
 
• The underground drilling program focused on the continuity of FDN at depth and explored new areas across 
the West Fault.  Two drill holes were completed in the north central part of FDN, and drill hole UGE-W-23-018 
intercepted narrow gold mineralization located west from the West Fault, which will be followed up with further 
drilling during the year. 
 
A complete table of results received to date can be found in Lundin Gold’s press release dated May 4, 2023. 
 
Regional Exploration Program 
The regional drilling program restarted late in the first quarter with one drill hole in progress at Quebrada La Negra 
located along the southwestern basin border .  The drill hole is investigating the north ern continuity of a major fault 
where wide hydrothermal alteration zones with breccias and/or veins and disseminated sulfides were intercepted during 
the 2022 drilling program.   
 
The regional program will continue to advance in the identification of important indicators that point toward the presence 
of buried epithermal deposits in the southern basin.  New targets of interest have been identified and will be tested 
targeting new potentially mineralized structures.  
 
Newcrest Earn-In Agreement 
On the concessions held by the Company’s subsidiary, Surnorte S.A., a second phase of scout drilling commenced at 
the Gamora Project, located in southeast Ecuador. This work is being conducted by Newcrest  Mining Limited  
(“Newcrest”) as the operator under an earn-in agreement with Lundin Gold pursuant to which Newcrest can earn up to 
a 50% interest in eight exploration concessions  located to the north and south of Fruta del Norte .  The current phase 
of diamond core drilling at Gamora is focused on testing priority copper -gold targets in the Mirador copper porphyry 
district. The program is planned to finish in June 2023. 
Corporate 
 
• The Company paid its quarterly dividend of $0.10 per share on March 31, 2023 (April 4 for shares trading on 
Nasdaq Stockholm) based on a record date of March 13, 2023, for a total of $23.6 million.   
• With the release of its first quarter 2023 results, the Company has declared a cash dividend of $0.10 per 
share, which is payable on June 27, 2023 (June 30 for shares trading on Nasdaq Stockholm) to shareholders 
of record on June 13, 2023. 
• One of Newcrest’s representatives, Mr. Robert Thiele resigned from the board of directors at the end of the 
quarter, and Ms. Jill Terry was appointed to the board as his replacement.  
• During the quarter, the Company appointed Mr. Terry Smith as Chief Operating Officer and Mr. Chester See 
as Interim Chief Financial Officer concurrent with the retirement of Mr. Alessandro Bitelli, Executive Vice 
President and Chief Financial Officer. 
• In April 2023 , the Company announced that Mr. Chris topher Kololian was hired as the Company’s Chief 
Financial Officer and is expected to commence  in the role on  July 1, 2023. Chester See will continue in the 
role of Senior Vice President, Finance. 
 
  
6

===== SIDA 16 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
SUMMARY OF QUARTERLY FINANCIAL RESULTS 
 
The Company’s quarterly financial statements are reported under IFRS as applicable to interim financial reporting.  The 
following table provides highlights from the Company’s financial statements for the past eight quarters (unaudited). 
 
  2023  2022  2022  2022 
  Q1  Q4  Q3  Q2 
         
Revenues $ 256,728 $ 210,961 $ 210,425 $ 177,808 
         
Income from mining operations $ 132,708 $ 92,095 $ 83,930 $ 82,522 
         
Derivative gain (loss) for the period $ (15,434) $ 29,217 $ 41,838 $ 39,986 
         
Net income (loss) for the period $ 51,465 $ (68,259) $ 62,673 $ 55,962 
         
Basic income (loss) per share $ 0.22 $ (0.29) $ 0.27 $ 0.24 
Diluted income (loss) per share $ 0.22 $ (0.29) $ 0.26 $ 0.24 
         
Weighted-average number of common         
shares outstanding         
Basic  236,062,529  235,332,039  235,165,784  234,933,975 
Diluted  238,123,015  235,332,039  236,882,976  236,847,992 
         
Additions to property, plant and equipment $ 4,384 $ 15,253 $ 15,178 $ 14,532 
         
Total assets $ 1,467,040 $ 1,668,865 $ 1,634,590 $ 1,664,030 
         
Long-term debt $ 434,175 $ 667,966 $ 589,919 $ 645,724 
         
Working capital  $ 256,853 $ 194,804 $ 253,673 $ 253,921 
 
  2022  2021  2021  2021 
  Q1  Q4  Q3  Q2 
         
Revenues $ 216,472 $ 186,440 $ 190,753 $ 216,145 
         
Income from mining operations $ 111,207 $ 91,646 $ 89,431 $ 110,604 
         
Derivative loss for the period $ (34,724) $ (36,001) $ (636) $ (25,599) 
         
Net income for the period $ 23,182 $ 28,789 $ 56,673 $ 49,984 
         
Basic income per share $ 0.10 $ 0.12 $ 0.24 $ 0.22 
Diluted income per share $ 0.10 $ 0.12 $ 0.24 $ 0.21 
         
Weighted-average number of common         
shares outstanding         
Basic  233,809,773  233,211,843  232,723,880  231,998,447 
Diluted  235,774,444  235,376,672  235,017,999  234,508,000 
         
Additions to property, plant and equipment $ 9,184 $ 5,266 $ 20,101 $ 16,157 
         
Total assets $ 1,735,223 $ 1,685,113 $ 1,630,830 $ 1,590,849 
         
Long-term debt $ 752,482 $ 739,977 $ 748,856 $ 772,361 
         
Working capital  $ 273,680 $ 217,221 $ 136,139 $ 109,010 
  
7

===== SIDA 17 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Three months ended March 31, 2023 compared to the three months ended March 31, 2022 
 
The Company generated net income of $51.5 million during the first quarter of 2023 compared to $23.2 million during 
the first quarter of 2022.  Net income was generated from the recognition of revenues of $257 million and income from 
mining operations of $ 133 million as well as other income of $0.5 million.  This is  offset by a derivative loss of $15.4 
million, finance expense of $ 21.1 million, income tax expense of $ 33.8 million, and other expenses totalling $ 11.4 
million.  During the first quarter of 2022, net income was generated from the recognition of revenues of $216 mill ion 
and income from mining operations of $111 million offset by a derivative loss of $34.7 million, finance expense of $27.3 
million, income tax expense of $16.9 million, and other expenses totalling $9.1 million. 
 
Income from mining operations 
 
Net income from mining operations increased to $133 million compared to $111 million during the same quarter in 
2022.  Cost of goods sold of $ 124 million was comprised of operating expenses of $ 72.5 million; royalties of $ 14.3 
million; and depletion and depreciation of $37.3 million.  During the same period in 2022, cost of goods sold was $105 
million.  The increase in both cost of goods sold and net income from mining operations was primarily driven by the 
increase in oz sold and higher gold prices. 
 
Exploration 
 
Exploration costs were $3.8 million in the quarter compared to $2.8 million during the same period in 2022 .  Activities 
during the quarter consisted of drilling on two programs, the regional program and the near-mine program, the latter of 
which only commenced during the second half of 2022.   
 
Corporate administration 
 
Corporate administration costs increased from $5.9 million during the first quarter of 2022 to $7.6 million during the first 
quarter of 2023.  This increase is mainly driven by payments made to certain long-serving employees upon the end of 
their employment with the Company. 
 
Finance expense 
 
Finance expense decreased to $21.1 million during the quarter compared to $27.3 million during the same period in 
2022 as savings of interest and finance charges were realized after the full repayment of the gold prepay facility  in 
January 2023. 
 
Other expense (income) 
 
Other income of $0.5 million was recognized during the quarter compared to other expense of $0.4 million in the first 
quarter of 2022.  This is mainly driven by foreign exchange gains which are derived from the quantum of U.S. dollar 
cash held by Canadian group entities and movements in the foreign exchange rate.  As the functional currency of the 
Canadian entities is the Canadian dollar, a strengthening of the U.S. dollar against the Canadian dollar during the 
period generates an unrealized gain in terms of Canadian dollars. 
 
Derivative gain or loss 
 
Derivative gains and losses in the statement of operations and other comprehensive income are driven by the 
Company’s debt obligations under the stream facility which  are classified as financial liabilities at fair value.  In 2022, 
derivative gains and losses were also impacted by the fair value accounting of the gold prepay facility.  During the first 
quarter of 2023, the Company made scheduled principal, interest, and finance charge repayments totaling $21.0 million 
(three months ended March 31, 2022: $11.3 million) under the stream facility, based on gold and silver prices at the 
time of repayment.  This was offset by a non-cash increase of this debt obligation of $15.8 million due to a change in 
its estimated fair value between December 31, 2022 and March 31, 2023 (2022: an increase of $33.6 million between 
December 31, 2021 and March 31, 2022).  This variation is recorded as derivative losses, in the statement of operations 
and other comprehensive income in the applicable period.  The fair value calculated under the Company’s accounting 
policies is based on numerous estimates noted below as of the balance sheet date and are, therefore, subject to further 
future variations until the debt obligation is repaid by the Company. 
 
 
8

===== SIDA 18 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Fair value is determined  using Monte Carlo simulation models.  The key inputs used by the Monte Carlo simulation 
include gold and silver forward prices, the Company’s expectation about long-term gold yields, gold and silver volatility, 
risk-free rate of return, risk-adjusted discount rate, and production expectations.  Relatively small variations in some of 
these inputs can give rise to significant variations in the fair value of financial liabilities; hence, the large derivative gains 
and losses recorded to date.   
 
Key drivers of current fair value are forward gold and silver prices and the Company’s risk adjusted discount rate.  The 
combined net impact of these factors is a net increase in the fair value of the stream credit facility as described more 
fully below, offset by the decrease from scheduled repayments during the period: 
 
• The value of future repayments under the stream credit facilit y is  based on forward gold and silver price 
estimates at time of repayment.  Spot gold prices at March 31, 2023 were higher compared to December 31, 
2022 and as a result, forward prices have followed suit.  This has resulted in an increase in the estimated fair 
value of the debt obligation at the current balance sheet date and the recognition of derivative losses in the 
statement of operations during the first quarter of 2023.  The same occurred during the first quarter of 2022.  
Fair values at a point in time do not necessarily reflect the amounts that will actually be repaid when the 
obligation become s due in the future.  While significant d erivative gains or losses will continue to be 
recognized at each reporting period, the potentially more significant impact of the same change in forward 
gold and silver prices on the value of future production and revenue forecasts to be generated during t he 
same periods when the debt obligation will be repaid cannot be recognized because of the inherent 
uncertainty and risks associated with actually realizing such production and sales. 
 
• The discount rate used to determine the current fair value of future payments under the stream credit facility 
is dependent not only on the Company’s own weighted average cost of capital, but also on market conditions.  
These include inflation, interest rates, economic conditions, both local and industry specific, and other factors 
outside of the Company’s control.  The change in fair value due to a variation in credit risk must be recorded 
as a loss or gain in other comprehensive income (“OCI”) rather than in the statement of operations.   
 
Income taxes 
 
Income taxes of $33.8 million were accrued during the first quarter of 2023 (three months ended March 31, 2022: $16.9 
million) which is comprised of current and deferred income tax expenses of $26.2 million and $7.7 million, respectively.  
In addition to corporate income taxes in Ecuador which are levied at a rate of 22%, income tax expense includes a 5% 
Ecuadorean withholding tax on the anticipated portion of net income generated from FDN to be paid in the form of 
dividends, and an accrual for the portion of profit sharing payable to the Government of Ecuador which is calculated at 
the rate of 12% of the estimated net income for tax purposes for the quarter.  The employee portion of profit sharing 
payable, calculated at the rate of 3% of net income for tax purposes is considered an employee benefit and is included 
in operating expenses.   
 
 
LIQUIDITY AND CAPITAL RESOURCES 
 
As at March 31, 2023, the Company had cash of $210 million and a working capital balance of $257 million compared 
to cash of $363 million and a working capital balance of $195 million at December 31, 2022.  The change in cash during 
the first quarter of 2023  was primarily due to the full repayment of the gold prepay facility of $208 million; principal 
repayments, interest and finance charges, including associated taxes, under the stream credit facility totalling $21.0 
million; interest and principal repayments under the senior deb t of $42.8 million; dividends of $23.6 million; and cash 
outflows of $7.2 million for sustaining capital expenditures.  This is offset by cash generated from operating activities 
of $144 million and proceeds from the exercise of stock options and anti-dilution rights of $4.0 million.  
 
  
9

===== SIDA 19 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Trade receivables 
 
The majority of trade receivables represent the value of concentrate and doré sold as at period end for which the funds 
are not yet received.  Revenues and related trade receivables for concentrate sales are initially recorded at provisional 
gold prices.  Subsequent determination of final gold prices can range from one to four months after shipment depending 
on the customer.   For sales that are provisionally priced at period end, an estim ate of the adjustment to the trade 
receivable is calculated based on the expected month when the final gold price is forecast to be determined and the 
related forward price of gold at the end of the reporting period.  At March 31, 2023, this resulted in an estimated increase 
of $15.8 million ($6.1 million at December 31, 2022) to trade receivables. 
 
Consistent with industry standards, concentrate sales have relatively long payment terms and are not fully settled until 
concentrate is received by the customer  and related final assays confirmed, generally two to four months after the 
export sale occurs. 
 
VAT receivables 
 
Subject to the submission of monthly claims and their acceptance by the applicable authorities, VAT paid in Ecuador 
by the Company after January 1, 2018 are expected to be refunded or applied , based on the level of export sales in 
any given month, as a credit against other taxes payable.  A portion of the VAT recoverable has been reclassified as 
current assets based on the Company’s assessment of the estimated time for processing VAT claims during the next 
twelve months. 
 
Advanced royalties 
 
Advance royalties are deductible against future royalties on sales payable to the Government of Ecuador at a rate equal 
to the lesser of 50% of the actual future royalties payable in a six -month period or 10% of the total advance royalty 
payment.  A portion of the advance royalty payment is classified as current assets based on expected utilization over 
the next twelve months. 
 
Inventories 
 
Gold inventory is recognized in the ore stockpiles and in production inventory, comprised principally of concentrate and 
doré at site or in transit to port or to the refinery, with a component of gold -in-circuit.  Ore stockpile inventory has 
increased primarily due to a higher volume of material compared to December 31, 202 2.  The variations in doré and 
concentrate are mainly the result of timing of shipments around period end.  The high value of material and supplies, 
comprised of consumables and spare parts, reflects the Company’s assessment of the procurement cycles due to the 
remoteness of FDN and higher costs of materials and supplies on hand. 
 
Investment activities 
   
Investment activities during the first quarter of 2023 are comprised principally of sustaining capital expenditures for the 
construction of a new warehouse and other capital projects. 
 
Liquidity and capital resources 
 
The Company generated strong operating cash flow during the first quarter of 2023 and expects to continue to do so 
for the remainder of the year based on its production and AISC guidance.  At current gold prices, this strong operating 
cash flow will continue to support aggressive debt repayments, regional and near mine exploration, planned capital 
expenditures, growth initiatives and regular dividend payments under the approved dividend policy.    
 
The senior debt is repayable in variable quarterly instalments and matures in June 2026.  Additional quarterly principal 
repayments based on 30% of Fruta del Norte’s excess cash flow (the “Cash Sweep”) started in 2022 with the 
achievement of completion in the fourth quarter of 2021 and are expected to accelerate the full repayment of this debt 
to some time in 2024.  An estimate of the Cash Sweep for the next twelve months is included in the current portion of 
long-term debt. 
 
  
10

===== SIDA 20 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Monthly payments under the stream facility are based on 7.75% and 100% of gold and silver ounces sold, respectively, 
calculated at the current gold and silver prices at the end of each month, less $404 and $4.04 per oz (the “Base Prices”), 
respectively.  The Base Prices increase by 1% annually in Febr uary of each year.  The Company has the option to 
repay (i) 50% of the stream facility outstanding on June 30, 2024 for $150 million and / or (ii) the other 50% outstanding 
on June 30, 2026 for $225 million. 
 
 
FINANCIAL INSTRUMENTS 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are categorized as 
financial assets at amortized cost, and accounts payable and accrued liabilities, which are categorized as financial 
liabilities at amortized cost.  The fair value of these financial instruments approximates their carrying values due to the 
short-term nature of these instruments.  In addition, the stream loan credit facility and offtake commitment have been 
classified as financial liabilities at fair value and the senior debt facility as a financial liability at amortized cost.  Further, 
provisionally priced trade receivables of $105 million (December 31, 2022 - $86.4 million) are measured at fair value 
using quoted forward market prices. 
 
The Company’s financial instruments are exposed to a variety of financial risks by virtue of its activities. 
 
Currency risk 
 
Lundin Gold is a Canadian company, with foreign operations in Ecuador.  Revenues generated and expenditures 
incurred in Ecuador are primarily denominated in U.S. dollars , as are its loan facilities .  However, equity capital, if 
needed, is typically raised in Canadian dollars.  As such, th e Company is subject to risk due to fluctuations in the 
exchange rates of foreign currencies.  Although the Company does not enter into derivative financial instruments to 
manage its exposure, the Company tries to manage this risk by maintaining most of its cash in U.S. dollars.   
 
Credit risk 
 
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its 
contractual obligations.  The majority of the Company’s cash is held in large financial institutions with a high investment 
grade rating.  The Company is also subject to credit risk associated with its trade receivables.  The Company manages 
this risk by only selling to a small group of reputable customers with strong financial statements. 
 
Concentration of credit risk 
 
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the Company’s cash and 
cash equivalents held with financial institutions exceed government -insured limits.  The Co mpany has established a 
treasury policy that seek to minimize its credit risk by entering into transactions with investment grade credit worthy and 
reputable financial institutions and by monitoring the credit standing of those financial institutions.  The Company seeks 
to limit the amount of exposure with any one counterparty in accordance with its established treasury policy. 
 
Interest rate risk 
 
The Company is subject to interest rate risk with respect to the fair value of long -term debt which are accounted for at 
fair value through profit or loss and on the senior debt facilities for which interest payments are affected by movements 
to the LIBOR rate.   
 
Liquidity risk 
 
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due.  Cash flow 
forecasting is performed regularly to monitor the Company’s liquidity requirements to ensure it has sufficient cash to 
always meet its operational needs.  In addition, management is actively involved in the review, planning and approval 
of significant expenditures and commitments.   
 
  
11

===== SIDA 21 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Commodity price risk 
 
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver.  Commodity 
price risks are affected by many factors that are outside the Company’s control including global or regional consumption 
patterns, the supply of and demand for metals, speculative activities, the availability and costs of substitutes, inflation, 
and political and economic conditions.  The Company has not hedged the price of any commodity at this time. 
 
The fair value of a portion of the Company’s trade receivables as well as the stream credit facility are i mpacted by 
fluctuations of commodity prices. 
 
 
COMMITMENTS 
 
Significant capital expenditures contracted as at March 31, 2023 but not recognized as liabilities are as follows: 
 
 
 
Capital 
expenditures 
   
12 months ending March 31, 2024 $ 11,718 
April 1, 2024 onward  - 
   
Total  $ 11,718 
 
 
OFF-BALANCE SHEET ARRANGEMENTS 
 
During the three months ended March 31, 2023  and the year ended December 31, 2022, there were no off -balance 
sheet transactions.  The Company has not entered into any specialized financial arrangements to minimize its currency 
risk. 
 
 
OUTSTANDING SHARE DATA 
 
As at the date of this MD&A, there were 236,846,505 common shares issued and outstanding.  There were also stock 
options outstanding to purchase a total of 3,914,471 common shares, 521,026 restricted share units with a performance 
criteria, 162,601 restricted share units, and 35,789 deferred share units. 
 
 
OUTLOOK 
 
Lundin Gold’s performance in the first quarter of 2023 provides a strong foundation for the rest of the year, and the 
Company’s production guidance of 425,000 to 475,000 oz and AISC1 of $870 to $940 for 2023 remain unchanged. 
 
Sustaining capital is expected to increase over the remaining quarters of 2023 with construction of the fourth raise of 
the tailings dam starting in the second quarter as well as several other capital projects .  In addition, the conversion 
drilling program, aiming to convert Inferred to Indicated Mineral Resources is planned to continue.  
 
Exploration drilling, on the near mine program, is planned to increase from 15,500 metres to 23,000 metres of drilling 
for 2023 as a result of positive results recently received .  The near mine drilling program will continue to advance 
exploration of the recently identified FDNS, Bonza Sur, and Castillo  targets near FDN. Another rig is planned to be 
incorporated in the second quarter , bringing the total number of surface rigs to four.  The regional drilling program is 
planned to focus on the southern Suarez Basin, advancing along the eastern and western borders of the Basin.  Its 
objective is to follow up on the numerous target areas identified during the 2022 program and test new and unexplored 
targets.  The regional drilling program continues to be expected to comprise a total of 12,500 metres for the year, with 
one rig currently operating.  The estimated exploration budget for 2023 is anticipated to increase from $21.1 million to 
$24.6 million. 
12

===== SIDA 22 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
The Company anticipates declaring quarterly dividends of at least $0.10 per share, equivalent to approximately $100 
million annually, based on currently issued and outstanding shares.  
 
NON-IFRS MEASURES 
 
This MD&A refers to certain financial measures, suc h as average realized gold price  per oz sold , EBITDA, adjusted 
EBITDA, cash operating cost per oz. sold, all-in sustaining cost, free cash flow, free cash flow per share, and adjusted 
earnings, which are not 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 measu res have been derived from the Company’s financial statements 
because the Company believes that  they are of assistance in the understanding of the results of operations and its 
financial position. 
 
Average realized gold price per oz sold 
 
Average realized gold price is a metric used to better understand the gold price realized during a period.  This is 
calculated as sales for the period plus treatment and refining charges less silver sales divided by gold oz sold.   
 
    Three months ended  
March 31, 
      2023  2022 
           
Revenues       $ 256,728 $ 216,472 
           
Treatment and refining charges        9,410  8,246 
Less: silver revenues        (3,232)  (2,577) 
           
Gold sales       $ 262,906 $ 222,141 
           
Gold oz sold        134,691  119,282 
           
Average realized gold price       $ 1,952 $ 1,862 
 
EBITDA and Adjusted EBITDA 
 
Earnings before interest, taxes, depreciation, and amortization  (“EBITDA”) is a metric used to better understand the 
financial performance of the Company by computing earnings from business operations without including the effects of 
capital structure, tax rates and depreciation.  Adjusted EBITDA is EBITDA excluding i tems which are considered not 
indicative of underlying business operations. 
 
   Three months ended 
March 31, 
      2023  2022 
          
Net income for the period      $ 51,465 $ 23,182 
          
Adjusted for:          
Finance expense       21,057  27,276 
Income tax expense       33,848  16,911 
Depletion and depreciation       37,262  31,453 
          
EBITDA      $ 143,632 $ 98,822 
          
Derivative loss       15,434  34,724 
          
Adjusted EBITDA      $ 159,066 $ 133,546 
13

===== SIDA 23 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Adjusted earnings and adjusted basic earnings per share 
 
Adjusted earnings and adjusted basic earnings per share can be  used to measure and may assist in  evaluating 
operating earning trends in comparison with results from prior periods  by excluding specific items that are significant, 
but not reflective of the underlying operati ng activities of the Company .  Presently, these include derivative gains or 
losses, and related income tax effects, from accounting for the gold prepay and stream facilities at fair value.  Adjusted 
basic earnings per share is calculated using the weighted average number of shares outstanding under the basic 
method of earnings per share as determined under IFRS. 
 
   Three months ended 
March 31, 
      2023  2022 
          
Net income for the period      $ 51,465 $ 23,182 
          
Adjusted for:          
Derivative loss (gain)       15,434  34,724 
Deferred income tax expense       115  (356) 
          
Adjusted earnings      $ 67,014 $ 57,550 
          
Basic weighted average shares outstanding    236,062,529  233,809,773 
          
Adjusted basic earnings per share      $ 0.28 $ 0.25 
 
Cash operating cost per oz 
 
Cash operating cost per oz sold, combined with revenues, can be used to evaluate the Company’s performance and 
ability to generate operating income and cash flow from operating activities.  Cash operating costs include operating 
expenses and royalty expenses. 
 
    Three months ended 
March 31, 
      2023  2022 
           
Operating expenses       $ 72,471 $ 61,295 
Royalty expenses        14,299  12,526 
           
Cash operating costs       $ 86,770 $ 73,821 
           
Gold oz sold        134,691  119,282 
           
Cash operating cost per oz sold       $ 644 $ 619 
 
All-in sustaining cost 
 
AISC provides information on the total cost associated with producing gold and has been calculated on a basis 
consistent with historic news releases by the Company. 
 
The Company calculates AISC as the sum of total cash operating costs (as described above), corporate social 
responsibility costs, treatment and refining charges, accretion of restoration provision, and sustaining capital, less silver 
revenue, all divided by the gold ounces sold to arrive at a per oz amount. 
 
  
14

===== SIDA 24 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Other companies may calculate this measure differently as a result of differences in underlying principles and policies 
applied. 
 
   Three months ended 
March 31, 
      2023  2022 
          
Cash operating costs      $ 86,770 $ 73,821 
Corporate social responsibility       612  427 
Treatment and refining charges       9,410  8,246 
Accretion of restoration provision       167  153 
Sustaining capital       4,384  2,940 
Less: silver revenues       (3,232)  (2,577) 
          
All-in sustaining cost      $ 98,111 $ 83,010 
          
Gold oz sold        134,691  119,282 
          
All-in sustaining cost per oz sold      $ 728 $ 696 
 
Free cash flow and free cash flow per share 
 
Free cash flow is indicative of the Company’s ability to generate cash from operations after consideration for  required 
capital expenditures, including related VAT impact, necessary to maintain operations and interest and finance charge 
paid on its debt obligations. Free cash flow is defined as cash flow provided by operating activities, less cash used for 
investing activities and interest and finance charge paid. 
 
  Three months ended 
March 31, 
      2023  2022 
         
Net cash provided by operating activities   $ 144,439 $ 127,330 
         
Net cash used for investing activities      (7,172)  (12,238) 
Interest paid      (6,368)  (5,977) 
Finance charge paid      (142,552)  (17,309) 
         
Free cash flow     $ (11,653) $ 91,806 
         
Basic weighted average shares outstanding    236,062,529  233,809,773 
         
         
Free cash flow per share     $ (0.05) $ 0.39 
 
 
CRITICAL ACCOUNTING ESTIMATES 
 
The adoption of certain accounting policies requires the Company to make estimates that affect both the amount and 
timing of the recording of assets, liabilities, revenues and expenses.  Some of these estimates require judgments about 
matters that are inherently uncertain.  For a complete discussion of accounting estimates deemed most crucial by the 
Company, refer to the Company’s annual 2022 Management’s Discussion and Analysis.   
 
  
15

===== SIDA 25 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
RISKS AND UNCERTAINTIES 
 
Natural resources exploration, development and operation involves a number of risks and uncertainties, many of which 
are beyond the Company’s control .  These risks and uncertainties include, without limitation, the risks discussed 
elsewhere in this MD&A and those set out in the Company’s Annual Information Form dated March 31, 2023 (the “AIF”), 
which is available on SEDAR at www.sedar.com.   
 
 
QUALIFIED PERSON 
 
The technical information relating to Fruta del Norte contained in this MD&A has been reviewed and approved by Ron 
Hochstein P. Eng, Lundin Gold’s President & CEO who is a Qualified Person under NI 4 3-101.  The disclosure of 
exploration information contained in this MD&A was prepared by Andre Oliveira P.Geo, Vice President, Exploration of 
the Company, who is a Qualified Person in accordance with the requirements of NI 43-101.  
 
 
FINANCIAL INFORMATION 
 
The report for the six months ended June 30, 2023 is expected to be published on or about August 9, 2023. 
 
 
DISCLOSURE CONTROLS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING 
 
Disclosure controls and procedures 
 
Management, including the Chief Executive Officer and the Chief Financial Officer, are responsible for the design of 
the Company’s disclosure controls and procedures in order to provide reasonable assurance that information required 
to be disclosed by the Company in its annual filings, interim filings or other reports filed or  submitted by it under 
securities legislation is recorded, processed, summarized and reported within the time periods specified in the securities 
legislation. 
 
Internal controls over financial reporting 
 
Management is also responsible for the design of the Company’s internal control over financial  reporting in order to  
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements 
for external purposes in accordance with IFRS. 
 
Because of their inherent limitations, internal controls over financial reporting can  provide only reasonable assurance 
and may not prevent or detect misstatements.  Furthermore, projections of any  evaluation of effectiveness to future 
periods are subject to the risk that controls may become  inadequate because of changes in conditions, or that the 
degree of compliance with the policies or procedures may deteriorate. 
 
As required under Multilateral Instrument 52 -109, management advises that there have been no  changes in the 
Company’s internal control over financial reporting that occurred du ring the most  recent interim period, beginning 
January 1, 2023 and ending March 31, 2023, that have materially affected, or are reasonably likely to materially affect, 
the Company’s internal control over financial reporting. 
 
 
FORWARD LOOKING STATEMENTS  
 
Certain of the information and statements in this MD&A 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 “belie ves”, “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, 
16

===== SIDA 26 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
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 di fferent 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 b e correct.  Forward-looking information should not be unduly relied upon.  
This information speaks only as of the date of this MD&A, and the Company will not necessarily update this information, 
unless required to do so by securities laws.  
 
This MD&A cont ains forward -looking information in a number of places, such as in statements pertaining to  the 
Company’s 2023 production outlook, including estimates of gold production, grades recoveries and AISC; operating 
plans; expected sales receipts, cash flow forecasts and financing obligations; its estimated capital costs ; expected 
management changes ; the recovery of VAT;  benefits of the Company’s community programs; the Company’s  
declaration and payment of dividends pursuant to its dividend policy; the timing and the success of its drill program at 
Fruta del Norte and its other exploration activities; and estimates of Mineral Resources and Reserves at Fruta del Norte.  
   
Lundin Gold’s actual results could differ materially from those anticipated.  Management has identified the following 
risk factors which could have a material impact on the Company or the trading price of its shares : 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 en vironmental 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 pan demic 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 employ ees 
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. 
 
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 under the heading “Risk Factors” in the AIF available at www.sedar.com.  
17

===== SIDA 27 =====

LUNDIN GOLD INC.   
Condensed Consolidated Interim Statements of Financial Position 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
     March 31,  December 31, 
   Note  2023  2022 
        
ASSETS        
        
Current assets        
Cash and cash equivalents   7, 14 $ 209,714 $ 363,400 
Trade receivables and other current assets   3  172,350  169,134 
Inventories   4  90,859  89,787 
Advance royalty     11,267  13,000 
             484,190  635,321 
        Non-current assets        
VAT recoverable     41,308  52,244 
Advance royalty     12,225  16,494 
Property, plant and equipment   5  753,589  781,299 
Mineral properties   6  175,728  183,507 
                    $ 1,467,040 $  1,668,865 
        
LIABILITIES        
        
Current liabilities        
Accounts payable and accrued liabilities    $ 60,869 $ 71,434 
Income taxes payable     24,938  21,445 
Other current liabilities   9  -  2,264 
Current portion of long-term debt   7  141,530  345,374 
             227,337  440,517  
        
Non-current liabilities        
Long-term debt   7  292,645  322,592 
Reclamation provisions     7,216  7,049 
Deferred income tax liabilities     54,199  46,626 
        
             581,397  816,784  
        
EQUITY        
Share capital   8  996,762  989,772 
Equity-settled share-based payment reserve   9  13,061  13,856 
Accumulated other comprehensive income     2,162  2,612 
Deficit     (126,342)  (154,159) 
             885,643  852,081 
            $ 1,467,040 $ 1,668,865  
        
        
Commitments (Note 17) 
 
 
       
        
 
 
 
 
 
Approved by the Board of Directors 
 
 
/s/ Ron F. Hochstein  /s/ Ian W. Gibbs 
Ron F. Hochstein  Ian W. Gibbs 
18

===== SIDA 28 =====

LUNDIN GOLD INC.   
Condensed Consolidated Interim Statements of Income and Comprehensive Income 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars, except share and per share amounts) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
    Three months ended   
March 31, 
     Note  2023  2022 
          
Revenues      $ 256,728 $ 216,472 
          
Cost of goods sold          
Operating expenses       72,471  61,295 
Royalty expenses       14,299  12,526 
Depletion and depreciation       37,250  31,444 
          
       124,020  105,265 
          
Income from mining operations       132,708  111,207 
          
Other expenses (income)          
Corporate administration     10  7,605  5,861 
Exploration       3,843  2,806 
Finance expense     11  21,057  27,276 
Other expense (income)       (544)  447 
Derivative loss     7  15,434  34,724 
          
       47,395  71,114 
          
Net income before tax       85,313  40,093 
          
Income tax expense          
Current income tax expense     13  26,160  19,981 
Deferred income tax expense     13  7,688  (3,070) 
          
       33,848  16,911 
          
Net income for the period      $ 51,465 $ 23,182 
          
          
OTHER COMPREHENSIVE INCOME (LOSS)        
          
Items that may be reclassified to net income       
Currency translation adjustment       (197)  821 
Items that will not be reclassified to net income       
Derivative gain (loss) related to the 
Company’s own credit risk      
 
(368)  1,135 
Deferred income tax on 
accumulated other comprehensive 
income      
 
115  (356) 
          
Comprehensive income      $ 51,015 $ 24,782 
          
          
Income per common share         
Basic       $ 0.22 $ 0.10 
Diluted        0.22  0.10 
           
Weighted-average number of common shares outstanding 
 
       
Basic        236,062,529  233,809,773 
Diluted        238,123,015  235,774,444 
 
19

===== SIDA 29 =====

LUNDIN GOLD INC.      
Condensed Consolidated Interim Statements of Changes in Equity 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars, except number of common shares) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
      Equity-settled       
  Number of    share-based       
  common  Share  payment  Other     
 Note shares  capital  reserve  reserves  Deficit  Total 
             
Balance, January 1, 2022  233,361,883 $ 974,740 $ 13,570 $ 6,851 $ (180,684) $ 814,477 
             
Exercise of stock options  874,200  5,342  (1,787)  -  -  3,555 
Vesting of share units 9 41,000  406  (406)  -  -  - 
Exercise of anti-dilution rights 8 46,758  416  -  -  -  416 
Exercise of warrants 9 411,441  2,445  (511)  -  -  1,934 
Stock-based compensation 9 -  -  968  -  -  968 
Other comprehensive income  -  -  -  1,600  -  1,600 
Net income for the period  -  -  -  -  23,182  23,182 
             
Balance, March 31, 2022  234,735,282 $ 983,349 $ 11,834 $ 8,451 $ (157,502) $ 846,132 
             
             
Balance, January 1, 2023  235,646,977 $ 989,772 $ 13,856 $ 2,612 $ (154,159) $ 852,081 
             
Exercise of stock options  487,400  2,883  (1,024)  -  -  1,859 
Vesting of share units 9 199,227  1,917  (710)  -  -  1,207 
Exercise of anti-dilution rights 8 226,349  2,190  -  -  -  2,190 
Stock-based compensation 9 -  -  939  -  -  939 
Other comprehensive loss  -  -  -  (450)  -  (450) 
Net income for the period  -  -  -  -  51,465  51,465 
Dividends paid  -  -  -  -  (23,648)  (23,648) 
             
Balance, March 31, 2023  236,559,953 $ 996,762 $ 13,061 $ 2,162 $ (126,342) $ 885,643 
             
             
20

===== SIDA 30 =====

LUNDIN GOLD INC.   
Condensed Consolidated Interim Statements of Cash Flows 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
   Three months ended  
March 31, 
     Note  2023  2022 
          
OPERATING ACTIVITIES          
          
Net income for the period      $ 51,465 $ 23,182 
Items not affecting cash:          
Depletion and depreciation       37,262  31,453 
Stock-based compensation     9  927  992 
Derivative loss     16(b)  15,434  34,724 
Other expense (income)       (216)  425 
Finance expense       20,675  26,680 
Deferred income tax expense       7,688  (3,070) 
          
       133,235  114,386 
Changes in non-cash working capital items:          
Trade receivables and other current assets       7,487  2,462 
Inventories       1,705  (2,692) 
Advance royalty       6,002  5,256 
Accounts payable and accrued liabilities       (8,252)  (12,227) 
Income taxes payable       3,493  19,981 
Other non-current liabilities       (1,045)  - 
Interest received       1,814  164 
          
Net cash provided by operating activities       144,439  127,330 
          
FINANCING ACTIVITIES          
          
Repayments of long-term debt     7  (122,450)  (23,646) 
Interest paid     7  (6,368)  (5,977) 
Finance charge paid     7  (142,552)  (17,309) 
Proceeds from exercise of stock options       1,859  3,555 
Proceeds from exercise of anti-dilution rights       2,190  1,934 
Proceeds from exercise of warrants       -  416 
Dividends paid       (23,648)  - 
          
Net cash used for financing activities       (290,969)  (41,027) 
          
INVESTING ACTIVITIES          
          
Acquisition and development of property, plant and equipment    (6,697)  (11,207) 
VAT paid on investing activities       (475)  (1,031) 
          
Net cash used for investing activities       (7,172)  (12,238) 
          
Effect of foreign exchange rate differences on cash      16  266 
          
Net increase (decrease) in cash and cash equivalents      (153,686)  74,331 
          
Cash and cash equivalents, beginning of period       363,400  262,608 
          
Cash and cash equivalents, end of period      $ 209,714 $ 336,939 
 
Supplemental cash flow information (Note 14) 
         
21

===== SIDA 31 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
1. Nature of operations 
 
Lundin Gold Inc. together with its subsidiaries (collectively referred to as “Lundin Gold” or the “Company”) is 
focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador.
  
The common shares of the Company are listed for trading on the Toronto Stock Exchange (the “TSX”) and Nasdaq 
Stockholm under the symbol “LUG” and the OTCQX Best Market under the symbol “LUGDF”.  The Company was 
originally incorporated in British Columbia and continued under the Canada Business Corporations Act in 2002. 
 
The Company’s head office is located at Suite 2000, 885 W est Georgia Street, Vancouver, BC, and it has a 
corporate office in Quito, Ecuador.   
 
 
2. Basis of preparation and consolidation 
 
These unaudited condensed consolidated interim financial statements , including comparatives,  have been 
prepared in accordance with International Financial Reporting Standards as issued by the International Accounting 
Standard Board (“IFRS”), applicable to the pr eparation of interim financial statements, including International 
Accounting Standard 34, Interim Financial Reporting .  As a result, they do not conform in all respects with the 
disclosure requirements for annual financial statements under IFRS and should  be read in conjunction with the 
Company’s audited consolidated financial statements for the fiscal year ended December 31, 2022.  
 
These unaudited condensed consolidated interim financial statements are presented in U.S. dollars. 
 
In preparing these unaudited condensed consolidated interim financial statements, the Company applied the same 
accounting policies and key sources of estimation uncertainty as those that were applied to the Company’s audited 
consolidated financial statements for the fiscal year ended December 31, 2022. 
 
These financial statements were approved for issue by the Board of Directors on May 10, 2023. 
 
 
3. Trade receivables and other current assets 
 
  March 31,  December 31, 
  2023  2022 
     
Trade receivables (a) $ 104,617 $ 86,431 
VAT recoverable (b)  50,577  61,883 
Prepaid expenses and other (c)  17,156  20,820 
     
     
 $ 172,350 $ 169,134 
 
(a) Trade receivables represent the value of concentrate sold as at period end for which the funds are not 
yet received.  Consistent with industry standards, these sales generally have relatively long payment 
terms and are not settled until two to five months after export.  There is no recorded allowance for credit 
losses.  In determining the recoverability of trade receivables, the Company considers any change in the 
credit quality of the counterparty, with the concentration of the credit risk limited due to the nat ure of the 
counterparties involved and a history of no credit losses. 
 
Concentrate sales are first recorded based on provisional prices.  F or sales that are provisionally priced 
as at March 31, 2023, an  adjustment is estimated and recorded using the forward gold price at quarter 
end for the future month when the final gold price for each individual sale is expected to be determined.  
This adjustment resulted in an increase of $ 15.8 million in trade receivables as of March 31, 2023 
(December 31, 2022 - $6.1 million increase). 
  
22

===== SIDA 32 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
3. Trade receivables and other current assets (continued) 
 
(b) Subject to submission of monthly claims and their acceptance by the applicable tax authorities, VAT paid 
in Ecuador by the Company after January 1, 2018 will be refunded or applied as a credit against other 
taxes payable, based on the level of export sales in any given month.  Therefore, a portion of the VAT 
recoverable has been reclassified as current assets. 
 
(c) Prepaid expenses and other includes credit notes issued by the tax authorities in Ecuador relating to 
approved VAT claims.  These credit notes can be used to offset taxes payable  including statutory tax 
withholdings from payments to vendors. 
 
 
4. Inventories 
 
  March 31,  December 31, 
  2023  2022 
     
Ore stockpile $ 14,789 $ 11,545 
Gold in circuit  7,562  5,833 
Doré and concentrate  12,362  16,709 
Materials and supplies  56,146  55,700 
     
 $ 90,859 $ 89,787 
 
 
5. Property, plant and equipment 
 
Cost 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2022 $ 27,536 $ 874,098 $ 55,865 $ 23,078 $ 2,685 $ 983,262 
       
Additions 18,569 29,715 2,202 2,311 1,350 54,147 
Disposals and other - (1,953) (3,154) (795) (612) (6,514) 
Reclassifications (46,105) 46,105 - - - - 
Cumulative translation 
adjustment - (841) - - (5) (846) 
       
Balance, December 
31, 2022 - 947,124 54,913 24,594 3,418 1,030,049 
       
Additions - 4,342 - 42 - 4,384 
Cumulative translation 
adjustment  - 2 - - - 2 
       
Balance, March 31, 
2023 $ - $ 951,468 $ 54,913 $ 24,636 $ 3,418 $ 1,034,435 
 
  
23

===== SIDA 33 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
5. Property, plant and equipment (continued) 
 
Accumulated 
depletion and 
depreciation 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2022 $ - $ 114,469 $ 18,493 $ 13,189 $ 2,037 $ 148,188 
       
Depletion and 
depreciation - 92,689 6,640 4,426 264 104,019 
Disposals and other  (410) (1,513) (748) (612) (3,283) 
Cumulative translation 
adjustment - (169) - - (5) (174) 
       
Balance, December 
31, 2022 - 206,579 23,620 16,867 1,684 248,750 
       
Depletion and 
depreciation - 29,234 1,622 1,093 146 32,095 
Cumulative translation 
adjustment - 1 - - - 1 
       
Balance, March 31, 
2023 $ - $ 235,814 $ 25,242 $ 17,960 $ 1,830 $ 280,846 
 
Net book value 
 
     
       
As at December 31, 
2022 $ - $ 740,545 $ 31,293 $ 7,727 $ 1,734 $ 781,299 
       
As at March 31, 
2023 $ - $ 715,654 $ 29,671 $ 6,676 $ 1,588 $ 753,589 
 
 
6. Mineral properties 
 
Cost   Fruta del Norte 
    
Balance, January 1, 2022   $ 207,146 
    
Depletion   (23,639) 
    
Balance, December 31, 2022   183,507 
    
Depletion   (7,779) 
    
Balance, March 31, 2023   $ 175,728 
 
  
24

===== SIDA 34 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
7. Long-term debt 
 
  March 31,  December 31, 
  2023  2022 
     
Gold prepay credit facility (a) $ - $ 207,446 
Stream loan credit facility (b)  269,090  259,226 
Offtake derivative liability (c)  29,605  28,440 
Senior debt facility (d)  135,480  172,854 
     
 $ 434,175 $ 667,966 
     
Less: current portion     
Gold prepay credit facility  -  207,446 
Stream loan credit facility  54,906  49,223 
Offtake derivative liability  4,480  4,112 
Senior debt facility  82,144  84,593 
     
Long-term portion $ 292,645 $ 322,592 
 
The stream loan credit facility (the “Stream Loan”) and the offtake derivative liability are accounted for as financial 
liabilities at fair value through profit or loss and are comprised of the following as at March 31, 2023. 
 
  
 
 Stream loan 
credit 
facility  
Offtake 
derivative 
liability  Total 
         
Principal   $ 113,820 $ - $ 113,820 
Transaction costs    (2,018)  -  (2,018) 
Derivative fair value adjustments    157,288  29,605  186,893 
         
Total    $ 269,090 $ 29,605 $ 298,695 
 
Derivative fair value adjustments reflect the revaluation of the financial instruments at fair value as at March 31, 
2023.  The derivative gain or loss related to the Company’s own credit risk recorded in other comprehensive income 
(loss) includes the impact of the difference between the Company’s own credit risk at the time of entering into the 
long-term debt and the statement of financial position date (see also Note 16). 
 
(a) Gold prepay credit facility (the “Prepay Loan”) 
 
In late December, as provided under the Prepay Loan, the Company exercised its right to repay in full  the 
Prepay Loan by delivering an irrevocable notice of early repayment of its remaining outstanding obligations 
effective January 5, 2023.  On that day, a payment of $207.5 million was made to extinguish the Prepay Loan, 
inclusive of interest of $0.1 million accrued between January 1 to January 5, 2023.  Repayment was b ased 
on a gold price fixed near the end of December and a negotiated amount of equivalent ounces per quarter for 
the last ten remaining quarters.   
 
(b) Stream loan credit facility 
 
The Stream Loan is a secured loan facility with a stated interest rate of 7.5% per annum with interest accruing 
based upon the outstanding balance.   
  
25

===== SIDA 35 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
7. Long-term debt (continued) 
 
The Stream Loan is repayable in variable monthly instalments equivalent to the value of 7.75% of gold 
production less $404 per oz. (the “Gold Base Price”) and 100% of the silver production less $4.04 per oz. (the 
“Silver Base Price”) up to a maximum of 350,000 oz. of gold and six million oz. of silver.  The Gold Base Price 
and Silver Base Price will increase by 1% in February of each year.  The excess of the monthly repayments 
over the principal due monthly and the balance of interest accrued to that date, if any, is a variable additional 
charge (the “Finance Charge”). 
 
During the three months ended March 31, 2023, the Company made payments under the Stream Loan totaling 
$21.0 million (three months ended March 31, 2022 – $11.3 million) of which $4.8 million (three months ended 
March 31, 2022 – $2.8 million) was paid on account of principal; $2.2 million (three months ended March 31, 
2022 – $2.5 million) for accrued interest; and $14.0 million (three months ended March 31, 2022 – $6.0 million) 
for the Finance Charge (see Note 16).  As at March 31, 2023, based on the projected life of mine production 
and other signi ficant assumptions (see Note 16), the estimated fair value equivalent to 265,580 oz. of gold 
and 4,532,785 oz. of silver remains outstanding under the Stream Loan. 
 
The Company has the option to repay (i) 50% of the remaining Stream Loan on June 30, 2024 for $150 million 
and / or (ii) the other 50% of the remaining Stream Loan on June 30, 2026 for $225 million. 
 
The Company has elected to measure the Stream Loan as a financial liability at fair value through profit or 
loss. 
 
(c) Offtake commitment (the “Offtake”) 
 
The lender of the Prepay Loan and Stream Loan has been granted the right to purchase 50% of Fruta del 
Norte gold production, up to a maximum of 2.5 million oz., at a price determined based on monthly delivery 
dates and a defined quotational period.  This obligation is satisfied first through the sale of doré and then, if 
required, financial settlement. 
 
The Company has determined that the Offtake represents a derivative financial liability.  Accordingly, the 
Offtake, which is primarily a function of the gold price option feature, is measured at fair value at each 
statement of financial position date, with changes in the derivative fair value being recorded in profit or loss. 
 
(d) Senior debt facility (the “Facility”) 
 
As at March 31, 2023  Tranche A  Tranche B  Total 
       
Principal $ 102,046 $ 40,819 $ 142,865 
Accrued interest  1,246  376  1,622 
Transaction costs, net of amortization  (6,709)  (2,298)  (9,007) 
       
Total  $ 96,583 $ 38,897 $ 135,480 
 
The Facility is a senior secured loan comprised of two tranches: a senior commercial facility (“Tranche A”) and 
a senior covered facility under a raw material guarantee (“Tranche B”).  The annual interest rate is the three 
or six-month LIBOR plus an average margin of approximately 5.05% for Tranche A and 2.50% for Tranche B. 
Tranche A and Tranche B are subject to risk mitigation and guarantee fees of 2.00% and 3.15%, respectively.  
The Facility is repayable in variable quarterly instalments and matures in June 2026.  In addition, accelerated 
quarterly principal repayments based on 30% of Fruta del Norte’s excess cash flow (the “Cash Sweep”) apply 
starting in 2022 for which an estimate is included in the current portion of long-term debt. 
 
During the three months ended March 31, 2023, the Company paid $ 38.7 million of principal ( three months 
ended March 31, 2022 – $12.9 million) and $4.1 million (three months ended March 31, 2022 – $1.5 million) 
of interest relating to the Facility.  The principal repaid during the three months ended March 31, 2023 includes 
$19.4 million (three months ended March 31, 2022 – $12.9 million) paid on account of the Cash Sweep.  No 
variable quarterly instalments were paid during the three months ended March 31, 2022 as the settlement 
date had been revised from the end of each quarter to 45 days after a quarter end. 
26

===== SIDA 36 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
7. Long-term debt (continued) 
 
Under the long-term debt, the Company, together with its subsidiaries related to Fruta del Norte (collectively, the 
“FDN Subsidiaries”), are subject to a number of covenants while amounts remain outstanding including maintaining 
a minimum cash balance of $40 million in its operating subsidiary as its debt service reserve balance.  The long -
term debt is secured by a charge over the FDN Subsidiaries’ assets, pledges of the shares of the FDN Subsidiaries 
and guarantees of the Company and the FDN Subsidiaries. 
 
 
8. Share capital 
 
Authorized: 
• Unlimited number of common shares without par value 
• Unlimited number of preference shares without par value 
 
During the three months ended March 31, 2023, the Company issued 226,349 common shares to Newcrest Mining 
Limited (“Newcrest”) at a weighted average price of CAD$13.36 per share for total proceeds of $2.2 million.  During 
the year ended December 31, 20 22, 477,260 common shares were issued to Newcrest at a weighted average 
price of CAD$10.50 per share for total proceeds of $3.9 million.  These issuances were completed in accordance 
with Newcrest’s anti-dilution rights granted as part of its initial investment into the Company.   
 
 
9. Stock-based compensation 
 
Under an omnibus incentive plan (the “Omnibus Plan”) that allows for the reservation of a maximum 6% of the 
common shares issued and outstanding for issuance at any given time , the Company may grant stock options, 
restricted share units and deferred share units  (collectively, the “Awards”).  Subject to specific provisions under 
the Omnibus Plan, the eligibility, vesting period, term, and number of Awards are granted at the discretion of the 
Company’s board of directors.   
 
Restricted share units entitle the recipient, upon settlement, to receive common shares or, subject to provisions 
under the Plan, the cash equivalent or a combination thereof.  The Company’s board of directors may also grant 
restricted share units that include performance criteria which vest based on a multiplier. 
 
Deferred share units may only be granted to non -employee directors and are payable after termination of the 
recipient’s service with the Company.  Upon settlement, the recipient may receive common shares or, subject to 
provisions under the Plan, the cash equivalent or a combination thereof. 
 
Recipients of share units granted and outstanding on a dividend record date are entitled to receive an award of 
additional share units equal to the cash dividends declared and paid on the Company’s common shares (“Dividend 
Equivalent”).  Dividend Equivalents are calculated in accordance with the Omnibus Plan based on the number of 
share units held, the dividend per share and the weighted average trading price of the Company’s shares on the 
TSX for the five days preceding the date the dividend was paid.  These additional share units are subject to the 
same terms and conditions as the underlying share units. 
 
i. Stock options 
 
Stock options granted and outstanding under the Omnibus Plan and a pre -existing stock option plan (the 
“Option Plan”) have an expiry date of five years and vest over a period of three or four years from date of 
grant.  No additional stock options can be granted under the Option Plan. 
 
During the three months ended March 31, 2023, 450,500 stock options were granted under the Omnibus Plan 
which have an expiry date of five years and vest over a period of three or four years from date of grant. 
 
 
 
27

===== SIDA 37 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
9. Stock-based compensation (continued) 
 
Stock options are exercisable into one common share of the Company at the price specified in the terms of 
the option agreement. 
 
A continuity summary of the stock options granted and outstanding under the Omnibus Plan and Option Plan 
is presented below: 
 
 Three months ended  Year ended 
 March 31, 2023  December 31, 2022 
   Weighted 
average 
   Weighted 
average 
 Number of  exercise price  Number of  exercise price 
 stock options  (CAD)  stock options  (CAD) 
        
Balance, beginning of period 4,237,923 $ 8.35  4,863,400 $ 7.26 
        
Granted 450,500  13.78  772,800  9.86 
Forfeited -  -  (42,884)  10.23 
Exercised(1) (487,400)  5.15  (1,355,393)  5.23 
        
Balance outstanding, end of period 4,201,023 $ 9.31  4,237,923 $ 8.35 
        
Balance exercisable, end of period 2,923,690 $ 8.37  2,693,070 $ 7.10 
 (1) The weighted average share price on the exercise date for the stock options exercised during the three months ended 
March 31, 2023 and year ended December 31, 2022 were CAD$14.79 and CAD$11.62, respectively. 
 
The following table summarizes information concerning outstanding and exercisable options at  March 31, 
2023: 
 
  Outstanding options Exercisable options 
 
Range of 
exercise 
prices 
(CAD) 
Number of 
options 
outstanding 
Weighted 
average 
remaining 
contractual 
life (years) 
Weighted 
average 
exercise 
price 
(CAD) 
Number of 
options 
outstanding 
Weighted 
average 
remaining 
contractual 
life (years) 
Weighted 
average 
exercise 
price (CAD) 
        
$ 4.90 to 5.40 1,466,800 0.90 $ 5.35 1,466,800 0.90 $ 5.35 
$ 5.41 to 11.00 1,451,523 3.41 10.13 710,490 3.25 10.22 
$ 11.01 to 13.88 1,282,700 3.11 12.89 746,400 1.97 12.54 
        
  4,201,023 2.44 $ 9.31 2,923,690 1.74 $ 8.37 
 
The fair value based method of accounting was applied to stock options granted to employees, including 
directors, and non -employees on the date of grant using the Black -Scholes option pricing model with the 
following weighted-average assumptions: 
 
 March 31, 
2023 
December 
31, 2022 
   
Risk-free interest rate 3.11% 1.62% 
Expected stock price volatility 38.37% 36.51% 
Expected life 5 years 5 years 
Expected dividends (CAD) $0.26 - 
   
Weighted-average fair value per option granted (CAD) $4.42 $3.40 
28

===== SIDA 38 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
9. Stock-based compensation (continued) 
 
The equity-settled share-based payment reserve includes the fair value of employee options as measured at 
grant date and amortized over the period during which the employees become unconditionally entitled to the 
options. 
 
During the three months ended March 31, 2023, the Company recorded stock-based compensation expense 
of $0.4 million (three months ended March 31, 2022 – $0.5 million).  
 
ii. Share units 
 
Under the Omnibus Plan, the Company has granted restricted share units and deferred share units to eligible 
employees and non-employee directors as presented below. 
 
 Restricted share units with 
performance criteria 
  
Restricted share units 
  
 
 Settled in cash 
or shares 
 
Settled in shares 
 
 
 
Settled in cash 
 
Settled in shares 
 Deferred share 
units 
        
Balance at January 1, 2022 148,000 187,300  24,600 110,800  23,308 
        
Granted - 196,500  - 86,800  10,509 
Granted – Dividend Equivalent 4,052 10,506  670 4,271  861 
Cancelled - (17,054)  - -  - 
Settled - -  - (41,000)  - 
        
Balance at December 31, 2022 152,052 377,252  25,270 160,871  34,678 
        
Granted - 139,200  - 90,100  804 
Granted - Dividend Equivalent - 4,574  - 1,414  307 
Cancelled - -  (5,752) (13,765)  - 
Settled (152,052) -  (19,518) (76,019)  - 
        
Balance at March 31, 2023 - 521,026  - 162,601  35,789 
 
Restricted share units with performance criteria (“PSUs”) 
 
During the three months ended March 31, 2023, the Company granted 139,200 PSUs that are settled in 
shares (“Share PSUs”) .  In addition, in connection with the dividend paid on March 31, 2023 , 4,574 Share 
PSUs were granted as Dividend Equivalents .  During the year ended December 31, 2022, the Company 
granted 196,500 Share PSUs.  In addition, in connection with the Company’s inaugural dividend paid in 2022, 
10,506 Share PSUs and 4,052 PSUs that are settled in cash or common shares, at the recipient’s option, 
(“Cash PSUs”) were granted as Dividend Equivalents.   
 
All Cash PSUs were settled through a combination of payment of cash or issuance of shares during the three 
months ended March 31, 2023.  Share PSUs are granted to eligible employees and vest th ree years from 
date of grant subject to continued employment and certain performance conditions being met.  The number 
of Share PSUs that vest will be adjusted using a multiplier that is based on total shareholder return by the 
Company’s shares over the three-year period relative to a peer group as defined by the Company’s board of 
directors.  Each vested Share PSU entitles the recipient to a payment of one common share.   
  
29

===== SIDA 39 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
9. Stock-based compensation (continued) 
 
Using Monte Carlo simulation, the fair value of Share PSUs was measured on the date of grant while the fair 
value of Cash PSUs was measured as at December 31, 202 2 with the following weighted -average 
assumptions: 
 
 March 31, 2023 December 31, 2022 
 Share PSUs Share PSUs Cash PSUs 
    
Risk-free interest rate 4.22% 2.20% N/A 
Average expected volatility of the Company 
and its peer group 
 
45.64% 
 
50.54% 
 
N/A 
Expected life 3 years 3 years 0.15 years 
Expected dividends (CAD) $0.26 - $0.26 
    
Weighted-average fair value per unit (CAD) $12.38 $9.33 $13.23 
 
The fair value of Share PSUs measured at grant date are being amortized over the period during which the 
employees become unconditionally entitled to the Share PSUs.  During the three months ended March 31, 
2023, the Company recorded stock-based compensation expense of $0.3 million (three months ended March 
31, 2022 – $0.2 million) relating to Share PSUs. 
 
Restricted share units without performance criteria (“RSUs”) 
 
During the three months ended March 31, 2023, the Company granted 90,100 RSUs that are settled in shares 
(“Share RSUs”).  In addition, in connection with the dividend paid on March 31, 2023, 1,414 Share RSUs were 
granted as Dividend Equivalents.  During the year ended December 31, 2022, the Company granted 86,800 
Share RSUs.  In addition, in connection with the Company’s inaugural dividend paid in 2022 , 4,271 Share 
RSUs and 670 RSUs that are settled in cash (“Cash RSUs”) were granted as Dividend Equivalents.   
 
All Cash RSUs were settled in cash during the three months ended March 31, 2023.  Share RSUs are granted 
to eligible employees and vest one to three years from date of grant subject to continued employment.  Each 
vested Share RSU entitles the recipient to a payment of one common share.   
 
Using the Black-Scholes option pricing model, the fair value of the Share RSUs was measured on the date of 
grant while the fair value of the Cash RSUs was measured as at December 31, 202 2 with the following 
weighted-average assumptions: 
 
 March 31, 2023 December 31, 2022 
 Share RSUs Share RSUs Cash RSUs 
    
Risk-free interest rate 3.74% 1.22% 3.86% 
Expected stock price volatility 41.12% 44.54% 39.27% 
Expected life 1.58 years 1.99 years 0.15 years 
Expected dividends (CAD) $0.26 - $0.26 
    
Weighted-average fair value per unit (CAD) $16.10 $12.42 $13.86 
 
The fair value of Share RSUs measured at grant date are being amortized over the period during which the 
employees become unconditionally entitled to the Share RSUs.  During the three months ended March 31, 
2023, the Company recorded stock-based compensation expense of $0.1 million (three months ended March 
31, 2022 – $0.2 million) relating to Share RSUs. 
  
30

===== SIDA 40 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
9. Stock-based compensation (continued) 
 
Deferred share units (“DSUs”) 
 
During the three months ended March 31, 2023 and year ended December 31, 202 2, the Company granted 
804 DSUs and 10,509 DSUs, respectively, to non -employee directors.  In addition, in connection with 
dividends paid by the Company during the three months ended March 31, 2023 and year ended December 
31 2022, 307 DSUs and 861 DSUs, respectively, were granted as Dividend Equivalents.  The DSUs do not 
vest until the end of service as a director of the Company.  Each vested DSU entitles the recipient to a payment 
in shares.  
 
During the three months ended March 31, 2023, the Company recorded stock-based compensation expense 
of $0.1 million (three months ended March 31, 2022 – $0.1 million) relating to DSUs.  
 
 
10. Administration 
 
    Three months ended   
March 31, 
      2023  2022 
           
Corporate social responsibility       $ 612 $ 427 
Investor relations        78  102 
Office and general        705  737 
Professional fees        407  608 
Regulatory and transfer agent        245  160 
Salaries and benefits        4,527  2,791 
Stock-based compensation        927  992 
Travel        104  44 
           
       $ 7,605 $ 5,861 
 
 
11. Finance expense 
 
    Three months ended   
March 31, 
      2023  2022 
           
Interest expense       $ 5,893 $ 7,445 
Finance charge        14,053  17,309 
Other finance costs        1,095  1,591 
Accretion of transaction costs        1,830  1,095 
Interest income        (1,814)  (164) 
           
       $ 21,057 $ 27,276 
           
 
  
31

===== SIDA 41 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
12. Related party transactions 
 
Key management compensation 
 
Key management includes executive officers  and directors of the Company.  The compensation paid or payable 
to key management for employee services during the three months ended March 31 is shown below. 
 
  March 31,  March 31, 
  2023  2022 
     
Salaries, bonuses and benefits $ 4,131 $ 2,467 
Stock-based compensation  790  743 
     
 $ 4,921 $ 3,210 
 
 
13. Income taxes 
 
Current income tax expense is generated from net income for tax purposes in Ecuador relating to operations at 
Fruta del Norte.  In addition to corporate income taxes in Ecuador which are levied at a rate of 22% and dividend 
withholding taxes levied at a rate of 5% related to the anticipated portion of net income distributed from Ecuador, 
included in current income tax expense is the portion of profit sharing payable to the Government of Ecuador which 
is calculated at the rate of 12% of net income for tax purposes. The employee portion of profit sharing, calculated 
at the rate of 3% of net income for tax purposes, is consider ed an employment benefit and included in operating 
costs.   
 
The rate s used in Ecuador differ from the amount that would result from applying the Canadian federal and 
provincial income tax rates to net income before tax.  These differences result from the following items: 
 
  Three months ended   
March 31, 
      2023  2022 
         
Net income before tax     $ 85,313 $ 40,093 
         
Canadian federal and provincial income tax rates    27.00%  27.00% 
         
Income tax expense based on the above rates    23,035  10,825 
         
Increase due to:         
Differences in foreign tax rates      5,628  4,490 
Non-deductible costs      2,116  933 
Withholding taxes (current and deferred)     2,291  - 
Losses and temporary differences for which an income tax asset has not 
been recognized 
  
778 
 
  
663 
         
Income tax expense     $ 33,848 $ 16,911 
         
 
  
32

===== SIDA 42 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
14. Supplemental cash flow information 
 
Cash and cash equivalents are comprised of the following: 
 
  March 31,  December 31, 
  2023  2022 
     
Cash  $ 142,184 $ 283,596 
Short-term investments  67,530  79,804 
     
 $ 209,714 $ 363,400 
 
Other supplemental cash information: 
 
    Three months ended   
March 31, 
      2023  2022 
           
Change in accounts payable and accrued 
liabilities related to: 
        
Acquisition of property, plant and equipment     $ (2,313) $ (2,023) 
           
 
  
33

===== SIDA 43 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
15. Segmented information 
 
Operating segments are components of an entity that engage in business activities from which they incur expenses 
and whose operating results are regularly reviewed by a chief operating decision maker to make resource 
allocation decisions and to assess perf ormance.  The Chief Executive Officer is responsible for allocating 
resources and reviewing operating results of each operating segment on a periodic basis.   
 
The Company’s primary business activity is the Fruta del Norte operating mine in Ecuador.  Mater ially all of the 
Company’s non -current assets and non -current liabilities relate to Fruta del Norte.  In addition, the Company 
conducts exploration activities and maintains a number of concessions in Ecuador outside of Fruta del Norte. 
 
The following are summaries of the Company’s current and non-current assets, current and non-current liabilities, 
and net income (loss) by segment: 
 
 
Fruta del 
Norte  
Exploration 
activities 
Corporate 
and other Total 
     
As at March 31, 2023     
     
Current assets $ 406,892 $ 9,360 $ 67,938 $ 484,190 
Non-current assets 982,850 - - 982,850 
     
Total assets 1,389,742 9,360 67,938 1,467,040 
     
Current liabilities 224,786 714 1,837 227,337 
Non-current liabilities 346,560 - 7,500 354,060 
     
Total liabilities 571,346 714 9,337 581,397 
     
For the three months ended March 31, 2023     
     
Revenues 256,728 - - 256,728 
     
Income from mining operations 132,708 - - 132,708 
Corporate administration (1,232) (16) (6,357) (7,605) 
Exploration expenditures - (3,843) - (3,843) 
Finance income (expense) (21,795) - 738 (21,057) 
Other income  24 - 520 544 
Derivative loss (15,434) - - (15,434) 
Income tax expense (31,557) - (2,291) (33,848) 
     
Net income (loss) for the period 62,714 (3,859) (7,390) 51,465 
     
 
  
34

===== SIDA 44 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
15. Segmented information (continued) 
 
 
Fruta del 
Norte  
Exploration 
activities 
Corporate 
and other Total 
     
As at March 31, 2022     
     
Current assets $ 566,632 $ 4,403 $ 44,645 $ 615,680 
Non-current assets 1,119,543 - - 1,119,543 
     
Total assets 1,686,175 4,403 44,645 1,735,223 
     
Current liabilities 338,765 987 2,248 342,000 
Non-current liabilities 547,091 - - 547,091 
     
Total liabilities 885,856 987 2,248 889,091 
     
For the three months ended March 31, 2022     
     
Revenues 216,472 - - 216,472 
     
Income from mining operations 111,207 - - 111,207 
Corporate administration (1,254) (1) (4,606) (5,861) 
Exploration expenditures - (2,806) - (2,806) 
Finance income (expense) (27,313) - 37 (27,276) 
Other income (expense) (20) - (427) (447) 
Derivative loss (34,724) - - (34,724) 
Income tax expense (16,911) - - (16,911) 
     
Net income (loss) for the period 30,985 (2,807) (4,996) 23,182 
     
 
 
16. Financial instruments 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are 
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are 
categorized as financial  liabilities at amortized cost.  The fair value of these financial instruments approximates 
their carrying values due to the short -term nature of these instruments.  In addition, the Stream Loan and offtake 
commitment have been classified as financial liab ilities measured at fair value and the senior debt facility as a 
financial liability at amortized cost.  Further, provisionally priced trade receivables of $104.6 million (December 31, 
2022 - $86.4 million) are measured at fair value using quoted forward market prices (level 2). 
  
35

===== SIDA 45 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
16. Financial instruments (continued) 
 
(a) Fair value measurements and hierarchy 
 
IFRS establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair 
value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical 
assets or liabilities and the lower priority to unobservable inputs.  The three levels of the fair value hierarchy 
are as follows: 
 
Level 1: Quoted prices in active markets for identical assets or liabilities that the reporting entity has 
the ability to access at the measurement date. 
 
Level 2: Inputs that are observable, either directly or indirectly, for substantially the full term of the 
asset or liability. 
 
Level 3: Inputs that are both significant to the fair value measurement and unobservable. 
 
(b) Fair value measurements using significant unobservable inputs (Level 3) 
 
The following table sets forth the Company’s financial liabilities measured at fair value on a recurring basis by 
level within the fair value hierarchy for the three months ended March 31, 2023 and year ended December 
31, 2022.  Each of these financial instruments are classified as Level 3 as their valuation includes significant 
unobservable inputs. 
 
  
 
 Stream loan 
credit 
facility  
Offtake 
derivative 
liability  Total 
         
Balance, December 31, 2021   $ 263,614 $ 27,038 $ 488,432 
         
Principal paid    (13,933)  -  (13,933) 
Interest paid    (9,545)  -  (9,545) 
Interest accrued at stated rate of 7.5%    9,545  -  9,545 
Accretion of transaction costs    212  -  212 
         
 Derivative fair value adjustments recognized in:       
Net income    20,608  1,402  22,010 
Other comprehensive income    (11,275)  -  (11,275) 
Change in derivative fair values    9,333  1,402  10,735 
         
         
Balance, December 31, 2022   $ 259,226 $ 28,440 $ 287,666 
         
Principal paid    (4,826)  -  (4,826) 
Interest paid    (2,170)  -  (2,170) 
Interest accrued at stated rate of 7.5%    2,170  -  2,170 
Accretion of transaction costs    53  -  53 
         
 Derivative fair value adjustments recognized in:       
Net income    14,269  1,165  15,434 
Other comprehensive income    368  -  368 
Change in derivative fair values    14,637  1,165  15,802 
         
         
Balance, March 31, 2023   $ 269,090 $ 29,605 $ 298,695 
 
  
36

===== SIDA 46 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
16. Financial instruments (continued) 
 
(c) Significant assumptions in valuation and relationship to fair value 
 
The financial liabilities above were valued using Monte Carlo simulation valuation models.  The significant 
assumptions used in the Monte Carlo valuation models include: the gold and silver forward prices, gold and 
silver price volatility, the risk -free rate of return, risk -adjusted discount rates, and the projected life of mine 
production schedule.   
 
As the gold price and silver price volatilities and risk -adjusted discount rates are unobservable inputs, the 
financial liabilities above are classified with in Level 3 of the fair value hierarchy.  The following table 
summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value 
measurements. 
 
  Fair value at 
March 31, 
2023 
Unobservable 
inputs 
Range of 
inputs 
Relationship of unobservable 
inputs to fair value 
      
Stream Loan 
and Offtake 
$ 298,695 Expected volatility 15% to 34% An increase or decrease in expected 
volatility of 5% would increase or 
decrease fair value by $5.4 million or 
$6.0 million, respectively 
   Risk-adjusted 
discount rate 
14% to 16% An increase or decrease in risk-
adjusted discount rate of 1% would 
decrease or increase fair value by 
$8.5 million or $8.8 million, 
respectively 
      
 
(d) Valuation processes 
 
The valuation of financial instruments classified as Level 3 of the fair value hierarchy were prepared by an 
independent valuation specialist under the direct oversight of the Interim Chief Financial Officer  of the 
Company.  Discussions of valuation processes and results are reported to the audit committee at least once 
every three months, in line with the Company’s quarterly reporting periods.  
 
(e) Financial risk management 
 
Concentration of credit risk 
 
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the Company’s 
cash and cash equivalents held with financial institutions exceed government -insured limits.  The Company 
has established a treasury policy  that seek to minimize its credit risk by entering into transactions with 
investment grade credit worthy and reputable financial institutions and by monitoring the credit standing of 
those financial institutions.  The Company seeks to limit the amount of exposure with any one counterparty in 
accordance with its established treasury policy. 
 
  
37

===== SIDA 47 =====

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
17. Commitments 
 
Significant capital expenditures contracted as at March 31, 2023 but not recognized as liabilities are as follows: 
 
 
 
Capital 
Expenditures 
   
12 months ending March 31, 2024 $ 11,718 
April 1, 2024 onward  - 
   
Total  $ 11,718 
 
38

===== SIDA 48 =====

Corporate Information  
 
 
BOARD OF DIRECTORS 
Jack Lundin, Chairman 
Vancouver, Canada 
Carmel Daniele 
London, United Kingdom 
Gillian Davidson 
Edinburgh, United Kingdom 
Ian Gibbs 
Vancouver, Canada 
Chantal Gosselin 
Vancouver, Canada 
Ashley Heppenstall 
London, United Kingdom 
Ron F. Hochstein 
Vancouver, Canada 
Craig Jones 
Queensland, Australia 
Jill Terry  
Victoria, Australia  
 
OFFICERS 
Ron F. Hochstein 
President & Chief Executive Offi cer 
Chester See 
Interim Chief Financial Officer  
Terry Smith 
Chief Operating Officer  
Sheila Colman 
Vice President, Legal  
& Corporate Secretary  
Nathan Monash 
Vice President, Business 
Sustainability 
Andre Oliveira 
Vice President, Exploration  
 
OFFICES 
CORPORATE HEAD OFFICE  
Lundin Gold Inc.  
885 West Georgia Street, Suite 2000 
Vancouver, BC V6C 3E8  
Telephone: 604-689-7842 
Toll Free: 1-888-689-7842 
Facsimile: 604-689-4250 
 
REGIONAL HEAD OFFICE  
Aurelian Ecuador S.A.,  
a subsidiary of Lundin Gold Inc. 
Av. Amazonas N37-29 y UNP Edificio 
Eurocenter, Piso 5 
Quito, Pichincha 
Ecuador 
Telephone: 593-2-299-6400 
 
COMMUNITY OFFICE  
Calle 1ro de Mayo y 12 de Febrero, 
esquina 
Los Encuentros, Zamora-Chinchipe, 
Ecuador 
 
 
STOCK EXCHANGE 
LISTINGS 
The Toronto Stock Exchange 
Trading Symbol: LUG 
Nasdaq Stockholm 
Trading Symbol: LUG 
 
SHARE REGISTRAR AND 
TRANSFER AGENT 
Computershare Investor Services Inc. 
510 Burrard Street, 3rd Floor 
Vancouver, BC V6C 3B9  
Telephone: 1-800-564-6253 
 
AUDITOR 
PricewaterhouseCoopers LLP 
250 Howe St, Suite700  
Vancouver, BC V6C 3S7 
Telephone: 604-806-7000 
 
ADDITIONAL INFORMATION 
Further information about Lundin Gold 
is available by contacting:  
Finlay Heppenstall 
Director, Investor Relations 
Telephone: 604-689-7842 
Toll Free: 1-888-689-7842 
info@lundingold.com 
Lundin Gold Ecuador

===== SIDA 49 =====

885 West Georgia Street, Suite 2000 
Vancouver, British Columbia, V6C 3E8 
Canada 
Av. Amazonas N37-29 y UNP Edificio 
Eurocenter, Piso 5 
Quito, Pichincha, Ecuador 
 
Telephone: 604-689-7842 
Toll Free: 1-888-689-7842 
Telephone: 593-2-299-6400 
 
info@lundingold.com www.lundingold.com 
 
 
 
 
 
 
 
 
 
 
 
@LundinGold @LundinGoldEC Lundin Gold 
 
Lundin Gold 
 
Lundin Gold Ecuador