Kvartalsrapport Q1 2024

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NEWS RELEASE 
Vancouver, May 8, 2024 
 
 
Lundin Gold Inc.  Suite 2800, Four Bentall Centre 
1055 Dunsmuir Street  
 Phone: +1 604 689 7842 
Fax: +1 604 689 4250 
 lundingold.com 
Email: info@lundingold.com   Vancouver, BC, Canada, V7X 1L2   
 
 
 
LUNDIN GOLD REPORTS FIRST QUARTER OF 2024 RESULTS 
 
Results Provide Strong Foundation to Meet 2024 Guidance 
 
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 2024, highlighted by gold production of 111,572 ounces (“oz”) 
and gold sales of 108,916 oz at a cash operating cost 1 of $735 per oz sold and all-in sustaining cost (“AISC”)1 of 
$868 per oz sold from its Fruta del Norte gold mine (“Fruta del Norte” or “FDN”) located in southeastern Ecuador. 
Bolstered by strong operating performance, reduced debt servicing costs and record high gold prices, Fruta del 
Norte generated in excess of $100 million cash from operating activities in the first quarter, and free cash flow1 
of $82.3 million or $0.35 per share, resulting in a cash balance of $324 million as at March 31, 2024. All amounts 
are in U.S. dollars unless otherwise indicated. 
 
“I’m pleased to report another great start to the year for Lundin Gold. Operations are running consistently , 
including cost performance and production which is weighted to the second half of the year.  Our Process Plant 
Expansion Project to deliver increased throughput and recoveries is on track for year-end completion. As a result 
of our conversion drilling, we announced the replacement of our Mineral Reserves and continue to focus on 
organic growth opportunities.”  Ron Hochstein, President and CEO commented, “With the buy out of the stream 
credit facility and offtake agreement, we are poised to repay the final piece of the Fruta del Norte project finance 
debt by the end of the second quarter, and are looking forward to  further margin expansion in addition to  
unencumbered exposure to rising gold prices.  2024 is shaping up to be a great year with our continued focus on 
operational excellence, near -term production growth and very e xciting exploration throughout the Fruta del 
Norte district.” 
 
OPERATING AND FINANCIAL RESULTS SUMMARY 
 
The following two tables provide an overview of key operating and financial results. 
 
 Three months ended  
March 31 
 2024 2023 
Tonnes ore mined 419,758 427,735 
Tonnes ore milled 413,596 392,332 
Average mill throughput (tpd) 4,545 4,359 
Average mill head grade (g/t) 9.5 12.3 
Average recovery 88.3% 90.6% 
Gold ounces produced 111,572 140,021 
Gold ounces sold 108,916 134,691 
 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on  
pages 13 to 16 of the Company's MD&A for the first quarter ended March 31, 2024 available on SEDAR+.

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2 
 
 
 Three months ended  
March 31 
 2024 2023 
Revenues ($’000) 226,741 256,728 
Income from mining operations ($’000) 113,237 132,708 
Earnings before interest, taxes, depreciation, and amortization ($’000)1 111,612 143,632 
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 131,456 159,066 
Net income ($’000) 41,897 51,465 
Basic income per share ($) 0.18 0.22 
Cash provided by operating activities ($’000) 107,914 144,439 
Free cash flow ($’000)1 82,259 (11,653) 
Free cash flow per share ($)1 0.35 (0.05) 
Average realized gold price ($/oz sold)1  2,141 1,952 
Cash operating cost ($/oz sold)1 735 644 
All-in sustaining costs ($/oz sold)1 868 728 
Adjusted earnings ($‘000)1  57,796 67,014 
Adjusted earnings per share ($)1 0.24 0.28 
Dividends paid per share ($) 0.10 0.10 
 
FIRST QUARTER HIGHLIGHTS - FDN STRONGLY POSITIONED TO PROFIT FROM RISING GOLD PRICES 
 
Financial Results 
 
• Gold sales totalled 108,916 oz, consisting of 71,676 oz in concentrate and 37,240 oz as doré, resulting in 
gross revenues of $233 million at an average realized gold price1 of $2,141 per oz. 
• Net of treatment and refining charges, revenues for the quarter were $227 million. 
• Cash operating costs1 and AISC1 were $735 and $868 per oz of gold sold, respectively, which are both in line 
with expectations. Cash operating costs1 per oz sold were at the upper end of guidance as a result of lower 
gold production resulting from expected lower grades and recoveries, while the lower level of sustaining 
capital activities than anticipated during the quarter reduced AISC1. 
• The Company generated cash from operating activities of $108 million and free cash flow1 of $82.3 million 
or $0.35 per share resulting in a cash balance of $324 million at March 31, 2024. 
• Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 were $112 
million and $131 million, respectively, with the difference resulting from derivative losses recognized in the 
quarter and a one-time special government levy, payable in two equal instalments. 
• Net income was $41.9 million including a derivative loss of $17.9 million, and net of corporate, exploration, 
finance costs, and associated taxes. Adjusted earnings 1, which exclude the one -time special government 
levy, derivative losses and related taxes, were $57.8 million, or $0.24 per share. 
 
Production Results 
 
• Gold production was 111,572 oz which was comprised of 73,964 oz in concentrate and 37,608 oz as doré. 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 13 to 16 of the Company's MD&A for the first quarter ended March 31, 2024 available on SEDAR+.

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3 
 
• Mine production totalled 419,758 tonnes of ore at an average grade of 10.5 grams per tonne. 
• The mill processed 413,596 tonnes of ore at an average throughput rate of 4,545 tpd which is consistent 
with the throughput rate achieved during the previous year. 
• The average grade of ore milled was 9.5 grams per tonne with average recovery at 88.3%. 
 
Outlook 
 
• First quarter performance provides a strong foundation for the rest of the year. The Company’s production 
guidance of 450,000 to 500,000 oz and AISC1 guidance of $820 to $890 oz. sold remain unchanged. 
• Production is expected to be higher during the second half of the year driven by planned increase in grades 
and recoveries. 
• Process Plant Expansion Project to increase plant throughput to 5,000 tpd and improve metallurgical 
recoveries, with the addition of three Jameson cells, remains on track for completion by the end of 2024. 
• Near-mine drilling program to continue to explore Bonza Sur where the primary focus is to better 
understand the target’s mineralized zones as well as expanding the system to the north and at depth.  
• At the new FDN East discovery, two rigs will focus on expanding the initial positive results achieved to gain 
a better understanding of the mineralized zones and the main geological controls.  
• One underground rig is expected to continue to test the extension of the FDN mineral envelope at depth. 
• The regional drilling program is planned to start during the second quarter with one surface rig testing the 
Robles and Lupita targets in the Southern Basin. 
• Ten rigs are turning across the conversion, near -mine and regional programs and a minimum of 65,000 
metres of drilling continues to be planned in 2024. This represents the largest drill program ever completed 
at the land package that hosts the FDN deposit. The estimated exploration budget for 2024 remains $42 
million. 
• The Company anticipates continuing to declare quarterly dividends of at least $0.10 per share, which is 
equivalent to approximately $100 million annually, based on currently issued and outstanding shares.  With 
the Company becoming debt free combined with rising gold prices , the Company expects to review its 
dividend policy in the latter half of 2024. 
 
Liquidity and Capital Resources 
  
At the end of the first quarter of 2024, the Company is in a strong financial position: 
  
(in thousands of U.S. dollars) As at March 31,  
2024 
As at December 31,  
2023 
Financial Position:   
Cash  323,935 268,025 
Working capital  413,528 346,859 
Total assets 1,508,987 1,468,209 
   
Long-term debt   
Fair value of stream credit facility and offtake 326,791 305,647 
  
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 13 to 16 of the Company's MD&A for the first quarter ended March 31, 2024 available on SEDAR+.

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4 
 
The change in cash during the first quarter was primarily due to cash generated from operating activities of $108 
million and proceeds from the exercise of stock options totalling $4.3 million. This is offset by principal 
repayments, interest and finance charges, including associated taxes, under the stream credit facility (“Stream 
Facility”) totalling $15.1 million; dividends of $23.9 million; cash outflows of $13.6 million relating to sustaining 
and plant expansion capital spending; and settlement of vested share units with cash of $3.6 million. 
 
The Stream Facility was the last remaining debt on the Company’s balance sheet following the full repayment of 
both the gold prepay credit facility and senior debt facility during 2023. On April 2 5, 2024, the Company 
announced that it had entered into an agreement with Newmont to buy out 100% of the balance of the Stream 
Facility and offtake agreement for total consideration of $330 million (the “Transaction”)1. 
 
Capital Expenditures 
 
• Sustaining Capital: 
o Sustaining capital activities during the quarter focused on completing projects that began in 2023 
including the implementation of a mine dispatch system and the upgrade of the surface haul road from 
the mine to the ore stockpile area. 
o For the conversion drilling program, a total of 3,710 metres across 30 drill holes were completed in the 
north sector of the FDN deposit. Conversion drilling continues to confirm mineralization at FDN with 
high-grade drilling intercepts associated with breccias and stockwork zones, like the mineralization 
found in the north sector of the Mineral Reserve envelope. Two rigs are currently turning under the 
conversion program. 
 
• Process Plant Expansion Project 
o Detailed engineering advanced during the quarter, along with procurement activities of plant equipment 
for the expansion which is expected to improve throughput to 5,000 tonnes per day and improve 
recoveries by approximately 3%. 
o Construction of the upgraded tailings and reclaim pipelines commenced late in the quarter. 
o The project continues to track on schedule for completion in December of this year. 
 
Health and Safety 
 
During the f irst quarter there were two Lost Time Incidents  and three Medical Aid Incident s. The Total 
Recordable Incident Rate across exploration and operations was 0.63 per 200,000 hours worked for the quarter. 
 
Community 
 
Lundin Gold continued to support several community projects in the first quarter of 2024, including initiatives 
focused on community health and education. The mental health and well-being program run by Educación para 
Compartir, an international non-profit organization, continued with increased participation by local community 
members.  The program has expanded to incorporate extra-curricular activities for young people and extended 
to rural communities close to Fruta del Norte.  Company sponsored education programs, which aim to improve 
local student access to higher education, continued to show success.  At quarter end, there were more than 200 
students from the nearby town of Los Encuentros enrolled at public and private universities.  
 
1 The Transaction constitutes a "related party transaction", as defined under Multilateral Instrument 61 -101 ("MI 61 -101"). The 
Transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the consideration 
paid pursuant to the Transaction does not exceed 25% of the Company's market capitalization.

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5 
 
  
Infrastructure investment continued to be a priority for Lundin Gold in the quarter. In line with the Company’s 
long-standing commitment to support road maintenance, Lundin Gold reached an agreement with local 
authorities to participate in a road paving initiative, which when completed will benefit more than 200 residents.   
 
During the first quarter of 2024, two series of dialogue round tables occurred, with high participation rates by 
local community members. 
 
EXPLORATION  
 
Near-Mine Exploration Program 
During the first quarter of 2024, the Company completed a total of 12,331 metres across 26 holes from surface 
and underground. Drilling from underground explored mainly the FDN deposit at depth while drilling from 
surface continued to test sectors located along the extensions of the controlling structures of the FDN deposit, 
such as Bonza Sur and FDN East. 
 
• During the quarter, the surface drilling program continued along the extensions of the East Fault, where 
the Bonza Sur discovery and other prospective sectors like FDN East, FDN North and Alejandro are 
located. 
 
o At Bonza Sur, located one kilometre from FDN, eight surface drill holes were completed and 
continue to expand this new epithermal system. Recent results confirm higher-grade intercepts 
at shallower depths associated mainly to vein/veinlet zones of quartz and minor chalcedony and 
manganoan-carbonate with occurrences of disseminated to semi -massive levels of sulphides 
(mainly sphalerite and galena). Mineralization h as already been identified for more than 1.3 
kilometres along the north -south strike and for at least 500 metres along the downdip and 
remains open in all directions. 
 
o At FDN East, a new buried epithermal mineralized system was discovered only 100 metres east 
from FDN. The target is hosted in similar volcanic and intrusive rocks as those found at the FDN 
deposit and is buried by sedimentary cover. Four drill holes were c ompleted during the first 
quarter and intercepted gold mineralization associated with significant levels of hydrothermal 
alteration represented by veins and/or veinlets of chalcedony, sulfides (mainly pyrite) and visible 
gold.  
 
• Underground exploration drilling at FDN continues to explore extensions of the mineral envelope at 
depth and four drill holes have been completed year -to-date. Of note, drill hole UGE -DD-24-089 
indicates gold mineralization associated with zones of hydrothermal alteration of a similar composition 
to that found at shallower levels of the mine and underscores the potential to expand FDN's current 
mineral envelope at depth. 
 
Regional Exploration Program 
The 2024 regional program continues to advance the identification of important indicators that point toward the 
presence of buried epithermal deposits in the southern basin. New sectors have been identified along the south 
border of the Suarez basin. A total of 10,000 metres of drilling is planned to be completed in 2024.

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6 
 
During the quarter, exploration fieldwork activities were completed on the Robles and Lupita targets, located to 
the south of the Suarez Basin. Detailed geological interpretation of exploration data and additional fieldwork 
were completed and aimed at identifying major structures and zones of hydrothermal alteration. The regional 
drilling program commenced at the Robles target in April. 
 
CORPORATE – QUARTERLY DIVIDEND OF $0.10 PER SHARE PAID AND DECLARED 
 
The Company paid its quarterly dividend of $0.10 per share on March 25, 2024 (March 28 for shares trading on 
Nasdaq Stockholm) based on a record date of March 8, 2024, for a total of $23.9 million. With the release of its 
first quarter 202 4 results, the Company has declared a cash dividend of $0.10 per share, which is payable on 
June 25, 2024 (June 28 for shares trading on Nasdaq Stockholm) to shareholders of record on June 10, 2024. 
 
Qualified Persons 
 
The technical information relating to FDN contained in this News Release has been reviewed and approved by 
Terry Smith P. Eng, Lundin Gold's COO who is a Qualified Person under NI 43-101. The disclosure 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 9 at 9:00 a.m. PT, 
12:00 p.m. ET, 6:00 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 / 56420882 
 
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 
24, 2024. 
 
Toll Free North America Replay Number: +1 888-390-0541 
International Replay Number: +1 416-764-8677 
Replay passcode: 420882 #

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7 
 
About Lundin Gold 
 
Lundin Gold, headquartered in Vancouver, Canada, is committed to positive and long-lasting impact on our host 
communities, while delivering significant value to stakeholders through operational excellence, cash flow 
generation and focused growth.   Lundin Gold currently operates its 100% owned Fruta del Norte gold mine in 
southeast Ecuador, which is one of the highest-grade gold mines in production in the world today. The Company 
also owns a portfolio of prospective exploration properties close to FDN.  
 
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 measures 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 these 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, 2024 available on 
SEDAR+. 
 
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 8, 2024 at 6:30 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: +1-604-806-3589  Tel: +1 604 806 3089 
ron.hochstein@lundingold.com  finlay.heppenstall@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", "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 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  2024 
production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts, and 
cash flow forecasts, completion of the buy out of the Stream Credit Facility and the Offtake Agreement ;  timing of the completion of

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8 
 
the Process Plant Expansion Project and its intended benefits, its estimated capital costs; expected management changes; 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 Resour ces 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 26, 20 24, which is available 
at www.lundingold.com or www.sedarplus.ca. 
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to diffe r materially 
from any forward-looking statement or that could have a material impact on the Company or the trading price of its sha res include: 
instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; security; non -compliance 
with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings; government or regulato ry 
approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and development; control 
of Lundin Gold; availability of workforce and labour relations; dividends; information systems and cyber security; Mineral Reserve and 
Mineral Resource estimates; title matters and surface rights and access; health and safety; human rights; employee misconduct ; 
measures to protect biodiversity; endangered species and critical habitats; global economic conditions; shortages of critical resources; 
competition for new projects; key talent recruitment and retention; market price of the Company’s shares; social media and reputation; 
insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of 
interest; ability to maintain obligations or comply with debt; violation of anti -bribery and corruption laws; internal controls; claims 
and legal proceedings; and reclamation obligations.

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Q1 2024

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 1 
 
 
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, 2024 with those of the same period from the previous year.  
 
This MD&A is dated as of May 8, 2024 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, 2024, 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 Accounting Standards”), and the MD&A 
for the fiscal year ended December 31, 2023.   
 
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 authorities in Canada at 
www.sedarplus.ca. 
 
Lundin Gold, headquartered in Vancouver, Canada, is committed to positive and long-lasting impact on our host 
communities, while delivering significant value to stakeholders through operational excellence, cash flow generation 
and focused growth.  Lundin Gold currently operates its 100% owned Fruta del Norte (“Fruta del Norte” or “FDN”) gold 
mine in southeast Ecuador, which is one of the highest-grade gold mines in production in the world today. The Company 
also owns a portfolio of prospective exploration properties close to FDN. 
 
 
FIRST QUARTER 2024 HIGHLIGHTS AND ACTIVITIES 
 
Bolstered by strong operating performance, reduced debt servicing costs and record high gold prices, Fruta del Norte 
generated in excess of $100 million cash from operating activities, and free cash flow1 of $82.3 million or $0.35 per 
share, during the first quarter of 2024. This resulted in a cash balance of $324 million as at March 31, 2024.   
 
Operating performance remains consistent with recent quarters, with first quarter gold production of 111,572 ounces 
(“oz”) at mill throughput of 4,545 tonnes per day (“tpd”) and average mill head grade of 9.5 g/t.  From this, gold sales 
of 108,916 oz resulted in gross revenues of $233 million at an average realized gold price1 of $2,141 per oz.  Cash 
operating costs1 were $735 per oz sold and all-in sustaining costs (“AISC”)1 were $868 per oz sold for the quarter.  With 
these results, the Company is on track to meet its 2024 guidance of production ranging between 450,000 to 500,000 
oz and AISC1 ranging between $820 to $890 per oz. sold. 
 
Exploration activities at the near-mine program continue to yield positive results. After the end of the first quarter, the 
Company announced the discovery of a new high-grade zone, FDN East, as well as positive drilling intercepts achieved 
at Bonza Sur and FDN at depth following 12,331 metres of drilling across 26 holes.  In addition, the Company increased 
its estimates of Mineral Reserves at FDN to 5.5 million oz through the results from the 2023 conversion drilling program, 
while also maintaining its estimates of total Mineral Resources year over year with successful exploration.  
 
After the end of the first quarter, the Company announced that it had entered into an agreement with Newmont 
Corporation ("Newmont") to buy out 100% of the balance of the stream credit facility (the “Stream Facility”) and offtake 
agreement (the “Offtake”) for total consideration of $330 million (the “Transaction”)2.  The negotiated purchase price 
for the Stream Facility and the Offtake of $330 million is payable in cash, with the first tranche of $180 million due on 
closing of the transaction which is targeted on June 28, 2024 (the “Effective Date”). Payments and deliveries will 
continue in accordance with the terms of the Stream Facility and Offtake until the Effective Date. The final tranche of 
the purchase price of $150 million is due on or before the end of the third quarter of 2024. 
 
 
1 Refer to “Non-IFRS Measures” section. 
2 The Transaction constitutes a "related party transaction", as defined under Multilateral Instrument 61-101 ("MI 61-
101"). The Transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-
101 as the consideration paid pursuant to the Transaction does not exceed 25% of the Company's market capitalization.

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 2 
 
 
The following two tables provide an overview of key operating and financial results achieved during the first quarter of 
2024 compared to the same period in 2023. 
  Three months ended 
March 31, 
   2024 2023 
Tonnes ore mined   419,758 427,735 
Tonnes ore milled   413,596 392,332 
Average mill throughput (tpd)   4,545 4,359 
Average mill head grade (g/t)   9.5 12.3 
Average recovery   88.3% 90.6% 
Gold ounces produced   111,572 140,021 
Gold ounces sold   108,916 134,691 
 
 
  Three months ended  
March 31, 
   2024 2023 
Revenues ($’000)   226,741 256,728 
Income from mining operations ($’000)   113,237 132,708 
Earnings before interest, taxes, depreciation, and 
amortization ($’000)1 
   
111,612 
 
143,632 
Adjusted earnings before interest, taxes, 
depreciation, and amortization ($’000)1 
   
131,456 
 
159,066 
Net income ($’000)   41,897 51,465 
Basic income per share ($)   0.18 0.22  
Cash provided by operating activities ($’000)   107,914 144,439 
Free cash flow ($’000)1   82,259 (11,653) 
Free cash flow per share ($)1   0.35 (0.05) 
Average realized gold price ($/oz sold)1    2,141 1,952 
Cash operating cost ($/oz sold)1   735 644 
All-in sustaining costs ($/oz sold)1   868 728 
Adjusted earnings ($‘000)1    57,796 67,014 
Adjusted earnings per share ($)1   0.24 0.28 
Dividends paid per share ($)   0.10 0.10 
 
  
 
1 Refer to “Non-IFRS Measures” section.

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 3 
 
 
The difference between net income and adjusted earnings1 during the first quarter of 2024 is due to a special one-time 
levy of $1.9 million, payable in two installments in 2024 and 2025, which was mandated by the Government of Ecuador 
to strengthen the country’s security amid rising violence, and non-cash derivative losses of $17.9 million (three months 
ended March 31, 2023: derivative loss 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 in the Company’s net income, comprehensive income, current and long-term 
liabilities until the buy out of the Stream Facility and Offtake on the Effective Date.       
 
Operating and Financial Results During the First Quarter of 2024 
 
 Gold production was 111,572 oz which was comprised of 73,964 oz in concentrate and 37,608 oz as doré. 
 During the first quarter, 419,758 tonnes of ore were mined at an average grade of 10.5 grams per tonne. 
 The mill processed 413,596 tonnes of ore at an average throughput rate of 4,545 tpd which is consistent with 
the throughput rate achieved during the previous year.   
 The average grade of ore milled was 9.5 grams per tonne with average recovery at 88.3%.   
 Gold sales totaled 108,916 oz, consisting of 71,676 oz in concentrate and 37,240 oz as doré, resulting in gross 
revenues of $233 million at an average realized gold price1 of $2,141 per oz.  Net of treatment and refining 
charges, revenues for the quarter were $227 million. 
 Cash operating costs1 and AISC1 were $735 and $868 per oz of gold sold, respectively, which are both in line 
with expectations.  Cash operating costs1 per oz sold were at the upper end of guidance as a result of lower 
gold production resulting from expected lower grades and recoveries, while the lower level of sustaining capital 
activities than anticipated during the quarter reduced AISC1.   
 The Company generated cash from operating activities of $108 million and free cash flow1 of $82.3 million, or 
$0.35 per share, resulting in a cash balance of $324 million at March 31, 2024.   
 Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 were $112 
million and $131 million, respectively, with the difference resulting from derivative losses recognized in the 
quarter and a one-time special government levy. 
 Net income was $41.9 million including a derivative loss of $17.9 million, and net of corporate, exploration, 
finance costs, and associated taxes. Adjusted earnings1, which exclude the one-time special government levy, 
derivative losses, and related taxes were $57.8 million, or $0.24 per share.   
 
Update to Mineral Reserve and Mineral Resource Estimates 
 
On March 27, 2024, the Company updated its estimates of Mineral Reserves and Mineral Resources as at December 
31, 2023 for the Fruta del Norte mine.  Since operations began in 2019, FDN has added Mineral Reserves of 2.6 million 
oz. before mining depletion. The tables of the updated estimates of Mineral Reserves and Resources can be found 
below. 
 
Mineral Reserves, as at December 31, 2023 
 
Mineral Reserves (1)(2)(3)(4)(5)(6)(7)(8)(9) 
 Tonnage 
(M t) 
Grade 
(g/t Au) 
Contained 
Metal 
(M oz Au) 
Grade 
(g/t Ag) 
Contained 
Metal 
(M oz Ag) 
Proven 7.56 9.42 2.29 10.5 2.55 
Probable 14.14 7.06 3.21 11.7 5.34 
Total  21.70 7.89 5.50 11.3 7.89 
 
 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 4 
 
 
Notes:  
1. 2014 CIM Definitions Standards on Mineral Resources and Reserves have been followed. 
2. The Qualified Person for this estimate is Terry Smith P.Eng, Lundin Gold’s Chief Operating Officer. 
3. Mineral Reserves have an effective date of December 31, 2023. 
4. Mineral Reserves were estimated using key inputs listed in the table below: 
 
Key Input December 31, 
2022 
December 31, 
2023 Unit 
Gold Price 1,400 1,400 $/oz 
Transverse Stoping Mining Cost 51 53 $/t 
Drift & Fill Mining Cost 77 95 $/t 
Process, Surface Ops, G&A Cost 64 72 $/t 
Surface Royalties, Sustaining Capital, Closure Costs 15 8 $/t 
Dilution Factor 8 8 Percent 
Concentrate Transport & Treatment 80 50 $/oz 
Royalty 76 79 $/oz 
Gold Metallurgical Recovery 88.5 91.2 Percent 
 
5. Gold cut-off grades for the different mining methods are listed in the table below: 
 
Gold Cut-off Grade December 31, 2022  December 31, 2023 Unit 
Transverse Stope 4.2 4.0 g/t 
Drift and Fill 5.0 5.3 g/t 
 
6. Silver was not considered in the calculation of the cut-off grade but is recovered and contributes to the revenue stream. 
7. Tonnages are rounded to the nearest 1,000 t, gold grades are rounded to two decimal places, silver grades are rounded to one 
decimal place, and costs are rounded to the nearest dollar. Tonnage and grade measurements are in metric units; contained 
gold and silver are reported as thousands of troy ounces. 
8. Figures may not add due to rounding. 
9. Additional information on Mineral Reserve estimates for Fruta del Norte is contained in the Annual Information Form dated 
March 26, 2024 (the “AIF”) which is available under the Company's profile on SEDAR+ at www.sedarplus.ca.  
 
Mineral Resources, as at December 31, 2023 
 
Mineral Resources(1)(2)(3)(4)(5)(6)(7)(8) 
Category Tonnage 
(M t) 
Grade 
(g/t Au) 
Contained Metal 
(M oz Au) 
Grade 
(g/t Ag) 
Contained 
Metal 
(M oz Ag) 
Measured 7.75 11.74 2.93 12.7 3.18 
Indicated 15.78 8.00 4.06 12.5 6.32 
Measured & Indicated 23.53 9.24 6.99 12.6 9.50 
Inferred 7.98 5.77 1.48 11.3 2.90 
Notes: 
(1) 2014 CIM Definition Standards were followed for the classification of Mineral Resources. 
(2) The Qualified Person for the estimate is Freddy Ildefonso, Msc, P.Geo, Mineral Superintendent of Fruta del Norte Mine. 
(3) Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral 
Reserves do not have demonstrated economic viability. 
(4) Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them to 
enable them to be categorized as Mineral Reserves.  
(5) Mineral Resources are reported at a cut-off grade of 3.4 g/t Au, which is calculated using a long-term gold price of US$1,600/oz 
and metallurgical recovery of 91.2%. 
(6) Mineral Resources are reported net of mining to December 31, 2023, and uses drill hole data available as of October 31, 2023.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 5 
 
 
(7) Figures may not add due to rounding. 
(8) Additional information on Mineral Resource estimates for Fruta del Norte is contained in the AIF  which is available under the 
Company's profile on SEDAR+ at www.sedarplus.ca.  
 
Capital Expenditures 
 
Sustaining Capital 
 Sustaining capital activities during the quarter focused on completing projects that began in 2023 including 
the implementation of a mine dispatch system and the upgrade of the surface haul road from the mine to the 
ore stockpile area. 
 For the conversion drilling program, a total of 3,710 metres across 30 drill holes were completed in the north 
sector of the FDN deposit.  
o Conversion drilling continues to confirm mineralization at FDN with high-grade drilling intercepts 
associated with breccias and stockwork zones, like the mineralization found in the north sector of the 
Mineral Reserve envelope.   
o Two rigs are currently turning under the conversion program. 
 
A complete table of the conversion drilling results received to date can be found in Lundin Gold’s press release dated 
April 17, 2024. 
 
Process Plant Expansion Project 
 Detailed engineering advanced during the quarter, along with procurement activities of plant equipment for 
the expansion which is expected to improve throughput to 5,000 tonnes per day and improve recoveries by 
approximately 3%. 
 Construction of the upgraded tailings and reclaim pipelines commenced late in the quarter. 
 The project continues to track on schedule for completion in December of this year.  
 
Health and Safety and Community 
 
Health and Safety 
 During the first quarter there were two Lost Time Incidents and three Medical Aid Incidents. 
 The Total Recordable Incident Rate across exploration and operations was 0.63 per 200,000 hours worked 
for the quarter. 
 
Community 
Lundin Gold continued to support several community projects in the first quarter of 2024, including initiatives focused 
on community health and education. The mental health and well-being program run by Educación para Compartir, an 
international non-profit organization, continued with increased participation by local community members.  The program 
has expanded to incorporate extra-curricular activities for young people and extended to rural communities close to 
Fruta del Norte.  Company sponsored education programs, which aim to improve local student access to higher 
education, continued to show success.  At quarter end, there were more than 200 students from the nearby town of 
Los Encuentros enrolled at public and private universities. A complementary program designed to improve the quality 
of local education, sponsored by Lundin Gold, is currently benefiting approximately 1,000 students between the ages 
of 3 and 18 years.  
  
Infrastructure investment continued to be a priority for Lundin Gold in the quarter. In line with the Company’s long-
standing commitment to support road maintenance, Lundin Gold reached an agreement with local authorities to 
participate in a road paving initiative, which when completed will benefit more than 200 residents.  
 
The Company continued to support local businesses in conjunction with the Lundin Foundation, including women-led 
businesses through the third edition of the “Soy Emprendadora” program.  Among the supported local businesses, a 
textile manufacturer, fire extinguisher maintenance provider and pest control and fumigation service company all 
expanded their sales in the quarter with Lundin Gold as an anchor client. The Company and Lundin Foundation 
continued to jointly support the development of local suppliers through the Nexo III program. An area of focus has been 
ensuring that local farmers obtain and retain access to local, national, and international markets.  The Company also 
continued to engage with local indigenous people, especially the Shuar Federation of Zamora Chinchipe, to jointly 
implement projects that promote economic opportunities and the Shuar culture.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 6 
 
 
During the first quarter of 2024, two series of dialogue round tables occurred, with high participation rates by local 
community members.   
 
Exploration 
 
Near Mine Exploration Program 
During the first quarter of 2024, the Company completed a total of 12,331 metres across 26 holes from surface and 
underground. Drilling from underground explored mainly the FDN deposit at depth while drilling from surface continued 
to test sectors located along the extensions of the controlling structures of the FDN deposit, such as Bonza Sur and 
FDN East. 
 
 During the quarter, the surface drilling program continued along the extensions of the East Fault, where the 
Bonza Sur discovery and other prospective sectors like FDN East, FDN North and Alejandro are located. 
 
o At Bonza Sur, located one kilometre from FDN, eight surface drill holes were completed and continue 
to expand this new epithermal system. Recent results confirm higher-grade intercepts at shallower 
depths associated mainly to vein/veinlet zones of quartz and minor chalcedony and manganoan-
carbonate with occurrences of disseminated to semi-massive levels of sulphides (mainly sphalerite 
and galena). Mineralization has already been identified for more than 1.3 kilometres along the north-
south strike and for at least 500 metres along the downdip and remains open in all directions.  
 
o At FDN East, a new buried epithermal mineralized system was discovered only 100 metres east from 
FDN. The target is hosted in similar volcanic and intrusive rocks as those found at the FDN deposit 
and is buried by sedimentary cover. Four drill holes were completed during the first quarter and 
intercepted gold mineralization associated with significant levels of hydrothermal alteration 
represented by veins and/or veinlets of chalcedony, sulfides (mainly pyrite) and visible gold.  
 
o The near-mine exploration program advanced in unexplored areas close to FDN. During the first 
quarter, a systematic exploratory drilling program was initiated and tested new areas with the 
identification of additional potential targets. A total of ten drill holes were completed. In the north 
extension of the FDN deposit, exploratory holes intercepted large zones of hydrothermal alteration 
represented by chalcedony veins and sulfides with low grade gold mineralization. At Alejandro, 
located along the south extension of the East Fault, two drill holes were completed and results are 
pending.  
 
 Underground exploration drilling at FDN continues to explore extensions of the mineral envelope at depth and 
four drill holes have been completed year-to-date. Of note, drill hole UGE-DD-24-089 indicates gold 
mineralization associated with zones of hydrothermal alteration of a similar composition to that found at 
shallower levels of the mine and underscores the potential to expand FDN's current mineral envelope at depth. 
 
A complete table of results received to date can be found in Lundin Gold’s press release dated April 17, 2024. 
 
Regional Exploration Program 
The 2024 regional program continues to advance the identification of important indicators that point toward the 
presence of buried epithermal deposits in the southern basin. New sectors have been identified along the south border 
of the Suarez basin. A total of 10,000 metres of drilling is planned to be completed in 2024.  
 
During the quarter, exploration fieldwork activities were completed on the Robles and Lupita targets, located to the 
south of the Suarez Basin. Detailed geological interpretation of exploration data and additional fieldwork were 
completed and aimed at identifying major structures and zones of hydrothermal alteration. The regional drilling program 
commenced at the Robles target in April.  
 
Corporate 
 
 The Company paid a quarterly dividend of $0.10 per share on March 25, 2024 (March 28, 2024 for shares 
trading on Nasdaq Stockholm) based on a record date of March 8, 2024, for a total of $23.9 million.   
 With the release of its first quarter 2024 results, the Company has declared a cash dividend of $0.10 per 
share, which is payable on June 25, 2024 (June 28, 2024 for shares trading on Nasdaq Stockholm) to 
shareholders of record on June 10, 2024.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 7 
 
 
SUMMARY OF QUARTERLY FINANCIAL RESULTS 
 
The Company’s quarterly financial statements are reported under IFRS Accounting Standards as applicable to interim 
financial reporting.  The following table provides highlights from the Company’s financial statements for the past eight 
quarters (unaudited). 
 
  2024  2023  2023  2023 
  Q1  Q4  Q3  Q2 
         
Revenues $  226,741 $ 190,688 $ 211,172 $ 243,930 
         
Income from mining operations $  113,237 $ 78,051 $ 99,620 $ 124,801 
         
Derivative gain (loss) for the period $ (17,931) $ (28,634) $ 11,678 $ 321 
         
Net income for the period $  41,897 $ 11,062 $ 53,782 $ 63,148 
         
Basic income per share $  0.18 $ 0.05 $ 0.23 $ 0.27 
Diluted income per share $  0.17 $ 0.05 $ 0.22 $ 0.26 
         
Weighted-average number of common         
shares outstanding         
Basic  238,255,452  237,665,855  237,411,813  236,943,432 
Diluted  239,968,974  239,745,358  239,583,745  239,190,085 
         
Additions to property, plant and equipment $ 9,701 $ 15,791 $ 15,744 $ 13,245 
         
Total assets $  1,508,987 $ 1,468,209 $ 1,516,866 $ 1,508,831 
         
Long-term debt $  326,791 $ 305,647 $ 361,109 $ 396,588 
         
Working capital  $  413,528 $ 346,859 $ 313,794 $ 268,095 
 
  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

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 8 
 
 
Three months ended March 31, 2024 compared to the three months ended March 31, 2023 
 
The Company generated net income of $41.9 million during the first quarter of 2024 compared to $51.5 million during 
the first quarter of 2023.  Net income was generated from the recognition of revenues of $227 million and income from 
mining operations of $113 million as well as finance income of $4.5 million and other income of $1.2 million.  This is 
offset by a derivative loss of $17.9 million, finance expense of $12.1 million, income tax expense of $28.6 million, and 
other expenses totalling $18.3 million.  During the first quarter of 2023, 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, 
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. 
 
Income from mining operations 
 
During the first quarter of 2024, the Company generated revenues of $227 million from the sale of 108,916 oz of gold 
and income from mining operations of $113 million compared to revenues of $257 million from the sale of 134,691 oz 
of gold and income from mining operations of $144 million during the first quarter of 2023.  The decrease is primarily 
attributable to a decrease in oz produced and sold as the increase in mill throughput was offset by a decrease in grade 
and recoveries. 
 
Exploration 
 
Exploration costs were $7.9 million in the quarter compared to $3.8 million during the same period in 2023.  The 
increase is attributable to the continued expansion of the near-mine exploration program following positive results to 
date. 
 
Corporate administration 
 
Corporate administration costs increased from $7.6 million during the first quarter of 2023 to $10.4 million during the 
first quarter of 2024.  This difference is mainly attributable to costs associated with the move of the Vancouver office 
along with the other Lundin Group companies, a one-time special levy of $1.9 million by the Government of Ecuador, 
payable in two equal installments, to strengthen security amid rising violence in the country, as well as an increase in 
stock-based compensation due to the cash settlement of vested share units as determined by the Company’s board of 
directors. 
 
Finance expense 
 
Finance expense decreased to $12.1 million during the quarter compared to $21.1 million during the same period in 
2023.  The decrease is due to the full repayment of the senior debt facility during the fourth quarter of 2023 as well as 
reduced repayments under the Stream Facility due to a reduction in oz. sold as noted above. 
 
Finance income 
 
Finance income increased from $1.8 million during the first quarter of 2023 to $4.5 million during the first quarter of 
2024 which is driven by a higher cash balance and increased yield on short-term investments. 
 
Other income 
 
Other income of $1.2 million was recognized during the quarter compared to $0.5 million in the first quarter of 2023.  
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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 9 
 
 
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.  During 
the first quarter of 2024, the Company made scheduled principal, interest, and finance charge repayments totaling 
$15.1 million (three months ended March 31, 2023: $21.0 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 $24.8 million due to 
a change in its estimated fair value between December 31, 2023 and March 31, 2024 (2023: an increase of $14.6 
million between December 31, 2022 and March 31, 2023).  This variation is recorded as derivative gains or 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. 
 
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 the gold and silver forward curves, 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 Facility as described more fully 
below, offset by the decrease from scheduled repayments during the period: 
 
 The value of future repayments under the Stream Facility is based on forward gold and silver price estimates 
at time of repayment.  Spot gold prices at March 31, 2024 were higher compared to December 31, 2023 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 three months ended March 31, 2024.  Fair values at a point in time do not necessarily 
reflect the amounts that will actually be repaid when the obligation becomes due in the future.   
 
 The discount rate used to determine the current fair value of future payments under the Stream 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 the Company’s 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 $28.6 million were accrued during the first quarter of 2024 (three months ended March 31, 2023: $33.8 
million) which is comprised of current and deferred income tax expenses of $23.5 million and $5.1 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. 
 
Corporate income taxes in Ecuador are due in April of each year.  Effective January 1, 2024, the Government of 
Ecuador introduced monthly corporate income tax instalment payments which is based on a percentage of monthly 
revenues.  Instalment amounts paid during the year ended December 31, 2024 will offset corporate income taxes due 
in April 2025.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 10 
 
 
LIQUIDITY AND CAPITAL RESOURCES 
 
As at March 31, 2024, the Company had cash of $324 million and a working capital balance of $414 million compared 
to cash of $268 million and a working capital balance of $347 million at December 31, 2023. 
 
The change in cash during the first quarter was primarily due to cash generated from operating activities of $108 million 
and proceeds from the exercise of stock options totalling $4.3 million.  This is offset by principal repayments, interest 
and finance charges, including associated taxes, under the Stream Facility totalling $15.1 million; dividends of $23.9 
million; cash outflows of $13.6 million relating to investing activities; and settlement of vested share units with cash of 
$3.6 million.   
 
The Stream Facility was the last remaining debt on the Company’s balance sheet following the full repayment of both 
the gold prepay credit facility and senior debt facility during 2023.  On April 25, 2024, the Company announced that it 
had entered into an agreement with Newmont to buy 100% of the balance of the Stream Facility and Offtake for total 
consideration of $330 million. 
 
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 estimate 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, 2024, this resulted in an estimated increase 
of $13.4 million ($7.8 million at December 31, 2023) to trade receivables reflecting rising gold prices during the period. 
 
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 five 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 being 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. 
 
Advance 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 higher grade stockpiled compared to December 31, 2023.  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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 11 
 
 
Investment activities 
   
Investment activities during the first quarter of 2024 are comprised principally of sustaining capital expenditures for the 
mine dispatch system and other capital projects.  In addition, costs were incurred relating to the plant upgrade project. 
 
Liquidity and capital resources 
 
The Company generated strong operating cash flow during the three months ended March 31, 2024 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 the exploration programs, planned capital expenditures, further plant 
expansion, growth initiatives and regular dividend payments under the approved dividend policy.    
 
Monthly payments under the Stream Facility are based on 7.75% and 100% of gold and silver oz sold, respectively, 
calculated at the current gold and silver prices at the end of each month, less $408 and $4.08 per oz (the “Base Prices”), 
respectively.  The Base Prices increase by 1% annually in February of each year.  The decrease in repayments under 
the Stream Facility during the first quarter of 2024 compared to the same period in 2023 is driven by the decrease in 
oz. sold partially offset by higher spot prices of gold at time of repayment.   
 
 
TRANSACTIONS WITH RELATED PARTIES 
 
During the three months ended March 31, 2024, the Company incurred $0.8 million (March 31, 2023 – $0.2 million), 
primarily relating to office rental, renovation costs, and related services provided by Namdo Management Services Ltd. 
(“Namdo”), a company associated with a director of the Company. 
 
 
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 Facility and Offtake have been classified as financial 
liabilities at fair value and the Senior Facility as a financial liability at amortized cost.  Further, provisionally priced trade 
receivables of $122.4 million (December 31, 2023 - $93.0 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, the 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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 12 
 
 
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 seeks to minimize its credit risk by entering into transactions with investment grade creditworthy 
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. 
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.   
 
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 Facility are impacted by fluctuations 
of commodity prices. 
 
 
COMMITMENTS 
 
Significant capital expenditures contracted as at March 31, 2024 but not recognized as liabilities are as follows: 
 
 
 
Capital 
expenditures 
   
12 months ending March 31, 2025 $ 22,399 
April 1, 2025 onward  - 
   
Total  $  22,399 
 
On January 1, 2024, the Company entered into a long-term rental agreement with Namdo which expires on February 
28, 2039, and provides a guarantee of rental fees totaling $6.5 million for the duration of the contract. 
 
 
OFF-BALANCE SHEET ARRANGEMENTS 
 
During the three months ended March 31, 2024 and the year ended December 31, 2023, there were no off-balance 
sheet transactions.  The Company has not entered into any specialized financial arrangements to minimize its currency 
risk.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 13 
 
 
OUTSTANDING SHARE DATA 
 
As at the date of this MD&A, there were  238,896,751 common shares issued and outstanding.  There were also stock 
options outstanding to purchase a total of 2,962,471 common shares, 539,080 restricted share units with a performance 
criteria, 204,379 restricted share units, and 14,185 deferred share units. 
 
 
OUTLOOK 
 
Lundin Gold’s performance in the first quarter of 2024 provides a strong foundation for the rest of the year, and the 
Company’s production guidance of 450,000 to 500,000 oz and AISC1 guidance of $820 to $890 oz. sold remain 
unchanged.  Production is expected to be higher during the second half of the year driven by planned increase in 
grades and recoveries.  In addition, the level of sustaining capital activities is expected to increase in subsequent 
quarters with guidance for the year remaining between $35 to $45 million.  The $36 million Process Plant Expansion 
Project to increase plant throughput to 5,000 tpd and improve metallurgical recoveries, with the addition of three 
Jameson cells, remains on track for completion by the end of 2024. 
 
The near-mine drilling program will continue to explore Bonza Sur where the primary focus is to better understand the 
target’s mineralized zones as well as expanding the system to the north and at depth. Three rigs are currently turning 
at Bonza Sur. At the new FDN East discovery, two rigs will focus on expanding the initial positive results achieved to 
gain a better understanding of the mineralized zones and the main geological controls.  One underground rig is 
expected to continue to test the extension of the FDN mineral envelope at depth. The regional drilling program is 
planned to start during the second quarter with one surface rig testing the Robles and Lupita targets in the Southern 
Basin.    
 
Ten rigs are currently turning across the conversion, near-mine and regional programs and a minimum of 65,000 metres 
of drilling continues to be planned in 2024. This represents the largest drill program ever completed at the land package 
that hosts the FDN deposit. The estimated exploration budget for 2024 remains $42 million. 
 
The Company anticipates continuing to declare quarterly dividends of at least $0.10 per share, which is equivalent to 
approximately $100 million annually, based on currently issued and outstanding shares.  With the Company becoming 
debt free combined with rising gold prices, the Company expects to review its dividend policy in the latter half of 2024. 
 
 
NON-IFRS MEASURES 
 
This MD&A 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 recognized under IFRS Accounting Standards and do not have a standardized meaning 
prescribed by IFRS Accounting Standards.  These measures may differ from those made by other companies and 
accordingly may not be comparable to such measures as reported by other companies.  These measures have been 
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. 
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 14 
 
 
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, 
      2024  2023 
           
Revenues       $  226,741 $ 256,728 
           
Treatment and refining charges        9,372  9,410  
Less: silver revenues        (2,923)  (3,232)  
           
Gold sales       $  233,190 $ 262,906 
           
Gold oz sold        108,916  134,691  
           
Average realized gold price       $ 2,141 $ 1,952 
 
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 items which are considered not 
indicative of underlying business operations. 
 
   Three months ended 
March 31, 
      2024  2023 
          
Net income for the period      $  41,897 $ 51,465 
          
Adjusted for:          
Finance expense       12,093  22,871 
Finance income       (4,454)  (1,814) 
Income tax expense       28,622  33,848 
Depletion and depreciation       33,454  37,262  
          
EBITDA      $  111,612 $ 143,632 
          
Special government levy       1,913  -  
Derivative loss       17,931  15,434  
          
Adjusted EBITDA      $  131,456 $ 159,066 
 
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 operating activities of the Company.  Presently, these include a special one-time 
government levy, derivative gains or losses, and related income tax effects, from accounting for the Stream Facility 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 Accounting Standards.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 15 
 
 
   Three months ended 
March 31, 
      2024  2023 
          
Net income for the period      $  41,897 $ 51,465 
          
Adjusted for:          
Special government levy       1,913  - 
Derivative loss       17,931  15,434 
Deferred income tax expense       (3,945)  115  
          
Adjusted earnings     $  57,796 $ 67,014 
         
Basic weighted average shares outstanding    238,255,452  236,062,529  
          
Adjusted basic earnings per share      $  0.24 $ 0.28 
 
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, 
      2024  2023 
           
Operating expenses       $  67,268 $ 72,471 
Royalty expenses        12,788  14,299 
           
Cash operating costs       $  80,056 $ 86,770 
           
Gold oz sold        108,916  134,691  
           
Cash operating cost per oz sold       $ 735 $ 644 
 
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 oz sold to arrive at a per oz amount. 
 
Other companies may calculate this measure differently as a result of differences in underlying principles and policies 
applied.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 16 
 
 
   Three months ended 
March 31, 
      2024  2023 
          
Cash operating costs      $  80,056 $ 86,770 
Corporate social responsibility       686  612 
Treatment and refining charges       9,372  9,410 
Accretion of restoration provision       205  167 
Sustaining capital       7,110  4,384 
Less: silver revenues       (2,923)  (3,232) 
          
All-in sustaining cost      $  94,506 $ 98,111 
          
Gold oz sold        108,916  134,691  
          
All-in sustaining cost per oz sold      $ 868 $ 728 
 
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, 
      2024  2023 
         
Net cash provided by operating activities   $ 107,914  $ 144,439 
         
Net cash used for investing activities      (13,636)  (7,172) 
Interest paid      (1,876)  (6,368) 
Finance charge paid      (10,143)  (142,552) 
         
Free cash flow     $ 82,259 $  (11,653) 
         
Basic weighted average shares outstanding    238,255,452  236,062,529 
         
         
Free cash flow per share     $ 0.35 $  (0.05) 
 
 
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 2023 Management’s Discussion and Analysis.   
 
 
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 AIF, which is available on SEDAR+ at www.sedarplus.ca.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 17 
 
 
QUALIFIED PERSON 
 
The technical information relating to Fruta del Norte contained in this MD&A has been reviewed and approved by Terry 
Smith P. Eng, Lundin Gold’s COO who is a Qualified Person under NI 43-101.  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, 2024 is expected to be published on or about August 8, 2024. 
 
 
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 Accounting Standards. 
 
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 during the most recent interim period, beginning 
January 1, 2024 and ending March 31, 2024, 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 “believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, 
“plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or statements that certain actions, 
events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and similar expressions) are 
not statements of historical fact and may be forward-looking statements. 
 
By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, 
many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results 
to be materially different from those expressed by these forward-looking statements and information. Lundin Gold 
believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be 
given that these expectations will prove to be correct.  Forward-looking information should not be unduly relied upon.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Three Months Ended March 31, 2024 
(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) 
 18 
 
 
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 contains forward-looking information in a number of places, such as in statements pertaining to the 
Company’s 2024 production outlook, including estimates of gold production, grades recoveries and AISC; operating 
plans; expected sales receipts, completion of the buy back of the Stream Facility and the Offtake; its estimated capital 
costs; the recovery of VAT; timing of completion of the Process Plant Expansion Project and the anticipated benefits; 
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: instability in Ecuador; 
community relations; forecasts relating to production and costs; mining operations; security; non-compliance with laws 
and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings; government or regulatory 
approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and 
development; control of Lundin Gold; availability of workforce and labour relations; dividends; information systems and 
cyber security; Mineral Reserve and Mineral Resource estimates; title matters and surface rights and access; health 
and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical 
habitats; global economic conditions; shortages of critical resources; competition for new projects; key talent 
recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured 
risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability 
to maintain obligations or comply with debt; violation of anti-bribery and corruption laws; internal controls; claims and 
legal proceedings; and reclamation obligations. 
 
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.sedarplus.ca.

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

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  2024  2023 
        
ASSETS        
        
Current assets        
Cash and cash equivalents   17 $  323,935 $ 268,025 
Trade receivables and other current assets   3  184,680  163,456 
Inventories   4  92,185  89,406 
Advance royalty     11,113  13,000 
             611,913  533,887 
        Non-current assets        
VAT recoverable     44,669  51,904 
Advance royalty     -  3,494 
Property, plant and equipment   5  699,687  718,896 
Mineral properties   6  152,718  160,028 
                    $  1,508,987 $ 1,468,209 
        LIABILITIES        
        
Current liabilities        
Accounts payable and accrued liabilities   7 $  67,393 $ 74,824 
Income taxes payable     56,305  48,488 
Current portion of long-term debt   8  74,687  63,716 
             198,385  187,028  
        
Non-current liabilities        
Long-term debt   8  252,104  241,931 
Reclamation provisions     8,927  8,722 
Deferred income tax liabilities     78,472  74,722 
        
             537,888  512,403 
        
EQUITY        
Share capital   9  1,015,813  1,008,932 
Equity-settled share-based payment reserve   10  11,182  14,535 
Accumulated other comprehensive income (loss)     (4,303)  1,955 
Deficit     (51,593)  (69,616) 
             971,099  955,806 
            $  1,508,987 $ 1,468,209 
                
Commitments (Note 20)        
Subsequent events (Note 21)        
 
 
 
 
 
Approved by the Board of Directors 
 
 
/s/ Ron F. Hochstein /s/ Ian W. Gibbs 
Ron F. Hochstein Ian W. Gibbs

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

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  2024  2023 
          
Revenues     11 $  226,741 $ 256,728 
          
Cost of goods sold          
Operating expenses       67,268  72,471 
Royalty expenses       12,788  14,299 
Depletion and depreciation       33,448  37,250 
         
       113,504  124,020 
          
Income from mining operations       113,237  132,708 
          
Other expenses (income)          
Exploration     12  7,925  3,843 
Corporate administration     13  10,387  7,605 
Finance expense     14  12,093  22,871 
Finance income       (4,454)  (1,814) 
Other income       (1,164)  (544) 
Derivative loss     8  17,931  15,434 
          
       42,718  47,395 
          
Net income before tax       70,519  85,313 
          Income tax expense          
Current income tax expense     16  23,495  26,160 
Deferred income tax expense     16  5,127  7,688 
                 28,622  33,848 
          
Net income for the period      $ 41,897 $ 51,465 
                    
OTHER COMPREHENSIVE INCOME (LOSS)        
          
Items that may be reclassified to net income       
Currency translation adjustment       (1,375)  (197) 
Items that will not be reclassified to net income       
Derivative loss related to the Company’s 
own credit risk      (6,260)  (368) 
Deferred income tax on accumulated other 
comprehensive income      1,377  115 
          
Comprehensive income      $  35,639 $ 51,015 
                    
Income per common share         
Basic       $  0.18 $ 0.22 
Diluted        0.17  0.22 
           
Weighted-average number of common shares outstanding
 
       
Basic        238,255,452  236,062,529 
Diluted        239,968,974  238,123,015

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

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, 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 10 199,227  1,917  (710)  -  -  1,207 
Exercise of anti-dilution rights 9 226,349  2,190  -  -  -  2,190 
Stock-based compensation 10 -  -  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 
             
             
Balance, January 1, 2024  237,860,048 $  1,008,932 $ 14,535 $ 1,955 $ (69,616) $ 955,806 
             
Exercise of stock options  905,198  6,250  (1,931)  -  -  4,319 
Vesting of share units 10 57,205  631  (2,463)  -  -  (1,832) 
Stock-based compensation 10 -  -  1,041  -  -  1,041 
Other comprehensive loss  -  -  -  (6,258)  -  (6,258) 
Net income for the period  -  -  -  -  41,897  41,897 
Dividends paid  -  -  -  -  (23,874)  (23,874) 
             
Balance, March 31, 2024  238,822,451 $  1,015,813 $ 11,182 $ (4,303) $ (51,593) $ 971,099

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

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  2024  2023 
          
OPERATING ACTIVITIES          
          
Net income for the period      $ 41,897 $ 51,465 
Items not affecting cash:          
Depletion and depreciation     33,454   37,262  
Stock-based compensation   10  2,770   927  
Derivative loss    19(b)  17,931   15,434  
Other income     (1,045)   (216)  
Finance expense     7,639   20,675  
Deferred income tax expense     5,127   7,688  
          
     107,773   133,235  
Changes in non-cash working capital items:          
Trade receivables and other current assets     (13,014)  7,487 
Inventories     (29)   1,705  
Advance royalty     5,381   6,002  
Accounts payable and accrued liabilities     (4,468)  (8,252) 
Income taxes payable     7,817  3,493 
Other non-current liabilities     -  (1,045) 
Interest received     4,454  1,814 
          
Net cash provided by operating activities      107,914  144,439 
          
FINANCING ACTIVITIES          
          
Repayments of long-term debt     8  (3,121)  (122,450) 
Interest paid     8  (1,876)  (6,368) 
Finance charge paid     8  (10,143)  (142,552) 
Proceeds from exercise of stock options       4,319  1,859 
Proceeds from exercise of anti-dilution rights     9 -  2,190 
Share units settled in cash     10 (3,561)  - 
Dividends paid      (23,874) (23,648) 
          
Net cash used for financing activities       (38,256)  (290,969) 
          
INVESTING ACTIVITIES          
          
Acquisition and development of property, plant and equipment   (12,641) (6,697) 
VAT paid on investing activities       (995)  (475) 
          
Net cash used for investing activities       (13,636)  (7,172) 
          
Effect of foreign exchange rate differences on cash     (112) 16 
          
Net increase (decrease) in cash and cash equivalents     55,910 (153,686) 
        
Cash and cash equivalents, beginning of period      268,025 363,400 
          
Cash and cash equivalents, end of period      $ 323,935 $ 209,714 
 
Supplemental cash flow information (Note 17)

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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 
  
 
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 2800, 1055 Dunsmuir 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 Accounting Standards”), applicable to the preparation 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, 
2023.  
 
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, 2023. 
 
These financial statements were approved for issue by the Board of Directors on May 8, 2024. 
 
 
3. Trade receivables and other current assets 
 
  March 31,  December 31, 
  2024  2023 
     
Trade receivables (a) $  122,441 $ 93,036 
VAT recoverable (b)  32,405  23,409 
Prepaid expenses and other (c)  29,834  47,011 
     
     
 $  184,680 $ 163,456 
 
(a) Trade receivables mainly 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.   
 
Concentrate sales are first recorded based on provisional prices.  For sales that are provisionally priced as at 
March 31, 2024, 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 $13.4 million in trade receivables as of March 31, 2024 (December 31, 2023 - $7.8 
million increase) reflecting rising gold prices during the period.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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) 
 6 
  
 
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 are being 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 are being used to offset taxes payable including statutory tax withholdings 
from payments to vendors and the newly instituted monthly income tax instalment payments in Ecuador. 
 
 
4. Inventories 
 
  March 31,  December 31, 
  2024  2023 
     
Ore stockpile $  9,880 $ 6,922 
Gold in circuit  7,721  7,849 
Doré and concentrate  18,399  17,868 
Materials and supplies  56,185  56,767 
     
 $  92,185 $ 89,406 
 
As at March 31, 2024, the Company maintained a provision of $5.5 million (December 31, 2023 - $7.0 million) 
associated with obsolete or slow-moving materials & supplies inventory generally accumulated during the 
construction of Fruta del Norte. 
 
 
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, 
2023 $ - $ 947,124 $ 54,913 $ 24,594 $ 3,418 $ 1,030,049 
       
Additions 7,009 39,320 649 1,076 1,110 49,164 
Disposals and other - - (5,971) (1,230) (1,995) (9,196) 
Cumulative translation 
adjustment - 297 - - 10 307 
       
Balance, December 
31, 2023 7,009 986,741 49,591 24,440 2,543 1,070,324 
       
Additions 1,678 7,512 - - 511 9,701 
Disposals and other - - - (67) - (67) 
Reclassifications (6,128) 6,128 - - - - 
Cumulative translation 
adjustment  - (313) - - (2) (315) 
       
Balance, March 31, 
2024 $ 2,559 $ 1,000,068 $ 49,591 $ 24,373 $ 3,052 $ 1,079,643

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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 
  
 
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, 
2023 $ - $ 206,579 $ 23,620 $ 16,867 $ 1,684 $ 248,750 
       
Depletion and 
depreciation - 100,225 6,481 3,946 589 111,241 
Disposals and other  - (5,432) (1,230) (1,995) (8,657) 
Cumulative translation 
adjustment - 92 - - 2 94 
       
Balance, December 
31, 2023 - 306,896 24,669 19,583 280 351,428 
       
Depletion and 
depreciation - 26,269 1,629 608 188 28,694 
Disposals and other - - - (67) - (67) 
Cumulative translation 
adjustment - (99) - - - (99) 
       
Balance, March 31, 
2024 $ - $ 333,066 $ 26,298 $ 20,124 $ 468 $ 379,959 
 
Net book value 
 
     
       
As at December 31, 
2023 $ 7,009 $ 679,845 $ 24,922 $ 4,857 $ 2,263 $ 718,896 
       
As at March 31, 
2024 $ 2,559 $ 667,002 $ 23,293 $ 4,249 $ 2,584 $ 699,687 
 
 
6. Mineral properties 
 
Cost   Fruta del Norte 
    
Balance, January 1, 2023   $ 183,507 
    
Adjustments to restoration asset   1,004 
Depletion   (24,483) 
    
Balance, December 31, 2023   160,028 
    
Depletion   (7,310) 
    
Balance, March 31, 2024   $ 152,718

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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) 
 8 
  
 
7. Accounts payable and accrued liabilities 
 
  March 31,  December 31, 
  2024  2023 
     
Accounts payable $  11,719 $ 16,750 
Accrued liabilities  55,674  58,074 
     
 $  67,393 $ 74,824 
 
 
8. Long-term debt 
 
  March 31,  December 31, 
  2024  2023 
     
Stream loan credit facility (a) $  297,888 $ 276,183 
Offtake derivative liability (b)  28,903  29,464 
     
 $  326,791 $ 305,647 
     
Less: current portion     
Stream loan credit facility  69,772  59,568 
Offtake derivative liability  4,915  4,148 
     
Long-term portion $  252,104 $ 241,931 
 
The stream loan credit facility (the “Stream Facility”) and the offtake derivative liability (the “Offtake”) are accounted 
for as financial liabilities at fair value through profit or loss and are comprised of the following as at March 31, 2024. 
 
  Stream loan 
credit 
facility  
Offtake 
derivative 
liability  Total 
       
Principal $  97,984 $ - $  97,984 
Transaction costs  (1,785)  -  (1,785) 
Derivative fair value adjustments  201,689  28,903  230,592 
       
Total  $  297,888 $ 28,903 $ 326,791 
 
Derivative fair value adjustments reflect the revaluation of the financial instruments at fair value as at March 31, 
2024.  The derivative loss related to the Company’s own credit risk recorded in other comprehensive income 
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 19).

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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 
  
 
8. Long-term debt (continued) 
 
(a) Stream Facility 
 
The Stream Facility is a secured loan facility with a stated interest rate of 7.5% per annum with interest 
accruing based upon the outstanding balance.   
 
The Stream Facility is repayable in variable monthly instalments equivalent to the value of 7.75% of gold 
production less $408 per oz. (the “Gold Base Price”) and 100% of the silver production less $4.08 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, 2024, the Company made payments under the Stream Facility 
totaling $15.1 million (three months ended March 31, 2023 – $21.0 million) of which $3.1 million (three months 
ended March 31, 2023 – $4.8 million) was paid on account of principal; $1.9 million (three months ended 
March 31, 2023 – $2.2 million) for accrued interest; and $10.1 million (three months ended March 31, 2023 – 
$14.0 million) for the Finance Charge (see Note 19).  As at March 31, 2024, based on the projected life of 
mine production and other significant assumptions (see Note 19), the estimated fair value equivalent to 
228,630 oz of gold and 4,418,081 oz of silver remains outstanding under the Stream Facility. 
 
The Company has the option to repay (i) 50% of the remaining Stream Facility on June 30, 2024 for $150 
million (“First Reduction Option”) and / or (ii) the other 50% of the remaining Stream Facility on June 30, 2026 
for $225 million. 
 
(b) Offtake 
 
The lender of the Stream Facility 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.  
As at March 31, 2024, based on the projected life of mine production and other significant assumptions (see 
Note 19), the estimated fair value equivalent to 1,684,974 oz of gold remains outstanding under the Offtake. 
 
Under the long-term debt, the Company, together with its subsidiaries related to Fruta del Norte (collectively, the 
“FDN Subsidiaries”), remain subject to a number of covenants.  In addition, 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. On April 25, 2024, the Company announced the buy out of the Stream Facility 
and Offtake, and these covenants will no longer apply after the target effective date of June 28, 2024 (Note 21). 
 
 
9. 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, 2024, certain restrictions resulted in a deferral of issuance of common 
shares to Newmont Corporation pursuant to its anti-dilution rights.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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) 
 10 
  
 
10. Stock-based compensation 
 
i. Stock options 
 
Stock options granted and outstanding under an omnibus incentive plan (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, 2024, 347,000 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. 
 
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, 2024  December 31, 2023 
   Weighted 
average 
   Weighted 
average 
 Number of  exercise price  Number of  exercise price 
 stock options  (CAD)  stock options  (CAD) 
        
Balance, beginning of period 3,594,969 $ 10.18  4,237,923 $ 8.35 
        
Granted 347,000   15.92   530,600  14.13  
Forfeited -   -   (17,002)  10.00  
Exercised(1) (905,198)   6.46   (1,156,552)  5.28  
        
Balance outstanding, end of period 3,036,771 $ 11.95  3,594,969 $ 10.18 
        Balance exercisable, end of period 2,000,818 $ 11.08  2,299,121 $ 9.30 
 (1) The weighted average share price on the exercise date for the stock options exercised during the three months ended 
March 31, 2024 and year ended December 31, 2023 were CAD$16.64 and CAD$16.11, respectively. 
 
The following table summarizes information concerning outstanding and exercisable options at March 31, 
2024: 
 
 
Range of 
exercise prices 
(CAD) 
Number of 
options 
outstanding 
Weighted average 
remaining 
contractual life 
(years) 
Weighted 
average 
exercise price 
(CAD) 
     
$ 5.22 to 10.00 719,500 2.75 $                 9.55 
$ 10.01 to 12.00 854,171 2.03 10.56 
$ 12.01 to 16.12 1,463,100 2.96 13.94 
     
  3,036,771 2.65 $               11.95

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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) 
 11 
  
 
10. Stock-based compensation (continued) 
 
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, 2024 December 31, 2023 
   
Risk-free interest rate 3.16%  3.17% 
Expected stock price volatility 33.28%  38.43% 
Expected life 3.7 years  5.0 years 
Expected dividends (CAD) $0.54  $0.26 
   
Weighted-average fair value per option granted (CAD) $3.74  $4.57 
 
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, 2024, the Company recorded stock-based compensation expense 
of $0.4 million (three months ended March 31, 2023 – $0.4 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, 2023 152,052 377,252  25,270 160,871  34,678 
        
Granted - 167,300  - 134,884  9,007 
Granted – Dividend Equivalent - 18,300  - 5,744  607 
Cancelled - -  (5,752) (24,652)  - 
Settled (152,052) -  (19,518) (101,646)  (30,825) 
        
Balance at December 31, 2023 - 562,852  - 175,201  13,467 
        
Granted - 162,900  - 110,480  618 
Granted - Dividend Equivalent - 4,006  - 1,505  100 
Cancelled - -  - -  - 
Settled - (190,678)  - (82,807)  - 
        
Balance at March 31, 2024 - 539,080   - 204,379  14,185

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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 
  
 
10. Stock-based compensation (continued) 
 
Restricted share units with performance criteria (“PSUs”) 
 
During the three months ended March 31, 2024, the Company granted 162,900 PSUs that are settled in 
shares.  In addition, in connection with dividends paid during the three months ended March 31, 2024, 4,006 
PSUs were granted as Dividend Equivalents.  During the year ended December 31, 2023, the Company 
granted 167,300 PSUs as well as 18,300 PSUs as Dividend Equivalents. 
 
All PSUs that are settled in cash or common shares, at the unitholder’s option, were settled through a 
combination of payment of cash or issuance of shares during the year ended December 31, 2023.  PSUs that 
are settled in shares that vested during the three months ended March 31, 2024 were settled in cash as 
determined by the Company’s board of directors resulting in additional stock-based compensation of $1.7 
million.   
 
PSUs are granted to eligible employees and vest three years from date of grant subject to continued 
employment and certain performance conditions being met.  The number of 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 PSU entitles the 
recipient to a payment of one common share.   
 
Using Monte Carlo simulation, the fair value of PSUs was measured on the date of grant with the following 
weighted-average assumptions: 
 
 March 31, 2024 December 31, 2023 
   
Risk-free interest rate 4.20% 4.22% 
Average expected volatility of the Company 
and its peer group 
 
42.77% 
 
45.64% 
Expected life  3 years 3 years 
Expected dividends (CAD) $0.54 $0.26 
   
Weighted-average fair value per unit (CAD) $15.14 $12.38 
 
The fair value of PSUs measured at grant date are being amortized over the period during which the 
employees become unconditionally entitled to the PSUs.  During the three months ended March 31, 2024, the 
Company recorded stock-based compensation expense of $0.4 million (three months ended March 31, 2023 
– $0.3 million) relating to Share PSUs. 
 
Restricted share units without performance criteria (“RSUs”) 
 
During the three months ended March 31, 2024, the Company granted 110,480 RSUs that are settled in 
shares.  In addition, in connection with dividends paid during the three months ended March 31, 2024, 1,505 
RSUs were granted as Dividend Equivalents.  During the year ended December 31, 2023, the Company 
granted 134,884 RSUs as well as 5,744 RSUs as Dividend Equivalents.  
 
All RSUs that are settled in cash were settled during the year ended December 31, 2023.  RSUs that are 
settled in shares that vested during the three months ended March 31, 2024 were settled through a 
combination of payment of cash or issuance of shares as determined by the Company’s board of directors. 
This resulted in additional stock-based compensation of $0.1 million.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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) 
 13 
  
 
10. Stock-based compensation (continued) 
 
RSUs are granted to eligible employees and vest one to three years from date of grant subject to continued 
employment.  Each vested RSU entitles the recipient to a payment of one common share.     
 
Using the Black-Scholes option pricing model, the fair value of RSUs was measured on the date of grant with 
the following weighted-average assumptions: 
 
 March 31, 2024 December 31, 2023 
   
Risk-free interest rate 3.52% 3.88%  
Expected stock price volatility 42.82% 39.36%  
Expected life  3 years 1.96 years  
Expected dividends (CAD) $0.54 $0.26  
   
Weighted-average fair value per unit (CAD) $15.45 $17.33  
 
The fair value of RSUs measured at grant date are being amortized over the period during which the 
employees become unconditionally entitled to the RSUs.  During the three months ended March 31, 2024, the 
Company recorded stock-based compensation expense of $0.2 million (three months ended March 31, 2023 
– $0.1 million) relating to RSUs. 
 
Deferred share units (“DSUs”) 
 
During the three months ended March 31, 2024 and year ended December 31, 2023, the Company granted 
618 DSUs and 9,007 DSUs, respectively, to non-employee directors.  In addition, in connection with dividends 
paid by the Company during the three months ended March 31, 2024 and year ended December 31 2023, 
100 DSUs and 607 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, 2024, the Company recorded stock-based compensation expense 
of $9 thousand (three months ended March 31, 2023 – $0.1 million) relating to DSUs.  
 
 
11. Revenues 
 
    Three months ended   
March 31, 
      2024  2023 
           
Doré sales      $  76,469 $ 92,964 
Concentrate sales        144,672  154,064  
Gain on provisionally priced trade receivables    5,600  9,700  
           
       $ 226,741 $ 256,728

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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 
  
 
12. Exploration 
 
    Three months ended   
March 31, 
      2024  2023 
           
Catering and camp expenses      $  583 $ 104 
Concessions and land        487  400  
Drilling        3,270  1,430  
Environmental        236  146  
Salaries and benefits        1,561  936  
Sampling and supplies       1,624  738  
Others        164  89  
           
           
       $ 7,925 $ 3,843 
 
 
13. Administration 
 
    Three months ended   
March 31, 
      2024  2023 
           
Corporate social responsibility      $  686 $ 612 
Investor relations        36  78  
Office and general        1,061  705  
Professional fees        557  407  
Regulatory and transfer        254  245  
Salaries and benefits        2,928  4,527  
Special government levy (a)        1,913  -  
Stock-based compensation        2,770  927  
Travel        182  104  
           
       $ 10,387 $ 7,605 
 
(a) In March 2024, the Government of Ecuador introduced a special one-time temporary security contribution to 
strengthen security amid rising violence in the country. The contribution rate is 3.25% on the 2022 taxable 
income and is payable in 2024 and 2025.  
 
 
14. Finance expense 
 
    Three months ended   
March 31, 
      2024  2023 
           
Interest expense       $  1,876 $ 5,893 
Finance charge        10,143  14,053 
Other finance costs        -  1,095 
Accretion of transaction costs       74  1,830  
           
       $ 12,093 $ 22,871

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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 
  
 
15. Related party transactions 
 
i. 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, 
 2024 2023 
   
Salaries, bonuses and benefits $ 2,517 $ 4,131 
Stock-based compensation 1,640 790 
   
 $ 4,157 $ 4,921 
 
ii. Other related party transactions 
 
During the three months ended March 31, 2024, the Company incurred $0.8 million (March 31, 2023 – $0.2 
million), primarily relating to office rental, renovation costs, and related services provided by Namdo 
Management Services Ltd. (“Namdo”), a company associated with a director of the Company. 
 
 
16. 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 considered an employment benefit and included in operating 
costs.   
 
Corporate income taxes in Ecuador are due in April of each year.  Effective January 1, 2024, the Government of 
Ecuador introduced monthly corporate income tax instalment payments which is based on a percentage of monthly 
revenues.  Instalment amounts paid during the year ended December 31, 2024 will offset corporate income taxes 
due in April 2025.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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 
  
 
16. Income taxes (continued) 
 
The rates 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, 
      2024  2023 
         
Net income before tax     $  70,519 $ 85,313 
         Canadian federal and provincial income tax rates    27.00%  27.00%  
         
Income tax expense based on the above rates    19,040  23,035  
         
Increase due to:         
Differences in foreign tax rates      3,525  5,628  
Non-deductible costs      3,527  2,116  
Withholding taxes (current and deferred)     1,460  2,291  
Losses and temporary differences for which an income tax asset has 
not been recognized 
  
1,070 
  
778 
        
Income tax expense     $ 28,622 $ 33,848 
          
 
17. Supplemental cash flow information 
 
Cash and cash equivalents are comprised of the following: 
 
  March 31,  December 31, 
  2024  2023 
     
Cash  $  149,543 $ 70,670 
Short-term investments  174,392  197,355 
     
 $  323,935 $ 268,025 
 
Other supplemental cash information: 
 
    Three months ended   
March 31, 
      2024  2023 
           
Change in accounts payable and accrued liabilities related to:      
Acquisition of property, plant and equipment    $  (2,940) $ (2,313)

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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 
  
 
18. 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 performance.  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.  Materially 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, 2024     
     
Current assets $ 540,872 $ 1,240 $ 69,801 $ 611,913 
Non-current assets 896,089 96 889 897,074 
     
Total assets 1,436,961 1,336 70,690 1,508,987 
     
Current liabilities 196,997 644 744 198,385 
Non-current liabilities 331,863 - 7,640 339,503 
     
Total liabilities 528,860 644 8,384 537,888 
     
For the three months ended March 31, 2024    
     
Revenues 226,741 - - 226,741 
     
Income from mining operations 113,237 - - 113,237 
Corporate administration (3,304) (148) (6,935) (10,387) 
Exploration expenditures - (7,925) - (7,925) 
Finance income (expense) (8,511) - 872 (7,639) 
Other income 195 - 969 1,164 
Derivative loss (17,931) - - (17,931) 
Income tax expense (27,084) -  (1,538) (28,622) 
     
Net income (loss) for the period 56,602 (8,073) (6,632) 41,897

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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) 
 18 
  
 
18.  Segmented information (continued) 
 
 
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 
     
 
19. 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 Facility and Offtake 
have been classified as financial liabilities measured at fair value.  Further, provisionally priced trade receivables 
of $122.4 million (December 31, 2023 - $93.0 million) are measured at fair value using quoted forward market 
prices (level 2). 
 
(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.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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) 
 19 
  
 
19. Financial instruments (continued) 
 
(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, 2024 and year ended December 
31, 2023.  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, 2022   $  259,226 $ 28,440 $ 287,666 
         
Principal paid    (17,541)  -  (17,541) 
Interest paid    (8,280)  -  (8,280) 
Interest accrued at stated rate of 7.5%  8,280  -  8,280 
Accretion of transaction costs    212  -  212 
         
 Derivative fair value adjustments recognized in:       
Net income    31,045  1,024  32,069 
Other comprehensive income    3,241  -  3,241 
Change in derivative fair values    34,286  1,024  35,310 
         
         
Balance, December 31, 2023   $  276,183 $ 29,464 $ 305,647 
         
Principal paid    (3,121)  -  (3,121) 
Interest paid    (1,876)  -  (1,876) 
Interest accrued at stated rate of 7.5%  1,876  -  1,876 
Accretion of transaction costs    74  -  74 
         
 Derivative fair value adjustments recognized in:       
Net income    18,492  (561)  17,931 
Other comprehensive income    6,260  -  6,260 
Change in derivative fair values    24,752  (561)  24,191 
         
         
Balance, March 31, 2024   $  297,888 $ 28,903 $ 326,791 
 
(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 within 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.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at March 31, 2024 
(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) 
 20 
  
 
19. Financial instruments (continued) 
 
  Fair value at 
March 31, 
2024 
Unobservable 
inputs 
Range of 
inputs 
Relationship of unobservable inputs 
to fair value 
      
Stream 
Facility and 
Offtake 
$ 326,791 Expected 
volatility 
13% to 27% An increase or decrease in expected 
volatility of 5% would increase or 
decrease fair value by $8.9 million or 
$9.5 million, respectively 
 
   Risk-adjusted 
discount rate 
11% to 12% An increase or decrease in risk-adjusted 
discount rate of 1% would decrease or 
increase fair value by $4.7 million or 
$4.8 million, respectively 
 
   Projected 
production 
schedule 
FDN mine 
plan 
An increase or decrease in projected 
production schedule of 5% would 
increase or decrease fair value by $0.7 
million or $0.5 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 Senior Vice President, Finance 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.  
 
 
20. Commitments 
 
Significant capital expenditures contracted as at March 31, 2024 but not recognized as liabilities are as follows: 
 
 
 
Capital 
Expenditures 
   
12 months ending March 31, 2025 $ 22,399 
April 1, 2025 onward  - 
   
Total  $  22,399 
 
On January 1, 2024, the Company entered into a long-term rental agreement with Namdo which expires on 
February 28, 2039, and provides a guarantee of rental fees totaling $6.5 million for the duration of the contract. 
 
 
21. Subsequent events 
 
On April 25, 2024, the Company announced that it entered into an agreement with Newmont Corporation to buy 
out 100% of the balance of the Stream Facility and the Offtake for total consideration of $330 million. The 
negotiated purchase price is payable in cash, with the first tranche of $180 million due on closing of the transaction, 
which is targeted on June 28, 2024 (the “Effective Date”), and the final tranche of $150 million due on or before 
the end of the third quarter of 2024. Payments and deliveries will continue in accordance with the terms of the 
Stream Facility and Offtake until the Effective Date.

===== 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  
Melissa Harmon 
Denver, USA 
Ashley Heppenstall 
London, United Kingdom  
Ron F. Hochstein 
Vancouver, Canada 
Scott Langley 
Toronto, Canada 
Angelina Mehta  
Montreal, Canada  
 
OFFICERS 
Ron F. Hochstein 
President & Chief Executive Officer 
Christopher Kololian Chief Financial Officer  Terry Smith Chief Operating Officer Chester See Senior Vice President, Finance Sheila Colman 
Vice President, Legal and Sustainability & Corporate Secretary 
Andre Oliveira Vice President, Exploration 
 OFFICES CORPORATE HEAD OFFICE 
Lundin Gold Inc. 
Four Bentall Centre 
1055 Dunsmuir Street, Suite 2800 
Vancouver, BC V7X 1L2 
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, Suite 700  
Vancouver, BC V6C 3S7 
Telephone: 604-806-7000 
 
ADDITIONAL INFORMATION 
Further information about Lundin Gold 
is available by contacting:  
Finlay Heppenstall 
Director, Investor Relations 
and Corporate 
Development 
Telephone: 604-806-3089 
Toll Free: 1-888-689-7842 
info@lundingold.com 
Lundin Gold Ecuador

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

Four Bentall Centre 
1055 Dunsmuir Street, Suite 2800 
Vancouver, BC V7X 1L2 
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