FULLTEXT DEL 1 AV 1

Kvartalsrapport Q1 2025

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NEWS RELEASE
Vancouver, May 8, 2025

Lundin Gold Inc. Suite 2800, Four Bentall Centre Phone: +1 604 689 7842 lundingold.com
1055 Dunsmuir Street Fax: +1 604 689 4250 Email: info@lundingold.com
Vancouver, BC, Canada, V7X 1L2

LUNDIN GOLD REPORTS FIRST QUARTER 2025 RESULTS

Strong production and high gold prices result in increased shareholder dividends

Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG; OTCQX: LUGDF) ("Lundin Gold" or the "Company") today
announced its financial results for the first quarter of 2025, featuring record revenues of $356 million and net
income of $154 million ($0.64 per share). Free cash flow1 of $171 million ($0.71 per share) was driven by strong
gold production of 117,313 ounces (“oz”), with 117,641 oz sold at an average realized gold price 1 of $3,081 per
oz, at low cash operating costs1 of $792 and all -in sustaining costs1 (“AISC”) of $909 per oz sold. The Company
also reported increased shareholder returns through an amendment to its dividend policy as well as the
declaration of a special dividend. All dollar amounts are stated in US dollars unless otherwise indicated.

Ron Hochstein, President and CEO commented, "The first quarter of 2025 is yet another quarter marked by record
financial results for Lundin Gold. As a result of our exploration program results in the first quarter, we have
expanded our program to continue to evaluate numerous targets. In addition, given the Company’s future
outlook, which includes the benefits of the recently completed process p lant expansion project, we are on track
to meet our full -year guidance and have increased shareholder returns through the special dividend and
introduction of a variable dividend to complement our fixed sustainable dividend."

OPERATING AND FINANCIAL RESULTS SUMMARY

The following two tables provide an overview of key operating and financial results.

Three months ended
March 31,
2025 2024
Tonnes ore mined 403,221 419,758
Tonnes ore milled 398,159 413,596
Average mill throughput (tpd) 4,424 4,545
Average head grade (g/t) 10.4 9.5
Average recovery 88.5% 88.3%
Gold ounces produced 117,313 111,572
Gold ounces sold 117,641 108,916

1 Refer to “Non-IFRS Measures” section.

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Three months ended
March 31,
2025 2024
Revenues ($’000) 356,345 226,741
Income from mining operations ($’000) 233,546 113,237
Earnings before interest, taxes, depreciation, and amortization ($’000)1 241,502 111,612
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 241,502 131,456
Net income ($’000) 153,500 41,897
Basic income per share ($) 0.64 0.18
Cash provided by operating activities ($’000) 194,308 107,914
Free cash flow ($’000)1 170,783 82,259
Free cash flow per share ($)1 0.71 0.35
Average realized gold price ($/oz sold)1 3,081 2,141
Cash operating cost ($/oz sold)1 792 735
All-in sustaining costs ($/oz sold)1 909 864
Adjusted earnings ($‘000)1 153,500 57,796
Adjusted earnings per share ($)1 0.64 0.24
Dividends paid per share ($) 0.30 0.10

FIRST QUARTER HIGHLIGHTS

Financial Results

• Gold sales totalled 117,641 oz, consisting of 78,552 oz in concentrate and 39,089 oz as doré, resulting in
gross revenues of $362 million at an average realized gold price 1 of $3,081 per oz. Average realized gold
price1 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair
value estimates as at December 31, 2024. Net of treatment and refining charges, revenues for the quarter
were $356 million.
• Average realized gold price 1 includes $2,926 per ounce of gross price received and a favourable impact of
$155 per oz mark-to-market on provisionally priced sales.
• Cash operating costs 1 and AISC1 were $792 and $909 per oz of gold sold, respectively. Sustaining capital
expenditures1 are expected to increase in future quarters with the initiation of the fifth tailings dam raise
and other site infrastructure improvement projects.
• The Company generated cash from operating activities of $194 million and free cash flow 1 of $171 million,
or $0.71 per share, resulting in a cash balance of $452 million at March 31, 2025 following the quarterly
dividend payment of $72.7 million.
• EBITDA
1 was $242 million while income from mining operations was $234 million which, after deducting
corporate, exploration, and taxes, resulted in net income of $154 million for the quarter or $0.64 per share.

Production Results

• Mine production was aligned with mill availability which resulted in 403,221 tonnes mined at an average
grade of 9.5 g/t.

1 Refer to “Non-IFRS Measures” section.

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• The mill processed 398,159 tonnes at an average throughput rate of 4,424 tpd with performance affected
by the proactive completion of the relining of the SAG mill and other maintenance activities. These
activities, originally scheduled for the second quarter, were completed during planned downtime associated
with equipment tie-ins for the process plant expansion project.
• The average grade of ore milled was 10.4 g/t with average recovery at 88.5%. Mined grades were lower
than milled grades, mainly due to positive reconciliation.
• Gold production was 117,313 oz which was comprised of 75,494 oz in concentrate and 41,819 oz as doré.
• Plant throughput for the month of March averaged 5,076 tpd and recoveries averaged 90.0%. These figures
demonstrate the early benefits of the expansion with more potential expected to be unlocked through
optimization.

Outlook

• With the process plant expansion project now complete, the Company is well -positioned to meet its
production guidance of 475,000 to 525,000 oz and AISC 1 guidance of $935 to $995 per oz sold. Sustaining
capital expenditures1 are expected to increase over the remaining quarters of 2025 with construction of the
fifth raise of the tailings dam starting in the second quarter as well as several other capital projects.
• Increased rainfall in Ecuador since the start of 2025 has normalized power supply from the national grid.
Commissioning of the four additional diesel generators purchased last year continues with completion
expected by the end of the second quarter. Thes e additional diesel generators are expected to allow the
FDN process plant to run slightly below capacity in the event of recurrence of power disruption from the
national grid.
• On the Company’s exploration programs, results continue to demonstrate significant exploration potential
and provide a growing pipeline of targets around FDN. The near -mine underground drilling program will
continue to advance at FDNS where the primary focus is the conversion and expansion of this new system.
The surface drilling program will continue to explore the extensions of Bonza Sur, FDN East, advance at
Trancaloma, and explore for new sectors around FDN. Due to the proximity between Bonza Sur and t he
recently discovered Trancaloma porphyry system, the decision has been made to delay the initial Mineral
Resource Estimate for Bonza Sur to better understand the geological environment . Fourteen rigs are
currently turning across the conversion and near-mine exploration programs.

• The regional exploration program will continue to focus on the unexplored large package of mineral
concessions located on a highly prospective environment which hosts the Fruta del Norte deposit. This is
the first year of a new three-year greenfield strategy to identify new areas for exploration drilling. The 2025
program includes a geophysical magnetic survey and a geochemical sampling program.
• Based on the first quarter results, the Company expects to increase the near -mine drilling program by
18,000 metres to a minimum of 83,000 metres to accelerate the definition of near-mine targets and the
conversion drilling program from 15,000 metres to approximately 25,000 metres. A minimum of 108,000
metres of drilling are planned across the conversion and near -mine drilling programs for 2025. The total
estimated cost of the near -mine and regional exploration program is $47 million for the year. This
represents the largest drill program ever completed on the land package that hosts the FDN deposit.

1 Refer to “Non-IFRS Measures” section.

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• Under its amended dividend policy, the Company anticipates continuing to declare quarterly fixed dividends
of $0.30 per share (the “Fixed Dividend”) , equivalent to approximately $300 million annually based on
currently issued and outstanding shares, plus a variable dividend equal to an amount per share based on at
least 50% of the Company’s normalized free cash flow less the Fixed Dividend. The Company will determine
its normalized free cash flow each quarter by removing significant non -recurring items from its free cash
flow1 calculation such as annual income taxes and profit sharing which have historically been paid in the
second quarter of each year.

Liquidity and Capital Resources

At the end of March 31, 2025, the Company is in a strong financial position.

(in thousands of U.S. dollars) As at March 31,
2025
As at December 31,
2024
Financial Position:
Cash 451,737 349,200
Working capital 551,032 458,944
Total assets 1,613,365 1,527,481
Long-term debt - -

As at March 31, 2025, the Company had cash of $452 million and a working capital balance of $551 million
compared to cash of $349 million and a working capital balance of $459 million at December 31, 2024. The
change in cash during the first quarter of 2025 was primarily due to cash generated from operating activities
of $194 million and proceeds from the exercise of stock options and anti-dilution rights totalling $4.5 million.
This is offset by dividends paid of $72.7 million and capital expenditures of $23.5 million.

Capital Expenditures

• Sustaining Capital

o Preparations were underway for the fifth raise of the tailings dam with work starting late in the
second quarter and expected to conclude during the first quarter of 2026.
o Other projects that advanced during the quarter included improvements to the industrial and potable
water supply as well as enhancements to the South Portal.
o Commissioning of the four diesel-powered generators continued and is expected to be completed by
the end of the second quarter.
o The 2025 conversion drilling program is focused on FDNS, located in the south portion of the FDN
deposit. During the first quarter, the conversion drilling program completed approximately 2,762
metres across 17 holes with two rigs currently turning.
o All drill holes confirmed the mineralization continuity and indicated higher grade zones
within the vein system. Some conversion drill holes also intercepted mineralized zones
outside of the existing geological model.
o A complete table of the conversion drilling results received to date can be found in Lundin
Gold’s press release dated May 7, 2025.

1 Refer to “Non-IFRS Measures” section.

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• Process Plant Expansion Project

o The process plant expansion project was completed during the quarter, including commissioning of
the remaining two Jameson cells, new concentrate filter, and other ancillary upgrades.
o Downtime was required in the quarter to complete the remaining tie-ins and commissioning, with
the relining of the SAG mill completed opportunistically.
o Plant throughput for the month of March averaged 5,076 tpd and recoveries averaged 90.0%. These
figures demonstrate the early benefits of the expansion with more potential expected to be unlocked
through optimization.

Health and Safety

During the first quarter there were no Lost Time Incidents and two Medical Aid Incidents . The Total
Recordable Incident Rate across the Company was 0.21 per 200,000 hours worked for the quarter.

Community

Lundin Gold sponsored community projects continued to advance well in the first quarter of 2025. One of
the Company’s most impactful programs, run by the non -governmental organization Educación para
Compartir, has focused on mental health and well -being i n our local communities since its inception in
November 2023. During the first quarter, approximately 775 counselling sessions were provided, with an
intake of approximately 70 new patients. As of the end of March, over 550 youth were registered in extra -
curricular activities through the program, including English studies, basketball, soccer, dance, music and
boxing.

Engagement with the local governments of Yantzaza and Los Encuentros continued through support
agreements for rural road maintenance, basic service infrastructure, community well -being and support for
livestock and local farmers initiatives. During the quarter, the Company committed to several noteworthy
projects, such as the renewal of internet connectivity to all 22 communities in FDN’s area of influence, the
Neighbourhood Doctor Project which helps Ecuador's Ministry of Health provide care in remote are as of the
Yantzaza canton, and projects relating to road maintenance and water treatment. In addition, the Company
supported Ecuador’s Ministry of Transportation and Public Works to repair critical areas of the national road
network.

EXPLORATION

Near-Mine Exploration Program

During the first quarter of 2025, the Company completed a total of 16,105 metres across 43 holes from
surface and underground.

The underground near mine drilling program focused on the FDNS deposit, which remains open for expansion
in the north and along the south extension . Exploration of this deposit is currently underway using an
underground rig at the recently reopened and rehabilitated South Portal. The underground drilling program
also advanced at FDN East and is currently exploring the mineralization continuity in the central portion of

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this target. As at the date of this press release , two underground rigs are active in the near mine drilling
program.

The surface near mine drilling program continues to advance the delineation of the Bonza Sur deposit, the
definition of the FDN East target, and exploring new sectors like Trancaloma and Castillo. As at the date of
this press release , 10 surface rigs are drilling, three of them at Bonza Sur, one at FDN East, three at
Trancaloma, and three testing new sectors.

• At Bonza Sur, drill holes were completed mainly along the east and south extension of the deposit
and confirmed the deposit’s continuity. In the east extension, the drilling program defined the east
limit, close to the contact with the Trancaloma porphyry. In the south end of the deposit recent
drilling suggests further potential for expansion along this direction. The Bonza Sur mineralization
has already been identified for more than 2.6 kilometres along the north-south strike and for at least
500 metres along the downdip and remains open to the south.
At FDN East, the surface drilling program advanced in conjunction with the underground program
and confirmed the mineralization continuity in the central part of the target and indicated areas for
further expansion potential toward the north and south direction.
• The near -mine exploration program continues to advance in unexplored areas close to FDN. A
systematic exploration program employing geochemical and geophysical surveys and geological
mapping advanced on potential targets, and the initial drilling results confirmed the occurrence of
copper-gold porphyry mineralization in distinct sectors. At Trancaloma, located on the east border
of Bonza Sur, the drilling program intercepted a wide copper -gold porphyry mineralization in the
eastern portion of the target. At the porphyry target Castillo, located along the west border of Bonza
Sur, the drilling program intercepted copper gold mineralization, potentially an outer hydrothermal
alteration halo of another porphyry system in this sector, and covered by conglomerates of the Suarez
Basin.

In addition to the drilling programs, mine engineering work began on FDNS to evaluate geotechnical, mine
design, metallurgical characteristics, and infrastructure needs with the goal of integrating this Mineral
Resource into FDN’s 2026 updated long-term mine plan.

A table of first quarter 2025 near mine results for the FDNS, FDN East, Bonza Sur and Trancaloma targets
received to date can be found in Lundin Gold’s press release dated February 23 and May 7, 2025.

Regional Exploration Program

The Company initiated its multi -year regional exploration program during the first quarter of 2025 . The
program is expected to cover approximately 54,000 hectares on 23 of the Company’s concessions along the
Zamora Copper Gold Belt, a high potential geological setting which hosts the Fruta del Norte mine and several
large copper gold projects. The explo ration program was initiated in the Gamora district, located 65
kilometres north of FDN and approximately four kilometres north of the Mirador copper gold mine. The
Gamora district comprises multiple exploration sectors that exhibit geological features similar to those found
in copper-gold porphyry systems. Geological mapping and geochemical sampling program were completed
in distinct parts of the district during the quarter. Initial results identified new potential targets for further
evaluation.

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CORPORATE

• The Company published its 2024 Sustainability Report in April which marks its second year of
transition towards aligning with the European Sustainability Reporting Standards.
• The Company paid a quarterly dividend of $0.30 per share on March 26, 2025 (March 31, 2025 for
shares trading on Nasdaq Stockholm) based on a record date of March 11, 2025, for a total of $72.7
million.
• With the release of its first quarter 2025 results, the Company amended its dividend policy to provide,
subject to the discretion of the Board of Director s, for a quarterly Fixed Dividend, plus a variable
dividend equal to an amount per share based on at least 50% of the Company’s normalized free cash
flow during the preceding quarter less the Fixed Dividend paid during such period.
• Pursuant to the amended dividend policy, the Company declared cash dividend s of $0.45 per share,
comprised of the Fixed Dividend of $0.30 per share and the variable dividend of $0.15 per share. The
dividends are payable on June 25, 2025 (June 30, 2025 for shares trading on Nasdaq Stockholm) to
shareholders of record on June 10, 2025.
• As a result of the rapid and substantial increase in gold price, combined with a debt-free balance
sheet, and robust performance of operations, the Company also declared a special dividend of $0.41
per share. The special dividend is payable on June 9, 2025 (June 12, 2025 for shares trading on
Nasdaq Stockholm) to shareholders of record on May 22, 2025.

Qualified Persons

The technical information relating to Fruta del Norte contained in this press release has been reviewed and
approved by Terry Smith P . Eng, Lundin Gold’s COO, who is a Qualified Person in accordance with the
requirements of National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) .
The disclosure of exploration information contained in this press release 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.

Webcast and Conference Call

The Company will host a conference call and webcast to discuss its results on Friday, May 9 at 8:00 a.m. PT,
11:00 a.m. ET, 5:00 p.m. CET.

Conference Call Dial-In Numbers:

Participant Dial-In North America: +1 437-900-0527
Toll-Free Participant Dial-In North America: +1 888-510-2154
Participant Dial-In Sweden: +46 8 505 24649
Conference ID: Lundin Gold / 27398

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 its completion until May 16, 2025.

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Toll Free North America Replay Number: +1 888-660-6345
International Replay Number: +1 416-764-8677
Replay passcode: 27398 #

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador.
Fruta del Norte is among the highest-grade operating gold mines in the world.

The Company's board and management team have extensive expertise and are dedicated to operating Fruta
del Norte responsibly. The Company operates with transparency and in accordance with international best
practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence
and growth, while simultaneously providing economic and social benefits to impacted communities, fostering
a healthy and safe workplace and minimizing the environmental impact. Furthermore, Lundin Gold is focused
on continued exploration on its extensive and highly prospective land package to identify and develop new
resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders.

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, sustaining capital expenditures, 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 rep orted 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. Certain additional disclosures for these specified financial measures have been
incorporated by reference and can be found on page 11 of the Company's MD&A for the year ended March
31, 2025 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, 2025 at 4:30 p.m. Pacific Time
through the contact persons set out below.

For more information, please contact

Ron F. Hochstein Brendan Creaney
President and CEO Vice President, Corporate Development & Investor Relations
Tel (Canada): +1-604-806-3589 Tel: +1-604-376-4595
ron.hochstein@lundingold.com brendan.creaney@lundingold.com

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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, ob jectives,
assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”,
“expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of
such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will
be taken”, or “occur” and similar expressions) are not statements of historical fact and may be forward-looking statements. By their
nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are
difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from
those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this
forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-
looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the
Company will not necessarily update this information, unless required to do so by securities laws.
This press release contains forward-looking information in several places, such as in statements relating to to the Company’s 2025
production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and
cash flow forecasts, gold price, its estimated capital costs and sustaining capital; the Company’s ability to mitigate the impacts on its
operations of a power disruption from the national grid; the recovery of VAT, the anticipated benefits of the process plant expansion
project; 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. Factors that could cause actual results to differ materially
from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include
risks relating to: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security ; availability
of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral
Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relati ng to
production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and
development; control of Lundin Gold; dividends; information systems and cyber security; 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; 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; conflicts of
interest; 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 c ould
differ materially from those anticipated in this forward -looking information as a result of the factors discussed under the he ading
“Risk Factors” in the Company’s Annual Information Form dated March 17, 2025 available at www.sedarplus.ca
.

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Q1 2025

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LUNDIN GOLD INC.
Management’s Discussion and Analysis
Three Months Ended March 31, 2025
(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, 2025 with those of the same period from the previous year.

This MD&A is dated as of May 8, 2025 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, 2025, 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, 2024.

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,
focused growth and returning capital to shareholders. 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 highly prospective exploration properties close to FDN.

FIRST QUARTER 2025 HIGHLIGHTS AND ACTIVITIES

Performance during the first quarter of 2025 was highlighted by the completion of the process plant expansion project
in late February. Following this, plant throughput during March averaged 5,076 tonnes per day (“tpd”) and recoveries
averaged 90.0% with more potential expected to be unlocked through optimization. For the quarter, gold production of
117,313 ounces (“oz”) and gold sales of 117,641 oz were achieved. From this, cash operating costs1 and all-in
sustaining costs (“AISC”)1 of $792 and $909 per oz sold, respectively, were realized. While record high gold prices
have bolstered the Company’s financial performance, they have also increased royalties paid which affect cash
operating costs1 and AISC1. With these results, the Company is on track to meet its 2025 guidance on production
ranging between 475,000 to 525,000 oz and AISC1 ranging between $935 to $995 per oz sold.

With no debt on its balance sheet, the Company fully benefits from rising gold prices and generated free cash flow1 of
$171 million during the quarter or $0.71 per share. This strong cash generation has allowed the Company to introduce
a new variable quarterly dividend (the “Variable Dividend”) in addition to its fixed quarterly dividend of $0.30 per share
(the “Fixed Dividend”). Subject to the continued discretion of the Board of Directors, the quarterly Variable Dividend
will be equal to an amount per share based on at least 50% of the Company’s normalized free cash flow2 during the
preceding quarter, less the Fixed Dividend paid during such period. With this amendment to its dividend policy, the
Company declared cash dividends totalling $0.45 per share to be paid at the end of the second quarter. In addition,
the Board of Directors has declared a special dividend of $0.41 per share to be paid on June 9, 2025.

On the Company’s exploration programs, results continue to demonstrate significant exploration potential and provide
a growing pipeline of targets around FDN. High-grade intercepts from the conversion program at FDN South (“FDNS”)
have confirmed the deposit’s continuity. At FDN East, further high-grade results continue to underscore the target’s
growth potential. At Trancaloma, results confirm the discovery of a copper-gold porphyry system at surface and
highlight the potential for other porphyries near Trancaloma. At Bonza Sur, drilling indicates the potential for further
extension. Following the programs’ successes in the first quarter and a growing pipeline of targets, the 2025 exploration
program is being expanded from an initial 80,000 metres to a minimum of 108,000 metres.

1 Refer to “Non-IFRS Measures” section.
2 Normalized free cash flow means free cash flow1 adjusted for significant non-recurring items such as annual income
taxes and profit sharing which have historically been paid in the second quarter of each year.

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The following two tables provide an overview of key operating and financial results achieved during the first quarter of
2025 compared to the same period in 2024.
Three months ended
March 31,
2025 2024
Tonnes ore mined 403,221 419,758
Tonnes ore milled 398,159 413,596
Average mill throughput (tpd) 4,424 4,545
Average mill head grade (g/t) 10.4 9.5
Average recovery 88.5% 88.3%
Gold ounces produced 117,313 111,572
Gold ounces sold 117,641 108,916

Following the buy out of the stream loan credit facility (the “Stream Facility”) and offtake agreement (the “Offtake”) from
Newmont Corporation at the end of the second quarter of 2024, there were no adjustments between net income and
adjusted earnings1 as well as earnings before interest, taxes, depreciation, and amortization (“EBITDA”)1 and adjusted
EBITDA1 during the first quarter of 2025.

1 Refer to “Non-IFRS Measures” section.

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Operating and Financial Results During the First Quarter of 2025

 Mine production was aligned with mill availability which resulted in 403,221 tonnes mined at an average grade
of 9.5 g/t.
 The mill processed 398,159 tonnes at an average throughput rate of 4,424 tpd with performance affected by
the proactive completion of the relining of the SAG mill and other maintenance activities. These activities,
originally scheduled in the second quarter, were completed during planned downtime associated with
equipment tie-ins for the process plant expansion project.
 The average grade of ore milled was 10.4 g/t with average recovery at 88.5%. Mined grades were lower than
milled grades, mainly due to positive reconciliation.
 Gold production was 117,313 oz which was comprised of 75,494 oz in concentrate and 41,819 oz as doré.
 Gold sales totalled 117,641 oz, consisting of 78,552 oz in concentrate and 39,089 oz as doré, resulting in
gross revenues of $362 million at an average realized gold price1 of $3,081 per oz. Average realized gold
price1 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair
value estimates as at December 31, 2024. Net of treatment and refining charges, revenues for the quarter
were $356 million.
 Average realized gold price1 includes $2,926 per ounce of gross price received and a favourable impact of
$155 per ounce mark-to-market on provisionally priced sales.
 Cash operating costs1 and AISC1 were $792 and $909 per oz of gold sold, respectively. Sustaining capital
expenditures1 are expected to increase in future quarters with the initiation of the fifth tailings dam raise and
other site infrastructure improvement projects.
 The Company generated cash from operating activities of $194 million and free cash flow1 of $171 million, or
$0.71 per share, resulting in a cash balance of $452 million at March 31, 2025 following the quarterly dividend
payment of $72.7 million.
 EBITDA1 was $242 million while income from mining operations was $234 million which, after deducting
corporate, exploration, and taxes, resulted in net income of $154 million for the quarter or $0.64 per share.

Capital Expenditures

Sustaining Capital
 Sustaining capital expenditures1 during the first quarter was $7.0 million.
 Preparations were underway for the fifth raise of the tailings dam with work starting late in the second quarter
and expected to conclude during the first quarter of 2026.
 Other projects that advanced during the quarter included improvements to the industrial and potable water
supply as well as enhancements to the South Portal.
 Commissioning of the four diesel-powered generators continued and is expected to be completed by the end
of the second quarter.
 The 2025 conversion drilling program is focused on FDNS, located in the south portion of the FDN deposit.
During the first quarter, the conversion drilling program completed approximately 2,762 metres across 17
holes with two rigs currently turning.
o All drill holes confirmed the mineralization continuity and indicated higher grade zones within the vein
system. Some conversion drill holes also intercepted mineralized zones outside of the existing
geological model.
o A complete table of the conversion drilling results received to date can be found in Lundin Gold’s
press release dated May 7, 2025.

Process Plant Expansion Project
 The process plant expansion project was completed during the quarter, including commissioning of the
remaining two Jameson cells, new concentrate filter, and other ancillary upgrades.
 Downtime was required in the quarter to complete the remaining tie-ins and commissioning, with the relining
of the SAG mill completed opportunistically.
 Plant throughput for the month of March averaged 5,076 tpd and recoveries averaged 90.0%. These figures
demonstrate the early benefits of the expansion with more potential expected to be unlocked through
optimization.

1 Refer to “Non-IFRS Measures” section.

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

Health and Safety and Community

Health and Safety
 During the first quarter there were no Lost Time Incidents and two Medical Aid Incidents.
 The Total Recordable Incident Rate across the Company was 0.21 per 200,000 hours worked for the quarter.

Community
Lundin Gold sponsored community projects continued to advance well in the first quarter of 2025. One of the
Company’s most impactful programs, run by the non-governmental organization Educación para Compartir, has
focused on mental health and well-being in our local communities since its inception in November 2023. During the
first quarter, approximately 775 counselling sessions were provided, with an intake of approximately 70 new patients.
As of the end of March, over 550 youth were registered in extra-curricular activities through the program, including
English studies, basketball, soccer, dance, music and boxing.

Engagement with the local governments of Yantzaza and Los Encuentros continued through support agreements for
rural road maintenance, basic service infrastructure, community well-being and support for livestock and local farmers
initiatives. During the quarter, the Company committed to several noteworthy projects, such as the renewal of internet
connectivity to all 22 communities in FDN’s area of influence, the Neighbourhood Doctor Project which helps Ecuador's
Ministry of Health provide care in remote areas of the Yantzaza canton, and projects relating to road maintenance and
water treatment. In addition, the Company supported Ecuador’s Ministry of Transportation and Public Works to repair
critical areas of the national road network.

Lundin Gold continued to participate in the community roundtable process. Six separate thematic roundtables were
held in March. A total of 197 individuals participated in these sessions, including local vendors, local authorities, and
Lundin Gold personnel.

Local businesses continue to be supported by the Company in conjunction with the Lundin Foundation. The local
companies that participate in the Lundin Foundation’s local supplier development program continued to provide
products and services to FDN, while also advancing growth strategies. The Lundin Foundation’s successful Soy
Emprendedora program, which supports women led businesses in the Province of Zamora Chinchipe, continued to
show positive impacts and results. As part of the relationship with the Shuar Indigenous Peoples, Lundin Gold and the
Lundin Foundation continue to work together to implement the Nexo III local supplier development program. Several
initiatives are underway to promote Shuar culture and develop economic opportunities for the Shuar people in Zamora
Chinchipe.

Exploration

Near-Mine Exploration Program
During the first quarter of 2025, the Company completed a total of 16,105 metres across 43 holes from surface and
underground.

The underground near mine drilling program focused on the FDNS deposit, which remains open for expansion in the
north and along the south extension. Exploration of this deposit is currently underway using an underground rig at the
recently reopened and rehabilitated South Portal. The underground drilling program also advanced at FDN East and
is currently exploring the mineralization continuity in the central portion of this target. As at the date of this MD&A, two
underground rigs are active in the near mine drilling program.

The surface near mine drilling program continues to advance the delineation of the Bonza Sur deposit, the definition of
the FDN East target, and exploring new sectors like Trancaloma and Castillo. As at the date of this MD&A, 10 surface
rigs are drilling, three of them at Bonza Sur, one at FDN East, three at Trancaloma, and three testing new sectors.

 At Bonza Sur, drill holes were completed mainly along the east and south extension of the deposit and
confirmed the deposit’s continuity. In the east extension, the drilling program defined the east limit, close to
the contact with the Trancaloma porphyry. In the south end of the deposit recent drilling suggests further
potential for expansion along this direction. The Bonza Sur mineralization has already been identified for more
than 2.6 kilometres along the north-south strike and for at least 500 metres along the downdip and remains
open to the south.

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

 At FDN East, the surface drilling program advanced in conjunction with the underground program and
confirmed the mineralization continuity in the central part of the target and indicated areas for further expansion
potential toward the north and south direction.

 The near-mine exploration program continues to advance in unexplored areas close to FDN. A systematic
exploration program employing geochemical and geophysical surveys and geological mapping advanced on
potential targets, and the initial drilling results confirmed the occurrence of copper-gold porphyry mineralization
in distinct sectors. At Trancaloma, located on the east border of Bonza Sur, the drilling program intercepted
a wide copper-gold porphyry mineralization in the eastern portion of the target. At the porphyry target Castillo,
located along the west border of Bonza Sur, the drilling program intercepted copper gold mineralization,
potentially an outer hydrothermal alteration halo of another porphyry system, and covered by conglomerates
of the Suarez Basin.

In addition to the drilling programs, mine engineering work began on FDNS to evaluate geotechnical, mine design,
metallurgical characteristics and infrastructure needs with the goal of integrating this Mineral Resource into FDN’s 2026
updated long-term mine plan.

A table of first quarter 2025 near mine results for the FDNS, FDN East, Bonza Sur and Trancaloma targets received to
date can be found in Lundin Gold’s press release dated February 23 and May 7, 2025.

Regional Exploration Program
The Company initiated its multi-year regional exploration program during the first quarter of 2025. The program is
expected to cover approximately 54,000 hectares on 23 of the Company’s concessions along the Zamora Copper Gold
Belt, a high potential geological setting which hosts the Fruta del Norte mine and several large copper gold projects.
The exploration program was initiated in the Gamora district, located 65 kilometres north of FDN and approximately
four kilometres north of the Mirador copper gold mine. The Gamora district comprises multiple exploration sectors that
exhibit geological features similar to those found in copper-gold porphyry systems. Geological mapping and
geochemical sampling program were completed in distinct parts of the district during the quarter. Initial results identified
new potential targets for further evaluation.

Corporate

 The Company published its 2024 Sustainability Report in April which marks its second year of transition
towards aligning with the European Sustainability Reporting Standards.
 The Company paid a quarterly dividend of $0.30 per share on March 26, 2025 (March 31, 2025 for shares
trading on Nasdaq Stockholm) based on a record date of March 11, 2025, for a total of $72.7 million
 With the release of its first quarter 2025 results, the Company amended its dividend policy to pay, subject to
the direction of its Board of Directors, quarterly dividends equal to:
o The Fixed Dividend of at least $0.30 per share; and
o The Variable Dividend based on at least 50% of the Company’s normalized free cash flow during the
preceding quarter less the Fixed Dividend paid during such period. The Company will determine its
normalized free cash flow each quarter by removing significant non-recurring items from its free cash
flow1 calculation such as annual income taxes and profit sharing which have historically been paid in
the second quarter of each year. Further details on this calculation can be found in Lundin Gold’s
dividend declaration press release dated May 8, 2025.
 Pursuant to the amended dividend policy, the Company declared cash dividends of $0.45 per share,
comprised of the Fixed Dividend of $0.30 per share and the Variable Dividend of $0.15 per share. The
dividends are payable on June 25, 2025 (June 30, 2025 for shares trading on Nasdaq Stockholm) to
shareholders of record on June 10, 2025.
 As a result of the rapid and substantial increase in gold price, combined with a debt-free balance sheet, and
robust performance of operations, the Company declared a special dividend of $0.41 per share. The special
dividend is payable on June 9, 2025 (June 12, 2025 for shares trading on Nasdaq Stockholm) to shareholders
of record on May 22, 2025.

1 Refer to “Non-IFRS Measures” section.

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

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).

2025 2024 2024 2024
Q1 Q4 Q3 Q2

Revenues $ 356,345 $ 341,791 $ 323,087 $ 301,431

Income from mining operations $ 233,546 $ 215,208 $ 203,184 $ 171,757

Derivative gain for the period $ - $ - $ - $ 261,668

Net income for the period $ 153,500 $ 129,147 $ 135,715 $ 119,291

Basic income per share $ 0.64 $ 0.54 $ 0.57 $ 0.50
Diluted income per share $ 0.63 $ 0.53 $ 0.56 $ 0.49

Weighted-average number of common shares outstanding
Basic 240,460,033 240,101,527 239,737,300 239,129,917
Diluted 241,992,389 242,320,782 241,890,593 241,031,608

Additions to property, plant and equipment $ 14,919 $ 35,044 $ 28,019 $ 17,467

Total assets $ 1,613,365 $ 1,527,481 $ 1,364,106 $ 1,396,496

Long-term debt $ - $ - $ - $ -

Working capital $ 551,032 $ 458,944 $ 357,410 $ 253,587

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

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

Three months ended March 31, 2025 compared to the three months ended March 31, 2024

The Company generated net income of $154 million during the first quarter of 2025 compared to $41.9 million during
the first quarter of 2024. Net income was generated from the recognition of revenues of $356 million, which resulted
in income from mining operations of $234 million, as well as finance and other income of $5.5 million. This is offset by
exploration costs of $10.4 million, corporate administration costs of $12.1 million, and income tax expense of $63.1
million. During the first quarter of 2024, net income was generated from the recognition of revenues of $227 million,
which resulted in income from mining operations of $113 million, as well as finance and other income of $5.6 million.
This is offset by finance expense of $12.1 million, a derivative loss of $17.9 million, income tax expense of $28.6 million,
and other expenses totalling $18.3 million.

Income from mining operations

During the first quarter of 2025, the Company generated revenues of $356 million from the sale of 117,641 oz of gold
and income from mining operations of $234 million compared to revenues of $227 million from the sale of 108,916 oz
of gold and income from mining operations of $113 million during the first quarter of 2024. The increase is primarily
attributable to an increase in oz sold at a higher average realized gold price1.

Exploration

Exploration costs were $10.4 million in the quarter compared to $7.9 million during the same period in 2024. 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 $10.4 million during the first quarter of 2024 to $12.1 million during the
first quarter of 2025. The increase is mainly attributable to the cash settlement of share units that vested during the
quarter. Share units that settled or are expected to settle in cash are accounted for at fair value. Therefore, an increase
in the Company’s share price will result in an increase in stock-based compensation expense.

Finance expense

No finance expense was incurred during the first quarter of 2025 following the buy out of the Stream Facility and Offtake
at the end of the second quarter of 2024.

Finance income

Finance income increased from $4.5 million during the first quarter of 2024 to $4.7 million during the first quarter of
2025 as the Company’s increased cash balance offset a declining yield on the Company’s treasury investments.

Other expense (income)

Other income of $0.8 million was recognized during the quarter compared to $1.2 million in the first quarter of 2024
which is mainly driven by foreign exchange movements during the period and its impact on the Company’s expenses
that are denominated in Canadian dollars.

Derivative gain or loss

With the Company in a debt free position, no derivative gains or losses are recognized. During the first quarter of 2024,
a derivative loss of $17.9 million was recognized relating to the change in fair value of the Stream Facility and Offtake.

1 Refer to “Non-IFRS Measures” section.

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

Income taxes

Income taxes of $63.1 million were recorded during the first quarter of 2025 (three months ended March 31, 2024 –
$28.6 million) which is comprised of current income tax expenses of $76.4 million offset by deferred income tax recovery
of $13.4 million. The change is mainly attributable to an increase in net income before tax resulting from a higher
average realized gold price1. 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 tax instalment payments are due monthly based on a percentage of monthly revenues with residual
income taxes owed, if any, due in April of each year. In addition, the government and employee portion of profit sharing
are payable annually in April.

LIQUIDITY AND CAPITAL RESOURCES

The change in cash during the first quarter of 2025 was primarily due to cash generated from operating activities of
$194 million and proceeds from the exercise of stock options and anti-dilution rights totalling $4.5 million. This is offset
by dividends paid of $72.7 million and capital expenditures of $23.5 million.

Trade receivables

Trade receivables mainly represent the value of concentrate 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 trade receivables 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, 2025, this resulted in an estimated increase of $23.3
million ($5.1 million at December 31, 2024) 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 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.

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, 2024 while variations in doré and
concentrate are mainly the result of timing of shipments around period end. In addition, there has been a decrease in
the value of materials and supplies due to the disposal of obsolete or slow-moving inventory generally accumulated
during the construction of FDN.

1 Refer to “Non-IFRS Measures” section.

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

Investment activities

Investment activities during the first quarter of 2025 are comprised principally of major sustaining capital expenditures1
including mine fleet overhaul, commissioning of diesel powered generators, and conversion drilling. In addition, costs
were incurred relating to the process plant expansion project.

Liquidity and capital resources

The Company generated strong operating cash flow during the first quarter of 2025 and expects to continue to do so
for the remainder of the year based on its production and AISC1 guidance. With no debt and strong gold prices, the
Company expects to generate significant cash flow which will continue to support the exploration programs, planned
capital expenditures, growth initiatives and regular dividend payments under the approved amended dividend policy.

TRANSACTIONS WITH RELATED PARTIES

During the three months ended March 31, 2025, the Company incurred $0.3 million (March 31, 2024 – $0.8 million),
primarily relating to office rental and related services provided by Namdo Management Services Ltd. (“Namdo”), a
company associated with a director of the Company. In addition, the Company entered into transactions with its largest
shareholder, Newmont Corporation, as presented in Note 16 in the Notes to the unaudited condensed consolidated
interim financial statements for the three months ended March 31, 2025.

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. Further, provisionally priced trade receivables of $165 million (December 31,
2024 – $156 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.

Credit risk

Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its
contractual obligations. The majority of the Company’s cash is held in large financial institutions with a high investment
grade rating. The Company is also subject to credit risk associated with its trade receivables. The Company manages
this risk by only selling to a small group of reputable customers with strong financial statements.

Concentration of credit risk

Cash and cash equivalents are held with high quality financial institutions. Substantially all of the Company’s cash and
cash equivalents held with financial institutions exceed government-insured limits. The 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.

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.

1 Refer to “Non-IFRS Measures” section.

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

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 are impacted by fluctuations of commodity prices.

COMMITMENTS

Significant capital and other expenditures contracted as at March 31, 2025 but not recognized as liabilities are as
follows:

Capital
Expenditures Other

12 months ending March 31, 2026 $ 23,547 543
April 1, 2026 onward - 7,008

Total $ 23,547 7,551

The Company’s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net
revenue royalty payable to third parties.

OFF-BALANCE SHEET ARRANGEMENTS

During the three months ended March 31, 2025 and the year ended December 31, 2024, there were no off-balance
sheet transactions. The Company has not entered into any specialized financial arrangements to minimize its currency
risk.

OUTSTANDING SHARE DATA

As at the date of this MD&A, there were 240,851,709 common shares issued and outstanding. There were also stock
options outstanding to purchase a total of 1,871,045 common shares, 362,544 restricted share units with a performance
criteria, 187,963 restricted share units, and 48,606 deferred share units.

OUTLOOK

With the process plant expansion project now complete, the Company is well-positioned to meet its production guidance
of 475,000 to 525,000 oz and AISC1 guidance of $935 to $995 per oz sold. Sustaining capital expenditures1 are
expected to increase over the remaining quarters of 2025 with construction of the fifth raise of the tailings dam starting
in the second quarter as well as several other capital projects.

Increased rainfall in Ecuador since the start of 2025 has normalized power supply from the national grid.
Commissioning of the four additional diesel generators purchased last year continues with completion expected by the
end of the second quarter. These additional diesel generators are expected to allow the FDN process plant to run
slightly below capacity in the event of recurrence of power disruption from the national grid.

1 Refer to “Non-IFRS Measures” section.

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

The near-mine underground drilling program will continue to advance at FDNS where the primary focus is the
conversion and expansion of this new system. The surface drilling program will continue to explore the extensions of
Bonza Sur, FDN East, advance at Trancaloma, and explore for new sectors around FDN. Due to the proximity between
Bonza Sur and the recently discovered Trancaloma porphyry system, the decision has been made to delay the initial
Mineral Resource Estimate for Bonza Sur to better understand the geological environment. Fourteen rigs are currently
turning across the conversion and near-mine exploration programs.

The regional exploration program will continue to focus on the unexplored large package of mineral concessions located
on a highly prospective environment which hosts the Fruta del Norte deposit. This is the first year of a new three-year
greenfield strategy to identify new areas for exploration drilling. The 2025 program includes a geophysical magnetic
survey and a geochemical sampling program.

Based on the first quarter results, the Company expects to increase the near-mine drilling program by 18,000 metres
to a minimum of 83,000 metres to accelerate the definition of near-mine targets and the conversion drilling program
from 15,000 metres to approximately 25,000 metres. A minimum of 108,000 metres of drilling are planned across the
conversion and near-mine drilling programs for 2025. The total estimated cost of the near-mine and regional program
is $47 million for the year. This represents the largest drill program ever completed on the land package that hosts the
FDN deposit.

Under its amended dividend policy, the Company anticipates continuing to declare quarterly Fixed Dividends of $0.30
per share, equivalent to approximately $300 million annually based on currently issued and outstanding shares, plus a
Variable Dividend equal to an amount based on at least 50% of the Company’s normalized free cash flow less the
Fixed Dividend.

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, sustaining capital expenditures, 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.

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

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 by disaggregating revenues for the period between gross gold sales before provisional pricing impact, mark-
to-market on provisionally priced sales, and silver revenues less treatment and refining charges.

Three months ended
March 31,
2025 2024

Gross gold sales before provisional pricing impact $ 344,278 $ 227,590
Gain on provisionally priced trade receivables 18,200 5,600

Silver revenues 3,928 2,923
Less: Treatment and refining charges (10,061) (9,372)

Revenues $ 356,345 $ 226,741

Gold oz sold 117,641 108,916

Average realized gold price (per oz sold)
Gross gold sales before provisional pricing impact $ 2,926 $ 2,090
Gain on provisionally priced trade receivables 155 51

Average realized gold price $ 3,081 $ 2,141

Silver revenues 33 27
Less: Treatment and refining charges (86) (86)

Revenues $ 3,028 $ 2,082

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,
2025 2024

Net income for the period $ 153,500 $ 41,897

Adjusted for:
Finance expense - 12,093
Finance income (4,672) (4,454)
Income tax expense 63,062 28,622
Depletion and depreciation 29,612 33,454

EBITDA $ 241,502 $ 111,612

Special government levy - 1,913
Derivative loss - 17,931

Adjusted EBITDA $ 241,502 $ 131,456

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

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. During the three months ended March 31, 2024
these included a special one-time government levy; derivative gains or losses from accounting for the Stream Facility
at fair value; and related income tax effects. 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.

Three months ended
March 31,
2025 2024

Net income for the period $ 153,500 $ 41,897

Adjusted for:
Special government levy - 1,913
Derivative loss - 17,931
Deferred income tax recovery - (3,945)

Adjusted earnings $ 153,500 $ 57,796

Basic weighted average shares outstanding 240,460,033 238,255,452

Adjusted basic earnings per share $ 0.64 $ 0.24

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,
2025 2024

Operating expenses $ 72,564 $ 67,268
Royalty expenses 20,640 12,788

Cash operating costs $ 93,204 $ 80,056

Gold oz sold 117,641 108,916

Cash operating cost per oz sold $ 792 $ 735

All-in sustaining cost and sustaining capital expenditures

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
expenditures, less silver revenue, all divided by the gold oz sold to arrive at a per oz amount. Sustaining capital
expenditures is defined as cash basis expenditures which maintain existing operations and sustain production levels.

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

Other companies may calculate this measure differently as a result of differences in underlying principles and policies
applied.

Three months ended
March 31,
2025 2024

Cash operating costs $ 93,204 $ 80,056
Corporate social responsibility 346 329
Treatment and refining charges 10,061 9,372
Accretion of restoration provision 190 205
Sustaining capital expenditures 7,014 7,110
Less: silver revenues (3,928) (2,923)

All-in sustaining cost $ 106,887 $ 94,149

Gold oz sold 117,641 108,916

All-in sustaining cost per oz sold $ 909 $ 864

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 expense
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 expense paid.

Three months ended
March 31,
2025 2024

Net cash provided by operating activities $ 194,308 $ 107,914

Net cash used for investing activities (23,525) (13,636)
Interest paid - (1,876)
Finance expense paid - (10,143)

Free cash flow $ 170,783 $ 82,259

Basic weighted average shares outstanding 240,460,033 238,255,452

Free cash flow per share $ 0.71 $ 0.35

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 2024 Management’s Discussion and Analysis.

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

RISKS AND UNCERTAINTIES

Natural resources exploration, development and operation involves a number of risks and uncertainties, many of which
are beyond the Company’s control. These risks and uncertainties include, without limitation, the risks discussed
elsewhere in this MD&A and those set out in the Company’s Annual Information Form dated March 17, 2025 (the “AIF”),
which is available on SEDAR+ at www.sedarplus.ca.

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 in accordance with the requirements of National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“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, 2025 is expected to be published on or about August 7, 2025.

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, 2025 and ending March 31, 2025, that have materially affected, or are reasonably likely to materially affect,
the Company’s internal control over financial reporting.

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

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.
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 2025 production outlook, including estimates of gold production, grades recoveries and AISC; operating
plans; expected sales receipts and cash flow forecasts, gold price, its estimated capital costs and sustaining capital;
the Company’s ability to mitigate the impacts on its operations of a power disruption from the national grid; the recovery
of VAT, the anticipated benefits of the process plant expansion project; 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. Factors that could cause actual results to
differ materially from any forward-looking statement or that could have a material impact on the Company or the trading
price of its shares include risks relating to: instability in Ecuador; community relations; reliability of power supply; tax
changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and
tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure;
regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence
on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold;
dividends; information systems and cyber security; 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; 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; conflicts of interest; 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 27 =====

LUNDIN GOLD INC.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited – Prepared by Management)
(Expressed in thousands of U.S. Dollars)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.

March 31, December 31,
Note 2025 2024

ASSETS

Current assets
Cash and cash equivalents 18 $ 451,737 $ 349,200
Trade receivables and other current assets 3 239,810 233,555
Inventories 4 88,799 88,210
Advance royalty - 3,494
780,346 674,459
Non-current assets
VAT recoverable 20,205 24,287
Property, plant and equipment 5 685,176 695,703
Mineral properties 6 127,638 133,032
$ 1,613,365 $ 1,527,481
LIABILITIES

Current liabilities
Accounts payable and accrued liabilities 7 $ 91,720 $ 109,947
Income taxes payable 132,813 96,843
Other current liabilities 10 4,781 8,725
229,314 215,515

Non-current liabilities
Other non-current liabilities 10 3,058 3,457
Reclamation provisions 8,056 7,866
Deferred income tax liabilities 70,961 84,344

311,389 311,182

EQUITY
Share capital 9 1,041,242 1,035,399
Equity-settled share-based payment reserve 10 8,109 9,059
Accumulated other comprehensive loss (40,747) (40,747)
Retained earnings 293,372 212,588
1,301,976 1,216,299
$ 1,613,365 $ 1,527,481

Commitments (Note 21)

Approved by the Board of Directors

/s/ Ron F. Hochstein /s/ Ian W. Gibbs
Ron F. Hochstein Ian W. Gibbs

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

LUNDIN GOLD INC.
Condensed Consolidated Interim Statements of Income and Comprehensive Income
(Unaudited – Prepared by Management)
(Expressed in thousands of U.S. Dollars, except share and per share amounts)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Three months ended
March 31,
Note 2025 2024

Revenues 11 $ 356,345 $ 226,741

Cost of goods sold
Operating expenses 12 72,564 67,268
Royalty expenses 20,640 12,788
Depletion and depreciation 29,595 33,448

122,799 113,504

Income from mining operations 233,546 113,237

Other expenses (income)
Exploration 13 10,392 7,925
Corporate administration 14 12,095 10,387
Finance expense 15 - 12,093
Finance income (4,672) (4,454)
Other income (831) (1,164)
Derivative loss 8 - 17,931

16,984 42,718

Net income before tax 216,562 70,519
Income tax expense
Current income tax expense 17 76,445 23,495
Deferred income tax expense (recovery) 17 (13,383) 5,127
63,062 28,622

Net income for the period $ 153,500 $ 41,897

OTHER COMPREHENSIVE INCOME (LOSS)

Items that will not be reclassified to net income
Currency translation adjustment - (1,375)
Derivative loss related to the Company’s
own credit risk - (6,260)
Deferred income tax on accumulated other
comprehensive income - 1,377

Comprehensive income $ 153,500 $ 35,639

Income per common share
Basic $ 0.64 $ 0.18
Diluted 0.63 0.17

Weighted-average number of common shares outstanding

Basic 240,460,033 238,255,452
Diluted 241,992,389 239,968,974

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

LUNDIN GOLD INC.
Condensed Consolidated Interim Statements of Changes in Equity
(Unaudited – Prepared by Management)
(Expressed in thousands of U.S. Dollars, except number of common shares)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Equity-settled
Number of share-based Retained
common Share payment Other earnings
Note shares capital reserve reserves (deficit) Total

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 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

Balance, January 1, 2025 240,194,898 $ 1,035,399 $ 9,059 $ (40,747) $ 212,588 $ 1,216,299

Exercise of stock options 525,488 5,697 (1,374) - - 4,323
Exercise of anti-dilution rights 9 5,407 146 - - - 146
Stock-based compensation 10 - - 424 - - 424
Net income for the period - - - - 153,500 153,500
Dividends paid - - - - (72,716) (72,716)

Balance, March 31, 2025 240,725,793 $ 1,041,242 $ 8,109 $ (40,747) $ 293,372 $ 1,301,976

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

LUNDIN GOLD INC.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited – Prepared by Management)
(Expressed in thousands of U.S. Dollars)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Three months ended
March 31,
Note Note 2025 2024

OPERATING ACTIVITIES

Net income for the period $ 153,500 $ 41,897
Items not affecting cash:
Depletion and depreciation 29,612 33,454
Stock-based compensation 10 6,922 2,770
Derivative loss 8 - 17,931
Other expense (income) 108 (1,045)
Finance expense (income) (4,672) 7,639
Deferred income tax expense (recovery) (13,383) 5,127

172,087 107,773
Changes in non-cash working capital items:
Trade receivables and other current assets (39) (13,014)
Inventories 819 (29)
Advance royalty 3,494 5,381
Accounts payable and accrued liabilities (11,754) (4,468)
Income taxes payable 35,970 7,817
Interest received 4,672 4,454
Share units settled in cash 10 (10,941) (3,561)

Net cash provided by operating activities 194,308 104,353

FINANCING ACTIVITIES

Repayments of long-term debt 8 - (3,121)
Interest paid 8 - (1,876)
Finance expense paid 8 - (10,143)
Proceeds from exercise of stock options 4,323 4,319
Proceeds from exercise of anti-dilution rights 9 146 -
Dividends paid (72,716) (23,874)

Net cash used for financing activities (68,247) (34,695)

INVESTING ACTIVITIES

Acquisition and development of property, plant
and equipment (21,391) (12,641)
VAT paid on investing activities (2,134) (995)

Net cash used for investing activities (23,525) (13,636)

Effect of foreign exchange rate differences on cash 1 (112)

Net increase in cash and cash equivalents 102,537 55,910

Cash and cash equivalents, beginning of period 349,200 268,025

Cash and cash equivalents, end of period $ 451,737 $ 323,935

Supplemental cash flow information (Note 18)

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

LUNDIN GOLD INC.
Notes to the condensed consolidated interim financial statements as at March 31, 2025
(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 an 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 Accounting Standards
and should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year
ended December 31, 2024. Certain comparative figures have been restated to conform to the current period’s
presentation.

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, 2024.

These financial statements were approved for issue by the Board of Directors on May 8, 2025.

3. Trade receivables and other current assets

March 31, December 31,
2025 2024

Trade receivables (a) $ 165,111 $ 155,948
VAT recoverable (b) 60,455 58,028
Prepaid expenses and other 14,244 19,579

$ 239,810 $ 233,555

(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, 2025, 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 $23.3 million in trade receivables as of March 31, 2025 (December 31, 2024 - $5.1
million increase) reflecting rising gold prices during the period.

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

3. Trade receivables and other current assets (continued)

(b) Subject to submission of VAT claims and their acceptance by the applicable tax authorities, VAT paid in
Ecuador by the Company is being refunded or applied as a credit against 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 based on the Company’s assessment of the estimated time for processing VAT claims during
the next twelve months.

4. Inventories

March 31, December 31,
2025 2024

Ore stockpile $ 9,385 $ 8,254
Gold in circuit 12,334 8,546
Doré and concentrate 15,499 18,687
Materials and supplies 51,581 52,723

$ 88,799 $ 88,210

As at March 31, 2025, the Company maintained a provision of $4.0 million (December 31, 2024 - $4.0 million)
associated with obsolete or slow-moving materials and supplies inventory.

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,
2024 $ 7,009 $ 986,741 $ 49,591 $ 24,440 $ 2,543 $ 1,070,324

Additions 38,363 47,629 1,086 423 2,730 90,231
Disposals and other - - (1,465) (1,561) - (3,026)
Reclassifications (6,128) 6,128 - - - -
Cumulative translation
adjustment - (1,057) - - (12) (1,069)

Balance, December 31,
2024 39,244 1,039,441 49,212 23,302 5,261 1,156,460

Additions 11,959 417 2,089 - 454 14,919
Disposals and other - - (18) (73) - (91)
Reclassifications (47,552) 47,552 - - - -

Balance, March 31, 2025 $ 3,651 $ 1,087,410 $ 51,283 $ 23,229 $ 5,715 $ 1,171,288

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

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,
2024 $ - $ 306,896 $ 24,669 $ 19,583 $ 280 $ 351,428

Depletion and
depreciation - 102,883 6,530 1,884 831 112,128
Disposals and other - (866) (1,561) - (2,427)
Cumulative translation
adjustment - (371) - - (1) (372)

Balance, December 31,
2024 - 409,408 30,333 19,906 1,110 460,757

Depletion and
depreciation - 22,970 1,708 395 367 25,440
Disposals and other - - (12) (73) - (85)

Balance, March 31, 2025 $ - $ 432,378 $ 32,029 $ 20,228 $ 1,477 $ 486,112

Net book value

As at December 31,
2024 $ 39,244 $ 630,033 $ 18,879 $ 3,396 $ 4,151 $ 695,703

As at March 31, 2025 $ 3,651 $ 655,032 $ 19,254 $ 3,001 $ 4,238 $ 685,176

6. Mineral properties

Cost Fruta del Norte

Balance, January 1, 2024 $ 160,028

Adjustments to restoration asset (1,677)
Depletion (25,319)

Balance, December 31, 2024 133,032

Depletion (5,394)

Balance, March 31, 2025 $ 127,638

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

7. Accounts payable and accrued liabilities

March 31, December 31,
2025 2024

Accounts payable $ 15,585 $ 18,261
Accrued liabilities 36,695 43,561
Accrued profit sharing to employees and royalties 39,440 48,125

$ 91,720 $ 109,947

8. Long-term debt

The stream loan credit facility (the “Stream Facility”) and the offtake derivative liability (the “Offtake”) were
accounted for as financial liabilities at fair value through profit or loss until the closing of their buy out from Newmont
Corporation (“Newmont”) on June 27, 2024 (the “Closing Date”). This resulted in a derivative loss of $17.9 million
during the three months ended March 31, 2024.

During the three months ended March 31, 2024, the Company made scheduled monthly payments under the
Stream Facility totaling $15.1 million of which $3.1 million was paid on account of principal; $1.9 million for accrued
interest; and the remaining $10.1 million as a finance expense.

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, 2025, the Company issued 5,407 common shares to Newmont, indirectly
through its subsidiary Newcrest Canada Inc. (“Newcrest”) at a weighted average price of CAD$38.58 per share for
total proceeds of $0.1 million. During the year ended December 31, 2024, 804,340 common shares were issued
to Newcrest at a weighted average price of CAD$22.40 per share for total proceeds of $13.1 million. These
issuances were completed in accordance with Newcrest’s anti-dilution rights granted as part of its initial investment
into the Company.

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

10. Stock-based compensation

i. Stock options

During the three months ended March 31, 2025, 143,500 stock options were granted to employees and non-
employees. These options have a weighted average exercise price of CAD$38.58, an expiry date of five years
and vest over a period of three or four years from date of grant. The total number of stock options outstanding
at March 31, 2025 was 1,996,961.

The fair value based method of accounting was applied to stock options granted on the date of grant using
the Black-Scholes option pricing model with the following weighted-average assumptions:

March 31, 2025

Risk-free interest rate 2.64%
Expected stock price volatility 35.27%
Expected life 4 years
Expected dividends (CAD) $1.13

Weighted-average fair value per option granted (CAD) $9.29

During the three months ended March 31, 2025, the Company recorded stock-based compensation expense
of $0.3 million (three months ended March 31, 2024 – $0.4 million) related to stock options.

ii. Share units

The Company has issued and outstanding deferred share units (DSUs), restricted share units without
performance criteria (RSUs), and restricted share units with performance criteria (PSUs) (collectively, “Share
Units”). Share Units were initially expected to be settled in shares. However, starting December 31, 2024, to
the extent permitted by the Company’s omnibus incentive plan and subject to the continued discretion of the
Company’s board of directors, Share Units are expected to generally settle in cash. As a result, eligible Share
Units were reclassified as financial liabilities measured at fair value as at December 31, 2024.

During the three months ended March 31, 2025, the Company granted 115,120 Share Units. In addition, in
connection with dividends paid during the three months ended March 31, 2025, 5,814 Share Units were
granted as Dividend Equivalents. The total number of Share Units outstanding at March 31, 2025 was
599,113.

During the three months ended March 31, 2025, the Company recorded stock-based compensation expense
of $6.6 million (three months ended March 31, 2024 – $2.4 million) related to the revaluation of Share Units.

During the three months ended March 31, 2025, total stock-based compensation expense was $6.9 million (2024
– $2.8 million expense)

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

11. Revenues

Three months ended
March 31,
2025 2024

Doré sales (a) $ 112,155 $ 76,469
Concentrate sales 225,990 144,672
Gain on provisionally priced trade
receivables

18,200

5,600

$ 356,345 $ 226,741

(a) During the three months ended March 31, 2024, doré sales were to Newmont under the Offtake until the
Closing Date of the buy out of the Stream Facility and Offtake.

12. Operating expenses

Three months ended
March 31,
2025 2024

Direct production costs $ 59,136 $ 59,811
Transportation 6,133 5,430
Direct sales costs, including employee portion of profit sharing 7,616 2,639
Change in inventories (321) (612)

$ 72,564 $ 67,268

13. Exploration

Three months ended
March 31,
2025 2024

Catering and camp expenses $ 879 $ 583
Concessions and land 436 487
Drilling 4,690 3,270
Environmental 406 236
Geophysics 317 -
Salaries and benefits 1,686 1,561
Sampling and supplies 1,640 1,624
Others 338 164

$ 10,392 $ 7,925

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

14. Administration

Three months ended
March 31,
2025 2024

Corporate social responsibility $ 346 $ 329
Investor relations 110 36
Office and general 1,165 1,061
Professional fees 597 914
Regulatory and transfer 269 254
Salaries and benefits 2,276 2,928
Special government levy (a) - 1,913
Stock-based compensation 6,922 2,770
Travel 410 182

$ 12,095 $ 10,387

(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.

15. Finance expense

Three months ended
March 31,
2025 2024

Interest expense $ - $ 1,876
Finance expense - 10,143
Accretion of transaction costs - 74

$ - $ 12,093

16. 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,
2025 2024

Salaries, bonuses and benefits $ 1,833 $ 2,517
Stock-based compensation 4,716 1,640

$ 6,549 $ 4,157

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

16. Related party transactions (continued)

ii. Other related party transactions

During the three months ended March 31, 2025, the Company incurred $0.3 million (three months ended
March 31, 2024 – $0.8 million), primarily relating to office rental and related services provided by Namdo
Management Services Ltd. (“Namdo”), a company associated with a director of the Company. In addition, the
Company entered into transactions with its largest shareholder, Newmont, during the three months ended
March 31, 2025 and March 31, 2024 as disclosed in Note 8, Note 9, and Note 11.

17. 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.

The Company pays monthly corporate income tax instalment payments based on a percentage of monthly
revenues. Remaining corporate income taxes owed, if any, and profit sharing in Ecuador are due in April of each
year. In addition, audits by the tax authorities in Ecuador may result in additional taxes owed from time to time
due to differing interpretations of tax law which may impact the Company’s financial results.

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,
2025 2024

Net income before tax $ 216,562 $ 70,519
Canadian federal and provincial
income tax rates

27%

Income tax expense based on the
above rates

58,472

19,040

Increase (decrease) due to:
Differences in foreign tax rates (9,838) 3,525
Non-deductible costs 5,284 3,527
Withholding taxes (current and deferred) 6,804 1,460
Losses and temporary differences for
which an income tax asset has not been
recognized

2,084

1,070
Other 256 -

Income tax expense $ 63,062 $ 28,622

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

18. Supplemental cash flow information

Cash and cash equivalents are comprised of the following:

March 31, December 31,
2025 2024

Cash $ 312,470 $ 224,783
Short-term investments 139,267 124,417

$ 451,737 $ 349,200

Other supplemental cash information:

Three months ended
March 31,
2025 2024

Income tax paid $ 33,546 $ -

Change in accounts payable and accrued
liabilities related to:

Acquisition of property, plant and
equipment

(6,473)

(2,940)

19. 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 where all revenues
originate. 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.

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

19. Segmented information (continued)

The following are summaries of the Company’s current and non-current assets, current and non-current liabilities,
and income from mining operations:

Fruta del
Norte
Exploration
activities
Corporate
and other Total

As at March 31, 2025

Current assets $ 500,885 $ 1,025 $ 278,436 $ 780,346
Non-current assets 832,386 72 561 833,019

Total assets 1,333,271 1,097 278,997 1,613,365

Current liabilities 222,938 301 6,075 229,314
Non-current liabilities 79,017 - 3,058 82,075

Total liabilities 301,955 301 9,133 311,389

For the three months ended March 31, 2025

Revenues 233,546 - - 233,546
Operating expenses (72,564) - - (72,564)
Royalty expenses (20,640) - - (20,640)
Depletion and depreciation (29,595) - - (29,595)

Income from mining operations 233,546 - - 233,546

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
Operating expenses (67,268) - - (67,268)
Royalty expenses (12,788) - - (12,788)
Depletion and depreciation (33,448) - - (33,448)

Income from mining operations 113,237 - - 113,237

The Company generated 74% of its revenue from four major customers during the three months ended March 31,
2025 (March 31, 2024 – 67% from three major customers). However, the Company is not economically dependent
on these customers as gold and silver can be sold to and through numerous banks and commodity market traders
worldwide.

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

20. 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. Further, provisionally priced trade
receivables of $165.1 million (December 31, 2024 - $156.0 million) are measured at fair value using quoted forward
market prices (Fair value hierarchy level 2).

21. Commitments

Significant capital and other expenditures contracted as at March 31, 2025 but not recognized as liabilities are as
follows:

Capital
Expenditures Other

12 months ending March 31, 2026 $ 23,547 543
April 1, 2026 onward - 7,008

Total $ 23,547 7,551

The Company’s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net
revenue royalty payable to third parties.

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

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
Chester See Chief Financial Officer Terry Smith Chief Operating Officer Sheila Colman
Vice President, Legal and Sustainability & Corporate Secretary
Andre Oliveira Vice President, Exploration Brendan Creaney Vice President, Corporate Development and Investor Relations
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:
Brendan Creaney
Vice President, Corporate
Development and Investor
Relations
Telephone: 604-806-3089
Toll Free: 1-888-689-7842
info@lundingold.com
Lundin Gold Ecuador

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

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