===== SIDA 1 ===== NEWS RELEASE Vancouver, May 6, 2026 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 2026 Results Record Quarterly Earnings and Free Cash Flow Generation Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG; OTCQX: LUGDF) (“Lundin Gold” or the “Company”) today announced its financial and operational results for the first quarter ended March 31, 2026. The Company delivered a strong start to the year, generating record free cash flow¹ of $349 million and net income of $273 million, supported by consistent operating and cost performance at Fruta del Norte (“FDN”), and record realized gold prices. Gold production totaled 119,742 oz in the quarter, with gold sales of 115,308 oz at an average realized gold price¹ of $4,951 per oz, resulting in revenues of $567 million. Cash operating costs¹ and all -in sustaining costs¹ were $987 per oz and $1,114 per oz sold, respectively, reflecting higher royalties and statutory profit sharing associated with higher gold prices. The Company ended the quarter with a robust balance sheet, including cash and cash equivalents of $704 million and no debt, while returning $278 million to shareholders through dividends. The Company has declared cash dividends of $1.21 per share payable in the second quarter of 2026 and, subject to completion of the previously announced silver stream-for-equity transaction with LunR Royalties Corp. (“LunR”), anticipates distributing LunR shares to its shareholders as a dividend in kind during the second quarter. Lundin Gold remains on track to meet its 2026 production and cost guidance and continues to advance its growth pipeline through early-stage development at FDNS, the mine-to-mill expansion study, and the largest exploration program in the Company’s history. All amounts are in U.S. dollars unless otherwise indicated. Jamie Beck, President and CEO, commented , “We delivered an excellent start to 2026, generating record free cash flow while executing on our long -term growth strategy. FDN’s consistent operational performance, combined with a strong gold price environment, further strengthened our financial position and supports substantial returns to shareholders. During the quarter, we also made meaningful progress at FDNS and on the mine-to-mill expansion study, while our exploration programs continued to demonstrate the quality and scale of the Fruta del Norte district, reinforcing the depth of our pipeline and the long-term optionality of the business.” OPERATING AND FINANCIAL RESULTS SUMMARY The following two tables provide an overview of key operating and financial results. ===== SIDA 2 ===== 2 Three months ended March 31, 2026 2025 Tonnes ore mined 480,240 403,221 Tonnes ore milled 496,798 398,159 Average mill throughput (tpd) 5,520 4,424 Average mill head grade (g/t) 8.4 10.4 Average recovery 89.2% 88.5% Gold ounces produced 119,742 117,313 Gold ounces sold 115,308 117,641 Three months ended March 31, 2026 2025 Revenues ($’000) 567,380 356,345 Income from mining operations ($’000) 420,703 233,546 Earnings before interest, taxes, depreciation, and amortization ($’000)1 423,895 241,502 Net income ($’000) 273,331 153,500 Basic income per share ($) 1.13 0.64 Cash provided by operating activities ($’000) 369,976 194,308 Free cash flow ($’000)1 348,510 170,783 Free cash flow per share ($)1 1.44 0.71 Average realized gold price ($/oz sold)1 4,951 3,081 Cash operating cost ($/oz sold)1 987 792 All-in sustaining costs ($/oz sold)1 1,114 909 Dividends paid per share ($) 1.15 0.30 FIRST QUARTER HIGHLIGHTS Financial Results • Gold sales totaled 115,308 oz, consisting of 69,066 oz in concentrate and 46,242 oz as doré, resulting in gross revenues of $571 million at an average realized gold price1 of $4,951 per oz. Average realized gold price 1 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair value estimates as at December 31, 2025. Net of treatment and refining charges, revenues for the quarter were $567 million. • Average realized gold price 1 includes $4,797 per oz of gross price received and a favourable impact of $154 per ounce from adjustments to provisionally priced sales. • Cash operating costs1 and AISC1 were $987 and $1,114 per oz of gold sold, respectively. These figures reflect higher accrued royalties and statutory profit sharing payable to employees which were driven by record-high average realized gold prices1. • The Company generated cash from operating activities of $370 million and free cash flow 1 of $349 million, or $1.44 per share, resulting in a cash balance of $704 million at March 31, 2026. • EBITDA1 totaled $424 million while income from mining operations was $421 million which, after deducting corporate costs, exploration expenditures, and taxes, resulted in net income of $273 million, or $1.13 per share, for the quarter. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 3 ===== 3 Operational Results • The mine produced 480,240 tonnes of ore at an average grade of 9.1 g/t during the quarter, with mill throughput supported by the planned use of stockpiled material to optimize processing rates and overall performance. • The mill processed 496,798 tonnes of ore at an average throughput rate of 5,520 tpd and an average grade of 8.4 g/t. Gold recoveries averaged 89.2%, below full ‑year guidance, reflecting variability in ore characteristics and plant operating conditions. • Gold production was 119,742 oz which was comprised of 79,451 oz in concentrate and 40,291 oz as doré. Outlook • Following strong performance during the first quarter of 2026, the Company is on track to meet its production guidance of 475,000 to 525,000 oz and AISC 1 guidance of $1,110 to $1,170 per oz sold. The Company continues to expect gold production and sales to be back-end weighted in 2026 as mill head grade is expected to decline in Q2 due to mine resequencing, while throughput is expected to decrease during the quarter as a result of planned plant maintenance. Head grades and throughput are expected to improve as the year progresses following completion of maintenance and as mining advances to higher-grade areas. Sustaining capital expenditures 1 are expected to increase over the remaining quarters of 2026 in line with the commencement of the sixth tailings dam raise and development of a new quarry. • Following the declaration of inaugural Mineral Reserves at FDNS, the Company has begun advancing staged development activities to support the potential integration of FDNS into the Fruta del Norte mine plan. Early works completed to date have focused on u nderground access, technical studies, and engineering, intended to further de ‑risk FDNS. The Company intends to continue early -stage development activities at FDNS concurrent with a single, integrated investment decision in 2026 which will consider optimized mining rates at both FDN and FDNS, as well as opportunities to enhance processing capacity. Further details on future spending towards the integrated expansion will be provided as this opportunity is further advanced and finalized. • For exploration, early results and drilling activity completed in the first quarter have reinforced the prospectivity of the targets and support planned activity for the remainder of the year. The Company is well advanced to complete the largest exploration program in the Company's history with 133,000 metres of drilling planned. The near -mine exploration program is expected to account for approximately 100,000 metres, combining surface and underground drilling aimed at extending the mine life of FDN. Th is investment will target high -grade epithermal gold deposits and advance exploration of the emerging copper -gold porphyry corridor, building on the strong results achieved to date. • In addition to near -mine efforts, the regional program will focus on the Company’s extensive and highly prospective land package surrounding FDN and beyond. Following reconnaissance work completed in 2025, 8,000 metres of drilling is planned on advanced t argets identified within this underexplored district, marking an important step in unlocking new growth opportunities. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 4 ===== 4 • Separately, 25,000 metres of resource conversion drilling is planned in 2026 to support updates to Mineral Reserve and Resource estimates. The total investment in the 2026 exploration program is estimated at $85 million, underscoring the Company’s commitment to disciplined organic growth through exploration. • Under its dividend policy, the Company anticipates continuing to declare quarterly minimum 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, after the deduction of the fixed dividend. Liquidity and Capital Resources At the end of March 31, 2026 the Company is in a strong financial position. (in thousands of U.S. dollars) As at March 31, 2026 As at December 31, 2025 Financial Position: Cash 703,601 630,181 Working capital 572,110 594,654 Total assets 1,830,438 1,787,158 As at March 31, 2026, the Company had cash and cash equivalents of $704 million and a working capital balance of $572 million compared to cash and cash equivalents of $630 million and a working capital balance of $595 million at December 31, 2025. The change in cash during the first quarter of 2026 was primarily due to cash generated from operating activities of $370 million and proceeds from the exercise of stock options of $3.0 million. This is offset by dividends paid of $278 million and capital expenditures of $21.5 million. Capital Expenditures Sustaining Capital Expenditures1 • Sustaining capital expenditures1 during the first quarter of 2026 totaled $10.5 million. • Capital spending was primarily focused on the fifth tailings dam raise which was substantially completed during the quarter. • Other projects that were completed or advanced included infrastructure enhancements such as the administration and services buildings as well as mobile equipment overhauls and replacements. Non-Sustaining Capital Expenditures1 • Non-sustaining capital expenditures 1 of $8.9 million primarily reflect growth -oriented investments, including current early-stage development activities at FDNS, located in the southern portion of the FDN deposit, and study costs associated with the mine to mill expansion initiative. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 5 ===== 5 • During the quarter, following the declaration of inaugural Mineral Reserves at FDNS, the Company advanced early -stage technical and engineering work, including preparatory underground access development, to support the initial development of FDNS. • During the quarter, engineering and technical studies advanced in support of the mine to mill expansion study, examining the integration of FDNS into the broader mine plan and associated processing capacity options to increase beyond 5,500 tpd. The Company continues to expect to make a single, integrated investment decision in the second half of 2026. • In addition, the conversion drilling program completed approximately 4,391 metres at FDNS across 40 holes with four rigs currently turning, supporting ongoing resource definition and potential Reserve growth. o The completed holes confirmed continuity of mineralization and identified higher‑grade zones within the vein system, with some conversion drill holes also intersecting mineralization outside the existing geological model. o A complete table of conversion drilling results received to date can be found in Lundin Gold’s press release dated May 5, 2026. Health and Safety During the first quarter there w as one Lost Time Incident (“LTI”) and three Medical Aid Incidents (“MAIs”). The Total Recordable Incident Rate (“TRIR”) across the Company was 0.39 per 200,000 hours worked for the quarter. Community Lundin Gold sponsored community projects continued to advance in the first quarter of 2026. The implementation of the second phase of the Company’s local community mental health and well -being program advanced according to plan in the quarter and is expec ted to run until December 2026. Since the inception of the second phase of the program in August 2025, approximately 3,990 counselling sessions were provided to local community residents by quarter end. In addition, the sports academy component of the program continues with strong performance, with more than 550 youth registered by quarter end in extra - curricular activities, including basketball, soccer, dance, music, and boxing. The School Meals program at the local school in Los Encuentros launched prior to year end and was in full operation during the quarter. Through this program, nutritious meals are provided to over 1,200 students during the school day, integrating food supplies from local farmers. This program is planned to run until July 2028. Engagement with numerous local governments continues to support rural road maintenance, community wellbeing, and the Company’s regional exploration activities. During the quarter, the Company committed to several significant projects focused on electrification and public street lighting and paving works. Lundin Gold continued to participate in the community dialogue roundtable process. Six separate roundtables were held in February. Approximately 250 individuals participated in these sessions, including local vendors, local authorities, and Lundin Gold personnel. ===== SIDA 6 ===== 6 Local businesses received ongoing support from the Company, in partnership with the Lundin Foundation. Companies participating in the Lundin Foundation’s supplier development program continued to provide products and services to FDN, while also advancing g rowth strategies. Lundin Gold, the Lundin Foundation and the Shuar Federation of Zamora Chinchipe, kicked off Tsentsak, a new Shuar tire distribution business to supply FDN. The first supply of tires to FDN’s operations from this Indigenous -led business occurred in the quarter, marking an important milestone for this initiative. EXPLORATION Near-Mine Exploration Program During the first quarter of 2026, the Company completed a total of 25,367 metres of drilling across 63 holes from surface and underground. The underground near -mine drilling program continues to focus on resource growth and definition around Fruta del Norte. At FDNS, one underground rig is drilling the main extensions of the deposit, which remains open for expansion. At FDN, one rig is targ eting the upper extension of the deposit, while at FDN East, one rig continues to explore the northern extension. As at the date of this MD&A, three underground rigs are active in the near-mine drilling program. The surface near-mine drilling program continued to advance copper-gold mineralization across multiple targets, including Trancaloma, Sandia, and Castillo. Surface drilling also progressed within distinct sectors along the southern extension of the Suarez Basin. As at the date of this MD&A, 11 surface rigs are drilling with four at Sandia, one at Trancaloma, one at Castillo, and five targeting new discoveries. • At Sandia, located two kilometres from FDN, drilling results identified additional mineralized porphyry centres located to the east and southeast of the main deposit. Step-out drilling also helped to further define the western and eastern limits of the Sandia deposit. • At Trancaloma, located four kilometres from FDN, drilling results confirmed the eastern and vertical continuity of copper-gold porphyry mineralization. • At Castillo, drilling confirmed the continuity of high-grade copper-gold mineralization to the north and identified potential new areas for further drilling under the Suarez Basin cover. • At FDN East, the surface drilling program advanced in conjunction with the underground program and identified areas of mineralization with potential for expansion to the east. In addition, an exploratory drilling program is underway to define additional exploration targets beneath the Suarez Basin cover. Drilling is systematically testing the presence of hydrothermal alteration horizons and epithermal deposits pathfinder elements hosted in the Suarez Basin sediments, which could indicate the presence of gold epithermal systems at depth. The near-mine exploration program also continues to advance in previously unexplored areas close to FDN. A systematic exploration program employing geochemical and geophysical surveys and geological mapping continues to support the identification of new drill targets. ===== SIDA 7 ===== 7 A table of first quarter 2026 near-mine results for the FDNS, FDN East, and FDN deposits received to date can be found in Lundin Gold’s press release dated May 5, 2026. Several drill results for Sandia, Trancaloma, and Castillo are pending and expected to be announced during the second quarter. Regional Exploration Program The Company advanced its multi -year regional exploration program during the first quarter of 2026. 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. 2026 is the first year of drilling to test targets with 8,000 metres planned. During the first quarter, the exploration program advanced in the Guacamayo District, located 17 kilometres south of FDN. Geological mapping, followed by soil and rock sampling, was completed in distinct parts of this district. CORPORATE • On February 22, 2026, the Company announced a silver stream ‑for‑equity transaction with LunR, pursuant to which LunR will acquire a life ‑of‑mine silver stream on Fruta del Norte in exchange for the issuance of approximately 50.5 million LunR common shares, with an implied value of approximately $670 million at time of announcement. On April 2, 2026, the Company entered into a definitive agreement with LunR on terms substantially consistent with those previously disclosed. Subject to receipt of regulatory approvals and satisfaction of customary closing conditions, the transaction is expected to close in the second quarter of 2026. Following cl osing, the Company intends to distribute the LunR shares to its shareholders as a dividend in kind and will not retain any ownership interest in LunR. • The Company paid a quarterly dividend of $1.15 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.85 per share, on March 26, 2026 (March 31, 2026 for shares trading on Nasdaq Stockholm) for a total of $278 million. • With the release of its first quarter 2026 results, the Company has declared cash dividends totaling $1.21 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.91 per share, payable on June 25, 2026 (June 30, 2026 for shares trading on Nasdaq Stockholm) to shareholders of record at the close of business on June 10, 2026. Pursuant to the Company’s dividend policy, the variable dividend was calculated based on 100% of the Company’s normalized free cash flow during the fir st quarter of 2026, after deducting the fixed dividend paid, which exceeds the policy’s minimum threshold of 50%. • On February 26, 2026, the Company renewed its normal course issuer bid (“NCIB”) program, pursuant to which it may repurchase for cancellation up to 12,086,020 common shares over a twelve ‑month period. 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 ===== SIDA 8 ===== 8 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 May 7 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: Audience URL Lundin Gold / 41939 https://app.webinar.net/PdgvOqvwXJb A replay of the conference call will be available two hours after its completion until May 14, 2026. Toll Free North America Replay Number: +1 888-660-6345 International Replay Number: +1 416-764-8677 Replay passcode: 41939 # 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 deliverin g 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, cash operating cost per oz sold, all-in sustaining cost, sustaining capital expenditures, free cash flow, and free cash flow per share, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies . These measures have been derived from the Company's financial statements because the Company believes that 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 12 of the Company's Management Discussion and Analysis (“ MD&A”) for the three months ended March 31, 2026 available on SEDAR+. ===== SIDA 9 ===== 9 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 6, 2026 at 5:30 p.m. Pacific Time through the contact persons set out below. For more information, please contact Brendan Creaney Vice President, Corporate Development & Investor Relations Tel: +1-604-376-4595 brendan.creaney@lundingold.com Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered “forward -looking information” or “forward -looking statements” as those terms are defined under Canadian securities laws (collectively referred to as “forward -looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, 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 the Company’s 202 6 production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and cash flow forecasts; gold price; estimated capital costs and sustaining capital; plans with respect to mine development and process expansion, including integration of FDNS into the Fruta del Norte mine plan; the completion and expected benefits of the transaction with LunR; the anticipated distribution of LunR shares to Lundin Gold sh areholders; potential purchases of shares under the NCIB; 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 , FDNS, and FDN East. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward -looking information as a result of the factors discussed in the "R isk Factors" section in Lundin Gold's Annual Information Form dated March 20, 2026, which is available at www.lundingold.com or on www.sedarplus.ca. Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its sh ares include: fiscal risk; community relations; mining operations; security situation; waste disposal and tailings; environmental compliance; illegal mining; infrastructure; forecasts relating to production and costs; land acquisition and surface rights; i ndigenous consultation requirements; Mineral Reserve and Mineral Resource estimates; regulatory compliance and government approvals; dependence on a single mine; climate change and extreme weather events; shortages of critical resources; exploration and development; control of Lundin Gold; information systems and cyber security; health and safety; human rights; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; availability of workforce and labour relations; key talent recruitment and retention; gold price; market price of the Company's shares; social media and reputation; insuranc e and uninsured risks; dividends; internal controls; conflicts of interest; violation of anti -bribery and corruption laws; claims and legal proceedings; reclamation obligations; expropriation and nationalization; and pandemics, epidemics or infectious disease outbreak. ===== SIDA 10 ===== Q1 2026 ===== SIDA 11 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (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, 2026 with those of the same period from the previous year. This MD&A is dated as of May 6, 2026 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, 2026, 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, 2025. 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 2026 HIGHLIGHTS AND ACTIVITIES In the first quarter of 2026, Lundin Gold delivered strong operating and financial results. Gold production totaled 119,742 ounces (“oz”), driven by higher mining and milling rates, with average mill throughput reaching a record 5,520 tonnes per day. Although head grades were lower than the comparable period in 2025, recoveries improved to 89.2% reflecting continued execution of the Company’s operational excellence initiatives. These results, combined with a significantly higher average realized gold price1, translated into record quarterly revenues of $567 million, income from mining operations of $421 million, and net income of $273 million, all substantially higher than the prior year period. The Company continued to deliver record free cash flow1, with $349 million generated during the quarter, supported by strong margins and continued focus on cost control. Average cash operating costs1 were $987 per oz sold, while all‑in sustaining costs (“AISC”)1 totaled $1,114 per oz sold, in line with expectations and driven by higher royalties and statutory profit sharing resulting from elevated gold prices. During the quarter, the Company returned capital to shareholders through dividends of $1.15 per share, while maintaining a strong balance sheet and financial flexibility. Based on performance year‑to‑date, the Company is reaffirming its 2026 production and cost guidance, as previously disclosed. The Company advanced the near-mine exploration program across the Fruta del Norte district with underground and surface drilling targeting resource growth and definition at FDNS, FDN, and FDN East, as well as multiple copper-gold porphyry and epithermal targets at Sandia, Trancaloma and Castillo. At FDNS, this work culminated in the declaration of an inaugural Mineral Reserve, marking a significant milestone in the rapid advancement of the deposit while continuing to expand the Company’s understanding of mineralized extensions and new target areas. These results reinforced the significant exploration upside within the broader district and highlighted the district-scale exploration opportunity beyond existing operations. In parallel, the conversion program at FDNS continued to advance, supporting the upgrading of Mineral Resources through confirmatory drilling and further definition of higher-grade zones within the deposit. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 12 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 2 Following the Company’s announcement in the first quarter, Lundin Gold entered into a definitive agreement providing for a silver stream‑for‑equity transaction with LunR Royalties Corp. (“LunR”) that is expected to unlock significant shareholder value by monetizing a by‑product silver stream from the Fruta del Norte mine while preserving full exposure to the Company’s core gold operations. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals. Following closing, Lundin Gold intends to distribute the LunR shares received as consideration to its shareholders by way of dividends. Pursuant to the Company’s dividend policy, Lundin Gold has declared cash dividends totaling $1.21 per share, comprised of the fixed quarterly dividend of $0.30 per share and the variable quarterly dividend of $0.91 per share, to be paid at the end of the second quarter. The following two tables provide an overview of key operating and financial results achieved during the first quarter of 2026 compared to the same period in 2025. Three months ended March 31, 2026 2025 Tonnes ore mined 480,240 403,221 Tonnes ore milled 496,798 398,159 Average mill throughput (tpd) 5,520 4,424 Average mill head grade (g/t) 8.4 10.4 Average recovery 89.2% 88.5% Gold ounces produced 119,742 117,313 Gold ounces sold 115,308 117,641 Three months ended March 31, 2026 2025 Revenues ($’000) 567,380 356,345 Income from mining operations ($’000) 420,703 233,546 Earnings before interest, taxes, depreciation, and amortization ($’000)1 423,895 241,502 Net income ($’000) 273,331 153,500 Basic income per share ($) 1.13 0.64 Cash provided by operating activities ($’000) 369,976 194,308 Free cash flow ($’000)1 348,510 170,783 Free cash flow per share ($)1 1.44 0.71 Average realized gold price ($/oz sold)1 4,951 3,081 Cash operating cost ($/oz sold)1 987 792 All-in sustaining costs ($/oz sold)1 1,114 909 Dividends paid per share ($) 1.15 0.30 1 Refer to “Non-IFRS Measures” section. ===== SIDA 13 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 3 Operating and Financial Results During the First Quarter of 2026  The mine produced 480,240 tonnes of ore at an average grade of 9.1 g/t during the quarter, with mill throughput supported by the planned use of stockpiled material to optimize processing rates and overall performance.  The mill processed 496,798 tonnes of ore at an average throughput rate of 5,520 tpd and an average grade of 8.4 g/t. Gold recoveries averaged 89.2%, below full‑year guidance, reflecting variability in ore characteristics and plant operating conditions.  Gold production was 119,742 oz which was comprised of 79,451 oz in concentrate and 40,291 oz as doré.  Gold sales totaled 115,308 oz, consisting of 69,066 oz in concentrate and 46,242 oz as doré, resulting in gross revenues of $571 million at an average realized gold price1 of $4,951 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, 2025. Net of treatment and refining charges, revenues for the quarter were $567 million.  Average realized gold price1 includes $4,797 per oz of gross price received and a favourable impact of $154 per ounce from adjustments to provisionally priced sales.  Cash operating costs1 and AISC1 were $987 and $1,114 per oz of gold sold, respectively. These figures reflect higher accrued royalties and statutory profit sharing payable to employees which were driven by record- high average realized gold prices1.  The Company generated cash from operating activities of $370 million and free cash flow1 of $349 million, or $1.44 per share, resulting in a cash balance of $704 million at March 31, 2026.  EBITDA1 totaled $424 million while income from mining operations was $421 million which, after deducting corporate costs, exploration expenditures, and taxes, resulted in net income of $273 million, or $1.13 per share, for the quarter. Capital Expenditures Sustaining capital expenditures1  Sustaining capital expenditures1 during the first quarter of 2026 totaled $10.5 million.  Capital spending was primarily focused on the fifth tailings dam raise which was substantially completed during the quarter.  Other projects that were completed or advanced included infrastructure enhancements such as the administration and services buildings as well as mobile equipment overhauls and replacements. Non-sustaining capital expenditures1  Non-sustaining capital expenditures1 of $8.9 million primarily reflect growth-oriented investments, including current early-stage development activities at FDNS, located in the southern portion of the FDN deposit, and study costs associated with the mine to mill expansion initiative.  During the quarter, following the declaration of inaugural Mineral Reserves at FDNS, the Company advanced early-stage technical and engineering work, including preparatory underground access development, to support the initial development of FDNS.  During the quarter, engineering and technical studies advanced in support of the mine to mill expansion study, examining the integration of FDNS into the broader mine plan and associated processing capacity options to increase beyond 5,500 tpd. The Company continues to expect to make a single, integrated investment decision in the second half of 2026.  In addition, the conversion drilling program completed approximately 4,391 metres at FDNS across 40 holes with four rigs currently turning, supporting ongoing resource definition and potential Reserve growth. o The completed holes confirmed continuity of mineralization and identified higher‑grade zones within the vein system, with some conversion drill holes also intersecting mineralization outside the existing geological model. o A complete table of conversion drilling results received to date can be found in Lundin Gold’s press release dated May 5, 2026. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 14 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 4 Health and Safety and Community Health and Safety  During the first quarter there was one Lost Time Incident and three Medical Aid Incidents.  The Total Recordable Incident Rate across the Company was 0.39 per 200,000 hours worked for the quarter. Community Lundin Gold sponsored community projects continued to advance in the first quarter of 2026. The implementation of the second phase of the Company’s local community mental health and well-being program advanced according to plan in the quarter and is expected to run until December 2026. Since the inception of the second phase of the program in August 2025, approximately 3,990 counselling sessions were provided to local community residents by quarter end. In addition, the sports academy component of the program continues with strong performance, with more than 550 youth registered by quarter end in extra-curricular activities, including basketball, soccer, dance, music, and boxing. The School Meals program at the local school in Los Encuentros launched prior to year end and was in full operation during the quarter. Through this program, nutritious meals are provided to over 1,200 students during the school day, integrating food supplies from local farmers. This program is planned to run until July 2028. Engagement with numerous local governments continues to support rural road maintenance, community wellbeing, and the Company’s regional exploration activities. During the quarter, the Company committed to several significant projects focused on electrification and public street lighting and paving works. Lundin Gold continued to participate in the community dialogue roundtable process. Six separate roundtables were held in February. Approximately 250 individuals participated in these sessions, including local vendors, local authorities, and Lundin Gold personnel. Local businesses received ongoing support from the Company, in partnership with the Lundin Foundation. Companies participating in the Lundin Foundation’s supplier development program continued to provide products and services to FDN, while also advancing growth strategies. Lundin Gold, the Lundin Foundation and the Shuar Federation of Zamora Chinchipe, kicked off Tsentsak, a new Shuar tire distribution business to supply FDN. The first supply of tires to FDN’s operations from this Indigenous-led business occurred in the quarter, marking an important milestone for this initiative. Exploration Near-Mine Exploration Program During the first quarter of 2026, the Company completed a total of 25,367 metres of drilling across 63 holes from surface and underground. The underground near-mine drilling program continues to focus on resource growth and definition around Fruta del Norte. At FDNS, one underground rig is drilling the main extensions of the deposit, which remains open for expansion. At FDN, one rig is targeting the upper extension of the deposit, while at FDN East, one rig continues to explore the northern extension. As at the date of this MD&A, three underground rigs are active in the near-mine drilling program. The surface near-mine drilling program continued to advance copper-gold mineralization across multiple targets, including Trancaloma, Sandia, and Castillo. Surface drilling also progressed within distinct sectors along the southern extension of the Suarez Basin. As at the date of this MD&A, 11 surface rigs are drilling with four at Sandia, one at Trancaloma, one at Castillo, and five targeting new discoveries.  At Sandia, located two kilometres from FDN, drilling results identified additional mineralized porphyry centres located to the east and southeast of the main deposit. Step-out drilling also helped to further define the western and eastern limits of the Sandia deposit.  At Trancaloma, located four kilometres from FDN, drilling results confirmed the eastern and vertical continuity of copper-gold porphyry mineralization. ===== SIDA 15 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 5  At Castillo, drilling confirmed the continuity of high-grade copper-gold mineralization to the north and identified potential new areas for further drilling under the Suarez Basin cover.  At FDN East, the surface drilling program advanced in conjunction with the underground program and identified areas of mineralization with potential for expansion to the east. In addition, an exploratory drilling program is underway to define additional exploration targets beneath the Suarez Basin cover. Drilling is systematically testing the presence of hydrothermal alteration horizons and epithermal deposits pathfinder elements hosted in the Suarez Basin sediments, which could indicate the presence of gold epithermal systems at depth. The near-mine exploration program also continues to advance in previously unexplored areas close to FDN. A systematic exploration program employing geochemical and geophysical surveys and geological mapping continues to support the identification of new drill targets. A table of first quarter 2026 near-mine results for the FDNS, FDN East, and FDN deposits received to date can be found in Lundin Gold’s press release dated May 5, 2026. Several drill results for Sandia, Trancaloma, and Castillo are pending and expected to be announced during the second quarter. Regional Exploration Program The Company advanced its multi-year regional exploration program during the first quarter of 2026. 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. 2026 is the first year of drilling to test targets with 8,000 metres planned. During the first quarter, the exploration program advanced in the Guacamayo District, located 17 kilometres south of FDN. Geological mapping, followed by soil and rock sampling, was completed in distinct parts of this district. Corporate  On February 22, 2026, the Company announced a silver stream‑for‑equity transaction with LunR, pursuant to which LunR will acquire a life‑of‑mine silver stream on Fruta del Norte in exchange for the issuance of approximately 50.5 million LunR common shares, with an implied value of approximately $670 million at time of announcement. On April 2, 2026, the Company entered into a definitive agreement with LunR on terms substantially consistent with those previously disclosed. Subject to receipt of regulatory approvals and satisfaction of customary closing conditions, the transaction is expected to close in the second quarter of 2026. Following closing, the Company intends to distribute the LunR shares to its shareholders as a dividend in kind and will not retain any ownership interest in LunR.  The Company paid a quarterly dividend of $1.15 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.85 per share, on March 26, 2026 (March 31, 2026 for shares trading on Nasdaq Stockholm) for a total of $278 million.  With the release of its first quarter 2026 results, the Company has declared cash dividends totaling $1.21 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.91 per share, payable on June 25, 2026 (June 30, 2026 for shares trading on Nasdaq Stockholm) to shareholders of record at the close of business on June 10, 2026. Pursuant to the Company’s dividend policy, the variable dividend was calculated based on 100% of the Company’s normalized free cash flow during the first quarter of 2026, after deducting the fixed dividend paid, which exceeds the policy’s minimum threshold of 50%.  On February 26, 2026, the Company renewed its normal course issuer bid (“NCIB”) program, pursuant to which it may repurchase for cancellation up to 12,086,020 common shares over a twelve‑month period. ===== SIDA 16 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 6 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). 2026 2025 2025 2025 Q1 Q4 Q3 Q2 Revenues $ 567,380 $ 526,596 $ 447,119 $ 452,880 Income from mining operations $ 420,703 $ 373,402 $ 305,228 $ 314,161 Net income for the period $ 273,331 $ 234,205 $ 207,715 $ 196,731 Basic income per share $ 1.13 $ 0.97 $ 0.86 $ 0.82 Diluted income per share $ 1.13 $ 0.96 $ 0.86 $ 0.81 Weighted-average number of common shares outstanding Basic 241,676,994 241,392,452 241,285,625 240,984,033 Diluted 242,815,334 242,774,352 242,746,896 242,475,579 Additions to property, plant and equipment $ 19,334 $ 27,331 $ 22,029 $ 16,878 Total assets $ 1,830,438 $ 1,787,158 $ 1,638,974 $ 1,618,899 Working capital $ 572,110 $ 594,654 $ 576,799 $ 562,273 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 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 Working capital $ 551,032 $ 458,944 $ 357,410 $ 253,587 ===== SIDA 17 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 7 Three months ended March 31, 2026 compared to the three months ended March 31, 2025 The Company generated net income of $273 million during the first quarter of 2026 compared to $154 million during the first quarter of 2025. Net income was generated from the recognition of revenues of $567 million, which resulted in income from mining operations of $421 million, as well as finance income of $6.3 million. This is offset by exploration costs of $18.5 million, corporate administration costs of $11.1 million, and income tax expense of $124 million. During the first quarter of 2025, net income was generated from the recognition of revenues of $356 million and income from mining operations of $234 million as well as finance income of $4.7 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. Income from mining operations During the first quarter of 2026, the Company generated revenues of $567 million from the sale of 115,308 oz of gold and income from mining operations of $421 million compared to revenues of $356 million from the sale of 117,641 oz of gold and income from mining operations of $234 million during the first quarter of 2025. The increase is primarily attributable to an increase in average realized gold price. Exploration Exploration costs were $18.5 million in the quarter compared to $10.4 million during the same period in 2025. The increase is attributable to a significant increase in drilling activity and exploration scope. The quarter included higher levels of both underground and surface drilling with multiple rigs operating concurrently across the Fruta del Norte area, as well as expanded surface programs at Sandia, Trancaloma, Castillo, and Bonza Sur. Corporate administration Corporate administration costs decreased by $1.0 million from $12.1 million during the first quarter of 2025 to $11.1 million during the first quarter of 2026. The decrease was primarily attributable to lower stock‑based compensation expense driven by movements in the Company’s share price, partially offset by higher professional fees related to the LunR transaction. Finance income Finance income increased from $4.7 million during the first quarter of 2025 to $6.3 million during the first quarter of 2026 as the Company’s increased cash balance offset a declining yield on the Company’s treasury investments. Income taxes Income taxes of $124 million were recorded during the first quarter of 2026 (three months ended March 31, 2025 – $63 million) which is comprised of current income tax expenses of $137 million offset by deferred income tax recovery of $13.0 million. The increase in income tax expense was primarily driven by higher net income before tax resulting from a higher average realized gold price. Income tax expense was also impacted by increased withholding taxes associated with higher levels of capital repatriation enabled by continued strong cash generation. In Ecuador, corporate income taxes are levied at a rate of 22%. Income tax expense also includes a 5% withholding tax on the anticipated portion of net income generated from FDN to be distributed as dividends, as well as an accrual for 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. In addition to withholding taxes, the effective tax rate for the quarter reflects the impact of the Company’s international structure, which results in a portion of income being taxed at lower rates outside of Ecuador. 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. The Company may elect to make additional tax payments in advance in Ecuador from time to time. ===== SIDA 18 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 8 Income tax expense reflects management’s best estimate based on current facts, applicable tax legislation, and the contractual terms governing the Company’s Exploitation Agreement and Investment Protection Agreement in Ecuador. Tax authorities may take differing views regarding the interpretation or application of tax legislation or contractual provisions applicable to the Exploitation Agreement, which could result in assessments, adjustments, or additional taxes being proposed. Such matters may, if they are ultimately payable, impact income tax expense, cash flows, and the Company’s cash balance in future periods. The Company continues to monitor these matters and, where appropriate, responds through the available administrative and legal processes. LIQUIDITY AND CAPITAL RESOURCES As at March 31, 2026, the Company had cash and cash equivalents of $704 million and a working capital balance of $572 million compared to cash and cash equivalents of $630 million and a working capital balance of $595 million at December 31, 2025. The change in cash during the first quarter of 2026 was primarily due to cash generated from operating activities of $370 million and proceeds from the exercise of stock options of $3.0 million. This is offset by dividends paid of $278 million and capital expenditures of $21.5 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, 2026, this resulted in an estimated increase of $16.8 million ($33.8 million at December 31, 2025) 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 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. The variations in doré and concentrate are mainly the result of timing of shipments around period end. Investment activities Investment activities during the first quarter of 2026 are comprised principally of major capital expenditures including the fifth tailings dam raise, commissioning of diesel-powered generators, construction of administration and service buildings, mine fleet overhaul and replacements, and conversion drilling. ===== SIDA 19 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 9 Liquidity and capital resources The Company generated strong operating cash flow during the first quarter of 2026 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 free cash flow1 which will continue to support the exploration programs, planned capital expenditures, growth initiatives, and regular dividend payments under its dividend policy. TRANSACTIONS WITH RELATED PARTIES During the three months ended March 31, 2026, the Company incurred $0.4 million (three months ended March 31, 2025 – $0.3 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. 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 $176 million (December 31, 2025 – $199 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. 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 is impacted by fluctuations of commodity prices. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 20 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 10 COMMITMENTS Significant capital and other expenditures contracted as at March 31, 2026 but not recognized as liabilities are as follows: Capital Expenditures Other 12 months ending March 31, 2027 $ 42,136 468 April 1, 2027 onward - 5,581 Total $ 42,136 6,049 The Company’s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net smelter royalty payable to third parties. In addition, under the terms of the Exploitation Agreement, the Company is subject to a sovereign adjustment mechanism intended to ensure that the Government of Ecuador receives no less than 50% of the cumulative economic benefits generated by Fruta del Norte over its life. The sovereign adjustment, if applicable, is determined by comparing the benefits received by the State and the Company, calculated based on cumulative free cash flows in accordance with the Exploitation Agreement. OFF-BALANCE SHEET ARRANGEMENTS During the three months ended March 31, 2026 and the year ended December 31, 2025, 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 241,809,679 common shares issued and outstanding. There were also stock options outstanding to purchase a total of 1,241,995 common shares, 254,198 restricted share units with a performance criteria, 178,782 restricted share units, and 65,535 deferred share units. OUTLOOK Following strong performance during the first quarter of 2026, the Company is on track to meet its production guidance of 475,000 to 525,000 oz and AISC1 guidance of $1,110 to $1,170 per oz sold. The Company continues to expect gold production and sales to be back-end weighted in 2026, as mill head grade is expected to decline in Q2 due to mine resequencing, while throughput is expected to decrease during the quarter as a result of planned plant maintenance. Head grades and throughput are expected to improve as the year progresses following completion of maintenance and as mining advances to higher-grade areas. Sustaining capital expenditures1 are expected to increase over the remaining quarters of 2026 in line with the commencement of the sixth tailings dam raise and development of a new quarry. Following the declaration of inaugural Mineral Reserves at FDNS, the Company has begun advancing staged development activities to support the potential integration of FDNS into the Fruta del Norte mine plan. Early works completed to date have focused on underground access, technical studies, and engineering, intended to further de‑risk FDNS. The Company intends to continue early-stage development activities at FDNS concurrent with a single, integrated investment decision in 2026 which will consider optimized mining rates at both FDN and FDNS, as well as opportunities to enhance processing capacity. Further details on future spending towards the integrated expansion will be provided as this opportunity is further advanced and finalized. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 21 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 11 For exploration, early results and drilling activity completed in the first quarter have reinforced the prospectivity of the targets and support planned activity for the remainder of the year. The Company is well advanced to complete the largest exploration program in the Company's history with 133,000 metres of drilling planned. The near-mine exploration program is expected to account for approximately 100,000 metres, combining surface and underground drilling aimed at extending the mine life of FDN. This investment will target high-grade epithermal gold deposits and advance exploration of the emerging copper-gold porphyry corridor, building on the strong results achieved to date. In addition to near-mine efforts, the regional program will focus on the Company’s extensive and highly prospective land package surrounding FDN and beyond. Following reconnaissance work completed in 2025, 8,000 metres of drilling is planned on advanced targets identified within this underexplored district, marking an important step in unlocking new growth opportunities. Separately, 25,000 metres of resource conversion drilling is planned in 2026 to continue supporting updates to Mineral Reserve and Resource estimates. The total investment in the 2026 exploration program is estimated at $85 million, underscoring the Company’s commitment to disciplined organic growth through exploration. Under its dividend policy, the Company anticipates continuing to declare quarterly minimum 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, after the deduction of the fixed dividend. NON-IFRS MEASURES This MD&A refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, cash operating cost per oz sold, all-in sustaining cost, sustaining capital expenditures, non-sustaining capital expenditures, free cash flow, and free cash flow per share, 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 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 12 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, 2026 2025 Gross gold sales before provisional pricing impact $ 553,099 $ 344,278 Gain on provisionally priced trade receivables 17,807 18,200 Silver revenues 11,921 3,928 Less: Treatment and refining charges (15,447) (10,061) Revenues $ 567,380 $ 356,345 Gold oz sold 115,308 117,641 Average realized gold price (per oz sold) Gross gold sales before provisional pricing impact 4,797 2,926 Gain on provisionally priced trade receivables 154 155 Average realized gold price $ 4,951 $ 3,081 Silver revenues 103 33 Less: Treatment and refining charges (134) (86) Revenues $ 4,920 $ 3,028 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. Three months ended March 31, 2026 2025 Net income for the period $ 273,331 $ 153,500 Adjusted for: Finance expense - - Finance income (6,343) (4,672) Income tax expense 124,003 63,062 Depletion and depreciation 32,904 29,612 EBITDA $ 423,895 $ 241,502 ===== SIDA 23 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 13 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, 2026 2025 Operating expenses $ 81,329 $ 72,564 Royalty expenses 32,471 20,640 Cash operating costs $ 113,800 $ 93,204 Gold oz sold 115,308 117,641 Cash operating cost per oz sold $ 987 $ 792 All-in sustaining cost AISC provides information on the total cost associated with producing gold and has been calculated on a basis consistent with historic news releases by the Company. The Company calculates AISC as the sum of total cash operating costs (as described above), corporate social responsibility costs, treatment and refining charges, accretion of restoration provision, and sustaining capital expenditures, less silver revenue, all divided by the gold oz sold to arrive at a per oz amount. Other companies may calculate this measure differently as a result of differences in underlying principles and policies applied. Three months ended March 31, 2026 2025 Cash operating costs $ 113,800 $ 93,204 Corporate social responsibility 535 346 Treatment and refining charges 15,447 10,061 Accretion of restoration provision 142 190 Sustaining capital expenditures 10,471 7,014 Less: silver revenues (11,921) (3,928) All-in sustaining cost $ 128,474 $ 106,887 Gold oz sold 115,308 117,641 All-in sustaining cost per oz sold $ 1,114 $ 909 ===== SIDA 24 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 14 Sustaining capital expenditures and non-sustaining capital expenditures Capital expenditures are classified into sustaining capital expenditures and non-sustaining capital expenditures. Sustaining capital expenditures includes expenditures required to maintain ongoing production and operations. Non- sustaining capital, which is excluded from the calculation of AISC1, comprises growth-oriented investments such as new projects, expansions, conversion drilling, and associated permitting and study expenditures not related to current operations. Three months ended March 31, 2026 2025 Sustaining capital expenditures $ 10,471 $ 7,014 Non-sustaining capital expenditures 8,863 7,905 Capital expenditures $ 19,334 $ 14,919 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, 2026 2025 Net cash provided by operating activities $ 369,976 $ 194,308 Net cash used for investing activities (21,466) (23,525) Free cash flow $ 348,510 $ 170,783 Basic weighted average shares outstanding 241,676,994 240,460,033 Free cash flow per share $ 1.44 $ 0.71 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 2025 Management’s Discussion and Analysis. RISKS AND UNCERTAINTIES Natural resources exploration, development and operation involves a number of risks and uncertainties, many of which are beyond the Company’s control. These risks and uncertainties include, without limitation, the risks discussed elsewhere in this MD&A and those set out in the Company’s Annual Information Form dated March 20, 2026 (the “AIF”), which is available on SEDAR+ at www.sedarplus.ca. ===== SIDA 25 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 15 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, 2026 is expected to be published on or about August 6, 2026. 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, 2026 and ending March 31, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. FORWARD LOOKING STATEMENTS Certain of the information and statements in this MD&A are considered “forward-looking information” or “forward-looking statements” as those terms are defined under Canadian securities laws (collectively referred to as “forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. ===== SIDA 26 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Three Months Ended March 31, 2026 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 16 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 2026 production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and cash flow forecasts; gold price; estimated capital costs and sustaining capital; estimated costs related to the Company’s near-mine and regional drilling programs; recovery of VAT; plans with respect to mine development and process expansion, including integration of FDNS into the Fruta del Norte mine plan; the completion and expected benefits of the transaction with LunR; the anticipated distribution of LunR shares to Lundin Gold shareholders; potential purchases of shares under the NCIB; benefits of the Company’s community programs; the Company’s declaration and payment of dividends pursuant to its dividend policy; and the timing and the success of its drill program at Fruta del Norte and its other exploration activities. Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: fiscal risk; community relations; mining operations; security situation; waste disposal and tailings; environmental compliance; illegal mining; infrastructure; forecasts relating to production and costs; land acquisition and surface rights; indigenous consultation requirements; Mineral Reserve and Mineral Resource estimates; regulatory compliance and government approvals; dependence on a single mine; climate change and extreme weather events; shortages of critical resources; exploration and development; control of Lundin Gold; information systems and cyber security; health and safety; human rights; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; availability of workforce and labour relations; key talent recruitment and retention; gold price; market price of the Company's shares; social media and reputation; insurance and uninsured risks; dividends; internal controls; conflicts of interest; violation of anti-bribery and corruption laws; claims and legal proceedings; reclamation obligations; expropriation and nationalization; and pandemics, epidemics or infectious disease outbreak. 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 2026 2025 ASSETS Current assets Cash and cash equivalents 16 $ 703,601 $ 630,181 Trade receivables and other current assets 3 229,857 260,101 Inventories 4 93,911 92,882 1,027,369 983,164 Non-current assets VAT recoverable 18,526 18,591 Property, plant and equipment 5 656,595 664,622 Mineral properties 6 104,359 110,144 Deferred income tax assets 23,589 10,637 $ 1,830,438 $ 1,787,158 LIABILITIES Current liabilities Accounts payable and accrued liabilities 7 $ 141,252 $ 159,667 Income taxes payable 291,261 204,502 Other current liabilities 9 22,746 24,341 455,259 388,510 Non-current liabilities Other non-current liabilities 9 3,744 25,893 Reclamation provisions 8,768 8,626 467,771 423,029 EQUITY Share capital 8 1,061,273 1,057,225 Equity-settled share-based payment reserve 9 5,858 6,621 Accumulated other comprehensive loss (40,658) (40,658) Retained earnings 336,194 340,941 1,362,667 1,364,129 $ 1,830,438 $ 1,787,158 Commitments (Note 19) Subsequent events (Note 20) Approved by the Board of Directors /s/ James A. Beck /s/ Ian W. Gibbs James A. Beck 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 2026 2025 Revenues 10 $ 567,380 $ 356,345 Cost of goods sold Operating expenses 11 81,329 72,564 Royalty expenses 32,471 20,640 Depletion and depreciation 32,877 29,595 146,677 122,799 Income from mining operations 420,703 233,546 Other expenses (income) Exploration 12 18,541 10,392 Corporate administration 13 11,134 12,095 Finance income (6,343) (4,672) Other expense (income) 37 (831) 23,369 16,984 Net income before tax 397,334 216,562 Income tax expense Current income tax expense 15 136,955 76,445 Deferred income tax recovery 15 (12,952) (13,383) 124,003 63,062 Net income for the period $ 273,331 $ 153,500 Other comprehensive income - - Total comprehensive income $ 273,331 $ 153,500 Income per common share Basic $ 1.13 0.64 Diluted 1.13 0.63 Weighted-average number of common shares outstanding Basic 241,676,994 240,460,033 Diluted 242,815,334 241,992,389 ===== SIDA 29 ===== LUNDIN GOLD INC. Condensed Consolidated Interim Statements of Changes in Equity (Unaudited – Prepared by Management) (Expressed in thousands of U.S. Dollars, except number of common shares) The accompanying notes are an integral part of these condensed consolidated interim financial statements. Equity-settled Number of share-based common Share payment Other Retained Note shares capital reserve reserves earnings Total 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 8 5,407 146 - - - 146 Stock-based compensation 9 - - 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 Balance, January 1, 2026 241,432,550 $ 1,057,225 $ 6,621 $ (40,658) $ 340,941 $ 1,364,129 Exercise of stock options 375,677 4,048 (1,025) - - 3,023 Stock-based compensation 9 - - 262 - - 262 Net income for the period - - - - 273,331 273,331 Dividends paid - - - - (278,078) (278,078) Balance, March 31, 2026 241,808,227 $ 1,061,273 $ 5,858 $ (40,658) $ 336,194 $ 1,362,667 ===== 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 2026 2025 OPERATING ACTIVITIES Net income for the period $ 273,331 $ 153,500 Items not affecting cash: Depletion and depreciation 32,904 29,612 Stock-based compensation 9 4,100 6,922 Other expense (income) (26) 108 Deferred income tax recovery (12,952) (13,383) 297,357 176,759 Changes in non-cash working capital items: Trade receivables and other current assets 32,694 (39) Inventories (916) 819 Advance royalty - 3,494 Accounts payable and accrued liabilities (18,668) (11,754) Income taxes payable 86,759 35,970 Share units settled in cash 9 (27,250) (10,941) Net cash provided by operating activities 369,976 194,308 FINANCING ACTIVITIES Proceeds from exercise of stock options 3,023 4,323 Proceeds from exercise of anti-dilution rights 8 - 146 Dividends paid (278,078) (72,716) Net cash used for financing activities (275,055) (68,247) INVESTING ACTIVITIES Acquisition and development of property, plant and equipment (19,081) (21,391) VAT paid on investing activities (2,385) (2,134) Net cash used for investing activities (21,466) (23,525) Effect of foreign exchange rate differences on cash (35) 1 Net increase in cash and cash equivalents 73,420 102,537 Cash and cash equivalents, beginning of period 630,181 349,200 Cash and cash equivalents, end of period $ 703,601 $ 451,737 Supplemental cash flow information (Note 16) ===== SIDA 31 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (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, 2025. 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, 2025 except for certain amendments disclosed below. These financial statements were approved for issue by the Board of Directors on May 6, 2026. New IFRS accounting standards and amendments Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments In May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments:  clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;  clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;  add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and  update the disclosures for equity instruments designated at fair value through other comprehensive income. The Company adopted the amendments effective January 1, 2026. The adoption did not have a material impact on the Company’s condensed consolidated interim financial statements. For financial liabilities settled in cash using an electronic payment system, Lundin Gold applied the election to deem these financial liabilities to be discharged before the settlement date. Other accounting standards or amendments to existing accounting standards that have been issued but have future effective dates will either not be relevant to the Company after their effective date or are not expected to have a significant impact on the Company's consolidated financial statements. ===== SIDA 32 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 6 3. Trade receivables and other current assets March 31, December 31, 2026 2025 Trade receivables (a) $ 176,023 $ 199,227 VAT recoverable (b) 38,003 42,534 Prepaid expenses and other 15,831 18,340 $ 229,857 $ 260,101 (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, 2026, 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 $16.8 million in trade receivables as of March 31, 2026 (December 31, 2025 - $33.8 million increase) reflecting rising gold prices during the period. (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, 2026 2025 Ore stockpile $ 4,279 $ 4,529 Gold in circuit 9,923 9,724 Doré and concentrate 22,319 20,416 Materials and supplies 57,390 58,213 $ 93,911 $ 92,882 As at March 31, 2026, the Company maintained a provision of $4.0 million (December 31, 2025 - $4.0 million) associated with obsolete or slow-moving materials and supplies inventory. ===== SIDA 33 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 7 5. Property, plant and equipment Cost Construction- in-progress Mine and plant facilities Machinery and equipment Vehicles Furniture and office equipment Total Balance, January 1, 2025 $ 39,244 $ 1,039,441 $ 49,212 $ 23,302 $ 5,261 $ 1,156,460 Additions 49,238 23,338 4,261 2,706 1,614 81,157 Disposals and other - (290) (271) (2,165) - (2,726) Reclassifications (49,376) 49,376 - - - - Balance, December 31, 2025 39,106 1,111,865 53,202 23,843 6,875 1,234,891 Additions 15,044 3,889 232 169 - 19,334 Disposals and other - - (820) - - (820) Reclassifications (6,465) 6,465 - - - - Balance, March 31, 2026 $ 47,685 $ 1,122,219 $ 52,614 $ 24,012 $ 6,875 $ 1,253,405 Accumulated depletion and depreciation Construction- in-progress Mine and plant facilities Machinery and equipment Vehicles Furniture and office equipment Total Balance, January 1, 2025 $ - $ 409,408 $ 30,333 $ 19,906 $ 1,110 $ 460,757 Depletion and depreciation - 101,835 6,588 1,678 1,775 111,876 Disposals and other - (22) (177) (2,165) - (2,364) Balance, December 31, 2025 - 511,221 36,744 19,419 2,885 570,269 Depletion and depreciation - 24,872 1,352 437 429 27,090 Disposals and other - - (549) - - (549) Balance, March 31, 2026 $ - $ 536,093 $ 37,547 $ 19,856 $ 3,314 $ 596,810 Net book value As at December 31, 2025 $ 39,106 $ 600,644 $ 16,458 $ 4,424 $ 3,990 $ 664,622 As at March 31, 2026 $ 47,685 $ 586,126 $ 15,067 $ 4,156 $ 3,561 $ 656,595 ===== SIDA 34 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 8 6. Mineral properties Cost Fruta del Norte Balance, January 1, 2025 $ 133,032 Depletion (22,888) Balance, December 31, 2025 110,144 Depletion (5,785) Balance, March 31, 2026 $ 104,359 7. Accounts payable and accrued liabilities March 31, December 31, 2026 2025 Accounts payable $ 17,703 $ 15,201 Accrued liabilities 46,248 55,907 Accrued profit sharing to employees and royalties 77,301 88,559 $ 141,252 $ 159,667 8. Share capital Authorized:  Unlimited number of common shares without par value  Unlimited number of preference shares without par value During the three months ended March 31, 2026, no common shares were issued to Newmont Corporation (“Newmont”). During the year ended December 31, 2025, the Company issued 252,592 common shares to Newmont, indirectly through its subsidiary Newcrest Canada Inc. (“Newcrest”), at a weighted average price of CAD$44.18 per share for total proceeds of $11.2 million. These issuances were completed in accordance with anti-dilution rights granted from an initial investment into the Company by Newcrest, which was subsequently acquired by Newmont. 9. Stock-based compensation i. Stock options During the three months ended March 31, 2026, 55,400 stock options were granted to employees and non- employees. These options have a weighted average exercise price of CAD$116.00, 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, 2026 was 1,243,447. ===== SIDA 35 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 9 9. Stock-based compensation (continued) 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, 2026 Risk-free interest rate 3.03% Expected stock price volatility 35.41% Expected life 4 years Expected dividends (CAD) $4.44 Weighted-average fair value per option granted (CAD) $26.57 During the three months ended March 31, 2026, the Company recorded stock-based compensation expense of $0.3 million (three months ended March 31, 2025 – $0.3 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”). Subject to the continued discretion of the Company’s board of directors, Share Units are expected to generally settle in cash and therefore recognized as financial liabilities measured at fair value. During the three months ended March 31, 2026, the Company granted 173,069 Share Units. In addition, in connection with dividends paid during the three months ended March 31, 2026, 7,867 Share Units were granted as Dividend Equivalents. The total number of Share Units outstanding at March 31, 2026 was 498,515. During the three months ended March 31, 2026, the Company recorded stock-based compensation expense of $3.8 million (three months ended March 31, 2025 – $6.6 million) related to the revaluation of Share Units. During the three months ended March 31, 2026, total stock-based compensation expense was $4.1 million (three months ended March 31, 2025 – $6.9 million expense) 10. Revenues Three months ended March 31, 2026 2025 Doré sales $ 220,224 112,155 Concentrate sales 329,348 225,990 Gain on provisionally priced trade receivables 17,808 18,200 $ 567,380 $ 356,345 ===== SIDA 36 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 10 11. Operating expenses Three months ended March 31, 2026 2025 Direct production costs $ 63,604 $ 59,136 Transportation 7,200 6,133 Direct sales costs, including employee portion of profit sharing 12,264 7,616 Change in inventories (1,739) (321) $ 81,329 $ 72,564 12. Exploration Three months ended March 31, 2026 2025 Catering and camp expenses $ 802 $ 879 Concessions and land 758 436 Mining supervision & control fees (1) 1,436 - Development 177 - Drilling 6,832 4,690 Environmental 338 406 Geophysics 434 317 Salaries and benefits 2,145 1,686 Sampling and supplies 4,870 1,640 Study and evaluation 287 - Others 462 338 $ 18,541 $ 10,392 (1) Effective June 2025, the Government of Ecuador introduced the new mining supervision and control fee which is intended to fund oversight activities carried out by the Mining Regulation and Control Agency. 13. Administration Three months ended March 31, 2026 2025 Corporate social responsibility $ 535 $ 346 Investor relations 83 110 Office and general 987 1,165 Professional fees 1,436 597 Regulatory and transfer 321 269 Salaries and benefits 3,561 2,276 Stock-based compensation 4,100 6,922 Travel 111 410 $ 11,134 $ 12,095 ===== SIDA 37 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 11 14. 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, 2026 2025 Salaries, bonuses and benefits $ 2,476 $ 1,833 Stock-based compensation 1,553 4,716 $ 4,029 $ 6,549 ii. Other related party transactions During the three months ended March 31, 2026, the Company incurred $0.4 million (three months ended March 31, 2025 – $0.3 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 year ended December 31, 2025 as disclosed in Note 8. 15. 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 current facts, applicable tax legislation, and the contractual terms governing the Company’s exploitation agreement which may impact the Company’s financial results. ===== SIDA 38 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 12 15. Income taxes (continued) The rates used in Ecuador differ from the amount that would result from applying the Canadian federal and provincial income tax rates to net income before tax. These differences result from the following items: Three months ended March 31, 2026 2025 Net income before tax $ 397,334 $ 216,562 Canadian federal and provincial income tax rates 27% 27% Income tax expense based on the above rates 107,280 58,472 Increase (decrease) due to: Differences in foreign tax rates (13,782) (9,838) Non-deductible costs 3,007 5,284 Withholding taxes (current and deferred) 21,700 6,804 Losses and temporary differences for which an income tax asset has not been recognized 2,577 2,084 Other 3,221 256 Income tax expense $ 124,003 $ 63,062 ===== SIDA 39 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 13 16. Supplemental cash flow information Cash and cash equivalents are comprised of the following: March 31, December 31, 2026 2025 Cash $ 341,571 $ 410,068 Short-term investments 362,030 220,113 $ 703,601 $ 630,181 Other supplemental cash information: Three months ended March 31, 2026 2025 Income tax paid $ 50,138 $ 33,546 Change in accounts payable and accrued liabilities related to: Acquisition of property, plant and equipment $ 253 $ (6,473) 17. 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 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 14 17. 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, 2026 Current assets $ 904,359 $ 1,031 $ 121,979 $ 1,027,369 Non-current assets 802,466 82 521 803,069 Total assets 1,706,825 1,113 122,500 1,830,438 Current liabilities 420,248 3,184 31,827 455,259 Non-current liabilities 8,768 - 3,744 12,512 Total liabilities 429,016 3,184 35,571 467,771 For the three months ended March 31, 2026 Revenues 567,380 - - 567,380 Operating expenses (81,329) - - (81,329) Royalty expenses (32,471) - - (32,471) Depletion and depreciation (32,877) - - (32,877) Income from mining operations 420,703 - - 420,703 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 356,345 - - 356,345 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 The Company generated 71% of its revenue from three major customers during the three months ended March 31, 2026 (March 31, 2025 – 74% from four 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 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at March 31, 2026 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 15 18. 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 $176.0 million (December 31, 2025 - $199.2 million) are measured at fair value using quoted forward market prices (Fair value hierarchy level 2). 19. Commitments Significant capital and other expenditures contracted as at March 31, 2026 but not recognized as liabilities are as follows: Capital Expenditures Other 12 months ending March 31, 2027 $ 42,136 468 April 1, 2027 onward - 5,581 Total $ 42,136 6,049 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. In addition, under the terms of the Exploitation Agreement, the Company is subject to a sovereign adjustment mechanism intended to ensure that the Government of Ecuador receives no less than 50% of the cumulative economic benefits generated by Fruta del Norte over its life. The sovereign adjustment, if applicable, is determined by comparing the benefits received by the State and the Company, calculated based on cumulative free cash flows in accordance with the Exploitation Agreement. 20. Subsequent events On April 2, 2026, the Company announced that it entered into a definitive silver stream agreement with LunR Royalties Corp. ("LunR") pursuant to which LunR will acquire a life of mine silver stream on the Company's Fruta del Norte gold mine in Ecuador in exchange for the issuance of 50,505,051 LunR common shares (the "Transaction"). Completion of the Transaction remains subject to customary closing conditions and regulatory approvals and is expected to close in Q2 2026. ===== SIDA 42 ===== Corporate Information BOARD OF DIRECTORS Jack Lundin, Chairman Vancouver, Canada Jamie Beck 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 Scott Langley Toronto, Canada Angelina Mehta Montreal, Canada OFFICERS Jamie Beck President & Chief Executive Officer Chester See Chief Financial Officer Terry Smith Chief Operating Officer Sheila Colman Vice President, Legal and Sustainability 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