FULLTEXT DEL 1 AV 1

Kvartalsrapport Q1 2026

===== 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 =====

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 =====

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 =====

• 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 =====

• 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 =====

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 =====

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 =====

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 =====

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 =====

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

1 Refer to “Non-IFRS Measures” section.

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

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 =====

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 =====

 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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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%

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 =====

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 =====

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 =====

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