Kvartalsrapport Q2 2023

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NEWS RELEASE 
Vancouver, August 9, 2023 
 
 
Lundin Gold Inc.  885 West Georgia Street, Suite 2000  Phone: +1 604 689 7842  lundingold.com 
  Vancouver, BC, V6C 3E8    Fax: +1 604 689 4250  Email: info@lundingold.com 
 
 
 
LUNDIN GOLD REPORTS SECOND QUARTER 2023 RESULTS AND UPDATES 2023 
GUIDANCE 
 
Fruta del Norte achieves record gold production of 269,752 oz and AISC¹ of $765 per 
oz sold in the first half of 2023 
 
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG; OTCQX: LUGDF) ("Lundin Gold" or the "Company") today 
reports results for the second quarter and first half of 2023, highlighted by  Q2 production of 1 29,731 ounces 
(“oz”) of gold and sale s of 128,958 oz, at a cash operating cost 1 of $644 per oz sold and all -in sustaining cost 
(“AISC”)1 of $802 per oz sold. For the first half of 202 3, Lundin Gold produced 2 69,752 oz and sold 2 63,649 of 
gold at an AISC of $ 765 per oz. Lundin Gold generate d $132 million in free cash flow 1 over the three -month 
period, the highest quarterly free cash flow 1 achieved to date. All amounts are in U.S. dollars unless otherwise 
indicated. 
 
Based on very strong performance during the first half of 2023, the Company has increased its 2023 production 
guidance to 450,000 to 485,000 oz.  In addition, the Company has reduced its 2023 cash operating cost1 guidance 
to $650 to $700 per oz sold and AISC 1 to $820 to $870 per oz sold. This is compared to previous produc tion 
guidance of 425,000 to 475,000 oz, cash operating cost1 guidance of $700 to $760 per oz sold and AISC1 guidance 
of $870 to $940 per oz sold. 
 
Ron Hochstein, President and CEO commented, “ As a result of strong operating results in the first half of 2023 
and confiden ce that our team can continue to deliver excellent performance , we are increasing production 
guidance and reducing cash operating cost1 and AISC1 guidance. Specifically, we are pleased that the bottom of 
our original cost guidance range is now the top of our revised cost guidance range. We’ve said that Lundin Gold 
is a cash flow story for some time now, and our free cash flow generated during the second quarter highlights 
that. This free cash flow enables us to fund future highly prospective exploration programs, pay down our debt, 
pay dividends, and look at potential expansion  opportunities. The Company is in a strong position, and I am 
excited to take this momentum into the second half of the year.” 
 
  
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 
13 to 16 of the Company's MD&A for the three and six months ended June 30, 2023 available on SEDAR

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2 
 
OPERATING AND FINANCIAL RESULTS SUMMARY 
 
The following two tables provide an overview of key operating and financial results. 
 
 
 Three months ended  
June 30, 
Six months ended  
June 30, 
 2023 2022 2023 2022 
Tonnes ore mined 404,408 369,430 832,143 749,059 
Tonnes ore milled 418,373 385,675 810,705 759,082 
Average head grade (g/t) 11.0 10.3 11.6 10.8 
Average recovery 88.0% 87.6% 89.3% 88.9% 
Average mill throughput (tpd) 4,598 4,238 4,479 4,194 
Gold ounces produced 129,731 111,890 269,752 233,555 
Gold ounces sold 128,958 96,291 263,649 215,573 
 
 
 Three months ended  
June 30, 
Six months ended  
June 30, 
 2023 2022 2023 2022 
Net revenues ($’000) 243,930 177,808 500,658 394,280 
Income from mining operations ($’000) 124,801 82,522 257,509 193,729 
Earnings before interest, taxes, depreciation, and amortization ($’000)1 149,900 144,704 293,532 243,526 
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 149,579 104,718 308,645 238,264 
Net income ($’000) 63,148 55,962 114,613 79,144 
Basic income per share ($) 0.27 0.24 0.48 0.34 
Cash provided by operating activities ($’000) 162,352 60,686  306,791 188,016 
Free cash flow ($’000)1 131,859 21,248 120,206 113,054 
Free cash flow per share ($)1 0.56 0.09 0.51 0.48 
Average realized gold price ($/oz sold)1 1,942 1,907 1,947 1,882 
Cash operating cost ($/oz sold)1 644 702 644 656 
All-in sustaining costs ($/oz sold)1 802 864 765 771 
Adjusted net earnings ($‘000)1 59,387 13,490 126,401 71,040 
Adjusted net earnings per share ($)1 0.25 0.06 0.53 0.30 
Dividends paid per share ($) 0.10 - 0.20 - 
 
 
SECOND QUARTER HIGHLIGHTS 
 
Financial Results – Highest Ever Quarterly Free Cash Flow Generation 
 
• The Company sold a total of 128,958 oz of gold, consisting of 8 4,679 oz of concentrate and 44,279 oz of 
doré at an average realized gold price 1 of $1,942 per oz for total gross revenues from gold sales of $ 250 
million. Net of treatment and refining charges, revenues were $244 million. 
 
• Cash operating costs1 and AISC1 were $644 and $802 per oz of gold sold, respectively. While cash operating 
costs1 per oz sold remained consistent with the previous quarter, the ramp up of sustaining capital activities 
resulted in a higher AISC1 albeit still below expected levels for the quarter. 
 
• The Company generated cash flow of $162 million from operations and rec ord free cash flow 1 of $132 
million or $0.56 per share resulting in a cash balance of $275 million at June 30, 2023. 
 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 
13 to 16 of the Company's MD&A for the three and six months ended June 30, 2023 available on SEDAR

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3 
 
• Earnings before interest, taxes, depreciation, and amortization 1 (“EBITDA”) and adjusted EBITDA 1 were 
$149.9 million and $149.6 million, r espectively with the difference resulting from derivative gains 
recognized in the quarter. 
 
• Net income was $63.1 million including a derivative gain of $0.3 million, and net of corporate, exploration, 
finance costs, and associated taxes on earnings. Adjusted earnings1, which exclude the derivative gain and 
related taxes, were $59.4 million, or $0.25 per share.   
 
Production Results – Strong Grades and Throughput Offset Weaker Recoveries 
 
• Mine production of 404,408 tonnes of ore at an average grade of 9.0 grams per tonne. 
 
• The mill processed 418,373 tonnes of ore at an average throughput rate of 4,598 tpd .  Inclusive of the 
relining of the SAG and ball mills during the first quarter, the mill has averaged a throughput rate of 4,479 
tpd during the first half of 2023. 
 
• The average grade of ore milled was 11.0 grams per tonne with average recovery at 88.0%.  Recoveries were 
affected by processing of ore from sectors that contain higher levels of finely disseminated sulphide 
minerals which are impacting both gravity and flotation recovery. 
 
• Gold production was 129,731 oz which was comprised of 85,395 oz in concentrate and 44,336 oz as doré.   
 
Liquidity and Capital Resources 
 
At the end of the second quarter of 2023, the Company is in a strong financial position. 
 
(in thousands of U.S. dollars) As at June 30,  
2023 
As at December 31,  
2022 
Financial Position:   
Cash  274,968 363,400 
Working capital  268,095 194,804 
Total assets 1,508,831 1,668,865 
   
Long-term debt   
Senior debt facility 91,676 172,854 
Fair value of stream credit facility and offtake 304,912 287,666 
Fair value of gold prepay credit facility - 207,446 
Total long-term debt 396,588 667,966 
 
The change in cash during the 2023 Period was primarily due to the full repayment of the gold prepay facility of 
$208 million; principal repayments, interest and finance charges, including associated taxes, under the stream 
credit facility totaling $39.0 m illion; interest and principal repayments under the senior debt of $91.1 million; 
dividends of $47.4 million; and cash outflows of $20.4 million relating to sustaining capital expenditures. This is 
offset by cash generated from operating activities of $307  million and proceeds from the exercise of stock 
options and anti-dilution rights totaling $9.8 million. 
 
Capital Expenditures 
 
• Sustaining Capital: 
o Construction of the fourth raise of the tailings dam advanced during the second quarter with progress 
to date consistent with plan.  Completion during the fourth quarter of 2023 remains as expected. 
o The new warehouse was completed during the second quarter and is now operational.

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4 
 
o The underground mine maintenance facility is expected to be completed during the third quarter which 
will provide additional efficiencies. 
o Other sustaining capital projects such as sewage treatment plant upgrades, purchase of mobile 
equipment, and other efficiency improvement projects continue to ramp up during the remainder of the 
year. 
o The 2023 conversion drilling program continues to advance in distinct sectors of the FDN resource. 
During the quarter, the program focused on the southern extension with approximately 3,211 metres 
across 20 drill holes completed.  Most drill holes confirmed the continuity of mineralization in the drilled 
areas.  Results have pointed to a vein type mineralization in this part of the deposit, with narrower 
higher-grade intervals.  Some of the conversion drilling results for the southern extension remain 
pending.  A complete table of results received to date can be found in Lundin Gold’s press release dated 
August 3, 2023. 
 
Health and Safety 
 
During the second quarter there were no Lost Time Incidents (“LTIs”) and no Medical Aid Incident (“MAIs”). The 
Total Recordable Incident Rate across exploration and operations was 0. 00 per 200,000 hours worked  for the 
quarter and 0.07 for the first six months of 2023. In early July 2023, FDN operations surpassed 365 days without 
an LTI or MAI with over 5.1 million hours worked. 
 
Community 
 
Various community projects supported by the Company continued to progress in the second quarter including 
support for micro businesses established by local entrepreneurs in conjunction with the Lundin Foundation.  The 
local textile manufacturer, fire extinguisher maintenance company, and pest control / fumigation company 
continue to work with the mine.  Feasibility studies of potential new areas for local businesses continue.  Efforts 
have continued to ensure that local farmers retain access to local, national, and international markets. 
  
Longstanding projects such as road maintenance, educational support to promote access to higher education, 
efficiency improvements in the agricultural sector and addressing infrastructure challenges remain on track.   
  
The Company continues to engage with local indigenous people, especially the Shuar Federation of Zamora 
Chinchipe, to jointly implement projects that promote economic opportunities and the Shuar culture.  In the 
second quarter, the Shuar tourism company continued in its efforts to diversify its lines of business and to create 
additional employment opportunities.    
 
Corporate 
 
The Company paid a quarterly dividend of $0.10 per share on June 27, 2023 (June 30 for shares trading on Nasdaq 
Stockholm) based on a record date of June 13, 2023, for a total of $23.7 million.  With the release of its second 
quarter 2023 results, the Company has declared a cash dividend of $0.10 per share, which is payable on 
September 26, 2023 (Sept ember 29 for shares trading on Nasdaq Stockholm) to shareholders of record on 
September 11, 2023. 
 
At the Company’s annual shareholders’ meeting on May 15, 2023, Ms. Angelina Mehta was elected as a director, 
replacing Ms. Chantal Gosselin who did not stand for re-election.

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5 
 
The Company’s second TCFD-aligned climate change report and seventh annual sustainability report were 
published in May. Based on publicly available data from 152 gold mines that reported their Sco pes 1 and 2 
greenhouse gas emissions in 2021 and on Lundin Gold's 2022 emissions performance, the emissions intensity of 
Fruta del Norte is among the lowest in the industry. The Company has set a target to be carbon neutral by 2030 
with respect to its Scopes 1 and 2 emissions based on its current life of mine plan. 
 
EXPLORATION – CONTINUING TO MAKE PROGRESS 
 
Near-Mine Exploration Program 
The near mine drilling program continues to explore extensions of major controlling structures surrounding the 
FDN deposit.  In the second quarter, a total of 8,609 metres across sixteen drill holes, from surface and 
underground, were completed at several targets near FDN. 
 
• The surface drilling program continues along the south extension of the East Fault, where the FDN South 
(“FDNS”) and Bonza Sur targets were identified in the previous quarter.  During the quarter, twelve 
surface drill holes were completed and indicated continuity of mineralization at Bonza Sur and FDNS.  An 
exploratory hole was also completed along the north extension of the Fruta del Norte deposit.  Four 
surface rigs are currently drilling with two rigs at Bonza Sur, one at FDNS, and the fourth testing new  
near mine sectors. 
 
o At FDNS, six surface drill holes were completed, confirming continuity of mineralization and 
defining a new geometry for the vein system in this sector.  Drilling results indicate a series of 
subparallel epithermal veins in a northeast ern-southwestern direction that remain open for 
expansion along strike and at depth. 
 
o At Bonza Sur, located one kilometre from FDN, five surface drill holes were completed and 
continue to confirm mineralization.  Drilling results recorded multiple positive intersections and 
demonstrated the occurrence of three distinct mineralized zones represented by veins/veinlets 
of quartz and minor chalcedony and manganoan -carbonate associated to the occurrences of 
sulfides.  Mineralization currently extends 500 metres along strike to the north -south and 300 
metres along the downdip and remains open in all directions.  
 
o Drilling testing new near mine sectors was recently initiated.  This drilling aims to explore the 
extensions of major structures at FDN with the first dr ill hole completed along the northern 
extension of FDN.  Results are pending. 
 
• The underground drill program continues to explore the continuity of the FDN deposit at depth and 
beyond the major faults.  Four drill holes were completed and intercepted structures and hydrothermal 
alteration beyond the FDN limits.  In the central part of FDN, two drill holes confirmed the hydrothermal 
alteration zones at depth with low -grade gold values.  Two other drill holes intercepted zones of 
hydrothermal alteration with vein/veinlets hosted on volcanic rocks or intrusive rocks to the east of the 
FDN East Fault. Results are pending.  
 
A complete table of results received to date can be found in Lundin Gold’s press release dated August 3, 2023.

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6 
 
Regional Exploration Program 
The regional drilling program continues to advance in distinct sectors along the southwestern border of the 
Suarez basin and a total of 2,264 metres across three drill holes were completed in the second quarter.  The 
program focused on the Quebrada La Negra and the newly defined Crisbel targets, where detailed geological 
interpretation of exploration data and ad ditional surface works identified major structures and zones of 
hydrothermal alteration. 
 
• At Quebrada La Negra, two drill holes were completed which intercepted wide zones of hydrothermal 
alteration with breccias and/or veins and disseminated sulfides.  Drill results returned low values of gold 
associated with epithermal pathfinder elements, such as zinc and lead, and a recent interpretation point 
to new areas for further detailing farther north. 
 
• At Crisbel, one drill hole was completed testing an unexplor ed geochemical soil anomaly (gold and 
epithermal pathfinder elements such as antimony and arsenic) disposed along the contact between the 
Suarez Border and the volcanic sequence.  The drill hole intercepted hydrothermal alteration zones with 
important quantities of sulfides hosted in brecciated volcanic rocks.  Results are pending. 
 
Newcrest Earn-In Agreement 
On the concessions held by the Company’s subsidiary, SurNorte S.A., a second phase of scout drilling commenced 
at the Gamora Project, located in southeast Ecuador. This work is being conducted by Newcrest Mining Limited 
(“Newcrest”) as the operator under an earn -in agreement with Lundin Gold pursuant to which Newcre st can 
earn up to a 50% interest in eight exploration concessions located to the north and south of Fruta del Norte.  A 
second phase of scout drilling was completed in the quarter at the Gamora Project, which was focused on testing 
priority copper-gold targets in the Mirador copper porphyry district. 
 
OUTLOOK – GUIDANCE INCREASED FOLLOWING STRONG FIRST HALF 
 
Achievements during the first half of 2023 provide the Company with a positive outlook for the remainder of the 
year and as a result, production guidance is increased to 450,000 to 485,000 oz while cost guidance is decreased 
for both cash operating cost and AISC to $650 to $700 per oz sold and $820 to $870 per oz sold, respectively.  
Production for the second half of 2023 is expected to decrease relative  to the first half of the year driven by a 
combination of lower grades and lower recoveries due to processing of ore from certain sectors of the mine with 
less favourable geology. 
 
In addition, AISC 1 is expected to increase with continued ramp up of susta ining capital activities and lower 
expected gold production levels. Sustaining capital is expected to increase substantially during the second half 
driven by construction of the fourth raise of the tailings dam as well as several other capital projects. In addition, 
the conversion drilling program, aiming to convert Inferred to Indicated Mineral Resources, is planned to 
continue with results expected to be incorporated into the geological model and in the new resource estimate 
in the first quarter of 2024.  
 
The near mine drilling program plans to continue to delineate the FDNS and Bonza Sur targets, where systems 
of epithermal veins/veinlets have been identified and remain open. Three rigs are dedicated to the detailing and 
expansion of the mineralized zones at depth and along strike. Another surface rig and underground rig continue 
to explore for major discoveries in the near mine district targeting the extension of major controlling structures 
at FDN in new sectors.  The near mine program is  expected to comprise a total of 23,000 metres of drilling for 
2023. 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 13 to 16 of the Company's MD&A for the three and six months ended June 30, 2023 available on SEDAR

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7 
 
 
The regional drilling program continues to focus on the southern Suarez Basin, advancing along the eastern and 
western borders of the Basin. A second rig is expected to be added to advance numerous target areas identified 
during the previous quarters. The regional drilling program continues to be expected to comprise a total of 
12,500 metres for the year, with two rigs currently operating. The combined near mine and regional exploration 
budget for 2023 remains at $24.6 million. 
 
The Company anticipates declaring quarterly dividends of $0.10 per share, equivalent to approximately $100 
million annually, based on currently issued and outstanding shares.  
 
Qualified Persons 
 
The technical information relating to FDN contained in this News Release has been reviewed and approved by 
Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a Qualified Person under NI 43-101. The disclosure 
of exploration information contained in this press release was prepared by Andre Oliveira, P.Geo, Lundin Gold’s 
V.P. Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101. 
 
Webcast and Conference Call 
 
The Company will host a conference call and webcast to di scuss its results on Thursday, August 10 at 7:00 a.m. 
PT, 10:00 a.m. ET, 4:00 p.m. CET. 
 
Conference Call Dial-In Numbers: 
 
Participant Dial-In North America: +1 416-764-8659 
Toll-Free Participant Dial-In North America: +1 888-664-6392 
Participant Dial-In Sweden: 0200899189 
Conference ID: Lundin Gold / 61558460 
 
A link to the webcast will be available on the Company’s website, www.lundingold.com.   
 
A replay of the conference call will be available two hours after the completion of the call until August 24, 2023. 
 
Toll Free North America Replay Number: +1 888-390-0541 
International Replay Number: +1 416-764-8677 
Replay passcode: 558460 # 
 
About Lundin Gold 
 
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador and 
a large exploration land package that hosts the Fruta del Norte deposit at its northern edge. Fruta del Norte is 
among the highest-grade operating gold mines in the world. 
 
The Company's board and management team have extensive expertise in mine operations and are dedicated to 
operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with 
international best practices. Lundin Gold is committed to delivering value to its share holders, while 
simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe

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workplace and minimizing the environmental impact. The Company believes that the value created through the 
development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.  
 
Non-IFRS Measures  
 
This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, 
adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, free cash flow, free cash flow per share, 
and adjusted earnings, which are not measures recognized under IFRS and do not have a standardized meaning 
prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not 
be comparable to such measures as reported by other companies. These measures have been derived from the 
Company's financial statements because the Company believes that, with the achievement of commercial 
production, they are of assistance in the understanding of the results of operations and its financial position. 
Certain additional disclosures for these specified financial measures have been incorporated by reference and 
can be found on page 13 of the Company's MD&A for the three and six months ended June 30, 2023 available 
on SEDAR. 
 
Additional Information 
 
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market 
Abuse Regulation. This information was publicly communicated on August 9, 2023 at 5:00 p.m. Pacific Time 
through the contact persons set out below. 
 
For more information, please contact 
 
Ron F. Hochstein  Finlay Heppenstall 
President and CEO  Director, Investor Relations and Corporate Development 
Tel (Ecuador): +593 2-299-6400  Tel: +1 604 806 3089 
Tel (Canada): +1-604-806-3589  finlay.heppenstall@lundingold.com  
ron.hochstein@lundingold.com   
 
Caution Regarding Forward-Looking Information and Statements  
Certain of the information and statements in this press release are considered "forward -looking information" or "forward -looking 
statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward -looking statements"). Any 
statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions 
or future events or performance (often, but not always, identified by words or phrases such as "believes",  "anticipates", "expects", "is 
expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such  words and 
phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" 
and similar expressions) are not statements of historical fact and may be forward -looking statements. By their nature, forward -looking 
statements and information involve assumptions, inherent risks and un certainties, many of which are difficult to predict, and are usually 
beyond the control of management, that could cause actual results to be materially different from those expressed by these fo rward-
looking statements and information. Lundin Gold believes  that the expectations reflected in this forward -looking information are 
reasonable, but no assurance can be given that these expectations will prove to be correct. Forward -looking information should not be 
unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this 
information, unless required to do so by securities laws.  
This press release contains forward-looking information in several places, such as in statements relating to the Company’s  2023 production 
outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts, cash flow forecasts 
and financing obligations; its estimated capital costs; benefits of the Company’s community programs; the Company’s declarati on 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.    There can be no assurance that such 
statements will prove to be accurate, as Lundin Gold's actual results and future  events could differ materially from those anticipated in 
this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form 
dated March 31, 2023, which is available at www.lundingold.com or on SEDAR.

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9 
 
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from 
any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: risks related 
to political and economic instability in  Ecuador; risks associated with the Company's community  relationships; risks related to estimates 
of production, cash flows and costs; risks inherent to mining operations; shortages of critical  supplies; the cost of non -compliance and 
compliance costs; control of the Company's largest  shareholders; volatility in the price of  gold; failure of the Company to maintain its 
obligations under its debt facilities; risks  related to Lundin Gold’s compliance with environmental laws and liability for environmental 
contamination; the lack of availability of infrastructure; the Company's reliance on one mine; security risks to the Company, its assets and 
its personnel; risks related to illegal mining; exploration and development risks; the impacts of a pandemic virus outbreak; risks related to 
the Company’s ability to obtain, maintain or renew regulatory approvals, permits and licenses; uncertainty with and ch anges to the tax 
regime in Ecuador; the reliance of the Company on its information systems and the risk of cyber-attacks on those systems; the imprecision 
of Mineral Reserve and Resource  estimates; deficient or vulnerable title to concessions, easements and surface  rights; inherent safety 
hazards and risk to the health and safety of the Company’s employees and  contractors; risks related to the Company’s workforce and its 
labour relations; key talent recruitment and retention of key  personnel; volatility in the market price of the Company’s shares; measures 
to protect endangered species and critical habitats; social media and reputation; the adequacy of the Company’s insurance; risks relating 
to the declaration of dividends; uncertainty as to reclamation and decommissioning; the ability of Lundin Gold to ensure compliance with 
anti-bribery and anti-corruption laws; the uncertainty regarding risks posed by climate  change; limits of disclosure and internal controls; 
the potential for litigation; and risks due to conflicts of interest.

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Q2 2023

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
INTRODUCTION 
This Management’s Discussion and Analysis (“MD&A”) of Lundin Gold Inc. and its subsidiaries (collectively, “Lundin 
Gold” or the “Company”) provides a detailed analysis of the Company’s business and compares its financial results for 
the three and six months ended June 30, 2023 with those of the same period from the previous year.  
This MD&A is dated as of August 9, 2023 and should be read in conjunction with the Company’s unaudited condensed 
consolidated interim financial statements and related notes thereto for the three and six months ended June 30, 2023, 
which are prepared in accordance with IAS 34: Interim Financial Statements, and the Company’s audited annual 
consolidated financial statements and related notes thereto, which are prepared in accordance with International 
Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), and the MD&A for 
the fiscal year ended December 31, 2022.  References to the “2023 Period” and “2022 Period” relate to the six months 
ended June 30, 2023 and June 30, 2022, respectively. 
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.sedar.com. 
Lundin Gold, headquartered in Vancouver, Canada, owns 28 metallic mineral concessions and three construction 
material concessions covering an area of approximately 64,454 hectares in southeast Ecuador, including the Fruta del 
Norte gold mine (“Fruta del Norte” or “FDN”).  Fruta del Norte is comprised of seven concessions covering an area of 
approximately 5,566 hectares and is located approximately 140 km east-northeast of the City of Loja.  Fruta del Norte 
is one of the highest-grade gold mines in production in the world today.   
The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte 
responsibly and pursuing growth.  The Company operates with transparency and in accordance with international best 
practices.  Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic 
and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental 
impact.  The Company believes that the value created through the operations of Fruta del Norte will benefit its 
shareholders, the Government and the citizens of Ecuador. 
SECOND QUARTER 2023 HIGHLIGHTS AND ACTIVITIES 
Lundin Gold generate d $132 million in  free cash flow 1 or $0.56 per share over the three-month period, the highest 
quarterly free cash flow 1 achieved to date.  This was achieved by excellent o perating performance at FDN with gold 
production of 129,731 ounces (“oz”) and sales of 128,958 oz at a cash operating cost1 of $644 per oz sold and all -in 
sustaining cost (“AISC”) 1 of $802 per oz sold .  Revenues and adjusted earnings 1 of $244 million and $ 59.4 million, 
respectively, were realized.   
Gold production during the second quarter was higher than plan due to higher mill throughput and higher head grade, 
at an average of 11.0 grams per tonne (“g/t”), offset by lower recoveries compared to recent periods due to a change 
in ore type, which contained finely disseminated sulphide minerals. 
Construction of the fourth tailings dam raise advanced in the second quarter resulting in increased sustaining capital 
expenditures, a figure included in the AISC 1 calculation.  Construction activities are expected to peak during the third 
quarter with completion on track during the fourth quarter of 2023. 
Based on very strong  performance during the first half of 2023, the Company has increased  its 2023 production 
guidance to 450,000 to 485,000 oz, as compared to 425,000 to 475,000 oz.  In addition, the Company has reduced its 
2023 cost operating cost1 guidance to $650 to $700 per oz sold  from $700 to $760 per oz sold , and AISC1 to $820 to 
$870 per oz sold from $870 to $940 per oz sold.  
The following two tables provide an overview of key operating and financial results achieved during the second quarter 
of 2023 compared to the same period in 2022. 
1 Refer to “Non-IFRS Measures” section in this MD&A. 
1

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
Three months ended 
June 30, 
Six months ended 
June 30, 
2023 2022 2023 2022 
Tonnes ore mined 404,408 369,430 832,143 749,059 
Tonnes ore milled 418,373 385,675 810,705 759,082 
Average mill head grade (g/t) 11.0 10.3 11.6 10.8 
Average recovery 88.0% 87.6% 89.3% 88.9% 
Average mill throughput (tpd) 4,598 4,238 4,479 4,194 
Gold ounces produced 129,731 111,890 269,752 233,555 
Gold ounces sold 128,958 96,291 263,649 215,573 
Three months ended 
June 30, 
Six months ended 
June 30, 
2023 2022 2023 2022 
Revenues ($’000) 243,930 177,808 500,658 394,280 
Income from mining operations ($’000) 124,801 82,522 257,509 193,729 
Earnings before interest, taxes, depreciation, 
and amortization ($’000)1 149,900 144,704 293,532 243,526 
Adjusted earnings before interest, taxes, 
depreciation, and amortization ($’000)1 149,579 104,718 308,645 238,264 
Net income ($’000) 63,148 55,962 114,613 79,144 
Basic income per share ($) 0.27 0.24 0.48 0.34 
Cash provided by operating activities ($’000) 162,352 60,686 306,791 188,016 
Free cash flow ($’000)1 131,859 21,248 120,206 113,054 
Free cash flow per share ($)1 0.56 0.09 0.51 0.48 
Average realized gold price ($/oz sold)1  1,942 1,907 1,947 1,882 
Cash operating cost ($/oz sold)1 644 702 644 656 
All-in sustaining costs ($/oz sold)1 802 864 765 771 
Adjusted earnings ($‘000)1 59,387 13,490 126,401 71,040 
Adjusted earnings per share ($)1 0.25 0.06 0.53 0.30 
Dividends paid per share ($) 0.10 - 0.20 - 
1 Refer to “Non-IFRS Measures” section. 
2

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
The difference between net income and adjusted earnings 1 during the second quarter of 2023  is due to non -cash 
derivative gains of $0.3 million (six months ended June 30, 2023: loss of $15.1 million) associated with fair value 
accounting of the stream facility.  This non-cash item is driven by numerous factors including expected production 
profile, anticipated forward gold and silver prices, and yields.  Non -cash derivative gains (or losses) associated with 
decreased (or increased) short -term production and anticipated decreasing (or increasing) forward gold and silver 
prices are recorded in the statement of operations, while non -cash derivative gains (or losses) associated with 
increasing (or decreasing) yields are recorded in the statement of other comprehensive income.  
 
These non-cash gains or losses are derived from complex valuation modelling and accounting treatment which are 
explained in more detail later in this MD&A.  Revaluation of these obligations has and will continue to result in 
considerable period-to-period volatility in the Company’s net income, comprehensive income, current and long-term 
liabilities and do not necessarily reflect the amounts that will actually be repaid when the obligations become due.       
 
Operating and Financial Results During the Second Quarter of 2023 
 
• Mine production of 404,408 tonnes of ore at an average grade of 9.0 grams per tonne. 
• The mill processed 418,373 tonnes of ore at an average throughput rate of 4,598 tpd.  Inclusive of the relining 
of the SAG and ball mills during the first quarter, the mill has averaged a throughput rate of 4,479 tpd during 
the first half of 2023. 
• The average grade of ore milled was 11.0 grams per tonne with average recovery at 88.0%.  Recoveries were 
affected by processing of ore from sectors that contain higher levels of finely disseminated sulphide minerals 
which are impacting both gravity and flotation recovery. 
• Gold production was 129,731 oz which was comprised of 85,395 oz in concentrate and 44,336 oz as doré.  
Gold sales of 128 ,958 oz of gold, consisting of 84,679 oz in concentrate and 44,279 oz as doré, resulted in 
gross revenues of $250 million at an average realized gold price 1 of $1,942 per oz.  Net of treatment and 
refining charges, revenues were $244 million. 
• Cash operating costs1 and AISC1 were $644 and $802 per oz of gold sold, respectively.  While cash operating 
costs1 per oz sold remained consistent with the previous quarter, the ramp up of sustaining capital activities 
resulted in a higher AISC1 albeit still below expected levels for the quarter.   
• The Company generated cash flow of $162 million from operations and record free cash flow¹ of $132 million 
or $0.56 per share resulting in a cash balance of $275 million at June 30, 2023.   
• Earnings before interest, taxes, depreciation, and amortization 1 (“EBITDA”) and adjusted EBITDA 1 were 
$149.9 million and $149.6 million, respectively with the difference resulting from derivative gains recognized 
in the quarter. 
• Net income was $63.1 million including a derivative gain of $0.3 million, and net of corporate, exploration, 
finance costs, and associated taxes on earnings.  Adjusted earnings¹, which exclude the derivative gain and 
related taxes, were $59.4 million, or $0.25 per share.   
 
Capital Expenditures 
 
Sustaining Capital 
• Construction of the fourth raise of the tailings dam advanced during the second quarter with progress to date 
consistent with plan.  Completion during the fourth quarter of 2023 remains as expected. 
• The new warehouse was completed during the second quarter and is now operational. 
• The underground mine maintenance facility is expected to be completed during the third quarter which will 
provide additional efficiencies. 
• Other sustaining capital projects such as sewage treatment plant upgrades, purchase of mobile equipment, 
and other efficiency improvement projects continue to ramp up during the remainder of the year. 
  
 
1 Refer to “Non-IFRS Measures” section. 
3

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
• The 2023 conversion drilling program continues to advance in distinct sectors of the FDN resource. During 
the quarter, the program focused on the southern extension with approximately 3,211 metres across 20 drill 
holes completed.  Most drill holes confirmed the continuity of mineralization in the drilled areas.  Results have 
pointed to a vein type mineralization in this part of the deposit, with narrower higher-grade intervals.  Some of 
the conversion drilling results for the southern extension remain pending.  A complete table of results received 
to date can be found in Lundin Gold’s press release dated August 3, 2023. 
 
Health and Safety and Community 
 
Health and Safety 
• During the quarter there were no Lost Time Incidents ("LTI”) and no Medical Aid Incidents (“MAI”). 
• The Total Recordable Incident Rate  across exploration and operations was 0.00 per 200,000 hours worked  
for the quarter and 0.07 for the first six months of 2023. 
• In early July, FDN operations surpassed 365 days without an LTI or MAI with over 5.1 million hours worked. 
 
Community 
Various community projects supported by the Company continued to progress in the second quarter including support 
for micro businesses established by local entrepreneu rs in conjunction with the  Lundin Foundation.  The local textile 
manufacturer, fire extinguisher maintenance company, and pest control / fumigation company continue to work with 
the mine.  Feasibility studies of potential new areas for local businesses con tinue.  Efforts have continued to ensure 
that local farmers retain access to local, national, and international markets. 
  
Longstanding projects such as road maintenance, educational support to promote access to higher education, 
efficiency improvements in the agricultural sector and addressing infrastructure challenges remain on track.   
  
The Company continues to engage with local indigenous people, especially the Shuar Federation of Zamora Chinchipe, 
to jointly implement projects that promote economic opportunities and the Shuar culture.  In the second quarter, the 
Shuar tourism company co ntinued in its efforts to diversify its lines of business and to create additional employment 
opportunities.    
 
Exploration 
 
Near Mine Exploration Program 
The near mine drilling program continues to explore extensions of major controlling structures surrounding the FDN 
deposit.  In the second quarter, a total of 8,609 metres across sixteen drill holes, from surface and underground, were 
completed at several targets near FDN. 
 
• The surface drilling program continues along the south extension of the East Fault, where the FDN South 
(“FDNS”) and Bonza Sur targets were identified in the previous quarter.  During the quarter, twelve surface 
drill holes were completed and indicated continuity of mineralization at Bonza Sur and FDNS.  An exploratory 
hole was also completed along the north extension of the Fruta del Norte deposit.  Four surface rigs are 
currently drilling with two rigs at Bonza Sur, one at FDNS, and the fourth testing new near mine sectors. 
 
o At FDNS, six surface drill holes were completed, confirming continuity of mineralization and defining 
a new geometry for the vein system in this sector.  Drilling results indicate a series of subparallel 
epithermal veins in a northeastern-southwestern direction that remain open for expansion along 
strike and at depth. 
 
o At Bonza Sur, located one kilometre from FDN, five surface drill holes were completed and continue 
to confirm mineralization.  Drilling results recorded multiple positive intersections and demonstrated 
the occurrence of three distinct mineralized zones represented by veins/veinlets of quartz and minor 
chalcedony and manganoan-carbonate associated to the occurrences of sulfides.  Mineralization 
currently extends 500 metres along strike to the north-south and 300 metres along the downdip and 
remains open in all directions.  
 
o Drilling testing new near mine sectors was recently initiated.  This drilling aims to explore the 
extensions of major structures at FDN with the first drill hole completed along the northern extension 
of FDN.  Results are pending. 
 
4

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
• The underground drill program continues to explore the continuity of the FDN deposit at depth and beyond 
the major faults.  Four drill holes were completed and intercepted structures and hydrothermal alteration 
beyond the FDN limits.  In the central part of FDN, two drill holes confirmed the hydrothermal alteration zones 
at depth with low-grade gold values.  Two other drill holes intercepted zones of hydrothermal alteration with 
vein/veinlets hosted on volcanic rocks or intrusive rocks to the east of the FDN East Fault. Results are pending.  
 
A complete table of results received to date can be found in Lundin Gold’s press release dated August 3, 2023. 
 
Regional Exploration Program 
The regional drilling program continues to advance in distinct sectors along the southwestern border of the Suarez 
basin and a total of 2,264 metres across three drill holes were completed in the second quarter.  The program focused 
on the Quebrada La Negra and the newly defined Crisbel targets, where detailed geological interpretation of exploration 
data and additional surface works identified major structures and zones of hydrothermal alteration. 
 
• At Quebrada La Negra, two drill holes were completed which intercepted wide zones of hydrothermal alteration 
with breccias and/or veins and disseminated sulfides.  Drill results returned low values of gold associated with 
epithermal pathfinder elements, such as zinc and lead, and a recent interpretation point to new areas for 
further detailing farther north. 
 
• At Crisbel, one drill hole was completed testing an unexplored geochemical soil anomaly (gold and epithermal 
pathfinder elements such as antimony and arsenic) disposed along the contact between the Suarez Border 
and the volcanic sequence.  The drill hole intercepted hydrothermal alteration zones with important quantities 
of sulfides hosted in brecciated volcanic rocks.  Results are pending. 
 
Newcrest Earn-In Agreement 
On the concessions held by the Company’s subsidiary, SurNorte S.A., a second phase of scout drilling commenced at 
the Gamora Project, located in southeast Ecuador. This work is being conducted by Newcrest  Mining Limited  
(“Newcrest”) as the operator under an earn-in agreement with Lundin Gold pursuant to which Newcrest can earn up to 
a 50% interest in eight exploration concessions  located to the north and south of Fruta del Norte .  A second phase of 
scout drilling was completed in the quarter at the Gamora Project, which was focused on testing priority copper -gold 
targets in the Mirador copper porphyry district. 
Corporate 
 
• The Company paid a quarterly dividend of $0.10 per share on June 27, 2023 (June 30 for shares trading on 
Nasdaq Stockholm) based on a record date of June 13, 2023, for a total of $23.7 million.   
• With the release of its second quarter 2023 results, the Company has declared a cash dividend of $0.10 per 
share, which is payable on September 26, 2023 (September 29 for shares trading on Nasdaq Stockholm) to 
shareholders of record on September 11, 2023. 
• The Company announced the appointment of Christopher Kololian as Chief Financial Officer during the 
quarter.  Mr. Kololian  assumed the role effective July 1, 2023 , and the Company’s Interim Chief Financial 
Officer, Mr. Chester See, has continued with Lundin Gold in the role of Senior Vice-President, Finance. 
• At the Company’s annual shareholders’ meeting on May 15, 2023, Ms. Angelina Mehta was elected as a 
director, replacing Ms. Chantal Gosselin who did not stand for re-election. 
• The Company’s second TCFD-aligned climate change report and seventh annual sustainability report were 
published in May.  Based on publicly available data from 152 gold mines that r eported their Scopes 1 and 2 
greenhouse gas emissions in 2021 and on Lundin Gold's 2022 emissions performance, the emissions intensity 
of Fruta del Norte is among the lowest in the industry.  The Company has set a target to be carbon neutral by 
2030 with respect to its Scopes 1 and 2 emissions based on its current life of mine plan. 
 
  
5

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
SUMMARY OF QUARTERLY FINANCIAL RESULTS 
 
The Company’s quarterly financial statements are reported under IFRS as applicable to interim financial reporting.  The 
following table provides highlights from the Company’s financial statements for the past eight quarters (unaudited). 
 
  2023  2023  2022  2022 
  Q2  Q1  Q4  Q3 
         
Revenues $ 243,930 $ 256,728 $ 210,961 $ 210,425 
         
Income from mining operations $ 124,801 $ 132,708 $ 92,095 $ 83,930 
         
Derivative gain (loss) for the period $ 321 $ (15,434) $ 29,217 $ 41,838 
         
Net income (loss) for the period $ 63,148 $ 51,465 $ (68,259) $ 62,673 
         
Basic income (loss) per share $ 0.27 $ 0.22 $ (0.29) $ 0.27 
Diluted income (loss) per share $ 0.26 $ 0.22 $ (0.29) $ 0.26 
         
Weighted-average number of common         
shares outstanding         
Basic  236,943,432  236,062,529  235,332,039  235,165,784 
Diluted  239,190,085  238,123,015  235,332,039  236,882,976 
         
Additions to property, plant and equipment $ 13,245 $ 4,384 $ 15,253 $ 15,178 
         
Total assets $ 1,508,831 $ 1,467,040 $ 1,668,865 $ 1,634,590 
         
Long-term debt $ 396,588 $ 434,175 $ 667,966 $ 589,919 
         
Working capital  $ 268,095 $ 256,853 $ 194,804 $ 253,673 
 
  2022  2022  2021  2021 
  Q2  Q1  Q4  Q3 
         
Revenues $ 177,808 $ 216,472 $ 186,440 $ 190,753 
         
Income from mining operations $ 82,522 $ 111,207 $ 91,646 $ 89,431 
         
Derivative loss for the period $ 39,986 $ (34,724) $ (36,001) $ (636) 
         
Net income for the period $ 55,962 $ 23,182 $ 28,789 $ 56,673 
         
Basic income per share $ 0.24 $ 0.10 $ 0.12 $ 0.24 
Diluted income per share $ 0.24 $ 0.10 $ 0.12 $ 0.24 
         
Weighted-average number of common         
shares outstanding         
Basic  234,933,975  233,809,773  233,211,843  232,723,880 
Diluted  236,847,992  235,774,444  235,376,672  235,017,999 
         
Additions to property, plant and equipment $ 14,532 $ 9,184 $ 5,266 $ 20,101 
         
Total assets $ 1,664,030 $ 1,735,223 $ 1,685,113 $ 1,630,830 
         
Long-term debt $ 645,724 $ 752,482 $ 739,977 $ 748,856 
         
Working capital  $ 253,921 $ 273,680 $ 217,221 $ 136,139 
  
6

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Three months ended June 30, 2023 compared to the three months ended June 30, 2022 
 
The Company generated net income of $ 63.1 million during the second quarter of 202 3 compared to $ 56.0 million 
during the second quarter of 2022.  Net income was generated from the recognition of revenues of $ 244 million and 
income from mining operations of $ 125 million as well as  a derivative gain  of $0.3 million.  This is  offset by finance 
expense of $16.4 million, income tax expense of $34.3 million, and other expenses totalling $11.3 million.  During the 
second quarter of 2022, net income was generated from the recognition of revenues of $ 178 million and income from 
mining operations of $82.5 million as well as a derivative gain of $40.0 million offset by finance expense of $28.5 million, 
income tax expense of $32.6 million, and other expenses totalling $5.4 million. 
 
Income from mining operations 
 
Net income from mining operations increased to $125 million compared to $82.5 million during the same quarter in 
2022.  Cost of goods sold of $ 119 million was comprised of operating expenses of $ 68.3 million; royalties of $ 14.7 
million; and depletion and depreciation of $36.0 million.  During the same period in 2022, cost of goods sold was $95.3 
million.  The increase in both cost of goods sold and net income from mining operations was primarily driven by the 
increase in oz sold and higher gold prices. 
 
Exploration 
 
Exploration costs were $5.2 million in the quarter compared to $2.8 million during the same period in 2022 .  Activities 
during the quarter consisted of drilling on two programs, the regional program and the near-mine program, the latter of 
which only commenced during the second half of 2022.   
 
Corporate administration 
 
Corporate administration costs increased from $3.7 million during the second quarter of 2022 to $4.5 million during the 
second quarter of 2023.  This difference is mainly attributable to an increase in professional fees on account of corporate 
matters. 
 
Finance expense 
 
Finance expense decreased to $ 16.4 million during the quarter compared to $ 28.5 million during the same period in 
2022 as, in addition to lower interest expense resulting from a declining balance under the senior debt facility, savings 
of interest and finance charges were realized after the full repayment of the gold prepay facility in January 2023. 
 
Other expense (income) 
 
Other expense of $1.6 million was recognized during the quarter compared to other income of $1.1 million in the second 
quarter of 2022.  This is mainly driven by foreign exchange gains which are derived from the quantum of U.S. dollar 
cash held by Canadian group entities and movements in the foreign exchange rate.  As the functional currency of the 
Canadian entities is the Canadian dollar, a strengthening of the U.S. dollar against the Canadian dollar during the 
period generates an unrealized gain in terms of Canadian dollars. 
 
Derivative gain or loss 
 
A derivative gain of $ 0.3 million was recorded on the statement of operations during the second quarter of 2023 
compared to a derivative gain of $40.0 million in the second quarter of 202 2.  This is largely the result of variations in 
forward gold prices at the end of the relevant  quarter compared to the beginning of the same quarter, which in turn 
causes the change in estimated fair values of the gold prepay, stream, and offtake facilities which are accounted for as 
financial liabilities measured at fair value and is more fully explained below. 
 
  
7

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Income taxes 
 
Income taxes of $ 34.3 million were accrued during the second quarter of 2023 (three months ended June 30, 2022: 
$32.6 million) which is comprised of current and deferred income tax expenses of $ 28.1 million and $6.2 million, 
respectively.  In addition to corporate income taxes in Ecuador which are levied at a rate of 22%, income tax expense 
includes a 5% Ecuadorean withholding tax on the anticipated portion of net income generated from FDN to be paid in 
the form of dividends, and an accrual for the portion of profit sharing payable to the Government of Ecuador which is 
calculated at the rate of 12% of the estimated net in come 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.   
 
Six months ended June 30, 2023 compared to the six months ended June 30, 2022 
 
The Company generated net income of $115 million during the 2023 Period compared to $79.1 million during the 2022 
Period.  During the 2023 Period, revenues of $ 501 million were recognized which generated inc ome from mining 
operations of $ 258 million. This was offset by derivative losses of $15.1 millio n, finance expense of $ 37.5 million, 
income tax expense of $68.1 million, and other expenses totalling $22.2 million.   
 
Revenues and income from mining operations were lower for the 2022 Period at $394 million and $194 million, 
respectively, due mainly to fewer ounces of gold sold and lower realized gold prices.  During the 2022 Period, derivative 
gains of $5.3 million were recorded , offset by finance expense of $ 55.8 million, income tax expense of $ 49.5 million 
and other expenses totalling $14.6 million. 
 
Income from mining operations 
 
During the 2023 Period, the Company recognized revenues of $501 million from the sale of 263,649 oz of gold. This is 
offset by cost of goods sold of $243 million which is comprised of operating expenses of $141 million; royalties of $29.0 
million; and depletion and depreciation of $ 73.3 million resulting in income from mining operations of $ 258 million. 
During the same period in 2022, revenues of $394 million were recognized from the sale of 215,573 oz of gold resulting 
in income from mining operations of $194 million. 
 
Corporate administration 
 
Corporate administration costs of $12.1 million were incurred during the 2023 Period compared to $9.6 million during 
the 2022 Period. This increase is mainly driven by payments made to certain long-serving employees upon the end of 
their employment with the Company. 
 
Exploration 
 
Exploration costs were $9.0 million during the 2023 Period compared to $5.6 million during the 2022 Period with the 
increase being driven by activities under the near -mine program which  was only launched during the second half of 
2022. 
 
Finance expense 
 
Finance expense of $ 37.5 million was incurred during the 202 3 Period compared to $ 55.8 million during the 202 2 
Period.  The full repayment of the gold prepay facility in January 2023 has resulted in a reduction in interest and finance 
charges combined with lower interest expense from the declining balance under the senior debt facility. 
 
  
8

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Derivative gain or loss 
 
Derivative gains and losses in the statement of operations and other comprehensive income are driven by the 
Company’s debt obligations under the stream facility which  are classified as financial liabilities at fair value.  In 2022, 
derivative gains and losses were also impacted by the fair value accounting of the gold prepay facility.  During the 2023 
Period, the Company made scheduled principal, interest , and finance charge repayments totaling $ 39.0 million (six 
months ended June 30, 2022: $25.9 million) under the stream facility, based on gold and silver prices at the time of 
repayment.  This was offset by  a non-cash increase of this debt obligation of $ 15.1 million due to a change in its 
estimated fair value between December 31, 202 2 and June 30, 2023 (2022: a decrease of $ 14.3 million between 
December 31, 2021 and June 30, 2022).  This variation is recorded as derivative losses, in the statement of operations 
and other comprehensive income in the applicable period.  The fair value calculated under the Company’s accounting 
policies is based on numerous estimates noted below as of the balance sheet date and are, therefore, subject to further 
future variations until the debt obligation is repaid by the Company. 
 
Fair value is determined  using Monte Carlo simulation models.  The key inputs used by the Monte Carlo simulation 
include gold and silver forward prices, the Company’s expectation about long-term gold yields, gold and silver volatility, 
risk-free rate of return, risk-adjusted discount rate, and production expectations.  Relatively small variations in some of 
these inputs can give rise to significant variations in the fair value of financial liabilities; hence, the large derivative gains 
and losses recorded to date.   
 
Key drivers of current fair value are forward gold and silver prices and the Company’s risk adjusted discount rate.  The 
combined net impact of these factors is a net increase in the fair value of the stream credit facility as described more 
fully below, offset by the decrease from scheduled repayments during the period: 
 
• The value of future repayments under the stream credit facilit y is  based on forward gold and silver price 
estimates at time of repayment.  Spot gold prices  at June 30, 2023 were higher compared to December 31, 
2022 and as a result, forward prices have followed suit.  This has resulted in an increase in the estimated fair 
value of the debt obligation at the current balance sheet date and the recognition of de rivative losses in the 
statement of operations during the 2023 Period.  The opposite occurred during the 2022 Period.  Fair values 
at a point in time do not necessarily reflect the amounts that will actually be repaid when the obligation 
becomes due in the future.  While significant derivative gains or losses will continue to be recognized at each 
reporting period, the potentially more significant impact of the same change in forward gold and silver prices 
on the value of future production and revenue forec asts to be generated during the same periods when the 
debt obligation will be repaid cannot be recognized because of the inherent uncertainty and risks associated 
with actually realizing such production and sales. 
 
• The discount rate used to determine the current fair value of future payments under the stream credit facility 
is dependent not only on the Company’s own weighted average cost of capital, but also on market conditions.  
These include inflation, interest rates, economic conditions, both local and industry specific, and other factors 
outside of the Company’s control.  The change in fair value due to a variation in credit risk must be recorded 
as a loss or gain in other comprehensive income (“OCI”) rather than in the statement of operations.   
 
 
LIQUIDITY AND CAPITAL RESOURCES 
 
As at June 30, 2023, the Company had cash of $ 275 million and a working capital balance of $ 268 million compared 
to cash of $363 million and a working capital balance of $195 million at December 31, 2022.  The change in cash during 
the 2023 Period was primarily due to the full repayment of the gold prepay facility of $208 million; principal repayments, 
interest and finance charges, including associated taxes, under the stream credit facility totalling $39.0 million; interest 
and principal repayments under the senior debt of $91.1 million; dividends of $47.4 million; and cash outflows of $20.4 
million relating to sustaining capital expenditures.  This is offset by cash generated from operating activities of $ 307 
million and proceeds from the exercise of stock options and anti-dilution rights totaling $9.8 million.  
 
  
9

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Trade receivables 
 
The majority of trade receivables represent the value of concentrate and doré sold as at period end for which the funds 
are not yet received.  Revenues and related trade receivables for concentrate sales are initially recorded at provisional 
gold prices.  Subsequent determination of final gold prices can range from one to four months after shipment depending 
on the customer.   For sales that are provisionally priced at period end, an estimate of the adjustment to the trade 
receivable is calculated based on t he 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 June 30, 2023, this resulted in an estimated increase 
of $4.1 million ($6.1 million at December 31, 2022) to trade receivables. 
 
Consistent with industry standards, concentrate sales have relatively long payment terms and are not fully settled until 
concentrate is received by the customer and related final assays confirmed, generally two to five months after the 
export sale occurs. 
 
VAT receivables 
 
Subject to the submission of monthly claims and their acceptance by the applicable authorities, VAT paid in Ecuador 
by the Company after January 1, 2018 are being refunded or applied, based on the level of export sales in any given 
month, as a credit against other taxes payable.  A portion of the VAT recoverable has been reclassified as current 
assets based on the Company’s assessment of the estimated time for processing VAT claims during the next twelve 
months. 
 
Advanced royalties 
 
Advance royalties are deductible against future royalties on sales payable to the Government of Ecuador at a rate equal 
to the lesser of 50% of the actual future royalties payable in a six -month period o r 10% of the total advance royalty 
payment.  A portion of the advance royalty payment is classified as current assets based on expected utilization over 
the next twelve months. 
 
Inventories 
 
Gold inventory is recognized in the ore stockpiles and in production inventory, comprised principally of concentrate and 
doré at site or in transit to port or to the refinery, with a component of gold-in-circuit.  Ore stockpile inventory has 
decreased primarily due to lower grade stockpiled  compared to December 31, 202 2.  The variations in doré and 
concentrate are mainly the result of timing of shipments around period end.  The high value of material and supplies, 
comprised of consumables and spare parts, reflects the Company’s assessment of the procurement cycles due to the 
remoteness of FDN and higher costs of materials and supplies on hand. 
 
Investment activities 
   
Investment activities during the 2023 Period are comprised principally of sustaining capital expenditures for the fourth 
raise of the tailings dam and other capital projects. 
 
Liquidity and capital resources 
 
The Company generated strong operating cash flow during the 2023 Period and expects to continue to do so for the 
remainder of the year based on its production and AISC guidance .  At current gold prices, t his strong operating cash 
flow will continue to support accelerated debt repayments, near mine and regional exploration , planned capital 
expenditures, growth initiatives and regular dividend payments under the approved dividend policy.    
 
The senior debt is repayable in variable quarterly instalments as well as accelerated  quarterly principal repayments 
based on 30% of Fruta del Norte’s excess cash flow (the “Cash Sweep”).  Based on scheduled principal payments and 
an estimate of the Cash Sweep, the senior debt f acility is expected to be fully repaid on or before June 30, 2 024, 
approximately two years earlier than the maturity date. 
 
  
10

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Monthly payments under the stream facility are based on 7.75% and 100% of gold and silver ounces sold, respectively, 
calculated at the current gold and silver prices at the end of each month, less $404 and $4.04 per oz (the “Base Prices”), 
respectively.  The Base Prices increase by 1% annually in February of each year.  The Company has the option to 
repay (i) 50% of the stream facility outstanding on June 30, 2024 for $150 million (the “First Reduction Option”) and / 
or (ii) the other 50% outstanding on June 30, 2026 for $225 million.   
 
 
FINANCIAL INSTRUMENTS 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are categorized as 
financial assets at amortized cost, and accounts payable and accrued liabilities, which are categorized as financial 
liabilities at amortized cost.  The fair value of these financial instruments approximates their carrying values due to the 
short-term nature of these instruments.  In addition, the stream loan credit facility and offtake commitment have been 
classified as financial liabilities at fair value and the senior debt facility as a financial liability at amortized cost.  Further, 
provisionally priced trade receivables of $ 96.4 million (December 31, 2022 - $86.4 million) are measured at fair value 
using quoted forward market prices. 
 
The Company’s financial instruments are exposed to a variety of financial risks by virtue of its activities. 
 
Currency risk 
 
Lundin Gold is a Canadian company, with foreign operations in Ecuador.  Revenues generated and expenditures 
incurred in Ecuador are primarily denominated in U.S. dollars , as are its loan facilities .  However, equity capital, if 
needed, is typically raised in Canadian dollars.  As such, the Company is subject to risk due to flu ctuations in the 
exchange rates of foreign currencies.  Although the Company does not enter into derivative financial instruments to 
manage its exposure, the Company tries to manage this risk by maintaining most of its cash in U.S. dollars.   
 
Credit risk 
 
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its 
contractual obligations.  The majority of the Company’s cash is held in large financial institutions with a high investment 
grade rating.  The Company is also subject to credit risk associated with its trade receivables.  The Company manages 
this risk by only selling to a small group of reputable customers with strong financial statements. 
 
Concentration of credit risk 
 
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the Company’s cash and 
cash equivalents held with financial institutions exceed government -insured limits.  The Company has established a 
treasury policy that seek to minimize its credit risk by entering into transactions with investment grade credit worthy and 
reputable financial institutions and by monitoring the credit standing of those financial institutions.  The Company seeks 
to limit the amount of exposure with any one counterparty in accordance with its established treasury policy. 
 
Interest rate risk 
 
The Company is subject to interest rate risk with respect to the fair value of long -term debt which are accounted for at 
fair value through profit or loss and on the senior debt facilities for which interest payments are affected by movements 
to the SOFR rate.   
 
Liquidity risk 
 
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due.  Cash flow 
forecasting is performed regularly to monitor the Company’s liquidity requirements to ensure it has sufficient cash to 
always meet its operational needs.  In addition, management is actively involved in the review, planning and approval 
of significant expenditures and commitments.   
 
  
11

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Commodity price risk 
 
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver.  Commodity 
price risks are affected by many factors that are outside the Company’s control including global or regional consumption 
patterns, the supply of and demand for metals, speculative activities, the availability and costs of substitutes, inflation, 
and political and economic conditions.  The Company has not hedged the price of any commodity at this time. 
 
The fair value of a portion of the Compa ny’s trade receivables as well as the stream credit facility are i mpacted by 
fluctuations of commodity prices. 
 
 
COMMITMENTS 
 
Significant capital expenditures contracted as at June 30, 2023 but not recognized as liabilities are as follows: 
 
 
 
Capital 
expenditures 
   
12 months ending June 30, 2024 $ 16,012 
July 1, 2024 onward  - 
   
Total  $ 16,012 
 
 
OFF-BALANCE SHEET ARRANGEMENTS 
 
During the 2023 Period and the year ended December 31, 2022, there were no off -balance sheet transactions.  The 
Company has not entered into any specialized financial arrangements to minimize its currency risk. 
 
 
OUTSTANDING SHARE DATA 
 
As at the date of this MD&A, there were 237,303,775 common shares issued and outstanding.  There were also stock 
options outstanding to purchase a total of 3,898,571 common shares, 553,620 restricted share units with a performance 
criteria, 193,844 restricted share units, and 11,866 deferred share units. 
 
 
OUTLOOK 
 
Achievements during the first half of 2023 provide the Company with a positive outlook for the remainder of the year 
and as a result, production guidance is increased to 450,000 to 485,000 oz while cost guidance is decreased for both 
cash operating cost and AISC to $650 to $700 per oz sold and $820 to $870 per oz sold, respectively.  Production for 
the second half of 2023 is expected to decrease  relative to the first half of the year  driven by a combination of lower 
grades and lower recoveries due to processing of ore from certain sectors of the mine with less favourable geology. 
 
In addition, AISC 1 is expected to increase with continued ramp up of sustaining capital activities  and lower expected 
gold production levels . Sustaining capital is expected to increase substantially during the second half  driven by 
construction of the fourth raise of the tailings dam as well as several other capital projects.  In addition, the conversion 
drilling program, aiming to convert Inferred to Indicated Mineral Resources, is planned to continue with results expected 
to be incorporated into the geological model and in the new resource estimate in the first quarter of 2024. 
 
The near mine drilling program plans to continue to delineate the FDNS and Bonza Sur targets, where systems of 
epithermal veins/veinlets have been identified and remain op en.  Three rigs are dedicated to the detailing and 
expansion of the mineralized zones at depth and along strike.  Another surface rig and underground rig continue to 
explore for major discoveries in the near mine district targeting the extension of major c ontrolling structures at FDN in 
new sectors. The near mine program is expected to comprise a total of 23,000 metres of drilling for 2023. 
12

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
The regional drilling program continues to focus on the southern Suarez Basin, advancing along the eastern and 
western borders of the Basin.  A second rig is expected to be added to advance numerous target areas identified during 
the previous quarters.  The regional drilling program continues to be expected to comprise a total of 12,500 metres for 
the year, with two rigs currently operating. The combined near mine and regional exploration budget for 2023 remains 
at $24.6 million.  
The Company anticipates declaring quarterly dividends of $0.10 per share, equivalent to approximately $100 million 
annually, based on currently issued and outstanding shares.  
 
 
NON-IFRS MEASURES 
 
This MD&A refers to certain financial measures, such as average realized gold price  per oz sold , EBITDA, adjusted 
EBITDA, cash operating cost per oz. sold, all-in sustaining cost, free cash flow, free cash flow per share, and adjusted 
earnings, which are not recognized under IFRS 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. 
 
Average realized gold price per oz sold 
 
Average realized gold price is a metric used to better understand the gold price realized during a period.  This is 
calculated as sales for the period plus treatment and refining charges less silver sales divided by gold oz sold.   
 
   Three months ended 
June 30, 
Six months ended 
June 30, 
  2023  2022  2023  2022 
           
Revenues   $ 243,930 $ 177,808 $ 500,658 $ 394,280 
           
Treatment and refining charges    10,118  8,186  19,528  16,432 
Less: silver revenues    (3,659)  (2,348)  (6,891)  (4,925) 
           
Gold sales   $ 250,389 $ 183,646 $ 513,295 $ 405,787 
           
Gold oz sold    128,958  96,291  263,649  215,573 
           
Average realized gold price   $ 1,942 $ 1,907 $ 1,947 $ 1,882 
 
  
13

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
EBITDA and Adjusted EBITDA 
 
Earnings before interest, taxes, depreciation, and amortization  (“EBITDA”) is a metric used to better understand the 
financial performance of the Company by computing earnings from business operations without including the effects of 
capital structure, tax rates and depreciation.  Adjusted EBITDA is EBITDA excluding i tems which are considered not 
indicative of underlying business operations. 
 
  Three months ended 
June 30, 
Six months ended 
June 30, 
  2023  2022  2023  2022 
          
Net income for the period  $ 63,148 $ 55,962 $ 114,613 $ 79,144 
          
Adjusted for:          
Finance expense   16,435  28,483  37,492  55,759 
Income tax expense   34,258  32,569  68,106  49,480 
Depletion and depreciation   36,059  27,690  73,321  59,143 
          
EBITDA  $ 149,900 $ 144,704 $ 293,532 $ 243,526 
          
Derivative loss (gain)   (321)  (39,986)  15,113  (5,262) 
          
Adjusted EBITDA  $ 149,579 $ 104,718 $ 308,645 $ 238,264 
 
Adjusted earnings and adjusted basic earnings per share 
 
Adjusted earnings and adjusted basic earnings per share can be  used to measure and may assist in  evaluating 
operating earning trends in comparison with results from prior periods  by excluding specific items that are significant, 
but not reflective of the u nderlying operating activities of the Company .  Presently, these include derivative gains or 
losses, and related income tax effects, from accounting for the gold prepay and stream facilities at fair value.  Adjusted 
basic earnings per share is calculated u sing the weighted average number of shares outstanding under the basic 
method of earnings per share as determined under IFRS. 
 
  Three months ended 
June 30, 
Six months ended 
June 30, 
  2023  2022  2023  2022 
          
Net income for the period  $ 63,148 $ 55,962 $ 114,613 $ 79,144 
          
Adjusted for:          
Derivative loss (gain)   (321)  (39,986)  15,113  (5,262) 
Deferred income tax expense   (3,440)  (2,486)  (3,325)  (2,842) 
          
Adjusted earnings  $ 59,387 $ 13,490 $ 126,401 $ 71,040 
          
Basic weighted average shares 
outstanding 
   
236,943,432 
  
234,933,975 
 
  
236,505,417 
  
234,374,977 
          
Adjusted basic earnings per share   0.25  0.06 $ 0.53 $ 0.30 
 
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. 
 
14

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
   Three months ended 
June 30, 
Six months ended 
June 30, 
  2023  2022  2023  2022 
           
Operating expenses   $ 68,339 $ 57,462 $ 140,810 $ 118,757 
Royalty expenses    14,742  10,141  29,041  22,667 
           
Cash operating costs   $ 83,081 $ 67,603 $ 169,851 $ 141,424 
           
Gold oz sold    128,958  96,291  263,649  215,573 
           
Cash operating cost per oz sold   $ 644 $ 702 $ 644 $ 656 
 
All-in sustaining cost 
 
AISC provides information on the total cost associated with producing gold and has been calculated on a basis 
consistent with historic news releases by the Company. 
 
The Company calculates AISC as the sum of total cash operating costs (as described above), corporate social 
responsibility costs, treatment and refining charges, accretion of restoration provision, and sustaining capital, less silver 
revenue, all divided by the gold ounces sold to arrive at a per oz amount. 
 
Other companies may calculate this measure differently as a result of differences in underlying principles a nd policies 
applied. 
 
  Three months ended 
June 30, 
Six months ended 
June 30, 
  2023  2022  2023  2022 
          
Cash operating costs  $ 83,081 $ 67,603 $ 169,851 $ 141,424 
Corporate social responsibility   534  384  1,146  811 
Treatment and refining charges   10,118  8,186  19,528  16,432 
Accretion of restoration provision   168  153  335  306 
Sustaining capital   13,245  9,233  17,629  12,173 
Less: silver revenues   (3,659)  (2,348)  (6,891)  (4,925) 
          
All-in sustaining cost  $ 103,487 $ 83,211 $ 201,598 $ 166,221 
          
Gold oz sold    128,958  96,291  263,649  215,573 
          
All-in sustaining cost per oz sold  $ 802 $ 864 $ 765 $ 771 
 
  
15

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Free cash flow and free cash flow per share 
 
Free cash flow is indicative of the Company’s ability to generate cash from operations after consideration for  required 
capital expenditures, including related VAT impact, necessary to maintain operations and interest and finance charge 
paid on its debt obligations. Free cash flow is defined as cash flow provided by operating activities, less cash used for 
investing activities and interest and finance charge paid. 
 
 Three months ended 
June 30, 
Six months ended 
June 30, 
  2023  2022  2023  2022 
         
Net cash provided by operating 
activities 
 
$ 
 
162,352 
 
$ 
 
60,686 
 
$ 
 
306,791 
 
$ 
 
188,016 
         
Net cash used for investing activities  (13,266)  (13,043)  (20,438)  (25,281) 
Interest paid  (5,357)  (7,324)  (11,725)  (13,301) 
Finance charge paid  (11,870)  (19,071)  (154,422)  (36,380) 
         
Free cash flow $ 131,859 $ 21,248 $ 120,206 $ 113,054 
         
Basic weighted average shares 
outstanding 
  
236,943,432 
  
234,933,975 
  
236,505,417 
  
234,374,977 
         
         
Free cash flow per share $ 0.56 $ 0.09 $ 0.51 $ 0.48 
 
 
CRITICAL ACCOUNTING ESTIMATES 
 
The adoption of certain accounting policies requires the Company to make estimates that affect both the amount and 
timing of the recording of assets, liabilities, revenues and expenses.  Some of these estimates require judgments about 
matters that are inherently uncertain.  For a complete discussion of accounting estimates deemed most crucial by the 
Company, refer to the Company’s annual 2022 Management’s Discussion and Analysis.   
 
 
RISKS AND UNCERTAINTIES 
 
Natural resources exploration, development and operation involves a number of risks and uncertainties, many of which 
are beyond the Company’s control .  These risks and uncertainties include, without limitation, the risks discussed 
elsewhere in this MD&A and those set out in the Company’s Annual Information Form dated March 31, 2023 (the “AIF”), 
which is available on SEDAR at www.sedar.com.   
 
 
QUALIFIED PERSON 
 
The technical information relating to Fruta del Norte contained in this MD&A has been reviewed and approved by Ron 
Hochstein P. Eng, Lundin Gold’s President & CEO who is a Qualified Person under NI 4 3-101.  The disclosure of 
exploration information contained in this MD&A was prepared by Andre Oliveira P.Geo, Vice President, Exploration of 
the Company, who is a Qualified Person in accordance with the requirements of NI 43-101.  
 
 
FINANCIAL INFORMATION 
 
The report for the nine months ended September 30, 2023 is expected to be published on or about November 8, 2023. 
 
 
16

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
DISCLOSURE CONTROLS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING 
 
Disclosure controls and procedures 
 
Management, including the Chief Executive Officer and the Chief Financial Officer, are responsible for the design of 
the Company’s disclosure controls and procedures in order to provide reasonable assurance that information required 
to be disclosed by the Company in its annual filings, interim filings or other reports filed or  submitted by it under 
securities legislation is recorded, processed, summarized and reported within the time periods specified in the securities 
legislation. 
 
Internal controls over financial reporting 
 
Management is also responsible for the design of the Company’s internal control over financial  reporting in order to  
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements 
for external purposes in accordance with IFRS. 
 
Because of their inherent limitations, internal controls over financial reporting can  provide only reasonable assurance 
and may not prevent or detect misstatements.  Furthermore, projections of any  evaluation of effectiveness to future 
periods are subject to the risk that controls may become  inadequate because of changes in conditions, or that the 
degree of compliance with the policies or procedures may deteriorate. 
 
As required under Multilateral Instrument 52 -109, management advises that there have been no  changes in the 
Company’s internal control over financial reporting that occurred du ring the most  recent interim period, beginning 
January 1, 2023 and ending June 30, 2023, that have materially affected, or are reasonably likely to materially affect, 
the Company’s internal control over financial reporting. 
 
 
FORWARD LOOKING STATEMENTS  
 
Certain of the information and statements in this MD&A are considered “forward-looking information” or “forward-looking 
statements” as those terms are defined under Canadian securities laws (collectively referred to as “forward-looking 
statements”).  Any statements that express or involve discussions with respect to predictions, expectations, beliefs, 
plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words 
or phrases such as “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 assu mptions, 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 inf ormation. Lundin Gold 
believes that the expectations reflected in this forward -looking information are reasonable, but no assurance can be 
given that these expectations will prove to be correct.  Forward -looking information should not be unduly relied upon .  
This information speaks only as of the date of this MD&A, and the Company will not necessarily update this information, 
unless required to do so by securities laws.  
 
This MD&A contains forward -looking information in a number of places, such as in state ments pertaining to  the 
Company’s 2023 production outlook, including estimates of gold production, grades recoveries and AISC; operating 
plans; expected sales receipts, cash flow forecasts and financing obligations; its estimated capital costs ; expected 
management changes ; the recovery of VAT;  benefits of the Company’s community programs; the Company’s  
declaration and payment of dividends pursuant to its dividend policy; the timing and the success of its drill program at 
Fruta del Norte and its other exploration activities; and estimates of Mineral Resources and Reserves at Fruta del Norte.  
   
Lundin Gold’s actual results could differ materially from those anticipated.  Management has identified the following 
risk factors which could have a material impact on the Company or the trading price of its shares : risks related to 
political and economic instability in Ecuador; risks associated with the Company's community relationships; risks related 
to estimates of production, cash flows and costs; risks inherent to mining operations; shortages of critical supplies; the 
cost of non-compliance and compliance costs; control of the Company's largest shareholders; volatility in the price of 
17

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
gold; failure of the Company to maintain its obligations under its debt facilities; risks related to Lundin Gold’s compliance 
with environmental laws and liability for en vironmental contamination; the lack of availability of infrastructure; the 
Company's reliance on one mine; security risks to the Company, its assets and its personnel; risks related to illegal 
mining; exploration and development risks; the impacts of a pan demic virus outbreak; risks related to the Company’s 
ability to obtain, maintain or renew regulatory approvals, permits and licenses; uncertainty with and changes to the tax 
regime in Ecuador; the reliance of the Company on its information systems and the risk of cyber -attacks on those 
systems; the imprecision of Mineral Reserve and Resource estimates; deficient or vulnerable title to concessions, 
easements and surface rights; inherent safety hazards and risk to the health and safety of the Company’s employ ees 
and contractors; risks related to the Company’s workforce and its labour relations; key talent recruitment and retention 
of key personnel; volatility in the market price of the Company’s shares; measures to protect endangered species and 
critical habitats; social media and reputation; the adequacy of the Company’s insurance; risks relating to the declaration 
of dividends; uncertainty as to reclamation and decommissioning; the ability of Lundin Gold to ensure compliance with 
anti-bribery and anti-corruption laws; the uncertainty regarding risks posed by climate change; limits of disclosure and 
internal controls; the potential for litigation; and risks due to conflicts of interest. 
 
There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future 
events could differ materially from those anticipated in this forward -looking information as a result of the factors 
discussed under the heading “Risk Factors” in the AIF available at www.sedar.com.  
18

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

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.  
 
     June 30,  December 31, 
   Note  2023  2022 
        
ASSETS        
        
Current assets        
Cash and cash equivalents   7, 14 $ 274,968 $ 363,400 
Trade receivables and other current assets   3  163,967  169,134 
Inventories   4  88,147  89,787 
Advance royalty     13,000  13,000 
             540,082  635,321 
        Non-current assets        
VAT recoverable     49,794  52,244 
Advance royalty     9,994  16,494 
Property, plant and equipment   5  738,893  781,299 
Mineral properties   6  170,068  183,507 
                    $ 1,508,831 $  1,668,865 
        
LIABILITIES        
        
Current liabilities        
Accounts payable and accrued liabilities    $ 67,708 $ 71,434 
Income taxes payable     53,424  21,445 
Other current liabilities   9  -  2,264 
Current portion of long-term debt   7  150,855  345,374 
             271,987  440,517  
        
Non-current liabilities        
Long-term debt   7  245,733  322,592 
Reclamation provisions     7,384  7,049 
Deferred income tax liabilities     58,145  46,626 
        
             583,249  816,784  
        
EQUITY        
Share capital   8  1,003,692  989,772 
Equity-settled share-based payment reserve   9  13,053  13,856 
Accumulated other comprehensive income (loss)     (4,244)  2,612 
Deficit     (86,919)  (154,159) 
             925,582  852,081 
            $ 1,508,831 $ 1,668,865  
        
        
Commitments (Note 17) 
 
 
       
        
 
 
 
 
 
Approved by the Board of Directors 
 
 
/s/ Ron F. Hochstein  /s/ Ian W. Gibbs 
Ron F. Hochstein  Ian W. Gibbs 
19

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

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 
June 30, 
Six months ended   
June 30, 
 Note  2023  2022  2023  2022 
          
Revenues  $ 243,930 $ 177,808 $ 500,658 $ 394,280 
          
Cost of goods sold          
Operating expenses   68,339  57,462  140,810  118,757 
Royalty expenses   14,742  10,141  29,041  22,667 
Depletion and depreciation   36,048  27,683  73,298  59,127 
          
   119,129  95,286  243,149  200,551 
          
Income from mining operations   124,801  82,522  257,509  193,729 
          
Other expenses (income)          
Corporate administration 10  4,482  3,734  12,087  9,595 
Exploration   5,196  2,820  9,039  5,626 
Finance expense 11  16,435  28,483  37,492  55,759 
Other expense (income)   1,603  (1,060)  1,059  (613) 
Derivative loss (gain) 7  (321)  (39,986)  15,113  (5,262) 
          
   27,395  (6,009)  74,790  65,105 
          
Net income before tax   97,406  88,531  182,719  128,624 
          
Income tax expense          
Current income tax expense 13  28,055  17,162  54,215  37,143 
Deferred income tax expense 13  6,203  15,407  13,891  12,337 
          
   34,258  32,569  68,106  49,480 
          
Net income for the period  $ 63,148 $ 55,962 $ 114,613 $ 79,144 
          
          
OTHER COMPREHENSIVE INCOME (LOSS)        
          
Items that may be reclassified to net income       
Currency translation adjustment   1,756  (1,857)  1,559  (1,036) 
Items that will not be reclassified to net income       
Derivative gain (loss) related to the 
Company’s own credit risk   (10,420)  7,929 
 
(10,788)  9,064 
Deferred income tax on 
accumulated other comprehensive 
income   2,258  (2,486) 
 
2,373  (2,842) 
          
Comprehensive income  $ 56,742 $ 59,548 $ 107,757 $ 84,330 
          
          
Income per common share         
Basic   $ 0.27 $ 0.24 $ 0.48 $ 0.34 
Diluted    0.26  0.24  0.48  0.33 
           
Weighted-average number of common shares outstanding 
 
       
Basic    236,943,432  234,933,975  236,505,417  234,374,977 
Diluted    239,190,085  236,847,992  238,654,967  236,317,102 
 
20

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

LUNDIN GOLD INC.      
Condensed Consolidated Interim Statements of Changes in Equity 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars, except number of common shares) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
      Equity-settled       
  Number of    share-based       
  common  Share  payment  Other     
 Note shares  capital  reserve  reserves  Deficit  Total 
             
Balance, January 1, 2022  233,361,883 $ 974,740 $ 13,570 $ 6,851 $ (180,684) $ 814,477 
             
Exercise of stock options  874,200  5,342  (1,787)  -  -  3,555 
Vesting of share units 9 41,000  406  (406)  -  -  - 
Exercise of anti-dilution rights 8 477,260  3,918  -  -  -  3,918 
Exercise of warrants 9 411,441  2,445  (511)  -  -  1,934 
Stock-based compensation 9 -  -  1,982  -  -  1,982 
Other comprehensive income  -  -  -  5,186  -  5,186 
Net income for the period  -  -  -  -  79,144  79,144 
             
Balance, June 30, 2022  235,165,784 $ 986,851 $ 12,848 $ 12,037 $ (101,540) $ 910,196 
             
             
Balance, January 1, 2023  235,646,977 $ 989,772 $ 13,856 $ 2,612 $ (154,159) $ 852,081 
             
Exercise of stock options  823,952  4,931  (1,714)  -  -  3,217 
Vesting of share units 9 237,514  2,382  (1,175)  -  -  1,207 
Exercise of anti-dilution rights 8 549,332  6,607  -  -  -  6,607 
Stock-based compensation 9 -  -  2,086  -  -  2,086 
Other comprehensive income  -  -  -  (6,856)  -  (6,856) 
Net income for the period  -  -  -  -  114,613  114,613 
Dividends paid  -  -  -  -  (47,373)  (47,373) 
             
Balance, June 30, 2023  237,257,775 $ 1,003,692 $ 13,053 $ (4,244) $ (86,919) $ 925,582 
             
             
21

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

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 
June 30, 
Six months ended  
June 30, 
 Note  2023  2022  2023  2022 
          
OPERATING ACTIVITIES          
          
Net income for the period  $ 63,148 $ 55,962 $ 114,613 $ 79,144 
Items not affecting cash:          
Depletion and depreciation   36,059   27,690  73,321  59,143 
Stock-based compensation 9  1,148  841  2,075  1,833 
Derivative loss (gain)   16(b)  (321)  (39,986)  15,113  (5,262) 
Other expense (income)   1,126  (986)  910  (561) 
Finance expense   16,152  27,930  36,827  54,610 
Deferred income tax expense   6,203  15,407  13,891  12,337 
          
   123,515  86,858  256,750  201,244 
Changes in non-cash working capital items:          
Trade receivables and other current assets   731  12,712  8,218  15,174 
Inventories   623  (7,524)  2,328  (10,216) 
Advance royalty   498  1,244  6,500  6,500 
Accounts payable and accrued liabilities   5,361  7,602  (2,891)  (4,625) 
Income taxes payable   28,486  (40,792)  31,979  (20,811) 
Other non-current liabilities   -  -  (1,045)  - 
Interest received   3,138  586  4,952  750 
          
Net cash provided by operating activities   162,352  60,686  306,791  188,016 
          
FINANCING ACTIVITIES          
          
Repayments of long-term debt 7  (49,108)  (60,058)  (171,558)  (83,704) 
Interest paid 7  (5,357)  (7,324)  (11,725)  (13,301) 
Finance charge paid 7  (11,870)  (19,071)  (154,422)  (36,380) 
Proceeds from exercise of stock options   1,358  -  3,217  3,555 
Proceeds from exercise of anti-dilution rights   4,417  3,502  6,607  3,918 
Proceeds from exercise of warrants   -  -  -  1,934 
Dividends paid   (23,725)  -  (47,373)  - 
          
Net cash used for financing activities   (84,285)  (82,951)  (375,254)  (123,978) 
          
INVESTING ACTIVITIES          
          
Acquisition and development of property, plant and 
equipment 
 
(11,798)  (11,389)  (18,495)  (22,596) 
VAT paid on investing activities   (1,468)  (1,654)  (1,943)  (2,685) 
          
Net cash used for investing activities   (13,266)  (13,043)  (20,438)  (25,281) 
          
Effect of foreign exchange rate differences on cash  453  (599)  469  (333) 
          
Net increase (decrease) in cash and cash equivalents  65,254  (35,907)  (88,432)  38,424 
          
Cash and cash equivalents, beginning of period   209,714  336,939  363,400  262,608 
          
Cash and cash equivalents, end of period  $ 274,968 $ 301,032 $ 274,968 $ 301,032 
 
Supplemental cash flow information (Note 14) 
         
22

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
1. Nature of operations 
 
Lundin Gold Inc. together with its subsidiaries (collectively referred to as “Lundin Gold” or the “Company”) is 
focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador.
  
The common shares of the Company are listed for trading on the Toronto Stock Exchange (the “TSX”) and Nasdaq 
Stockholm under the symbol “LUG” and the OTCQX Best Market under the symbol “LUGDF”.  The Company was 
originally incorporated in British Columbia and continued under the Canada Business Corporations Act in 2002. 
 
The Company’s head office is located at Suite 2000, 885 W est Georgia Street, Vancouver, BC, and it has a 
corporate office in Quito, Ecuador.   
 
 
2. Basis of preparation and consolidation 
 
These unaudited condensed consolidated interim financial statements , including comparatives,  have been 
prepared in accordance with International Financial Reporting Standards as issued by the International Accounting 
Standard Board (“IFRS”), applicable to the preparation of interim financial statements, including International 
Accounting Standard 34, Interim Financial Reporting .  As a result, they do not conform in all respects with the 
disclosure requirements for annual financial statements under IFRS and shou ld be read in conjunction with the 
Company’s audited consolidated financial statements for the fiscal year ended December 31, 2022.  
 
These unaudited condensed consolidated interim financial statements are presented in U.S. dollars. 
 
In preparing these unaudited condensed consolidated interim financial statements, the Company applied the same 
accounting policies and key sources of estimation uncertainty as those that were applied to the Company’s audited 
consolidated financial statements for the fiscal year ended December 31, 2022. 
 
These financial statements were approved for issue by the Board of Directors on August 9, 2023. 
 
 
3. Trade receivables and other current assets 
 
  June 30,  December 31, 
  2023  2022 
     
Trade receivables (a) $ 96,366 $ 86,431 
VAT recoverable (b)  35,700  61,883 
Prepaid expenses and other (c)  31,901  20,820 
     
     
 $ 163,967 $ 169,134 
 
(a) Trade receivables represent the value of concentrate sold as at period end for which the funds are not 
yet received.  Consistent with industry standards, these sales generally have relatively long payment 
terms and are not settled until two to five months after export.  There is no recorded allowance for credit 
losses.  In determining the recoverability of trade receivables, the Company considers any change in the 
credit quality of the counterparty, with the concentration of the credit risk limited due to the nat ure of the 
counterparties involved and a history of no credit losses. 
 
Concentrate sales are first recorded based on provisional prices.  F or sales that are provisionally priced 
as at June 30, 2023, an adjustment is estimated and recorded using the forward gold price at quarter end 
for the future month when the final gold price for each individual sale is expected to be determined.  This 
adjustment resulted in an increase of $ 4.1 million in trade receivables as of June 30, 2023 (December 
31, 2022 - $6.1 million increase). 
  
23

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
3. Trade receivables and other current assets (continued) 
 
(b) Subject to submission of monthly claims and their acceptance by the applicable tax authorities, VAT paid 
in Ecuador by the Company after January 1, 2018 are being refunded or applied as a credit against other 
taxes payable, based on the level of export sal es in any given month.  Therefore, a portion of the VAT 
recoverable has been reclassified as current assets. 
 
(c) Prepaid expenses and other includes credit notes issued by the tax authorities in Ecuador relating to 
approved VAT claims.  These credit notes can  be used to offset taxes payable  including statutory tax 
withholdings from payments to vendors. 
 
 
4. Inventories 
 
  June 30,  December 31, 
  2023  2022 
     
Ore stockpile $ 9,516 $ 11,545 
Gold in circuit  6,055  5,833 
Doré and concentrate  14,782  16,709 
Materials and supplies  57,794  55,700 
     
 $ 88,147 $ 89,787 
 
 
5. Property, plant and equipment 
 
Cost 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2022 $ 27,536 $ 874,098 $ 55,865 $ 23,078 $ 2,685 $ 983,262 
       
Additions 18,569 29,715 2,202 2,311 1,350 54,147 
Disposals and other - (1,953) (3,154) (795) (612) (6,514) 
Reclassifications (46,105) 46,105 - - - - 
Cumulative translation 
adjustment - (841) - - (5) (846) 
       
Balance, December 
31, 2022 - 947,124 54,913 24,594 3,418 1,030,049 
       
Additions - 17,405 182 42 - 17,629 
Cumulative translation 
adjustment  - 284 - - 2 286 
       
Balance, June 30, 
2023 $ - $ 964,813 $ 55,095 $ 24,636 $ 3,420 $ 1,047,964 
 
  
24

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
5. Property, plant and equipment (continued) 
 
Accumulated 
depletion and 
depreciation 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2022 $ - $ 114,469 $ 18,493 $ 13,189 $ 2,037 $ 148,188 
       
Depletion and 
depreciation - 92,689 6,640 4,426 264 104,019 
Disposals and other  (410) (1,513) (748) (612) (3,283) 
Cumulative translation 
adjustment - (169) - - (5) (174) 
       
Balance, December 
31, 2022 - 206,579 23,620 16,867 1,684 248,750 
       
Depletion and 
depreciation - 54,564 3,241 2,144 291 60,240 
Cumulative translation 
adjustment - 79 - - 2 81 
       
Balance, June 30, 
2023 $ - $ 261,222 $ 26,861 $ 19,011 $ 1,977 $ 309,071 
 
Net book value 
 
     
       
As at December 31, 
2022 $ - $ 740,545 $ 31,293 $ 7,727 $ 1,734 $ 781,299 
       
As at June 30, 2023 $ - $ 703,591 $ 28,234 $ 5,625 $ 1,443 $ 738,893 
 
 
6. Mineral properties 
 
Cost   Fruta del Norte 
    
Balance, January 1, 2022   $ 207,146 
    
Depletion   (23,639) 
    
Balance, December 31, 2022   183,507 
    
Depletion   (13,439) 
    
Balance, June 30, 2023   $ 170,068 
 
  
25

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
7. Long-term debt 
 
  June 30,  December 31, 
  2023  2022 
     
Gold prepay credit facility (a) $ - $ 207,446 
Stream loan credit facility (b)  276,428  259,226 
Offtake derivative liability (c)  28,484  28,440 
Senior debt facility (d)  91,676  172,854 
     
 $ 396,588 $ 667,966 
     
Less: current portion     
Gold prepay credit facility  -  207,446 
Stream loan credit facility  55,325  49,223 
Offtake derivative liability  3,854  4,112 
Senior debt facility  91,676  84,593 
     
Long-term portion $ 245,733 $ 322,592 
 
The stream loan credit facility (the “Stream Loan”) and the offtake derivative liability are accounted for as financial 
liabilities at fair value through profit or loss and are comprised of the following as at June 30, 2023. 
 
  
 
 Stream loan 
credit 
facility  
Offtake 
derivative 
liability  Total 
         
Principal   $ 109,885 $ - $ 109,885 
Transaction costs    (1,965)  -  (1,965) 
Derivative fair value adjustments    168,508  28,484  196,992 
         
Total    $ 276,428 $ 28,484 $ 304,912 
 
Derivative fair value adjustments reflect the revaluation of the financial instruments at fair value as at June 30, 
2023.  The derivative gain or loss related to the Company’s own credit risk recorded in other comprehensive income 
includes the impact of the difference between the Company’s own credit risk at the time of entering into the long -
term debt and the statement of financial position date (see also Note 16). 
 
(a) Gold prepay credit facility (the “Prepay Loan”) 
 
In late December, as provided under the Prepay Loan, the Company exercised its right to repay in full  the 
Prepay Loan by delivering an irrevocable notice of early repayment of its remaining outstanding obligations 
effective January 5, 2023.  On that day, a payment of $207.5 million was made to extinguish the Prepay Loan, 
inclusive of interest of $0.1 million accrued between January 1 to January 5, 2023.  Repayment was b ased 
on a gold price fixed near the end of December and a negotiated amount of equivalent ounces per quarter for 
the last ten remaining quarters at that time.   
 
(b) Stream loan credit facility 
 
The Stream Loan is a secured loan facility with a stated interest rate of 7.5% per annum with interest accruing 
based upon the outstanding balance.   
  
26

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
7. Long-term debt (continued) 
 
The Stream Loan is repayable in variable monthly instalments equivalent to the value of 7.75% of gold 
production less $404 per oz. (the “Gold Base Price”) and 100% of the silver production less $4.04 per oz. (the 
“Silver Base Price”) up to a maximum of 350,000 oz. of gold and six million oz. of silver.  The Gold Base Price 
and Silver Base Price will increase by 1% in February of each year.  The excess of the monthly repayments 
over the principal due monthly and the balance of interest accrued to that date, if any, is a variable additional 
charge (the “Finance Charge”). 
 
During the six months ended June 30, 2023, the Company made payments under the Stream Loan totaling 
$39.0 million (six months ended June 30, 2022 – $25.9 million) of which $8.8 million (six months ended June 
30, 2022 – $6.5 million) was paid on account of principal; $4.3 million (six months ended June 30, 2022 – $4.9 
million) for accrued interest; and $25.9 million (six months ended June 30, 2022 – $14.5 million) for the Finance 
Charge (see Note 1 6).  As at June 30 , 202 3, based on the projected life of mine production and other 
significant assumptions (see Note 16), the estimated fair value equivalent to 256,398 oz. of gold and 4,431,176 
oz. of silver remains outstanding under the Stream Loan. 
 
The Company has the option to repay (i) 50% of the remaining Stream Loan on June 30, 2024 for $150 million 
(“First Reduction Option”) and / or (ii) the other 50% of the remaining Stream Loan on June 30, 2026 for $225 
million.   
 
The Company has elected to measure the Stream Loan as a financial liability at fair value through profit or 
loss. 
 
(c) Offtake commitment (the “Offtake”) 
 
The lender of the Prepay Loan and Stream Loan has been granted the right to pur chase 50% of Fruta del 
Norte gold production, up to a maximum of 2.5 million oz., at a price determined based on monthly delivery 
dates and a defined quotational period.  This obligation is satisfied first through the sale of doré and then, if 
required, financial settlement. 
 
The Company has determined that the Offtake represents a derivative financial liability.  Accordingly, the 
Offtake, which is primarily a function of the gold price option feature, is measured at fair value at each 
statement of financial position date, with changes in the derivative fair value being recorded in profit or loss. 
 
(d) Senior debt facility (the “Facility”) 
 
As at June 30, 2023  Tranche A  Tranche B  Total 
       
Principal $ 69,780 $ 27,912 $ 97,692 
Accrued interest  914  280  1,194 
Transaction costs, net of amortization  (5,370)  (1,840)  (7,210) 
       
Total  $ 65,324 $ 26,352 $ 91,676 
 
The Facility is a senior secured loan comprised of two tranches: a senior commercial facility (“Tranche A”) and 
a senior covered facility under a raw material guarantee (“Tranche B”).  The annual interest rate is the three 
or six-month SOFR plus an average margin of approximately 5.05% for Tranche A and 2.50% for Tranche B. 
Tranche A and Tranche B are subject to risk mitigation and guarantee fees of 2.00% and 3.15%, respectively.  
The Facility is repayable in variable quarterly instalments as well as accelerated quarterly principal repayments 
based on 30% of Fruta del Norte’s excess cash flow (the “Cash Sweep”).   
 
Based on scheduled principal payments and an estimate of the Cash Sweep, the Facility is expected to be 
fully repaid on or before June 30, 2024 and has been classified as part of the current portion of long-term debt. 
  
27

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
7. Long-term debt (continued) 
 
During the six months ended June 30, 2023, the Company paid $83.8 million of principal (six months ended 
June 30, 2022 – $61.4 million) and $7.3 million (six months ended June 30, 2022 – $4.4 million) of interest 
relating to the Facility.  The principal repaid during the six months ended June 30, 2023 includes $43.6 million 
(six months ended June 30, 2022 – $35.2 million) paid on account of the Cash Sweep.   
 
Under the long-term debt, the Company, together with its subsidiaries related to Fruta del Norte (collectively, 
the “FDN Subsidiaries”), are subject to a number of covenants while amounts remain outstanding including 
maintaining a minimum cash balance of $40 million in its operating subsidiary as its debt service reserve 
balance.  The long-term debt is secured by a charge over the FDN Subsidiaries’ assets, pledges of the shares 
of the FDN Subsidiaries and guarantees of the Company and the FDN Subsidiaries. 
 
 
8. Share capital 
 
Authorized: 
• Unlimited number of common shares without par value 
• Unlimited number of preference shares without par value 
 
During the six months ended June 30, 2023, the Company issued 549,332 common shares to Newcrest Mining 
Limited (“Newcrest”) at a weighted average price of CAD$16.44 per share for total proceeds of $6.6 million.  During 
the year ended December 31, 20 22, 477,260 common shares were issued to Newcrest at a weighted average 
price of CAD$10.50 per share for total proceeds of $3.9 million.  These issuances were completed in accordance 
with Newcrest’s anti-dilution rights granted as part of its initial investment into the Company.   
 
 
9. Stock-based compensation 
 
Under an omnibus incentive plan (the “Omnibus Plan”) that allows for the reservation of a maximum 6% of the 
common shares issued and outstanding for issuance at any given time , the Company may grant stock options, 
restricted share units and d eferred share units (collectively, the “Awards”).  Subject to specific provisions under 
the Omnibus Plan, the eligibility, vesting period, term, and number of Awards are granted at the discretion of the 
Company’s board of directors.   
 
Restricted share units entitle the recipient, upon settlement, to receive common shares or, subject to provisions 
under the Plan, the cash equivalent or a combination thereof.  The Company’s board of directors may also grant 
restricted share units that include performance criteria which vest based on a multiplier. 
 
Deferred share units may only be granted to non -employee directors and are payable after termination of the 
recipient’s service with the Company.  Upon settlement, the recipient may receive commo n shares or, subject to 
provisions under the Plan, the cash equivalent or a combination thereof. 
 
Recipients of share units granted and outstanding on a dividend record date are entitled to receive an award of 
additional share units equal to the cash dividends declared and paid on the Company’s common shares (“Dividend 
Equivalent”).  Dividend Equivalents are calculated in accordance with the Omnibus Plan based on the number of 
share units held, the dividend per share and the weighted average trading price of the Company’s shares on the 
TSX for the five days preceding the date the dividend was paid.  These additional share units are subject to the 
same terms and conditions as the underlying share units. 
 
i. Stock options 
 
Stock options granted and outstanding under the Omnibus Plan and a pre -existing stock option plan (the 
“Option Plan”) have an expiry date of five years and vest over a period of three or four years from date of 
grant.  No additional stock options can be granted under the Option Plan. 
  
28

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
9. Stock-based compensation (continued) 
 
During the six months ended June 30, 2023, 450,500 stock options were granted under the Omnibus Plan 
which have an expiry date of five years and vest over a period of three or four years from date of grant. 
 
Stock options are exercisable into one common share of the Company at the price specified in the t erms of 
the option agreement. 
 
A continuity summary of the stock options granted and outstanding under the Omnibus Plan and Option Plan 
is presented below: 
 
 Six months ended  Year ended 
 June 30, 2023  December 31, 2022 
   Weighted 
average 
   Weighted 
average 
 Number of  exercise price  Number of  exercise price 
 stock options  (CAD)  stock options  (CAD) 
        
Balance, beginning of period 4,237,923 $ 8.35  4,863,400 $ 7.26 
        
Granted 450,500  13.78  772,800  9.86 
Forfeited -  -  (42,884)  10.23 
Exercised(1) (823,952)  5.26  (1,355,393)  5.23 
        
Balance outstanding, end of period 3,864,471 $ 9.64  4,237,923 $ 8.35 
        
Balance exercisable, end of period 2,598,721 $ 8.77  2,693,070 $ 7.10 
 (1) The weighted average share price on the exercise date for the stock options exercised during the six months ended 
June 30, 2023 and year ended December 31, 2022 were CAD$15.87 and CAD$11.62, respectively. 
 
The following table summarizes information concerning outstanding and exercisable options at June 30, 2023: 
 
  Outstanding options Exercisable options 
 
Range of 
exercise 
prices 
(CAD) 
Number of 
options 
outstanding 
Weighted 
average 
remaining 
contractual 
life (years) 
Weighted 
average 
exercise 
price 
(CAD) 
Number of 
options 
outstanding 
Weighted 
average 
remaining 
contractual 
life (years) 
Weighted 
average 
exercise 
price (CAD) 
        
$ 4.90 to 5.40 1,133,900 0.65 $ 5.35 1,133,900 0.65 $ 5.35 
$ 5.41 to 11.00 1,450,071 3.17 10.13 714,417 3.00 10.23 
$ 11.01 to 13.88 1,280,500 2.87 12.89 750,404 1.74 12.53 
        
  3,864,471 2.33 $ 9.64 2,598,721 1.61 $ 8.77 
 
  
29

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
9. Stock-based compensation (continued) 
 
The fair  value based method of accounting was applied to stock options granted to employees, including 
directors, and non -employees on the date of grant using the Black -Scholes option pricing model with the 
following weighted-average assumptions: 
 
 June 30, 
2023 
December 
31, 2022 
   
Risk-free interest rate 3.11% 1.62% 
Expected stock price volatility 38.37% 36.51% 
Expected life 5 years 5 years 
Expected dividends (CAD) $0.26 - 
   
Weighted-average fair value per option granted (CAD) $4.42 $3.40 
 
The equity-settled share-based payment reserve includes the fair value of employee options as measured at 
grant date and amortized over the period during which the employees become unconditionally entitled to the 
options. 
 
During the six months ended June 30, 2023, the Company recorded stock-based compensation expense of 
$0.9 million (six months ended June 30, 2022 – $1.1 million).  
 
ii. Share units 
 
Under the Omnibus Plan, the Company has granted restricted share units and deferred share units to eligible 
employees and non-employee directors as presented below. 
 
 Restricted share units with 
performance criteria 
  
Restricted share units 
  
 
 Settled in cash 
or shares 
 
Settled in shares 
 
 
 
Settled in cash 
 
Settled in shares 
 Deferred share 
units 
        
Balance at January 1, 2022 148,000 187,300  24,600 110,800  23,308 
        
Granted - 196,500  - 86,800  10,509 
Granted – Dividend Equivalent 4,052 10,506  670 4,271  861 
Cancelled - (17,054)  - -  - 
Settled - -  - (41,000)  - 
        
Balance at December 31, 2022 152,052 377,252  25,270 160,871  34,678 
        
Granted - 139,200  - 96,200  7,609 
Granted - Dividend Equivalent - 9,068  - 2,734  404 
Cancelled - -  (5,752) (21,164)  - 
Settled (152,052) -  (19,518) (83,481)  (30,825) 
        
Balance at June 30, 2023 - 525,520  - 155,160  11,866 
 
  
30

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
9. Stock-based compensation (continued) 
 
Restricted share units with performance criteria (“PSUs”) 
 
During the six months ended June 30, 2023, the Company granted 139,200 PSUs that are settled in shares 
(“Share PSUs”).  In addition, in connection with dividends paid during the six months ended June 30, 2023 , 
9,068 Share PSUs were granted as Dividend Equivalents.  During the year ended December 31, 2022, the 
Company granted 196,500 Share PSUs.  In addition, in connection with the Company’s inaugural dividend 
paid in 2022, 10,506 Share PSUs and 4,052 PSUs that are settled in cash or common shares, at the recipient’s 
option, (“Cash PSUs”) were granted as Dividend Equivalents.   
 
All Cash PSUs were settled through a combination of payment of cash or issuance of shares during the six 
months ended June 30, 2023.  Share PSUs are granted to eligible employees and vest three years from date 
of grant subject to continued employment and certain performance conditio ns being met.  The number of 
Share PSUs that vest will be adjusted using a multiplier that is based on total shareholder return by the 
Company’s shares over the three-year period relative to a peer group as defined by the Company’s board of 
directors.  Each vested Share PSU entitles the recipient to a payment of one common share.   
 
Using Monte Carlo simulation, the fair value of Share PSUs was measured on the date of grant while the fair 
value of Cash PSUs was measured as at December 31, 202 2 with the foll owing weighted -average 
assumptions: 
 
 June 30, 2023 December 31, 2022 
 Share PSUs Share PSUs Cash PSUs 
    
Risk-free interest rate 4.22% 2.20% N/A 
Average expected volatility of the Company 
and its peer group 
 
45.64% 
 
50.54% 
 
N/A 
Expected life 3 years 3 years 0.15 years 
Expected dividends (CAD) $0.26 - $0.26 
    
Weighted-average fair value per unit (CAD) $12.38 $9.33 $13.23 
 
The fair value of Share PSUs measured at grant date are being amortized over the period during which the 
employees become unconditionally entitled to the Share PSUs.  During the six months ended June 30, 2023, 
the Company recorded stock-based compensation expense of $0.6 million (six months ended June 30, 2022 
– $0.3 million) relating to Share PSUs. 
 
Restricted share units without performance criteria (“RSUs”) 
 
During the six months ended June 30, 2023, the Company granted 96,200 RSUs that are settled in shares 
(“Share RSUs”).  In addition, in connection with dividend s paid during the six months ended June 30 , 2023, 
2,734 Share RSUs were granted as Dividend Equivalents.  During the year ended December 31, 2022, the 
Company granted 86,800 Share RSUs.  In addition, in connection with the Company’s inaugural dividend paid 
in 2022, 4,271 Share RSUs and 670 RSUs that are settled in cash (“Cash RSUs”) were granted as Dividend 
Equivalents.   
 
All Cash RSUs were settled in cash during the six months ended June 30, 2023.  Share RSUs are granted to 
eligible employees and vest one to three years from date of grant subject to continued employment.  Each 
vested Share RSU entitles the recipient to a payment of one common share.   
 
  
31

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
9. Stock-based compensation (continued) 
 
Using the Black-Scholes option pricing model, the fair value of the Share RSUs was measured on the date of 
grant while the fair value of the Cash RSUs was measured as at December 31, 202 2 with the following 
weighted-average assumptions: 
 
 June 30, 2023 December 31, 2022 
 Share RSUs Share RSUs Cash RSUs 
    
Risk-free interest rate 3.74% 1.22% 3.86% 
Expected stock price volatility 40.93% 44.54% 39.27% 
Expected life 1.55 years 1.99 years 0.15 years 
Expected dividends (CAD) $0.26 - $0.26 
    
Weighted-average fair value per unit (CAD) $16.44 $12.42 $13.86 
 
The fair value of Share RSUs measured at grant date are being amortized over the period during which the 
employees become unconditionally entitled to the Share RSUs.  During the six months ended June 30, 2023, 
the Company recorded stock-based compensation expense of $0.4 million (six months ended June 30, 2022 
– $0.4 million) relating to Share RSUs. 
 
Deferred share units (“DSUs”) 
 
During the six months ended June 30, 2023 and year ended December 31, 2022, the Company granted 7,609 
DSUs and 10,509 DSUs, respectively, to non -employee directors.  In addition, in connection with dividends 
paid by the Company during the six months ended June 30, 2023 and year ended December 31 2022 , 404 
DSUs and 861 DSUs, respectively, were granted as Dividend Equivalents.  The DSUs do not vest until the 
end of service as a director of the Company.  Each vested DSU entitles the recipient to a payment in shares.  
 
During the six months ended June 30, 2023, the Company recorded stock -based compensation expense of 
$0.2 million (six months ended June 30, 2022 – $0.1 million) relating to DSUs.  
 
 
10. Administration 
 
   Three months ended 
June 30, 
Six months ended   
June 30, 
  2023  2022  2023  2022 
           
Corporate social responsibility   $ 534 $ 384 $ 1,146 $ 811 
Investor relations    111  68  189  170 
Office and general    810  737  1,515  1,474 
Professional fees    811  371  1,218  979 
Regulatory and transfer agent    95  174  340  334 
Salaries and benefits    820  1,014  5,347  3,805 
Stock-based compensation    1,148  841  2,075  1,833 
Travel    153  145  257  189 
           
   $ 4,482 $ 3,734 $ 12,087 $ 9,595 
 
  
32

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
11. Finance expense 
 
   Three months ended 
June 30, 
Six months ended   
June 30, 
  2023  2022  2023  2022 
           
Interest expense   $ 4,928 $ 7,434 $ 10,821 $ 14,879 
Finance charge    11,870  19,071  25,923  36,380 
Other finance costs    924  1,459  2,019  3,050 
Accretion of transaction costs    1,851  1,105  3,681  2,200 
Interest income    (3,138)  (586)  (4,952)  (750) 
           
   $ 16,435 $ 28,483 $ 37,492 $ 55,759 
           
 
12. Related party transactions 
 
Key management compensation 
 
Key management includes executive officers and directors of the Company.  The compensation paid or payable 
to key management for employee services during the six months ended June 30 is shown below. 
 
  June 30,  June 30, 
  2023  2022 
     
Salaries, bonuses and benefits $ 4,850 $ 3,305 
Stock-based compensation  1,669  1,296 
     
 $ 6,519 $ 4,601 
 
 
13. Income taxes 
 
Current income tax expense is generated from net income for tax purposes in Ecuador relating to operations at 
Fruta del Norte.  In addition to corporate income taxes in Ecuador which are levied at a rate of 22% and dividend 
withholding taxes levied at a rate of 5% related to the ant icipated 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.   
 
  
33

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
13. Income taxes (continued) 
 
The rate s used in Ecuador differ from the amount that would result from applying the Canadian federal and 
provincial income tax rates to net income before tax.  These differences result from the following items: 
 
 Three months ended 
June 30, 
Six months ended   
June 30, 
  2023  2022  2023  2022 
         
Net income before tax $ 97,406 $ 88,531 $ 182,719 $ 128,624 
         
Canadian federal and provincial income tax 
rates 
 
27.00% 
  
27.00% 
  
27.00% 
  
27.00% 
         
Income tax expense  based on the above 
rates 
 
26,299 
  
23,903 
  
49,334 
  
34,728 
         
Increase due to:         
Differences in foreign tax rates  4,587  7,995  10,215  12,485 
Non-deductible costs  600  973  2,716  1,906 
Withholding taxes (current and deferred) 1,500  -  3,791  - 
Losses and temporary differences for 
which an income tax asset has not been 
recognized 
 
 
1,272 
  
 
(302) 
  
 
2,050 
  
 
361 
         
Income tax expense $ 34,258 $ 32,569 $ 68,106 $ 49,480 
         
 
14. Supplemental cash flow information 
 
Cash and cash equivalents are comprised of the following: 
 
  June 30,  December 31, 
  2023  2022 
     
Cash  $ 131,132 $ 283,596 
Short-term investments  143,836  79,804 
     
 $ 274,968 $ 363,400 
 
Other supplemental cash information: 
 
   Three months ended 
June 30, 
Six months ended   
June 30, 
  2023  2022  2023  2022 
           
Income taxes paid   $ 21,017 $ 54,376 $ 21,017 $ 54,376 
           
Change in accounts payable and accrued 
liabilities related to: 
        
Acquisition of property, plant and equipment $ 1,447 $ 3,143 $ (866) $ 1,120 
           
 
  
34

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
15. Segmented information 
 
Operating segments are components of an entity that engage in business activities from which they incur expenses 
and whose operating results are regularly reviewed by a chief operating decision maker to make resource 
allocation decisions and to assess perf ormance.  The Chief Executive Officer is responsible for allocating 
resources and reviewing operating results of each operating segment on a periodic basis.   
 
The Company’s primary business activity is the Fruta del Norte operating mine in Ecuador.  Mater ially all of the 
Company’s non -current assets and non -current liabilities relate to Fruta del Norte.  In addition, the Company 
conducts exploration activities and maintains a number of concessions in Ecuador outside of Fruta del Norte. 
 
The following are summaries of the Company’s current and non-current assets, current and non-current liabilities, 
and net income (loss) by segment: 
 
 
Fruta del 
Norte  
Exploration 
activities 
Corporate 
and other Total 
     
As at June 30, 2023     
     
Current assets $ 483,967 $ 11,367 $ 44,748 $ 540,082 
Non-current assets 968,749 - - 968,749 
     
Total assets 1,452,716 11,367 44,748 1,508,831 
     
Current liabilities 269,528 741 1,718 271,987 
Non-current liabilities 302,262 - 9,000 311,262 
     
Total liabilities 571,790 741 10,718 583,249 
     
For the three months ended June 30, 2023     
     
Revenues 243,930 - - 243,930 
     
Income from mining operations 124,801 - - 124,801 
Corporate administration (1,429) (71) (2,982) (4,482) 
Exploration expenditures - (5,196) - (5,196) 
Finance income (expense) (17,739) - 1,304 (16,435) 
Other income  - 2 (1,605) (1,603) 
Derivative gain 321 - - 321 
Income tax expense (33,768) - (1,500) (35,268) 
     
Net income (loss) for the period 72,186 (5,265) (4,783) 62,138 
     
For the six months ended June 30, 2023     
     
Revenues 500,658 - - 500,658 
     
Income from mining operations 257,509 - - 257,509 
Corporate administration (2,661) (87) (9,339) (12,087) 
Exploration expenditures - (9,039) - (9,039) 
Finance income (expense) (39,534) - 2,042 (37,492) 
Other income (expense) 24 2 (1,085) (1,059) 
Derivative loss (15,113) - - (15,113) 
Income tax expense (65,325) - (3,791) (69,116) 
     
Net income (loss) for the period 134,900 (9,124) (12,173) 113,603 
     
 
  
35

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
15. Segmented information (continued) 
 
 
Fruta del 
Norte  
Exploration 
activities 
Corporate 
and other Total 
     
As at June 30, 2022     
     
Current assets $ 462,776 $ 7,407 $ 99,153 $ 569,336 
Non-current assets 1,093,044 - - 1,093,044 
     
Total assets 1,555,820 7,407 99,153 1,662,380 
     
Current liabilities 309,478 730 5,207 315,415 
Non-current liabilities 435,119 - 1,650 436,769 
     
Total liabilities 744,597 730 6,857 752,184 
     
For the three months ended June 30, 2022     
     
Revenues 177,808 - - 177,808 
     
Income from mining operations 82,522 - - 82,522 
Corporate administration (973) (48) (2,713) (3,734) 
Exploration expenditures - (2,820) - (2,820) 
Finance income (expense) (28,645) - 162 (28,483) 
Other income 22 - 1,038 1,060 
Derivative gain 39,986 - - 39,986 
Income tax expense (27,757) - (4,812) (32,569) 
     
Net income (loss) for the period 65,155 (2,868) (6,325) 55,962 
     
For the six months ended June 30, 2022     
     
Revenues 394,280 - - 394,280 
     
Income from mining operations 193,729 - - 193,729 
Corporate administration (2,227) (49) (7,319) (9,595) 
Exploration expenditures - (5,626) - (5,626) 
Finance income (expense) (55,958) - 199 (55,759) 
Other income 2 - 611 613 
Derivative gain 5,262 - - 5,262 
Income tax expense (44,668) - (4,812) (49,480) 
     
Net income (loss) for the period 96,140 (5,675) (11,321) 79,144 
     
 
16. Financial instruments 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are 
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are 
categorized as financial liabilities at amortiz ed cost.  The fair value of these financial instruments approximates 
their carrying values due to the short -term nature of these instruments.  In addition, the Stream Loan and offtake 
commitment have been classified as financial liabilities measured at fai r value and the senior debt facility as a 
financial liability at amortized cost.  Further, provisionally priced trade receivables of $96.4 million (December 31, 
2022 - $86.4 million) are measured at fair value using quoted forward market prices (level 2). 
  
36

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
16. Financial instruments (continued) 
 
(a) Fair value measurements and hierarchy 
 
IFRS establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair 
value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical 
assets or liabilities and the lower priority to unobservable inputs.  The three levels of the fair value hierarchy 
are as follows: 
 
Level 1: Quoted prices in active markets for identical assets or liabilities that the reporting entity has 
the ability to access at the measurement date. 
 
Level 2: Inputs that are observable, either directly or indirectly, for substantially the full term of the 
asset or liability. 
 
Level 3: Inputs that are both significant to the fair value measurement and unobservable. 
 
(b) Fair value measurements using significant unobservable inputs (Level 3) 
 
The following table sets forth the Company’s financial liabilities measured at fair value on a recurring basis by 
level within the fair value hierarchy for the six months ended June 30, 2023 and year ended December 31, 
2022.  Each of these financial instruments are classified as Level 3 as their valuation includes significant 
unobservable inputs. 
 
  
 
 Stream loan 
credit 
facility  
Offtake 
derivative 
liability  Total 
         
Balance, December 31, 2021   $ 263,614 $ 27,038 $ 488,432 
         
Principal paid    (13,933)  -  (13,933) 
Interest paid    (9,545)  -  (9,545) 
Interest accrued at stated rate of 7.5%    9,545  -  9,545 
Accretion of transaction costs    212  -  212 
         
 Derivative fair value adjustments recognized in:       
Net income    20,608  1,402  22,010 
Other comprehensive income    (11,275)  -  (11,275) 
Change in derivative fair values    9,333  1,402  10,735 
         
         
Balance, December 31, 2022   $ 259,226 $ 28,440 $ 287,666 
         
Principal paid    (8,761)  -  (8,761) 
Interest paid    (4,282)  -  (4,282) 
Interest accrued at stated rate of 7.5%    4,282  -  4,282 
Accretion of transaction costs    107  -  107 
         
 Derivative fair value adjustments recognized in:       
Net income    15,069  44  15,113 
Other comprehensive income    10,787  -  10,787 
Change in derivative fair values    25,856  44  25,900 
         
         
Balance, June 30, 2023   $ 276,428 $ 28,484 $ 304,912 
 
  
37

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
16. Financial instruments (continued) 
 
(c) Significant assumptions in valuation and relationship to fair value 
 
The financial liabilities above were valued using Monte Carlo simulation valuation models.  The significant 
assumptions used in the Monte Carlo valuation models include: the gold and silver forward prices, gold and 
silver price volatility, the risk -free rate of return, risk -adjusted discount rates, and the projected life of mine 
production schedule.   
 
As the gold price and silver price volatilities and risk -adjusted discount rates are unobservable inputs, the 
financial liabilities above are classified within Level 3 of the fair value hierarchy.  The following table 
summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value 
measurements. 
 
  Fair value at 
June 30, 
2023 
Unobservable 
inputs 
Range of 
inputs 
Relationship of unobservable 
inputs to fair value 
      
Stream Loan 
and Offtake 
$ 304,912 Expected volatility 11% to 31% An increase or decrease in expected 
volatility of 5% would increase or 
decrease fair value by $6.4 million or 
$7.3 million, respectively 
   Risk-adjusted 
discount rate 
11% to 13% An increase or decrease in risk-
adjusted discount rate of 1% would 
decrease or increase fair value by 
$9.5 million or $9.9 million, 
respectively 
      
 
(d) Valuation processes 
 
The valuation of financial instruments classified as Level 3 of the fair value hierarchy were prepared by an 
independent valuation specialist under the direct oversight of the Senior Vice President, Finance  of the 
Company.  Discussions of valuation processes and results are reported to the audit committee at least once 
every three months, in line with the Company’s quarterly reporting periods.  
 
(e) Financial risk management 
 
Concentration of credit risk 
 
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the Company’s 
cash and cash equivalents held with financial institutions exceed government -insured limits.  The Company 
has established a treasury policy  that seek s to minimize its credit risk by entering into transactions with 
investment grade credit worthy and reputable financial institutions and by monitoring the credit standing of 
those financial institutions.  The Company seeks to limit the amount of exposure with any one counterparty in 
accordance with its established treasury policy. 
 
  
38

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
17. Commitments 
 
Significant capital expenditures contracted as at June 30, 2023 but not recognized as liabilities are as follows: 
 
 
 
Capital 
Expenditures 
   
12 months ending June 30, 2024 $ 16,012 
July 1, 2024 onward  - 
   
Total  $ 16,012 
 
39

===== SIDA 50 =====

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

===== SIDA 51 =====

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