Kvartalsrapport Q2 2024

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NEWS RELEASE 
Vancouver, August 8, 2024 
 
 
Lundin Gold Inc.  Suite 2800, Four Bentall Centre 
1055 Dunsmuir Street  
 Phone: +1 604 689 7842 
Fax: +1 604 689 4250 
 lundingold.com 
Email: info@lundingold.com   Vancouver, BC, Canada, V7X 1L2   
 
 
 
LUNDIN GOLD REPORTS SECOND QUARTER OF 2024 RESULTS 
 
Record revenues and adjusted EBITDA achieved on the back of strong gold price 
 
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)  ("Lundin Gold" or the "Company") is 
pleased to report results for the second quarter of 2024, highlighted by record quarterly revenues of $301 million 
realized from the sale of 129,396 ounces (“oz”) at an average realized gold price 1 of $2,379 per oz . From this, 
record adjusted EBITDA1 of $195 million was achieved. The Company continues to generate significant cash flow 
with cash from operating activities of $144 million and adjusted free cash flow 1 of $112 million or $0.47 per 
share, which excludes the one-time finance expense incurred upon buy out of the stream loan credit facility (the 
“Stream Facility”) and offtake commitment (the “Offtake”) . Cash operating costs 1 and all -in sustaining costs 
(“AISC”)1 this quarter were $725 and $875 per oz sold, respectively. During the quarter, the Company continued 
to focus on operational excellence, and the underlying cost of operations was reduced. Prevailing gold prices 
increased royalties, however, which impacted overall cash operating costs 1 and AISC1. All amounts are in U.S. 
dollars unless otherwise indicated. 
 
The end of the second quarter marked the closing of the buy out of the Stream Facility and Offtake from 
Newmont Corporation following payment of the first tranche of the purchase price of $180 million. The second 
and final tranche of $150 million is due on September 30, 2024 . As at June 30, 2024 , Lundin Gold had a cash 
balance of $238 million and is now debt free. 
 
“I’m pleased to report another record quarter for Lundin Gold across a number of key metrics. The strong financial 
performance achieved was underpinned by strong grades, improvements in recoveries and a high average mill 
throughput.” Ron Hochstein, President and CEO commented,  “Moving into the second half of 2024, we will 
continue to focus on operational excellence and will advance our now increased near-mine exploration program. 
We are on track with our process plant expansion project and expect operations to be positively impacted once 
completed by the end of this year. Additionally, our debt free position following the buy out of the Stream Facility 
and Offtake has allowed us  to double the amount of our quarterly dividend , from $0.10 to $0.20 per share, 
equivalent to approximately $200 million annually.” 
 
OPERATING AND FINANCIAL RESULTS SUMMARY 
 
The following two tables provide an overview of key operating and financial results. 
  
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 15 to 18 of the Company’s MD&A for the second quarter ended June 30, 2024 available on SEDAR+.

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2 
 
 
 Three months ended  
June 30, 
Six months ended  
June 30, 
 2024 2023 2024 2023 
Tonnes ore mined 419,173 404,408 838,931 832,143 
Tonnes ore milled 424,899 418,373 838,495 810,705 
Average mill throughput (tpd) 4,669 4,598 4,607 4,479 
Average head grade (g/t) 11.0 11.0 10.2 11.6 
Average recovery 89.0% 88.0% 88.6% 89.3% 
Gold ounces produced 133,062 129,731 244,634 269,752 
Gold ounces sold 129,396 128,958 238,312 263,649 
 
 Three months ended  
June 30, 
Six months ended  
June 30, 
 2024 2023 2024 2023 
Net revenues ($’000) 301,431 243,930 528,172 500,658 
Income from mining operations ($’000) 171,757 124,801 284,994 257,509 
Earnings before interest, taxes, depreciation, and amortization ($’000)1 457,069 149,900 568,681 293,532 
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 195,401 149,579 326,857 308,645 
Net income ($’000) 119,291 63,148 161,188 114,613 
Basic income per share ($) 0.50 0.27 0.68 0.48 
Cash provided by operating activities ($’000) 144,169 162,352 252,083 306,791 
Adjusted free cash flow ($’000)1 112,148 131,859 194,407 120,206 
Adjusted free cash flow per share ($)1 0.47 0.56 0.81 0.51 
Average realized gold price ($/oz sold)1 2,379 1,942 2,270 1,947 
Cash operating cost ($/oz sold)1 725 644 730 644 
All-in sustaining costs ($/oz sold)1 875 802 872 765 
Adjusted earnings ($‘000)1 98,938 59,387 156,734 126,401 
Adjusted earnings per share ($)1 0.41 0.25 0.66 0.53 
Dividends paid per share ($) 0.10 0.10 0.20 0.20 
 
SECOND QUARTER HIGHLIGHTS  – STRONG FINANCIAL PERFORMANCE UNDERPINNED BY CONTINUED 
OPERATIONAL EXCELLENCE 
 
Financial Results 
 
• Gold sales totalled 129,396 oz, consisting of 85,682 oz in concentrate and 43,714 oz as doré, resulting in 
gross revenues of $308 million at an average realized gold price1 of $2,379 per oz. 
• Net of treatment and refining charges, revenues for the quarter were $301 million. 
• Cash operating costs1 and AISC1 were $725 and $875 per oz of gold sold, respectively, which have trended 
toward the upper end of guidance due to the higher average realized gold price1 resulting in higher royalties 
and profit sharing for which the portion attributable to employees is recorded in operating costs. 
• The Company generated cash from operating activities of $144 million and adjusted free cash flow1 of $112 
million, or $0.47 per share, resulting in a cash balance of $238 million at June 30, 2024. 
• Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 were $457 
million and $195 million, respectively, with the difference resulting from derivative gains recognized from 
the buy out of the Stream Facility and Offtake. 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 
15 to 18 of the Company’s MD&A for the second quarter ended June 30, 2024 available on SEDAR+.

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3 
 
• Net income was $119 million including a derivative gain of $262 million, and net of corporate, exploration, 
finance costs, and associated taxes. Adjusted earnings 1, which exclude the one -time finance expense 
relating to the buy out of the Stream Facility and Offtake, derivative gains, and related taxes were $98.9 
million, or $0.41 per share. 
 
Production Results 
 
• Gold production was 133,062 oz which was comprised of 83,910 oz in concentrate and 49,152 oz as doré. 
• The mine maintained its strong operating performance during the quarter with 419,173 tonnes mined at an 
average grade of 10.5 g/t. 
• The mill processed 424,899 tonnes at an average throughput rate of 4,669 tpd which was achieved from 
continued debottlenecking. 
• The average grade of ore milled was 11.0 g/t with average recovery at 89.0%. 
 
Outlook 
 
• First half performance puts the Company firmly on track to meet its production guidance of 450,000 to 
500,000 oz. 
• Record gold prices have also allowed the Company to realize significant revenues and adjusted earnings1 to 
date which in turn have increased royalties and accrued profit sharing. These costs have an impact on the 
Company’s cash operating cost 1 and AISC1 per oz sold which ha ve trended toward the upper end of cost 
guidance that were set based on a gold price assumption of $1,900 per oz. 
• The process plant expansion project is still on track to increase throughput to 5,000 tpd and is expected to 
improve recoveries by approximately 3% by year end. 
• Eleven rigs are currently turning across the conversion, near -mine and regional programs.  The Company 
plans to increase the near -mine drilling program by 10,000 metres to a minimum of 56,000 metres to 
accelerate the definition of near -mine targets and the conversion drilling program from 9,815 metres to 
14,000 metres. As a result, a minimum of 80,000 metres of drilling are now planned across the conversion, 
near-mine and regional drilling programs for 2024. This is expected to result in an estimated cost increase 
of $2.0 million, which results in an estimated program cost of $44.0 million on near -mine and regional 
exploration for the year. 
• The near-mine drilling program will continue to explore Bonza Sur where the primary focus is to better 
understand the target’s mineralized zones as well as expanding the system to the south, east and at depth. 
Four rigs are currently turning at Bonza Sur. 
• Given positive results to date, the Company expects to start a metallurgical testwork program on Bonza Sur 
before the end of 2024. 
• At the new FDN East discovery, one rig will continue to focus on expanding the initial positive results 
achieved to gain a better understanding of the mineralized zones and main geological controls. 
• The regional drilling program is expected to continue expanding the gold mineralization at the Robles target 
in the Southern Basin. 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 15 to 18 of the Company’s MD&A for the second quarter ended June 30, 2024 available on SEDAR+.

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4 
 
• With the Company now debt free combined with strong revenues and operating cash flow, the Company 
plans to declare  quarterly dividends of at least $0. 20 per share  going forward , which is equivalent to 
approximately $200 million annually, based on currently issued and outstanding shares.  
 
Liquidity and Capital Resources 
  
At the end of the second quarter of 2024, the Company is in a strong financial position: 
 
(in thousands of U.S. dollars) As at June 30,  
2024 
As at December 31,  
2023 
Financial Position:   
Cash  237,680 268,025 
Working capital  253,587 346,859 
Total assets 1,396,496 1,468,209 
   
Long-term debt - 305,647 
 
The change in cash during the six months ended June 30, 2024  was primarily due to cash generated from 
operating activities of $252 million and proceeds from the exercise of stock options and anti -dilution rights 
totalling $13.7 million. This is offset by scheduled principal, interest, and finance expense repayments under the 
Stream Facility totalling $35.8 million; the first tranche of the buy out of the Stream Facility and Offtake of $180 
million; dividends of $47.8 million; cash outflows of $28.6 million relating to investing activities; and settlement 
of vested share units with cash of $3.6 million. 
 
The Company’s working capital balance as at June 30, 2024 includes the second and final tranche of $150 million 
for the buy out of the Stream Facility and Offtake which is due on September 30, 2024. 
 
Capital Expenditures 
 
• Sustaining Capital: 
o Highlights of sustaining capital activities during the quarter were the significant progress made on the 
mine dispatch system implementation as well as upgrades to the main haul road connecting the mine to 
the primary crusher. Other ongoing projects include the camp refurbishment/expansion, replacement 
of the concrete batch plant, as well as preliminary works for future TSF expansion. 
o The 2024 conversion program continues to advance in the north -central sector of FDN. In the second 
quarter, the program completed approximately 6,062 metres across 40 holes. Results continue to 
confirm mineralization at FDN with high-grade intercepts associated with breccias and stockwork zones, 
like the mineralization found in the north sector of the current Mineral Reserve envelope. Two rigs are 
currently turning under the conversion program. 
 
• Process Plant Expansion Project 
o At the end of the second quarter, detailed engineering reached 90% completion and is expected to be 
completed before the end of the third quarter . In addition, nearly all items required for the expansion 
have been awarded to vendors. 
o Construction of the upgraded tailings and reclaim lines continued through the quarter. In addition, 
earthworks for the addition of three Jameson cells as well as an expansion of the concentrate filter 
building commenced.

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5 
 
Health and Safety 
 
During the second quarter there were three Lost Time Incidents  and five Medical Aid Incident s. The Total 
Recordable Incident Rate across exploration and operations was 0.75 per 200,000 hours worked for the quarter. 
The majority of the incidents were hand injuries. The focus of the operations team is to improve awareness of 
the workforce with more leadership presence in the field, as well as a review of activities where  the potential 
for hand injuries is high. 
 
Community 
 
Lundin Gold continued to support several community projects in the second quarter of 2024, including initiatives 
focused on community health and education. The most significant program, focused on mental health and well-
being, is run by Educación para Comp artir and continues smoothly with a high level of engagement with local 
community residents. There were 531 beneficiaries registered in extra-curricular activities such as soccer, dance 
and boxing, among others. As part of this program, socio-emotional skills workshops were held in communities 
with over 340 children and youth participating. 
 
The Company also works with the local governments of Yantzaza and Los Encuentros to support rural road 
maintenance, basic service infrastructure, and well -being programs. During the quarter, the Company 
committed to two significant infrastructure projects in Los Encuentros, including an urban regeneration project 
of approximately $2.1 million and an improvement to street lighting of approximately $0.5 million. 
 
Two community dialogue roundtable sessions were held in the second quarter focused on six topics and with 
more than 450 participants. 
 
Local businesses continue to be supported by the Company in conjunction with the Lundin Foundation. The well-
established Soy Emprendadora program assists women led businesses through which three new local 
entrepreneurs received awards of technical assistan ce and non -reimbursable seed capital. Other local 
entrepreneurs which were supported through the Lundin Foundation include a textile manufacturer, fire 
extinguisher maintenance provider, and pest control and fumigation service company, all of which showed 
improved sales compared to the first quarter, with Lundin Gold as their major client. In addition, the Company 
and the Lundin Foundation continue to jointly support the development of other local suppliers through the 
Nexo program. The Company continues to work with the Shuar Federation of Zamora Chinchipe and the Lundin 
Foundation to promote the preservation of Shuar culture and to explore opportunities to integrate Shuar based 
businesses into the Company’s supply chain. 
 
EXPLORATION 
 
Near-Mine Exploration Program 
During the second quarter of 2024, the Company completed a total of 13,743 metres across 38 holes from 
surface and underground. Drilling from underground mainly explored the southern limit of the FDN deposit while 
drilling from surface continued to test sectors located along the extensions of the controlling structures of the 
FDN deposit, such as Bonza Sur and FDN East. 
 
• During the quarter, the surface drilling program continued along extensions of the East Fault, where the 
Bonza Sur discovery and other prospective sectors like FDN East and Aguas Mesas are located.

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6 
 
o At Bonza Sur, located one kilometre from FDN, thirteen surface drill holes were completed and 
continue to expand this new epithermal system along the north extension. Recent results 
continue to confirm wide mineralized zones at shallower depths associated mainly to 
vein/veinlet zones of quartz and minor chalcedony and manganoan-carbonate with occurrences 
of disseminated levels of sulphides (mainly marcasite and minor sphalerite and galena). Gold 
mineralization has already been discovered for more than 1.6 kilometres along the north-south 
strike and for at least 500 metres along the downdip and remains open in all directions.  
 
o At FDN East, drilling continues in this recently discovered buried epithermal mineralized system. 
Seven drill holes were completed during the second quarter and results showed low grade gold 
mineralization associated with narrow vein and/or veinlet zones and sulfides. Some drill hole 
results remain pending. 
 
o During the second quarter, the program completed eight drill holes in new areas and identified 
additional potential targets. At Aguas Mesas, located along the south extension of the East Fault, 
drilling intercepted gold mineralization associated hydrotherm al alteration zones represented 
by chalcedony veins and sulfides. In the north extension of the FDN deposit, exploratory holes 
intercepted zones of hydrothermal alteration represented by massive quartz veins and sulfides 
with no significant results. 
 
• Underground exploration focused on the southern limit of the FDN deposit and tested the occurrence 
of a new high grade vein system. A total of ten drill holes were completed with all drill holes confirming 
gold mineralization associated to vein and veinlet zones of chalcedony and manganoan -calcite with 
sulfides and visible gold. 
 
Regional Exploration Program 
The 2024 regional program continues to advance the identification of important indicators that point toward the 
presence of buried epithermal deposits in the southern basin. During the quarter, regional drilling focused on 
the Robles target, located in the southern border of the Suarez Basin where detailed geological interpretation 
of exploration data and additional surface works identified major structures and zones of hydrothermal 
alteration. A total of 1,122 metres across three holes were completed. T he drilling program focused on a large 
geochemical soil anomaly and the completed holes intercepted wide disseminated gold mineralization. 
 
Geophysical Program 
During the quarter, the Company started a geophysical survey designed to provide high resolution resistivity and 
chargeability imaging of exploration targets. A total of 67 kilometres is expected to be surveyed which covers 
the entire near-mine area and parts of the regional district. 
 
CORPORATE 
 
Lundin Gold  published its 2023 Sustainability Report , integrating its climate report,  in May, highlighting its 
progress and performance against its 5-Year Sustainability Strategy. 
 
The Company paid a quarterly dividend of $0.10 per share on June 25, 2024 (June 28, 2024 for shares trading on 
Nasdaq Stockholm) based on a record date of June 10, 2024, for a total of $24.0 million.  With the release of its 
second quarter 2024 results, the Company updated its dividend policy and has declared a cash dividend of $0.20 
per share, which is payable on September 25, 2024 (September 30, 2024 for shares trading on Nasdaq 
Stockholm) to shareholders of record on September 10, 2024.

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7 
 
Subsequent to quarter end, the Company announced the departure of the Company’s Chief Financial Officer, 
Mr. Christopher Kololian. The Board appointed Mr. Chester See as Chief Financial Officer on August 6, 2024. 
 
Qualified Persons 
 
The technical information relating to FDN contained in this News Release has been reviewed and approved by 
Terry Smith P. Eng, Lundin Gold's COO, who is a Qualified Person in accordance with the requirements of NI 43-
101. The disclosure of exploration information contained in this press release was prepared by Andre Oliveira, 
P.Geo, Lundin Gold’s V.P. Exploration, who is a Qualified Person in accordance with the requirements of NI 43 -
101. 
 
Webcast and Conference Call 
 
The Company will host a conference call and webcast to discuss its results on Friday, August 9 at 5:30 a.m. PT, 
8:30 a.m. ET, 2:30 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 / 40659474 
 
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 Friday, August 
16, 2024. 
 
Toll Free North America Replay Number: +1 888-390-0541 
International Replay Number: +1 416-764-8677 
Replay passcode: 659474 # 
 
About Lundin Gold 
 
Lundin Gold, headquartered in Vancouver, Canada, is committed to positive and long-lasting impact on our host 
communities, while delivering significant value to stakeholders through operational excellence, cash flow 
generation and focused growth.  Lundin Gold currently operates its 100% owned Fruta del Norte gold mine in 
southeast Ecuador, which is one of the highest-grade gold mines in production in the world today. The Company 
also owns a portfolio of prospective exploration properties close to FDN.  
 
Non-IFRS Measures  
 
This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, 
adjusted EBITDA, cash operating cost per oz sold, all -in sustaining cost, adjusted free cash flow, adjusted 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 s uch measures as reported by other c ompanies. 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 t hese specified financial measures have been

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8 
 
incorporated by reference and can be found on page 15 of the Company's MD&A for the three and six months 
ended June 30, 2024 available on SEDAR+. 
 
Additional Information 
 
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market 
Abuse Regulation. This information was publicly communicated on August 8, 2024 at 4:30 p.m. Pacific Time 
through the contact persons set out below. 
 
For more information, please contact 
 
Ron F. Hochstein  Finlay Heppenstall 
President and CEO  Director, Investor Relations and Corporate Development 
Tel: +1-604-806-3589  Tel: +1 604 806 3089 
ron.hochstein@lundingold.com  finlay.heppenstall@lundingold.com  
 
Caution Regarding Forward-Looking Information and Statements  
Certain of the information and statements in this press release are considered "forward -looking information" or "forward -
looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward -looking 
statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, 
projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases 
such as "believes",  "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", 
"forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or 
results "may", "could", "would", "w ill", "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 
forward-looking statements and information. Lundin Gold believes  that the expectations reflected in this forward -looking 
information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking 
information should not be unduly relied upon. This information speaks only as of the date of this press release, and the 
Company will not necessarily update this information, unless required to do so by securities laws.  
This press release contains forward -looking information in several places, such as in statements relating to the Company’s 
2024 production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales 
receipts, and cash flow forecasts, its estimated capital costs and sustaining capital; payment of the second and final tranche 
of the buy back of the Stream Facility and the Offtake; the recovery of VAT; timing of completion of the process plant 
expansion project and the anticipated benefits; benefits of the Company’s community programs; the Company’s declaration 
and payment of dividends pursuant to its dividend policy; the timing and the success of its drill program at Fruta del Norte 
and its other exploration activities; and estimates of Mineral Resources and Reserves at Fruta del Norte . There can be no 
assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future  events could differ 
materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" 
section in Lundin Gold's Annual Information Form dated March 26, 20 24, which is available at  www.lundingold.com or 
www.sedarplus.ca. 
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to diffe r 
materially from any forward-looking statement or that could have a material impact on the Company or the trading price of 
its shares include: instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; 
security; non -compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and 
tailings; government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single 
mine; exploration and development; control of Lundin Gold; availability of workforce and labour relations; dividends; 
information systems and cyber security; Mineral  Reserve and Mineral Resource estimates; title matters and surface rights 
and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species

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9 
 
and critical habitats; global economic conditions; shortages of critical resources; competition for new projects; key talent 
recruitment and retention; market price of the Company’s shares; social media and reputation; insurance and uninsured 
risks; pandem ics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to 
maintain obligations or comply with debt; violation of anti -bribery and corruption laws; internal controls; claims and legal 
proceedings; and reclamation obligations.

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Q2 2024

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 1 
 
 
INTRODUCTION 
 
This Management’s Discussion and Analysis (“MD&A”) of Lundin Gold Inc. and its subsidiaries (collectively, 
“Lundin Gold” or the “Company”) provides a detailed analysis of the Company’s business and compares its 
financial results for the three and six months ended June 30, 2024 with those of the same period from the 
previous year.  
 
This MD&A is dated as of August 8, 2024 and should be read in conjunction with the Company’s unaudited 
condensed consolidated interim financial statements and related notes thereto for the three and six months 
ended June 30, 2024, which are prepared in accordance with IAS 34: Interim Financial Statements, and 
the Company’s audited annual consolidated financial statements and related notes thereto, which are 
prepared in accordance with International Financial Reporting Standards as issued by the International 
Accounting Standards Board (“IFRS Accounting Standards”), and the MD&A for the fiscal year ended 
December 31, 2023.  References to the “2024 Period” and “2023 Period” relate to the six months ended 
June 30, 2024 and June 30, 2023, 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.sedarplus.ca. 
 
Lundin Gold, headquartered in Vancouver, Canada, is committed to positive and long-lasting impact on our 
host communities, while delivering significant value to stakeholders through operational excellence, cash 
flow generation and focused growth.  Lundin Gold currently operates its 100% owned Fruta del Norte (“Fruta 
del Norte” or “FDN”) gold mine in southeast Ecuador, which is one of the highest-grade gold mines in 
production in the world today. The Company also owns a portfolio of prospective exploration properties 
close to FDN. 
 
 
SECOND QUARTER 2024 HIGHLIGHTS AND ACTIVITIES 
 
Record quarterly revenues of $301 million were realized during the second quarter of 2024 from the sale 
of 129,396 ounces (“oz”) at an average realized gold price1 of $2,379 per oz.  From this, adjusted EBITDA1 
and adjusted earnings1 of $195 million and $98.9 million, respectively, were achieved.  The Company 
continued to generate significant cash flow with cash from operating activities of $144 million and adjusted 
free cash flow1 of $112 million, which excludes the one-time finance expense incurred upon buy out of the 
stream loan credit facility (the “Stream Facility”) and offtake commitment (the “Offtake”).  
 
The strong financial performance was underpinned by production of 133,062 oz, driven by improvements 
in recoveries of 89.0%, average mill throughput of 4,669 tonnes per day (“tpd”) and average mill head grade 
of 11.0 grams per tonne (“g/t”).  This resulted in cash operating costs1 and all-in sustaining costs (“AISC”)1 
of $725 and $875 per oz sold, respectively, for the quarter.  During the quarter, the Company continued to 
focus on operational excellence, and the underlying cost of operations was reduced.  Prevailing gold prices 
increased royalties, however, which impacted overall cash operating costs1 and AISC1.  The process plant 
expansion project remains on track and the Company continues to expect to reach a plant throughput rate 
of 5,000 tpd and begin seeing an improvement to metallurgical recoveries by year end. 
 
Exploration activities at the near-mine program continue to yield positive results, highlighted by gold 
mineralization discovered at Bonza Sur extending more than 1.6 kilometres along the north-south strike 
and for at least 500 metres along the downdip.     
 
  
 
1 Refer to “Non-IFRS Measures” section.

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 2 
 
 
The end of the second quarter of 2024 marked the closing of the buy out of the Stream Facility and Offtake 
from Newmont Corporation following payment of the first tranche of the purchase price of $180 million.  The 
second and final tranche of $150 million is due on September 30, 2024.  With a cash balance of $238 
million as at June 30, 2024, the Company is now debt free with increased exposure to rising gold prices 
that are expected to result in increased free cash flow1 to support capital allocation initiatives, including 
growth and shareholder returns. 
 
The following two tables provide an overview of key operating and financial results achieved during the 
second quarter of 2024 compared to the same period in 2023. 
 Three months ended 
June 30, 
Six months ended 
June 30, 
 2024 2023 2024 2023 
Tonnes ore mined 419,173 404,408 838,931 832,143 
Tonnes ore milled 424,899 418,373 838,495 810,705 
Average mill throughput (tpd) 4,669 4,598 4,607 4,479 
Average mill head grade (g/t) 11.0 11.0 10.2 11.6 
Average recovery 89.0% 88.0% 88.6% 89.3% 
Gold ounces produced 133,062 129,731 244,634 269,752 
Gold ounces sold 129,396 128,958 238,312 263,649

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 3 
 
 
 
 Three months ended  
June 30, 
Six months ended  
June 30, 
 2024 2023 2024 2023 
Revenues ($’000) 301,431 243,930 528,172 500,658 
Income from mining operations ($’000) 171,757 124,801 284,994 257,509 
Earnings before interest, taxes, depreciation, and 
amortization ($’000)1 
 
457,069 
 
149,900 
 
568,681 
 
293,532 
Adjusted earnings before interest, taxes, 
depreciation, and amortization ($’000)1 
 
195,401 
 
149,579 
 
326,857 
 
308,645 
Net income ($’000) 119,291 63,148 161,188 114,613 
Basic income per share ($) 0.50 0.27  0.68 0.48  
Cash provided by operating activities ($’000) 144,169 162,352 252,083 306,791 
Adjusted free cash flow ($’000)1 112,148 131,859 194,407 120,206 
Adjusted free cash flow per share ($)1 0.47 0.56 0.81 0.51 
Average realized gold price ($/oz sold)1  2,379 1,942 2,270 1,947 
Cash operating cost ($/oz sold)1 725 644 730 644 
All-in sustaining costs ($/oz sold)1 875 802 872 765 
Adjusted earnings ($‘000)1  98,938 59,387 156,734 126,401 
Adjusted earnings per share ($)1 0.41 0.25 0.66 0.53 
Dividends paid per share ($) 0.10 0.10 0.20 0.20 
 
The difference between net income and adjusted earnings1 during the second quarter of 2024 is due to 
final adjustments relating to the Stream Facility and Offtake and associated taxes stemming from the buy 
out and fair value accounting of these facilities.  With the Company in a debt free position, no further 
derivative gains or losses are expected to be recognized in future periods.  
 
Operating and Financial Results During the Second Quarter of 2024 
 
 The mine maintained its strong operating performance during the quarter with 419,173 tonnes 
mined at an average grade of 10.5 g/t. 
 The mill processed 424,899 tonnes at an average throughput rate of 4,669 tpd which was achieved 
from continued debottlenecking.   
 The average grade of ore milled was 11.0 g/t with average recovery at 89.0%, both improvements 
from the previous quarter.   
 Gold production was 133,062 oz which was comprised of 83,910 oz in concentrate and 49,152 oz 
as doré. 
 Gold sales totaled 129,396 oz, consisting of 85,682 oz in concentrate and 43,714 oz as doré, 
resulting in gross revenues of $308 million at an average realized gold price1 of $2,379 per oz.  Net 
of treatment and refining charges, revenues for the quarter were $301 million. 
 
 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 4 
 
 
 Cash operating costs1 and AISC1 were $725 and $875 per oz of gold sold, respectively, which have 
trended toward the upper end of guidance due to the higher average realized gold price1 resulting 
in higher royalties and profit sharing for which the portion attributable to employees is recorded in 
operating costs.   
 The Company generated cash from operating activities of $144 million and adjusted free cash flow1 
of $112 million, or $0.47 per share, resulting in a cash balance of $238 million at June 30, 2024.   
 Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 
were $457 million and $195 million, respectively, with the difference resulting from derivative gains 
recognized from the buy out of the Stream Facility and Offtake. 
 Net income was $119 million including a derivative gain of $262 million, and net of corporate, 
exploration, finance costs, and associated taxes.  Adjusted earnings1, which exclude the one-time 
finance expense relating to the buy out of the Stream Facility and Offtake, derivative gains, and 
related taxes were $98.9 million, or $0.41 per share.   
 
Capital Expenditures 
 
Sustaining Capital 
 Highlights of sustaining capital activities during the quarter were the significant progress made on 
the mine dispatch system implementation as well as upgrades to the main haul road connecting 
the mine to the primary crusher.  Other ongoing projects include the camp 
refurbishment/expansion, replacement of the concrete batch plant, as well as preliminary works for 
future TSF expansion.   
 The 2024 conversion program continues to advance in the north-central sector of FDN. In the 
second quarter, the program completed approximately 6,062 metres across 40 holes. 
o Conversion drilling results continue to confirm mineralization at FDN with high-grade 
intercepts associated with breccias and stockwork zones, like the mineralization found in 
the north sector of the current Mineral Reserve envelope.   
o Two rigs are currently turning under the conversion program. 
 
A complete table of the conversion drilling results received to date can be found in Lundin Gold’s press 
release dated July 31, 2024. 
 
Process Plant Expansion Project 
 At the end of the second quarter, detailed engineering reached 90% completion and is expected to 
be completed before the end of the third quarter.  In addition, nearly all items required for the 
expansion have been awarded to vendors. 
 Construction of the upgraded tailings and reclaim lines continued through the quarter.  In addition, 
earthworks for the addition of three Jameson cells as well as an expansion of the concentrate filter 
building commenced. 
 
Health and Safety and Community 
 
Health and Safety 
 During the second quarter there were three Lost Time Incidents and five Medical Aid Incidents. 
 The Total Recordable Incident Rate across the Company was 0.75 per 200,000 hours worked for 
the quarter and 0.86 for the first six months of 2024. 
 The majority of the incidents were hand injuries.  The focus of the operations team is to improve 
awareness of the workforce with more leadership presence in the field, as well as a review of 
activities where the potential for hand injuries is high.  
 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 5 
 
 
Community 
Lundin Gold continued to support several community projects in the second quarter of 2024, including 
initiatives focused on community health and education. The most significant program, focused on mental 
health and well-being, is run by Educación para Compartir and continues smoothly with a high level of 
engagement with local community residents.  There were 531 beneficiaries registered in extra-curricular 
activities such as soccer, dance and boxing, among others.  As part of this program, socio-emotional skills 
workshops were held in communities with over 340 children and youth participating. 
 
The Company also works with the local governments of Yantzaza and Los Encuentros to support rural road 
maintenance, basic service infrastructure, and well-being programs.  During the quarter, the Company 
committed to two significant infrastructure projects in Los Encuentros, including an urban regeneration 
project of approximately $2.1 million and an improvement to street lighting of approximately $0.5 million. 
 
Two community dialogue roundtable sessions were held in the second quarter focused on six topics and 
with more than 450 participants. 
 
Local businesses continue to be supported by the Company in conjunction with the Lundin Foundation.  
The well-established Soy Emprendadora program assists women led businesses through which three new 
local entrepreneurs received awards of technical assistance and non-reimbursable seed capital.  Other 
local entrepreneurs which were supported through the Lundin Foundation include a textile manufacturer, 
fire extinguisher maintenance provider, and pest control and fumigation service company, all of which 
showed improved sales compared to the first quarter, with Lundin Gold as their major client. In addition, the 
Company and the Lundin Foundation continue to jointly support the development of other local suppliers 
through the Nexo program.  The Company continues to work with the Shuar Federation of Zamora 
Chinchipe and the Lundin Foundation to promote the preservation of Shuar culture and to explore 
opportunities to integrate Shuar based businesses into the Company’s supply chain.   
 
Exploration 
 
Near-Mine Exploration Program 
During the second quarter of 2024, the Company completed a total of 13,743 metres across 38 holes from 
surface and underground.  Drilling from underground mainly explored the southern limit of the FDN deposit 
while drilling from surface continued to test sectors located along the extensions of the controlling structures 
of the FDN deposit, such as Bonza Sur and FDN East. 
 
 During the quarter, the surface drilling program continued along extensions of the East Fault, where 
the Bonza Sur discovery and other prospective sectors like FDN East and Aguas Mesas are 
located. 
o At Bonza Sur, located one kilometre from FDN, thirteen surface drill holes were completed 
and continue to expand this new epithermal system along the north extension.  Recent 
results continue to confirm wide mineralized zones at shallower depths associated mainly 
to vein/veinlet zones of quartz and minor chalcedony and manganoan-carbonate with 
occurrences of disseminated levels of sulphides (mainly marcasite and minor sphalerite 
and galena).  Gold mineralization has already been discovered for more than 1.6 kilometres 
along the north-south strike and for at least 500 metres along the downdip and remains 
open in all directions. 
o At FDN East, drilling continues in this recently discovered buried epithermal mineralized 
system.  Seven drill holes were completed during the second quarter and results showed 
low grade gold mineralization associated with narrow vein and/or veinlet zones and 
sulfides.  Some drill hole results remain pending.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 6 
 
 
o The near-mine exploration program also advanced in unexplored areas close to FDN.  
During the second quarter, the program completed eight drill holes in new areas and 
identified additional potential targets.  At Aguas Mesas, located along the south extension 
of the East Fault, drilling intercepted gold mineralization associated hydrothermal alteration 
zones represented by chalcedony veins and sulfides.  In the north extension of the FDN 
deposit, exploratory holes intercepted zones of hydrothermal alteration represented by 
massive quartz veins and sulfides with no significant results. 
 
 The underground exploration drilling program focused on the southern limit of the FDN deposit and 
tested the occurrence of a new high grade vein system.  A total of ten drill holes were completed 
with all drill holes confirming gold mineralization associated to vein and veinlet zones of chalcedony 
and manganoan-calcite with sulfides and visible gold. 
 
A complete table of results received to date can be found in Lundin Gold’s press release dated July 31, 
2024 and August 7, 2024. 
 
Regional Exploration Program 
The 2024 regional program continues to advance the identification of important indicators that point toward 
the presence of buried epithermal deposits in the southern basin.  During the quarter, regional drilling 
focused on the Robles target, located in the southern border of the Suarez Basin, where detailed geological 
interpretation of exploration data and additional surface works identified major structures and zones of 
hydrothermal alteration.  A total of 1,122 metres across three holes were completed.  The drilling program 
focused on a large geochemical soil anomaly and the completed holes intercepted wide disseminated gold 
mineralization. 
 
Geophysical Program 
During the quarter, the Company started a geophysical survey designed to provide high resolution resistivity 
and chargeability imaging of exploration targets.  A total of 67 kilometres is expected to be surveyed which 
covers the entire near-mine area and parts of the regional district.   
 
Corporate 
 The Company published its 2023 Sustainability Report, integrating its climate report, in May, 
highlighting its progress and performance against its 5-Year Sustainability Strategy.   
 The Company paid a quarterly dividend of $0.10 per share on June 25, 2024 (June 28, 2024 for 
shares trading on Nasdaq Stockholm) based on a record date of June 10, 2024, for a total of $24.0 
million.   
 With the release of its second quarter 2024 results, the Company updated its dividend policy and 
has declared a cash dividend of $0.20 per share, which is payable on September 25, 2024 
(September 30, 2024 for shares trading on Nasdaq Stockholm) to shareholders of record on 
September 10, 2024. 
 Subsequent to quarter end, the Company announced the departure of the Company’s Chief 
Financial Officer, Mr. Christopher Kololian.  The Board appointed Mr. Chester See as Chief 
Financial Officer on August 6, 2024.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 7 
 
 
SUMMARY OF QUARTERLY FINANCIAL RESULTS 
 
The Company’s quarterly financial statements are reported under IFRS Accounting Standards as applicable 
to interim financial reporting.  The following table provides highlights from the Company’s financial 
statements for the past eight quarters (unaudited). 
 
  2024  2024  2023  2023 
  Q2  Q1  Q4  Q3 
         
Revenues $  301,431 $ 226,741 $ 190,688 $ 211,172 
         
Income from mining operations $  171,757 $ 113,237 $ 78,051 $ 99,620 
         
Derivative gain (loss) for the period $ 261,668 $ (17,931) $ (28,634) $ 11,678 
         
Net income for the period $  119,291 $ 41,897 $ 11,062 $ 53,782 
         
Basic income per share $  0.50 $ 0.18 $ 0.05 $ 0.23 
Diluted income per share $  0.49 $ 0.17 $ 0.05 $ 0.22 
         
Weighted-average number of common         
shares outstanding         
Basic  239,129,917  238,255,452  237,665,855  237,411,813 
Diluted  241,031,608  239,968,974  239,745,358  239,583,745 
         
Additions to property, plant and equipment $ 17,467 $ 9,701 $ 15,791 $ 15,744 
         
Total assets $  1,396,496 $ 1,508,987 $ 1,468,209 $ 1,516,866 
         
Long-term debt $  - $ 326,791 $ 305,647 $ 361,109 
         
Working capital  $  253,587 $ 413,528 $ 346,859 $ 313,794 
 
  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

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 8 
 
 
Three months ended June 30, 2024 compared to the three months ended June 30, 2023 
 
The Company generated net income of $119 million during the second quarter of 2024 compared to $63.1 
million during the second quarter of 2023.  Net income was generated from the recognition of revenues of 
$301 million and income from mining operations of $172 million as well as a derivative gain on $262 million, 
finance income of $4.8 million, and other income of $1.5 million.  This is offset by finance expense of $254 
million, income tax expense of $52.3 million, and other expenses totalling $13.7 million.  During the second 
quarter of 2023, net income was generated from the recognition of revenues of $244 million and income 
from mining operations of $125 million as well as finance income of $3.1 million and derivative gain of $0.3 
million.  This is offset by finance expense of $19.6 million, income tax expense of $34.3 million, and other 
expenses totalling $11.3 million. 
 
Income from mining operations 
 
During the second quarter of 2024, the Company generated revenues of $301 million from the sale of 
129,396 oz of gold and income from mining operations of $172 million compared to revenues of $244 million 
from the sale of 128,958 oz of gold and income from mining operations of $125 million during the second 
quarter of 2023.  The increase is primarily attributable to an increase in average realized gold price1. 
 
Exploration 
 
Exploration costs were $8.9 million in the quarter compared to $5.2 million during the same period in 2023.  
The increase is attributable to the continued expansion of the near-mine exploration program following 
positive results to date. 
 
Corporate administration 
 
Corporate administration costs increased slightly from $4.5 million during the second quarter of 2023 to 
$4.9 million during the second quarter of 2024.  The increase is mainly due to an expansion of the 
Company’s corporate office resulting in increased salaries and benefits as well as stock-based 
compensation expense. 
 
Finance expense 
 
Finance expense increased to $254 million during the quarter compared to $19.6 million during the same 
period in 2023.  The increase is due to the buy out of the Stream Facility and Offtake which resulted in a 
one-time finance expense of $236 million.   
 
Finance income 
 
Finance income increased from $3.1 million during the second quarter of 2023 to $4.8 million during the 
second quarter of 2024 which is driven by a higher cash balance and increased yield on short-term 
investments. 
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 9 
 
 
Other income 
 
Other income of $1.5 million was recognized during the quarter compared to an expense of $1.6 million in 
the second quarter of 2023.  This is mainly driven by foreign exchange gains or losses 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 $262 million was recorded on the statement of operations during the second quarter of 
2024 compared to $0.3 million during the second quarter of 2023. 
 
Derivative gains and losses in the statement of operations and other comprehensive income are mainly 
driven by the Company’s debt obligations under the Stream Facility which was classified as financial 
liabilities at fair value.  In addition to the recognition of a one-time finance expense of $236 million, the buy 
out resulted in the recognition of a derivative gain of $262 million which effectively reversed the accumulated 
derivative losses recorded on the Stream Facility since its inception in 2017.  These cumulative derivative 
losses were the result of an increase in the gold price and changes in other variables previously applied in 
determining the Stream Facility’s fair value using Monte Carlo simulation valuation models. 
 
With the Company in a debt free position, no further derivative gains or losses are expected to be 
recognized in future periods. 
 
Income taxes 
 
Income taxes of $52.3 million were accrued during the second quarter of 2024 (three months ended June 
30, 2023: $34.3 million) which is comprised of current and deferred income tax expenses of $48.9 million 
and $3.4 million, respectively.  In addition to corporate income taxes in Ecuador which are levied at a rate 
of 22%, income tax expense includes a 5% Ecuadorean withholding tax on the anticipated portion of net 
income generated from FDN to be paid in the form of dividends, and an accrual for the portion of profit 
sharing payable to the Government of Ecuador which is calculated at the rate of 12% of the estimated net 
income for tax purposes for the quarter.  The employee portion of profit sharing payable, calculated at the 
rate of 3% of net income for tax purposes is considered an employee benefit and is included in operating 
expenses. 
 
Corporate income taxes in Ecuador are due in April of each year.  Effective January 1, 2024, the 
Government of Ecuador introduced monthly corporate income tax instalment payments which is based on 
a percentage of monthly revenues.  Instalment amounts paid during the year ended December 31, 2024 
will offset corporate income taxes due in April 2025. 
 
 
Six months ended June 30, 2024 compared to the six months ended June 30, 2023 
 
The Company generated net income of $161 million during the 2024 Period compared to $115 million during 
the 2023 Period.  During the 2024 Period, revenues of $528 million were recognized which generated 
income from mining operations of $285 million. In addition, derivative gains of $244 million and finance 
income of $9.2 million were recorded which were offset by finance expense of $267 million, income tax 
expense of $80.9 million, and other expenses totalling $29.4 million.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 10 
 
 
Revenues and income from mining operations were lower for the 2023 Period at $501 million and $258 
million, respectively, due mainly to lower realized gold prices.  This was further offset by derivative losses 
of $15.1 million, finance expense of $42.4 million, income tax expense of $68.1 million, and other expenses 
totaling $17.2 million. 
 
Income from mining operations 
 
During the 2024 Period, the Company recognized revenues of $528 million from the sale of 238,312 oz of 
gold. This is offset by cost of goods sold of $243 million which is comprised of operating expenses of $143 
million; royalties of $30.4 million; and depletion and depreciation of $69.3 million resulting in income from 
mining operations of $285 million. During the same period in 2023, revenues of $501 million were 
recognized from the sale of 263,649 oz of gold resulting in income from mining operations of $258 million. 
 
Exploration 
 
Exploration costs were $16.8 million during the 2024 Period compared to $9.0 million during the 2023 
Period with the increase being driven by increased activities under the near-mine exploration program given 
success to date. 
 
Corporate administration 
 
Corporate administration costs of $15.2 million were incurred during the 2024 Period compared to $12.1 
million during the 2023 Period.  The increase is mainly due to a one-time special levy by the Government 
of Ecuador of $1.9 million, payable in two equal installments, to strengthen security amid rising violence in 
the country, as well as an increase in stock-based compensation due to the cash settlement of vested share 
units.  
 
Finance expense 
 
Finance expense of $267 million was incurred during the 2024 Period compared to $42.4 million during the 
2023 Period.  The increase is mainly due to the buy out of the Stream Facility and Offtake which resulted 
in a one-time finance expense of $236 million.   
 
Derivative gain or loss 
 
A derivative gain of $244 million was recorded on the statement of operations during the 2024 Period which 
was mainly due to the buy out of the Stream Facility and Offtake as explained above.  In contrast, a 
derivative loss of $15.1 million was recorded during the 2023 Period. 
 
With the Company in a debt free position, no further derivative gains or losses are expected to be 
recognized in future periods. 
 
 
LIQUIDITY AND CAPITAL RESOURCES 
 
As at June 30, 2024, the Company had cash of $238 million and a working capital balance of $254 million 
compared to cash of $268 million and a working capital balance of $347 million at December 31, 2023.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 11 
 
 
The change in cash during the 2024 Period was primarily due to cash generated from operating activities 
of $252 million and proceeds from the exercise of stock options and anti-dilution rights totalling $13.7 
million.  This is offset by scheduled principal, interest, and finance expense repayments under the Stream 
Facility totaling $35.8 million; the first tranche of the buy out of the Stream Facility and Offtake of $180 
million; dividends of $47.8 million; cash outflows of $28.6 million relating to investing activities; and 
settlement of vested share units with cash of $3.6 million.   
 
The Company’s working capital balance as at June 30, 2024 includes the second and final tranche of $150 
million for the buy out of the Stream Facility and Offtake which is due on September 30, 2024. 
 
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 trade receivables is calculated based on the expected month 
when the final gold price is forecast to be determined and the related forward price of gold at the end of the 
reporting period.  At June 30, 2024, this resulted in an estimated increase of $10.9 million ($7.8 million at 
December 31, 2023) to trade receivables reflecting rising gold prices during the period. 
 
Consistent with industry standards, concentrate sales have relatively long payment terms and are not fully 
settled until concentrate is received by the customer and related final assays confirmed, generally two to 
five months after the export sale occurs. 
 
VAT receivables 
 
Subject to the submission of monthly claims and their acceptance by the applicable authorities, VAT paid 
in Ecuador by the Company after January 1, 2018 are being refunded or applied, based on the level of 
export sales in any given month, as a credit against other taxes payable.  A portion of the VAT recoverable 
has been reclassified as current assets based on the Company’s assessment of the estimated time for 
processing VAT claims during the next twelve months. 
 
Advance royalties 
 
Advance royalties are deductible against future royalties on sales payable to the Government of Ecuador 
at a rate equal to the lesser of 50% of the actual future royalties payable in a six-month period or 10% of 
the total advance royalty payment.  A portion of the advance royalty payment is classified as current assets 
based on expected utilization over the next twelve months. 
 
Inventories 
 
Gold inventory is recognized in the ore stockpiles and in production inventory, comprised principally of 
concentrate and doré at site or in transit to port or to the refinery, with a component of gold-in-circuit.  Ore 
stockpile inventory has increased primarily due to higher grade stockpiled compared to December 31, 2023 
while variations in doré and concentrate are mainly the result of timing of shipments around period end.  In 
addition, there has been a decrease in the value of materials and supplies due to the disposal of obsolete 
or slow-moving inventory generally accumulated during the construction of FDN.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 12 
 
 
Investment activities 
   
Investment activities during the 2024 Period are comprised principally of sustaining capital expenditures for 
the mine dispatch system and other capital projects.  In addition, costs were incurred relating to the process 
plant expansion project. 
 
Liquidity and capital resources 
 
The Company generated strong operating cash flow during the 2024 Period and expects to continue to do 
so for the remainder of the year based on its production and AISC1 guidance.  With no debt and increased 
exposure to rising gold prices following the buy out of the Stream Facility and Offtake, the Company expects 
to generate increased cash flow which will continue to support the exploration programs, planned capital 
expenditures, growth initiatives and regular dividend payments under the approved dividend policy.    
 
 
TRANSACTIONS WITH RELATED PARTIES 
 
During the 2024 Period, the Company incurred $1.0 million (2023 Period – $0.3 million), primarily relating 
to office rental, renovation costs, and related services provided by Namdo Management Services Ltd. 
(“Namdo”), a company associated with a director of the Company. 
 
 
FINANCIAL INSTRUMENTS 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are 
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are 
categorized as financial liabilities at amortized cost.  The fair value of these financial instruments 
approximates their carrying values due to the short-term nature of these instruments.  Further, provisionally 
priced trade receivables of $129 million (December 31, 2023 - $93.0 million) are measured at fair value 
using quoted forward market prices. 
 
The Company’s financial instruments are exposed to a variety of financial risks by virtue of its activities. 
 
Currency risk 
 
Lundin Gold is a Canadian company, with foreign operations in Ecuador.  Revenues generated and 
expenditures incurred in Ecuador are primarily denominated in U.S. dollars.  However, equity capital, if 
needed, is typically raised in Canadian dollars.  As such, the Company is subject to risk due to fluctuations 
in the exchange rates of foreign currencies.  Although the Company does not enter into derivative financial 
instruments to manage its exposure, the Company tries to manage this risk by maintaining most 
of its cash in U.S. dollars.   
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 13 
 
 
Credit risk 
 
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to 
meet its contractual obligations.  The majority of the Company’s cash is held in large financial institutions 
with a high investment grade rating.  The Company is also subject to credit risk associated with its trade 
receivables.  The Company manages this risk by only selling to a small group of reputable customers with 
strong financial statements. 
 
Concentration of credit risk 
 
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the 
Company’s cash and cash equivalents held with financial institutions exceed government-insured limits.  
The Company has established a treasury policy that seeks to minimize its credit risk by entering into 
transactions with investment grade creditworthy and reputable financial institutions and by monitoring the 
credit standing of those financial institutions.  The Company seeks to limit the amount of exposure with any 
one counterparty in accordance with its established treasury policy. 
 
Liquidity risk 
 
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due.  Cash 
flow forecasting is performed regularly to monitor the Company’s liquidity requirements to ensure it has 
sufficient cash to always meet its operational needs.  In addition, management is actively involved in the 
review, planning and approval of significant expenditures and commitments.   
 
Commodity price risk 
 
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver.  
Commodity price risks are affected by many factors that are outside the Company’s control including global 
or regional consumption patterns, the supply of and demand for metals, speculative activities, the 
availability and costs of substitutes, inflation, and political and economic conditions.  The Company has not 
hedged the price of any commodity at this time.  The fair value of a portion of the Company’s trade 
receivables are impacted by fluctuations of commodity prices. 
 
 
COMMITMENTS 
 
Significant capital expenditures contracted as at June 30, 2024 but not recognized as liabilities are as 
follows: 
 
 
 
Capital 
expenditures 
   
12 months ending June 30, 2025 $  38,019 
July 1, 2025 onward  - 
   
Total  $  38,019 
 
On January 1, 2024, the Company entered into a long-term rental agreement with Namdo which expires 
on February 28, 2039, and provides a guarantee of rental fees totaling $6.5 million for the duration of the 
contract.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 14 
 
 
OFF-BALANCE SHEET ARRANGEMENTS 
 
During the 2024 Period and the year ended December 31, 2023, there were no off-balance sheet 
transactions.  The Company has not entered into any specialized financial arrangements to minimize its 
currency risk. 
 
 
OUTSTANDING SHARE DATA 
 
As at the date of this MD&A, there were 239,602,966 common shares issued and outstanding.  There were 
also stock options outstanding to purchase a total of 2,798,771 common shares, 542,767 restricted share 
units with a performance criteria, 226,806 restricted share units, and 43,766 deferred share units. 
 
 
OUTLOOK 
 
Lundin Gold’s performance in the first half of 2024 puts the Company firmly on track to meet its production 
guidance of 450,000 to 500,000 oz.  Record gold prices have also allowed the Company to realize 
significant revenues and adjusted earnings1 to date which in turn have increased royalties and accrued 
profit sharing.  These costs have an impact on the Company’s cash operating cost1 and AISC1 per oz sold 
which have trended toward the upper end of cost guidance that were set based on a gold price assumption 
of $1,900 per oz.   
 
The process plant expansion project is still on track to increase throughput to 5,000 tonnes per day and 
improve recoveries by approximately 3% by year end.  
 
The near-mine drilling program will continue to explore Bonza Sur where the primary focus is to better 
understand the target’s mineralized zones as well as to expand the system to the south, to the east and at 
depth.  Four rigs are currently turning at Bonza Sur.  At the new FDN East discovery, one rig will continue 
to focus on expanding the initial positive results achieved to gain a better understanding of the mineralized 
zones and main geological controls.  The regional drilling program is expected to continue expanding the 
gold mineralization at the Robles target in the Southern Basin.  
 
Eleven rigs are currently turning across the conversion, near-mine and regional programs.  The Company 
plans to increase the near-mine drilling program by 10,000 metres to a minimum of 56,000 metres to 
accelerate the definition of near-mine targets and the conversion drilling program from 9,815 metres to 
14,000 metres.  As a result, a minimum of 80,000 metres of drilling are now planned across the conversion, 
near-mine and regional drilling programs for 2024.  This is expected to result in an estimated cost increase 
of $2.0 million, which results in an estimated program cost of $44.0 million on near-mine and regional 
exploration for the year. This represents the largest drill program ever completed at the land package that 
hosts the FDN deposit.  Given positive results to date, the Company expects to start a metallurgical testwork 
program on Bonza Sur before the end of 2024.  
 
Under its updated dividend policy, with the Company now debt free and generating significant revenues 
and operating cash flow, the Company plans to declare quarterly dividends of at least $0.20 per share going 
forward, which is equivalent to approximately $200 million annually, based on currently issued and 
outstanding shares.   
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 15 
 
 
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, adjusted free cash flow, adjusted 
free cash flow per share, and adjusted earnings, which are not recognized under IFRS Accounting 
Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards.  These 
measures may differ from those made by other companies and accordingly may not be comparable to such 
measures as reported by other companies.  These measures have been derived from the Company’s 
financial statements because the Company believes that they are of assistance in the understanding of the 
results of operations and its financial position. 
 
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, 
  2024  2023  2024  2023 
           
Revenues   $  301,431 $ 243,930 $ 528,172 $ 500,658 
           
Treatment and refining charges    10,292  10,118  19,664  19,528  
Less: silver revenues    (3,871)  (3,659)  (6,794)  (6,891)  
           
Gold sales   $  307,852 $ 250,389 $ 541,042 $ 513,295 
           
Gold oz sold    129,396  128,958  238,312  263,649  
           
Average realized gold price   $  2,379 $ 1,942 $ 2,270 $ 1,947 
 
EBITDA and Adjusted EBITDA 
 
Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) is a metric used to better 
understand the financial performance of the Company by computing earnings from business operations 
without including the effects of capital structure, tax rates and depreciation.  Adjusted EBITDA is EBITDA 
excluding items which are considered not indicative of underlying business operations.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 16 
 
 
  Three months ended 
June 30, 
Six months ended 
June 30, 
  2024  2023  2024  2023 
          
Net income for the period  $  119,291 $ 63,148 $ 161,188 $ 114,613 
          
Adjusted for:          
Finance expense   254,449  19,573  266,542  42,444 
Finance income   (4,784)  (3,138)  (9,238)  (4,952) 
Income tax expense   52,256  34,258  80,878  68,106 
Depletion and depreciation   35,857  36,059  69,311  73,321  
          
EBITDA  $  457,069 $ 149,900 $ 568,681 $ 293,532 
          
Special government levy   -  -  1,913  -  
Derivative loss (gain)   (261,668)  (321)  (243,737)  15,113  
          
Adjusted EBITDA  $  195,401  149,579 $  326,857 $ 308,645 
 
Adjusted earnings and adjusted basic earnings per share 
 
Adjusted earnings and adjusted basic earnings per share can be used to measure and may assist in 
evaluating operating earning trends in comparison with results from prior periods by excluding specific items 
that are significant, but not reflective of the underlying operating activities of the Company.  Presently, these 
include a special one-time government levy; derivative gains or losses from accounting for the Stream 
Facility at fair value; one-time finance expense incurred on buy out of the Stream Facility and Offtake; and 
related income tax effects.  Adjusted basic earnings per share is calculated using the weighted average 
number of shares outstanding under the basic method of earnings per share as determined under IFRS 
Accounting Standards. 
 
  Three months ended 
June 31, 
Six months ended 
June 31, 
  2024  2023  2024  2023 
          
Net income for the period  $  119,291 $ 63,148 $ 161,188 $ 114,613 
          
Adjusted for:          
Finance expense on buy out of 
stream and offtake 
   
235,575 
  
- 
  
235,575 
  
- 
Special government levy   -  -  1,913  - 
Derivative loss (gain)   (261,668)  (321)  (243,737)  15,113 
Deferred income tax expense 
(recovery) 
   
5,740 
  
(3,440) 
  
1,795 
  
(3,325) 
          
Adjusted earnings $ 98,938 $ 59,387 $ 156,734 $ 126,401 
         
Basic weighted average shares 
outstanding 
  
239,129,917 
  
236,943,432 
  
238,697,974 
  
236,505,417 
          
Adjusted basic earnings per share  $  0.41 $ 0.25 $ 0.66 $ 0.53

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 17 
 
 
Cash operating cost per oz 
 
Cash operating cost per oz sold, combined with revenues, can be used to evaluate the Company’s 
performance and ability to generate operating income and cash flow from operating activities.  Cash 
operating costs include operating expenses and royalty expenses. 
 
   Three months ended 
June 31, 
Six months ended 
June 31, 
  2024  2023  2024  2023 
           
Operating expenses   $  76,166 $ 68,339 $ 143,434 $ 140,810 
Royalty expenses    17,656  14,742  30,444  29,041 
           
Cash operating costs   $  93,822 $ 83,081 $ 173,878 $ 169,851 
           
Gold oz sold    129,396  128,958  238,312  263,649  
           
Cash operating cost per oz sold   $  725 $ 644 $ 730 $ 644 
 
All-in sustaining cost 
 
AISC provides information on the total cost associated with producing gold and has been calculated on a 
basis consistent with historic news releases by the Company. 
 
The Company calculates AISC as the sum of total cash operating costs (as described above), corporate 
social responsibility costs, treatment and refining charges, accretion of restoration provision, and sustaining 
capital, less silver revenue, all divided by the gold oz sold to arrive at a per oz amount. 
 
Other companies may calculate this measure differently as a result of differences in underlying principles 
and policies applied. 
 
  Three months ended 
June 31, 
Six months ended 
June 31, 
  2024  2023  2024  2023 
          
Cash operating costs  $  93,822 $ 83,081 $ 173,878 $ 169,851 
Corporate social responsibility   479  534  1,165  1,146 
Treatment and refining charges   10,292  10,118  19,664  19,528 
Accretion of restoration provision   205  168  410  335 
Sustaining capital   12,302  13,245  19,412  17,629 
Less: silver revenues   (3,871)  (3,659)  (6,794)  (6,891) 
          
All-in sustaining cost  $  113,229 $ 103,487 $ 207,735 $ 201,598 
          
Gold oz sold    129,396  128,958  238,312  263,649  
          
All-in sustaining cost per oz sold  $ 875 $ 802 $ 872 $ 765

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 18 
 
 
Adjusted free cash flow and adjusted free cash flow per share 
 
Adjusted free cash flow is indicative of the Company’s ability to generate cash from operations after 
consideration for required capital expenditures, including related VAT impact, necessary to maintain 
operations and interest and finance expense paid on its debt obligations. Adjusted free cash flow is defined 
as cash flow provided by operating activities, less cash used for investing activities and interest and finance 
expense paid excluding the finance expense incurred upon buy out of the Stream Facility and Offtake. 
 
 Three months ended 
June 30, 
Six months ended 
June 30, 
  2024  2023  2024  2023 
         
Net cash provided by operating 
activities 
 
$ 
 
144,169 
 
$ 
 
162,352 
 
$ 
 
252,083 
 
$ 
 
306,791 
         
Net cash used for investing activities  (14,937)  (13,266)  (28,573)  (20,438) 
Interest paid  (1,812)  (5,357)  (3,688)  (11,725) 
Finance expense paid  (250,847)  (11,870)  (260,990)  (154,422) 
Finance expense on buy out of 
stream and offtake   
235,575 
  
- 
  
235,575 
  
- 
         
Adjusted free cash flow $  112,148 $ 131,859 $ 194,407 $  120,206 
         
Basic weighted average shares 
outstanding 
  
239,129,917 
  
236,943,432 
  
238,697,974 
  
236,505,417 
         
         
Adjusted free cash flow per share $ 0.47 $ 0.56 $ 0.81 $  0.51 
 
 
CRITICAL ACCOUNTING ESTIMATES 
 
The adoption of certain accounting policies requires the Company to make estimates that affect both the 
amount and timing of the recording of assets, liabilities, revenues and expenses.  Some of these estimates 
require judgments about matters that are inherently uncertain.  For a complete discussion of accounting 
estimates deemed most crucial by the Company, refer to the Company’s annual 2023 Management’s 
Discussion and Analysis.   
 
 
RISKS AND UNCERTAINTIES 
 
Natural resources exploration, development and operation involves a number of risks and uncertainties, 
many of which are beyond the Company’s control.  These risks and uncertainties include, without limitation, 
the risks discussed elsewhere in this MD&A and those set out in the Company’s Annual Information Form, 
which is available on SEDAR+ at www.sedarplus.ca.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 19 
 
 
QUALIFIED PERSON 
 
The technical information relating to Fruta del Norte contained in this MD&A has been reviewed and 
approved by Terry Smith P. Eng, Lundin Gold’s COO, who is a Qualified Person in accordance with the 
requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  
The disclosure of exploration information contained in this MD&A was prepared by Andre Oliveira P.Geo, 
Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements 
of NI 43-101.  
 
 
FINANCIAL INFORMATION 
 
The report for the nine months ended September 30, 2024 is expected to be published on or about 
November 7, 2024. 
 
 
DISCLOSURE CONTROLS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING 
 
Disclosure controls and procedures 
 
Management, including the Chief Executive Officer and the Chief Financial Officer, are responsible for the 
design of the Company’s disclosure controls and procedures in order to provide reasonable assurance that 
information required to be disclosed by the Company in its annual filings, interim filings or other reports filed 
or submitted by it under securities legislation is recorded, processed, summarized and reported within the 
time periods specified in the securities legislation. 
 
Internal controls over financial reporting 
 
Management is also responsible for the design of the Company’s internal control over financial reporting in 
order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of 
financial statements for external purposes in accordance with IFRS Accounting Standards. 
 
Because of their inherent limitations, internal controls over financial reporting can provide only reasonable 
assurance and may not prevent or detect misstatements.  Furthermore, projections of any evaluation of 
effectiveness to future periods are subject to the risk that controls may become inadequate because of 
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
 
As required under Multilateral Instrument 52-109, management advises that there have been no changes 
in the Company’s internal control over financial reporting that occurred during the most recent interim 
period, beginning January 1, 2024 and ending June 30, 2024, that have materially affected, or are 
reasonably likely to materially affect, the Company’s internal control over financial reporting.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Six Months Ended June 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 20 
 
 
FORWARD LOOKING STATEMENTS  
 
Certain of the information and statements in this MD&A are considered “forward-looking information” or 
“forward-looking statements” as those terms are defined under Canadian securities laws (collectively 
referred to as “forward-looking statements”).  Any statements that express or involve discussions with 
respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or 
performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, 
“expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or 
“hopes”, or variations of such words and phrases or statements that certain actions, events or results “may”, 
“could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and similar expressions) are not 
statements of historical fact and may be forward-looking statements. 
 
By their nature, forward-looking statements and information involve assumptions, inherent risks and 
uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that 
could cause actual results to be materially different from those expressed by these forward-looking 
statements and information. Lundin Gold believes that the expectations reflected in this forward-looking 
information are reasonable, but no assurance can be given that these expectations will prove to be correct.  
Forward-looking information should not be unduly relied upon.  This information speaks only as of the date 
of this MD&A, and the Company will not necessarily update this information, unless required to do so by 
securities laws.  
 
This MD&A contains forward-looking information in a number of places, such as in statements pertaining 
to the Company’s 2024 production outlook, including estimates of gold production, grades recoveries and 
AISC; operating plans; expected sales receipts and cash flow forecasts, its estimated capital costs and 
sustaining capital; payment of the second and final tranche of the buy back of the Stream Facility and the 
Offtake; the recovery of VAT; timing of completion of the process plant expansion project and the 
anticipated benefits; benefits of the Company’s community programs; the Company’s declaration and 
payment of dividends pursuant to its updated dividend policy; the timing and the success of its drill program 
at Fruta del Norte and its other exploration activities; and estimates of Mineral Resources and Reserves at 
Fruta del Norte.  
   
Lundin Gold’s actual results could differ materially from those anticipated.  Management has identified the 
following risk factors which could have a material impact on the Company or the trading price of its shares: 
instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; 
security; non-compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste 
disposal and tailings; government or regulatory approvals; environmental compliance; gold price; 
infrastructure; dependence on a single mine; exploration and development; control of Lundin Gold; 
availability of workforce and labour relations; dividends; information systems and cyber security; Mineral 
Reserve and Mineral Resource estimates; title matters and surface rights and access; health and safety; 
human rights; employee misconduct; measures to protect biodiversity; endangered species and critical 
habitats; global economic conditions; shortages of critical resources; competition for new projects; key 
talent recruitment and retention; market price of the Company's shares; social media and reputation; 
insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; climate change; 
illegal mining; conflicts of interest; ability to maintain obligations or comply with debt; violation of anti-bribery 
and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations. 
 
There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results 
and future events could differ materially from those anticipated in this forward-looking information as a result 
of the factors discussed under the heading “Risk Factors” in the AIF available at www.sedarplus.ca.

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

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  2024  2023 
        
ASSETS        
        
Current assets        
Cash and cash equivalents   17 $  237,680 $ 268,025 
Trade receivables and other current assets   3  183,129  163,456 
Inventories   4  82,952  89,406 
Advance royalty     9,994  13,000 
             513,755  533,887 
        Non-current assets        
VAT recoverable     47,741  51,904 
Advance royalty     -  3,494 
Property, plant and equipment   5  688,693  718,896 
Mineral properties   6  146,307  160,028 
                    $  1,396,496 $ 1,468,209 
        LIABILITIES        
        
Current liabilities        
Accounts payable and accrued liabilities   7, 8 $  229,356 $ 74,824 
Income taxes payable     30,812  48,488 
Current portion of long-term debt   8  -  63,716 
             260,168  187,028  
        
Non-current liabilities        
Long-term debt   8  -  241,931 
Reclamation provisions     9,132  8,722 
Deferred income tax liabilities     76,916  74,722 
        
             346,216  512,403 
        
EQUITY        
Share capital   9  1,025,655  1,008,932 
Equity-settled share-based payment reserve   10  12,116  14,535 
Accumulated other comprehensive income (loss)     (31,232)  1,955 
Retained earnings (deficit)     43,741  (69,616) 
             1,050,280  955,806 
            $  1,396,496 $ 1,468,209 
                
Commitments (Note 20)        
 
 
 
 
 
Approved by the Board of Directors 
 
 
/s/ Ron F. Hochstein /s/ Ian W. Gibbs 
Ron F. Hochstein Ian W. Gibbs

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

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  2024  2023  2024  2023 
          
Revenues 11 $  301,431 $ 243,930 $ 528,172 $ 500,658 
          
Cost of goods sold          
Operating expenses   76,166  68,339  143,434  140,810 
Royalty expenses   17,656  14,742  30,444  29,041 
Depletion and depreciation   35,852  36,048  69,300  73,298 
         
   129,674  119,129  243,178  243,149 
          
Income from mining operations   171,757  124,801  284,994  257,509 
          
Other expenses (income)          
Exploration 12  8,864  5,196  16,789  9,039 
Corporate administration 13  4,852  4,482  15,239  12,087 
Finance expense 14  254,449  19,573  266,542  42,444 
Finance income   (4,784)  (3,138)  (9,238)  (4,952) 
Other expense (income)   (1,503)  1,603  (2,667)  1,059 
Derivative loss (gain) 8  (261,668)  (321)  (243,737)  15,113 
          
   210  27,395  42,928  74,790 
          
Net income before tax   171,547  97,406  242,066  182,719 
          Income tax expense          
Current income tax expense 16  48,850  28,055  72,345  54,215 
Deferred income tax expense 16  3,406  6,203  8,533  13,891 
             52,256  34,258  80,878  68,106 
          
Net income for the period  $ 119,291 $ 63,148 $ 161,188 $ 114,613 
                    
OTHER COMPREHENSIVE INCOME (LOSS)        
          
Items that may be reclassified to net income       
Currency translation adjustment   (820)  1,756  (2,194)  1,559 
Items that will not be reclassified to net income       
Derivative loss related to the Company’s 
own credit risk  (31,071)  (10,420)  (37,332)  (10,788) 
Deferred income tax on accumulated other 
comprehensive income  4,962  2,258  6,339  2,373 
          
Comprehensive income  $  92,362 $ 56,742 $ 128,001 $ 107,757 
                    
Income per common share         
Basic   $  0.50 $ 0.27 $ 0.68 $ 0.48 
Diluted    0.49  0.26  0.67  0.48 
           
Weighted-average number of common shares outstanding
 
       
Basic    239,129,917  236,943,432  238,697,974  236,505,417 
Diluted    241,031,608  239,190,085  240,540,041  238,654,967

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

LUNDIN GOLD INC.      
Condensed Consolidated Interim Statements of Changes in Equity 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars, except number of common shares) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
      Equity-settled       
  Number of    share-based    Retained   
  common  Share  payment  Other  earnings   
 Note shares  capital  reserve  reserves  (deficit)  Total 
             
Balance, January 1, 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  237,514  2,382  (1,175)  -  -  1,207 
Exercise of anti-dilution rights 9 549,332  6,607  -  -  -  6,607 
Stock-based compensation 10 -  -  2,086  -  -  2,086 
Other comprehensive loss  -  -  -  (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 
             
             
Balance, January 1, 2024  237,860,048 $  1,008,932 $ 14,535 $ 1,955 $ (69,616) $ 955,806 
             
Exercise of stock options  1,108,198  8,385  (2,435)  -  -  5,950 
Vesting of share units  57,205  631  (2,463)  -  -  (1,832) 
Exercise of anti-dilution rights 9 542,515  7,707  -  -  -  7,707 
Stock-based compensation 10 -  -  2,479  -  -  2,479 
Other comprehensive loss  -  -  -  (33,187)  -  (33,187) 
Net income for the period  -  -  -  -  161,188  161,188 
Dividends paid  -  -  -  -  (47,831)  (47,831) 
             
Balance, June 30, 2024  239,567,966 $  1,025,655 $ 12,116 $ (31,232) $ 43,741 $ 1,050,280

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

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   2024  2023  2024  2023 
          
OPERATING ACTIVITIES          
          
Net income for the period  $  119,291 $ 63,148 $ 161,188 $ 114,613 
Items not affecting cash:          
Depletion and depreciation  35,857  36,059  69,311   73,321  
Stock-based compensation 10 1,427  1,148  4,197   2,075  
Derivative loss (gain)  8  (261,668)  (321)  (243,737)   15,113  
Other expense (income)  (502)  1,126  (1,547)   910  
Finance expense  249,665  16,152  257,304   36,827  
Deferred income tax expense  3,406  6,203  8,533   13,891  
          
  147,476  123,515  255,249   256,750  
Changes in non-cash working capital items:          
Trade receivables and other current assets  730  731  (12,284)  8,218 
Inventories  8,361  623  8,332   2,328  
Advance royalty  1,119  498  6,500   6,500  
Accounts payable and accrued liabilities  7,192  5,361  2,724  (2,891) 
Income taxes payable  (25,493)  28,486  (17,676)  31,979 
Other non-current liabilities  -  -  -  (1,045) 
Interest received  4,784  3,138  9,238  4,952 
          
Net cash provided by operating activities   144,169   162,352 252,083 306,791 
          
FINANCING ACTIVITIES          
          
Repayments of long-term debt 8  (97,985)   (49,108)   (101,106)  (171,558) 
Interest paid 8  (1,812)   (5,357)   (3,688)  (11,725) 
Finance expense paid 8  (250,847)   (11,870)   (260,990)  (154,422) 
Proceeds from exercise of stock options   1,631   1,358   5,950  3,217 
Proceeds from exercise of anti-dilution rights 9  7,707  4,417 7,707 6,607 
Share units settled in cash 10  11  - (3,550) - 
Dividends paid   (23,957)  (23,725) (47,831) (47,373) 
Change in non-cash working capital 7,8  150,000  - 150,000 - 
          
Net cash used for financing activities   (215,252)   (84,285)   (253,508)  (375,254) 
          
INVESTING ACTIVITIES          
          
Acquisition and development of property, plant 
and equipment   (12,686)   (11,798) (25,327) (18,495) 
VAT paid on investing activities   (2,251)  (1,468)  (3,246)  (1,943) 
          
Net cash used for investing activities   (14,937)   (13,266)   (28,573)  (20,438) 
          
Effect of foreign exchange rate differences on cash  (235)  453 (347) 469 
          
Net increase (decrease) in cash and cash equivalents  (86,255)  65,254 (30,345) (88,432) 
        
Cash and cash equivalents, beginning of period   323,935  209,714 268,025 363,400 
          
Cash and cash equivalents, end of period  $ 237,680 $ 274,968 $ 237,680 $ 274,968 
 
Supplemental cash flow information (Note 17)

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 5 
  
 
1. Nature of operations 
 
Lundin Gold Inc. together with its subsidiaries (collectively referred to as “Lundin Gold” or the “Company”) is 
focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador.
  
The common shares of the Company are listed for trading on the Toronto Stock Exchange (the “TSX”) and Nasdaq 
Stockholm under the symbol “LUG” and the OTCQX Best Market under the symbol “LUGDF”.  The Company was 
originally incorporated in British Columbia and continued under the Canada Business Corporations Act in 2002. 
 
The Company’s head office is located at Suite 2800, 1055 Dunsmuir Street, Vancouver, BC, and it has a corporate 
office in Quito, Ecuador.   
 
 
2. Basis of preparation and consolidation 
 
These unaudited condensed consolidated interim financial statements, including comparatives, have been 
prepared in accordance with International Financial Reporting Standards as issued by the International Accounting 
Standard Board (“IFRS Accounting Standards”), applicable to the preparation of interim financial statements, 
including International Accounting Standard 34, Interim Financial Reporting.  As a result, they do not conform in 
all respects with the disclosure requirements for annual financial statements under IFRS and should be read in 
conjunction with the Company’s audited consolidated financial statements for the fiscal year ended December 31, 
2023.  
 
These unaudited condensed consolidated interim financial statements are presented in U.S. dollars. 
 
In preparing these unaudited condensed consolidated interim financial statements, the Company applied the same 
accounting policies and key sources of estimation uncertainty as those that were applied to the Company’s audited 
consolidated financial statements for the fiscal year ended December 31, 2023. 
 
These financial statements were approved for issue by the Board of Directors on August 8, 2024. 
 
 
3. Trade receivables and other current assets 
 
  June 30,  December 31, 
  2024  2023 
     
Trade receivables (a) $  129,041 $ 93,036 
VAT recoverable (b)  31,500  23,409 
Prepaid expenses and other (c)  22,588  47,011 
     
     
 $  183,129 $ 163,456 
 
(a) Trade receivables mainly represent the value of concentrate sold as at period end for which the funds are not 
yet received.  Consistent with industry standards, these sales generally have relatively long payment terms 
and are not settled until two to five months after export.   
 
Concentrate sales are first recorded based on provisional prices.  For sales that are provisionally priced as at 
June 30, 2024, an adjustment is estimated and recorded using the forward gold price at quarter end for the 
future month when the final gold price for each individual sale is expected to be determined.  This adjustment 
resulted in an increase of $10.9 million in trade receivables as of June 30, 2024 (December 31, 2023 - $7.8 
million increase) reflecting rising gold prices during the period.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 6 
  
 
3. Trade receivables and other current assets (continued) 
 
(b) Subject to submission of monthly claims and their acceptance by the applicable tax authorities, VAT paid in 
Ecuador by the Company are being refunded or applied as a credit against other taxes payable, based on the 
level of export sales in any given month.  Therefore, a portion of the VAT recoverable has been reclassified 
as current assets. 
 
(c) As at December 31, 2023, prepaid expenses and other included credit notes issued by the tax authorities in 
Ecuador relating to approved VAT claims.  During the six months ended June 30, 2024, these credit notes 
were fully utilized to offset taxes payable including statutory tax withholdings from payments to vendors and 
the newly instituted monthly income tax instalment payments in Ecuador. 
 
 
4. Inventories 
 
  June 30,  December 31, 
  2024  2023 
     
Ore stockpile $  9,192 $ 6,922 
Gold in circuit  4,805  7,849 
Doré and concentrate  17,444  17,868 
Materials and supplies  51,511  56,767 
     
 $  82,952 $ 89,406 
 
As at June 30, 2024, the Company maintained a provision of $5.5 million (December 31, 2023 - $7.0 million) 
associated with obsolete or slow-moving materials and supplies inventory generally accumulated during the 
construction of Fruta del Norte. 
 
 
5. Property, plant and equipment 
 
Cost 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2023 $ - $ 947,124 $ 54,913 $ 24,594 $ 3,418 $ 1,030,049 
       
Additions 7,009 39,320 649 1,076 1,110 49,164 
Disposals and other - - (5,971) (1,230) (1,995) (9,196) 
Cumulative translation 
adjustment - 297 - - 10 307 
       
Balance, December 
31, 2023 7,009 986,741 49,591 24,440 2,543 1,070,324 
       
Additions 6,681 17,985 - - 2,502 27,168 
Disposals and other - - - (182) - (182) 
Reclassifications (6,128) 6,128 - - - - 
Cumulative translation 
adjustment  - (441) - - (5) (446) 
       
Balance, June 30, 
2024 $ 7,562 $ 1,010,413 $ 49,591 $ 24,258 $ 5,040 $ 1,096,864

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 7 
  
 
5. Property, plant and equipment (continued) 
 
Accumulated 
depletion and 
depreciation 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2023 $ - $ 206,579 $ 23,620 $ 16,867 $ 1,684 $ 248,750 
       
Depletion and 
depreciation - 100,225 6,481 3,946 589 111,241 
Disposals and other  - (5,432) (1,230) (1,995) (8,657) 
Cumulative translation 
adjustment - 92 - - 2 94 
       
Balance, December 
31, 2023 - 306,896 24,669 19,583 280 351,428 
       
Depletion and 
depreciation - 52,359 3,258 1,072 377 57,066 
Disposals and other - - - (182) - (182) 
Cumulative translation 
adjustment - (141) - - - (141) 
       
Balance, June 30, 
2024 $ - $ 359,114 $ 27,927 $ 20,473 $ 657 $ 408,171 
 
Net book value 
 
     
       
As at December 31, 
2023 $ 7,009 $ 679,845 $ 24,922 $ 4,857 $ 2,263 $ 718,896 
       
As at June 30, 2024 $ 7,562 $ 651,299 $ 21,664 $ 3,785 $ 4,383 $ 688,693 
 
 
6. Mineral properties 
 
Cost   Fruta del Norte 
    
Balance, January 1, 2023   $ 183,507 
    
Adjustments to restoration asset   1,004 
Depletion   (24,483) 
    
Balance, December 31, 2023   160,028 
    
Depletion   (13,721) 
    
Balance, June 30, 2024   $ 146,307

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 8 
  
 
7. Accounts payable and accrued liabilities 
 
  June 30,  December 31, 
  2024  2023 
     
Accounts payable $  15,472 $ 16,750 
Accrued liabilities  63,884  58,074 
Final tranche of stream and offtake buy out (Note 8)  150,000  - 
     
 $  229,356 $ 74,824 
 
 
8. Long-term debt 
 
  June 30,  December 31, 
  2024  2023 
     
Stream loan credit facility $  - $ 276,183 
Offtake derivative liability  -  29,464 
     
 $  - $ 305,647 
     
Less: current portion     
Stream loan credit facility  -  59,568 
Offtake derivative liability  -  4,148 
     
Long-term portion $  - $ 241,931 
 
The stream loan credit facility (the “Stream Facility”) and the offtake derivative liability (the “Offtake”) were 
accounted for as financial liabilities at fair value through profit or loss until the closing of their buy out on June 27, 
2024 (the “Closing Date”) following payment of the first tranche of the purchase price of $180 million.  The second 
and final tranche of $150 million is due on September 30, 2024.  The total purchase price of $330 million is 
comprised of the remaining unamortized principal balance of $94.4 million and finance expense of $235.6 million. 
 
The derivative adjustments in the Company’s condensed consolidated statements of income and comprehensive 
income during the three and six months ended June 30, 2024 reflect the reversal of accumulated derivative 
adjustments recorded on the Stream Facility since its inception in 2017.   
 
Until the Closing Date, the Company made scheduled monthly payments under the Stream Facility totaling $35.8 
million (six months ended June 30, 2023 – $39.0 million) of which $6.7 million (six months ended June 30, 2023 – 
$8.8 million) was paid on account of principal; $3.7 million (six months ended June 30, 2023 – $4.3 million) for 
accrued interest; and the remaining $25.4 million (six months ended June 30, 2023 – $25.9 million) as a finance 
expense.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 9 
  
 
9. 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, 2024, the Company issued 542,515 common shares to Newmont 
Corporation, indirectly through its subsidiary Newcrest Canada Inc. (“Newcrest”) at a weighted average price of 
CAD$19.37 per share for total proceeds of $7.7 million.  This issuance includes the portion that was deferred 
during the three months ended March 31, 2024 as a result of certain restrictions that were in place at that time. 
 
During the year ended December 31, 2023, 800,840 common shares were issued to Newcrest at a weighted 
average price of CAD$16.37 per share for total proceeds of $9.6 million.   
 
All issuances were completed in accordance with Newcrest’s anti-dilution rights granted as part of its initial 
investment into the Company.   
 
 
10. Stock-based compensation 
 
i. Stock options 
 
During the six months ended June 30, 2024, 347,000 stock options were granted to employees, including 
directors, and non-employees. These options have a weighted average exercise price of $15.92 CAD, an 
expiry date of five years and vest over a period of three or four years from date of grant. The total number of 
stock options outstanding at June 30, 2024 was 2,833,771. 
 
The fair value based method of accounting was applied to stock options granted on the date of grant using 
the Black-Scholes option pricing model with the following weighted-average assumptions: 
 
  June 30, 2024 
   
Risk-free interest rate  3.16% 
Expected stock price volatility  33.28% 
Expected life  3.7 years 
Expected dividends (CAD)  $0.54 
   
Weighted-average fair value per option granted (CAD)  $3.74 
 
During the six months ended June 30, 2024, the Company recorded stock-based compensation expense of 
$0.7 million (six months ended June 30, 2023 – $0.9 million) related to stock options.  
 
ii. Share units 
 
The company has issued and outstanding deferred share units (DSUs), restricted share units without 
performance criteria (RSUs), and restricted share units with performance criteria (PSUs) (collectively, Share 
units). 
 
During the six months ended June 30, 2024, the Company granted 400,458 share units that are settled in 
shares.  In addition, in connection with dividends paid during the six months ended June 30, 2024, 11,117 
Units were granted as Dividend Equivalents.  The total number of share units outstanding at June 30, 2024 
was 813,339. 
 
During the six months ended June 30, 2024, the Company recorded stock-based compensation expense of 
$3.5 million (six months ended June 30, 2023 – $1.2 million) related to share units, which $1.8 million expense 
resulted from share units settled in cash as determined by the Company’s board of directors.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 10 
  
 
11. Revenues 
 
   Three months ended   
June 30, 
Six months ended   
June 30, 
  2024  2023  2024  2023 
           
Doré sales  $  101,484 $ 87,063 $ 177,953 $ 180,027 
Concentrate sales    202,447  168,567  347,119  322,631  
Gain (loss) on provisionally priced 
trade receivables 
  
(2,500) 
  
(11,700) 
  
3,100 
  
(2,000) 
           
   $  301,431 $ 243,930 $ 528,172 $ 500,658 
 
 
12. Exploration 
 
   Three months ended   
June 30, 
Six months ended   
June 30, 
  2024  2023  2024  2023 
           
Catering and camp expenses  $ 665 $ 197 $ 1,248 $ 301 
Concessions and land    88  39  575  439  
Development    413  -  413  -  
Drilling    3,909  2,637  7,179  4,067  
Environmental    260  225  496  371  
Salaries and benefits    1,780  1,075  3,341  2,011  
Sampling and supplies   1,343  844  2,967  1,582  
Others    406  179  570  268  
           
           
   $  8,864 $ 5,196 $ 16,789 $ 9,039 
 
 
13. Administration 
 
   Three months ended   
June 30, 
Six months ended   
June 30, 
  2024  2023  2024  2023 
           
Corporate social responsibility  $ 479 $ 534 $ 1,165 $ 1,146 
Investor relations    102  111  138  189  
Office and general    778  810  1,839  1,515  
Professional fees    750  811  1,307  1,218  
Regulatory and transfer    106  95  360  340  
Salaries and benefits    1,030  820  3,958  5,347  
Special government levy (a)    -  -  1,913  -  
Stock-based compensation    1,427  1,148  4,197  2,075  
Travel    180  153  362  257  
           
   $  4,852 $ 4,482 $ 15,239 $ 12,087 
 
(a) In March 2024, the Government of Ecuador introduced a special one-time temporary security contribution to 
strengthen security amid rising violence in the country. Half of this contribution was paid during the six months 
ended June 30, 2024 while the other half will be paid in 2025.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 11 
  
 
14. Finance expense 
 
   Three months ended   
June 30, 
Six months ended   
June 30, 
  2024  2023  2024  2023 
           
Interest expense   $  1,817 $ 4,928 $ 3,693 $ 10,821 
Finance expense    15,272  11,870  25,415  25,923 
Finance expense on buy out of 
stream and offtake (Note 8) 
  
235,575 
  
- 
  
235,575 
  
- 
Other finance costs    -  924  -  2,019 
Accretion of transaction costs   1,785  1,851  1,859  3,681  
           
   $  254,449 $ 19,573 $ 266,542 $ 42,444 
            
15. Related party transactions 
 
i. Key management compensation 
 
Key management includes executive officers and directors of the Company.  The compensation paid or 
payable to key management for employee services during the six months ended June 30 is shown below. 
 
 June 30, June 30, 
 2024 2023 
   
Salaries, bonuses and benefits $ 3,165 $ 4,850 
Stock-based compensation 2,811 1,669 
   
 $ 5,976 $ 6,519 
 
ii. Other related party transactions 
 
During the six months ended June 30, 2024, the Company incurred $1.0 million (June 30, 2023 – $0.3 million), 
primarily relating to office rental, renovation costs, and related services provided by Namdo Management 
Services Ltd. (“Namdo”), a company associated with a director of the Company. 
 
 
16. Income taxes 
 
Current income tax expense is generated from net income for tax purposes in Ecuador relating to operations at 
Fruta del Norte.  In addition to corporate income taxes in Ecuador which are levied at a rate of 22% and dividend 
withholding taxes levied at a rate of 5% related to the anticipated portion of net income distributed from Ecuador, 
included in current income tax expense is the portion of profit sharing payable to the Government of Ecuador which 
is calculated at the rate of 12% of net income for tax purposes. The employee portion of profit sharing, calculated 
at the rate of 3% of net income for tax purposes, is considered an employment benefit and included in operating 
costs.   
 
Corporate income taxes in Ecuador are due in April of each year.  Effective January 1, 2024, the Government of 
Ecuador introduced monthly corporate income tax instalment payments which is based on a percentage of monthly 
revenues.  Instalment amounts paid during the year ended December 31, 2024 will offset corporate income taxes 
due in April 2025.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 12 
  
 
16. Income taxes (continued) 
 
The rates used in Ecuador differ from the amount that would result from applying the Canadian federal and 
provincial income tax rates to net income before tax.  These differences result from the following items: 
 
 Three months ended   
June 30, 
Six months ended   
June 30, 
  2024  2023  2024  2023 
         
Net income before tax $  171,547 $ 97,406 $ 242,066 $ 182,719 
         Canadian federal and provincial 
income tax rates 
  
27% 
  
27% 
  
27% 
  
27% 
         
Income tax expense based on the 
above rates 
  
46,318 
  
26,299 
  
65,358 
  
49,334 
         
Increase due to:         
Differences in foreign tax rates  7,739  4,587  11,264  10,215  
Non-deductible costs  (2,628)  600  899  2,716  
Withholding taxes (current and deferred) 1,040  1,500  2,500  3,791  
Losses and temporary differences for 
which an income tax asset has not been 
recognized 
 
 
(213) 
  
 
1,272 
  
 
857 
  
 
2,050 
        
Income tax expense $  52,256 $ 34,258 $ 80,878 $ 68,106 
          
17. Supplemental cash flow information 
 
Cash and cash equivalents are comprised of the following: 
 
  June 30,  December 31, 
  2024  2023 
     
Cash  $  147,031 $ 70,670 
Short-term investments  90,649  197,355 
     
 $  237,680 $ 268,025 
 
Other supplemental cash information: 
 
   Three months ended   
June 30, 
Six months ended   
June 30, 
  2024  2023  2024  2023 
           
Income tax paid   $  57,972 $ 21,017 $ 57,972 $ 21,017 
           
Change in accounts payable and accrued 
liabilities related to: 
        
Acquisition of property, plant and equipment $ 4,781 $ 1,447 $ 1,841 $ (866)

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 13 
  
 
18. Segmented information 
 
Operating segments are components of an entity that engage in business activities from which they incur expenses 
and whose operating results are regularly reviewed by a chief operating decision maker to make resource 
allocation decisions and to assess performance.  The Chief Executive Officer is responsible for allocating 
resources and reviewing operating results of each operating segment on a periodic basis.   
 
The Company’s primary business activity is the Fruta del Norte operating mine in Ecuador.  Materially all of the 
Company’s non-current assets and non-current liabilities relate to Fruta del Norte.  In addition, the Company 
conducts exploration activities and maintains a number of concessions in Ecuador outside of Fruta del Norte. 
 
The following are summaries of the Company’s current and non-current assets, current and non-current liabilities, 
and net income (loss) by segment: 
 
 
Fruta del 
Norte  
Exploration 
activities 
Corporate 
and other Total 
     
As at June 30, 2024     
     
Current assets $ 450,534 $ 540 $ 62,681 $ 513,755 
Non-current assets 881,608 90 1,043 882,741 
     
Total assets 1,332,142 630 63,724 1,396,496 
     
Current liabilities 258,650 690 828 260,168 
Non-current liabilities 77,498 - 8,550 86,048 
     
Total liabilities 336,148 690 9,378 346,216 
     
For the three months ended June 30, 2024    
     
Revenues 301,431 - - 301,431 
     
Income from mining operations 171,757 - - 171,757 
Corporate administration (978) (130) (3,744) (4,852) 
Exploration expenditures - (8,864) - (8,864) 
Finance income (expense) (250,576) - 911 (249,665) 
Other income 842 - 661 1,503 
Derivative gain 261,668 - - 261,668 
Income tax expense (51,344) -  (912) (52,256) 
     
Net income (loss) for the period 131,369 (8,994) (3,084) 119,291 
     
For the six months ended June 30, 2024    
     
Revenues 528,172 - - 528,172 
     
Income from mining operations 284,994 - - 284,994 
Corporate administration (4,282) (278) (10,679) (15,239) 
Exploration expenditures - (16,789) - (16,789) 
Finance income (expense) (259,087) - 1,783 (257,304) 
Other income 1,037 - 1,630 2,667 
Derivative gain 243,737 - - 243,737 
Income tax expense (78,428) -  (2,450) (80,878) 
     
Net income (loss) for the period 187,971 (17,067) (9,716) 161,188

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 14 
  
 
18.  Segmented information (continued) 
 
 
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 (32,758) - (1,500) (34,258) 
     
Net income (loss) for the period 73,196 (5,265) (4,783) 63,148 
     
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 (64,315) - (3,791) (68,106) 
     
Net income (loss) for the period 135,910 (9,124) (12,173) 114,613 
     
 
19. Financial instruments 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are 
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are 
categorized as financial liabilities at amortized cost.  The fair value of these financial instruments approximates 
their carrying values due to the short-term nature of these instruments.  Further, provisionally priced trade 
receivables of $129.0 million (December 31, 2023 - $93.0 million) are measured at fair value using quoted forward 
market prices (Fair value hierarchy level 2).

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at June 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 15 
  
 
20. Commitments 
 
Significant capital expenditures contracted as at June 30, 2024 but not recognized as liabilities are as follows: 
 
 
 
Capital 
Expenditures 
   
12 months ending June 30, 2025 $  38,019 
July 1, 2025 onward  - 
   
Total  $  38,019 
 
On January 1, 2024, the Company entered into a long-term rental agreement with Namdo which expires on 
February 28, 2039, and provides a guarantee of rental fees totaling $6.5 million for the duration of the contract.

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

Corporate Information  
 
 
BOARD OF DIRECTORS 
Jack Lundin, Chairman 
Vancouver, Canada 
Carmel Daniele 
London, United Kingdom 
Gillian Davidson 
Edinburgh, United Kingdom 
Ian Gibbs 
Vancouver, Canada  
Melissa Harmon 
Denver, USA 
Ashley Heppenstall 
London, United Kingdom  
Ron F. Hochstein 
Vancouver, Canada 
Scott Langley 
Toronto, Canada 
Angelina Mehta  
Montreal, Canada  
 
OFFICERS 
Ron F. Hochstein 
President & Chief Executive Officer 
Chester See Chief Financial Officer  Terry Smith Chief Operating Officer Sheila Colman 
Vice President, Legal and Sustainability & Corporate Secretary 
Andre Oliveira Vice President, Exploration 
 OFFICES CORPORATE HEAD OFFICE 
Lundin Gold Inc. 
Four Bentall Centre 
1055 Dunsmuir Street, Suite 2800 
Vancouver, BC V7X 1L2 
Telephone: 604-689-7842 
Toll Free: 1-888-689-7842 
Facsimile: 604-689-4250 
 
REGIONAL HEAD OFFICE 
Aurelian Ecuador S.A., 
a subsidiary of Lundin Gold Inc. 
Av. Amazonas N37-29 y UNP Edificio 
Eurocenter, Piso 5 
Quito, Pichincha 
Ecuador 
Telephone: 593-2-299-6400 
 COMMUNITY OFFICE 
Calle 1ro de Mayo y 12 de Febrero, 
esquina 
Los Encuentros, Zamora-Chinchipe, 
Ecuador 
 
 
STOCK EXCHANGE 
LISTINGS 
The Toronto Stock Exchange 
Trading Symbol: LUG 
Nasdaq Stockholm 
Trading Symbol: LUG 
 
SHARE REGISTRAR AND 
TRANSFER AGENT 
Computershare Investor Services Inc. 
510 Burrard Street, 3rd Floor 
Vancouver, BC V6C 3B9  
Telephone: 1-800-564-6253 
 
AUDITOR 
PricewaterhouseCoopers LLP 
250 Howe St, Suite 700  
Vancouver, BC V6C 3S7 
Telephone: 604-806-7000 
 
ADDITIONAL INFORMATION 
Further information about Lundin Gold 
is available by contacting:  
Finlay Heppenstall 
Director, Investor Relations 
and Corporate 
Development 
Telephone: 604-806-3089 
Toll Free: 1-888-689-7842 
info@lundingold.com 
Lundin Gold Ecuador

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

Four Bentall Centre 
1055 Dunsmuir Street, Suite 2800 
Vancouver, BC V7X 1L2 
Canada 
Av. Amazonas N37-29 y UNP Edificio 
Eurocenter, Piso 5 
Quito, Pichincha, Ecuador 
 
Telephone: 604-689-7842 
Toll Free: 1-888-689-7842 
Telephone: 593-2-299-6400 
 
info@lundingold.com www.lundingold.com  
 
 
 
 
 
 
 
 
 
 
 
@LundinGold @LundinGoldEC Lundin Gold  
 
Lundin Gold 
 
Lundin Gold Ecuador