===== SIDA 1 ===== 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 $200 million annually.” OPERATING AND FINANCIAL RESULTS SUMMARY The following two tables provide an overview of key operating and financial results. 1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 15 to 18 of the Company’s MD&A for the second quarter ended June 30, 2024 available on SEDAR+. ===== SIDA 2 ===== 2 Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Tonnes ore mined 419,173 404,408 838,931 832,143 Tonnes ore milled 424,899 418,373 838,495 810,705 Average mill throughput (tpd) 4,669 4,598 4,607 4,479 Average head grade (g/t) 11.0 11.0 10.2 11.6 Average recovery 89.0% 88.0% 88.6% 89.3% Gold ounces produced 133,062 129,731 244,634 269,752 Gold ounces sold 129,396 128,958 238,312 263,649 Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net revenues ($’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+. ===== SIDA 3 ===== 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+. ===== SIDA 4 ===== 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. ===== SIDA 5 ===== 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. ===== SIDA 6 ===== 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. ===== SIDA 7 ===== 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 ===== SIDA 8 ===== 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 ===== SIDA 9 ===== 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. ===== SIDA 10 ===== Q2 2024 ===== SIDA 11 ===== 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. ===== SIDA 12 ===== 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 $238 million as at June 30, 2024, the Company is now debt free with increased exposure to rising gold prices that are expected to result in increased free cash flow1 to support capital allocation initiatives, including growth and shareholder returns. The following two tables provide an overview of key operating and financial results achieved during the second quarter of 2024 compared to the same period in 2023. Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Tonnes ore mined 419,173 404,408 838,931 832,143 Tonnes ore milled 424,899 418,373 838,495 810,705 Average mill throughput (tpd) 4,669 4,598 4,607 4,479 Average mill head grade (g/t) 11.0 11.0 10.2 11.6 Average recovery 89.0% 88.0% 88.6% 89.3% Gold ounces produced 133,062 129,731 244,634 269,752 Gold ounces sold 129,396 128,958 238,312 263,649 ===== SIDA 13 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2024 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 3 Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Revenues ($’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