===== SIDA 1 ===== NEWS RELEASE Vancouver, August 7, 2025 Lundin Gold Inc. Suite 2800, Four Bentall Centre Phone: +1 604 689 7842 lundingold.com 1055 Dunsmuir Street Fax: +1 604 689 4250 Email: info@lundingold.com Vancouver, BC, Canada, V7X 1L2 LUNDIN GOLD REPORTS SECOND QUARTER 2025 RESULTS Exceptional operating performance drives record revenues and free cash flow Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG; OTCQX: LUGDF) ("Lundin Gold" or the "Company") today announced its financial results for the second quarter of 2025, featuring record revenues of $453 million and net income of $197 million ($0.82 per share). Free cash flow1 of $236 million ($0.98 per share) was driven by strong gold production of 139,433 ounces (“oz”), with 136,737 oz sold at an average realized gold price1 of $3,361 per oz, at low cash operating costs1 of $756 and all-in sustaining costs1 (“AISC”) of $927 per oz sold. The Company also announced cash dividends totaling $0.79 per share (approximately $190 million) comprised of the fixed quarterly dividend of $0.30 per share and the variable quarterly dividend of $0.49 per share, to be paid at the end of the third quarter. All dollar amounts are stated in US dollars unless otherwise indicated. Ron Hochstein, President and CEO commented, "The second quarter of 2025 delivered outstanding results for Lundin Gold, featuring record revenues and record free cash flow. This was driven by excellent gold production, sales, and a robust realized gold price. Our mill achieved impressive throughput of 5,064 tpd with improved recoveries, a testament to our team's operational excellence. Given this strong performance and outlook, we've elevated the lower end of our 2025 production guidance from 475,000 to 490,000 oz while maintaining the upper end at 525,000 oz. We also expect to remain within the upper end of our cash operating cost 1 and AISC1 guidance for the year. We are confident that our continued efforts to reduce costs and improve mill throughput will allow us to offset the impact of rising gold prices on royalties and profit sharing payable to employees. As a direct result of our strong Q2 financial performance, we are pleased to declare sector leading dividends totaling $0.79 per share, comprised of both our fixed and variable components, for payment in the third quarter. This demonstrates the effectiveness of our new dividend policy in returning capital to shareholders during periods of strong free cash flow, while still allowing us to strategically invest in our long -term growth initiatives. Lundin Gold remains in a formidable financial position, poised for continued success." OPERATING AND FINANCIAL RESULTS SUMMARY The following two tables provide an overview of key operating and financial results. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 2 ===== 2 Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Tonnes ore mined 448,627 419,173 851,848 838,931 Tonnes ore milled 460,820 424,899 858,979 838,495 Average mill throughput (tpd) 5,064 4,669 4,745 4,607 Average head grade (g/t) 10.4 11.0 10.4 10.2 Average recovery 90.9% 89.0% 89.8% 88.6% Gold ounces produced 139,433 133,062 256,746 244,634 Gold ounces sold 136,737 129,396 254,378 238,312 Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenues ($’000) 452,880 301,431 809,225 528,172 Income from mining operations ($’000) 314,161 171,757 547,707 284,994 Earnings before interest, taxes, depreciation, and amortization ($’000)1 318,840 457,069 560,342 568,681 Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 318,840 195,401 560,342 326,857 Net income ($’000) 196,731 119,291 350,231 161,188 Basic income per share ($) 0.82 0.50 1.46 0.68 Cash provided by operating activities ($’000) 254,782 144,169 449,090 252,083 Free cash flow ($’000)1 235,670 (123,427) 406,453 (41,168) Free cash flow per share ($)1 0.98 (0.52) 1.69 (0.17) Average realized gold price ($/oz sold)1 3,361 2,379 3,231 2,270 Cash operating cost ($/oz sold)1 756 725 773 730 All-in sustaining costs ($/oz sold)1 927 875 918 872 Adjusted earnings ($‘000)1 196,731 98,938 350,231 156,734 Adjusted earnings per share ($)1 0.82 0.41 1.46 0.66 Dividends paid per share ($) 0.86 0.10 1.16 0.20 SECOND QUARTER HIGHLIGHTS Financial Results • Gold sales totalled 136,737 oz, consisting of 89,615 oz in concentrate and 47,122 oz as doré, resulting in gross revenues of $460 million at an average realized gold price 1 of $3,361 per oz. Average realized gold price1 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair value estimates as at March 31, 2025. Net of treatment and refining charges, revenues for the quarter were $453 million. • Average realized gold price 1 includes $3,276 per ounce of gross price received and a favourable impact of $85 per ounce from adjustments to provisionally priced sales. • Cash operating costs 1 and AISC1 were $756 and $927 per oz of gold sold, respectively. Sustaining capital expenditures1 are expected to increase during the second half of 2025 with the continued ramp up of the fifth tailings dam raise and other site infrastructure improvement projects. • The Company generated cash from operating activities of $255 million and free cash flow 1 of $236 million, or $0.98 per share, resulting in a cash balance of $493 million at June 30, 2025 following quarterly dividend and special dividend payments of $107 million and $100 million, respectively. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 3 ===== 3 • EBITDA1 was $319 million while income from mining operations was $314 million which, after deducting corporate, exploration, and taxes, resulted in net income of $197 million for the quarter or $0.82 per share. Production Results • The mine ramped up during the second quarter to keep pace with the mill resulting in a record 448,627 tonnes mined at an average grade of 9.3 g/t. • The mill processed 460,820 tonnes at an average throughput rate of 5,064 tpd, with improved recoveries of 90.9%, achieving the process plant expansion operational targets. The average grade of ore milled was 10.4 g/t. • Gold production was 139,433 oz which was comprised of 92,242 oz in concentrate and 47,191 oz as doré. Outlook • As a result of the strong operating performance in the first half of the year , the Company is updating its 2025 production guidance from 475,000 to 525,000 oz to 490,000 to 525,000 oz. Due to mine sequencing, the Company expects a reduction in average head grade during the second half of the year. • The Company expects its cash operating cost1 and AISC1 to be near the upper end of guidance of $730 to $790 and $935 to $995 per oz sold respectively. While the significant increase in gold price has led to record financial performance during the first half of 2025, it has also resulted in increased royalties and profit sharing to employees, metrics that impact cash operating cost 1 and AISC1. Continued efforts to reduce cost and improvements to mill throughput is expected to allow the Company to remain within the upper end of its cost guidance even with average realized gold prices 1 of $3,231 per oz during the first half of 2025, compared to its guidance assumption of $2,500 per oz. • Sustaining capital expenditures1 are expected to increase over the remainder of the year and come in at the previously guided $75 to $85 million. • The near-mine underground drilling program is expected to continue to advance at FDNS where the primary focus is the conversion and expansion of this new system. The surface drilling program is expected to continue to explore the recently discovered Tranc aloma copper-gold porphyry mineralization, expand the mineralization along the Bonza Sur and FDN East sectors, and advance on new sectors around FDN. • Seventeen rigs are currently turning across the conversion and near -mine exploration programs. The Company increased the near -mine drilling program by 18,000 metres to a minimum of 83,000 metres to accelerate the definition of near-mine targets and the co nversion drilling program from 15,000 metres to approximately 25,000 metres. A minimum of 108,000 metres of drilling are planned across the conversion and near-mine drilling programs for 2025. • Mine engineering work is underway on FDNS to evaluate geotechnical, mine design, metallurgical characteristics and infrastructure needs with the goal of integrating FDNS into FDN’s long-term mine plan in 2026. • The regional exploration program is expected to continue to focus on the unexplored large package of mineral concessions located on a highly prospective environment which hosts the Fruta del Norte deposit. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 4 ===== 4 This is the first year of a new three -year greenfield strategy to identify new areas for exploration drilling. The 2025 program includes a geophysical magnetic survey and a geochemical sampling program. • The total estimated cost of the near-mine and regional program is $47 million for the year. This represents the largest drill program ever completed on the land package that hosts the FDN deposit. • Under its dividend policy, the Company anticipates continuing to declare quarterly minimum dividends of $0.30 per share, equivalent to approximately $300 million annually based on currently issued and outstanding shares, plus a variable dividend equal to a n amount based on at least 50% of the Company’s normalized free cash flow, after the deduction of the fixed dividend. Liquidity and Capital Resources At the end of June 30, 2025, the Company is in a strong financial position. (in thousands of U.S. dollars) As at June 30, 2025 As at December 31, 2024 Financial Position: Cash 493,372 349,200 Working capital 562,273 458,944 Total assets 1,618,899 1,527,481 Long-term debt - - As at June 30, 2025, the Company had cash of $493 million and a working capital balance of $562 million compared to cash of $349 million and a working capital balance of $459 million at December 31, 2024. The change in cash during the 2025 Period was primarily due to cash generated from operating activities of $449 million and proceeds from the exercise of stock options and anti -dilution rights totalling $17.7 million. This is offset by dividends paid of $280 million and capital expenditures of $42.6 million. Capital Expenditures Sustaining Capital • Sustaining capital expenditures 1 during the second quarter were $15.9 million. • Construction of the fifth raise of the tailings dam started in the second quarter with progress to date consistent with plan. Completion during the first quarter of 2026 remains as expected. • Commissioning of the four additional diesel-powered generators was completed during the second quarter, and they are now operational. In the event of a power disruption from the national grid, the additional generators are expected to allow the FDN process plant to run slightly below capacity. • Other projects that advanced during the quarter included improvements to the wastewater treatment plants, construction of camp and administration building, as well as enhancements to the South Portal. • The 2025 conversion drilling program is focused on FDNS, located in the south portion of the FDN deposit. During the second quarter, the conversion drilling program completed approximately 7,085 metres across 50 holes with three rigs currently turning. o The completed holes confirmed the mineralization continuity and indicated higher grade zones within the vein system. Some conversion drill holes also intercepted mineralized zones outside of the existing geological model. ===== SIDA 5 ===== 5 o A complete table of the conversion drilling results received to date can be found in Lundin Gold’s press release dated July 31, 2025. o The conversion drilling program has been expanded to 25,000 metres from 15,000 metres. Health and Safety During the second quarter there were no Lost Time Incidents and no Medical Aid Incidents. The Total Recordable Incident Rate across the Company was 0.00 per 200,000 hours worked for the quarter and 0.10 for the first six months of 2025. Community Lundin Gold sponsored community projects continued to advance well in the second quarter of 2025. One of the Company’s most impactful programs, run by the non -governmental organization Educación para Compartir (“EPC”), has focused on mental health and wel l-being in our local communities since its inception in November 2023. During the second quarter, approximately 957 counselling sessions were provided, with an intake of approximately 55 new patients. As of the end of June, the sports academy component o f the program had 359 youth registered in extra -curricular activities, including English studies, basketball, soccer, dance, music and boxing. During the quarter, Lundin Gold committed to the second phase of the EPC program, which is planned to run from July 2025 to December 2026. This second phase will build on the previous phase and seek to increase its reach and impact. Engagement with El Pangui, Paquisha, Zamora, Yantzaza and Los Encuentros local governments continues to support rural road maintenance, road emergencies caused by extreme weather events, community wellbeing and regional exploration activities. During the quarter, the Company committed to several significant projects, such as improvements to the water system in El Pangui Canton and the installation and electricity network expansion in the Paquisha Canton. Lundin Gold continued to participate in the community roundtable process. Six separate thematic roundtables were held in May. Approximately 200 individuals participated in these sessions, including local vendors, local authorities and Lundin Gold personnel. Local businesses receive ongoing support from the Company, in conjunction with the Lundin Foundation. The local companies that participate in the Lundin Foundation’s supplier development program continued to provide products and services to FDN, while also advancing growth strategies. The Lundin Fou ndation continued to support the third cohort of its successful Soy Emprendedora program. In furtherance of the Company’s long - standing relationship with the Shuar Indigenous Peoples, Lundin Gold and the Lundin Foundation continued to advance the implementation of a Shuar local supplier initiative for FDN. ===== SIDA 6 ===== 6 EXPLORATION Near-Mine Exploration Program During the second quarter of 2025, the Company completed a total of 19,788 metres across 35 holes from surface and underground. The underground near mine drilling program focused on potential extensions of the FDNS deposit, which remains open for expansion in the north and along the south extensions where two underground rigs are currently turning. The underground drilling program continued to advance in the quarter at FDN East and is currently exploring the mineralization continuity in the central portion of this target. As at the date of this press release, three underground rigs are active in the near mine drilling program. In addition to the drilling programs, mine engineering work is underway on FDNS to evaluate geotechnical, mine design, metallurgical characteristics and infrastructure needs with the goal of integrating FDNS into FDN’s long-term mine plan in 2026. The surface near mine drilling program advanced in the recently discovered copper-gold mineralization at the Trancaloma target, while also continuing the delineation of the Bonza Sur deposit and drilling on new sectors like the Sandia porphyry, located a few kilometres east from the FDN deposit. As at the date of this press release, 11 surface rigs are drilling, with four of them at Trancaloma, one at Sandia, one below FDN depth, one at FDN East, one at Bonza Sur, and three testing new sectors. • At Trancaloma, located on the east border of Bonza Sur, the drilling program confirmed the extension of the recently discovered copper-gold porphyry mineralization. In the eastern portion of the target, the drilling program followed up on drilling results from the first quarter, extended the mineralized system along the northeastern and southwestern directions, and identified areas for further expansion. The drilling program also advanced in the western portion of Trancaloma, where another near surface copper mineralized zone was identified. • At Bonza Sur, drill holes were completed along south and southeastern extensions and confirmed the deposit’s continuity. In the south end of the deposit recent drilling suggests further potential for expansion along this direction. Toward the southeastern extension, the drilling program advanced along the limit with the Trancaloma porphyry. • At FDN East, the surface drilling program advanced in conjunction with the underground program and continued to intercept the mineralization continuity in the central part of the target and indicated areas for further expansion potential toward the north and south direction. • At FDN, directional drilling technology has been employed in the surface drilling program to enhance precision for the target testing in the deeper portions of the deposit. Throughout the program, drill holes tested the mineralization continuity at distinct depths along the central portion of FDN. • The near-mine exploration program continues to advance in unexplored areas close to FDN. A systematic exploration program employing geochemical and geophysical surveys and geological mapping advanced on potential targets. At Sandia, initial drilling results revealed the occurrence of a new shallow and wide copper- gold porphyry mineralization. A table of second quarter 2025 near mine results for the FDNS, FDN East, Bonza Sur and Trancaloma and Sandia targets received to date can be found in Lundin Gold’s press releases dated July 31 and August 5, 2025. ===== SIDA 7 ===== 7 Regional Exploration Program The Company advanced its multi-year regional exploration program during the second quarter of 2025. The program is expected to cover approximately 54,000 hectares on 23 of the Company’s concessions along the Zamora Copper Gold Belt, a high potential geological setting which hosts the Fruta del Norte mine and several large copper gold projects. The exploration program continues to advance in the Gamora district, located 65 kilometres north of FDN and approximately four kilometres north of the Mirador copper gold mine. The Gamora district comprises multiple exploration sectors that exhibit geological features similar to those found in copper- gold porphyry systems. Geological mapping and geochemical sampling programs were completed in distinct parts of the district during the quarter and resulted in the identification of several new potential targets for further evaluation. Furthermore, exploration started at the Soberano concession, located approximately 22 kilometres southwest from the FDN Mine, where geological mapping followed by soil and rock sampling were completed. CORPORATE • The Company published its 2024 Sustainability Report in April which marks its second year of transition towards aligning with the European Sustainability Reporting Standards. • The Company paid dividends during the quarter as follows: o A special dividend of $0.41 per share on June 9, 2025 (June 12, 2025 for shares trading on Nasdaq Stockholm) for a total of $100 million. o A quarterly dividend of $0.45 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.15 per share, on June 25, 2025 (June 30, 2025 for shares trading on Nasdaq Stockholm) for a total of $107 million. • With the release of its second quarter 2025 results, the Company has declared cash dividends totaling $0.79 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.49 per share, payable on September 25 , 2025 (September 30, 2025 for shares trading on Nasdaq Stockholm) to shareholders of record at the close of business on September 10, 2025. Pursuant to the Company’s dividend policy, the variable dividend was calculated based on 50% of the Company’s normalized free cash flow, after deducting the fixed dividend paid, during the second quarter of 2025. Qualified Persons The technical information relating to Fruta del Norte contained in this press release has been reviewed and approved by Terry Smith P . Eng, Lundin Gold’s COO, who is a Qualified Person in accordance with the requirements of National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) . The disclosure of exploration information contained in this press release was prepared by Andre Oliveira P.Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of NI 43- 101. ===== SIDA 8 ===== 8 Webcast and Conference Call The Company will host a conference call and webcast to discuss its results on August 8 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: +1 437-900-0527 Toll-Free Participant Dial-In North America: +1 888-510-2154 Participant Dial-In Sweden: +46 8 505 24649 Conference ID: Lundin Gold / 02256 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 its completion until August 15, 2025. Toll Free North America Replay Number: +1 888-660-6345 International Replay Number: +1 416-764-8677 Replay passcode: 02256 # About Lundin Gold Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world. The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders. Non-IFRS Measures This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, sustaining capital expenditures, free cash flow, free cash flow per share, and adjusted earnings, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS . These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of assistance in the understanding of the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 12 of the Company's MD&A for the year ended August 7, 2025 available on SEDAR+. ===== SIDA 9 ===== 9 Additional Information The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on August 7 , 2025 at 4:30 p.m. Pacific Time through the contact persons set out below. For more information, please contact Ron F. Hochstein Brendan Creaney President and CEO Vice President, Corporate Development & Investor Relations Tel (Canada): +1-604-806-3589 Tel: +1-604-376-4595 ron.hochstein@lundingold.com brendan.creaney@lundingold.com Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered “forward -looking information” or “forward -looking statements” as those terms are defined under Canadian securities laws (collectively referred to as “forward- looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “antic ipates”, “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 di fferent 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 to the Company’s 2025 production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and cash flow forecasts; gold price; estimated capital costs and sustaining capital; estimated costs related to the Company’s near-mine and regional drilling programs; the Company’s ability to mitigate the impacts on its operations of a power disruption from the national grid; benefits of the Company’s community programs; the Company’s declaration and payment of dividends pursuant to its dividend policy; and the timing and the success of its drill program at Fruta del Norte and its other exploration activities; and estimates of Mineral Resources and Reserves at Fruta del Norte. Lundin Gold’s actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its sh ares include risks relating to: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; 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; 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; conflicts of interest; 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 Company’s Annual Information Form dated March 17, 2025 available at www.sedarplus.ca. ===== SIDA 10 ===== Q2 2025 ===== SIDA 11 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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, 2025 with those of the same period from the previous year. This MD&A is dated as of August 7, 2025 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, 2025, 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, 2024. References to the “2025 Period” and “2024 Period” relate to the six months ended June 30, 2025 and June 30, 2024, 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, focused growth and returning capital to shareholders. Lundin Gold currently operates its 100% owned Fruta del Norte (“Fruta del Norte” or “FDN”) gold mine in southeast Ecuador, which is one of the highest-grade gold mines in production in the world today. The Company also owns a portfolio of highly prospective exploration properties close to FDN. SECOND QUARTER 2025 HIGHLIGHTS AND ACTIVITIES The second quarter of 2025 was highlighted by record financial performance starting with quarterly revenues of $453 million from the sale of 136,737 ounces (“oz”) of gold at an average realized gold price1 of $3,361 per oz. From this, EBITDA1 and net income of $319 million and $197 million, respectively, were achieved. Cash generated from operating activities of $255 million and free cash flow1 of $236 million or $0.98 per share were record achievements notwithstanding annual income tax and profit sharing payments of $95 million. As a result, pursuant to the Company’s dividend policy, Lundin Gold has declared cash dividends totaling $0.79 per share, comprised of the fixed quarterly dividend of $0.30 per share and the variable quarterly dividend of $0.49 per share, to be paid at the end of the third quarter. Average mill throughput for a quarterly period exceeded 5,000 tonnes per day (“tpd”) for the first time with record average recoveries of 90.9% resulting in gold production of 139,433 oz which demonstrates the impact of the process plant expansion project completed in late February. Cash operating costs1 and all-in sustaining costs (“AISC”)1 of $756 and $927 per oz sold, respectively, were realized. While record high gold prices have bolstered the Company’s financial performance, they have also increased royalties paid which affect cash operating costs1 and AISC1. Given this strong performance and outlook, the Company elevated the lower end of its 2025 production guidance from 475,000 to 490,000 oz while maintaining the upper end at 525,000 oz. With continued efforts to reduce costs and improve mill throughput, the Company maintains its cash operating cost1 and AISC1 guidance even with average realized gold prices1 equaling $3,231 per oz during the first half of 2025, compared to its guidance assumption of $2,500 per oz. Construction of the fifth tailings dam raise began in the second quarter resulting in increased sustaining capital expenditures, a figure included in the AISC1 calculation. Construction activities are expected to peak during the fourth quarter with completion expected during the first quarter of 2026. On the Company’s exploration programs, results continue to demonstrate significant exploration potential and provide a growing pipeline of targets around FDN. At Trancaloma, the drilling program confirmed the extension of the recently discovered copper-gold porphyry system and highlight the potential for other porphyries nearby. At Bonza Sur, recent drilling confirmed the deposit’s continuity and suggests further potential for expansion. The conversion program at FDN South (“FDNS”) indicates high grade zones within the vein system with additional mineralized zones intercepted outside 1 Refer to “Non-IFRS Measures” section. ===== SIDA 12 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 existing geological model. In addition to the drilling programs, mine engineering work is underway to evaluate FDNS with the goal of integrating FDNS into FDN’s long-term mine plan in 2026. The following two tables provide an overview of key operating and financial results achieved during the second quarter of 2025 compared to the same period in 2024. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Tonnes ore mined 448,627 419,173 851,848 838,931 Tonnes ore milled 460,820 424,899 858,979 838,495 Average mill throughput (tpd) 5,064 4,669 4,745 4,607 Average mill head grade (g/t) 10.4 11.0 10.4 10.2 Average recovery 90.9% 89.0% 89.8% 88.6% Gold ounces produced 139,433 133,062 256,746 244,634 Gold ounces sold 136,737 129,396 254,378 238,312 Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenues ($’000) 452,880 301,431 809,225 528,172 Income from mining operations ($’000) 314,161 171,757 547,707 284,994 Earnings before interest, taxes, depreciation, and amortization ($’000)1 318,840 457,069 560,342 568,681 Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 318,840 195,401 560,342 326,857 Net income ($’000) 196,731 119,291 350,231 161,188 Basic income per share ($) 0.82 0.50 1.46 0.68 Cash provided by operating activities ($’000) 254,782 144,169 449,090 252,083 Free cash flow ($’000)1 235,670 (123,427) 406,453 (41,168) Free cash flow per share ($)1 0.98 (0.52) 1.69 (0.17) Average realized gold price ($/oz sold)1 3,361 2,379 3,231 2,270 Cash operating cost ($/oz sold)1 756 725 773 730 All-in sustaining costs ($/oz sold)1 927 875 918 872 Adjusted earnings ($‘000)1 196,731 98,938 350,231 156,734 Adjusted earnings per share ($)1 0.82 0.41 1.46 0.66 Dividends paid per share ($) 0.86 0.10 1.16 0.20 1 Refer to “Non-IFRS Measures” section. ===== SIDA 13 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 Following the buy out of the stream loan credit facility (the “Stream Facility”) and offtake agreement (the “Offtake”) from Newmont Corporation at the end of the second quarter of 2024, there were no adjustments between net income and adjusted earnings1 as well as earnings before interest, taxes, depreciation, and amortization (“EBITDA”)1 and adjusted EBITDA1 during 2025. Operating and Financial Results During the Second Quarter of 2025  The mine ramped up during the second quarter to keep pace with the mill resulting in a record 448,627 tonnes mined at an average grade of 9.3 g/t.  The mill processed 460,820 tonnes at an average throughput rate of 5,064 tpd, with improved recoveries of 90.9%, achieving the process plant expansion operational targets. The average grade of ore milled was 10.4 g/t.  Gold production was 139,433 oz which was comprised of 92,242 oz in concentrate and 47,191 oz as doré.  Gold sales totaled 136,737 oz, consisting of 89,615 oz in concentrate and 47,122 oz as doré, resulting in gross revenues of $460 million at an average realized gold price1 of $3,361 per oz. Average realized gold price1 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair value estimates as at March 31, 2025. Net of treatment and refining charges, revenues for the quarter were $453 million.  Average realized gold price1 includes $3,276 per ounce of gross price received and a favourable impact of $85 per ounce from adjustments to provisionally priced sales.  Cash operating costs1 and AISC1 were $756 and $927 per oz of gold sold, respectively. Sustaining capital expenditures1 are expected to increase during the second half of 2025 with the continued ramp up of the fifth tailings dam raise and other site infrastructure improvement projects.  The Company generated cash from operating activities of $255 million and free cash flow1 of $236 million, or $0.98 per share, resulting in a cash balance of $493 million at June 30, 2025 following quarterly dividend and special dividend payments of $107 million and $100 million, respectively.  EBITDA1 was $319 million while income from mining operations was $314 million which, after deducting corporate, exploration, and taxes, resulted in net income of $197 million for the quarter or $0.82 per share. Capital Expenditures Sustaining Capital  Sustaining capital expenditures1 during the second quarter were $15.9 million.  Construction of the fifth raise of the tailings dam started in the second quarter with progress to date consistent with plan. Completion during the first quarter of 2026 remains as expected.  Commissioning of the four additional diesel-powered generators was completed during the second quarter, and they are now operational. In the event of a power disruption from the national grid, the additional generators are expected to allow the FDN process plant to run slightly below capacity.  Other projects that advanced during the quarter included improvements to the wastewater treatment plants, construction of camp and administration building, as well as enhancements to the South Portal.  The 2025 conversion drilling program is focused on FDNS, located in the south portion of the FDN deposit. During the second quarter, the conversion drilling program completed approximately 7,085 metres across 50 holes with three rigs currently turning. o The completed holes confirmed the mineralization continuity and indicated higher grade zones within the vein system. Some conversion drill holes also intercepted mineralized zones outside of the existing geological model. o A complete table of the conversion drilling results received to date can be found in Lundin Gold’s press release dated July 31, 2025. o The conversion drilling program has been expanded to 25,000 metres from 15,000 metres. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 14 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 4 Health and Safety and Community Health and Safety  During the second quarter there were no Lost Time Incidents and no Medical Aid Incidents.  The Total Recordable Incident Rate across the Company was 0.00 per 200,000 hours worked for the quarter and 0.10 for the first six months of 2025. Community Lundin Gold sponsored community projects continued to advance well in the second quarter of 2025. One of the Company’s most impactful programs, run by the non-governmental organization Educación para Compartir (“EPC”), has focused on mental health and well-being in our local communities since its inception in November 2023. During the second quarter, approximately 957 counselling sessions were provided, with an intake of approximately 55 new patients. As of the end of June, the sports academy component of the program had 359 youth registered in extra- curricular activities, including English studies, basketball, soccer, dance, music and boxing. During the quarter, Lundin Gold committed to the second phase of the EPC program, which is planned to run from July 2025 to December 2026. This second phase will build on the previous phase and seek to increase its reach and impact. Engagement with El Pangui, Paquisha, Zamora, Yantzaza and Los Encuentros local governments continues to support rural road maintenance, road emergencies caused by extreme weather events, community wellbeing and regional exploration activities. During the quarter, the Company committed to several significant projects, such as improvements to the water system in El Pangui Canton and the installation and electricity network expansion in the Paquisha Canton. Lundin Gold continued to participate in the community roundtable process. Six separate thematic roundtables were held in May. Approximately 200 individuals participated in these sessions, including local vendors, local authorities and Lundin Gold personnel. Local businesses receive ongoing support from the Company, in conjunction with the Lundin Foundation. The local companies that participate in the Lundin Foundation’s supplier development program continued to provide products and services to FDN, while also advancing growth strategies. The Lundin Foundation continued to support the third cohort of its successful Soy Emprendedora program. In furtherance of the Company’s long-standing relationship with the Shuar Indigenous Peoples, Lundin Gold and the Lundin Foundation continued to advance the implementation of a Shuar local supplier initiative for FDN. Exploration Near-Mine Exploration Program During the second quarter of 2025, the Company completed a total of 19,788 metres across 35 holes from surface and underground. The underground near mine drilling program focused on potential extensions of the FDNS deposit, which remains open for expansion in the north and along the south extensions where two underground rigs are currently turning. The underground drilling program continued to advance in the quarter at FDN East and is currently exploring the mineralization continuity in the central portion of this target. As at the date of this MD&A, three underground rigs are active in the near mine drilling program. In addition to the drilling programs, mine engineering work is underway on FDNS to evaluate geotechnical, mine design, metallurgical characteristics and infrastructure needs with the goal of integrating FDNS into FDN’s long-term mine plan in 2026. The surface near mine drilling program advanced in the recently discovered copper-gold mineralization at the Trancaloma target, while also continuing the delineation of the Bonza Sur deposit and drilling on new sectors like the Sandia porphyry, located a few kilometres east from the FDN deposit. As at the date of this MD&A, 11 surface rigs are drilling, with four of them at Trancaloma, one at Sandia, one below FDN depth, one at FDN East, one at Bonza Sur, and three testing new sectors. ===== SIDA 15 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 5  At Trancaloma, located on the east border of Bonza Sur, the drilling program confirmed the extension of the recently discovered copper-gold porphyry mineralization. In the eastern portion of the target, the drilling program followed up on drilling results from the first quarter, extended the mineralized system along the northeastern and southwestern directions, and identified areas for further expansion. The drilling program also advanced in the western portion of Trancaloma, where another near surface copper mineralized zone was identified.  At Bonza Sur, drill holes were completed along south and southeastern extensions and confirmed the deposit’s continuity. In the south end of the deposit recent drilling suggests further potential for expansion along this direction. Toward the southeastern extension, the drilling program advanced along the limit with the Trancaloma porphyry.  At FDN East, the surface drilling program advanced in conjunction with the underground program and continued to intercept the mineralization continuity in the central part of the target and indicated areas for further expansion potential toward the north and south direction.  At FDN, directional drilling technology has been employed in the surface drilling program to enhance precision for the target testing in the deeper portions of the deposit. Throughout the program, drill holes tested the mineralization continuity at distinct depths along the central portion of FDN.  The near-mine exploration program continues to advance in unexplored areas close to FDN. A systematic exploration program employing geochemical and geophysical surveys and geological mapping advanced on potential targets. At Sandia, initial drilling results revealed the occurrence of a new shallow and wide copper- gold porphyry mineralization. A table of second quarter 2025 near mine results for the FDNS, FDN East, Bonza Sur and Trancaloma and Sandia targets received to date can be found in Lundin Gold’s press releases dated July 31 and August 5, 2025. Regional Exploration Program The Company advanced its multi-year regional exploration program during the second quarter of 2025. The program is expected to cover approximately 54,000 hectares on 23 of the Company’s concessions along the Zamora Copper Gold Belt, a high potential geological setting which hosts the Fruta del Norte mine and several large copper gold projects. The exploration program continues to advance in the Gamora district, located 65 kilometres north of FDN and approximately four kilometres north of the Mirador copper gold mine. The Gamora district comprises multiple exploration sectors that exhibit geological features similar to those found in copper-gold porphyry systems. Geological mapping and geochemical sampling programs were completed in distinct parts of the district during the quarter and resulted in the identification of several new potential targets for further evaluation. Furthermore, exploration started at the Soberano concession, located approximately 22 kilometres southwest from the FDN Mine, where geological mapping followed by soil and rock sampling were completed. Corporate  The Company published its 2024 Sustainability Report in April which marks its second year of transition towards aligning with the European Sustainability Reporting Standards.  The Company paid dividends during the quarter as follows: o A special dividend of $0.41 per share on June 9, 2025 (June 12, 2025 for shares trading on Nasdaq Stockholm) for a total of $100 million. o A quarterly dividend of $0.45 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.15 per share, on June 25, 2025 (June 30, 2025 for shares trading on Nasdaq Stockholm) for a total of $107 million.  With the release of its second quarter 2025 results, the Company has declared cash dividends totaling $0.79 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.49 per share, payable on September 25, 2025 (September 30, 2025 for shares trading on Nasdaq Stockholm) to shareholders of record at the close of business on September 10, 2025. Pursuant to the Company’s dividend policy, the variable dividend was calculated based on 50% of the Company’s normalized free cash flow, after deducting the fixed dividend paid, during the second quarter of 2025. ===== SIDA 16 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 6 SUMMARY OF QUARTERLY FINANCIAL RESULTS The Company’s quarterly financial statements are reported under IFRS Accounting Standards as applicable to interim financial reporting. The following table provides highlights from the Company’s financial statements for the past eight quarters (unaudited). 2025 2025 2024 2024 Q2 Q1 Q4 Q3 Revenues $ 452,880 $ 356,345 $ 341,791 $ 323,087 Income from mining operations $ 314,161 $ 233,546 $ 215,208 $ 203,184 Net income for the period $ 196,731 $ 153,500 $ 129,147 $ 135,715 Basic income per share $ 0.82 $ 0.64 $ 0.54 $ 0.57 Diluted income per share $ 0.81 $ 0.63 $ 0.53 $ 0.56 Weighted-average number of common shares outstanding Basic 240,984,033 240,460,033 240,101,527 239,737,300 Diluted 242,475,579 241,992,389 242,320,782 241,890,593 Additions to property, plant and equipment $ 16,878 $ 14,919 $ 35,044 $ 28,019 Total assets $ 1,618,899 $ 1,613,365 $ 1,527,481 $ 1,364,106 Working capital $ 562,273 $ 551,032 $ 458,944 $ 357,410 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 ===== SIDA 17 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 7 Three months ended June 30, 2025 compared to the three months ended June 30, 2024 The Company generated net income of $197 million during the second quarter of 2025 compared to $119 million during the second quarter of 2024. Net income was generated from the recognition of revenues of $453 million, which resulted in income from mining operations of $314 million, as well as finance income of $5.2 million. This is offset by exploration costs of $13.3 million, corporate administration costs of $16.1 million, income tax expense of $92.0 million, and other expenses totalling $1.3 million. During the second quarter of 2024, when the Company completed the buy back of the Stream Facility and Offtake, 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. Income from mining operations During the second quarter of 2025, the Company generated revenues of $453 million from the sale of 136,737 oz of gold and income from mining operations of $314 million compared to revenues of $301 million from the sale of 129,396 oz of gold and income from mining operations of $172 million during the second quarter of 2024. The increase is primarily attributable to an increase in oz sold at a higher average realized gold price1. Exploration Exploration costs were $13.3 million in the quarter compared to $8.9 million during the same period in 2024. 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 by $11.2 million from $4.9 million during the second quarter of 2024 to $16.1 million during the second quarter of 2025. The increase is mainly attributable to an increase in stock-based compensation expense of $11.1 million. Effective December 31, 2024, share units have been reclassified as financial liabilities measured at fair value since, subject to the continued discretion of the Company’s board of directors, they are expected to generally settle in cash in future periods. Therefore, stock-based compensation expense during the second quarter of 2025 reflects the increase in the Company’s share price from March 31, 2025 to June 30, 2025. Finance expense No finance expense was incurred during the second quarter of 2025 following the buy out of the Stream Facility and Offtake at the end of the second quarter of 2024. Finance income Finance income increased from $4.8 million during the second quarter of 2024 to $5.2 million during the second quarter of 2025 as the Company’s increased cash balance offset a declining yield on the Company’s treasury investments. Other expense (income) Other expense of $1.3 million was recognized during the quarter compared to other income of $1.5 million in the second quarter of 2024 which is mainly driven by foreign exchange movements during the period and its impact on the Company’s liabilities and expenses that are denominated in Canadian dollars. Derivative gain or loss With the Company in a debt free position, no derivative gains or losses are recognized. During the second quarter of 2024, the derivative gain of $262 million primarily resulted from the buy out of the Stream Facility and Offtake. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 18 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 8 Income taxes Income taxes of $92.0 million were recorded during the second quarter of 2025 (three months ended June 30, 2024 – $52.3 million) which is comprised of current income tax expenses of $110.2 million offset by deferred income tax recovery of $18.2 million. The change is mainly attributable to an increase in net income before tax resulting from a higher average realized gold price1. 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 tax instalment payments are due monthly based on a percentage of monthly revenues with residual income taxes owed, if any, due in April of each year. In addition, the government and employee portion of profit sharing are payable annually in April. The Company may elect to make additional tax payments in advance in Ecuador from time to time. Six months ended June 30, 2025 compared to the six months ended June 30, 2024 The Company generated net income of $350 million during the 2025 Period compared to $161 million during the 2024 Period. During the 2025 Period, revenues of $809 million were recognized which generated income from mining operations of $548 million, as well as finance income of $9.9 million. This is offset by income tax expense of $155 million and other expenses totalling $52.3 million. Revenues and income from mining operations were lower for the 2024 Period at $528 million and $285 million, respectively, due mainly to lower realized gold prices. In addition, with consideration for the buy back of the Stream Facility and Offtake, derivative gains of $244 million and finance income of $9.2 million were recorded which are offset by finance expense of $267 million, income tax expense of $80.9 million, and other expenses totalling $29.4 million Income from mining operations During the 2025 Period, the Company recognized revenues of $809 million from the sale of 254,378 oz of gold. This is offset by cost of goods sold of $262 million which is comprised of operating expenses of $150 million; royalties of $46.6 million; and depletion and depreciation of $64.9 million resulting in income from mining operations of $548 million. During the same period in 2024, revenues of $528 million were recognized from the sale of 238,312 oz of gold resulting in income from mining operations of $285 million. Exploration Exploration costs were $23.7 million during the 2025 Period compared to $16.8 million during the 2024 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 $28.2 million were incurred during the 2025 Period compared to $15.2 million during the 2024 Period. The increase is mainly due to additional expenses relating to cash-settled share units and its fair value adjustment which reflect the increase in the Company’s share price from December 31, 2024 to June 30, 2025. During the 2024 Period, these share units were considered to be equity-settled and not subject to fair value accounting. Finance expense No finance expense was incurred during the 2025 Period following the buy out of the Stream Facility and Offtake at the end of the second quarter of 2024. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 19 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 Derivative gain or loss With the Company in a debt free position, no derivative gains or losses are recognized. During the 2024 Period, a derivative gain of $244 million was recorded on the statement of operations which was mainly due to the buy out of the Stream Facility and Offtake. LIQUIDITY AND CAPITAL RESOURCES As at June 30, 2025, the Company had cash of $493 million and a working capital balance of $562 million compared to cash of $349 million and a working capital balance of $459 million at December 31, 2024. The change in cash during the 2025 Period was primarily due to cash generated from operating activities of $449 million and proceeds from the exercise of stock options and anti-dilution rights totalling $17.7 million. This is offset by dividends paid of $280 million and capital expenditures of $42.6 million. Trade receivables Trade receivables mainly represent the value of concentrate sold as at period end for which the funds are not yet received. Revenues and related trade receivables for concentrate sales are initially recorded at provisional gold prices. Subsequent determination of final gold prices can range from one to four months after shipment depending on the customer. For sales that are provisionally priced at period end, an estimate of the adjustment to trade receivables is calculated based on the expected month when the final gold price is forecast to be determined and the related forward price of gold at the end of the reporting period. At June 30, 2025, this resulted in an estimated increase of $16.5 million ($5.1 million at December 31, 2024) to trade receivables reflecting rising gold prices during the period. Consistent with industry standards, concentrate sales have relatively long payment terms and are not fully settled until concentrate is received by the customer and related final assays confirmed, generally two to five months after the export sale occurs. VAT receivables Subject to the submission of monthly claims and their acceptance by the applicable authorities, VAT paid in Ecuador by the Company after January 1, 2018 are being refunded or applied, based on the level of export sales in any given month, as a credit against taxes payable. A portion of the VAT recoverable has been reclassified as current assets based on the Company’s assessment of the estimated time for processing VAT claims during the next twelve months. Inventories Gold inventory is recognized in 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. The increase in gold-in-circuit inventory due to higher throughput and timing of production. The 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 continued disposal of obsolete or slow-moving inventory generally accumulated during the construction of FDN. Investment activities Investment activities during the 2025 Period are comprised principally of major sustaining capital expenditures1 including the fifth tailings dam raise, commissioning of diesel-powered generators, construction of camp and administration buildings, mine fleet overhaul, and conversion drilling. In addition, costs were incurred relating to the process plant expansion project. ===== SIDA 20 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 Liquidity and capital resources The Company generated strong operating cash flow during the 2025 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 strong gold prices, the Company expects to generate significant free cash flow1 which will continue to support the exploration programs, planned capital expenditures, growth initiatives, and regular dividend payments under its dividend policy. TRANSACTIONS WITH RELATED PARTIES During the 2025 Period, the Company incurred $0.5 million (2024 Period – $1.0 million), primarily relating to office rental and related services provided by Namdo Management Services Ltd. (“Namdo”), a company associated with a director of the Company. In addition, the Company entered into transactions with its largest shareholder, Newmont Corporation, as presented in Note 16 in the Notes to the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2025. 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 $147 million (December 31, 2024 – $156 million) are measured at fair value using quoted forward market prices. The Company’s financial instruments are exposed to a variety of financial risks by virtue of its activities. Credit risk Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations. The majority of the Company’s cash is held in large financial institutions with a high investment grade rating. The Company is also subject to credit risk associated with its trade receivables. The Company manages this risk by only selling to a small group of reputable customers with strong financial statements. Concentration of credit risk Cash and cash equivalents are held with high quality financial institutions. Substantially all of the Company’s cash and cash equivalents held with financial institutions exceed government-insured limits. The Company has established a treasury policy that seeks to minimize its credit risk by entering into transactions with investment grade creditworthy and reputable financial institutions and by monitoring the credit standing of those financial institutions. The Company seeks to limit the amount of exposure with any one counterparty in accordance with its established treasury policy. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due. Cash flow forecasting is performed regularly to monitor the Company’s liquidity requirements to ensure it has sufficient cash to always meet its operational needs. In addition, management is actively involved in the review, planning and approval of significant expenditures and commitments. Commodity price risk The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver. Commodity price risks are affected by many factors that are outside the Company’s control including global or regional consumption patterns, the supply of and demand for metals, speculative activities, the availability and costs of substitutes, inflation, and political and economic conditions. The Company has not hedged the price of any commodity at this time. The fair value of a portion of the Company’s trade receivables are impacted by fluctuations of commodity prices. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 21 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 COMMITMENTS Significant capital and other expenditures contracted as at June 30, 2025 but not recognized as liabilities are as follows: Capital Expenditures Other 12 months ending June 30, 2026 $ 23,975 572 July 1, 2026 onward - 7,242 Total $ 23,975 7,814 The Company’s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net smelter royalty payable to third parties. OFF-BALANCE SHEET ARRANGEMENTS During the 2025 Period and the year ended December 31, 2024, there were no off-balance sheet transactions. The Company has not entered into any specialized financial arrangements to minimize its currency risk. OUTSTANDING SHARE DATA As at the date of this MD&A, there were 241,267,371 common shares issued and outstanding. There were also stock options outstanding to purchase a total of 1,724,203 common shares, 368,528 restricted share units with a performance criteria, 174,736 restricted share units, and 59,824 deferred share units. OUTLOOK As a result of the strong operating performance in the first half of the year, the Company is updating its 2025 production guidance from 475,000 to 525,000 oz to 490,000 to 525,000 oz. Due to mine sequencing, the Company expects a reduction in average head grade during the second half of the year. The Company also expects its cash operating cost1 and AISC1 to be near the upper end of guidance of $730 to $790 and $935 to $995 per oz sold respectively. While the significant increase in gold price has led to record financial performance during the first half of 2025, it has also resulted in increased royalties and profit sharing to employees, metrics that impact cash operating cost1 and AISC1. Continued efforts to reduce cost and improvements to mill throughput is expected to allow the Company to remain within the upper end of its cost guidance even with average realized gold prices1 of $3,231 per oz during the first half of 2025, compared to its guidance assumption of $2,500 per oz. Sustaining capital expenditures1 are expected to increase over the remainder of the year and come in at the previously guided $75 to $85 million. The near-mine underground drilling program is expected to continue to advance at FDNS where the primary focus is the conversion and expansion of this new system. The surface drilling program is expected to continue to explore the recently discovered Trancaloma copper-gold porphyry mineralization, expand the mineralization along the Bonza Sur and FDN East sectors, and advance on new sectors around FDN. Seventeen rigs are currently turning across the conversion and near-mine exploration programs. The Company increased the near-mine drilling program by 18,000 metres to a minimum of 83,000 metres to accelerate the definition of near-mine targets and the conversion drilling program from 15,000 metres to approximately 25,000 metres. A minimum of 108,000 metres of drilling are planned across the conversion and near-mine drilling programs for 2025. In addition, mine engineering work is underway on FDNS to evaluate geotechnical, mine design, metallurgical characteristics and infrastructure needs with the goal of integrating FDNS into FDN’s long-term mine plan in 2026. 1 Refer to “Non-IFRS Measures” section. ===== SIDA 22 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 The regional exploration program is expected to continue to focus on the unexplored large package of mineral concessions located on a highly prospective environment which hosts the Fruta del Norte deposit. This is the first year of a new three-year greenfield strategy to identify new areas for exploration drilling. The 2025 program includes a geophysical magnetic survey and a geochemical sampling program. The total estimated cost of the near-mine and regional program is $47 million for the year. This represents the largest drill program ever completed on the land package that hosts the FDN deposit. Under its dividend policy, the Company anticipates continuing to declare quarterly minimum dividends of $0.30 per share, equivalent to approximately $300 million annually based on currently issued and outstanding shares, plus a variable dividend equal to an amount based on at least 50% of the Company’s normalized free cash flow, after the deduction of the fixed dividend. NON-IFRS MEASURES This MD&A refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, sustaining capital expenditures, free cash flow, 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 by disaggregating revenues for the period between gross gold sales before provisional pricing impact, mark- to-market on provisionally priced sales, and silver revenues less treatment and refining charges. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Gross gold sales before provisional pricing impact $ 447,958 $ 310,352 $ 781,506 $ 537,942 Gain (loss) on provisionally priced trade receivables 11,623 (2,500) 40,553 3,100 Silver revenues 5,377 3,871 9,305 6,794 Less: Treatment and refining charges (12,078) (10,292) (22,139) (19,664) Revenues $ 452,880 $ 301,431 $ 809,225 $ 528,172 Gold oz sold 136,737 129,396 254,378 238,312 Average realized gold price (per oz sold) Gross gold sales before provisional pricing impact $ 3,276 $ 2,398 $ 3,072 $ 2,257 Gain on provisionally priced trade receivables 85 (19) 159 13 Average realized gold price 3,361 2,379 $ 3,231 $ 2,270 Silver revenues 39 30 37 29 Less: Treatment and refining charges (88) (80) (87) (83) Revenues $ 3,312 $ 2,329 $ 3,181 $ 2,216 ===== SIDA 23 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 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. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income for the period $ 196,731 $ 119,291 $ 350,231 $ 161,188 Adjusted for: Finance expense - 254,449 - 266,542 Finance income (5,222) (4,784) (9,894) (9,238) Income tax expense 91,965 52,256 155,027 80,878 Depletion and depreciation 35,366 35,857 64,978 69,311 EBITDA $ 318,840 $ 457,069 $ 560,342 $ 568,681 Special government levy - - - 1,913 Derivative loss - (261,668) - (243,737) Adjusted EBITDA $ 318,840 $ 195,401 $ 560,342 $ 326,857 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. During the six months ended June 30, 2024 these included 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 30, Six months ended June 30, 2025 2024 2025 2024 Net income for the period $ 196,731 $ 119,291 $ 350,231 $ 161,188 Adjusted for: Finance expense on buy out of stream and offtake - 235,575 - 235,575 Special government levy - - - 1,913 Derivative loss - (261,668) - (243,737) Deferred income tax recovery - 5,740 - 1,795 Adjusted earnings $ 196,731 $ 98,938 $ 350,231 $ 156,734 Basic weighted average shares outstanding 240,984,033 239,129,917 240,723,483 238,697,974 Adjusted basic earnings per share $ 0.82 $ 0.41 $ 1.46 $ 0.66 ===== SIDA 24 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 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 30, Six months ended June 30, 2025 2024 2025 2024 Operating expenses $ 77,462 $ 76,166 $ 150,026 $ 143,434 Royalty expenses 25,915 17,656 46,555 30,444 Cash operating costs $ 103,377 $ 93,822 $ 196,581 $ 173,878 Gold oz sold 136,737 129,396 254,378 238,312 Cash operating cost per oz sold $ 756 $ 725 $ 773 $ 730 All-in sustaining cost and sustaining capital expenditures AISC provides information on the total cost associated with producing gold and has been calculated on a basis consistent with historic news releases by the Company. The Company calculates AISC as the sum of total cash operating costs (as described above), corporate social responsibility costs, treatment and refining charges, accretion of restoration provision, and sustaining capital expenditures, less silver revenue, all divided by the gold oz sold to arrive at a per oz amount. Sustaining capital expenditures is defined as cash basis expenditures which maintain existing operations and sustain production levels. Other companies may calculate this measure differently as a result of differences in underlying principles and policies applied. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Cash operating costs $ 103,377 $ 93,822 $ 196,581 $ 173,878 Corporate social responsibility 566 479 912 1,165 Treatment and refining charges 12,078 10,292 22,139 19,664 Accretion of restoration provision 190 205 380 410 Sustaining capital expenditures 15,870 12,302 22,884 19,412 Less: silver revenues (5,377) (3,871) (9,305) (6,794) All-in sustaining cost $ 126,704 $ 113,229 $ 233,591 $ 207,735 Gold oz sold 136,737 129,396 254,378 238,312 All-in sustaining cost per oz sold $ 927 $ 875 $ 918 $ 872 ===== SIDA 25 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 Free cash flow and free cash flow per share Free cash flow is indicative of the Company’s ability to generate cash from operations after consideration for required capital expenditures, including related VAT impact, necessary to maintain operations and interest and finance expense paid on its debt obligations. Free cash flow is defined as cash flow provided by operating activities, less cash used for investing activities and interest and finance expense paid. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 254,782 $ 144,169 $ 449,090 $ 252,083 Net cash used for investing activities (19,112) (14,937) (42,637) (28,573) Interest paid - (1,812) - (3,688) Finance expense paid - (250,847) - (260,990) Free cash flow $ 235,670 $ (123,427) $ 406,453 $ (41,168) Basic weighted average shares outstanding 240,984,033 239,129,917 240,723,483 238,697,974 Free cash flow per share $ 0.98 $ (0.52) $ 1.69 $ (0.17) 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 2024 Management’s Discussion and Analysis. RISKS AND UNCERTAINTIES Natural resources exploration, development and operation involves a number of risks and uncertainties, many of which are beyond the Company’s control. These risks and uncertainties include, without limitation, the risks discussed elsewhere in this MD&A and those set out in the Company’s Annual Information Form dated March 17, 2025 (the “AIF”), which is available on SEDAR+ at www.sedarplus.ca. 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, 2025 is expected to be published on or about November 6, 2025. ===== SIDA 26 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 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, 2025 and ending June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. FORWARD LOOKING STATEMENTS Certain of the information and statements in this MD&A are considered “forward-looking information” or “forward-looking statements” as those terms are defined under Canadian securities laws (collectively referred to as “forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. 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 2025 production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and cash flow forecasts; gold price; estimated capital costs and sustaining capital; estimated costs related to the Company’s near-mine and regional drilling programs; the Company’s ability to mitigate the impacts on its operations of a power disruption from the national grid; recovery of VAT; benefits of the Company’s community programs; the Company’s declaration and payment of dividends pursuant to its dividend policy; and the timing and the success of its drill program at Fruta del Norte and its other exploration activities. Lundin Gold’s actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include risks relating to: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and ===== SIDA 27 ===== LUNDIN GOLD INC. Management’s Discussion and Analysis Six Months Ended June 30, 2025 (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 tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; 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; 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; conflicts of interest; 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 28 ===== 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 2025 2024 ASSETS Current assets Cash and cash equivalents 18 $ 493,372 $ 349,200 Trade receivables and other current assets 3 223,108 233,555 Inventories 4 88,560 88,210 Advance royalty - 3,494 805,040 674,459 Non-current assets VAT recoverable 20,303 24,287 Property, plant and equipment 5 671,762 695,703 Mineral properties 6 121,794 133,032 $ 1,618,899 $ 1,527,481 LIABILITIES Current liabilities Accounts payable and accrued liabilities 7 $ 110,267 $ 109,947 Income taxes payable 122,090 96,843 Other current liabilities 10 10,410 8,725 242,767 215,515 Non-current liabilities Other non-current liabilities 10 10,960 3,457 Reclamation provisions 8,246 7,866 Deferred income tax liabilities 52,771 84,344 314,744 311,182 EQUITY Share capital 9 1,055,528 1,035,399 Equity-settled share-based payment reserve 10 6,596 9,059 Accumulated other comprehensive loss (40,747) (40,747) Retained earnings 282,778 212,588 1,304,155 1,216,299 $ 1,618,899 $ 1,527,481 Commitments (Note 21) Approved by the Board of Directors /s/ Ron F. Hochstein /s/ Ian W. Gibbs Ron F. Hochstein Ian W. Gibbs ===== SIDA 29 ===== 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 2025 2024 2025 2024 Revenues 11 $ 452,880 $ 301,431 $ 809,225 $ 528,172 Cost of goods sold Operating expenses 12 77,462 76,166 150,026 143,434 Royalty expenses 25,915 17,656 46,555 30,444 Depletion and depreciation 35,342 35,852 64,937 69,300 138,719 129,674 261,518 243,178 Income from mining operations 314,161 171,757 547,707 284,994 Other expenses (income) Exploration 13 13,277 8,864 23,669 16,789 Corporate administration 14 16,126 4,852 28,221 15,239 Finance expense 15 - 254,449 - 266,542 Finance income (5,222) (4,784) (9,894) (9,238) Other expense (income) 1,284 (1,503) 453 (2,667) Derivative gain 8 - (261,668) - (243,737) 25,465 210 42,449 42,928 Net income before tax 288,696 171,547 505,258 242,066 Income tax expense Current income tax expense 17 110,155 48,850 186,600 72,345 Deferred income tax expense (recovery) 17 (18,190) 3,406 (31,573) 8,533 91,965 52,256 155,027 80,878 Net income for the period $ 196,731 $ 119,291 $ 350,231 $ 161,188 OTHER COMPREHENSIVE INCOME (LOSS) Items that will not be reclassified to net income Currency translation adjustment - (820) - (2,194) Derivative loss related to the Company’s own credit risk - (31,071) - (37,332) Deferred income tax on accumulated other comprehensive income - 4,962 - 6,339 Comprehensive income $ 196,731 $ 92,362 $ 350,231 $ 128,001 Income per common share Basic $ 0.82 $ 0.50 $ 1.46 $ 0.68 Diluted 0.81 0.49 1.45 0.67 Weighted-average number of common shares outstanding Basic 240,984,033 239,129,917 240,723,483 238,697,974 Diluted 242,475,579 241,031,608 242,268,436 240,540,041 ===== SIDA 30 ===== 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, 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 Balance, January 1, 2025 240,194,898 $ 1,035,399 $ 9,059 $ (40,747) $ 212,588 $ 1,216,299 Exercise of stock options 789,246 8,654 (2,129) - - 6,525 Vesting of share units 21,635 315 (315) - - - Exercise of anti-dilution rights 9 252,592 11,160 - - - 11,160 Stock-based compensation 10 - - 622 - - 622 Reclassification of share units - - (641) - - (641) Net income for the period - - - - 350,231 350,231 Dividends paid - - - - (280,041) (280,041) Balance, June 30, 2025 241,267,371 $ 1,055,528 $ 6,596 $ (40,747) $ 282,778 $ 1,304,155 ===== SIDA 31 ===== 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 2025 2024 2025 2024 OPERATING ACTIVITIES Net income for the period $ 196,731 $ 119,291 $ 350,231 $ 161,188 Items not affecting cash: Depletion and depreciation 35,366 35,857 64,978 69,311 Stock-based compensation 10 12,501 1,427 19,423 4,197 Derivative gain 8 - (261,668) - (243,737) Other expense (income) 648 (502) 756 (1,547) Finance expense (income) (5,222) 249,665 (9,894) 257,304 Deferred income tax expense (recovery) (18,190) 3,406 (31,573) 8,533 221,834 147,476 393,921 255,249 Changes in non-cash working capital items: Trade receivables and other current assets 18,438 730 18,399 (12,284) Inventories 1,065 8,361 1,884 8,332 Advance royalty - 1,119 3,494 6,500 Accounts payable and accrued liabilities 18,946 7,192 7,192 2,724 Income taxes payable (10,723) (25,493) 25,247 (17,676) Interest received 5,222 4,784 9,894 9,238 Share units settled in cash 10 - 11 (10,941) (3,550) Net cash provided by operating activities 254,782 144,180 449,090 248,533 FINANCING ACTIVITIES Repayments of long-term debt 8 - (97,985) - (101,106) Interest paid 8 - (1,812) - (3,688) Finance expense paid 8 - (250,847) - (260,990) Proceeds from exercise of stock options 2,202 1,631 6,525 5,950 Proceeds from exercise of anti-dilution rights 9 11,014 7,707 11,160 7,707 Dividends paid (207,325) (23,957) (280,041) (47,831) Change in non-cash working capital 7,8 - 150,000 - 150,000 Net cash used for financing activities (194,109) (215,263) (262,356) (249,958) INVESTING ACTIVITIES Acquisition and development of property, plant and equipment (17,278) (12,686) (38,669) (25,327) VAT paid on investing activities (1,834) (2,251) (3,968) (3,246) Net cash used for investing activities (19,112) (14,937) (42,637) (28,573) Effect of foreign exchange rate differences on cash 74 (235) 75 (347) Net increase (decrease) in cash and cash equivalents 41,635 (86,255) 144,172 (30,345) Cash and cash equivalents, beginning of period 451,737 323,935 349,200 268,025 Cash and cash equivalents, end of period $ 493,372 $ 237,680 $ 493,372 $ 237,680 Supplemental cash flow information (Note 18) ===== SIDA 32 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 5 1. Nature of operations Lundin Gold Inc. together with its subsidiaries (collectively referred to as “Lundin Gold” or the “Company”) is focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador. The common shares of the Company are listed for trading on the Toronto Stock Exchange (the “TSX”) and Nasdaq Stockholm under the symbol “LUG” and the OTCQX Best Market under the symbol “LUGDF”. The Company was originally incorporated in British Columbia and continued under the Canada Business Corporations Act in 2002. The Company’s head office is located at Suite 2800, 1055 Dunsmuir Street, Vancouver, BC, and it has an office in Quito, Ecuador. 2. Basis of preparation and consolidation These unaudited condensed consolidated interim financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board (“IFRS Accounting Standards”), applicable to the preparation of interim financial statements, including International Accounting Standard 34, Interim Financial Reporting. As a result, they do not conform in all respects with the disclosure requirements for annual financial statements under IFRS Accounting Standards and should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2024. 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, 2024. These financial statements were approved for issue by the Board of Directors on August 7, 2025. 3. Trade receivables and other current assets June 30, December 31, 2025 2024 Trade receivables (a) $ 146,705 $ 155,948 VAT recoverable (b) 56,619 58,028 Prepaid expenses and other 19,784 19,579 $ 223,108 $ 233,555 (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, 2025, an adjustment is estimated and recorded using the forward gold price at quarter end for the future month when the final gold price for each individual sale is expected to be determined. This adjustment resulted in an increase of $16.5 million in trade receivables as of June 30, 2025 (December 31, 2024 - $5.1 million increase) reflecting rising gold prices during the period. ===== SIDA 33 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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 VAT claims and their acceptance by the applicable tax authorities, VAT paid in Ecuador by the Company is being refunded or applied as a credit against taxes payable, based on the level of export sales in any given month. Therefore, a portion of the VAT recoverable has been reclassified as current assets based on the Company’s assessment of the estimated time for processing VAT claims during the next twelve months. 4. Inventories June 30, December 31, 2025 2024 Ore stockpile $ 7,584 $ 8,254 Gold in circuit 14,755 8,546 Doré and concentrate 14,171 18,687 Materials and supplies 52,050 52,723 $ 88,560 $ 88,210 As at June 30, 2025, the Company maintained a provision of $4.0 million (December 31, 2024 - $4.0 million) associated with obsolete or slow-moving materials and supplies inventory. 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, 2024 $ 7,009 $ 986,741 $ 49,591 $ 24,440 $ 2,543 $ 1,070,324 Additions 38,363 47,629 1,086 423 2,730 90,231 Disposals and other - - (1,465) (1,561) - (3,026) Reclassifications (6,128) 6,128 - - - - Cumulative translation adjustment - (1,057) - - (12) (1,069) Balance, December 31, 2024 39,244 1,039,441 49,212 23,302 5,261 1,156,460 Additions 26,521 1,973 2,089 760 454 31,797 Disposals and other - (111) (112) (400) - (623) Reclassifications (48,552) 48,522 - - - - Balance, June 30, 2025 $ 17,243 $ 1,089,825 $ 51,189 $ 23,662 $ 5,715 $ 1,187,634 ===== SIDA 34 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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, 2024 $ - $ 306,896 $ 24,669 $ 19,583 $ 280 $ 351,428 Depletion and depreciation - 102,883 6,530 1,884 831 112,128 Disposals and other - (866) (1,561) - (2,427) Cumulative translation adjustment - (371) - - (1) (372) Balance, December 31, 2024 - 409,408 30,333 19,906 1,110 460,757 Depletion and depreciation - 50,502 3,449 826 817 55,594 Disposals and other - - (79) (400) - (479) Balance, June 30, 2025 $ - $ 459,910 $ 33,703 $ 20,332 $ 1,927 $ 515,872 Net book value As at December 31, 2024 $ 39,244 $ 630,033 $ 18,879 $ 3,396 $ 4,151 $ 695,703 As at June 30, 2025 $ 17,243 $ 629,915 $ 17,486 $ 3,330 $ 3,788 $ 671,762 6. Mineral properties Cost Fruta del Norte Balance, January 1, 2024 $ 160,028 Adjustments to restoration asset (1,677) Depletion (25,319) Balance, December 31, 2024 133,032 Depletion (11,238) Balance, June 30, 2025 $ 121,794 ===== SIDA 35 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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, 2025 2024 Accounts payable $ 18,493 $ 18,261 Accrued liabilities 37,094 43,561 Accrued profit sharing to employees and royalties 54,680 48,125 $ 110,267 $ 109,947 8. Long-term debt 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 from Newmont Corporation (“Newmont”) 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 was paid on September 30, 2024. The total buy out price of $330 million was comprised of the remaining unamortized principal balance of $94.4 million and finance expense of $235.6 million. The derivative adjustments during the 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 of which $6.7 million was paid on account of principal; $3.7 million for accrued interest; and the remaining $25.4 million as a finance expense. Following the buy out of the Stream Facility, the remaining balance of deferred transaction costs were recognized within finance expense. 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, 2025, the Company issued 252,592 common shares to Newmont, indirectly through its subsidiary Newcrest Canada Inc. (“Newcrest”) at a weighted average price of CAD$60.89 per share for total proceeds of $11.2 million. During the year ended December 31, 2024, 804,340 common shares were issued to Newcrest at a weighted average price of CAD$22.40 per share for total proceeds of $13.1 million. These issuances were completed in accordance with Newcrest’s anti-dilution rights granted as part of its initial investment into the Company. ===== SIDA 36 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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 10. Stock-based compensation i. Stock options During the six months ended June 30, 2025, 143,500 stock options were granted to employees and non- employees. These options have a weighted average exercise price of CAD$38.58, 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, 2025 was 1,724,203. 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, 2025 Risk-free interest rate 2.64% Expected stock price volatility 35.27% Expected life 4 years Expected dividends (CAD) $1.13 Weighted-average fair value per option granted (CAD) $9.29 During the six months ended June 30, 2025, the Company recorded stock-based compensation expense of $0.5 million (six months ended June 30, 2024 – $0.7 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”). Share Units were initially expected to be settled in shares. However, starting December 31, 2024, to the extent permitted by the Company’s omnibus incentive plan and subject to the continued discretion of the Company’s board of directors, Share Units are expected to generally settle in cash. As a result, the Share Units were reclassified as financial liabilities measured at fair value. During the six months ended June 30, 2025, the Company granted 296,723 Share Units. In addition, in connection with dividends paid during the six months ended June 30, 2025, 15,546 Share Units were granted as Dividend Equivalents. The total number of Share Units outstanding at June 30, 2025 was 603,088. During the six months ended June 30, 2025, the Company recorded stock-based compensation expense of $18.9 million (six months ended June 30, 2024 – $3.5 million) related to Share Units which reflect the Company’s rising share price during 2025. During the six months ended June 30, 2025, total stock-based compensation expense was $19.4 million (six months ended June 30, 2024 – $4.2 million expense). ===== SIDA 37 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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, 2025 2024 2025 2024 Doré sales (a) $ 155,795 $ 101,484 $ 267,950 $ 177,953 Concentrate sales 285,462 202,447 500,722 347,119 Gain (loss) on provisionally priced trade receivables 11,623 (2,500) 40,553 3,100 $ 452,880 $ 301,431 $ 809,225 $ 528,172 (a) During the six months ended June 30, 2024, doré sales were to Newmont under the Offtake until the Closing Date of the buy out of the Stream Facility and Offtake. 12. Operating expenses Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Direct production costs $ 59,535 $ 61,572 $ 118,671 $ 121,383 Transportation 6,609 5,532 12,742 10,962 Direct sales costs, including employee portion of profit sharing 9,785 5,375 17,401 8,014 Change in inventories 1,533 3,687 1,212 3,075 $ 77,462 $ 76,166 $ 150,026 $ 143,434 13. Exploration Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Catering and camp expenses $ 943 $ 665 $ 1,822 $ 1,248 Concessions and land 711 88 1,147 575 Development - 413 - 413 Drilling 5,650 3,909 10,340 7,179 Environmental 372 260 778 496 Geophysics 343 - 660 - Salaries and benefits 1,898 1,780 3,584 3,341 Sampling and supplies 2,654 1,343 4,294 2,967 Study and evaluation 300 - 360 - Others 406 406 684 570 $ 13,277 $ 8,864 $ 23,669 $ 16,789 ===== SIDA 38 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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. Administration Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Corporate social responsibility $ 566 $ 479 $ 912 $ 1,165 Investor relations 139 102 249 138 Office and general 814 778 1,979 1,839 Professional fees 573 750 1,170 1,307 Regulatory and transfer 340 106 609 360 Salaries and benefits 972 1,030 3,248 3,958 Special government levy (a) - - - 1,913 Stock-based compensation 12,500 1,427 19,422 4,197 Travel 222 180 632 362 $ 16,126 $ 4,852 $ 28,221 $ 15,239 (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. 15. Finance expense Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Interest expense $ - $ 1,817 $ - $ 3,693 Finance expense - 15,272 - 25,415 Finance expense on buy out of stream and offtake (Note 8) - 235,575 - 235,575 Accretion of transaction costs - 1,785 - 1,859 $ - $ 254,449 $ - $ 266,542 16. 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, 2025 2024 Salaries, bonuses and benefits $ 3,450 $ 3,165 Stock-based compensation 15,601 2,811 $ 19,051 $ 5,976 ===== SIDA 39 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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. Related party transactions (continued) ii. Other related party transactions During the six months ended June 30, 2025, the Company incurred $0.5 million (six months ended June 30, 2024 – $1.0 million), primarily relating to office rental and related services provided by Namdo Management Services Ltd. (“Namdo”), a company associated with a director of the Company. In addition, the Company entered into transactions with its largest shareholder, Newmont, during the six months ended June 30, 2025 and June 30, 2024 as disclosed in Note 8, Note 9, and Note 11. 17. Income taxes Current income tax expense is generated from net income for tax purposes in Ecuador relating to operations at Fruta del Norte. In addition to corporate income taxes in Ecuador which are levied at a rate of 22% and dividend withholding taxes levied at a rate of 5% related to the anticipated portion of net income distributed from Ecuador, included in current income tax expense is the portion of profit sharing payable to the Government of Ecuador which is calculated at the rate of 12% of net income for tax purposes. The employee portion of profit sharing, calculated at the rate of 3% of net income for tax purposes, is considered an employment benefit and included in operating costs. The Company pays monthly corporate income tax instalment payments based on a percentage of monthly revenues. Remaining corporate income taxes owed, if any, and profit sharing in Ecuador are due in April of each year. In addition, audits by the tax authorities in Ecuador may result in additional taxes owed from time to time due to differing interpretations of tax law which may impact the Company’s financial results. 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, 2025 2024 2025 2024 Net income before tax $ 288,696 $ 171,547 $ 505,258 $ 242,066 Canadian federal and provincial income tax rates 27% 27% 27% 27% Income tax expense based on the above rates 77,948 46,318 136,420 65,358 Increase (decrease) due to: Differences in foreign tax rates (5,114) 7,739 (14,952) 11,264 Non-deductible costs 1,705 (2,628) 6,989 899 Withholding taxes (current and deferred) 11,135 1,040 17,939 2,500 Losses and temporary differences for which an income tax asset has not been recognized 3,965 (213) 6,049 857 Other 2,326 - 2,582 - Income tax expense $ 91,965 $ 52,256 $ 155,027 $ 80,878 ===== SIDA 40 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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. Supplemental cash flow information Cash and cash equivalents are comprised of the following: June 30, December 31, 2025 2024 Cash $ 342,599 $ 224,783 Short-term investments 150,773 124,417 $ 493,372 $ 349,200 Other supplemental cash information: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Taxes and profit sharing paid to the Government of Ecuador $ 125,977 $ 80,946 $ 159,523 $ 97,040 Change in accounts payable and accrued liabilities related to: Acquisition of property, plant and equipment $ (399) $ 4,781 $ (6,872) $ 1,841 19. Segmented information Operating segments are components of an entity that engage in business activities from which they incur expenses and whose operating results are regularly reviewed by a chief operating decision maker to make resource allocation decisions and to assess performance. The Chief Executive Officer is responsible for allocating resources and reviewing operating results of each operating segment on a periodic basis. The Company’s primary business activity is the Fruta del Norte operating mine in Ecuador where all revenues originate. Materially all of the Company’s non-current assets and non-current liabilities relate to Fruta del Norte. In addition, the Company conducts exploration activities and maintains a number of concessions in Ecuador outside of Fruta del Norte. ===== SIDA 41 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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 19. Segmented information (continued) The following are summaries of the Company’s current and non-current assets, current and non-current liabilities, and income from mining operations: Fruta del Norte Exploration activities Corporate and other Total As at June 30, 2025 Current assets $ 504,409 $ 541 $ 300,090 $ 805,040 Non-current assets 813,242 66 551 813,859 Total assets 1,317,651 607 300,641 1,618,899 Current liabilities 227,555 438 14,774 242,767 Non-current liabilities 61,017 - 10,960 71,977 Total liabilities 288,572 438 25,734 314,744 For the three months ended June 30, 2025 Revenues 452,880 - - 452,880 Operating expenses (77,462) - - (77,462) Royalty expenses (25,915) - - (25,915) Depletion and depreciation (35,342) - - (35,342) Income from mining operations 314,161 - - 314,161 For the six months ended June 30, 2025 Revenues 809,225 - - 809,225 Operating expenses (150,026) - - (150,026) Royalty expenses (46,555) - - (46,555) Depletion and depreciation (64,937) - - (64,937) Income from mining operations 547,707 - - 547,707 ===== SIDA 42 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (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 19. Segmented information (continued) 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 Operating expenses (76,166) - - (76,166) Royalty expenses (17,656) - - (17,656) Depletion and depreciation (35,852) - - (35,852) Income from mining operations 171,757 - - 171,757 For the six months ended June 30, 2024 Revenues 528,172 - - 528,172 Operating expenses (143,434) - - (143,434) Royalty expenses (30,444) - - (30,444) Depletion and depreciation (69,300) - - (69,300) Income from mining operations 284,994 - - 284,994 The Company generated 76% of its revenue from four major customers during the six months ended June 30, 2025 (June 30, 2024 – 70% from three major customers). However, the Company is not economically dependent on these customers as gold and silver can be sold to and through numerous banks and commodity market traders worldwide. 20. 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 $146.7 million (December 31, 2024 - $156.0 million) are measured at fair value using quoted forward market prices (Fair value hierarchy level 2). ===== SIDA 43 ===== LUNDIN GOLD INC. Notes to the condensed consolidated interim financial statements as at June 30, 2025 (Unaudited – Prepared by Management) (Expressed in U.S. Dollars unless otherwise noted. Tables are expressed in thousands of U.S. dollars, except share and per share amounts) 16 21. Commitments Significant capital and other expenditures contracted as at June 30, 2025 but not recognized as liabilities are as follows: Capital Expenditures Other 12 months ending June 30, 2026 $ 23,975 572 July 1, 2026 onward - 7,242 Total $ 23,975 7,814 The Company’s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net smelter royalty payable to third parties. ===== SIDA 44 ===== 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 Andre Oliveira Vice President, Exploration Brendan Creaney Vice President, Corporate Development and Investor Relations OFFICES CORPORATE HEAD OFFICE Lundin Gold Inc. Four Bentall Centre 1055 Dunsmuir Street, Suite 2800 Vancouver, BC V7X 1L2 Telephone: 604-689-7842 Toll Free: 1-888-689-7842 Facsimile: 604-689-4250 REGIONAL HEAD OFFICE Aurelian Ecuador S.A., a subsidiary of Lundin Gold Inc. Av. Amazonas N37-29 y UNP Edificio Eurocenter, Piso 5 Quito, Pichincha Ecuador Telephone: 593-2-299-6400 COMMUNITY OFFICE Calle 1ro de Mayo y 12 de Febrero, esquina Los Encuentros, Zamora-Chinchipe, Ecuador STOCK EXCHANGE LISTINGS The Toronto Stock Exchange Trading Symbol: LUG Nasdaq Stockholm Trading Symbol: LUG SHARE REGISTRAR AND TRANSFER AGENT Computershare Investor Services Inc. 510 Burrard Street, 3rd Floor Vancouver, BC V6C 3B9 Telephone: 1-800-564-6253 AUDITOR PricewaterhouseCoopers LLP 250 Howe St, Suite 700 Vancouver, BC V6C 3S7 Telephone: 604-806-7000 ADDITIONAL INFORMATION Further information about Lundin Gold is available by contacting: Brendan Creaney Vice President, Corporate Development and Investor Relations Telephone: 604-806-3089 Toll Free: 1-888-689-7842 info@lundingold.com Lundin Gold Ecuador ===== SIDA 45 ===== 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