Kvartalsrapport Q3 2023

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NEWS RELEASE 
Vancouver, November 8, 2023 
 
 
Lundin Gold Inc.  885 West Georgia Street, Suite 2000  Phone: +1 604 689 7842  lundingold.com 
  Vancouver, BC, V6C 3E8    Fax: +1 604 689 4250  Email: info@lundingold.com 
 
 
 
LUNDIN GOLD REPORTS THIRD QUARTER 2023 RESULTS AND ELECTS TO FULLY REPAY 
ITS SENIOR DEBT FACILITY 
 
Robust free cash flow generation underpins decision to extinguish bank debt 
 
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG; OTCQX: LUGDF) ("Lundin Gold" or the "Company") today 
reports results for the third quarter of 2023, highlighted by Q3 production of 112,212 ounces (“oz”) of gold and 
sales of 112,711 oz, at a cash operating cost1 of $704 per oz sold and all-in sustaining cost (“AISC”)1 of $907 per 
oz sold. All amounts are in U.S. dollars unless otherwise indicated. 
 
Lundin Gold’s track record of generating strong free cash flow1 continued during the third quarter of 2023 with 
free cash flow 1 of $80.9 million or $0.34 per share achieved resulting in a cash balance of $302 million at 
September 30, 2023. Given this robust cash balance at quarter end and forecasted cash requirements, the 
Company has elected to fully repay the remaining principal balance of $70.5 million plus accrued interest under 
its senior debt facility (the “Senior Facility”) on November 14, 2023, well in advance of the original maturity date 
of June 2026. Upon completion of this repayment, the Company will have extinguished two of its project finance 
facilities, being the gold prepay credit facility and Senior Facility , which had an original combined principal 
amount of $500 million, after only three years of operations. 
 
Ron Hochstein, President and CEO commented, “ After another strong quarter of free cash flow generation, we 
are advancing our debt reduction strategy with the repayment in full of the remaining balance of our senior debt 
facility. We are firmly on track to meet our revised AISC1 guidance of $820 to $870 per oz sold and expect to be 
near the upper end of our revised production guidance of 450,000 to 485,000 oz. I am also very excited about the 
continued expansion of our near -mine exploration program , which is yielding very positive results  going into 
2024.” 
  
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 
14 to 17 of the Company's MD&A for the three and nine months ended September 30, 2023 available on SEDAR+.

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OPERATING AND FINANCIAL RESULTS SUMMARY 
 
The following two tables provide an overview of key operating and financial results. 
 
 Three months ended  
September 30, 
Nine months ended  
September 30, 
 2023 2022 2023 2022 
Tonnes ore mined 397,702 377,921 1,229,845 1,126,980 
Tonnes ore milled 416,072 379,258 1,226,777 1,138,340 
Average head grade (g/t) 9.7 11.0 10.9 10.9 
Average recovery 86.5% 90.3% 88.5% 89.4% 
Average mill throughput (tpd) 4,523 4,122 4,494 4,170 
Gold ounces produced 112,212 121,635 381,964 355,190 
Gold ounces sold 112,711 134,640 376,360 350,213 
 
 
 Three months ended  
September 30, 
Nine months ended  
September 30, 
 2023 2022 2023 2022 
Net revenues ($’000) 211,172 210,425 711,830 604,705 
Income from mining operations ($’000) 99,620 83,930 357,129 277,659 
Earnings before interest, taxes, depreciation, and amortization ($’000)1 133,170 158,877 426,702 402,403 
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 121,492 117,039 430,137 355,303 
Net income ($’000) 53,782 62,673 168,395 141,817 
Basic income per share ($) 0.23 0.27 0.71 0.60 
Cash provided by operating activities ($’000) 120,030 104,739 426,821 292,755 
Free cash flow ($’000)1 80,937 65,202 201,143 178,256 
Free cash flow per share ($)1 0.34 0.28 0.85 0.76 
Average realized gold price ($/oz sold)1 1,931 1,618 1,942 1,781 
Cash operating cost ($/oz sold)1 704 656 662 656 
All-in sustaining costs ($/oz sold)1 907 807 807 785 
Adjusted net earnings ($‘000)1 44,673 20,379 171,074 91,419 
Adjusted net earnings per share ($)1 0.19 0.09 0.72 0.39 
Dividends paid per share ($) 0.10 0.20 0.30 0.20 
 
 
THIRD QUARTER HIGHLIGHTS 
 
Financial Results – Strong Free Cash Flow Generation Enables Deleveraging Strategy 
 
• Gold sales of 112,711 oz of gold, consisting of 70,981 oz in concentrate and 41,730 oz as doré, resulted in 
gross revenues of $218 million at an average realized gold price 1 of $1,931 per oz. Net of treatment and 
refining charges, revenues were $211 million. 
 
• Cash operating costs1 and AISC1 were $704 and $907 per oz of gold sold, respectively, which are both higher 
than previous periods albeit in line with expectations . Cash operating costs 1 per oz sold was impacted by 
lower gold production due to expected lower grade and recoveries partially offset by increased mill 
throughput, while the higher AISC 1 also reflects the increase in sustaining capital activities during the 
quarter. 
 
• The Company generated cash from operating activities of $120 million and free cash flow1 of $80.9 million 
or $0.34 per share resulting in a cash balance of $302 million at September 30, 2023. 
 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 
14 to 17 of the Company's MD&A for the three and nine months ended September 30, 2023 available on SEDAR+.

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• Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 were $133 
million and $121 million, respectively, with the difference resulting from derivative gains recognized in the 
quarter. 
 
• Net income was $53.8 million including a derivative gain of $11.7 million, and net of corporate, exploration, 
finance costs, and associated taxes. Adjusted earnings1, which exclude the derivative gain and related taxes, 
were $44.7 million, or $0.19 per share.  
 
Production Results – Focussing on Improving Recoveries 
 
• Mine ore production was 397,702 tonnes at an average grade of 9.3 grams per tonne, a reduction in 
production compared to previous periods , which was planned in order to reduce the ore stockpiled on 
surface. 
 
• The mill processed 416,072 tonnes of ore at an average throughput rate of 4,523 tpd which is consistent 
with the throughput rate achieved during the second quarter. 
 
• The average grade of ore milled was 9.7 grams per tonne with average recovery at 86.5%. Recoveries were 
affected this quarter by processing of ore from sectors that contain higher levels of finely disseminated 
sulphide minerals which are impacting flotation recovery. 
 
• Gold production was 112,212 oz which was comprised of 71,902 oz in concentrate and 40,310 oz as doré.  
 
Liquidity and Capital Resources 
 
At the end of the third quarter of 2023, the Company is in a strong financial position. 
 
(in thousands of U.S. dollars) As at September 30,  
2023 
As at December 31,  
2022 
Financial Position:   
Cash  302,465 363,400 
Working capital  313,794 194,804 
Total assets 1,516,866 1,668,865 
   
Long-term debt   
Senior debt facility   
Principal and accrued interest 71,369 183,638 
Deferred transaction costs (5,392) (10,784) 
Fair value of stream credit facility and offtake 295,132 287,666 
Fair value of gold prepay credit facility - 207,446 
Total long-term debt 361,109 667,966 
 
As at September 30, 2023, the Company had cash of $302 million and a working capital balance of $314 million 
compared to cash of $363 million and a working capital balance of $195 million at December 31, 2022. The 
change in cash during the nine months ended September 30, 2023  was primarily due to the full repayment of 
the gold prepay credit facility of $208 million; principal repayments, interest and finance charges, including 
associated taxes, under the stream credit facility totalling $61.2 million; interest and principal repayments under 
the Senior Facility of $121 million; dividends of $71.1 million; and cash outflows of $39.7 million relating to 
sustaining capital expenditures. This is offset by cash generated from operating activities of $427 million and 
proceeds from the exercise of stock options and anti-dilution rights totalling $12.6 million.  
 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 14 to 17 of the Company’s MD&A for the three and nine months ended September 30, 2023 available on SEDAR+.

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The Senior Facility had a principal balance of $70.5 million and accrued interest of $0.9 million as at September 
30, 2023. With the strong liquidity position of Lundin Gold, the Company has exercised its right to fully repay this 
remaining balance on November 14, 2023 leaving the stream credit facility as the last remaining debt on its 
balance sheet. The Company has the option to repay (i) 50% of the stream facility outstanding on June 30, 2024 
for $150 million and / or (ii) the other 50% outstanding on June 30, 2026 for $225 million. 
 
Capital Expenditures 
 
Sustaining Capital 
o Significant progress was made on the construction of the fourth raise of the tailings dam with completion 
expected in the latter half of the fourth quarter. 
o Commissioning of the underground mine maintenance facility has commenced, which is expected to 
provide additional efficiencies and cost savings. 
o Other sustaining capital projects such as extending two underground levels to the south for the 2024 
conversion drill program, implementation of a mine dispatch system, upgrades to the sewage treatment 
plants, purchase of mobile equipment, and other efficiency improvement projects are expected to ramp 
up during the remainder of the year, with some projects carrying over to 2024. 
o The 2023 conversion drilling program continued to advance during the third quarter in distinct sectors 
of the FDN deposit. The program focused on the northern -central and southern extension with 
approximately 6,203 metres across 46 holes completed. During the nine months ended September 30, 
2023, 10,814 metres across 74 holes have been completed. 
o In the southern sector, 27 drill holes were completed and mostly intercepted the mineralized 
zones associated with manganoan carbonate, chalcedony veins and sulphides. 
o In the north -central sector, 19 drill holes were completed and positive assay results are 
associated with zones of hydrothermal breccias along the downdip extension of FDN. 
 
Health and Safety 
 
During the third quarter there were no Lost Time Incidents (“LTIs”) and no Medical Aid Incident (“MAIs”). The 
Total Recordable Incident Rate across exploration and operations was 0. 00 per 200,000 hours worked  for the 
quarter and 0.05 for the first nine months of 2023. FDN operations has had more than 1 year without an LTI or 
MAI with over 6.3 million hours worked, since the last LTI, as of September 30, 2023 
 
Community 
 
Various community projects supported by the Company progressed well in the third quarter, including initiatives 
focused on community health and education. Lundin Gold continued to support an innovative program which 
provides mental health services to local community members. Education programs sponsored by the Company 
which improve local student access to higher education continued to show success as a cohort of local students 
prepare to graduate from university in the coming months, a significant milestone for the Los Encuentros Parish. 
 
Infrastructure investment continues to be a priority for Lundin Gold. In addition to the Company’s long-
standing commitment to support road maintenance, Lundin Gold co-funded with the Ministry of Education 
the rehabilitation of the local school, which more than 1,300 children from the Los Encuentros Parish 
attend. Work on this project was nearing completion at the end of the quarter.

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Lundin Gold continued to support local micro businesses in conjunction with the Lundin Foundation during the 
quarter, including women -led businesses through the program “Soy Emprendadora”. Among the supported 
businesses, the local textile manufacturer, fire extinguisher maintenance company, and pest control/fumigation 
company all increased their business activity in the quarter with Lundin Gold as an anchor client. Efforts have 
continued to ensure that local farmers retain access to local, national, and international markets. The Company 
also continued to engage with local indigenous people, especially the Shuar Federation of Zamora Chinchipe, to 
jointly implement projects that promote economic opportunities and the Shuar culture. 
 
Following the election of new local authorities, the round table dialogue process restarted during the third 
quarter, with high participation rates by local community members. 
 
During the quarter, Lundin Gold was recognized for its sustainable business practices by CERES Ecuador, a non-
profit organization committed to social responsibility in Ecuador. 
 
Corporate 
 
The Company paid a quarterly dividend of $0.10 per share on September 26, 2023 ( September 29 for shares 
trading on Nasdaq Stockholm) based on a record date of September 11, 2023, for a total of $23.8 million. With 
the release of its third quarter 2023 results, the Company has declared a cash dividend of $0.10 per share, which 
is payable on December 22, 2023 ( December 29 for shares trading on Nasdaq Stockholm) to shareholders of 
record on December 7, 2023. 
 
Near the end of the quarter, Mr. Nathan Monash, Vice President, Sustainability departed Lundin Gold. Ms. Sheila 
Colman has taken on the role and is now Vice President, Legal and Sustainability and Corporate Secretary. 
 
Upon the acquisition of the Company’s largest shareholder, Newcrest Mining Limited (“Newcrest”), by Newmont 
Corporation (“Newmont”) on November 6, 2023 , the Company appointed two new directors to the Board as 
Newmont nominees: Ms. Melissa Harmon and Mr. Scott Langley. Ms. Harmon has a mine engineering degree 
and an MBA. She has been employed with Newmont for over 20 years in increasingly senior roles in operations 
and is currently Group Head, Non -Managed Operating Joint Ventures. Mr. Langley is currently Vice President, 
Corporate Development at Newmont and worked in investment banking for more than 15 years prior to joining 
Newmont. Mr. Craig Jones and Ms. Jill Terry, the former Newcrest nominees, resigned from the Board on the 
same day.  
 
EXPLORATION 
 
Near-Mine Exploration Program 
In the third quarter, the Company completed a total of 9,664 metres across 14 holes from surface and 
underground. Drilling from underground explored to the east, west and at depth of the FDN deposit, while 
drilling from surface tested along the extensions of the controlling structures of the FDN deposit. 
 
• The surface drilling program continues along the south extension of the East Fault, where Bonza Sur and 
the FDN South (“FDNS”) targets were identified. During the third quarter, 10 surface drill holes were 
completed, mostly at Bonza Sur where the drilling program continues to indicate the continuity of the 
mineralization. Exploratory holes were also completed along the north and south extensions of the FDN 
deposit. Five surface rigs are currently drilli ng, two of them exploring Bonza Sur, two along the south 
and north extensions of FDN respectively, and one at FDN East.

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o At Bonza Sur, located only one kilometre from FDN, seven surface drill holes were completed 
and continue to expand the recently discovered epithermal system. Drilling continues to record 
multiple positive intersections which extend along strike and at dept h. The mineralized zones 
are represented by veins/veinlets of quartz and minor chalcedony and manganoan -carbonate 
associated with the occurrences of sulphides. This epithermal system has already been identified 
for more than 700 metres along the north -south strike and for at least 500 metres along the 
downdip and remain open in all directions. 
 
o At FDNS, two surface drill holes were completed along the south extension and both intercepted 
narrow hydrothermal alteration zones with no significant results. This vein system remains open 
for expansion along the northeastern-southwestern direction and at depth. 
 
o As part of the exploratory program aiming to explore new sectors within the near mine area, 
one hole was completed along the north extension of the FDN deposit, which intercepted a 
narrow hydrothermal alteration zone. Results are pending. 
 
• The underground drilling program continues to explore the continuity of the FDN deposit at depth and 
beyond the major east and west faults. Four drill holes were completed and all intercepted structures, 
zones of hydrothermal alteration, and gold mineralization beyond the current limits of the FDN resource 
boundary. At depth i n the north part of FDN, one drill hole confirmed hydrothermal alteration zones 
related to breccias and veins, below the mineral envelope of FDN. In the central part, another drill hole 
intercepted hydrothermal alteration zones along the downdip extension.  Furthermore, two drill holes 
completed at the FDN East targ et intercepted a new mineralized zone represented by breccias, veins 
and veinlets with sulphides hosted on porphyritic intrusive rocks or in volcanic rocks. 
 
A complete table of results received to date can be found in Lundin Gold’s press release date d November 1, 
2023. 
 
Regional Exploration Program 
The regional drilling program continues to advance in distinct sectors along the southeastern and southwestern 
borders of the Suarez basin and a total of 2,544 metres across four drill holes were completed in the third 
quarter. Regional drilling focused on the Crisbel target, where detailed geological interpretation of exploration 
data and additional surface works identified major structures and zones of hydrothermal alteration. 
 
• At the Crisbel target, three drill holes were completed testing an unexplored geochemical soil anomaly 
(gold and epithermal pathfinder elements such as Sb, As) along the southwest contact between the 
Suarez Border and the volcanic sequence. All drill holes intercepted hydrothermal alteration zones with 
important quantities of sulphides hosted on brecciated volcanic rocks. One drill hole returned low grade 
values of gold. Results remain pending for the other drill holes. 
 
• At Barbasco SE, one drill hole was completed and tested the extension of the FDN East Fault along the 
southeastern extension of the Suarez basin. No significant zone of hydrothermal alteration was 
intercepted. Results remain pending.

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Newcrest Earn-In Agreement 
On the concessions held by the Company’s subsidiary, Surnorte S.A., a second phase of scout drilling has been 
completed at the Gamora Project, located in southeast Ecuador. This work is being conducted by Newcrest 
(subsidiary of Newmont) as the operator under an earn -in agreement with Lundin Gold pursuant to which 
Newcrest can earn up to a 50% interest in eight exploration concessions located to the north and south of Fruta 
del Norte. A total of 3,247 metres of diamond core drilling was completed . The program focused on testing 
priority copper -gold targets in the Mirador copper porphyry district. The results obtained did not return 
significant intercepts on any of the copper -gold or epithermal targets that were tested. Newcrest has met the 
expenditure requirement under the first option of the earn -in agreement and has until early December to 
exercise its option to acquire 25% of Surnorte S.A. 
 
OUTLOOK – ON TRACK FOR ANNUAL PRODUCTION TO BE NEAR THE UPPER END OF REVISED GUIDANCE 
 
Operating performance during the nine months ended September 30, 2023 puts the Company on track to 
achieve full year production near the upper end of its revised guidance of 450,000 to 485,000 oz and firmly on 
track to meet its revised AISC 1 guidance of $820 to $870 per oz sold. Solutions to improve mill recoveries 
continued to be evaluated.  Some operational modifications are being made  and detailed engineering is 
underway for the installation of new flotation technology to deal with the finely disseminated sulphide minerals. 
The modifications to the flotation circuit are anticipated to be completed within the next 12 months. The 
Company completed basic engineering at quarter end and is moving forward to detailed engineering for a 
possible expansion to further increase mill throughput to 5,000 tpd. 
 
The near mine drilling program is expected to continue to delineate the Bonza Sur target, where the recently 
discovered epithermal system remains open. Two rigs are expected to continue to be dedicated to the detailing 
and expansion of the mineralized zones at depth and along strike at this target. The near mine drilling program 
will also continue to explore the extension of FDN mineralization along the south -southwestern and north 
directions. The underground drilling program is expected to continue to expl ore for new discoveries and 
extensions of the FDN resource envelope. 
  
In light of continued success of the near mine program, the Company has expanded the program twice during 
the nine months ended September 30, 2023. The near mine program was originally planned for 15,500 metres 
and was most recently expanded in the third quarter to drill 30,000 metres in 2023. Six rigs (one underground 
and five on surface) are currently operating on the near-mine program. 
 
The regional drilling program continues to focus on the southern Suarez Basin, advancing along the eastern and 
western borders of the Basin. A second rig was added to the program to advance on the follow up of numerous 
target areas identified during previo us quarters. The regional drilling program is now expected to complete a 
minimum of 9,000 metres for the year, with two rigs currently operating. 
 
A minimum of 50,000 metres of drilling is planned across the conversion, near -mine and regional programs in 
2023. This represents the largest drill program in the district since FDN’s discovery. As a result of improved 
productivities in the field, the expanded near-mine and regional drilling programs are expected to be completed 
within the revised total budget of $24.6 million announced earlier this year. 
 
The Company has elected to fully repay the remaining principal balance of $70.5 million plus accrued interest 
under its Senior Facility on November 14, 2023. The extinguishment of the Senior Facility, which had an 
original principal amount of $350 million and a maturity date of June 2026, is intended to provide Lundin 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 14 to 17 of the Company's MD&A for the three and nine months ended September 30, 2023 available on SEDAR+.

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Gold with improved free cash flow margins and increased capital allocation flexibility for the benefit of the 
Company and its shareholders. 
 
The Company anticipates continuing to declare quarterly dividends of $0.10 per share, equivalent to 
approximately $100 million annually, based on currently issued and outstanding shares. 
 
Qualified Persons 
 
The technical information relating to FDN contained in this News Release has been reviewed and approved by 
Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a Qualified Person under NI 43-101. The disclosure 
of exploration information contained in this press release was prepared by Andre Oliveira, P.Geo, Lundin Gold’s 
V.P. Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101. 
 
Webcast and Conference Call 
 
The Company will host a conference call and webcast to discuss its results on Thursday, November 9 at 7:00 a.m. 
PT, 10:00 a.m. ET, 4:00 p.m. CET. 
 
Conference Call Dial-In Numbers: 
 
Participant Dial-In North America: +1 416-764-8659 
Toll-Free Participant Dial-In North America: +1 888-664-6392 
Participant Dial-In Sweden: 0200899189 
Conference ID: Lundin Gold / 52687438 
 
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 November 23, 2023. 
 
Toll Free North America Replay Number: +1 888-390-0541 
International Replay Number: +1 416-764-8677 
Replay passcode: 687438 # 
 
About Lundin Gold 
 
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador and 
a large exploration land package that hosts the Fruta del Norte deposit at its northern edge. Fruta del Norte is 
among the highest-grade operating gold mines in the world. 
 
The Company's board and management team have extensive expertise in mine operations and are dedicated to 
operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with 
international best practices. Lundin Gold is committed to delivering value to its shareholders, while 
simultaneously providing economic and social benefits to impac ted communities, fostering a healthy and safe 
workplace and minimizing the environmental impact. The Company believes that the value created through the 
development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.  
 
Non-IFRS Measures  
 
This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, 
adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, free cash flow, free cash flow per share,

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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 14 of the Company's MD&A for the 
three and nine months ended September 30, 2023 available on SEDAR+. 
Additional Information 
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market 
Abuse Regulation. This information was publicly communicated on November 8, 2023 at 4:05 p.m. Pacific Time 
through the contact persons set out below. 
For more information, please contact 
Ron F. Hochstein Finlay Heppenstall
President and CEO Director, Investor Relations and Corporate Development
Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089
Tel (Canada): +1-604-806-3589 finlay.heppenstall@lundingold.com  
ron.hochstein@lundingold.com 
Caution Regarding Forward-Looking Information and Statements 
Certain of the information and statements in this press release are considered “forward-looking information ” or “forward-looking 
statements” as those terms are defined under Canadian securities laws (collectively referred to as “forward-looking statements”). Any 
statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions 
or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, “expects”, “is 
expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and 
phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” 
and similar expressions) are not statements of historical fact and may be forward -looking statements. By their nature, forward -looking 
statements and information involve assumptions, inherent risks and 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 fo rward-
looking statements and information. Lundin Gold believes that the expectations reflected in this forward -looking information are 
reasonable, but no assurance can be given that these expectations will prove to be correct. Forward -looking information should not be 
unduly relied upon. This information speaks only as of the date of this press release, and the Compa ny will not necessarily update this 
information, unless required to do so by securities laws.  
This press release contains forward-looking information in several places, such as in statements relating to the Company’s 2023 production 
outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts, cash flow forecasts 
and financing obligations; the benefits to be derived from the repayment of the Senior Facility; its estimated capital costs; benefits of the 
Company’s community programs; the Company’s declaration and payment of dividends pursuant to its dividend policy; the timing and the 
success of its drill program at Fruta del Norte and its other exploration acti vities; and estimates of Mineral Resources and Reserves at 
Fruta del Norte.  There can be no assurance that such statements will prove to be accurate, as Lundin Gold ’s actual results and future  
events could differ materially from those anticipated in this forward -looking information as a result of the factors discussed in the “Risk 
Factors” section in Lundin Gold’s Annual Information Form dated March 31, 2023, which is available at www.lundingold.com or on SEDAR+ 
at www.sedarplus.ca.  
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from 
any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: risks related 
to political and economic instability in  Ecuador; risks associated with the Company's community  relationships; risks related to estimates 
of production, cash flows and costs; risks inherent to mining operations; shortages of critical  supplies; the cost of non -compliance and 
compliance costs; control of the Company's largest  shareholders; volatility in the price of  gold; failure of the Company to maintain its 
obligations under its debt facilities; risks  related to Lundin Gold’s compliance with environmental laws and liability for environmental 
contamination; the lack of availability of infrastructure; the Company's reliance on one mine; security risks to the Company, its assets and 
its personnel; risks related to illegal mining; exploration and development risks; the impacts of a pandemic virus outbreak; risks related to

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the Company’s ability to obtain, maintain or renew regulatory approvals, permits and licenses; uncertainty with and changes t o the tax 
regime in Ecuador; the reliance of the Company on its information systems and the risk of cyber-attacks on those systems; the imprecision 
of Mineral Reserve and Resource  estimates; deficient or vulnerable title to concessions, easements and surface  rights; inherent safety 
hazards and risk to the health and safety of the Company’s employees and  contractors; risks related to the Company’s workforce and its 
labour relations; key talent recruitment and retention of key  personnel; volatility in the market price of the Company’s shares; measures 
to protect endangered species and critical habitats; social media and reputation; the adequacy of the Company’s insurance; risks relating 
to the declaration of dividends; uncertainty as to reclamation and decommissioning; the ability of Lundin Gold to ensure compliance with 
anti-bribery and anti-corruption laws; the uncertainty regarding risks posed by climate  change; limits of disclosure and internal controls; 
the potential for litigation; and risks due to conflicts of interest.

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Q3 2023

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LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
INTRODUCTION 
This Management’s Discussion and Analysis (“MD&A”) of Lundin Gold Inc. and its subsidiaries (collectively, “Lundin 
Gold” or the “Company”) provides a detailed analysis of the Company’s business and compares its financial results for 
the three and nine months ended September 30, 2023 with those of the same period from the previous year.  
This MD&A is dated as of November 8, 20 23 and should be read in conjunction with the Company’s unaudited 
condensed consolidated interim financial statements and related notes thereto for the three  and nine months ended 
September 30, 2023, which are prepared in accordance with IAS 34: Interim Financial Statements, and the Company’s 
audited annual consolidated financial statements and related notes thereto, which are prepared in accordance with 
International Financial Reporting Standards as issued by the International Accounting Standards Board  (“IFRS”), and 
the MD&A for the fiscal year ended December 31, 2022.  References to the “2023 Period” and “2022 Period” relate to 
the nine months ended September 30, 2023 and September 30, 2022, respectively. 
Other continuous disclosure documents, including the Company’s press releases, quarterly and annual reports , and 
annual information form are available through its filings with the securities regulatory authorities in Canada at  
www.sedarplus.ca. 
Lundin Gold, headquartered in Vancouver, Canada, owns 28 metallic mineral concessions and three construction 
material concessions covering an area of approximately 64,454 hectares in southeast Ecuador, including the Fruta del 
Norte gold mine (“Fruta del Norte” or “FDN”).  Fruta del Norte is comprised of seven concessions covering an area of 
approximately 5,566 hectares and is located approximately 140 km east-northeast of the City of Loja.  Fruta del Norte 
is one of the highest-grade gold mines in production in the world today.   
The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte 
responsibly and pursuing growth.  The Company operates with transparency and in accordance with international best 
practices.  Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic 
and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental 
impact.  The Company believes that the value created through the operations of Fruta del Norte will continue to benefit 
its shareholders, the Government and the citizens of Ecuador. 
THIRD QUARTER 2023 HIGHLIGHTS AND ACTIVITIES 
Lundin Gold’s track record of generating strong free cash flow1 continued during the third quarter of 2023 with free cash 
flow1 of $80.9 million or $0.34 per share  achieved resulting in a cash balance of $302 million at September 30, 2023.  
Given this robust cash balance  at quarter end and forecasted cash requirements , the Company has elected to fully 
repay the remaining principal balance of $70.5 million plus accrued interest under its senior debt facility (the "Senior 
Facility") on November 14, 2023, well in advance of the original maturity date of June 2026 .  Upon completion of this 
repayment, the Company will have extinguished two of its project finance facilities, being the gold prepay credit facility 
and Senior Facility, which had an original combined principal amount of $500 million,  after only three years of 
operations.  
Mill throughput was consistent quarter over quarter at 4,523 tonnes per day (“tpd”) resulting in gold production of 
112,212 ounces (“oz”) and sales of 112,711 oz at a n average realized gold price1 of $1,931 per oz.  Cash operating 
costs1 were $704 per oz sold and all -in sustaining costs (“AISC”)1 were $907 per oz sold for the quarter, in line with 
expectations due to increased sustaining capital expenditures .  Compared to previous periods, the strong mill 
throughput was offset by a decrease in average head grade and recoveries.  Finely disseminated sulphide minerals in 
the ore continued to impact the flotation circuit during the quarter , resulting in average recoveries of 86.5%.  
Notwithstanding this, the Company is firmly on track to meet its revised AISC1 guidance of $820 to $870 per oz sold 
and expects to be near the upper end of its revised production guidance of 450,000 to 485,000 oz.  
Recovery improvement initiatives remain a focus for the Company with recently completed pilot flotation testing yielding 
positive results.  This new equipment is anticipated to significantly improve recoveries and would be done in conjunction 
with the contemplated plant expansion to further increase mill throughput  to 5,000 tpd .  At quarter end, b asic 
engineering for this expansion was completed and detailed engineering was underway. 
1 Refer to “Non-IFRS Measures” section in this MD&A. 
1

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
Construction of the fourth tailings dam raise and other sustaining capital programs peaked during the third  quarter 
resulting in increased sustaining capital expenditures, a figure included in the AISC 1 calculation.  Completion of the 
fourth tailings dam raise near the end of the fourth quarter of 2023 remains on track.  Other sustaining capital projects 
are expected to ramp up during the fourth quarter of 2023 with several projects carrying over to 2024. 
The following two tables provide an overview of key operating and financial results achieved during the third quarter of 
2023 compared to the same period in 2022. 
Three months ended 
September 30, 
Nine months ended 
September 30, 
2023 2022 2023 2022 
Tonnes ore mined 397,702 377,921 1,229,845 1,126,980 
Tonnes ore milled 416,072 379,258 1,226,777 1,138,340 
Average mill head grade (g/t) 9.7 11.0 10.9 10.9 
Average recovery 86.5% 90.3% 88.5% 89.4% 
Average mill throughput (tpd) 4,523 4,122 4,494 4,170 
Gold ounces produced 112,212 121,635 381,964 355,190 
Gold ounces sold 112,711 134,640 376,360 350,213 
Three months ended 
September 30, 
Nine months ended 
September 30, 
2023 2022 2023 2022 
Revenues ($’000) 211,172 210,425 711,830 604,705 
Income from mining operations ($’000) 99,620 83,930 357,129 277,659 
Earnings before interest, taxes, depreciation, and 
amortization ($’000)1 133,170 158,877 426,702 402,403 
Adjusted earnings before interest, taxes, 
depreciation, and amortization ($’000)1 121,492 117,039 430,137 355,303 
Net income ($’000) 53,782 62,673 168,395 141,817 
Basic income per share ($) 0.23 0.27 0.71 0.60 
Cash provided by operating activities ($’000) 120,030 104,739 426,821 292,755 
Free cash flow ($’000)1 80,937 65,202 201,143 178,256 
Free cash flow per share ($)1 0.34 0.28 0.85 0.76 
Average realized gold price ($/oz sold)1  1,931 1,618 1,942 1,781 
Cash operating cost ($/oz sold)1 704 656 662 656 
All-in sustaining costs ($/oz sold)1 907 807 807 785 
Adjusted earnings ($‘000)1 44,673 20,379 171,074 91,419 
Adjusted earnings per share ($)1 0.19 0.09 0.72 0.39 
Dividends paid per share ($) 0.10 0.20 0.30 0.20 
1 Refer to “Non-IFRS Measures” section. 
2

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
The difference between net income and adjusted earnings1 during the third quarter of 2023 is due to non-cash derivative 
gains of $11.7 million (nine months ended September 30, 2023: derivative loss of $3.4 million) associated with fair 
value accounting of the stream facility.  This non-cash item is driven by numerous factors including expected production 
profile, anticipated forward gold and silver prices, and yields.  Non -cash derivative gains (or losses) associated with 
decreased (or increased) short -term production and anticipated decreasing (or increasing) forward gold and silver 
prices are recorded in the statement of operations, while non -cash derivative gains (or losses) associated with 
increasing (or decreasing) yields are recorded in the statement of other comprehensive income.  
These non-cash gains or losses are derived from complex valuation modelling and accounting treatment which are 
explained in more detail later in this MD&A.  Revaluation of these obligations has and will continue to result in 
considerable period-to-period volatility in the Company’s net income, comprehensive income, current and long-term 
liabilities and do not necessarily reflect the amounts that will be repaid when the obligations become due.      
Operating and Financial Results During the Third Quarter of 2023 
• Mine ore production was 397,702 tonnes at an average grade of 9.3 grams per tonne, a reduction in production
compared to previous periods which was planned in order to reduce the ore stockpiled on surface.
• The mill processed 416,072 tonnes of ore at an average throughput rate of 4,523 tpd which is consistent with
the throughput rate achieved during the second quarter.
• The average grade of ore milled was 9.7 grams per tonne with average recovery at 86.5%.  Recoveries were
affected this quarter by processing of ore from sectors that contain higher levels of finely disseminated
sulphide minerals which are impacting flotation recovery.
• Gold production was 112,212 oz which was comprised of 71,902 oz in concentrate and 40,310 oz as doré.
Gold sales of 112,711 oz of gold, consisting of 70,981 oz in concentrate and 41,730 oz as doré, resulted in
gross revenues of $2 18 million at an average realized gold price 1 of $1,931 per oz.  Net of treatment and
refining charges, revenues were $211 million.
• Cash operating costs1 and AISC1 were $704 and $907 per oz of gold sold, respectively, which are both higher
than previous periods albeit in line with expectations .  Cash operating costs 1 per oz sold was impacted by
lower gold production due to expected lower grade and recoveries partially offset by increased mill throughput,
while the higher AISC1 also reflects the increase in sustaining capital activities during the quarter.
• The Company generated cash from operating activities of $120 million and free cash flow1 of $80.9 million or
$0.34 per share resulting in a cash balance of $302 million at September 30, 2023.
• Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 were $133
million and $ 121 million, respectively, with the difference resulting from derivative gains recognized in the
quarter.
• Net income was $53.8 million including a derivative gain of $11.7 million, and net of corporate, exploration,
finance costs, and associated taxes.  Adjusted earnings1, which exclude the derivative gain and related taxes,
were $44.7 million, or $0.19 per share.
Capital Expenditures 
Sustaining Capital 
• Significant progress was made on the construction of the fourth raise of the tailings dam  with completion
expected in the latter half of the fourth quarter.
• Commissioning of the underground mine maintenance facility has commenced, which is expected to provide
additional efficiencies and cost savings.
• Other sustaining capital projects such as extending two underground levels to the south for the 2024
conversion drill program, implementation of a mine dispatch system, upgrades to the sewage treatment plants,
purchase of mobile equipment, and other efficiency improvement projects are expected to ramp up during the
remainder of the year, with some projects carrying over to 2024.
1 Refer to “Non-IFRS Measures” section. 
3

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
• The 2023 conversion drilling program continued to advance during the third quarter in distinct sectors of the 
FDN deposit. The program focused on the northern-central and southern extension with approximately 6,203 
metres across 46 holes completed.  During the nine months ended September 30, 2023, 10,814 metres across 
74 holes have been completed.   
o In the southern sector, 27 drill holes were completed and mostly intercepted the mineralized zones 
associated with manganoan carbonate, chalcedony veins and sulphides.   
o In the north-central sector, 19 drill holes were completed and positive assay results are associated 
with zones of hydrothermal breccias along the downdip extension of FDN.  
 
A complete table of results received to date can be found in Lundin Gold’s press release dated November 1, 
2023. 
 
Health and Safety and Community 
 
Health and Safety 
• During the third quarter there were no Lost Time Incidents ("LTI”) and no Medical Aid Incidents (“MAI”). 
• FDN operations has had more than 1 year without an LTI or MAI with over 6.3 million hours worked, since the 
last LTI, as of September 30, 2023  
• The Total Recordable Incident Rate across exploration and operations was 0.0 per 200,000 hours worked for 
the quarter and 0.05 for the first nine months of 2023. 
 
 
Community 
Various community projects supported by the Company progressed well in the third quarter, including initiatives focused 
on community health and education.  Lundin Gold continued to support an innovative program which provides mental 
health services to loca l community members.  Education programs sponsored by the Company which improve local 
student access to higher education continued to show success as a cohort of local students prepare to graduate from 
university in the coming months, a significant milestone for the Los Encuentros Parish. 
 
Infrastructure investment continues to be a priority for Lundin Gold.  In addition to the Company’s long -standing 
commitment to support road maintenance, Lundin Gold co -funded with the Ministry of Education the rehabilitation of 
the local school , which more than 1,300 children from the Los Encuentros Parish attend . Work on this project  was 
nearing completion at the end of the quarter.    
 
Lundin Gold continued to support local micro businesses in conjunction with the Lundin Foundation during the quarter, 
including women-led businesses through the program “Soy Emprendadora”.  Among  the supported businesses, the 
local textile manufacturer, fire extinguisher maintenance company, and pest control/fumigation company all increased 
their business activity in the quarter with Lundin Gold as an anchor client.  Efforts have continued to ensure that local 
farmers retain access to local, national, and international markets.  The Company also continued to engage with local 
indigenous people, especially the Shuar Federation of Zamora Chinchipe, to jointly implement projects that promote 
economic opportunities and the Shuar culture.   
 
Following the election of new local authorities, the round table dialogue process restarted during the third quarter, with 
high participation rates by local community members.   
 
During the quarter, Lundin Gold was recognized for its sustainable business practices by CERES Ecuador, a non-profit 
organization committed to social responsibility in Ecuador.   
 
Exploration 
 
Near Mine Exploration Program 
In the third quarter, the Company completed a total of 9,664 metres across 14 holes from surface and underground.  
Drilling from underground explored to the east, west and at depth of the FDN deposit, while drilling from surface tested 
along the extensions of the controlling structures of the FDN deposit. 
  
4

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
• The surface drilling program continues along the south extension of the East Fault, where Bonza Sur and the 
FDN South (“FDNS”) targets were identified.  During the third quarter, 10 surface drill holes were completed, 
mostly at Bonza Sur where the drilling program continues to indicate the continuity of the mineralization.  
Exploratory holes were also completed along the north and south extensions of the FDN deposit.  Five surface 
rigs are currently drilling, two of them exploring Bonza Sur, two along the south and north extensions of FDN 
respectively, and one at FDN East. 
 
o At Bonza Sur, located only one kilometre from FDN, seven surface drill holes were completed and 
continue to expand the recently discovered epithermal system.  Drilling continues to record multiple 
positive intersections which extend along strike and at depth.  The mineralized zones are represented 
by veins/veinlets of quartz and minor chalcedony and manganoan-carbonate associated with the 
occurrences of sulphides.  This new epithermal system has already been identified for more than 
700 metres along the north-south strike and for at least 500 metres along the downdip and remain 
open in all directions. 
 
o At FDNS, two surface drill holes were completed along the south extension and both intercepted 
narrow hydrothermal alteration zones with no significant results. This vein system remains open for 
expansion along the northeastern-southwestern direction and at depth.   
 
o As part of the exploratory program aiming to explore new sectors within the near mine area, one hole 
was completed along the north extension of the FDN deposit , which  intercepted a narrow 
hydrothermal alteration zone.  Results are pending. 
 
• The underground drilling program continues to explore the continuity of the FDN deposit at depth and beyond 
the major east and west faults. Four drill holes were completed and all intercepted structures, zones of 
hydrothermal alteration, and gold mineralization beyond the current limits of the FDN resource boundary. At 
depth in the north part of FDN, one drill hole confirmed hydrothermal alteration zones related to breccias and 
veins, below the mineral envelope of FDN. In the central part, another drill hole intercepted hydrothermal 
alteration zones along the downdip extension. Furthermore, two drill holes completed at the FDN East target 
intercepted a new mineralized zone represented by breccias, veins and veinlets with sulphides hosted on 
porphyritic intrusive rocks or in volcanic rocks.  
 
A complete table of results received to date can be found in Lundin Gold’s press release dated November 1, 2023. 
 
Regional Exploration Program 
The regional drilling program continues to advance in distinct sectors along the southeastern and southwestern borders 
of the Suarez basin and a total of 2,544 metres across four drill holes were completed  in the third quarter . Regional 
drilling focused on the Crisbel target, where detailed geological interpretation of exploration data and additional surface 
works identified major structures and zones of hydrothermal alteration. 
 
• At the Crisbel target, three drill holes were completed testing an unexplored geochemical soil anomaly (gold 
and epithermal pathfinder elements such as Sb, As) along the southwest contact between the Suarez Border 
and the volcanic sequence.  All drill holes intercepted hydrothermal alteration zones with important quantities 
of sulphides hosted on brecciated volcanic rocks.  One drill hole returned low grade values of gold .  Results 
remain pending for the other drill holes.  
 
• At Barbasco SE, one drill hole was completed and tested the extension of the FDN East Fault along the 
southeastern extension of the Suarez basin.  No significant zone of hydrothermal alteration was intercepted.   
Results remain pending.  
 
  
5

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Newcrest Earn-In Agreement 
On the concessions held by the Company’s subsidiary, Surnorte S. A., a  second phase of scout drilling has been 
completed at the Gamora Project, located in southeast Ecuador.  This work is being conducted by a subsidiary of 
Newmont Corporation (“Newmont”), Newcrest Mining Limited (“Newcrest”), as the operator under an earn-in agreement 
with Lundin Gold pursuant to which Newcrest can earn up to a 50% interest in eight exploration concessions  located 
to the north and south of Fruta del Norte.  A total of 3,247 metres of diamond core drilling was completed. The program 
focused on testing priority copper -gold targets in the Mirador copper porphyry district.  The results obtained did not 
return significant intercepts on any of the copper-gold or epithermal target s that were tested.  Newcrest has met the 
expenditure requirement under the first option of the earn-in agreement and has until early December to exercise its 
option to acquire 25% of Surnorte S.A. 
Corporate 
 
• The Company paid a quarterly dividend of $0.10 per share on September 26, 2023 (September 29, 2023 for 
shares trading on Nasdaq Stockholm) based on a record date of September 11, 2023, for a total of $ 23.8 
million.   
• With the release of its third quarter 2023 res ults, the Company has declared a cash dividend of $0.10 per 
share, which is payable on December 22, 2023 (December 29, 2023 for shares trading on Nasdaq Stockholm) 
to shareholders of record on December 7, 2023. 
• Near the end of the quarter, Mr. Nathan Monash, Vice President, Sustainability departed Lundin Gold.  Ms. 
Sheila Colman has taken  on the role and is now Vice President,  Legal and Sustainability  and Corporate 
Secretary. 
• Upon the acquisition of the Company’s largest shareholder, Newcrest, by Newmont, on November 6, 2023, 
the Company appointed two new directors to the Board as Newmont nominees: Ms. Melissa Harmon and Mr. 
Scott Langley.  Ms. Harmon has a mine engineering degree and an MBA. She has been employed with 
Newmont for over 20 years in increasingly senior roles in operations and is currently Group Head, Non -
Managed Operating Joint Ventur es. Mr. Langley is currently Vice President, Corporate Development at 
Newmont and worked in investment banking for more than 15 years prior to joining Newmont. Mr. Craig Jones 
and Ms. Jill Terry, the former Newcrest nominees, resigned from the Board on the same day.      
  
6

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
SUMMARY OF QUARTERLY FINANCIAL RESULTS 
 
The Company’s quarterly financial statements are reported under IFRS as applicable to interim financial reporting.  The 
following table provides highlights from the Company’s financial statements for the past eight quarters (unaudited). 
 
  2023  2023  2023  2022 
  Q3  Q2  Q1  Q4 
         
Revenues $ 211,172 $ 243,930 $ 256,728 $ 210,961 
         
Income from mining operations $ 99,620 $ 124,801 $ 132,708 $ 92,095 
         
Derivative gain (loss) for the period $ 11,678 $ 321 $ (15,434) $ 29,217 
         
Net income (loss) for the period $ 53,782 $ 63,148 $ 51,465 $ (68,259) 
         
Basic income (loss) per share $ 0.23 $ 0.27 $ 0.22 $ (0.29) 
Diluted income (loss) per share $ 0.22 $ 0.26 $ 0.22 $ (0.29) 
         
Weighted-average number of common         
shares outstanding         
Basic  237,411,813  236,943,432  236,062,529  235,332,039 
Diluted  239,583,745  239,190,085  238,123,015  235,332,039 
         
Additions to property, plant and equipment $ 15,744 $ 13,245 $ 4,384 $ 15,253 
         
Total assets $ 1,516,866 $ 1,508,831 $ 1,467,040 $ 1,668,865 
         
Long-term debt $ 361,109 $ 396,588 $ 434,175 $ 667,966 
         
Working capital  $ 313,794 $ 268,095 $ 256,853 $ 194,804 
 
  2022  2022  2022  2021 
  Q3  Q2  Q1  Q4 
         
Revenues $ 210,425 $ 177,808 $ 216,472 $ 186,440 
         
Income from mining operations $ 83,930 $ 82,522 $ 111,207 $ 91,646 
         
Derivative gain (loss) for the period $ 41,838 $ 39,986 $ (34,724) $ (36,001) 
         
Net income for the period $ 62,673 $ 55,962 $ 23,182 $ 28,789 
         
Basic income per share $ 0.27 $ 0.24 $ 0.10 $ 0.12 
Diluted income per share $ 0.26 $ 0.24 $ 0.10 $ 0.12 
         
Weighted-average number of common         
shares outstanding         
Basic  235,165,784  234,933,975  233,809,773  233,211,843 
Diluted  236,882,976  236,847,992  235,774,444  235,376,672 
         
Additions to property, plant and equipment $ 15,178 $ 14,532 $ 9,184 $ 5,266 
         
Total assets $ 1,634,590 $ 1,664,030 $ 1,735,223 $ 1,685,113 
         
Long-term debt $ 589,919 $ 645,724 $ 752,482 $ 739,977 
         
Working capital  $ 253,673 $ 253,921 $ 273,680 $ 217,221 
  
7

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Three months ended September 30, 2023 compared to the three months ended September 30, 2022 
 
The Company generated net income of $53.8 million during the third quarter of 2023 compared to $62.7 million during 
the third quarter of 2022.  Net income was generated from the recognition of revenues of $211 million and income from 
mining operations of $99.6 million as well as a derivative gain of $11.7 million and other income of $0.4 million.  This is 
offset by finance expense of $ 18.2 million, income tax expense of $ 28.9 million, and other expenses totalling $ 10.7 
million.  During the third quarter of 2022, net income was generated from the recognition  of revenues of $210 million 
and income from mining operations of $ 83.9 million as well as a derivative gain of $4 1.8 million and other income of 
$4.9 million, offset by finance expense of $ 22.2 million, income tax expense of $ 35.9 million, and other expenses 
totalling $9.9 million. 
 
Income from mining operations 
 
Revenues during the third quarter of 2023 and third quarter of 2022 are similar as the decrease in oz sold from 134,640 
oz in 2022 to 112,711 oz in 2023 was offset by a higher average realized gold price per oz sold1.  Gold sold during the 
third quarter of 2022 was positively impacted by the sale of additional oz produced late in the second quarter of 2022 
but not shipped and sold until after national strikes in Ecuador ended. 
 
Cost of goods sold of $112 million was comprised of operating expenses of $67.0 million; royalties of $12.4 million; and 
depletion and depreciation of $32.2 million.  During the same period in 2022, cost of goods sold was $126 million.  The 
decrease in cost of goods sold was primarily driven by the decrease in oz sold which was partially offset by the impact 
of higher average realized gold price per oz sold1 on royalties. 
 
Net income from mining operations increased to $ 99.6 million compared to $83.9 million during the same quarter in 
2022 which was primarily driven by the decrease in cost of goods sold as explained above.   
 
Exploration 
 
Exploration costs were $6.2 million in the quarter compared to $5.0 million during the same period in 2022.  Following 
positive results to date, the near mine exploration program has continued to expand since its commencement during 
the third quarter of 2022 resulting in increased exploration expenditures. 
 
Corporate administration 
 
Corporate administration costs decreased from $5.0 million during the third quarter of 2022 to $4.5 million during the 
third quarter of 2023.  This difference is mainly attributable to a  decrease in salaries and benefits on account of final 
compensation paid to a departing executive during the third quarter of 2022. 
 
Finance expense 
 
Finance expense decreased to $ 18.2 million during the quarter compared to $ 22.2 million during the same period in 
2022.  In addition to lower interest expense resulting from a declining balance under the Senior Facility, savings of 
interest and finance charges were realized after the full repayment of the gold prepay facility in January 2023. 
 
Other income 
 
Other income of $0.4 million was recognized during the quarter compared to $ 4.9 million in the third quarter of 2022.  
This is mainly driven by foreign exchange gains which are derived from the quantum of U.S. dollar cash held by 
Canadian group entities and movements in the foreign exchange rate.  As the functional currency of the Canadian 
entities is the Canadian dollar, a strengthening of the U.S. dollar against the Canadian dollar during the period 
generates an unrealized gain in terms of Canadian dollars. 
 
  
 
1 Refer to “Non-IFRS Measures” section. 
8

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Derivative gain or loss 
 
A derivative gain of $11.7 million was recorded on the statement of operations during the third quarter of 2023 compared 
to $41.8 million in the third quarter of 2022.  This is largely the result of variations in forward gold prices at the end of 
the relevant quarter compared to the beginning of the same quarter, which in turn causes the change in estimated fair 
values of the gold prepay, stream, and offtake facilities which are accounted for as financial liabilit ies measured at fair 
value and is more fully explained below. 
 
Income taxes 
 
Income taxes of $28.9 million were accrued during the third quarter of 2023 (three months ended September 30, 2022: 
$35.9 million) which is comprised of current and deferred income tax expenses of $ 20.2 million and $8.7 million, 
respectively.  In addition to corporate income taxes in Ecuador which are levied at a rate of 22%, income tax expense  
includes a 5% Ecuadorean withholding tax on the anticipated portion of net income generated from FDN to be paid in 
the form of dividends, and an accrual for the portion of profit sharing payable to the Government of Ecuador which is 
calculated at the rate  of 12% of the estimated net income for tax purposes for the quarter.  The employee portion of 
profit sharing payable, calculated at the rate of 3% of net income for tax purposes is considered an employee benefit 
and is included in operating expenses.   
 
Nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 
 
The Company generated net income of $168 million during the 2023 Period compared to $142 million during the 2022 
Period.  During the 2023 Period, revenues of $ 712 million were recognized which generated income from mining 
operations of $357 million. This was offset by derivative losses of $3.4 million, finance expense of $55.7 million, income 
tax expense of $97.0 million, and other expenses totalling $32.5 million.   
 
Revenues and income from mining operations were lower for the 2022 Period at $ 605 million and $ 278 million, 
respectively.  During the 2022 Period, derivative gains of $47.1 million and other income of $5.5 million were recorded, 
offset by finance expense of $ 77.9 million, income tax expense of $ 85.4 million and other expenses totalling $ 25.1 
million. 
 
Income from mining operations 
 
During the 2023 Period, the Company recognized revenues of $712 million from the sale of 376,360 oz of gold. This is 
offset by cost of goods sold of $355 million which is comprised of operating expenses of $208 million; royalties of $41.4 
million; and depletion and depreciation of $105 million resulting in income from mining operations of $357 million. During 
the same period in 202 2, revenues of $ 605 million were recognized from the sale of 350,213 oz of gold  resulting in 
income from mining operations of $278 million. 
 
Gold oz. sold during the 2023 Period was higher than the 2022 Period mainly due to an increase in mill throughput 
which was partially offset by lower recoveries.  In addition, higher average realized gold price per oz sold 1 during the 
2023 Period compared to the 2022 Period contributed to the increase in revenues and income from mining operations. 
 
Corporate administration 
 
Corporate administration costs of $16.5 million were incurred during the 2023 Period compared to $14.6 million during 
the 2022 Period. This increase is mainly driven by payments made to certain long-serving employees upon the end of 
their employment with the Company. 
 
Exploration 
 
Exploration costs were $15.3 million during the 2023 Period compared to $10.6 million during the 2022 Period with the 
increase being driven by activities under the near -mine program which  was only launched during the second half of 
2022. 
 
  
 
1 Refer to “Non-IFRS Measures” section. 
9

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Finance expense 
 
Finance expense of $ 55.7 million was incurred during the 202 3 Period compared to $ 77.9 million during the 202 2 
Period.  The full repayment of the gold prepay facility in January 2023 has resulted in a reduction in interest and finance 
charges combined with lower interest expense from the declining balance under the Senior Facility. 
 
Derivative gain or loss 
 
Derivative gains and losses in the statement of operations and other comprehensive income are driven by the 
Company’s debt obligations under the stream facility which  are classified as financial liabilities at fair value.  In 2022, 
derivative gains and losses were also impacted by the fair value accounting of the gold prepay facility.  During the 2023 
Period, the Company made scheduled principal, interest , and finance charge repayments totaling $ 61.2 million (nine 
months ended September 30, 2022: $39.1 million) under the stream facility, based on gold and silver prices at the time 
of repayment.  This was offset by  a non-cash increase of this debt obligation of $ 20.9 million due to a change in its 
estimated fair value between December 31, 2022 and September 30, 2023 (2022: a decrease of $57.6 million between 
December 31, 2021 and September 30, 2022).  This variation is recorded as derivative gains or losses, in the statement 
of operations and other comprehensive income in the applicable period.  The fair value calculated under the Company’s 
accounting policies is based on numerous estimates noted below as of the balance sheet date and are, therefore, 
subject to further future variations until the debt obligation is repaid by the Company. 
 
Fair value is determined  using Monte Carlo simulation models.  The key inputs used by the Monte Carlo simulation 
include gold and silver forward prices, the Company’s expectation about the gold and silver forward curves, gold and 
silver volatility, risk -free rate of return, risk -adjusted discount rate, and production expectations.  Relatively small 
variations in some of these inputs can give rise to significant variations in the fair value of financial liabilities; hence, the 
large derivative gains and losses recorded to date.   
 
Key drivers of current fair value are forward gold and silver prices and the Company’s risk adjusted discount rate.  The 
combined net impact of these factors is a net increase in the fair value of the stream credit facility as described more 
fully below, offset by the decrease from scheduled repayments during the period: 
 
• The value of future repayments under the stream credit facilit y is  based on forward gold and silver price 
estimates at time of repayment.  Spot gold prices at September 30, 2023 were higher compared to December 
31, 2022 and as a result, forward prices have followed suit.  This has resulted in an increase in the estimated 
fair value of the debt obligation at the current balance sheet date and the recognition of derivative losses in 
the statement of operations during the 2023 Period.  The opposite occurred during the 2022  Period.  Fair 
values at a point in time do not necessarily reflect the amounts that will actually be repaid when the obligation 
becomes due in the future.  While significant derivative gains or losses will continue to be recognized at each 
reporting period, the potentially more significant impact of the same change in forward gold and silver prices 
on the value of future production and re venue forecasts to be generated during the same periods when the 
debt obligation will be repaid cannot be recognized because of the inherent uncertainty and risks associated 
with actually realizing such production and sales. 
 
• The discount rate used to determine the current fair value of future payments under the stream credit facility 
is dependent not only on the Company’s own weighted average cost of capital, but also on market conditions.  
These include inflation, interest rates, economic conditions, both local and industry specific, and other factors 
outside of the Company’s control .  The change in fair value due to a variation in the Company’s credit risk 
must be recorded as a loss or gain in other comprehensive income (“OCI ”) rather than in the statement of 
operations.   
 
  
10

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
LIQUIDITY AND CAPITAL RESOURCES 
 
As at September 30, 2023, the Company had cash of $ 302 million and a working capital balance of $ 314 million 
compared to cash of $363 million and a working capital balance of $195 million at December 31, 2022.  The change in 
cash during the 2023 Period was primarily due to the full repayment of the gold prepay credit facility of $208 million; 
principal repayments, interest and finance charges, including associated taxes, under the stream credit facility totalling 
$61.2 million; interest and principal repayments under the Senior Facility of $121 million; dividends of $ 71.1 million; 
and cash outflows of $ 39.7 million relating to sustaining capital expenditures.  This is offset by cash generated from 
operating activities of $427 million and proceeds from the exercise of stock options and anti-dilution rights totaling $12.6 
million.  
 
The Senior Facility had a principal balance of $70.5 million and accrued interest of $0.9 million as at September 30, 
2023.  With the strong liquidity position of Lundin Gold, the Company has exercised its right to fully repay this remaining 
balance on November 14, 2023 leaving the stream credit facility as the last remaining debt on its balance sheet. The 
Company has the option to repay (i) 50% of the stream facility outstanding on June 30, 2024 for $150 million and / or 
(ii) the other 50% outstanding on June 30, 2026 for $225 million.  
 
Trade receivables 
 
The majority of trade receivables represent the value of concentrate and doré sold as at period end for which the funds 
are not yet received.  Revenues and related trade receivables for concentrate sales are initially recorded at provisional 
gold prices.  Subsequent determination of final gold prices can range from one to four months after shipment depending 
on the customer.   For sales that are provisionally priced at period end, an estimate of the adjustment to the trade 
receivable is calculated based on 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 September 30, 2023, this resulted in an estimated 
increase of $0.2 million ($6.1 million at December 31, 2022) to trade receivables. 
 
Consistent with industry standards, concentrate sales have relatively long payment terms and are not fully settled until 
concentrate is received by the customer and related final assays confirmed, generally two to five months after the 
export sale occurs. 
 
VAT receivables 
 
Subject to the submission of monthly claims and their acceptance by the applicable authorities, VAT paid in Ecuador 
by the Company after January 1, 2018 are being refunded or applied, based on the level of export sales in any given 
month, as a credit against other taxes payable.  A portion of the VAT recoverable has been reclassified as current 
assets based on the Company’s assessment of the estimated time for processing VAT claims during the next twelve 
months. 
 
Advanced royalties 
 
Advance royalties are deductible against future royalties on sales payable to the Government of Ecuador at a rate equal 
to the lesser of 50% of the actual future royalties payable in a six -month period or 10% of the total advance royalty 
payment.  A portion of the advance royalty payment is classified as current assets based on expected utilization over 
the next twelve months. 
 
Inventories 
 
Gold inventory is recognized in the ore stockpiles and in production inventory, comprised principally of concentrate and 
doré at site or in transit to port or to the refinery, with a component of gold-in-circuit.  Ore stockpile inventory has 
decreased primarily due to lower grade stockpiled  compared to December 31, 202 2.  The variations in doré and 
concentrate are mainly the result of timing of shipments around period end.  The high value of material and supplies, 
comprised of consumables and spare parts, reflects the Company’s assessment of the procurement cycles due to the 
remoteness of FDN and higher costs of materials and supplies on hand. 
 
  
11

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Investment activities 
   
Investment activities during the 2023 Period are comprised principally of sustaining capital expenditures for the fourth 
raise of the tailings dam and other capital projects. 
 
Liquidity and capital resources 
 
The Company generated strong operating cash flow during the 2023 Period and expects to continue to do so for the 
remainder of the year based on its production and AISC guidance .  At current gold prices, this strong operating cash 
flow will continue to support near mine and regional exploration, planned capital expenditures, further plant expansion, 
growth initiatives and regular dividend payments under the approved dividend policy.    
 
Monthly payments under the stream facility  are based on 7.75% and 100% of gold and silver oz sold, respectively, 
calculated at the current gold and silver prices at the end of each month, less $404 and $4.04 per oz (the “Base Prices”), 
respectively.  The Base Prices increase by 1% annually in February of each year.  The increase in repayments under 
the stream during the 2023 Period compared to the 2022 Period is driven by the increase in oz. sold and higher spot 
prices of gold at time of repayment.   
 
 
FINANCIAL INSTRUMENTS 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are categorized as 
financial assets at amortized cost, and accounts payable and accrued liabilities, which are categorized as financial 
liabilities at amortized cost.  The fair value of these financial instruments approximates their carrying values due to the 
short-term nature of these instruments.  In addition, the stream loan credit facility and offtake commitment have been 
classified as financial liabilities at fair value and the Senior Facility as a financial liability at amortized cost.  Further, 
provisionally priced trade receivables of $ 98.6 million (December 31, 2022 - $86.4 million) are measured at fair value 
using quoted forward market prices. 
 
The Company’s financial instruments are exposed to a variety of financial risks by virtue of its activities. 
 
Currency risk 
 
Lundin Gold is a Canadian company, with foreign operations in Ecuador.  Revenues generated and expenditures 
incurred in Ecuador are primarily denominated in U.S. dollars , as are its loan facilities .  However, equity capital, if 
needed, is typically raised in Canadian dollars.  As such, the Company is subject to risk due to fluctuations in the 
exchange rates of foreign currencies.  Although the Company does not enter into derivative financial instruments to 
manage its exposure, the Company tries to manage this risk by maintaining most of its cash in U.S. dollars.   
 
Credit risk 
 
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its 
contractual obligations.  The majority of the Company’s cash is held in large financial institutions with a high investment 
grade rating.  The Company is also subject to credit risk associated with its trade receivables.  The Company manages 
this risk by only selling to a small group of reputable customers with strong financial statements. 
 
Concentration of credit risk 
 
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the Company’s cash and 
cash equivalents held with financial institutions exceed government -insured limits.  The Company has established a 
treasury policy that seek to minimize its credit risk by entering into transactions with investment grade credit worthy and 
reputable financial institutions and by monitoring the credit standing of those financial institutions.  The Company seeks 
to limit the amount of exposure with any one counterparty in accordance with its established treasury policy. 
 
Interest rate risk 
 
The Company is subject to interest rate risk with respect to the fair value of long -term debt which are accounted for at 
fair value through profit or loss.   
12

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
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 as well as the stream credit facility are i mpacted by 
fluctuations of commodity prices. 
COMMITMENTS 
Significant capital expenditures contracted as at September 30, 2023 but not recognized as liabilities are as follows: 
Capital 
expenditures 
12 months ending September 30, 2024 $ 13,024 
October 1, 2024 onward - 
Total $ 13,024 
OFF-BALANCE SHEET ARRANGEMENTS 
During the 2023 Period and the year ended December 31, 2022, there were no off -balance sheet transactions.  The 
Company has not entered into any specialized financial arrangements to minimize its currency risk. 
OUTSTANDING SHARE DATA 
As at the date of this MD&A, there were 237,601,335 common shares issued and outstanding.  There were also stock 
options outstanding to purchase a total of 3,763,569 common shares, 558,290 restricted share units with a performance 
criteria, 192,202 restricted share units, and 12,688 deferred share units. 
OUTLOOK 
Operating performance during the 2023 Period puts the Company on track to achieve full year production near the 
upper end of its revised guidance of 450,000 to 485,000 oz and firmly on track to meet its revised AISC 1 guidance of 
$820 to $870 per oz sold. Solutions to improve mill recoveries continued to be evaluated.  Some operational 
modifications are being made and detailed engineering is underway for the installation of new flotation technology to 
deal with the fin ely disseminated sulphide minerals. The modifications to the flotation circuit are anticipated to be 
completed within the next 12 months.  The Company completed basic engineering at quarter end and is moving forward 
to detailed engineering for a possible expansion to further increase mill throughput to 5,000 tpd. 
1 Refer to “Non-IFRS Measures” section in this MD&A. 
13

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
The near mine drilling program is expected to continue to delineate the Bonza Sur target, where the recently discovered 
epithermal system remains open.  Two rigs are expected to continue to be dedicated to the detailing and expansion of 
the mineralized zones at depth and along strike at this target.  The near mine drilling program will also continue to 
explore the extension of FDN mineralization along the south -southwestern and north directions. The underground 
drilling program is expected to continue to explore for new discoveries and extensions of the FDN resource envelope.  
In light of continued success of the near mine program, the Company has expanded the program twice during the 2023 
Period.  The near mine program was originally planned for 15,500 metres and was most recently expanded in the third 
quarter to drill 30,000 metres in 2023.  Six rigs (one underground and five on surface) are currently operating on the 
near-mine program. 
The regional drilling program continues to focus on the southern Suarez Basin, advancing along the eastern and 
western borders of the Basin.  A second rig was added to the program to advance on the follow up of numerous target 
areas identified during previous quarters.  The regional drilling program is now expected to complete a minimum of 
9,000 metres for the year, with two rigs currently operating.
A minimum of 50,000 metres of drilling is planned across the conversion, near -mine and regional programs in 2023. 
This represents the largest drill program in the district since FDN’s discovery. As a result of improved productivities in 
the field, the expanded near-mine and regional drilling programs are expected to be completed within the revised total 
budget of $24.6 million announced earlier this year. 
The Company has elected to fully repay the remaining principal balance of $70.5 million plus accrued interest under its 
Senior Facility on November 14, 2023. The extinguishment of the Senior Facility, which had an original principal amount 
of $350 million and a maturity date of June 2026, is intended to provide Lundin Gold with improved free cash flow 
margins and increased capital allocation flexibility for the benefit of the Company and its shareholders. 
The Company anticipates continuing to declare  quarterly dividends of $0.10 per share, equivalent to approximately 
$100 million annually, based on currently issued and outstanding shares.  
NON-IFRS MEASURES 
This MD&A refers to certain financial measures, such as average realized gold price  per oz sold , EBITDA, adjusted 
EBITDA, cash operating cost per oz sold, all-in sustaining cost, free cash flow, free cash flow per share, and adjusted 
earnings, which are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS.  These 
measures may differ from those made by other companies and accordingly may not be comparable to such measures 
as reported by other companies.  These measures have been derived from the Company’s financial statements 
because the Company believes that  they are of assistance in the understanding of the results of operations and its 
financial position. 
14

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
Average realized gold price per oz sold 
 
Average realized gold price is a metric used to better understand the gold price realized during a period.  This is 
calculated as sales for the period plus treatment and refining charges less silver sales divided by gold oz sold.   
 
   Three months ended 
September 30, 
Nine months ended 
September 30, 
  2023  2022  2023  2022 
           
Revenues   $ 211,172 $ 210,425 $ 711,830 $ 604,705 
           
Treatment and refining charges    9,577  9,520  29,105  25,952 
Less: silver revenues    (3,142)  (2,095)  (10,033)  (7,020) 
           
Gold sales   $ 217,607 $ 217,850 $ 730,902 $ 623,637 
           
Gold oz sold    112,711  134,640  376,360  350,213 
           
Average realized gold price   $ 1,931 $ 1,618 $ 1,942 $ 1,781 
 
EBITDA and Adjusted EBITDA 
 
Earnings before interest, taxes, depreciation, and amortization  (“EBITDA”) is a metric used to better understand the 
financial performance of the Company by computing earnings from business operations without including the effects of 
capital structure, tax rates and depreciation.  Adjusted EBITDA is EBITDA excluding i tems which are considered not 
indicative of underlying business operations. 
 
  Three months ended 
September 30, 
Nine months ended 
September 30, 
  2023  2022  2023  2022 
          
Net income for the period  $ 53,782 $ 62,673 $ 168,395 $ 141,817 
          
Adjusted for:          
Finance expense   18,242  22,184  55,734  77,943 
Income tax expense   28,943  35,909  97,049  85,389 
Depletion and depreciation   32,203  38,111  105,524  97,254 
          
EBITDA  $ 133,170 $ 158,877 $ 426,702 $ 402,403 
          
Derivative loss (gain)   (11,678)  (41,838)  3,435  (47,100) 
          
Adjusted EBITDA  $ 121,492 $ 117,039 $ 430,137 $ 355,303 
 
  
15

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
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 operati ng activities of the Company .  Presently, these include derivative gains or 
losses, and related income tax effects, from accounting for the gold prepay and stream facilities at fair value.  Adjusted 
basic earnings per share is calculated using the weighted average number of shares outstanding under the basic 
method of earnings per share as determined under IFRS. 
 
  Three months ended 
September 30, 
Nine months ended 
September 30, 
  2023  2022  2023  2022 
          
Net income for the period  $ 53,782 $ 62,673 $ 168,395 $ 141,817 
          
Adjusted for:          
Derivative loss (gain)   (11,678)  (41,838)  3,435  (47,100) 
Deferred income tax expense   2,569  (456)  (756)  (3,298) 
          
Adjusted earnings  $ 44,673 $ 20,379 $ 171,074 $ 91,419 
          
Basic weighted average shares 
outstanding 
   
237,411,813 
  
235,165,784 
  
236,810,866 
  
234,641,484 
          
Adjusted basic earnings per share   0.19  0.09 $ 0.72 $ 0.39 
 
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 
September 30, 
Nine months ended 
September 30, 
  2023  2022  2023  2022 
           
Operating expenses   $ 66,994 $ 75,598 $ 207,804 $ 194,355 
Royalty expenses    12,359  12,787  41,400  35,454 
           
Cash operating costs   $ 79,353 $ 88,385 $ 249,204 $ 229,809 
           
Gold oz sold    112,711  134,640  376,360  350,213 
           
Cash operating cost per oz sold   $ 704 $ 656 $ 662 $ 656 
 
All-in sustaining cost 
 
AISC provides information on the total cost associated with producing gold and has been calculated on a basis 
consistent with historic news releases by the Company. 
 
The Company calculates AISC as the sum of total cash operating costs (as described above), corporate social 
responsibility costs, treatment and refining charges, accretion of restoration provision, and sustaining capital, less silver 
revenue, all divided by the gold oz sold to arrive at a per oz amount. 
 
Other companies may calculate this measure differently as a result of differences in underlying principles and policies 
applied. 
 
16

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
  Three months ended 
September 30, 
Nine months ended 
September 30, 
  2023  2022  2023  2022 
          
Cash operating costs  $ 79,353 $ 88,385 $ 249,204 $ 229,809 
Corporate social responsibility   542  436  1,688  1,247 
Treatment and refining charges   9,577  9,520  29,105  25,952 
Accretion of restoration provision   167  152  502  458 
Sustaining capital   15,744  12,237  33,373  24,410 
Less: silver revenues   (3,142)  (2,095)  (10,033)  (7,020) 
          
All-in sustaining cost  $ 102,241 $ 108,635 $ 303,839 $ 274,856 
          
Gold oz sold    112,711  134,640  376,360  350,213 
          
All-in sustaining cost per oz sold  $ 907 $ 807 $ 807 $ 785 
 
Free cash flow and free cash flow per share 
 
Free cash flow is indicative of the Company’s ability to generate cash from operations after consideration for  required 
capital expenditures, including related VAT impact, necessary to maintain operations and interest and finance charge 
paid on its debt obligations. Free cash flow is defined as cash flow provided by operating activities, less cash used for 
investing activities and interest and finance charge paid. 
 
 Three months ended 
September 30, 
Nine months ended 
September 30, 
  2023  2022  2023  2022 
         
Net cash provided by operating 
activities 
 
$ 
 
120,030 
 
$ 
 
104,739 
 
$ 
 
426,821 
 
$ 
 
292,755 
         
Net cash used for investing activities  (19,296)  (19,306)  (39,734)  (44,587) 
Interest paid  (4,424)  (7,386)  (16,149)  (20,687) 
Finance charge paid  (15,373)  (12,845)  (169,795)  (49,225) 
         
Free cash flow $ 80,937 $ 65,202 $ 201,143 $ 178,256 
         
Basic weighted average shares 
outstanding 
  
237,411,813 
  
235,165,784 
  
236,810,866 
  
234,641,484 
         
         
Free cash flow per share $ 0.34 $ 0.28 $ 0.85 $ 0.76 
 
 
CRITICAL ACCOUNTING ESTIMATES 
 
The adoption of certain accounting policies requires the Company to make estimates that affect both the amount and 
timing of the recording of assets, liabilities, revenues and expenses.  Some of these estimates require judgments about 
matters that are inherently uncertain.  For a complete discussion of accounting estimates deemed most crucial by the 
Company, refer to the Company’s annual 2022 Management’s Discussion and Analysis.   
 
  
17

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
RISKS AND UNCERTAINTIES 
 
Natural resources exploration, development and operation involves a number of risks and uncertainties, many of which 
are beyond the Company’s control .  These risks and uncertainties include, without limitation, the risks discussed 
elsewhere in this MD&A and those set out in the Company’s Annual Information Form dated March 31, 2023 (the “AIF”), 
which is available on SEDAR+ at www.sedarplus.ca.   
 
 
QUALIFIED PERSON 
 
The technical information relating to Fruta del Norte contained in this MD&A has been reviewed and approved by Ron 
Hochstein P. Eng, Lundin Gold’s President & CEO who is a Qualified Person under NI 4 3-101.  The disclosure of 
exploration information contained in this MD&A was prepared by Andre Oliveira P.Geo, Vice President, Exploration of 
the Company, who is a Qualified Person in accordance with the requirements of NI 43-101.  
 
 
FINANCIAL INFORMATION 
 
The report for the year ended December 31, 2023 is expected to be published on or about February 23, 2024. 
 
 
DISCLOSURE CONTROLS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING 
 
Disclosure controls and procedures 
 
Management, including the Chief Executive Officer and the Chief Financial Officer, are responsible for the design of 
the Company’s disclosure controls and procedures in order to provide reasonable assurance that information required 
to be disclosed by the Company in its annual filings, interim filings or other reports filed or  submitted by it under 
securities legislation is recorded, processed, summarized and reported within the time periods specified in the securities 
legislation. 
 
Internal controls over financial reporting 
 
Management is also responsible for the design of the Company’s internal control over financial  reporting in order to  
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements 
for external purposes in accordance with IFRS. 
 
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, 2023 and ending September 30, 2023, that have materially affected, or are reasonably likely to materially 
affect, the Company’s internal control over financial reporting. 
 
  
18

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2023 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
  
 
 
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 s tatements 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”, “antici pates”, “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 b e 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 2023 production outlook, including estimates of gold production, grades recoveries and AISC; operating 
plans; expected sales receipts, cash flow forecasts and financing obligations;  the benefits to be derived from the 
repayment of the Senior Facility;  its estimated capital costs ; expected management changes ; the recovery of VAT;  
benefits of the Company’s community programs; the Company’s declaration and payment of dividends pursuant to its 
dividend policy; the timing and the success of its drill program at Fruta del Norte and its other exploration activities; and 
estimates of Mineral Resources and Reserves at Fruta del Norte.  
   
Lundin Gold’s actual results could differ materially from those anticipated.  Management has identified the following 
risk factors which could have a material impact on the Company or the trading price of its shares : risks related to 
political and economic instability in Ecuador; risks associated with the Company's community relationships; risks related 
to estimates of production, cash flows and costs; risks inherent to mining operations; shortages of critical supplies; the 
cost of non-compliance and compliance costs; control of the Company's largest shareholders; volatility in the price of 
gold; failure of the Company to maintain its obligations under its debt facilities; risks related to Lundin Gold’s compliance 
with environmental laws and liability for en vironmental contamination; the lack of availability of infrastructure; the 
Company's reliance on one mine; security risks to the Company, its assets and its personnel; risks related to illegal 
mining; exploration and development risks; the impacts of a pan demic virus outbreak; risks related to the Company’s 
ability to obtain, maintain or renew regulatory approvals, permits and licenses; uncertainty with and changes to the tax 
regime in Ecuador; the reliance of the Company on its information systems and the risk of cyber -attacks on those 
systems; the imprecision of Mineral Reserve and Resource estimates; deficient or vulnerable title to concessions, 
easements and surface rights; inherent safety hazards and risk to the health and safety of the Company’s employ ees 
and contractors; risks related to the Company’s workforce and its labour relations; key talent recruitment and retention 
of key personnel; volatility in the market price of the Company’s shares; measures to protect endangered species and 
critical habitats; social media and reputation; the adequacy of the Company’s insurance; risks relating to the declaration 
of dividends; uncertainty as to reclamation and decommissioning; the ability of Lundin Gold to ensure compliance with 
anti-bribery and anti-corruption laws; the uncertainty regarding risks posed by climate change; limits of disclosure and 
internal controls; the potential for litigation; and risks due to conflicts of interest. 
 
There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future 
events could differ materially from those anticipated in this forward -looking information as a result of the factors 
discussed under the heading “Risk Factors” in the AIF available at www.sedarplus.ca.  
19

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

LUNDIN GOLD INC.   
Condensed Consolidated Interim Statements of Financial Position 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
     September 30,  December 31, 
   Note  2023  2022 
        
ASSETS        
        
Current assets        
Cash and cash equivalents   7, 14 $ 302,465 $ 363,400 
Trade receivables and other current assets   3  164,842  169,134 
Inventories   4  88,566  89,787 
Advance royalty     12,210  13,000 
             568,083  635,321 
        Non-current assets        
VAT recoverable     50,744  52,244 
Advance royalty     5,575  16,494 
Property, plant and equipment   5  728,131  781,299 
Mineral properties   6  164,333  183,507 
                    $ 1,516,866 $  1,668,865 
        
LIABILITIES        
        
Current liabilities        
Accounts payable and accrued liabilities    $ 58,851 $ 71,434 
Income taxes payable     71,000  21,445 
Other current liabilities   9  -  2,264 
Current portion of long-term debt   7  124,438  345,374 
             254,289  440,517  
        
Non-current liabilities        
Long-term debt   7  236,671  322,592 
Reclamation provisions     7,551  7,049 
Deferred income tax liabilities     65,400  46,626 
        
             563,911  816,784  
        
EQUITY        
Share capital   8  1,006,807  989,772 
Equity-settled share-based payment reserve   9  13,897  13,856 
Accumulated other comprehensive income (loss)     (10,853)  2,612 
Deficit     (56,896)  (154,159) 
             952,955  852,081 
            $ 1,516,866 $ 1,668,865  
        
        
Commitments (Note 17) 
 
 
       
Subsequent events (Note 18)        
 
 
 
 
 
Approved by the Board of Directors 
 
 
/s/ Ron F. Hochstein  /s/ Ian W. Gibbs 
Ron F. Hochstein  Ian W. Gibbs 
20

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

LUNDIN GOLD INC.   
Condensed Consolidated Interim Statements of Income and Comprehensive Income 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars, except share and per share amounts) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
   Three months ended 
September 30, 
Nine months ended   
September 30, 
 Note  2023  2022  2023  2022 
          
Revenues  $ 211,172 $ 210,425 $ 711,830 $ 604,705 
          
Cost of goods sold          
Operating expenses   66,994  75,598  207,804  194,355 
Royalty expenses   12,359  12,787  41,400  35,454 
Depletion and depreciation   32,199  38,110  105,497  97,237 
          
   111,552  126,495  354,701  327,046 
          
Income from mining operations   99,620  83,930  357,129  277,659 
          
Other expenses (income)          
Corporate administration 10  4,451  4,958  16,538  14,553 
Exploration   6,234  4,969  15,273  10,595 
Finance expense 11  18,242  22,184  55,734  77,943 
Other expense (income)   (354)  (4,925)  705    (5,538) 
Derivative loss (gain) 7  (11,678)  (41,838)  3,435  (47,100) 
          
   16,895  (14,652)  91,685  50,453 
          
Net income before tax   82,725  98,582  265,444  227,206 
          
Income tax expense          
Current income tax expense 13  20,212  14,614  74,427  51,757 
Deferred income tax expense 13  8,731  21,295   22,622  33,632 
          
   28,943  35,909   97,049  85,389 
          
Net income for the period  $ 53,782 $ 62,673 $ 168,395 $ 141,817 
          
          
OTHER COMPREHENSIVE INCOME (LOSS)        
          
Items that may be reclassified to net income       
Currency translation adjustment   (1,376)  (6,706)  183  (7,742) 
Items that will not be reclassified to net income       
Derivative gain (loss) related to the 
Company’s own credit risk   (6,709)  1,454  (17,497)  10,518 
Deferred income tax on 
accumulated other comprehensive 
income   1,476  (456)  3,849  (3,298) 
          
Comprehensive income  $ 47,173 $ 56,965 $ 154,930 $ 141,295 
          
          
Income per common share         
Basic   $ 0.23 $ 0.27  0.71 $ 0.60 
Diluted    0.22  0.26  0.70  0.60 
           
Weighted-average number of common shares outstanding 
 
       
Basic    237,411,813  235,165,784  236,810,866  234,641,484 
Diluted    239,583,745  236,882,976  238,965,898  236,509,402 
 
21

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

LUNDIN GOLD INC.      
Condensed Consolidated Interim Statements of Changes in Equity 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars, except number of common shares) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
      Equity-settled       
  Number of    share-based       
  common  Share  payment  Other     
 Note shares  capital  reserve  reserves  Deficit  Total 
             
Balance, January 1, 2022  233,361,883 $ 974,740 $ 13,570 $ 6,851 $ (180,684) $ 814,477 
             
Exercise of stock options  874,200  5,342  (1,787)  -  -  3,555 
Vesting of share units 9 41,000  406  (406)  -  -  - 
Exercise of anti-dilution rights 8 477,260  3,918  -  -  -  3,918 
Exercise of warrants 9 411,441  2,445  (511)  -  -  1,934 
Stock-based compensation 9 -  -  3,025  -  -  3,025 
Other comprehensive loss  -  -  -  (522)  -  (522) 
Net income for the period  -  -  -  -  141,817  141,817 
Dividends paid  -  -  -  -  (47,033)  (47,033) 
             
Balance, September 30, 2022  235,165,784 $ 986,851 $ 13,891 $ 6,329 $ (85,900) $ 921,171 
             
             
Balance, January 1, 2023  235,646,977 $ 989,772 $ 13,856 $ 2,612 $ (154,159) $ 852,081 
             
Exercise of stock options  980,552  5,868  (2,033)  -  -  3,835 
Vesting of share units 9 240,753  2,419  (1,212)  -  -  1,207 
Exercise of anti-dilution rights 8 725,653  8,748  -  -  -  8,748 
Stock-based compensation 9 -  -  3,286  -  -  3,286 
Other comprehensive loss  -  -  -  (13,465)  -  (13,465) 
Net income for the period  -  -  -  -  168,395  168,395 
Dividends paid  -  -  -  -  (71,132)  (71,132) 
             
Balance, September 30, 2023  237,593,935  1,006,807  13,897  (10,853)  (56,896)  952,955 
             
             
22

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

LUNDIN GOLD INC.   
Condensed Consolidated Interim Statements of Cash Flows 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
  Three months ended 
September 30, 
Nine months ended  
September 30, 
 Note  2023  2022  2023  2022 
          
OPERATING ACTIVITIES          
          
Net income for the period  $ 53,782 $ 62,673 $ 168,395 $ 141,817 
Items not affecting cash:          
Depletion and depreciation   32,203  38,111  105,524  97,254 
Stock-based compensation 9  1,199  1,099  3,274  2,932 
Derivative loss (gain)   16(b)  (11,678)  (41,838)  3,435  (47,100) 
Other expense (income)   (291)  (5,036)  619  (5,597) 
Finance expense   18,069  21,730  54,896  76,340 
Deferred income tax expense   8,731  21,295  22,622  33,632 
          
   102,015  98,034  358,765  299,278 
Changes in non-cash working capital items:          
Trade receivables and other current assets   (453)  (13,966)  7,765  1,208 
Inventories   (938)  2,016  1,390  (8,200) 
Advance royalty   5,209  5,324  11,709  11,824 
Accounts payable and accrued liabilities   (7,029)  (594)  (9,920)  (5,219) 
Income taxes payable   17,576  12,449  49,555  (8,362) 
Other non-current liabilities   -  -  (1,045)  - 
Interest received   3,650  1,476  8,602  2,226 
          
Net cash provided by operating activities   120,030  104,739  426,821  292,755 
          
FINANCING ACTIVITIES          
          
Repayments of long-term debt 7  (32,063)  (14,429)  (203,621)  (98,133) 
Interest paid 7  (4,424)  (7,386)  (16,149)  (20,687) 
Finance charge paid 7  (15,373)  (12,845)  (169,795)  (49,225) 
Proceeds from exercise of stock options   618  -  3,835  3,555 
Proceeds from exercise of anti-dilution rights   2,141  -  8,748  3,918 
Proceeds from exercise of warrants   -  -  -  1,934 
Dividends paid   (23,759)  (47,033)  (71,132)  (47,033) 
          
Net cash used for financing activities   (72,860)  (81,693)  (448,114)  (205,671) 
          
INVESTING ACTIVITIES          
          
Acquisition and development of property, plant and 
equipment 
 
(17,550)  (17,427)  (36,045)  (40,023) 
VAT paid on investing activities   (1,746)  (1,879)  (3,689)  (4,564) 
          
Net cash used for investing activities   (19,296)  (19,306)  (39,734)  (44,587) 
          
Effect of foreign exchange rate differences on cash  (377)  (1,133)  92  (1,466) 
          
Net increase (decrease) in cash and cash equivalents  27,497  2,607  (60,935)  41,031 
          
Cash and cash equivalents, beginning of period   274,968  301,032  363,400  262,608 
          
Cash and cash equivalents, end of period  $ 302,465 $ 303,639 $ 302,465 $ 303,639 
 
Supplemental cash flow information (Note 14) 
         
23

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
1. Nature of operations 
 
Lundin Gold Inc. together with its subsidiaries (collectively referred to as “Lundin Gold” or the “Company”) is 
focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador.
  
The common shares of the Company are listed for trading on the Toronto Stock Exchange (the “TSX”) and Nasdaq 
Stockholm under the symbol “LUG” and the OTCQX Best Market under the symbol “LUGDF”.  The Company was 
originally incorporated in British Columbia and continued under the Canada Business Corporations Act in 2002. 
 
The Company’s head office is located at Suite 2000, 885 W est Georgia Street, Vancouver, BC, and it has a 
corporate office in Quito, Ecuador.   
 
 
2. Basis of preparation and consolidation 
 
These unaudited condensed consolidated interim financial statements , including comparatives,  have been 
prepared in accordance with International Financial Reporting Standards as issued by the International Accounting 
Standard Board (“IFRS”), applicable to the preparation of interim financial statements, including International 
Accounting Standard 34, Interim Financial Reporting .  As a result, they do not conform in all respects with the 
disclosure requirements for annual financial statements under IFRS and should  be read in conjunction with the 
Company’s audited consolidated financial statements for the fiscal year ended December 31, 2022.  
 
These unaudited condensed consolidated interim financial statements are presented in U.S. dollars. 
 
In preparing these unaudited condensed consolidated interim financial statements, the Company applied the same 
accounting policies and key sources of estimation uncertainty as those that were applied to the Company’s audited 
consolidated financial statements for the fiscal year ended December 31, 2022. 
 
These financial statements were approved for issue by the Board of Directors on November 8, 2023. 
 
 
3. Trade receivables and other current assets 
 
  September 30,  December 31, 
  2023  2022 
     
Trade receivables (a) $ 98,620 $ 86,431 
VAT recoverable (b)  24,757  61,883 
Prepaid expenses and other (c)  41,465  20,820 
     
     
 $ 164,842 $ 169,134 
 
(a) Trade receivables represent the value of concentrate sold as at period end for which the funds are not 
yet received.  Consistent with industry standards, these sales generally have relatively long payment 
terms and are not settled until two to five months after export.  There is no recorded allowance for credit 
losses.  In determining the recoverability of trade receivables, the Company considers any change in the 
credit quality of the counterparty, with the concentration of the credit risk limited due to the nature of the 
counterparties involved and a history of no credit losses. 
 
Concentrate sales are first recorded based on provisional prices.  F or sales that are provisionally priced 
as at September 30, 2023, an  adjustment is estimated and recorded using the forward gold price at 
quarter end for the future month when the final gold price for  each individual sale  is expected to be 
determined.  This adjustment resulted in an increase of $0.2 million in trade receivables as of September 
30, 2023 (December 31, 2022 - $6.1 million increase). 
  
24

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
3. Trade receivables and other current assets (continued) 
 
(b) Subject to submission of monthly claims and their acceptance by the applicable tax authorities, VAT paid 
in Ecuador by the Company after January 1, 2018 are being refunded or applied as a credit against other 
taxes payable, based on the level of export sales in any given month.  Therefore, a portion of the VAT 
recoverable has been reclassified as current assets. 
 
(c) Prepaid expenses and other includes credit notes issued by the tax authorities in Ecuador relating to 
approved VAT claims.  These credit notes can be used to offset taxes payable  including statutory tax 
withholdings from payments to vendors. 
 
 
4. Inventories 
 
  September 30,  December 31, 
  2023  2022 
     
Ore stockpile $ 8,940 $ 11,545 
Gold in circuit  7,093  5,833 
Doré and concentrate  14,876  16,709 
Materials and supplies  57,657  55,700 
     
 $ 88,566 $ 89,787 
 
 
5. Property, plant and equipment 
 
Cost 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2022 $ 27,536 $ 874,098 $ 55,865 $ 23,078 $ 2,685 $ 983,262 
       
Additions 18,569 29,715 2,202 2,311 1,350 54,147 
Disposals and other - (1,953) (3,154) (795) (612) (6,514) 
Reclassifications (46,105) 46,105 - - - - 
Cumulative translation 
adjustment - (841) - - (5) (846) 
       
Balance, December 
31, 2022 - 947,124 54,913 24,594 3,418 1,030,049 
       
Additions - 32,420 182 771 - 33,373 
Disposals and other - - (899) - - (899) 
Cumulative translation 
adjustment  - 20 - - - 20 
       
Balance, September 
30, 2023 $ - $ 979,564 $ 54,196 $ 25,365 $ 3,418 $ 1,062,543 
 
  
25

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
5. Property, plant and equipment (continued) 
 
Accumulated 
depletion and 
depreciation 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2022 $ - $ 114,469 $ 18,493 $ 13,189 $ 2,037 $ 148,188 
       
Depletion and 
depreciation - 92,689 6,640 4,426 264 104,019 
Disposals and other  (410) (1,513) (748) (612) (3,283) 
Cumulative translation 
adjustment - (169) - - (5) (174) 
       
Balance, December 
31, 2022 - 206,579 23,620 16,867 1,684 248,750 
       
Depletion and 
depreciation - 77,618 4,869 3,097 436 86,020 
Disposals and other - - (359) - - (359) 
Cumulative translation 
adjustment - 1 - - - 1 
       
Balance, September 
30, 2023 $ - $ 284,198 $ 28,130 $ 19,964 $ 2,120 $ 334,412 
 
Net book value 
 
     
       
As at December 31, 
2022 $ - $ 740,545 $ 31,293 $ 7,727 $ 1,734 $ 781,299 
       
As at September 30, 
2023 $ - $ 695,366 $ 26,066 $ 5,401 $ 1,298 $ 728,131 
 
 
6. Mineral properties 
 
Cost   Fruta del Norte 
    
Balance, January 1, 2022   $ 207,146 
    
Depletion   (23,639) 
    
Balance, December 31, 2022   183,507 
    
Depletion   (19,174) 
    
Balance, September 30, 2023   $ 164,333 
 
  
26

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
7. Long-term debt 
 
  September 30,  December 31, 
  2023  2022 
     
Gold prepay credit facility (a) $ - $ 207,446 
Stream loan credit facility (b)  269,279  259,226 
Offtake derivative liability (c)  25,853  28,440 
Senior debt facility (d)  65,977  172,854 
     
 $ 361,109 $ 667,966 
     
Less: current portion     
Gold prepay credit facility  -  207,446 
Stream loan credit facility  54,517  49,223 
Offtake derivative liability  3,944  4,112 
Senior debt facility  65,977  84,593 
     
Long-term portion $ 236,671 $ 322,592 
 
The stream loan credit facility (the “Stream Loan”) and the offtake derivative liability are accounted for as financial 
liabilities at fair value through profit or loss and are comprised of the following as at September 30, 2023. 
 
  Stream loan 
credit 
facility  
Offtake 
derivative 
liability  Total 
       
Principal $ 105,021 $ - $ 105,021 
Transaction costs  (1,912)  -  (1,912) 
Derivative fair value adjustments  166,170  25,853  192,023 
       
Total  $ 269,279 $ 25,853 $ 295,132 
 
Derivative fair value adjustments reflect the revaluation of the financial instruments at fair value as at September 
30, 2023.  The derivative gain or loss related to the Company’s own credit risk recorded in other comprehensive 
income includes the impact of the difference between the Company’s own credit risk at the time of entering into 
the long-term debt and the statement of financial position date (see also Note 16). 
 
(a) Gold prepay credit facility (the “Prepay Loan”) 
 
In late December, as provided under the Prepay Loan, the Company exercised its right to repay in full  the 
Prepay Loan by delivering an irrevocable notice of early repayment of its remaining outstanding obligations 
effective January 5, 2023.  On that day, a payment of $207.5 million was made to extinguish the Prepay Loan, 
inclusive of interest of $0.1 million accrued between January 1 to January 5, 2023.  Repayment was b ased 
on a gold price fixed near the end of December and a negotiated amount of equivalent ounces per quarter for 
the last ten remaining quarters at that time.   
 
(b) Stream loan credit facility 
 
The Stream Loan is a secured loan facility with a stated interest rate of 7.5% per annum with interest accruing 
based upon the outstanding balance.   
  
27

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
7. Long-term debt (continued) 
 
The Stream Loan is repayable in variable monthly instalments equivalent to the value of 7.75% of gold 
production less $404 per oz. (the “Gold Base Price”) and 100% of the silver production less $4.04 per oz. (the 
“Silver Base Price”) up to a maximum of 350,000 oz of gold and six million oz of silver.  The Gold Base Price 
and Silver Base Price will increase by 1% in February of each year.  The excess of the monthly repayments 
over the principal due monthly and the balance of interest accrued to that date, if any, is a variable additional 
charge (the “Finance Charge”). 
 
During the nine months ended September 30, 2023, the Company made payments under the Stream Loan 
totaling $61.2 million (nine months ended September 30, 2022 – $39.1 million) of which $ 13.6 million (nine 
months ended September 30, 2022 – $9.5 million) was paid on account of principal; $6.3 million (nine months 
ended September 30, 2022  – $7.2 million) for accrued interest; and $ 41.3 million (nine months ended 
September 30, 2022 – $22.4 million) for the Finance Charge (see Note 16).  As at September 30, 2023, based 
on the projected life of mine production and other significant assumptions (see Note 16), the estimated fair 
value equivalent of 245,048 oz of gold and 4,346,101 oz of silver remains outstanding under the Stream Loan. 
 
The Company has the option to repay (i) 50% of the remaining Stream Loan on June 30, 2024 for $150 million 
(“First Reduction Option”) and / or (ii) the other 50% of the remaining Stream Loan on June 30, 2026 for $225 
million.   
 
The Company has elected to measure the Stream Loan as a financial liability at fair value through profit or 
loss. 
 
(c) Offtake commitment (the “Offtake”) 
 
The lender of the Stream Loan has been granted the right to purchase 50% of Fruta del Norte gold production, 
up to a maximum of 2.5 million oz, at a price determined based on monthly delivery dates and a defined 
quotational period.  This obligation is satisfied first throug h the sale of doré and then, if required, financial 
settlement. 
 
The Company has determined that the Offtake represents a derivative financial liability.  Accordingly, the 
Offtake, which is primarily a function of the gold price option feature, is measured at fair value at each 
statement of financial position date, with  changes in the derivative fair value being recorded in profit or loss.   
As at September 30, 2023, based on the projected life of mine production and other significant assumptions 
(see Note 16), the estimated fair value equivalent of 1,972,981 oz of gold r emains outstanding under the 
Offtake. 
 
(d) Senior debt facility (the “Facility”) 
 
As at September 30, 2023  Tranche A  Tranche B  Total 
       
Principal $ 50,352 $ 20,141 $ 70,493 
Accrued interest  670  206  876 
Transaction costs, net of amortization  (4,016)  (1,376)  (5,392) 
       
Total  $ 47,006 $ 18,971 $ 65,977 
 
The Facility is a senior secured loan comprised of two tranches: a senior commercial facility (“Tranche A”) and 
a senior covered facility under a raw material guarantee (“Tranche B”).  The annual interest rate is the three 
or six-month SOFR plus an average margin of approximately 5.05% for Tranche A and 2.50% for Tranche B. 
Tranche A and Tranche B are subject to risk mitigation and guarantee fees of 2.00% and 3.15%, respectively.  
The Facility is repayable in variable quarterly instalments as well as accelerated quarterly principal repayments 
based on 30% of Fruta del Norte’s excess cash flow (the “Cash Sweep”).   
 
 
 
 
28

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
7. Long-term debt (continued) 
 
During the nine months ended September 30, 2023, the Company paid $111.0 million of principal (nine months 
ended September 30, 2022 – $64.9 million) and $9.7 million (nine months ended September 30, 2022 – $7.6 
million) of interest relating to the Facility.   The principal repaid during the nine months ended September 30, 
2023 includes $69.0 million (nine months ended September 30, 2022 – $35.2 million) paid on account of the 
Cash Sweep. 
 
Under the long-term debt, the Company, together with its subsidiaries related to Fruta del Norte (collectively, 
the “FDN Subsidiaries”), are subject to a number of covenants while amounts remain outstanding including 
maintaining a minimum cash balance of $ 40 million in its operating subsidiary as its debt service reserve 
balance.  The long-term debt is secured by a charge over the FDN Subsidiaries’ assets, pledges of the shares 
of the FDN Subsidiaries and guarantees of the Company and the FDN Subsidiaries.   Certain covenants, 
including the minimum cash balance as a debt service reserve balance, will no longer apply after the Company 
fully repays the remaining principal balance plus accrued interest under its senior debt facility effective 
November 14, 2023 (Note 18). 
 
 
8. Share capital 
 
Authorized: 
• Unlimited number of common shares without par value 
• Unlimited number of preference shares without par value 
 
During the nine months ended September 30 , 2023, the Company issued 725,653 common shares to Newcrest 
Mining Limited (“Newcrest”) at a weighted average price of CAD$16.44 per share for total proceeds of $8.7 million.  
During the year  ended December 31, 20 22, 477,260 common shares were issued to Newcrest at a weighted 
average price of CAD$ 10.50 per share for total proceeds of $ 3.9 million.  These issuances were completed in 
accordance with Newcrest’s anti-dilution rights granted as part of its initial investment into the Company.   
 
 
9. Stock-based compensation 
 
Under an omnibus incentive plan (the “Omnibus Plan”) that allows for the reservation of a maximum 6% of the 
common shares issued and outstanding for issuance at any given time , the Company may grant stock options, 
restricted share units and deferred share units (collectively, the “Awards”).  Subject to specific provisions under 
the Omnibus Plan, the eligibility, vesting period, term, and number of Awards are granted at the disc retion of the 
Company’s board of directors.   
 
Recipients of share units granted and outstanding on a dividend record date are entitled to receive an award of 
additional share units equal to the cash dividends declared and paid on the Company’s common shares (“Dividend 
Equivalent”).  Dividend Equivalents are calculated in accordance with the Omnibus Plan based on the number of 
share units held, the dividend per share and the weighted average trading price of the Company’s shares on the 
TSX for the five days preceding the date the dividend was paid.  The se additional share units are subject to the 
same terms and conditions as the underlying share units. 
 
i. Stock options 
 
Stock options granted and outstanding under the Omnibus Plan and a pre -existing stock option plan (the 
“Option Plan”) have an expiry date of five years and vest over a period of three or four years from date of 
grant.  No additional stock options can be granted under the Option Plan. 
 
During the nine months ended September 30, 2023, 530,600 stock options were granted under the Omnibus 
Plan which have an expiry date of five years and vest over a period of three or four years from date of grant. 
 
Stock options are exercisable into one common share of the Company at the price specified in the terms of 
the option agreement.  
29

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

LUNDIN GOLD INC. 
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
9. Stock-based compensation (continued)
A continuity summary of the stock options granted and outstanding under the Omnibus Plan and Option Plan 
is presented below: 
Nine months ended Year ended 
September 30, 2023 December 31, 2022 
Weighted 
average 
Weighted 
average 
Number of exercise price Number of exercise price 
stock options (CAD) stock options (CAD) 
Balance, beginning of period 4,237,923 $ 8.35 4,863,400 $ 7.26 
Granted 530,600 14.13 772,800 9.86 
Forfeited - - (42,884) 10.23 
Exercised(1) (980,552) 5.27 (1,355,393) 5.23 
Balance outstanding, end of period 3,787,971 $ 9.96 4,237,923 $ 8.35 
Balance exercisable, end of period 2,475,121 $ 9.02 2,693,070 $ 7.10 
(1) The weighted average share price on the exercise date for the stock options exercised during the nine months ended
September 30, 2023 and year ended December 31, 2022 were CAD$16.00 and CAD$11.62, respectively.
The following table summarizes information concerning outstanding and exercisable options at  September 
30, 2023: 
Outstanding options Exercisable options 
Range of 
exercise 
prices 
(CAD) 
Number of 
options 
outstanding 
Weighted 
average 
remaining 
contractual 
life (years) 
Weighted 
average 
exercise 
price 
(CAD) 
Number of 
options 
outstanding 
Weighted 
average 
remaining 
contractual 
life (years) 
Weighted 
average 
exercise 
price (CAD) 
$ 5.22 to 5.40 977,300 0.41 $ 5.36 977,300 0.41 $ 5.36 
$ 5.41 to 11.00 1,450,071 2.91 10.13 714,417 2.75 10.23 
$ 11.01 to 16.12 1,360,600 2.74 13.08 783,404 1.54 12.48 
3,787,971 2.20 $ 9.96 2,475,121 1.44 $ 9.02 
The fair  value based method of accounting was applied to stock options granted to employees, including 
directors, and non -employees on the date of grant using the Black -Scholes option pricing model with the 
following weighted-average assumptions: 
September 30, 2023 December 31, 2022 
Risk-free interest rate 3.17% 1.62% 
Expected stock price volatility 38.43% 36.51% 
Expected life 5 years 5 years 
Expected dividends (CAD) $0.26 - 
Weighted-average fair value per option granted (CAD) $4.57 $3.40 
30

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
9. Stock-based compensation (continued) 
 
The equity-settled share-based payment reserve includes the fair value of employee options as measured at 
grant date and amortized over the period during which the employees become unconditionally entitled to the 
options. 
 
During the nine months ended September 30, 2023 , the Company  recorded stock -based compensation 
expense of $1.3 million (nine months ended September 30, 2022 – $1.6 million).  
 
ii. Share units 
 
Under the Omnibus Plan, the Company has granted restricted share units and deferred share units to eligible 
employees and non-employee directors as presented below. 
 
 Restricted share units with 
performance criteria 
  
Restricted share units 
  
 
 Settled in cash 
or shares 
 
Settled in shares 
 
 
 
Settled in cash 
 
Settled in shares 
 Deferred share 
units 
        
Balance at January 1, 2022 148,000 187,300  24,600 110,800  23,308 
        
Granted - 196,500  - 86,800  10,509 
Granted – Dividend Equivalent 4,052 10,506  670 4,271  861 
Cancelled - (17,054)  - -  - 
Settled - -  - (41,000)  - 
        
Balance at December 31, 2022 152,052 377,252  25,270 160,871  34,678 
        
Granted - 167,300  - 134,884  8,331 
Granted - Dividend Equivalent - 13,738  - 4,331  504 
Cancelled - -  (5,752) (21,164)  - 
Settled (152,052) -  (19,518) (86,720)  (30,825) 
        
Balance at September 30, 2023 - 558,290  - 192,202  12,688 
 
Restricted share units with performance criteria (“PSUs”) 
 
During the nine months ended September 30, 2023, the Company granted 167,300 PSUs that are settled in 
shares (“Share PSUs”) .  In addition, in connection with dividends paid during the nine months ended 
September 30, 2023, 13,738 Share PSUs were granted as Dividend Equivalents.  During the year ended  
December 31, 2022, the Company granted 196,500 Share PSUs.  In addition, in connection with the 
Company’s inaugural dividend paid in 2022, 10,506 Share PSUs and 4,052 PSUs that are settled in cash or 
common shares, at the recipient’s option, (“Cash PSUs”) were granted as Dividend Equivalents.   
 
All Cash PSUs were settled through a combination of payment of cash or issuance of shares during the nine 
months ended September 30, 2023.  Share PSUs are granted to eligible employees and vest three years from 
date of grant subject to continued employment and certain performance conditions being met.  The number 
of Share PSUs that vest will be adjusted using a multiplier that is based on total shareholder return by the 
Company’s shares over the three-year period relative to a peer group as defined by the Company’s board of 
directors.  Each vested Share PSU entitles the recipient to a payment of one common share.   
  
31

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

LUNDIN GOLD INC. 
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
9. Stock-based compensation (continued)
Using Monte Carlo simulation, the fair value of Share PSUs was measured on the date of grant while the fair 
value of Cash PSUs was measured as at December 31, 202 2 with the following weighted -average 
assumptions: 
September 30, 
2023 
December 31, 2022 
Share PSUs Share PSUs Cash PSUs 
Risk-free interest rate 4.22% 2.20% N/A 
Average expected volatility of the Company 
and its peer group 45.64% 50.54% N/A 
Expected life 3 years 3 years 0.15 years 
Expected dividends (CAD) $0.26 - $0.26
Weighted-average fair value per unit (CAD) $12.38 $9.33 $13.23
The fair value of Share PSUs measured at grant date are being amortized over the period during which the 
employees become unconditionally entitled to the Share PSUs.  During the nine months ended September 
30, 2023, the Company recorded stock-based compensation expense of $ 1.0 million (nine months ended 
September 30, 2022 – $0.7 million) relating to Share PSUs. 
Restricted share units without performance criteria (“RSUs”) 
During the nine months ended September 30, 2023, the Company granted 134,884 RSUs that are settled in 
shares (“Share RSUs”).  In addition, in connection with dividend s paid during the nine months ended 
September 30, 2023, 4,331 Share RSUs were granted as Dividend Equivalents.  During the year ended 
December 31, 2022, the Company granted 86,800 Share RSUs.  In addition, in connection with the Company’s 
inaugural dividend paid in 2022 , 4,271 Share RSUs and 670 RSUs that are settled in cash (“Cash RSUs”) 
were granted as Dividend Equivalents.   
All Cash RSUs were settled in cash during the nine months ended September 30, 2023.  Share RSUs are 
granted to eligible employees and vest one to three years from date of grant subject to continued employment.  
Each vested Share RSU entitles the recipient to a payment of one common share.   
Using the Black-Scholes option pricing model, the fair value of the Share RSUs was measured on the date of 
grant while the fair value of the Cash RSUs was measured as at December 31, 202 2 with the following 
weighted-average assumptions: 
September 30, 
2023 
December 31, 2022 
Share RSUs Share RSUs Cash RSUs 
Risk-free interest rate 3.88% 1.22% 3.86% 
Expected stock price volatility 39.36% 44.54% 39.27% 
Expected life 1.96 years 1.99 years 0.15 years 
Expected dividends (CAD) $0.26 - $0.26
Weighted-average fair value per unit (CAD) $17.33 $12.42 $13.86
The fair value of Share RSUs measured at grant date are being amortized over the period during which the 
employees become unconditionally entitled to the Share RSUs.  During the nine months ended September 
30, 2023, the Company recorded stock -based compensation expense of $ 0.7 million (nine months ended  
September 30, 2022 – $0.7 million) relating to Share RSUs. 
32

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

LUNDIN GOLD INC. 
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
9. Stock-based compensation (continued)
Deferred share units (“DSUs”) 
During the nine months  ended September 30, 2023  and year ended December 31, 202 2, the Company 
granted 8,331 DSUs and 10,509 DSUs, respectively, to non -employee directors.  In addition, in connection 
with dividends paid by the Company during the nine months ended September 30, 2023 and year ended 
December 31 2022 , 504 DSUs and 861 DSUs, respectively, were granted as Dividend Equivalents.  The 
DSUs do not vest until the end of service as a director of the Company.  Each vested DSU entitles the recipient 
to a payment in shares.  
During the nine months ended September 30, 2023 , the Company recorded stock -based compensation 
expense of $0.2 million (nine months ended September 30, 2022 – $0.1 million) relating to DSUs.  
10. Administration
Three months ended 
September 30, 
Nine months ended  
September 30, 
2023 2022 2023 2022 
Corporate social responsibility $ 542 $ 436 $ 1,688 $ 1,247 
Investor relations 108 135 297 305 
Office and general 755 841 2,270 2,315 
Professional fees 375 568 1,593 1,547 
Regulatory and transfer 
agent
50 36 390 370 
Salaries and benefits 1,260 1,771 6,607 5,576 
Stock-based compensation 1,199 1,099 3,274 2,932 
Travel 162 72 419 261 
$ 4,451 $ 4,958 $ 16,538 $ 14,553 
11. Finance expense
Three months ended 
September 30, 
Nine months ended  
September 30, 
2023 2022 2023 2022 
Interest expense $ 4,107 $ 7,279 $ 14,928 $ 22,158 
Finance charge 15,373 12,845 41,296 49,225 
Other finance costs 540 1,513 2,559 4,563 
Accretion of transaction 
costs
1,872 2,023 5,553 4,223 
Interest income (3,650) (1,476) (8,602) (2,226) 
$ 18,242 $ 22,184 $ 55,734 $ 77,943 
33

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
12. Related party transactions 
 
Key management compensation 
 
Key management includes executive officers  and directors of the Company.  The compensation paid or payable 
to key management for employee services during the nine months ended September 30 is shown below. 
 
  September 30,  September 30, 
  2023  2022 
     
Salaries, bonuses and benefits $ 5,921 $ 4,927 
Stock-based compensation  2,592  2,168 
     
 $ 8,513 $ 7,095 
 
 
13. Income taxes 
 
Current income tax expense is generated from net income for tax purposes in Ecuador relating to operations at 
Fruta del Norte.  In addition to corporate income taxes in Ecuador which are levied at a rate of 22% and dividend 
withholding taxes levied at a rate of 5% related to the ant icipated portion of net income distributed from Ecuador, 
included in current income tax expense is the portion of profit sharing payable to the Government of Ecuador which 
is calculated at the rate of 12% of net income for tax purposes. The employee portion of profit sharing, calculated 
at the rate of 3% of net income for tax purposes, is considered an employment benefit and included in operating 
costs.   
 
The rate s used in Ecuador differ from the amount that would result from applying the Canadian federal and 
provincial income tax rates to net income before tax.  These differences result from the following items: 
 
 Three months ended 
September 30, 
Nine months ended   
September 30, 
  2023  2022  2023  2022 
         
Net income before tax $ 82,725 $ 98,582 $ 265,444 $ 227,206 
         
Canadian federal and provincial income 
tax rates 
 
27.00% 
  
27.00% 
  
27.00% 
  
27.00% 
         
Income tax expense  based on the above 
rates 
 
22,336 
  
26,617 
  
71,670 
  
61,346 
         
Increase due to:         
Differences in foreign tax rates  2,834  3,696  13,049  13,019 
Non-deductible costs  1,304  476  4,020  2,382 
Withholding taxes (current and deferred) 2,134  6,109  5,925  9,270 
Losses and temporary differences for 
which an income tax asset has not been 
recognized 
 
 
335 
  
 
(989) 
  
 
2,385 
  
 
(628) 
         
Income tax expense $ 28,943 $ 35,909 $ 97,049 $ 85,389 
         
 
  
34

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
14. Supplemental cash flow information 
 
Cash and cash equivalents are comprised of the following: 
 
  September 30,  December 31, 
  2023  2022 
     
Cash  $ 114,371 $ 283,596 
Short-term investments  188,094  79,804 
     
 $ 302,465 $ 363,400 
 
Other supplemental cash information: 
 
   Three months ended 
September 30, 
Nine months ended   
September 30, 
  2023  2022  2023  2022 
           
Income taxes paid   $ - $ - $ 21,017 $ 54,376 
           
Change in accounts payable and accrued 
liabilities related to: 
        
Acquisition of property, plant and 
equipment 
$ (1,806) $ (684) $ (2,672) $ 436 
           
 
 
15. Segmented information 
 
Operating segments are components of an entity that engage in business activities from which they incur expenses 
and whose operating results are regularly reviewed by a chief operating decision maker to make resource 
allocation decisions and to assess perf ormance.  The Chief Executive Officer is responsible for allocating 
resources and reviewing operating results of each operating segment on a periodic basis.   
 
The Company’s primary business activity is the Fruta  del Norte operating mine in Ecuador.  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. 
 
  
35

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

LUNDIN GOLD INC. 
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
15. Segmented information (continued)
The following are summaries of the Company’s current and non-current assets, current and non-current liabilities, 
and net income (loss) by segment: 
Fruta del 
Norte 
Exploration 
activities 
Corporate 
and other Total 
As at September 30, 2023 
Current assets $ 483,077 $ 13,641 $ 71,365 $ 568,083 
Non-current assets 948,783 - - 948,783 
Total assets 1,431,860 13,641 71,365 1,516,866 
Current liabilities 252,702 702 885 254,289 
Non-current liabilities 301,122 - 8,500 309,622 
Total liabilities 553,824 702 9,385 563,911 
For the three months ended September 30, 2023 
Revenues 211,172 - - 211,172 
Income from mining operations 99,620 - - 99,620 
Corporate administration (1,089) (33) (3,329) (4,451) 
Exploration expenditures - (6,234) - (6,234)
Finance income (expense) (19,060) - 818 (18,242)
Other income (expense) (528) - 882 354 
Derivative gain 11,678 - - 11,678 
Income tax expense (26,809) - (2,134) (28,943) 
Net income (loss) for the period 63,812 (6,267) (3,763) 53,782 
For the nine months ended September 30, 2023 
Revenues 711,830 - - 711,830 
Income from mining operations 357,129 - - 357,129 
Corporate administration (3,750) (120) (12,668) (16,538) 
Exploration expenditures - (15,273) - (15,273)
Finance income (expense) (58,594) - 2,860 (55,734)
Other income (expense) (504) 2 (203) (705)
Derivative loss (3,435) - - (3,435)
Income tax expense (91,124) - (5,925) (97,049)
Net income (loss) for the period 199,722 (15,391) (15,936) 168,395 
36

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
  
  
 
15.  Segmented information (continued) 
 
 
Fruta del 
Norte  
Exploration 
activities 
Corporate 
and other Total 
     
As at September 30, 2022     
     
Current assets $ 484,163 $ 8,345 $ 87,958 $ 580,466 
Non-current assets 1,054,124 - - 1,054,124 
     
Total assets 1,538,287 8,345 87,958 1,634,590 
     
Current liabilities 317,843 1,762 7,188 326,793 
Non-current liabilities 382,626 - 4,000 386,626 
     
Total liabilities 700,469 1,762 11,188 713,419 
     
For the three months ended September 30, 2022    
     
Revenues 210,425 - - 210,425 
     
Income from mining operations 83,930 - - 83,930 
Corporate administration (1,452) (17) (3,489) (4,958) 
Exploration expenditures - (4,969) - (4,969) 
Finance income (expense) (22,495) - 311 (22,184) 
Other income (expense) (192) - 5,117 4,925 
Derivative gain 41,838 - - 41,838 
Income tax expense (31,451) - (4,458) (35,909) 
     
Net income (loss) for the period 70,178 (4,986) (2,519) 62,673 
     
For the nine months ended September 30, 2022    
     
Revenues 604,705 - - 604,705 
     
Income from mining operations 277,659 - - 277,659 
Corporate administration (3,679) (66) (10,808) (14,553) 
Exploration expenditures - (10,595) - (10,595) 
Finance income (expense) (78,453) - 510 (77,943) 
Other income (expense) (190) - 5,728 5,538 
Derivative gain 47,100 - - 47,100 
Income tax expense (76,119) - (9,270) (85,389) 
     
Net income (loss) for the period 166,318 (10,661) (13,840) 141,817 
     
 
16. Financial instruments 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are 
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are 
categorized as financial liabilities at amortiz ed cost.  The fair value of these financial instruments approximates 
their carrying values due to the short -term nature of these instruments.  In addition, the Stream Loan and offtake 
commitment have been classified as financial liabilities measured at fair value and the senior debt facility as a 
financial liability at amortized cost.  Further, provisionally priced trade receivables of $96.4 million (December 31, 
2022 - $86.4 million) are measured at fair value using quoted forward market prices (level 2). 
  
37

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

LUNDIN GOLD INC. 
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
16. Financial instruments (continued)
(a) Fair value measurements and hierarchy
IFRS establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair
value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical
assets or liabilities and the lowe r priority to unobservable inputs.  The three levels of the fair value hierarchy
are as follows:
Level 1: Quoted prices in active markets for identical assets or liabilities that the reporting entity has 
the ability to access at the measurement date. 
Level 2: Inputs that are observable, either directly or indirectly, for substantially the full term of the 
asset or liability. 
Level 3: Inputs that are both significant to the fair value measurement and unobservable. 
(b) Fair value measurements using significant unobservable inputs (Level 3)
The following table sets forth the Company’s financial liabilities measured at fair value on a recurring basis by
level within the fair value hierarchy for the nine months ended September 30, 2023 and year ended December
31, 2022.  Each of these financial instruments are classified as Level 3 as their valuation includes significant
unobservable inputs.
Stream loan 
credit 
facility 
Offtake 
derivative 
liability Total 
Balance, December 31, 2021 $ 263,614 $ 27,038 $ 488,432 
Principal paid (13,933) - (13,933)
Interest paid (9,545) - (9,545)
Interest accrued at stated rate of 7.5% 9,545 - 9,545 
Accretion of transaction costs 212 - 212 
 Derivative fair value adjustments recognized in: 
Net income 20,608 1,402 22,010 
Other comprehensive income (11,275) - (11,275)
Change in derivative fair values 9,333 1,402 10,735 
Balance, December 31, 2022 $ 259,226 $ 28,440 $ 287,666 
Principal paid (13,626) - (13,626)
Interest paid (6,319) - (6,319)
Interest accrued at stated rate of 7.5% 6,319 - 6,319 
Accretion of transaction costs 160 - 160 
 Derivative fair value adjustments recognized in: 
Net income 6,022 (2,587) 3,435 
Other comprehensive income 17,497 - 17,497
Change in derivative fair values 23,519 (2,587) 20,932 
Balance, September 30, 2023 $ 269,279 $ 25,853 $ 295,132 
38

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

LUNDIN GOLD INC. 
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
16. Financial instruments (continued)
(c) Significant assumptions in valuation and relationship to fair value
The financial liabilities above were valued using Monte Carlo simulation valuation models.  The significant
assumptions used in the Monte Carlo valuation models include: the gold and silver forward prices, gold and
silver price volatility, the risk -free rate of return, risk -adjusted discount rates, and the projected life of mine
production schedule.
As the gold price and silver price volatilities and risk -adjusted discount rates are unobservable inputs, the
financial liabilities above are classified within Level 3 of the fair value hierarchy.  The following table
summarizes the quantitative informatio n about the significant unobservable inputs used in Level 3 fair value
measurements.
Fair value at 
September 
30, 2023 
Unobservable 
inputs 
Range of 
inputs 
Relationship of unobservable 
inputs to fair value 
Stream Loan 
and Offtake 
$ 295,132 Expected 
volatility 
10% to 30% An increase or decrease in expected 
volatility of 5% would increase or 
decrease fair value by $5.8 million or 
$5.7 million, respectively 
Risk-adjusted 
discount rate 
10% to 13% An increase or decrease in risk-
adjusted discount rate of 1% would 
decrease or increase fair value by 
$7.0 million or $6.9 million, 
respectively 
(d) Valuation processes
The valuation of financial instruments classified as Level 3 of the fair value hierarchy were prepared by an
independent valuation specialist under the direct oversight of the Senior Vice President, Finance  of the
Company.  Discussions of valuation processes and results are reported to the audit committee at least once
every three months, in line with the Company’s quarterly reporting periods.
(e) Financial risk management
Concentration of credit risk
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the Company’s
cash and cash equivalents held with financial institutions exceed government -insured limits.  The Company
has established a treasury policy  that seek s to minimize its credit risk by entering into transactions with
investment grade 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.
39

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

LUNDIN GOLD INC. 
Notes to the condensed consolidated interim financial statements as at September 30, 2023 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
17. Commitments
Significant capital expenditures contracted as at September 30, 2023  but not recognized as liabilities are as 
follows: 
Capital 
Expenditures 
12 months ending September 30, 2024 $ 13,024 
October 1, 2024 onward - 
Total $ 13,024 
18. Subsequent events
In early November 2023, the Company gave notice of its intent  to fully repay the remaining principal balance of 
$70.5 million and accrued interest of $1.7 million under the Facility on November 14, 2023.  The full prepayment 
is being completed in accordance with the terms of the Facility without any  fees or penalties  due to the senior 
lenders. 
40

===== SIDA 52 =====

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

===== SIDA 53 =====

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