Kvartalsrapport Q3 2024

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

NEWS RELEASE 
Vancouver, November 7, 2024 
 
 
Lundin Gold Inc.  Suite 2800, Four Bentall Centre 
1055 Dunsmuir Street  
 Phone: +1 604 689 7842 
Fax: +1 604 689 4250 
 lundingold.com 
Email: info@lundingold.com   Vancouver, BC, Canada, V7X 1L2   
 
 
 
LUNDIN GOLD REPORTS THIRD QUARTER OF 2024 RESULTS 
 
Record cash generation, revenue, and adjusted EBITDA achieved and supported by a 
strong gold price 
 
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is 
pleased to report results for the third quarter of 2024, highlighted by record high cash flow with cash from 
operating activities of $218 million and adjusted free cash flow 1 of $182 million or $0.76 per share. This was 
achieved through record revenues of $323 million realized from the sale of 125,887 ounces (“oz”) at an average 
realized gold price 1 of $2,615 per oz .  Record adjusted earnings before interest, taxes, depreciation, and 
amortization (“EBITDA”)1 of $220 million were also achieved during the quarter.  Cash operating costs1 and all-
in sustaining costs (“AISC”)1 this quarter were $681 and $877 per oz sold, respectively.  All amounts are in U.S. 
dollars unless otherwise indicated. 
 
"I’m pleased to announce that Lundin Gold has achieved another quarter of record results.  Our operating cash 
flow reached a record high of $218 million, and we again set new records for both revenue and adjusted EBITDA1.  
This was underscored by both the team’s operating performance and a high gold price.” Ron Hochstein, President 
and CEO commented, “ As we move into the last quarter of the year, we expect to achieve the high end of 
production guidance of 450,000 to 500,000 oz and the upper end of AISC1 guidance of $820 to $890 per oz largely 
due to higher sustaining capital.  Lastly, the Process Plant Expansion remains on track, and we are looking forward 
to bringing the major components online by year end to increase throughput to 5,000 tonnes per day and improve 
recoveries.” 
 
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, 
 2024 2023 2024 2023 
Tonnes ore mined 427,389 397,702 1,266,320 1,229,845 
Tonnes ore milled 425,340 416,072 1,263,835 1,226,777 
Average mill throughput (tpd) 4,623 4,523 4,613 4,494 
Average head grade (g/t) 10.3 9.7 10.3 10.9 
Average recovery 86.8% 86.5% 88.0% 88.5% 
Gold ounces produced 122,154 112,212 366,788 381,964 
Gold ounces sold 125,887 112,711 364,199 376,360 
 
 
 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 14 to 18 of the Company’s MD&A for the third quarter ended September 30, 2024 available on SEDAR+.

===== SIDA 2 =====

2 
 
 
 Three months ended  
September 30, 
Nine months ended  
September 30, 
 2024 2023 2024 2023 
Revenues ($’000) 323,087 211,172 851,259 711,830 
Income from mining operations ($’000) 203,184 99,620 488,178 357,129 
Earnings before interest, taxes, depreciation, and amortization ($’000)1  
220,469 
 
133,170 
 
789,150 
 
426,702 
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1  
220,469 
 
121,492 
 
547,326 
 
430,137 
Net income ($’000) 135,715 53,782 296,903 168,395 
Basic income per share ($) 0.57 0.23 1.24 0.71 
Cash provided by operating activities ($’000) 218,286 120,030 470,369 426,821 
Adjusted free cash flow ($’000)1 181,609 80,937 376,016 201,143 
Adjusted free cash flow per share ($)1 0.76 0.34 1.57 0.85 
Average realized gold price ($/oz sold)1 2,615 1,931 2,390 1,942 
Cash operating cost ($/oz sold)1 681 704 713 662 
All-in sustaining costs ($/oz sold)1 877 907 874 807 
Adjusted earnings ($‘000)1 135,715 44,673 292,449 171,074 
Adjusted earnings per share ($)1 0.57 0.19 1.22 0.72 
Dividends paid per share ($) 0.20 0.10 0.40 0.30 
 
THIRD QUARTER HIGHLIGHTS  – STRONG FINANCIAL PERFORMANCE UNDERPINNED BY CONTINUED 
OPERATIONAL EXCELLENCE 
 
Financial Results 
 
• Gold sales totalled 125,887 oz, consisting of 73,032 oz in concentrate and 52,855 oz as doré, resulting in 
gross revenues of $329 million at an average realized gold price 1 of $2,615 per oz.  Average realized gold 
price1 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair 
value estimates as at June 30, 2024.   
• Net of treatment and refining charges, revenues for the quarter were $323 million.   
• Cash operating costs 1 and AISC1 were $681 and $877 per oz of gold sold, respectively .  AISC has trended 
toward the upper end of guidance due  to higher sustaining capital expenditures .  Operational excellence 
initiatives continued to reduce operating costs offsetting the impact of higher gold prices resulting in higher 
royalties and profit sharing for which the portion attributable to employees is recorded in operating costs  
as well as higher diesel consumption due to the operation of our existing power generation units to reduce 
our power consumption from the national grid.  
• The Company generated cash from operating activities of $218 million and adjusted free cash flow1 of $182 
million, or $0.76 per share, resulting in a cash balance of $226 million at September 30, 2024.   
• EBITDA1 and adjusted EBITDA1 were both $220 million as no adjustments were required following the buy 
out of the stream loan credit facility (the “Stream Facility”) and offtake agreement (“Offtake”) at the end of 
the second quarter. 
• Income from mining operations was $203 million which, after deducting corporate, exploration, and taxes, 
resulted in net income of $136 million for the quarter or $0.57 per share.  
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 
14 to 18 of the Company’s MD&A for the third quarter ended September 30, 2024 available on SEDAR+.

===== SIDA 3 =====

3 
 
Production Results 
 
• Gold production was 122,154 oz which was comprised of 73,532 oz in concentrate and 48,622 oz as doré. 
• Mine productivity was near record levels during the quarter with 427,389 tonnes mined at an average grade 
of 9.9 g/t. 
• The mill processed 425,340 tonnes at an average throughput rate of 4,623 tpd which was slightly less than 
the previous quarter due to a planned shutdown to complete tie-ins relating to the process plant expansion 
project and higher unscheduled mill downtime.   
• The average grade of ore milled was 10.3 g/t with average recovery at 86.8%.  Recoveries were affected by 
finely disseminated sulphide minerals in the ore.  The plant expansion’s addition of Jameson cells is 
expected to improve recoveries for gold associated with these sulphides. 
 
Outlook 
 
• The Company expects to achieve the high end of its production guidance of 450,000 to 500,000 oz.  In 
addition, the Company expects to continue to generate significant cash flow at current gold prices 
combined with its low cost of operations.  Despite the Company’s effective cost saving measures, AISC 1 
per oz sold is expected at the upper end of cost guidance due to increased sustaining capital. 
• The process plant expansion project is still on track to increase throughput to 5,000 tonnes per day and 
improve recoveries by year end.  Production during the fourth quarter of 2024 is expected to be affected 
by planned shutdowns for tie-ins to substantially complete the process plant expansion project. 
• The near-mine drilling program will continue to explore Bonza Sur where the primary focus is to expand 
the mineralized system and advance the initial geological model.  Four rigs are currently turning along the 
extensions of Bonza Sur.  At FDNS, two underground rigs are expected to continue to delineate this high-
grade vein system.  At FDN East, one rig will continue to focus on expanding the initial positive results 
achieved to gain a better understanding of the mineralized zones and main geological contro ls.  The 
regional drilling program is expected to continue expanding the gold mineralization at the Robles target 
and test new sectors in the Southern Basin. 
• Eleven rigs are currently turning across the near -mine and regional programs.  The 2024 conversion 
program was completed in early Q4, and conversion drilling is expected to resume in 2025.  The Company 
is on track to achieve a minimum of 80,000 metres of drilling during the year across the conversion, near-
mine and regional drilling programs. The total cost is estimated to be $44.0 million on near -mine and 
regional exploration which represents the largest drill program ever completed at the land package tha t 
hosts the FDN deposit.   
• The Company anticipates continuing to declare quarterly dividends of $0.20 per share, equivalent to 
approximately $200 million annually, based on currently issued and outstanding shares. 
  
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 14 to 18 of the Company’s MD&A for the third quarter ended September 30, 2024 available on SEDAR+.

===== SIDA 4 =====

4 
 
Liquidity and Capital Resources 
  
At the end of the third quarter of 2024, the Company is in a strong financial position: 
 
(in thousands of U.S. dollars) As at September 30,  
2024 
As at December 31,  
2023 
Financial Position:   
Cash  225,728 268,025 
Working capital  357,410 346,859 
Total assets 1,364,106 1,468,209 
Long-term debt - 305,647 
   
 
The change in cash during the nine months ended September 30, 2024 was primarily due to cash generated from 
operating activities of $470 million and proceeds from the exercise of stock options and anti -dilution rights 
totalling $18.2 million.  This is offset by scheduled principal, interest, and finance expense repayments under the 
Stream Facility totaling $35.8 million; the buy out of the Stream Facility and Offtake of $330 million; dividends of 
$95.8 million; cash outflows of $65.3 million relating to investing activities; and settlement of vested share units 
with cash of $4.0 million.   
 
Capital Expenditures 
 
• Sustaining Capital: 
o Highlights of sustaining capital activities were the significant progress made on the camp refurbishment 
project, replacement of the concrete batch plant, as well as preliminary works for future TSF expansion.   
o The mine dispatch system implementation was substantially completed by the end of the third quarter. 
o Four additional diesel-powered generators were received during the third quarter and will be installed 
in the fourth quarter.  The units are expected to be commissioned by the end of the first quarter of 2025.  
In the event of a power disruption  from the national grid, the additional generators are expected to 
allow the FDN process plant to run slightly below capacity.  Currently, the Company’s existing generators 
are being used to reduce FDN’s load on the national grid. 
o In the third quarter, the conversion drilling program completed approximately 3,983 metres across 40 
holes.  Results continue to confirm mineralization at FDN with positive intercepts associated with 
breccias and stockwork zones, like the mineralization found in the north sector of the current Mineral 
Reserve envelope.  The 2024 conversion drilling program is now complete and the work to update the 
FDN Mineral Resource and Reserve statement is underway. 
 
• Process Plant Expansion Project 
o Detailed Engineering was completed early in the quarter, as well as procurement of all major items. 
o Concrete work was completed during the quarter and structural steel erection is ongoing. 
o Major pieces of equipment, such as the three Jameson cells and the concentrate filter have arrived at 
FDN. 
o The new tailings line was successfully commissioned with completion of the reclaim line expected by the 
end of November.

===== SIDA 5 =====

5 
 
Health and Safety 
 
During the third quarter there were no Lost Time Incidents and three Medical Aid Incidents.   The Total 
Recordable Incident Rate across the Company was 0.33 per 200,000 hours worked for the quarter and 0.67 
for the first nine months of 2024.   The operations team continue to focus on safety through improved 
awareness of the workforce and contractors with more leadership presence in the field, as well as a review 
of activities where the potential for hand injuries is high.  
 
Community 
 
Lundin Gold continued to support several community projects in the third quarter of 2024.  One of the 
Company’s most significant programs, run by the non-governmental organization Educación para Compartir, 
focuses on mental health and well -being in our local communities.  The program is now advancing into its 
second year and continues to show increasing participation by local community members.  From inception of 
the program in July 2023 to the end of the third quarter of 2024, over 2,700 counselling sessio ns occurred, 
and more than 400 youth registered in regular extra-curricular activities, including English studies, basketball, 
soccer, dance, music, and boxing.   
 
Engagement with the local governments of Yantzaza and Los Encuentros continues through support 
agreements for rural road maintenance, basic service infrastructure, and local communities’ well -being 
programs. During the quarter, the Company committed to thr ee significant projects including an 
electrification and public lighting project in El Pangui, which is approximately 40 kilometres from Fruta del 
Norte, a maintenance project for the Cultural Interpretation Centre of the Shuar Indigenous people, and an 
improvement and maintenance project for the local park in Los Encuentros.   
 
Two community dialogue roundtable sessions were held in the third quarter which focused on six topics with 
416 participants.  Senior members of the Company’s sustainability, community, environment, supply chain, 
IT, and human resources departments, along with representatives of the Lundin Foundation, participated in 
the sessions.   
 
Local businesses continue to be supported by the Company in conjunction with the Lundin Foundation.  The 
local companies that participate in the Lundin Foundation’s local supplier development program are 
continuing to provide products and services to FDN, while also advancing growth strategies.  The Lundin 
Foundation’s Soy Emprendadora program which supports women led businesses in the Province of Zamora 
Chinchipe continues to show positive impacts and results.  Three businesses selected through the third cohort 
of the program received seed capital and technical assistance during the third quarter.  
 
EXPLORATION 
 
Near-Mine Exploration Program 
During the third quarter of 2024, the Company completed a total of 19,268 metres across 56 holes from 
surface and underground.  Drilling from underground mainly explored the FDNS target located in the 
southern part of the FDN deposit, while drilling from s urface continued to test sectors located along the 
extensions of the controlling structures of FDN, such as Bonza Sur and FDN East. 
 
• During the quarter, the surface drilling program continued along the extension of the East Fault, 
where the Bonza Sur discovery and other prospective sectors like FDN East are located.

===== SIDA 6 =====

6 
 
o At Bonza Sur, located one kilometre from FDN, 28 surface drill holes were completed. In the 
central part of the deposit, drill holes intercepted wide mineralized zones at shallower depths 
associated mainly to vein/veinlet zones of quartz and minor chalcedony and manganoan-
carbonate with occurrences of disseminated levels of sulphides.  At depth, the drilling 
program showed the transition of the wider mineralized zone into a narrower veins/veinlets 
system.  Furthermore, along the south and east extension of the deposit, the drilling program 
intercepted the same hydrothermal alteration as those found at Bonza Sur which indicate a 
potential for expansion along these directions.  Gold mineralization has already been 
discovered for more than 1.8 kilometres along the north-south strike and for 500 metres 
along the downdip and remains open mainly to the south and to the east. 
 
o At FDN East, drilling continues to explore around the recently discovered buried epithermal 
mineralized system.  Five drill holes were completed during the third quarter and zones of 
hydrothermal alteration with breccias and disseminated sulfides were intercepted in the 
south portion of the target.  Results are pending. 
 
• The underground exploration drilling program focused on FDNS targeting the delineation of a new 
high grade vein system.  A total of 22 drill holes were completed with most drill holes confirming gold 
mineralization associated with vein and veinlet zones of chalcedony and manganoan-calcite with 
sulfides and visible gold. 
 
A complete table of FDNS results received to date can be found in Lundin Gold’s press release dated 
November 4, 2024.  At Bonza Sur, several results remain pending which are expected later in the year. 
 
Regional Exploration Program 
The 2024 regional program continues to advance the identification of important indicators that point toward 
the presence of buried epithermal deposits in the southern basin.  During the quarter, regional drilling 
focused on the Robles and Crisbel targets, both located in the southern border of the Suarez Basin, where 
detailed geological interpretation of exploration data and additional surface works identified major structures 
and zones of hydrothermal alteration.  A total of 2,323 metres across four holes were completed.  At Robles, 
the drilling program aimed to step out the wide disseminated gold mineralization zone intercepted in prior 
drilling.  Results are pending.  At Crisbel, one drill hole tested the presence of the Suarez Basin west fault in 
this sector and showed limited hydrothermal alteration with no significant results. 
 
Geophysical Program 
During the quarter, the geophysical survey designed to provide high resolution resistivity and chargeability 
imaging of exploration targets significantly advanced in the entire near -mine area and parts of the regional 
district.   
 
CORPORATE 
 
A payment of $150 million, representing the second and final tranche of the buy out of the Stream Facility and 
Offtake, was made at the end of the third quarter. 
 
The Company doubled its quarterly dividend and subsequently paid a quarterly dividend of $0.20 per share on 
September 25, 2024 (September 30, 2024 for shares trading on Nasdaq Stockholm) based on a record date of 
September 10, 2024, for a total of $48.0 million.

===== SIDA 7 =====

7 
 
With the release of its third quarter 2024 results, the Company declared a cash dividend of $0.20 per share, 
which is payable on December 20, 2024 (December 30, 2024 for shares trading on Nasdaq Stockholm) to 
shareholders of record on December 5, 2024. 
 
Mr. Chester See assumed the role of Chief Financial Officer at the start of the quarter following Mr. Christopher 
Kololian’s departure.  Subsequent to quarter end, the Company announced the appointment of Mr. Brendan 
Creaney as Vice President, Corporate Development and Investor Relations.  
 
Qualified Persons 
 
The technical information relating to FDN contained in this News Release has been reviewed and approved by 
Terry Smith P. Eng, Lundin Gold's COO, who is a Qualified Person in accordance with the requirements of NI 43-
101. The disclosure of exploration information contained in this press release was prepared by Andre Oliveira, 
P.Geo, Lundin Gold’s V.P. Exploration, who is a Qualified Person in accordance with the requirements of NI 43 -
101. 
 
Webcast and Conference Call 
 
The Company will host a conference call and webcast to discuss its results on  Friday, November 8 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: +1 437-900-0527 
Toll-Free Participant Dial-In North America: +1 888-510-2154 
Participant Dial-In Sweden: 46850524649 
Conference ID: Lundin Gold / 10863 
 
A link to the webcast will be available on the Company’s website, www.lundingold.com. 
 
A replay of the conference call will be available two hours after the completion of the call until Friday, November 
15, 2024. 
 
Toll Free North America Replay Number: +1 888-660-6345 
International Replay Number: +1 289-819-1450 
Replay passcode: 10863 # 
 
About Lundin Gold 
 
Lundin Gold, headquartered in Vancouver, Canada, is committed to positive and long-lasting impact on our host 
communities, while delivering significant value to stakeholders through operational excellence, cash flow 
generation and focused growth.  Lundin Gold currently operates its 100% owned Fruta del Norte gold mine in 
southeast Ecuador, which is one of the highest-grade gold mines in production in the world today. The Company 
also owns a portfolio of prospective exploration properties close to FDN.

===== SIDA 8 =====

8 
 
Non-IFRS Measures  
 
This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, 
adjusted EBITDA, cash operating cost per oz sold, all -in sustaining cost, adjusted free cash flow, adjusted free 
cash flow per share, and adjusted earnings, which are not measures recognized under IFRS and do not have a 
standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and 
accordingly may not be comparable to s uch measures as reported by other c ompanies. These measures have 
been derived from the Company's financial statements because the Company believes that, with the 
achievement of commercial production, they are of assistance in the understanding of the results of operations 
and its financial position. Certain additional disclosures for t hese specified financial measures have been 
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, 2024 available on SEDAR+. 
 
Additional Information 
 
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market 
Abuse Regulation. This information was publicly communicated on November 7, 2024 at 4:30 p.m. Pacific Time 
through the contact persons set out below. 
 
For more information, please contact 
 
Ron F. Hochstein  Brendan Creaney 
President and CEO  Vice President, Corporate Development and Investor Relations  
Tel: +1-604-806-3589  Tel: +1 604 376 4595 
ron.hochstein@lundingold.com  brendan.creaney@lundingold.com  
 
Caution Regarding Forward-Looking Information and Statements  
Certain of the information and statements in this press release are considered "forward -looking information" or "forward -
looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward -looking 
statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, 
projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases 
such as "believes",  "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", 
"forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or 
results "may", "could", "would", "w ill", "should" "might", "will be taken", or "occur" and similar expressions) are not 
statements of historical fact and may be forward -looking statements. By their nature, forward -looking statements and 
information involve assumptions, inherent risks and un certainties, many of which are difficult to predict, and are usually 
beyond the control of management, that could cause actual results to be materially different from those expressed by these 
forward-looking statements and information. Lundin Gold believes  that the expectations reflected in this forward -looking 
information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking 
information should not be unduly relied upon. This information speaks only as of the date of this press release, and the 
Company will not necessarily update this information, unless required to do so by securities laws.  
This press release contains forward -looking information in several places, such as in statements relating to the Company’s 
2024 production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales 
receipts, and cash flow forecasts , its estimated capital costs and sustaining capital; the Company’s efforts to mitigate the 
impacts of the energy crisis in Ecuador on its operations; the recovery of VAT; timing of completion of the process plant 
expansion project and the anticipated benefits; benefits of the Company’s community programs; the Company’s declaration 
and payment of dividends pursuant to its dividend policy; the timing and the success of its drill program at Fruta del Norte 
and its other exploration activities; and estimates of Mineral Resources and Reserves at Fruta del Norte . There can be no 
assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future  events could differ 
materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors"

===== SIDA 9 =====

9 
 
section in Lundin Gold's Annual Information Form dated March 26, 20 24, which is available at  www.lundingold.com or 
www.sedarplus.ca. 
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to diffe r 
materially from any forward-looking statement or that could have a material impact on the Company or the trading price of 
its shares include: instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; 
security; non -compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and 
tailings; government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single 
mine; exploration and development; control of Lundin Gold; availability of workforce and labour relations; dividends; 
information systems and cyber security; Mineral  Reserve and Mineral Resource estimates; title matters and surface rights 
and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species 
and critical habitats; global economic conditions; shortages of  critical resources; competition for new projects; key talent 
recruitment and retention; market price of the Company’s shares; social media and reputation; insurance and uninsured 
risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to 
maintain obligations or comply with debt; violation of anti -bribery and corruption laws; internal controls; claims and legal 
proceedings; and reclamation obligations.

===== SIDA 10 =====

Q3 2024

===== SIDA 11 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 1 
 
 
INTRODUCTION 
 
This Management’s Discussion and Analysis (“MD&A”) of Lundin Gold Inc. and its subsidiaries (collectively, 
“Lundin Gold” or the “Company”) provides a detailed analysis of the Company’s business and compares its 
financial results for the three and nine months ended September 30, 2024 with those of the same period 
from the previous year.  
 
This MD&A is dated as of November 7, 2024 and should be read in conjunction with the Company’s 
unaudited condensed consolidated interim financial statements and related notes thereto for the three and 
nine months ended September 30, 2024, which are prepared in accordance with IAS 34: Interim Financial 
Statements, and the Company’s audited annual consolidated financial statements and related notes 
thereto, which are prepared in accordance with International Financial Reporting Standards as issued by 
the International Accounting Standards Board (“IFRS Accounting Standards”), and the MD&A for the fiscal 
year ended December 31, 2023.  References to the “2024 Period” and “2023 Period” relate to the nine 
months ended September 30, 2024 and September 30, 2023, respectively. 
 
Other continuous disclosure documents, including the Company’s press releases, quarterly and annual 
reports, and annual information form, are available through its filings with the securities regulatory 
authorities in Canada at www.sedarplus.ca. 
 
Lundin Gold, headquartered in Vancouver, Canada, is committed to positive and long-lasting impact on our 
host communities, while delivering significant value to stakeholders through operational excellence, cash 
flow generation, focused growth and returning capital to shareholders.  Lundin Gold currently operates its 
100% owned Fruta del Norte (“Fruta del Norte” or “FDN”) gold mine in southeast Ecuador, which is one of 
the highest-grade gold mines in production in the world today. The Company also owns a portfolio of highly 
prospective exploration properties close to FDN. 
 
 
THIRD QUARTER 2024 HIGHLIGHTS AND ACTIVITIES 
 
Record cash generation and financial performance highlights the Company’s results during the third quarter 
of 2024 with the achievement of $182 million in adjusted free cash flow1 or $0.76 per share.  With low cost 
of operations combined with strong gold prices, the Company recorded earnings before interest, taxes, 
depreciation, and amortization (“EBITDA”)1 and net income of $220 million and $136 million, respectively.  
In addition, the Company doubled its quarterly dividend from $0.10 per share to $0.20 per share. 
 
Gold production of 122,154 oz was achieved with average mill throughput at 4,623 tonnes per day (“tpd”).  
Average mill head grade was 10.3 grams per tonne (“g/t”) and recoveries were 86.8%.  From this, cash 
operating costs1 and all-in sustaining costs (“AISC”)1 of $681 and $877 per oz sold, respectively, were 
realized.  Record high gold prices have bolstered the Company’s financial performance while also 
increasing royalties which affect cash operating costs1 and AISC1.   
 
The Company expects to achieve the high end of its production guidance of 450,000 to 500,000 oz.  Despite 
the Company’s effective cost saving measures, AISC1 per oz sold is expected at the upper end of cost 
guidance of $820 to $890 per oz, due to increased sustaining capital.  The process plant expansion project 
remains on track and the Company continues to expect to reach a plant throughput rate of 5,000 tpd and 
to see an improvement to metallurgical recoveries by year end. 
 
On the near-mine exploration program, gold mineralization discovered at Bonza Sur now extends more 
than 1.8 kilometres along the north-south strike and for at least 500 metres along the downdip and remains 
open mainly to the south and to the east.     
 
1 Refer to “Non-IFRS Measures” section.

===== SIDA 12 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 2 
 
 
The following two tables provide an overview of key operating and financial results achieved during the 
third quarter of 2024 compared to the same period in 2023. 
 Three months ended 
September 30, 
Nine months ended 
September 30, 
 2024 2023 2024 2023 
Tonnes ore mined 427,389 397,702 1,266,320 1,229,845 
Tonnes ore milled 425,340 416,072 1,263,835 1,226,777 
Average mill throughput (tpd) 4,623 4,523 4,613 4,494 
Average mill head grade (g/t) 10.3 9.7 10.3 10.9 
Average recovery 86.8% 86.5% 88.0% 88.5% 
Gold ounces produced 122,154 112,212 366,788 381,964 
Gold ounces sold 125,887 112,711 364,199 376,360 
 
 
 Three months ended  
September 30, 
Nine months ended  
September 30, 
 2024 2023 2024 2023 
Revenues ($’000) 323,087 211,172 851,259 711,830 
Income from mining operations ($’000) 203,184 99,620 488,178 357,129 
Earnings before interest, taxes, depreciation, and 
amortization ($’000)1 
 
220,469 
 
133,170 
 
789,150 
 
426,702 
Adjusted earnings before interest, taxes, 
depreciation, and amortization ($’000)1 
 
220,469 
 
121,492 
 
547,326 
 
430,137 
Net income ($’000) 135,715 53,782 296,903 168,395 
Basic income per share ($) 0.57 0.23  1.24 0.71  
Cash provided by operating activities ($’000) 218,286 120,030 470,369 426,821 
Adjusted free cash flow ($’000)1 181,609 80,937 376,016 201,143 
Adjusted free cash flow per share ($)1 0.76 0.34 1.57 0.85 
Average realized gold price ($/oz sold)1  2,615 1,931 2,390 1,942 
Cash operating cost ($/oz sold)1 681 704 713 662 
All-in sustaining costs ($/oz sold)1 877 907 874 807 
Adjusted earnings ($‘000)1  135,715 44,673 292,449 171,074 
Adjusted earnings per share ($)1 0.57 0.19 1.22 0.72 
Dividends paid per share ($) 0.20 0.10 0.40 0.30 
 
 
 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 3 
 
 
Following the buy out of the stream loan credit facility (the “Stream Facility”) and offtake agreement (the 
“Offtake”) from Newmont Corporation at the end of the second quarter of 2024, there were no adjustments 
between net income and adjusted earnings1 as well as EBITDA1 and adjusted EBITDA1 during the third 
quarter of 2024. 
 
Operating and Financial Results During the Third Quarter of 2024 
 
 Mine productivity was near record levels during the quarter with 427,389 tonnes mined at an 
average grade of 9.9 g/t. 
 The mill processed 425,340 tonnes at an average throughput rate of 4,623 tpd which was slightly 
less than the previous quarter due to a planned shutdown to complete tie-ins relating to the process 
plant expansion project and higher unscheduled mill downtime.   
 The average grade of ore milled was 10.3 g/t with average recovery at 86.8%.  Recoveries were 
affected by finely disseminated sulphide minerals in the ore.  The plant expansion’s addition of 
Jameson cells is expected to improve recoveries for gold associated with these sulphides. 
 Gold production was 122,154 oz which was comprised of 73,532 oz in concentrate and 48,622 oz 
as doré. 
 Gold sales totaled 125,887 oz, consisting of 73,032 oz in concentrate and 52,855 oz as doré, 
resulting in gross revenues of $329 million at an average realized gold price1 of $2,615 per oz.  
Average realized gold price1 was positively impacted by rising gold prices on provisionally priced 
gold sales which exceeded fair value estimates as at June 30, 2024.  Net of treatment and refining 
charges, revenues for the quarter were $323 million.   
 Cash operating costs1 and AISC1 were $681 and $877 per oz of gold sold, respectively.  AISC has 
trended toward the upper end of guidance due to higher sustaining capital expenditures.  
Operational excellence initiatives continued to reduce operating costs offsetting the impact of 
higher gold prices resulting in higher royalties and profit sharing for which the portion attributable 
to employees is recorded in operating costs as well as higher diesel consumption due to the 
operation of our existing power generation units to reduce our power consumption from the national 
grid.     
 The Company generated cash from operating activities of $218 million and adjusted free cash flow1 
of $182 million, or $0.76 per share, resulting in a cash balance of $226 million at September 30, 
2024.   
 EBITDA1 and adjusted EBITDA1 were both $220 million as no adjustments were required following 
the buy out of the Stream Facility and Offtake at the end of the second quarter. 
 Income from mining operations was $203 million which, after deducting corporate, exploration, and 
taxes, resulted in net income of $136 million for the quarter or $0.57 per share.  
 
Capital Expenditures 
 
Sustaining Capital 
 Highlights of sustaining capital activities were the significant progress made on the camp 
refurbishment project, replacement of the concrete batch plant, as well as preliminary works for 
future TSF expansion.   
 The mine dispatch system implementation was substantially completed by the end of the third 
quarter. 
 Four additional diesel-powered generators were received during the third quarter and will be 
installed in the fourth quarter.  The units are expected to be commissioned by the end of the first 
quarter of 2025.  In the event of a power disruption from the national grid, the additional generators 
are expected to allow the FDN process plant to run slightly below capacity.  Currently, the 
Company’s existing generators are being used to reduce FDN’s load on the national grid. 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 4 
 
 
 In the third quarter, the conversion drilling program completed approximately 3,983 metres across 
40 holes. 
o Results continue to confirm mineralization at FDN with positive intercepts associated with 
breccias and stockwork zones, like the mineralization found in the north sector of the 
current Mineral Reserve envelope. 
o The 2024 conversion drilling program is now complete and the work to update the FDN 
Mineral Resource and Reserve statement is underway. 
 
A complete table of the conversion drilling results received to date can be found in Lundin Gold’s press 
release dated November 4, 2024. 
 
Process Plant Expansion Project 
 Detailed Engineering was completed early in the quarter, as well as procurement of all major items. 
 Concrete work was completed during the quarter and structural steel erection is ongoing. 
 Major pieces of equipment, such as the three Jameson cells and the concentrate filter have arrived 
at FDN. 
 The new tailings line was successfully commissioned with completion of the reclaim line expected 
by the end of November. 
 
Health and Safety and Community 
 
Health and Safety 
 During the third quarter there were no Lost Time Incidents and three Medical Aid Incidents. 
 The Total Recordable Incident Rate across the Company was 0.33 per 200,000 hours worked for 
the quarter and 0.67 for the first nine months of 2024. 
 The operations team continue to focus on safety through improved awareness of the workforce and 
contractors with more leadership presence in the field, as well as a review of activities where the 
potential for hand injuries is high.  
 
Community 
Lundin Gold continued to support several community projects in the third quarter of 2024. One of the 
Company’s most significant programs, run by the non-governmental organization Educación para 
Compartir, focuses on mental health and well-being in our local communities. The program is now 
advancing into its second year and continues to show increasing participation by local community members.  
From inception of the program in July 2023 to the end of the third quarter of 2024, over 2,700 counselling 
sessions occurred, and more than 400 youth registered in regular extra-curricular activities, including 
English studies, basketball, soccer, dance, music, and boxing.   
 
Engagement with the local governments of Yantzaza and Los Encuentros continues through support 
agreements for rural road maintenance, basic service infrastructure, and local communities’ well-being 
programs.  During the quarter, the Company committed to three significant projects including an 
electrification and public lighting project in El Pangui, which is approximately 40 kilometres from Fruta del 
Norte, a maintenance project for the Cultural Interpretation Centre of the Shuar Indigenous people, and an 
improvement and maintenance project for the local park in Los Encuentros.   
 
Two community dialogue roundtable sessions were held in the third quarter which focused on six topics 
with 416 participants. Senior members of the Company’s sustainability, community, environment, supply 
chain, IT, and human resources departments, along with representatives of the Lundin Foundation, 
participated in the sessions.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 5 
 
 
Local businesses continue to be supported by the Company in conjunction with the Lundin Foundation.  
The local companies that participate in the Lundin Foundation’s local supplier development program are 
continuing to provide products and services to FDN, while also advancing growth strategies.  The Lundin 
Foundation’s Soy Emprendadora program which supports women led businesses in the Province of Zamora 
Chinchipe continues to show positive impacts and results.  Three businesses selected through the third 
cohort of the program received seed capital and technical assistance during the third quarter. 
 
Exploration 
 
Near-Mine Exploration Program 
During the third quarter of 2024, the Company completed a total of 19,268 metres across 56 holes from 
surface and underground.  Drilling from underground mainly explored the FDNS target located in the 
southern part of the FDN deposit, while drilling from surface continued to test sectors located along the 
extensions of the controlling structures of FDN, such as Bonza Sur and FDN East. 
 
 During the quarter, the surface drilling program continued along the extension of the East Fault, 
where the Bonza Sur discovery and other prospective sectors like FDN East are located. 
o At Bonza Sur, located one kilometre from FDN, 28 surface drill holes were completed. In 
the central part of the deposit, drill holes intercepted wide mineralized zones at shallower 
depths associated mainly to vein/veinlet zones of quartz and minor chalcedony and 
manganoan-carbonate with occurrences of disseminated levels of sulphides.  At depth, the 
drilling program showed the transition of the wider mineralized zone into a narrower 
veins/veinlets system.  Furthermore, along the south and east extension of the deposit, the 
drilling program intercepted the same hydrothermal alteration as those found at Bonza Sur 
which indicate a potential for expansion along these directions.  Gold mineralization has 
already been discovered for more than 1.8 kilometres along the north-south strike and for 
500 metres along the downdip and remains open mainly to the south and to the east. 
o At FDN East, drilling continues to explore around the recently discovered buried 
epithermal mineralized system.  Five drill holes were completed during the third quarter 
and zones of hydrothermal alteration with breccias and disseminated sulfides were 
intercepted in the south portion of the target.  Results are pending. 
 
 The underground exploration drilling program focused on FDNS targeting the delineation of a new 
high grade vein system.  A total of 22 drill holes were completed with most drill holes confirming 
gold mineralization associated with vein and veinlet zones of chalcedony and manganoan-calcite 
with sulfides and visible gold. 
 
A complete table of FDNS results received to date can be found in Lundin Gold’s press release dated 
November 4, 2024.  At Bonza Sur, several results remain pending which are expected later in the year. 
 
Regional Exploration Program 
The 2024 regional program continues to advance the identification of important indicators that point toward 
the presence of buried epithermal deposits in the southern basin.  During the quarter, regional drilling 
focused on the Robles and Crisbel targets, both located in the southern border of the Suarez Basin, where 
detailed geological interpretation of exploration data and additional surface works identified major structures 
and zones of hydrothermal alteration.  A total of 2,323 metres across four holes were completed.  At Robles, 
the drilling program aimed to step out the wide disseminated gold mineralization zone intercepted in prior 
drilling.  Results are pending.  At Crisbel, one drill hole tested the presence of the Suarez Basin west fault 
in this sector and showed limited hydrothermal alteration with no significant results.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 6 
 
 
Geophysical Program 
During the quarter, the geophysical survey designed to provide high resolution resistivity and chargeability 
imaging of exploration targets significantly advanced in the entire near-mine area and parts of the regional 
district. 
 
Corporate 
 Payment of $150 million, representing the second and final tranche of the buy out of the Stream 
Facility and Offtake, was made at the end of the third quarter. 
 The Company doubled its quarterly dividend and subsequently paid a quarterly dividend of $0.20 
per share on September 25, 2024 (September 30, 2024 for shares trading on Nasdaq Stockholm) 
based on a record date of September 10, 2024, for a total of $48.0 million.   
 With the release of its third quarter 2024 results, the Company declared a cash dividend of $0.20 
per share, which is payable on December 20, 2024 (December 30, 2024 for shares trading on 
Nasdaq Stockholm) to shareholders of record on December 5, 2024. 
 Mr. Chester See assumed the role of Chief Financial Officer at the start of the quarter following Mr. 
Christopher Kololian’s departure. 
 Subsequent to quarter end, the Company announced the appointment of Mr. Brendan Creaney as 
Vice President, Corporate Development and Investor Relations.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 7 
 
 
SUMMARY OF QUARTERLY FINANCIAL RESULTS 
 
The Company’s quarterly financial statements are reported under IFRS Accounting Standards as applicable 
to interim financial reporting.  The following table provides highlights from the Company’s financial 
statements for the past eight quarters (unaudited). 
 
  2024  2024  2024  2023 
  Q3  Q2  Q1  Q4 
         
Revenues $  323,087 $ 301,431 $ 226,741 $ 190,688 
         
Income from mining operations $  203,184 $ 171,757 $ 113,237 $ 78,051 
         
Derivative gain (loss) for the period $ - $  261,668 $ (17,931) $ (28,634) 
         
Net income for the period $  135,715 $ 119,291 $ 41,897 $ 11,062 
         
Basic income per share $  0.57 $ 0.50 $ 0.18 $ 0.05 
Diluted income per share $  0.56 $ 0.49 $ 0.17 $ 0.05 
         
Weighted-average number of common         
shares outstanding         
Basic  239,737,300  239,129,917  238,255,452  237,665,855 
Diluted  241,890,593  241,031,608  239,968,974  239,745,358 
         
Additions to property, plant and equipment $ 28,019 $ 17,467 $ 9,701 $ 15,791 
         
Total assets $  1,364,106 $ 1,396,496 $ 1,508,987 $ 1,468,209 
         
Long-term debt $  - $ - $  326,791 $ 305,647 
         
Working capital  $  357,410 $ 253,587 $ 413,528 $ 346,859 
 
  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

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 8 
 
 
Three months ended September 30, 2024 compared to the three months ended September 30, 2023 
 
The Company generated net income of $136 million during the third quarter of 2024 compared to $53.8 
million during the third quarter of 2023.  Net income was generated from the recognition of revenues of 
$323 million and income from mining operations of $203 million as well as finance income of $4.2 million.  
This is offset by exploration costs of $10.6 million, income tax expense of $54.8 million, and other expenses 
totalling $6.2 million.  During the third quarter of 2023, 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, finance income of $3.7 million, and other income of $0.4 million.  This is offset by finance 
expense of $21.9 million, income tax expense of $28.9 million, and other expenses totalling $10.8 million. 
 
Income from mining operations 
 
During the third quarter of 2024, the Company generated revenues of $323 million from the sale of 125,887 
oz of gold and income from mining operations of $203 million compared to revenues of $211 million from 
the sale of 112,711 oz of gold and income from mining operations of $99.6 million during the third quarter 
of 2023.  The increase is primarily attributable to an increase in oz sold at a higher average realized gold 
price1. 
 
Exploration 
 
Exploration costs were $10.6 million in the quarter compared to $6.2 million during the same period in 2023.  
The increase is attributable to the continued expansion of the near-mine exploration program following 
positive results to date. 
 
Corporate administration 
 
Corporate administration costs increased from $4.5 million during the third quarter of 2023 to $4.9 million 
during the third quarter of 2024.  The increase is mainly attributable to final compensation paid to a departing 
executive. 
 
Finance expense 
 
No finance expense was incurred during the third quarter of 2024 following the buy out of the Stream Facility 
and Offtake at the end of the second quarter. 
 
Finance income 
 
Finance income increased from $3.7 million during the third quarter of 2023 to $4.2 million during the third 
quarter of 2024 which is driven by increased yield on short-term investments. 
 
Other expense (income) 
 
Other expense of $1.3 million was recognized during the quarter compared to other income of $0.4 million 
in the third quarter of 2023.  This is mainly driven by foreign exchange gains or losses which are derived 
from the quantum of U.S. dollar cash held by Canadian group entities and movements in the foreign 
exchange rate.  As the functional currency of the Canadian entities is the Canadian dollar, a weakening of 
the U.S. dollar against the Canadian dollar during the period generates an unrealized loss in terms of 
Canadian dollars. 
 
 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 9 
 
 
Derivative gain or loss 
 
With the Company in a debt free position, no further derivative gains or losses are expected to be 
recognized in future periods.  During the third quarter of 2023, a derivative gain of $11.7 million was 
recognized relating to the change in fair value of the Stream Facility and Offtake. 
 
Income taxes 
 
Income taxes of $54.8 million were accrued during the third quarter of 2024 (three months ended 
September 30, 2023: $28.9 million) which is comprised of current and deferred income tax expenses of 
$49.1 million and $5.7 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. 
 
Corporate income taxes and profit sharing in Ecuador are due in April of each year.  Effective January 1, 
2024, the Government of Ecuador introduced monthly corporate income tax instalment payments which is 
based on a percentage of monthly revenues.  Instalment amounts paid during the year ended December 
31, 2024 will offset corporate income taxes due in April 2025. 
 
 
Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 
 
The Company generated net income of $297 million during the 2024 Period compared to $168 million during 
the 2023 Period.  During the 2024 Period, revenues of $851 million were recognized which generated 
income from mining operations of $488 million. In addition, derivative gains of $244 million and finance 
income of $13.4 million were recorded which were offset by finance expense of $267 million, income tax 
expense of $136 million, and other expenses totalling $46.2 million.   
 
Revenues and income from mining operations were lower for the 2023 Period at $712 million and $357 
million, respectively, due mainly to lower realized gold prices partially offset by more oz sold.  This was 
further offset by derivative losses of $3.4 million, finance expense of $64.3 million, income tax expense of 
$97.0 million, and other expenses totaling $23.9 million. 
 
Income from mining operations 
 
During the 2024 Period, the Company recognized revenues of $851 million from the sale of 364,199 oz of 
gold.  This is offset by cost of goods sold of $363 million which is comprised of operating expenses of $211 
million; royalties of $48.7 million; and depletion and depreciation of $103.4 million resulting in income from 
mining operations of $488 million. During the same period in 2023, revenues of $712 million were 
recognized from the sale of 376,360 oz of gold resulting in income from mining operations of $357 million. 
 
Exploration 
 
Exploration costs were $27.4 million during the 2024 Period compared to $15.3 million during the 2023 
Period with the increase being driven by increased activities under the near-mine exploration program 
following positive results to date.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 10 
 
 
Corporate administration 
 
Corporate administration costs of $20.2 million were incurred during the 2024 Period compared to $16.5 
million during the 2023 Period.  The increase is mainly due to a one-time special levy by the Government 
of Ecuador of $1.9 million, payable in two equal installments, to strengthen security amid rising violence in 
the country, as well as an increase in stock-based compensation due to the cash settlement of vested share 
units.  
 
Finance expense 
 
Finance expense of $267 million was incurred during the 2024 Period compared to $64.3 million during the 
2023 Period.  The increase is mainly due to the buy out of the Stream Facility and Offtake which resulted 
in a one-time finance expense of $236 million.   
 
Derivative gain or loss 
 
A derivative gain of $244 million was recorded on the statement of operations during the 2024 Period which 
was mainly due to the buy out of the Stream Facility and Offtake.  In contrast, a derivative loss of $3.4 
million was recorded during the 2023 Period. 
 
With the Company in a debt free position, no further derivative gains or losses are expected to be 
recognized in future periods. 
 
 
LIQUIDITY AND CAPITAL RESOURCES 
 
As at September 30, 2024, the Company had cash of $226 million and a working capital balance of $357 
million compared to cash of $268 million and a working capital balance of $347 million at December 31, 
2023. 
 
The change in cash during the 2024 Period was primarily due to cash generated from operating activities 
of $470 million and proceeds from the exercise of stock options and anti-dilution rights totalling $18.2 
million.  This is offset by scheduled principal, interest, and finance expense repayments under the Stream 
Facility totaling $35.8 million; the buy out of the Stream Facility and Offtake of $330 million; dividends of 
$95.8 million; cash outflows of $65.3 million relating to investing activities; and settlement of vested share 
units with cash of $4.0 million.   
 
Trade receivables 
 
Trade receivables mainly represent the value of concentrate sold as at period end for which the funds are 
not yet received.  Revenues and related trade receivables for concentrate sales are initially recorded at 
provisional gold prices.  Subsequent determination of final gold prices can range from one to four months 
after shipment depending on the customer.  For sales that are provisionally priced at period end, an estimate 
of the adjustment to trade receivables is calculated based on the expected month when the final gold price 
is forecast to be determined and the related forward price of gold at the end of the reporting period.  At 
September 30, 2024, this resulted in an estimated increase of $17.4 million ($7.8 million at December 31, 
2023) to trade receivables reflecting rising gold prices during the period. 
 
Consistent with industry standards, concentrate sales have relatively long payment terms and are not fully 
settled until concentrate is received by the customer and related final assays confirmed, generally two to 
five months after the export sale occurs.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 11 
 
 
VAT receivables 
 
Subject to the submission of monthly claims and their acceptance by the applicable authorities, VAT paid 
in Ecuador by the Company after January 1, 2018 are being refunded or applied, based on the level of 
export sales in any given month, as a credit against taxes payable.  A portion of the VAT recoverable has 
been reclassified as current assets based on the Company’s assessment of the estimated time for 
processing VAT claims during the next twelve months. 
 
Advance royalties 
 
Advance royalties are deductible against future royalties on sales payable to the Government of Ecuador 
at a rate equal to the lesser of 50% of the actual future royalties payable in a six-month period or 10% of 
the total advance royalty payment.  The advance royalty payment is classified as current assets based on 
expected utilization over the next twelve months. 
 
Inventories 
 
Gold inventory is recognized in the ore stockpiles and in production inventory, comprised principally of 
concentrate and doré at site or in transit to port or to the refinery, with a component of gold-in-circuit.  Ore 
stockpile inventory has increased primarily due to higher grade stockpiled compared to December 31, 2023 
while variations in doré and concentrate are mainly the result of timing of shipments around period end.  In 
addition, there has been a decrease in the value of materials and supplies due to the disposal of obsolete 
or slow-moving inventory generally accumulated during the construction of FDN. 
 
Investment activities 
   
Investment activities during the 2024 Period are comprised principally of major sustaining capital 
expenditures including preliminary works for future TSF expansion, mine dispatch system implementation, 
procurement of four diesel powered generators, and camp refurbishment.  In addition, costs were incurred 
relating to the process plant expansion project. 
 
Liquidity and capital resources 
 
The Company generated strong operating cash flow during the 2024 Period and expects to continue to do 
so for the remainder of the year based on its production and AISC1 guidance.  With no debt and increased 
exposure to rising gold prices following the buy out of the Stream Facility and Offtake, the Company expects 
to generate increased cash flow which will continue to support the exploration programs, planned capital 
expenditures, growth initiatives and regular dividend payments under the approved dividend policy.    
 
 
TRANSACTIONS WITH RELATED PARTIES 
 
During the 2024 Period, the Company incurred $1.2 million (2023 Period – $0.5 million), primarily relating 
to office rental, renovation costs, and related services provided by Namdo Management Services Ltd. 
(“Namdo”), a company associated with a director of the Company. 
 
 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 12 
 
 
FINANCIAL INSTRUMENTS 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are 
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are 
categorized as financial liabilities at amortized cost.  The fair value of these financial instruments 
approximates their carrying values due to the short-term nature of these instruments.  Further, provisionally 
priced trade receivables of $126 million (December 31, 2023 - $93.0 million) are measured at fair value 
using quoted forward market prices. 
 
The Company’s financial instruments are exposed to a variety of financial risks by virtue of its activities. 
 
Currency risk 
 
Lundin Gold is a Canadian company, with foreign operations in Ecuador.  Revenues generated and 
expenditures incurred in Ecuador are primarily denominated in U.S. dollars.  However, equity capital, if 
needed, is typically raised in Canadian dollars.  As such, the Company is subject to risk due to fluctuations 
in the exchange rates of foreign currencies.  Although the Company does not enter into derivative financial 
instruments to manage its exposure, the Company tries to manage this risk by maintaining most of its cash 
in U.S. dollars.   
 
Credit risk 
 
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to 
meet its contractual obligations.  The majority of the Company’s cash is held in large financial institutions 
with a high investment grade rating.  The Company is also subject to credit risk associated with its trade 
receivables.  The Company manages this risk by only selling to a small group of reputable customers with 
strong financial statements. 
 
Concentration of credit risk 
 
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the 
Company’s cash and cash equivalents held with financial institutions exceed government-insured limits.  
The Company has established a treasury policy that seeks to minimize its credit risk by entering into 
transactions with investment grade creditworthy and reputable financial institutions and by monitoring the 
credit standing of those financial institutions.  The Company seeks to limit the amount of exposure with any 
one counterparty in accordance with its established treasury policy. 
 
Liquidity risk 
 
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due.  Cash 
flow forecasting is performed regularly to monitor the Company’s liquidity requirements to ensure it has 
sufficient cash to always meet its operational needs.  In addition, management is actively involved in the 
review, planning and approval of significant expenditures and commitments.   
 
Commodity price risk 
 
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver.  
Commodity price risks are affected by many factors that are outside the Company’s control including global 
or regional consumption patterns, the supply of and demand for metals, speculative activities, the 
availability and costs of substitutes, inflation, and political and economic conditions.  The Company has not 
hedged the price of any commodity at this time.  The fair value of a portion of the Company’s trade 
receivables are impacted by fluctuations of commodity prices.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 13 
 
 
COMMITMENTS 
 
Significant capital expenditures contracted as at September 30, 2024 but not recognized as liabilities are 
as follows: 
 
 
 
Capital 
expenditures 
   
12 months ending September 30, 2025 $ 40,179 
October 1, 2025 onward  - 
   
Total  $  40,179 
 
On January 1, 2024, the Company entered into a long-term rental agreement with Namdo which expires 
on February 28, 2039, and provides a guarantee of rental fees totaling $7.8 million for the remainder of the 
contract. 
 
 
OFF-BALANCE SHEET ARRANGEMENTS 
 
During the 2024 Period and the year ended December 31, 2023, there were no off-balance sheet 
transactions.  The Company has not entered into any specialized financial arrangements to minimize its 
currency risk. 
 
 
OUTSTANDING SHARE DATA 
 
As at the date of this MD&A, there were 240,028,562 common shares issued and outstanding.  There were 
also stock options outstanding to purchase a total of 2,378,949 common shares, 492,043 restricted share 
units with a performance criteria, 173,436 restricted share units, and 44,691 deferred share units. 
 
 
OUTLOOK 
 
The Company expects to achieve the high end of its production guidance of 450,000 to 500,000 oz.  In 
addition, the Company expects to continue to generate significant cash flow at current gold prices combined 
with its low cost of operations.  Despite the Company’s effective cost saving measures, AISC1 per oz sold 
is expected at the upper end of cost guidance due to increased sustaining capital. 
 
The process plant expansion project is still on track to increase throughput to 5,000 tonnes per day and 
improve recoveries by year end.  Production during the fourth quarter of 2024 is expected to be affected by 
planned shutdowns for tie-ins to substantially complete the process plant expansion project. 
 
The near-mine drilling program will continue to explore Bonza Sur where the primary focus is to expand 
the mineralized system and advance the initial geological model.  Four rigs are currently turning along the 
extensions of Bonza Sur.  At FDNS, two underground rigs are expected to continue to delineate this high-
grade vein system.  At FDN East, one rig will continue to focus on expanding the initial positive results 
achieved to gain a better understanding of the mineralized zones and main geological controls.  The 
regional drilling program is expected to continue expanding the gold mineralization at the Robles target 
and test new sectors in the Southern Basin. 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 14 
 
 
Eleven rigs are currently turning across the near-mine and regional programs.  The 2024 conversion 
program was completed in early Q4, and conversion drilling is expected to resume in 2025.  The Company 
is on track to achieve a minimum of 80,000 metres of drilling during the year across the conversion, near-
mine and regional drilling programs. The total cost is estimated to be $44.0 million on near-mine and 
regional exploration which represents the largest drill program ever completed at the land package that 
hosts the FDN deposit.   
 
The Company anticipates continuing to declare quarterly dividends of $0.20 per share, equivalent to 
approximately $200 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, adjusted free cash flow, adjusted 
free cash flow per share, and adjusted earnings, which are not recognized under IFRS Accounting 
Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards.  These 
measures may differ from those made by other companies and accordingly may not be comparable to such 
measures as reported by other companies.  These measures have been derived from the Company’s 
financial statements because the Company believes that they are of assistance in the understanding of the 
results of operations and its financial position. 
 
Average realized gold price per oz sold 
 
Average realized gold price is a metric used to better understand the gold price realized during a period.  
This is calculated as sales for the period plus treatment and refining charges less silver sales divided by 
gold oz sold.   
 
   Three months ended 
September 30, 
Nine months ended 
September 30, 
  2024  2023  2024  2023 
           
Revenues   $  323,087 $ 211,172 $ 851,259 $ 711,830 
           
Treatment and refining charges    10,255  9,577  29,919  29,105  
Less: silver revenues    (4,104)  (3,142)  (10,898)  (10,033)  
           
Gold sales   $  329,238 $ 217,607 $ 870,280 $ 730,902 
           
Gold oz sold    125,887  112,711  364,199  376,360  
           
Average realized gold price   $  2,615 $ 1,931 $ 2,390 $ 1,942

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 15 
 
 
EBITDA and Adjusted EBITDA 
 
Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) is a metric used to better 
understand the financial performance of the Company by computing earnings from business operations 
without including the effects of capital structure, tax rates and depreciation.  Adjusted EBITDA is EBITDA 
excluding items which are considered not indicative of underlying business operations. 
 
  Three months ended 
September 30, 
Nine months ended 
September 30, 
  2024  2023  2024  2023 
          
Net income for the period  $  135,715 $ 53,782 $ 296,903 $ 168,395 
          
Adjusted for:          
Finance expense   -  21,892  266,542  64,336 
Finance income   (4,176)  (3,650)  (13,414)  (8,602) 
Income tax expense   54,774  28,943  135,652  97,049 
Depletion and depreciation   34,156  32,203  103,467  105,524  
          
EBITDA  $  220,469 $ 133,170 $ 789,150 $ 426,702 
          
Special government levy   -  -  1,913  -  
Derivative loss (gain)   -  (11,678)  (243,737)  3,435  
          
Adjusted EBITDA  $  220,469  121,492 $  547,326 $ 430,137

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 16 
 
 
Adjusted earnings and adjusted basic earnings per share 
 
Adjusted earnings and adjusted basic earnings per share can be used to measure and may assist in 
evaluating operating earning trends in comparison with results from prior periods by excluding specific items 
that are significant, but not reflective of the underlying operating activities of the Company.  Presently, these 
include a special one-time government levy; derivative gains or losses from accounting for the Stream 
Facility at fair value; one-time finance expense incurred on buy out of the Stream Facility and Offtake; and 
related income tax effects.  Adjusted basic earnings per share is calculated using the weighted average 
number of shares outstanding under the basic method of earnings per share as determined under IFRS 
Accounting Standards. 
 
  Three months ended 
September 30, 
Nine months ended 
September 30, 
  2024  2023  2024  2023 
          
Net income for the period  $  135,715 $ 53,782 $ 296,903 $ 168,395 
          
Adjusted for:          
Finance expense on buy out of 
Stream Facility and Offtake 
   
- 
  
- 
  
235,575 
  
- 
Special government levy   -  -  1,913  - 
Derivative loss (gain)   -  (11,678)  (243,737)  3,435 
Deferred income tax expense 
(recovery) 
   
- 
  
2,569 
  
1,795 
  
(756) 
          
Adjusted earnings $ 135,715 $ 44,673 $ 292,449 $ 171,074 
         
Basic weighted average shares 
outstanding 
  
239,737,300 
  
237,411,813 
  
239,046,940 
  
236,810,866 
          
Adjusted basic earnings per share  $  0.57 $ 0.19 $ 1.22 $ 0.72 
 
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, 
  2024  2023  2024  2023 
           
Operating expenses   $  67,512 $ 66,994 $ 210,946 $ 207,804 
Royalty expenses    18,243  12,359  48,687  41,400 
           
Cash operating costs   $  85,755 $ 79,353 $ 259,633 $ 249,204 
           
Gold oz sold    125,887  112,711  364,199  376,360  
           
Cash operating cost per oz sold   $  681 $ 704 $ 713 $ 662

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 17 
 
 
All-in sustaining cost 
 
AISC provides information on the total cost associated with producing gold and has been calculated on a 
basis consistent with historic news releases by the Company. 
 
The Company calculates AISC as the sum of total cash operating costs (as described above), corporate 
social responsibility costs, treatment and refining charges, accretion of restoration provision, and sustaining 
capital, less silver revenue, all divided by the gold oz sold to arrive at a per oz amount. 
 
Other companies may calculate this measure differently as a result of differences in underlying principles 
and policies applied. 
 
  Three months ended 
September 30, 
Nine months ended 
September 30, 
  2024  2023  2024  2023 
          
Cash operating costs  $  85,755 $ 79,353 $ 259,633 $ 249,204 
Corporate social responsibility   484  542  1,649  1,688 
Treatment and refining charges   10,255  9,577  29,919  29,105 
Accretion of restoration provision   206  167  616  502 
Sustaining capital   17,866  15,744  37,278  33,373 
Less: silver revenues   (4,104)  (3,142)  (10,898)  (10,033) 
          
All-in sustaining cost  $  110,462 $ 102,241 $ 318,197 $ 303,839 
          
Gold oz sold    125,887  112,711  364,199  376,360  
          
All-in sustaining cost per oz sold  $ 877 $ 907 $ 874 $ 807

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 18 
 
 
Adjusted free cash flow and adjusted free cash flow per share 
 
Adjusted free cash flow is indicative of the Company’s ability to generate cash from operations after 
consideration for required capital expenditures, including related VAT impact, necessary to maintain 
operations and interest and finance expense paid on its debt obligations. Adjusted free cash flow is defined 
as cash flow provided by operating activities, less cash used for investing activities and interest and finance 
expense paid excluding the finance expense incurred upon buy out of the Stream Facility and Offtake. 
 
 Three months ended 
September 30, 
Nine months ended 
September 30, 
  2024  2023  2024  2023 
         
Net cash provided by operating 
activities 
 
$ 
 
218,286 
 
$ 
 
120,030 
 
$ 
 
470,369 
 
$ 
 
426,821 
         
Net cash used for investing activities  (36,677)  (19,296)  (65,250)  (39,734) 
Interest paid  -  (4,424)  (3,688)  (16,149) 
Finance expense paid  -  (15,373)  (260,990)  (169,795) 
Finance expense on buy out of 
Stream Facility and Offtake   
- 
  
- 
  
235,575 
  
- 
         
Adjusted free cash flow $  181,609 $ 80,937 $ 376,016 $  201,143 
         
Basic weighted average shares 
outstanding 
  
239,737,300 
  
237,411,813 
  
239,046,940 
  
236,810,866 
         
         
Adjusted free cash flow per share $ 0.76 $ 0.34 $ 1.57 $  0.85 
 
 
CRITICAL ACCOUNTING ESTIMATES 
 
The adoption of certain accounting policies requires the Company to make estimates that affect both the 
amount and timing of the recording of assets, liabilities, revenues and expenses.  Some of these estimates 
require judgments about matters that are inherently uncertain.  For a complete discussion of accounting 
estimates deemed most crucial by the Company, refer to the Company’s annual 2023 Management’s 
Discussion and Analysis.   
 
 
RISKS AND UNCERTAINTIES 
 
Natural resources exploration, development and operation involves a number of risks and uncertainties, 
many of which are beyond the Company’s control.  These risks and uncertainties include, without limitation, 
the risks discussed elsewhere in this MD&A and those set out in the Company’s Annual Information Form, 
which is available on SEDAR+ at www.sedarplus.ca.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Nine Months Ended September 30, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 19 
 
 
QUALIFIED PERSON 
 
The technical information relating to Fruta del Norte contained in this MD&A has been reviewed and 
approved by Terry Smith P. Eng, Lundin Gold’s COO, who is a Qualified Person in accordance with the 
requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  
The disclosure of exploration information contained in this MD&A was prepared by Andre Oliveira P.Geo, 
Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements 
of NI 43-101.  
 
 
FINANCIAL INFORMATION 
 
The report for the year ended December 31, 2024 is expected to be published on or about February 20, 
2025. 
 
 
DISCLOSURE CONTROLS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING 
 
Disclosure controls and procedures 
 
Management, including the Chief Executive Officer and the Chief Financial Officer, are responsible for the 
design of the Company’s disclosure controls and procedures in order to provide reasonable assurance that 
information required to be disclosed by the Company in its annual filings, interim filings or other reports filed 
or submitted by it under securities legislation is recorded, processed, summarized and reported within the 
time periods specified in the securities legislation. 
 
Internal controls over financial reporting 
 
Management is also responsible for the design of the Company’s internal control over financial reporting in 
order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of 
financial statements for external purposes in accordance with IFRS Accounting Standards. 
 
Because of their inherent limitations, internal controls over financial reporting can provide only reasonable 
assurance and may not prevent or detect misstatements.  Furthermore, projections of any evaluation of 
effectiveness to future periods are subject to the risk that controls may become inadequate because of 
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
 
As required under Multilateral Instrument 52-109, management advises that there have been no changes 
in the Company’s internal control over financial reporting that occurred during the most recent interim 
period, beginning January 1, 2024 and ending September 30, 2024, that have materially affected, or are 
reasonably likely to materially affect, the Company’s internal control over financial reporting.

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

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

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

LUNDIN GOLD INC.   
Condensed Consolidated Interim Statements of Financial Position 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
     September 30,  December 31,  
   Note  2024  2023 
        
ASSETS        
        
Current assets        
Cash and cash equivalents   17 $  225,728 $ 268,025 
Trade receivables and other current assets   3  173,522  163,456 
Inventories   4  81,326  89,406 
Advance royalty     3,494  13,000 
             484,070  533,887 
        Non-current assets        
VAT recoverable     50,320  51,904 
Advance royalty     -  3,494 
Property, plant and equipment   5  689,567  718,896 
Mineral properties   6  140,149  160,028 
                    $  1,364,106 $ 1,468,209 
        LIABILITIES        
        
Current liabilities        
Accounts payable and accrued liabilities   7 $  68,941 $ 74,824 
Income taxes payable     57,719  48,488 
Current portion of long-term debt   8  -  63,716 
             126,660  187,028  
        
Non-current liabilities        
Long-term debt   8  -  241,931 
Reclamation provisions     9,338  8,722 
Deferred income tax liabilities     82,632  74,722 
        
             218,630  512,403 
        
EQUITY        
Share capital   9  1,031,431  1,008,932 
Equity-settled share-based payment reserve   10  11,537  14,535 
Accumulated other comprehensive income (loss)     (28,972)  1,955 
Retained earnings (deficit)     131,480  (69,616) 
             1,145,476  955,806 
            $  1,364,106 $ 1,468,209 
                
Commitments (Note 20)        
 
 
 
 
 
Approved by the Board of Directors 
 
 
/s/ Ron F. Hochstein /s/ Ian W. Gibbs 
Ron F. Hochstein Ian W. Gibbs

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

LUNDIN GOLD INC.   
Condensed Consolidated Interim Statements of Income and Comprehensive Income 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars, except share and per share amounts) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
   Three months ended 
September 30, 
Nine months ended 
September 30, 
 Note  2024  2023  2024  2023 
          
Revenues 11 $  323,087 $ 211,172 $ 851,259 $ 711,830 
          
Cost of goods sold          
Operating expenses   67,512  66,994  210,946  207,804 
Royalty expenses   18,243  12,359  48,687  41,400 
Depletion and depreciation   34,148  32,199  103,448  105,497 
         
   119,903  111,552  363,081  354,701 
          
Income from mining operations   203,184  99,620  488,178  357,129 
          
Other expenses (income)          
Exploration 12  10,578  6,234  27,367  15,273 
Corporate administration 13  4,948  4,451  20,187  16,538 
Finance expense 14  -  21,892  266,542  64,336 
Finance income   (4,176)  (3,650)  (13,414)  (8,602) 
Other expense (income)   1,345  (354)  (1,322)  705   
Derivative loss (gain) 8  -  (11,678)  (243,737)  3,435 
          
   12,695  16,895  55,623  91,685 
          
Net income before tax   190,489  82,725  432,555  265,444 
          Income tax expense          
Current income tax expense 16  49,058  20,212  121,403  74,427 
Deferred income tax expense 16  5,716  8,731  14,249  22,622 
             54,774  28,943  135,652  97,049 
          
Net income for the period  $ 135,715 $ 53,782 $ 296,903 $ 168,395 
                    
OTHER COMPREHENSIVE INCOME (LOSS)        
          
Items that may be reclassified to net income       
Currency translation adjustment   2,260  (1,376)  66  183 
Items that will not be reclassified to net income       
Derivative loss related to the Company’s 
own credit risk  -  (6,709)  (37,332)  (17,497) 
Deferred income tax on accumulated other 
comprehensive income  -  1,476  6,339  3,849 
          
Comprehensive income  $  137,975 $ 47,173 $ 265,976 $ 154,930 
                    
Income per common share         
Basic   $  0.57 $ 0.23 $ 1.24 $ 0.71 
Diluted    0.56  0.22  1.23  0.70 
           
Weighted-average number of common shares outstanding
 
       
Basic    239,737,300  237,411,813  239,046,940  236,810,866 
Diluted    241,890,593  239,583,745  240,989,325  238,965,898

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

LUNDIN GOLD INC.      
Condensed Consolidated Interim Statements of Changes in Equity 
(Unaudited – Prepared by Management) 
(Expressed in thousands of U.S. Dollars, except number of common shares) 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.  
 
      Equity-settled       
  Number of    share-based    Retained   
  common  Share  payment  Other  earnings   
 Note shares  capital  reserve  reserves  (deficit)  Total 
             
Balance, January 1, 2023  235,646,977 $  989,772 $ 13,856 $ 2,612 $ (154,159) $ 852,081 
             
Exercise of stock options  980,552  5,868  (2,033)  -  -  3,835 
Vesting of share units  240,753  2,419  (1,212)  -  -  1,207 
Exercise of anti-dilution rights 9 725,653  8,748  -  -  -  8,748 
Stock-based compensation 10 -  -  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 
             
             
Balance, January 1, 2024  237,860,048 $  1,008,932 $ 14,535 $ 1,955 $ (69,616) $ 955,806 
             
Exercise of stock options  1,443,259  12,306  (3,395)  -  -  8,911 
Vesting of share units  75,757  900  (3,025)  -  -  (2,125) 
Exercise of anti-dilution rights 9 638,004  9,293  -  -  -  9,293 
Stock-based compensation 10 -  -  3,422  -  -  3,422 
Other comprehensive loss  -  -  -  (30,927)  -  (30,927) 
Net income for the period  -  -  -  -  296,903  296,903 
Dividends paid  -  -  -  -  (95,807)  (95,807) 
             
Balance, September 30, 2024  240,017,068 $  1,031,431 $ 11,537 $ (28,972) $ 131,480 $ 1,145,476

===== 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   2024  2023  2024  2023 
          
OPERATING ACTIVITIES          
          
Net income for the period  $  135,715 $ 53,782 $ 296,903 $ 168,395 
Items not affecting cash:          
Depletion and depreciation  34,156  32,203  103,467   105,524  
Stock-based compensation 10 1,063  1,199  5,260   3,274  
Derivative loss (gain)  8  -  (11,678)  (243,737)   3,435  
Other expense (income)  2,406  (291)  859   619  
Finance expense (income)  (4,176)  18,069  253,128   54,896  
Deferred income tax expense  5,716  8,731  14,249   22,622  
          
  174,880  102,015  430,129   358,765  
Changes in non-cash working capital items:          
Trade receivables and other current assets  9,640  (453)  (2,644)  7,765 
Inventories  567  (938)  8,899   1,390  
Advance royalty  6,500  5,209  13,000   11,709  
Accounts payable and accrued liabilities  (4,384)  (7,029)  (1,660)  (9,920) 
Income taxes payable  26,907  17,576  9,231  49,555 
Other non-current liabilities  -  -  -  (1,045) 
Interest received  4,176  3,650  13,414  8,602 
          
Net cash provided by operating activities   218,286   120,030 470,369 426,821 
          
FINANCING ACTIVITIES          
          
Repayments of long-term debt 8  -   (32,063)   (101,106)  (203,621) 
Interest paid 8  -   (4,424)   (3,688)  (16,149) 
Finance expense paid 8  -   (15,373)   (260,990)  (169,795) 
Proceeds from exercise of stock options   2,961   618   8,911  3,835 
Proceeds from exercise of anti-dilution rights 9  1,586  2,141 9,293 8,748 
Share units settled in cash 10  (413)  - (3,963) - 
Dividends paid   (47,976)  (23,759) (95,807) (71,132) 
Change in non-cash working capital 8  (150,000)  - - - 
          
Net cash used for financing activities   (193,842)   (72,860)   (447,350)  (448,114) 
          
INVESTING ACTIVITIES          
          
Acquisition and development of property, plant 
and equipment   (34,065)   (17,550) (59,392) (36,045) 
VAT paid on investing activities   (2,612)  (1,746)  (5,858)  (3,689) 
          
Net cash used for investing activities   (36,677)   (19,296)   (65,250)  (39,734) 
          
Effect of foreign exchange rate differences on cash  281  (377) (66) 92 
          
Net increase (decrease) in cash and cash equivalents  (11,952)  27,497 (42,297) (60,935) 
        
Cash and cash equivalents, beginning of period   237,680  274,968 268,025 363,400 
          
Cash and cash equivalents, end of period  $ 225,728 $ 302,465 $ 225,728 $ 302,465 
 
Supplemental cash flow information (Note 17)

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 5 
  
 
1. Nature of operations 
 
Lundin Gold Inc. together with its subsidiaries (collectively referred to as “Lundin Gold” or the “Company”) is 
focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador.
  
The common shares of the Company are listed for trading on the Toronto Stock Exchange (the “TSX”) and Nasdaq 
Stockholm under the symbol “LUG” and the OTCQX Best Market under the symbol “LUGDF”.  The Company was 
originally incorporated in British Columbia and continued under the Canada Business Corporations Act in 2002. 
 
The Company’s head office is located at Suite 2800, 1055 Dunsmuir Street, Vancouver, BC, and it has a corporate 
office in Quito, Ecuador.   
 
 
2. Basis of preparation and consolidation 
 
These unaudited condensed consolidated interim financial statements, including comparatives, have been 
prepared in accordance with International Financial Reporting Standards as issued by the International Accounting 
Standard Board (“IFRS Accounting Standards”), applicable to the preparation of interim financial statements, 
including International Accounting Standard 34, Interim Financial Reporting.  As a result, they do not conform in 
all respects with the disclosure requirements for annual financial statements under IFRS and should be read in 
conjunction with the Company’s audited consolidated financial statements for the fiscal year ended December 31, 
2023.  
 
These unaudited condensed consolidated interim financial statements are presented in U.S. dollars. 
 
In preparing these unaudited condensed consolidated interim financial statements, the Company applied the same 
accounting policies and key sources of estimation uncertainty as those that were applied to the Company’s audited 
consolidated financial statements for the fiscal year ended December 31, 2023. 
 
These financial statements were approved for issue by the Board of Directors on November 7, 2024. 
 
Adoption of new IFRS pronouncements 
 
Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current  
In January 2020, the IASB issued Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) 
providing a more general approach to the classification of liabilities under IAS 1 based on the contractual 
arrangements in place at the reporting date. Under existing requirements, a liability is current if an unconditional 
right to defer settlement of the liability for at least twelve months after the reporting period does not exist. With the 
introduction of the two amendments to IAS 1 in 2024, for a liability to be classified as non-current, a company must 
have the right to defer settlement of the liability for at least twelve months after the reporting period. The right must 
have substance and exist at the end of the reporting period, and the classification of the liability must be unaffected 
by the likelihood that the company will exercise that right. The amendments apply retrospectively for annual 
reporting periods beginning on or after 1 January 2024, with early application permitted and have been applied 
with no impact on the Company’s financial statements in the current reporting period. 
 
 
3. Trade receivables and other current assets 
 
  September 30,  December 31, 
  2024  2023 
     
Trade receivables (a) $  125,849 $ 93,036 
VAT recoverable (b)  27,394  23,409 
Prepaid expenses and other (c)  20,279  47,011 
     
     
 $  173,522 $ 163,456

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 6 
  
 
3. Trade receivables and other current assets (continued) 
 
(a) Trade receivables mainly represent the value of concentrate sold as at period end for which the funds are not 
yet received.  Consistent with industry standards, these sales generally have relatively long payment terms 
and are not settled until two to five months after export.   
 
Concentrate sales are first recorded based on provisional prices.  For sales that are provisionally priced as at 
September 30, 2024, an adjustment is estimated and recorded using the forward gold price at quarter end for 
the future month when the final gold price for each individual sale is expected to be determined.  This 
adjustment resulted in an increase of $17.4 million in trade receivables as of September 30, 2024 (December 
31, 2023 - $7.8 million increase) reflecting rising gold prices during the period. 
 
(b) Subject to submission of monthly claims and their acceptance by the applicable tax authorities, VAT paid in 
Ecuador by the Company are being refunded or applied as a credit against taxes payable, based on the level 
of export sales in any given month.  Therefore, a portion of the VAT recoverable has been reclassified as 
current assets. 
 
(c) As at December 31, 2023, prepaid expenses and other included credit notes issued by the tax authorities in 
Ecuador relating to approved VAT claims.  During the nine months ended September 30, 2024, these credit 
notes were fully utilized to offset taxes payable including statutory tax withholdings from payments to vendors 
and the newly instituted monthly income tax instalment payments in Ecuador. 
 
 
4. Inventories 
 
  September 30,  December 31, 
  2024  2023 
     
Ore stockpile $  8,747 $ 6,922 
Gold in circuit  5,941  7,849 
Doré and concentrate  15,587  17,868 
Materials and supplies  51,051  56,767 
     
 $  81,326 $ 89,406 
 
As at September 30, 2024, the Company maintained a provision of $5.5 million (December 31, 2023 - $7.0 million) 
associated with obsolete or slow-moving materials and supplies inventory generally accumulated during the 
construction of Fruta del Norte.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 7 
  
 
5. Property, plant and equipment 
 
Cost 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2023 $ - $ 947,124 $ 54,913 $ 24,594 $ 3,418 $ 1,030,049 
       
Additions 7,009 39,320 649 1,076 1,110 49,164 
Disposals and other - - (5,971) (1,230) (1,995) (9,196) 
Cumulative translation 
adjustment - 297 - - 10 307 
       
Balance, December 
31, 2023 7,009 986,741 49,591 24,440 2,543 1,070,324 
       
Additions 17,255 34,841 547 423 2,121 55,187 
Disposals and other - - (1,186) (336) - (1,522) 
Reclassifications (6,128) 6,128 - - - - 
Cumulative translation 
adjustment  - (262) - - 2 (260) 
       
Balance, September 
30, 2024 $ 18,136 $ 1,027,448 $ 48,952 $ 24,527 $ 4,666 $ 1,123,729 
 
Accumulated 
depletion and 
depreciation 
Construction-
in-progress 
Mine and 
plant 
facilities 
Machinery 
and 
equipment Vehicles 
Furniture 
and office 
equipment Total 
       
Balance, January 1, 
2023 $ - $ 206,579 $ 23,620 $ 16,867 $ 1,684 $ 248,750 
       
Depletion and 
depreciation - 100,225 6,481 3,946 589 111,241 
Disposals and other  - (5,432) (1,230) (1,995) (8,657) 
Cumulative translation 
adjustment - 92 - - 2 94 
       
Balance, December 
31, 2023 - 306,896 24,669 19,583 280 351,428 
       
Depletion and 
depreciation - 76,844 4,890 1,484 602 83,820 
Disposals and other - - (672) (336) - (1,008) 
Cumulative translation 
adjustment - (78) - - - (78) 
       
Balance, September 
30, 2024 $ - $ 383,662 $ 28,887 $ 20,731 $ 882 $ 434,162 
 
Net book value 
 
     
As at December 31, 
2023 $ 7,009 $ 679,845 $ 24,922 $ 4,857 $ 2,263 $ 718,896 
       
As at September 30, 
2024 $ 18,136 $ 643,786 $ 20,065 $ 3,796 $ 3,784 $ 689,567

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 8 
  
 
6. Mineral properties 
 
Cost   Fruta del Norte 
    
Balance, January 1, 2023   $ 183,507 
    
Adjustments to restoration asset   1,004 
Depletion   (24,483) 
    
Balance, December 31, 2023   160,028 
    
Depletion   (19,879) 
    
Balance, September 30, 2024   $ 140,149 
 
 
7. Accounts payable and accrued liabilities 
 
  September 30,  December 31, 
  2024  2023 
     
Accounts payable $  16,140 $ 16,750 
Accrued liabilities  52,801  58,074 
     
 $  68,941 $ 74,824 
 
 
8. Long-term debt 
 
  September 30,  December 31, 
  2024  2023 
     
Stream loan credit facility $  - $ 276,183 
Offtake derivative liability  -  29,464 
     
 $  - $ 305,647 
     
Less: current portion     
Stream loan credit facility  -  59,568 
Offtake derivative liability  -  4,148 
     
Long-term portion $  - $ 241,931 
 
The stream loan credit facility (the “Stream Facility”) and the offtake derivative liability (the “Offtake”) were 
accounted for as financial liabilities at fair value through profit or loss until the closing of their buy out on June 27, 
2024 (the “Closing Date”).  The total buy out price of $330 million was comprised of the remaining unamortized 
principal balance of $94.4 million and finance expense of $235.6 million. 
 
The derivative adjustments in the Company’s condensed consolidated statements of income and comprehensive 
income during the nine months ended September 30, 2024 reflect the reversal of accumulated derivative 
adjustments recorded on the Stream Facility since its inception in 2017.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 9 
  
 
8. Long-term debt (continued) 
 
Until the Closing Date, the Company made scheduled monthly payments under the Stream Facility totaling $35.8 
million (nine months ended September 30, 2023 – $61.2 million) of which $6.7 million (nine months ended 
September 30, 2023 – $13.6 million) was paid on account of principal; $3.7 million (nine months ended September 
30, 2023 – $6.3 million) for accrued interest; and the remaining $25.4 million (nine months ended September 30, 
2023 – $41.3 million) as a finance expense.   
 
 
9. 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, 2024, the Company issued 638,004 common shares to Newmont 
Corporation, indirectly through its subsidiary Newcrest Canada Inc. (“Newcrest”) at a weighted average price of 
CAD$19.89 per share for total proceeds of $9.3 million.   
 
During the year ended December 31, 2023, 800,840 common shares were issued to Newcrest at a weighted 
average price of CAD$16.37 per share for total proceeds of $9.6 million.   
 
All issuances were completed in accordance with Newcrest’s anti-dilution rights granted as part of its initial 
investment into the Company.   
 
 
10. Stock-based compensation 
 
i. Stock options 
 
During the nine months ended September 30, 2024, 347,000 stock options were granted to employees, 
directors, and non-employees. These options have a weighted average exercise price of CAD$15.92, an 
expiry date of five years and vest over a period of three or four years from date of grant. The total number of 
stock options outstanding at September 30, 2024 was 2,386,543. 
 
The fair value based method of accounting was applied to stock options granted on the date of grant using 
the Black-Scholes option pricing model with the following weighted-average assumptions: 
 
  September 30, 
2024 
   
Risk-free interest rate  3.16% 
Expected stock price volatility  33.28% 
Expected life  3.7 years 
Expected dividends (CAD)  $0.54 
   
Weighted-average fair value per option granted (CAD)  $3.74 
 
During the three months ended September 30, 2024, the Company recorded stock-based compensation 
expense of $0.1 million (three months ended September 30, 2023 – $0.4 million) related to stock options.   
During the nine months ended September 30, 2024, the Company recorded stock-based compensation 
expense of $0.8 million (nine months ended September 30, 2023 – $1.3 million) related to stock options.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 10 
  
 
10. Stock-based compensation (continued) 
 
ii. Share units 
 
The Company has issued and outstanding deferred share units (DSUs), restricted share units without 
performance criteria (RSUs), and restricted share units with performance criteria (PSUs) (collectively, “Share 
Units”). 
 
During the nine months ended September 30, 2024, the Company granted 400,458 Share Units that are 
settled in shares.  In addition, in connection with dividends paid during the nine months ended September 30, 
2024, 18,044 Share Units were granted as Dividend Equivalents.  The total number of Share Units outstanding 
at September 30, 2024 was 707,670. 
 
During the three months ended September 30, 2024, the Company recorded stock-based compensation 
expense of $0.9 million (three months ended September 30, 2023 – $0.7 million) related to Share Units.  
During the nine months ended September 30, 2024, the Company recorded stock-based compensation 
expense of $4.4 million (nine months ended September 30, 2023 – $1.9 million) related to Share Units, which 
$1.8 million expense resulted from Share Units settled in cash as determined by the Company’s board of 
directors. 
 
 
11. Revenues 
 
   Three months ended   
September 30, 
Nine months ended   
September 30, 
  2024  2023  2024  2023 
           
Doré sales  $  131,504 $ 79,878 $ 309,457 $ 259,905 
Concentrate sales    185,083  135,194  532,202  457,825  
Gain (loss) on provisionally priced 
trade receivables 
  
6,500 
  
(3,900) 
  
9,600 
  
(5,900) 
           
   $  323,087 $ 211,172 $ 851,259 $ 711,830 
 
 
12. Exploration 
 
   Three months ended   
September 30, 
Nine months ended   
September 30, 
  2024  2023  2024  2023 
           
Catering and camp expenses  $ 878 $ 238 $ 2,126 $ 539 
Concessions and land    73  29  648  468  
Development    359  -  772  -  
Drilling    5,248  3,289  12,427  7,315  
Environmental    439  213  935  584  
Geophysics    171  118  411  159  
Salaries and benefits    1,618  1,052  4,959  3,063  
Sampling and supplies   1,536  1,161  4,503  2,743  
Others    256  134  586  402  
           
   $  10,578 $ 6,234 $ 27,367 $ 15,273

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 11 
  
 
13. Administration 
 
   Three months ended   
September 30, 
Nine months ended   
September 30, 
  2024  2023  2024  2023 
           
Corporate social responsibility  $ 484 $ 542 $ 1,649 $ 1,688 
Investor relations    61  108  199  297  
Office and general    844  755  2,683  2,270  
Professional fees    430  375  1,737  1,593  
Regulatory and transfer    51  50  411  390  
Salaries and benefits    1,706  1,260  5,664  6,607  
Special government levy (a)    -  -  1,913  -  
Stock-based compensation    1,063  1,199  5,260  3,274  
Travel    309  162  671  419  
           
   $  4,948 $ 4,451 $ 20,187 $ 16,538 
 
(a) In March 2024, the Government of Ecuador introduced a special one-time temporary security contribution to 
strengthen security amid rising violence in the country. Half of this contribution was paid during the nine 
months ended September 30, 2024 while the other half will be paid in 2025.  
 
 
14. Finance expense 
 
   Three months ended   
September 30, 
Nine months ended   
September 30, 
  2024  2023  2024  2023 
           
Interest expense   $  - $  4,107 $ 3,693 $ 14,928 
Finance expense    -  15,373  25,415  41,296 
Finance expense on buy out of 
stream and offtake (Note 8) 
  
- 
  
- 
  
235,575 
  
- 
Other finance costs    -  540  -  2,559 
Accretion of transaction costs   -  1,872  1,859  5,553  
           
   $  - $  21,892 $ 266,542 $ 64,336 
            
15. Related party transactions 
 
i. Key management compensation 
 
Key management includes executive officers and directors of the Company.  The compensation paid or 
payable to key management for employee services, including amounts paid to certain executive officers 
following the end of their employment, during the nine months ended September 30 is shown below. 
 
 September 30, September 30, 
 2024 2023 
   
Salaries, bonuses and benefits $ 4,606 $ 5,921 
Stock-based compensation 3,486 2,592 
   
 $ 8,092 $ 8,513

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 12 
  
 
15. Related party transactions (continued) 
 
ii. Other related party transactions 
 
During the nine months ended September 30, 2024, the Company incurred $1.2 million (nine months ended 
September 30, 2023 – $0.5 million), primarily relating to office rental, renovation costs, and related services 
provided by Namdo Management Services Ltd. (“Namdo”), a company associated with a director of the 
Company. 
 
 
16. Income taxes 
 
Current income tax expense is generated from net income for tax purposes in Ecuador relating to operations at 
Fruta del Norte.  In addition to corporate income taxes in Ecuador which are levied at a rate of 22% and dividend 
withholding taxes levied at a rate of 5% related to the anticipated portion of net income distributed from Ecuador, 
included in current income tax expense is the portion of profit sharing payable to the Government of Ecuador which 
is calculated at the rate of 12% of net income for tax purposes. The employee portion of profit sharing, calculated 
at the rate of 3% of net income for tax purposes, is considered an employment benefit and included in operating 
costs.   
 
Corporate income taxes and profit sharing in Ecuador are due in April of each year.  Effective January 1, 2024, the 
Government of Ecuador introduced monthly corporate income tax instalment payments which is based on a 
percentage of monthly revenues.  Instalment amounts paid during the year ended December 31, 2024 will offset 
corporate income taxes due in April 2025.  In addition, audits by the tax authorities in Ecuador may result in 
additional taxes owed from time to time due to differing interpretations of tax law which may impact the Company’s 
financial results. 
 
The rates used in Ecuador differ from the amount that would result from applying the Canadian federal and 
provincial income tax rates to net income before tax.  These differences result from the following items: 
 
 Three months ended   
September 30, 
Nine months ended   
September 30, 
  2024  2023  2024  2023 
         
Net income before tax $  190,489 $ 82,725 $ 432,555 $ 265,444 
         Canadian federal and provincial 
income tax rates 
  
27% 
  
27% 
  
27% 
  
27% 
         
Income tax expense based on the 
above rates 
  
51,432 
  
22,336 
  
116,790 
  
71,670 
         
Increase (decrease) due to:         
Differences in foreign tax rates  (22,193)  2,834  (10,929)  13,049  
Non-deductible costs  11,028  1,304  11,927  4,020  
Withholding taxes (current and deferred) 15,243  2,134  17,743  5,925  
Losses and temporary differences for 
which an income tax asset has not been 
recognized 
 
 
(736) 
  
 
335 
  
 
121 
  
 
2,385 
        
Income tax expense $  54,774 $ 28,943 $ 135,652 $ 97,049

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 13 
  
 
17. Supplemental cash flow information 
 
Cash and cash equivalents are comprised of the following: 
 
  September 30,  December 31, 
  2024  2023 
     
Cash  $  128,140 $ 70,670 
Short-term investments  97,588  197,355 
     
 $  225,728 $ 268,025 
 
Other supplemental cash information: 
 
   Three months ended   
September 30, 
Nine months ended   
September 30, 
  2024  2023  2024  2023 
           
Income tax paid   $  38,671 $ - $  96,643 $ 21,017 
           
Change in accounts payable and accrued 
liabilities related to: 
        
Acquisition of property, plant and equipment $ (6,046) $ (1,806) $ (4,205) $ (2,672) 
          
 
 
18. Segmented information 
 
Operating segments are components of an entity that engage in business activities from which they incur expenses 
and whose operating results are regularly reviewed by a chief operating decision maker to make resource 
allocation decisions and to assess performance.  The Chief Executive Officer is responsible for allocating 
resources and reviewing operating results of each operating segment on a periodic basis.   
 
The Company’s primary business activity is the Fruta del Norte operating mine in Ecuador where all revenues 
originate.  Materially all of the Company’s non-current assets and non-current liabilities relate to Fruta del Norte.  
In addition, the Company conducts exploration activities and maintains a number of concessions in Ecuador 
outside of Fruta del Norte.

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 14 
  
 
18.  Segmented information (continued) 
 
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, 2024     
     
Current assets $ 345,397 $ 526 $ 138,147 $ 484,070 
Non-current assets 879,316 84 636 880,036 
     
Total assets 1,224,713 610 138,783 1,364,106 
     
Current liabilities 125,055 707 898 126,660 
Non-current liabilities 75,470 - 16,500 91,970 
     
Total liabilities 200,525 707 17,398 218,630 
     
For the three months ended September 30, 2024    
     
Revenues 323,087 - - 323,087 
     
Income from mining operations 203,184 - - 203,184 
Exploration expenditures - (10,578) - (10,578) 
Corporate administration (1,003) (64) (3,881) (4,948) 
Finance income 2,969 - 1,207 4,176 
Other income (expense) 340 - (1,685) (1,345) 
Derivative gain - - - - 
Income tax expense (41,168) -  (13,606) (54,774) 
     
Net income (loss) for the period 164,322 (10,642) (17,965) 135,715 
     
For the nine months ended September 30, 2024    
     
Revenues 851,259 - - 851,259 
     
Income from mining operations 488,178 - - 488,178 
Exploration expenditures - (27,367) - (27,367) 
Corporate administration (5,285) (342) (14,560) (20,187) 
Finance income (expense) (256,118) - 2,990 (253,128) 
Other income (expense) 1,377 - (55) 1,322 
Derivative gain 243,737 - - 243,737 
Income tax expense (119,596) -  (16,056) (135,652) 
     
Net income (loss) for the period 352,293 (27,709) (27,681) 296,903

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 15 
  
 
18.  Segmented information (continued) 
 
 
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 
Exploration expenditures - (6,234) - (6,234) 
Corporate administration (1,089) (33) (3,329) (4,451) 
Finance income (expense) (19,060) - 818 (18,242) 
Other income  (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 
Exploration expenditures - (15,273) - (15,273) 
Corporate administration (3,750) (120) (12,668) (16,538) 
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 
     
 
19. Financial instruments 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are 
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are 
categorized as financial liabilities at amortized cost.  The fair value of these financial instruments approximates 
their carrying values due to the short-term nature of these instruments.  Further, provisionally priced trade 
receivables of $126 million (December 31, 2023 - $93.0 million) are measured at fair value using quoted forward 
market prices (Fair value hierarchy level 2).

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

LUNDIN GOLD INC.   
Notes to the condensed consolidated interim financial statements as at September 30, 2024 
(Unaudited – Prepared by Management) 
(Expressed in U.S. Dollars unless otherwise noted.  Tables are expressed in thousands of U.S. dollars, except share 
and per share amounts) 
 16 
  
 
20. Commitments 
 
Significant capital expenditures contracted as at September 30, 2024 but not recognized as liabilities are as 
follows: 
 
 
 
Capital 
Expenditures 
   
12 months ending September 30, 2025 $ 40,179 
October 1, 2025 onward  - 
   
Total  $  40,179 
 
On January 1, 2024, the Company entered into a long-term master services agreement with Namdo which expires 
on February 28, 2039, and provides a guarantee of monthly fees totaling $7.8 million for the remainder of the 
contract.

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

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

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

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