===== 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