FULLTEXT DEL 1 AV 1

Kvartalsrapport Q3 2024

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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+.

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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+.

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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.

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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.

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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.

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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.

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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.

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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 =====

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.

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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 =====

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

220,469

133,170

789,150

426,702
Adjusted earnings before interest, taxes,
depreciation, and amortization ($’000)1

220,469

121,492

547,326

1 Refer to “Non-IFRS Measures” section.

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

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 =====

 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 =====

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.

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 =====

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 =====

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 =====

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 =====

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.

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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%

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 =====

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 =====

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 =====

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 =====

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