FULLTEXT DEL 1 AV 2

Kvartalsrapport Q4 2023

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NEWS RELEASE
Vancouver, February 22, 2024

Lundin Gold Inc. 885 West Georgia Street, Suite 2000 Phone: +1 604 689 7842 lundingold.com
Vancouver, BC, V6C 3E8 Fax: +1 604 689 4250 Email: info@lundingold.com

LUNDIN GOLD REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

Production and Cost Performance Meets Upgraded Guidance

Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG ; OTCQX: LUGDF ) ("Lundin Gold" or the "Company") is
pleased to report results for the fourth quarter and year ended December 31, 2023. Lundin Gold’s year is
highlighted by its production of 481,274 oz of gold at an all -in sustaining cost (“AISC”) 1 of $860 per oz sold,
meeting upwardly revised production guidance of 450,000 to 485,000 oz and AISC1 guidance of $820 to $870 per
oz sold. Cash from operating activities of $519 million was generated for the year resulting in free cash flow¹ of
$263 million which is net of a one -time interest and finance charge payment of $129 million from the full
repayment of the gold prepay facility (the “Gold Prepay Facility”). All amounts are in U.S. dollars unless otherwise
indicated.

Ron Hochstein, President and CEO commented, “ Lundin Gold continues its strong track record by meeting its
upgraded production and improved cost guidance for 2023, and in doing so generating significant cash flow.
Looking ahead to 2024, we are focused on operational excellence and delivering the Process Plant Expansion
Project to achieve increased throughput and recovery improvement s. Furthermore, we continue to make
significant headway on our exciting exploration programs ; 2024 will be the largest drilling program ever
conducted in the district that hosts Fruta del Norte. We expect continued generation of free cash flow, which will
enable the Company to continue to pursue debt reduction, M&A and potential increase in returns to shareholders
through increased dividends.”

OPERATING AND FINANCIAL RESULTS SUMMARY

The following two tables provide an overview of key operating and financial results.

Three months ended
December 31,
Year ended
December 31,
2023 2022 2023 2022
Tonnes ore mined 405,705 365,250 1,635,550 1,492,230
Tonnes ore milled 427,743 420,838 1,654,520 1,559,178
Average head grade (g/t) 8.2 10.0 10.2 10.6
Average recovery 88.1% 89.6% 88.4% 89.5%
Average mill throughput (tpd) 4,649 4,574 4,533 4,272
Gold ounces produced 99,310 121,139 481,274 476,329
Gold ounces sold 98,005 119,890 474,365 470,103

1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on
pages 16 to 18 of the Company's MD&A for the year ended December 31, 2023 available on SEDAR+.

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Three months ended
December 31,
Year ended
December 31,
2023 2022 2023 2022
Net revenues ($’000) 190,688 210,961 902,518 815,666
Average realized gold price ($/oz sold)1 2,021 1,814 1,958 1,789
Income from mining operations ($’000) 78,051 92,095 435,180 369,754
Earnings before interest, taxes, depreciation, and amortization ($’000)1 67,274 141,274 493,976 543,660
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 95,908 112,057 526,045 467,343
Net income (loss) ($’000) 11,062 (68,259) 179,457 73,558
Basic income (loss) per share ($) 0.05 (0.29) 0.76 0.31
Cash provided by operating activities ($’000) 92,574 133,390 519,395 426,145
Free cash flow ($’000)1 62,330 91,179 263,473 269,435
Cash operating cost ($/oz sold)1 832 713 697 671
All-in sustaining costs ($/oz sold)1 1,062 865 860 805
Free cash flow per share ($)1 0.26 0.39 1.11 1.15
Adjusted net earnings ($‘000)1 33,236 33,584 204,310 125,003
Adjusted net earnings per share ($)1 0.14 0.14 0.86 0.53
Dividends paid ($’000) 23,782 - 94,914 47,033
Dividends paid per share ($) 0.10 - 0.40 0.20

FOURTH QUARTER AND FULL YEAR HIGHLIGHTS

Financial Results – Cash Flow Story Intact

• Fourth quarter gold sales of 98,005 oz, consisting of 65,223 oz of concentrate and 32,782 oz of doré, at an
average realized gold price 1 of $2,021 per oz for total gross revenues from gold sales of $ 198 million. For
2023, sales totalled 481,274 oz gold and total revenues from gold sales amounted to $929 million.
• Net of treatment and refining charges, revenues in the fourth quarter and 2023 were $191 million and $903
million, respectively.
• Cash operating costs1 and AISC1 for the quarter were $832 and $1,062 per oz of gold sold, respectively. Both
metrics were impacted by a decrease in oz sold compared to previous quarters. In particular, AISC 1 was
impacted by the timing of sustaining capital expenditures incurred to complete the fourth raise of the
tailings dam plus other projects, including the underground maintenance facility. For 2023, cash operating
costs1 and AISC1 were $697 and $860 per oz of gold sold, respectively, which are in line with the Company’s
improved 2023 guidance.
• Cash provided by operating activities was $92.6 million in the fourth quarter and the Company generated
free cash flow1 of $62.3 million from operations, or $0.26 per share. For 2023, cash from mining operations
was $519 million, and the Company generated free cash flow1 of $263 million, or $1.11 per share. At the
end of 2023, the Company had a cash balance of $268 million.
• Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 during the
fourth quarter were $ 67.3 million and $ 95.9 million, respectively, with the difference resulting from
derivative losses recognized during the year. For the year, EBITDA1 and adjusted EBITDA1 were $494 million
and $526 million, respectively.

1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages
16 to 18 of the Company's MD&A for the year ended December 31, 2023 available on SEDAR+.

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• In the fourth quarter, n et income was $11.1 million including a derivative loss of $2 8.6 million, and net of
corporate, exploration, finance costs, and associated taxes . Adjusted earnings 1, which exclude the
derivative loss, were $33.2 million. In 2023, net income and adjusted earnings1 were $179 million and $204
million, respectively, or $0.86 per share.

Production Results – Another Strong Quarter, Room to Improve

• Gold production during the fourth quarter totalled 98,310 oz, comprised of 65,298 oz in concentrate and
34,012 oz as doré. Gold production for 2023 was 481,274 oz , achieving the upper end of upgraded
production guidance.
• During the fourth quarter, 405,705 tonnes of ore were mined while the mill processed 427,743 tonnes of
ore at an average throughput of 4,649 tpd. In 2023, a total of 1,635,550 and 1,654,520 tonnes of ore were
mined and processed, respectively. Ore inventory management is the primary reason for the difference
between ore mined and processed. Both the fourth quarter and annual processing tonnages are records for
FDN.
• The average ore grade milled in the fourth quarter was 8.2 g/t, with average recovery at 88.1%. For 2023,
the average grade of ore milled was 10. 2 g/t with average recovery at 8 8.4%. The lower ore grade
experienced during the quarter was expected based on the current mine plan while r ecoveries were
affected by processing of ore from sectors that contain higher levels of finely disseminated sulphide
minerals which impacted flotation recovery.

Outlook

• Gold production at FDN in 2024 is projected to be between 450,000 to 500,000 oz based on an average
throughput rate of 4,500 tpd, average recoveries of 89% and average head grade of 9.9 g/t.
• Completion by the end of the year the $36 million Process Plant Expansion Project to increase plant
throughput to 5,000 tpd and improve metallurgical recoveries by approximately 3%.
• 2024 cash operating costs1 are estimated to average between $680 and $740 per oz of gold sold and AISC1
is expected to average between $820 and $890 per oz of gold sold. Both cash operating costs 1 and AISC1
will vary throughout the year.
• Total sustaining capital in 2024 is expected to range between $35 to $45 million and will include conversion
drilling, preliminary works for future TSF expansion, implementation of a mine dispatch system, and
upgrade of camp facilities.
• The Company intends to release updated estimates of Mineral Reserves and Resources for FDN near the
end of the first quarter of 2024 based on the results of its 2023 conversion drilling program.
• Expansion of the near-mine and regional exploration programs with a planned 56,000 metres of drilling in
2024 and a budget of $42 million, the largest program in the history of FDN since its discovery in 2006.
• Continued focus on deleveraging the balance sheet, including assessing options related the potential
buyback of the Stream Facility, which has a 50% buyback option for $150 million in June 2024 and a further
50% buyback option for $225 million in June 2026.

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• The Company anticipates continuing to declare quarterly dividends of at least $0.10 per share , which is
equivalent to approximately $100 million annually.
Liquidity and Capital Resources

At the end of 2023, the Company is in a strong financial position.

(in thousands of U.S. dollars) As at December 31,
2023
As at December 31,
2022
Financial Position:
Cash 268,025 363,400
Working capital 346,859 194,804
Total assets 1,468,209 1,668,865

Long-term debt
Senior debt facility
Principal and accrued interest - 183,638
Deferred transaction costs - (10,784)
Fair value of stream credit facility and offtake 305,647 287,666
Fair value of gold prepay credit facility - 207,446
Total long-term debt 305,647 667,966

As at December 31, 2023, the Company had cash of $268 million and a working capital balance of $347 million
compared to cash of $363 million and a working capital balance of $195 million at December 31, 2022.

The change in cash during 2023 was primarily due to the full repayment of the Gold Prepay Facility of $208
million; full repayment of the Senior Facility totalling $193 million, including interest; principal repayments,
interest and finance charges, including associated taxes, under the Stream Facility totalling $79.9 million;
dividends of $94.9 million; and cash outflows of $53.5 million relating to investing activities. This is offset by cash
generated from operating activities of $519 million, which is net of a $25 million voluntary advance income tax
payment to the Government of Ecuador during the fourth quarter that will reduce the Company’s corporate
income tax payment due in April 2024, and proceeds from the exercise of stock options and anti-dilution rights
totalling $14.2 million.

The Stream Facility is the last remaining debt on the Company’s balance sheet following the full repayment of
both the Gold Prepay Facility and Senior Facility during 2023. The Company has the option to repay (i) 50% of
the Stream Facility outstanding on June 30, 2024 for $150 million and / or (ii) the other 50% outstanding on June
30, 2026 for $225 million.

Capital Expenditures

Sustaining Capital
• Total sustaining capital spent during the year was $ 47.9 million, of which $ 14.5 was spent during the
fourth quarter.

• The fourth raise of the tailings dam and underground mine maintenance facility were completed during
the fourth quarter. The new warehouse was completed during the second quarter.
• Other sustaining capital projects such as extending two underground levels to the south for the 2024
conversion drill program, implementing a mine dispatch system, upgrading the sewage treatment plants,
and other efficiency improvement projects were well -advanced in 2023 and are expected to be
completed in 2024.

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• The 2023 conversion drilling program focused on the north-central and southern extension of FDN with
approximately 11,233 metres drilled across 79 holes.
o In the southern sector, 51 drill holes were completed and mostly intercepted the mineralized
zones associated with manganoan carbonate, chalcedony veins and sulphides.
o In the north -central sector, 28 drill holes were completed and positive assay results are
associated with zones of hydrothermal breccias along the downdip extension and the north limit
of FDN.
o The geological and mineral resource model is nearly complete, and an updated Mineral
Resources and Reserves estimate is expected before the end of the first quarter of 2024.

Process Plant Expansion Project

The Process Plant Expansion Project is expected to deliver increased plant throughput to 5,000 tpd and increased
metallurgical recoveries of approximately 3% by the end of 2024 with upgrades to the concentrate dewatering,
new tailings and reclaim lines, the addition of three Jameson cells, and other ancillary works. During the fourth
quarter, expenditures of $0.9 million were incurred of the total estimated expansion project capital estimate of
$36.0 million.

Health and Safety

During 2023 there were no Lost Time Incidents (“LTIs”) and seven Medical Aid Incident (“MAIs”). The Total
Recordable Incident Rate across exploration and operations was 0. 24 per 200,000 hours worked during 2023.
FDN operations had more than one year and over 7.6 million hours worked without a LTI as of December 31,
2023. Subsequent to year end, FDN operations experienced an LTI on February 2, 2024.

Community

Various community projects supported by the Company progressed during the year including initiatives focused
on community health and education. Lundin Gold continued to support an innovative program which provides
mental health services to local community members. Education programs sponsored by the Company which
improve local student access to higher education continued to show success as a cohort of local students prepare
to graduate from university in the coming months, a significant milestone for the Lo s Encuentros Parish. The
Company also launched a complementary program designed to improve the quality of local education during
the year.

Infrastructure investment continues to be a priority for Lundin Gold. In addition to the Company’s long-standing
commitment to support road maintenance, Lundin Gold co -funded with the Ministry of Education the
rehabilitation of the local school, which more than 1,300 children from the Los Encuentros Parish attend. Work
on this project was nearing completion at the end of the year.

Lundin Gold continued to support local businesses in conjunction with the Lundin Foundation, including women-
led businesses through the third series of the program “Soy Emprendadora”. Among the supported businesses,
the local textile manufacturer, fire ext inguisher maintenance company, and pest control/fumigation company
all increased their business activities during the year with Lundin Gold as an anchor client. Efforts have continued
to ensure that local farmers retain access to local, national, and inter national markets. The Company also
continued to engage with local indigenous people, especially the Shuar Federation of Zamora Chinchipe, to
jointly implement projects that promote economic opportunities and the Shuar culture.

Following the election of new local authorities, the round table dialogue process restarted during the third
quarter, with high participation rates by local community members.

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EXPLORATION

Near-Mine Exploration Program
During the year, the Company completed a total of 35,305 metres across 68 holes from surface and underground,
of which approximately 13,372 metres across 31 holes were drilled in the fourth quarter. Drilling from
underground explored to the east and at depth of the FDN deposit, while drilling from surface continued to test
along the extensions of the controlling structures of the FDN deposit.

• The surface drilling program continues along the south extension of the East Fault, where Bonza Sur and
the FDN South (“FDNS”) targets were discovered. During the fourth quarter, 14 surface drill holes were
completed, mostly at Bonza Sur, where the drillin g program continues to indicate continuity of
mineralization. Exploratory holes were also completed along the north and south extensions of the FDN
deposit and at the FDN East target.

o At Bonza Sur, located only one kilometre from FDN, seven surface drill holes were completed
and continue to expand the recently discovered epithermal system. Drilling continued to achieve
multiple positive intersections and has extended mineralization along north-south strike as well
as at depth. The mineralized zones are represented by veins/veinlets of quartz and minor
chalcedony and manganoan-carbonate associated with the occurrence of sulphides. The Bonza
Sur mineralization has already been identified f or more than 1.1 kilometres along the north -
south strike and for at least 500 metres along the downdip and remains open in all directions.

o At FDNS, three surface drill holes were completed along the south extension which intercepted
gold mineralization with variable widths. This vein system remains open along the northeast -
southwest direction and at depth.

o The exploratory drilling program aimed to explore new sectors advanced on distinct targets near
the FDN deposit. At FDN East, one drill hole intercepted zones of hydrothermal alteration hosted
on volcanic rocks associated to gold mineralization. In the north extension of the FDN deposit,
three exploratory holes were completed and intercepted large zones of hydrothermal alteration
with narrow intervals of gold mineralization.

• The underground drilling program continues to explore the continuity of the FDN deposit at depth and
beyond the major east and west faults. During the fourth quarter of 2023, a total of 17 drill holes were
completed. At depth, in the north sector of the FDN deposit, the drilling program confirmed
hydrothermal alteration zones and gold mineralization below the mineral envelope of FDN. In the
southern sector, the drill holes intercepted hydrothermal alteration zones represented by manganoan-
carbonate veins/veinlets with sulfides and narrow intervals of gold mineralization along the downdip
extension. Furthermore, the drilling program continue d to explore the continuity of the FDN mineral
envelope beyond the East fault and one drill hole intercepted narrow zones of hydrothermal alteration
with no significant gold mineralization.

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Regional Exploration Program
The regional program continue d to advance the identification of important indicators that point toward the
presence of buried epithermal deposits in the southern basin. The 2023 drilling program focused on distinct
sectors along the southeastern and southwestern borders of the Suarez basin and a total of 3,120 metres across
five drill holes were completed in the fourth quarter resulting in 8,461 metres completed under the 2023
program across 12 drill holes. Regional drilling focused on the Crisbel, Barbasco SE and Quebrada La Negra
targets.

• At the Crisbel target, two drill holes were completed testing a geochemical soil anomaly (gold and
epithermal pathfinder elements such as Sb, As) along the southwest contact between the Suarez Border
and the volcanic sequence. Limited hydrothermal alterati on was intercepted and no significant results
were returned.

• At Barbasco SE, one drill hole was completed and tested the extension of the FDN East Fault along the
southeastern extension of the Suarez basin. Zones of hydrothermal alteration with illite -silica was
intercepted, suggesting the presence hydrothermal activity in this sector.

• At Quebrada La Negra, two drill holes tested a Au -As-Sb soil anomaly and silicified conglomerate
outcrops. The drilling intercepted zones of hydrothermal alteration represented by silica-illite-marcasite
with associated chalcedony veinlets, suggesting furt her follow up drilling is required in this sector.
Results are pending.

Newcrest Earn-In Agreement
At the end of the fourth quarter, Newcrest Mining Limited (“Newcrest”), a subsidiary of Newmont Corporation
(“Newmont”), elected not to exercise its option to proceed to earn a 25% interest in Surnorte S.A., which holds
eight exploration concessions locate d to the north and south of Fruta del Norte. As a result, the earn -in
agreement has been terminated. The Company is now assessing various options for some or all of these
concessions.

CORPORATE

The Company paid quarterly dividends of $0.10 per share for a total of $94.9 million during the year. With the
release of its 2023 year -end results, the Company has declared a cash dividend of $0.10 per share which is
payable on March 25, 2024 (March 28, 2024 for shares trading on Nasdaq Stockholm) to shareholders of record
on March 8, 2024.

The Company’s second TCFD -aligned climate change report and seventh annual sustainability report were
published in May. Based on publicly available data from 152 gold mines that reported their Scopes 1 and 2
greenhouse gas emissions in 2021 and on Lundin Gold's 2022 emissions performance, the emissions intensity of
Fruta del Norte was among the lowest in the industry. The Company has set a target to be carbon neutral by
2030 with respect to its Scopes 1 and 2 emissions based on its current life of mine plan.

A number of changes to the Company’s directors too k place in 2023. At the Company’s annual shareholders’
meeting on May 15, 2023, Ms. Angelina Mehta was elected as a director, replacing Ms. Chantal Gosselin who
did not stand for re-election. Furthermore, upon the acquisition of the Company’s largest shareholder, Newcrest
Mining Limited (“Newcrest”) , by Newmont Corporation (“Newmont”) on November 6, 2023 , the Company
appointed two new directors to the Board as Newmont nominees: Ms. Melissa Harmon and Mr. Scott Langley.
Mr. Craig Jones and Ms. Jill Terry, the former Newcrest nominees, resigned from the Board on the same day.

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The Company also announced several changes to the Company’s officers during the year including the
appointment of Mr. Christopher Kololian as Chief Financial Officer, shortly after the retirement of Mr. Alessandro
Bitelli, and Mr. Terry Smith as Chief Operating Officer. With the departure of Mr. Nathan Monash, Vice President,
Sustainability, Ms. Sheila Colman took on the role of Vice President, Legal and Sustainability and Corporate
Secretary, while Ms. Iliana Rodriguez, Vice President, Human Resources, departed the Company early in the first
quarter.

Qualified Persons

The technical information relating to FDN contained in this News Release has been reviewed and approved by
Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a Qualified Person under NI 43-101. The disclosure
of exploration information contained in this press release was prepared by Andre Oliveira, P.Geo, Lundin Gold’s
V.P. Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101.

Webcast and Conference Call

The Company will host a conference call and webcast to discuss its results on Friday, February 23 at 7:00 a.m.
PT, 10:00 a.m. ET, 4:00 p.m. CET.

Conference Call Dial-In Numbers:

Participant Dial-In North America: +1 416-764-8659
Toll-Free Participant Dial-In North America: +1 888-664-6392
Participant Dial-In Sweden: 0200899189
Conference ID: Lundin Gold / 89101592

A link to the webcast will be available on the Company’s website, www.lundingold.com.

A replay of the conference call will be available two hours after its completion until February 28, 2024.

Toll Free North America Replay Number: +1 888-390-0541
International Replay Number: +1 416-764-8677
Replay passcode: 101592 #

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador and
a large exploration land package that hosts the Fruta del Norte deposit at its northern edge. Fruta del Norte is
among the highest-grade operating gold mines in the world.

The Company's board and management team have extensive expertise in mine operations and are dedicated to
operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with
international best practices. Lundin Gold is committed to delivering value to its shareholders, while
simultaneously providing economic and social benefits to impac ted communities, fostering a healthy and safe

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workplace and minimizing the environmental impact. The Company believes that the value created through the
development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.

Non-IFRS Measures

This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA,
adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, free cash flow, free cash flow per share,
and adjusted earnings, which are not measures recognized under IFRS and do not have a standardized meaning
prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not
be comparable to such measures as reported by other companies. These measures have been derived from the
Company's financial statements because the Company believes that they are of assistance in the understanding
of the results of operations and its financial position. Certain additional disclosures for these specified financial
measures have been incorporated by reference and can be found on page 16 of the Company's MD&A for the
year ended December 31, 2023 available on SEDAR+.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market
Abuse Regulation. This information was publicly communicated on February 22, 2024 at 4:00 p.m. Pacific Time
through the contact persons set out below.

For more information, please contact

Ron F. Hochstein Finlay Heppenstall
President and CEO Director, Investor Relations and Corporate Development
Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089
Tel (Canada): +1-604-806-3589 finlay.heppenstall@lundingold.com
ron.hochstein@lundingold.com

Caution Regarding Forward-Looking Information and Statements
Certain of the information and statements in this press release are considered “forward-looking information ” or “forward-looking
statements” as those terms are defined under Canadian securities laws (collectively referred to as “forward-looking statements”). Any
statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, “expects”, “is
expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and
phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur”
and similar expressions) are not statements of historical fact and may be forward -looking statements. By their nature, forward -looking
statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict , and are usually
beyond the control of management, that could cause actual results to be materially different from those expressed by these fo rward-
looking statements and information. Lundin Gold believes that the expectations reflected in this forward -looking information are
reasonable, but no assurance can be given that these expectations will prove to be correct. Forward -looking information should not be
unduly relied upon. This information speaks only as of the date of this press release, and the Compa ny will not necessarily update this
information, unless required to do so by securities laws.
This press release contains forward -looking information in several places, such as in statements relating to : the Company’s 2024
production outlook, including estimates of gold production, grades recoveries and AISC; operating plans and costs; cash flow forecasts
and financing obligations; the potential to exercise the buyback of the Stream Facility ; the Company’s estimated capital and sustaining
costs; completion of sustaining capital projects; benefits of the Company’s community programs; the Company’s declaration and payment
of dividends pursuant to its dividend policy; the ti ming and the success of its drill program at Fr uta del Norte and its other exploration
activities; estimates of Mineral Resources and Reserves at Fruta del Norte and plans to update the same ; and completion of the process
plant expansion project and benefits to be derived therefrom. There can be no assurance that such statements will prove to be accurate,
as Lundin Gold’s actual results and future events could differ materially from those anticipated in this forward -looking information as a
result of the factors discussed in the “Risk Factors” section in Lundin Gold’s Mangement’s Discussion and Analysis dated February 22, 2024
which is available at www.lundingold.com or on SEDAR+ at www.sedarplus.ca.

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Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from
any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include risks relating
to: instability in Ecuador ; community relations; 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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Q4 2023

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LUNDIN GOLD INC.
Management’s Discussion and Analysis
Year Ended December 31, 2023
(All dollar amounts are stated in U.S. dollars unless otherwise indicated. Tables are expressed in thousands of U.S.
dollars, except share and per share amounts)
1

INTRODUCTION

This Management’s Discussion and Analysis (“MD&A”) of Lundin Gold Inc. and its subsidiary companies (collectively,
“Lundin Gold” or the “Company”) provides a detailed analysis of the Company’s business and compares its financial
results for the year ended December 31, 2023 with those of the same period from the previous year.

This MD&A is dated as of February 22, 20 24 and should be read in conjunction with the Company’s audited
consolidated financial statements and related notes thereto for the fiscal years ended December 31, 2023 and 2022.
The audited consolidated financial statements have been prepared using accounting policies consistent with
International Financial Reporting Standards as issued by the International Accounting Standards Board (“ IFRS
Accounting Standards” or “IFRS”). References to the “2023 Year” and “2022 Year” relate to the years ended December
31, 2023 and December 31, 2022, respectively.

Other continuous disclosure documents, including the Company’s news releases, quarterly and annual reports and
annual information form , are available through its filings with the securities regulatory authorities in Canada at
www.sedarplus.ca
.

Lundin Gold, headquartered in Vancouver, Canada, owns 28 metallic mineral concessions and three construction
material concessions covering an area of approximately 64,454 hectares in southeast Ecuador, including the Fruta del
Norte gold mine (“Fruta del Norte” or “FDN”). Fruta del Norte is comprised of seven concessions covering an area of
approximately 5,566 hectares and is located approximately 140 km east-northeast of the City of Loja. Fruta del Norte
is one of the highest-grade gold mines in production in the world today.

The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte
responsibly and pursuing growth. The Company operates with transparency and in accordance with international best
practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic
and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental
impact. The Company believes that the value created through the operations of Fruta del Norte will continue to benefit
its shareholders, the Government and the citizens of Ecuador.

HIGHLIGHTS

Fruta del Norte generated $519 million of cash from operating activities in 2023. From this, free cash flow
1 of $263
million was generated, net of a one-time interest and finance charge payment of $129 million from the full repayment
of the gold prepay facility (the “Gold Prepay Facility”) during the first quarter . The senior debt facility (the “Senior
Facility”) was then fully repaid during the fourth quarter , leaving the stream credit facility (the “Stream Facility”) as the
last remaining project finance facility outstanding as at December 31, 2023.

Improving on the previous year’s performance, the Company achieved annual production of 481,274 ounces (“oz”) in
2023, which is in line with the high end of the Company’s upwardly revised 2023 guidance range of 450,000 to 485,000
oz (original guidance of 425,000 to 475,000 oz). The increase in production was the result of higher throughput offset
by slightly lower grade and recoveries. The Company achieved annual sales of 474,365 oz . From this, revenues and
adjusted earnings 1 of $903 million and $204 million, respectively, were realized with cash operating cost 1 and all-in
sustaining costs (“ AISC”)1 of $697 and $860 per oz sold, respectively, both in line with the Company’s revised 2023
guidance.

Exploration activities ramped up during 2023 with approximately 55,000 metres drilled across the conversion, near -
mine, and regional programs , which represents the largest drill program to date in the district since FDN’s discovery.
Conversion drilling results will form the basis of an updated Mineral Resources and Reserves estimate to be completed
near the end of the first quarter of 2024. At the near -mine program, exploration activities have identified a new
epithermal system at Bonza Sur, which is located one kilometre south of the FDN deposit . In addition, the Company
continued to identify important indicators in the regional program that point toward the presence of buried epithermal
deposits in the southern basin.

1 Refer to “Non-IFRS Measures” section in this MD&A.

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

The following two tables provide an overview of key operating and financial results achieved during 2023 compared to
the same periods in 2022.

Three months ended
December 31,
Year ended
December 31,
2023 2022 2023 2022
Tonnes ore mined 405,705 365,250 1,635,550 1,492,230
Tonnes ore milled 427,743 420,838 1,654,520 1,559,178
Average mill head grade (g/t) 8.2 10.0 10.2 10.6
Average recovery 88.1% 89.6% 88.4% 89.5%
Average mill throughput (tpd) 4,649 4,574 4,533 4,272
Gold ounces produced 99,310 121,139 481,274 476,329
Gold ounces sold 98,005 119,890 474,365 470,103

Three months ended
December 31,
Year ended
December 31,
2023 2022 2023 2022
Revenues ($’000) 190,688 210,961 902,518 815,666
Average realized gold price ($/oz sold)1 2,021 1,814 1,958 1,789
Income from mining operations ($’000) 78,051 92,095 435,180 369,754
Earnings before interest, taxes,
depreciation, and amortization ($’000)1

67,274

141,274

493,976

543,660
Adjusted earnings before interest, taxes,
depreciation, and amortization ($’000)1

95,908

112,057

526,045

467,343
Net income (loss) ($’000) 11,062 (68,259) 179,457 73,558
Basic income (loss) per share ($) 0.05 (0.29) 0.76 0.31
Cash provided by operating activities ($’000) 92,574 133,390 519,395 426,145
Free cash flow ($’000)1 62,330 91,179 263,473 269,435
Cash operating cost ($/oz sold)1 832 713 697 671
All-in sustaining costs ($/oz sold)1 1,062 865 860 805
Free cash flow per share ($)1 0.26 0.39 1.11 1.15
Adjusted net earnings ($‘000)1 33,236 33,584 204,310 125,003
Adjusted net earnings per share ($)1 0.14 0.14 0.86 0.53
Dividends paid ($‘000) 23,782 - 94,914 47,033
Dividends paid per share ($) 0.10 - 0.40 0.20

1 Refer to “Non-IFRS Measures” section in this MD&A.

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

The difference between net income and adjusted earnings1 for the fourth quarter and the 2023 Year is due to non-cash
derivative losses of $28.6 million and $32.1 million, respectively, and related taxes associated with fair value accounting
of the Stream Facility. In 2022, this was also affected by a one-time finance charge accrual of $128 million associated
with the early repayment of the Gold Prepay Facility . The non-cash derivative loss is driven by numerous factors
including expected production profile, anticipated forward gold and silver prices, and yields. Non-cash derivative gains
(or losses) associated with decreased (or increased) short-term production and anticipated decreasing (or increasing)
forward gold and silver prices are recorded in the statement of operations, while non- cash derivative gains (or losses)
associated with increasing (or decreasing) yields are recorded in the statement of other comprehensive income.

These non-cash gains or losses are derived from complex valuation modelling and accounting treatment which are
explained in more detail later in this MD&A. Revaluation of these obligations has and will continue to result in
considerable period-to-period volatility in the Company’s net income, comprehensive income, current and long-term
liabilities and do not necessarily reflect the amounts that will be repaid when the obligations become due.

Year ended December 31, 2023
• Gold production was 481,274 oz, comprised of 310,831 oz in concentrate and 170,443 oz as doré.
• A total of 1,635,550 and 1,654,520 tonnes of ore were mined and processed, respectively. Ore inventory
management is the primary reason for the difference between ore mined and processed.
• The average grade of ore milled was 10.2 grams per tonne (g/t) with average recovery at 88.4%. Recoveries
were affected by processing of ore from sectors that contain higher levels of finely disseminated sulphide
minerals which impacted flotation recovery.
• The Company sold a total of 474,365 oz of gold, consisting of 306,005 oz in concentrate and 168,360 oz as
doré at an average realized gold price1 of $1,958 per oz sold for total revenues from gold sales of $929 million.
Net of treatment and refining charges, revenues for 2023 were $903 million.
• Cash operating costs1 and AISC1 for 2023 were $697 and $860 per oz of gold sold, respectively, which are in
line with the Company’s revised 2023 guidance.
• The Company generated cash from operating activities of $519 million and free cash flow1 of $263 million or
$1.11 per share resulting in a cash balance of $268 million at December 31, 2023.
• Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 were $494
million and $ 526 million, respectively, with the difference resulting from derivative losses recognized during
the year.
• Net income was $179 million including a derivative loss of $32.1 million, and net of corporate, exploration,
finance costs, and associated taxes. Adjusted earnings1, which exclude the derivative loss and related taxes,
were $204 million, or $0.86 per share.
• The Company filed an updated technical report for Fruta del Norte in accordance with National Instrument 43-
101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) on March 31, 2023, which added 1.58 million
ounces of gold to the original Mineral Reserve estimate, more than replacing mined Mineral Reserves since
the beginning of operations.
2

Fourth quarter of 2023
• Gold production was 99,310 oz, comprised of 65,298 oz in concentrate and 34,012 oz as doré.
• During the fourth quarter, 405,705 tonnes of ore were mined while the mill processed 427,743 tonnes of ore
at an average throughput of 4,649 tonnes per day (“tpd”).
• The average ore grade milled was 8.2 grams per tonne with average recovery at 88.1%. The lower ore grade
experienced during the quarter was expected based on the current mine plan.
• T he Company sold a total of 98,005 oz of gold, consisting of 65,223 oz in concentrate and 32,782 oz as doré
at an average realized gold price 1 of $2,021 per oz sold for total gross revenues from gold sales of $198
million. Net of treatment and refining charges, revenues for the quarter were $191 million.
• Cash operating costs1 and AISC1 were $832 and $1,062 per oz of gold sold, respectively. Both metrics were
impacted by a decrease in oz sold compared to previous quarters and, in particular, AISC1, was impacted by
the timing of sustaining capital expenditures incurred.
• Income from mining operations was $78.1 million and the Company generated free cash flow1 of $62.3 million
from operations, or $0.26 per share.

1 Refer to “Non-IFRS Measures” section in this MD&A.
2 Refer to the “Amended NI 43-101 Technical Report Fruta del Norte Mine Ecuador” filed on www.sedarplus.ca on
March 31, 2023.

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

• EBITDA 1 and net income were $67. 3 million and $1 1.1 million, respectively, while adjusted EBITDA 1 and
adjusted earnings1 were $95.9 million and $33.2 million, respectively. The derivative loss of $28.6 million has
been excluded in the calculations of adjusted EBITDA1 and adjusted earnings1.

Capital Expenditures

Sustaining Capital
• Total sustaining capital spent during the year was $47.9 million, of which $ 14.5 was spent during the fourth
quarter.
• The fourth raise of the tailings dam and underground mine maintenance facility were completed during the
fourth quarter. The new warehouse was completed during the second quarter.
• The 2023 conversion drilling program focused on the north-central and southern extensions of FDN with
approximately 11,233 metres drilled across 79 holes.
o In the southern sector, 51 drill holes were completed and mostly intercepted the mineralized zones
associated with manganoan carbonate, chalcedony veins and sulphides.
o In the north-central sector, 28 drill holes were completed and positive assay results are associated
with zones of hydrothermal breccias along the downdip extension and the north limit of FDN.
o The geological and mineral resource model is nearly complete, and an updated Mineral Resources
and Reserves estimate is expected before the end of the first quarter of 2024.
• Other sustaining capital projects such as extending two underground levels to the south for the 2024
conversion drill program, implementing a mine dispatch system, upgrading the sewage treatment plants, and
other efficiency improvement projects were well-advanced in 2023 and are expected to be completed in 2024.

Process Plant Expansion Project
• The Process Plant Expansion Project is expected to deliver increased plant throughput to 5,000 tpd and
increased metallurgical recoveries of approximately 3% by the end of 2024 with upgrades to the concentrate
dewatering, new tailings and reclaim lines, the addition of three Jameson cells, and other ancillary works.
During the fourth quarter, expenditures of $0.9 million were incurred of the total estimated expansion project
capital estimate of $36.0 million.

Health, Safety and Community

Health and Safety
• During 2023, there were no Lost Time Incidents (“LTI”) and seven Medical Aid Incidents (“MAI”).
• FDN operations has had more than one year and over 7.6 million hours worked without a LTI as of December
31, 2023. Subsequent to the reporting period, FDN operations experienced an LTI on February 2, 2024.
• The Total Recordable Incident Rate across exploration and operations was 0.24 per 200,000 hours worked
during 2023.

Community
Various community projects supported by the Company progressed during the year including initiatives focused on
community health and education. Lundin Gold continued to support an innovative program which provides mental
health services to local community members. Education programs sponsored by the Company which improve local
student access to higher education continued to show success as a cohort of local students prepare to graduate from
university in the coming months, a significant milestone for the Los Encuentros Parish. The Company also launched a
complementary program designed to improve the quality of local education during the year.

Infrastructure investment continues to be a priority for Lundin Gold. In addition to the Company’s long-standing
commitment to support road maintenance, Lundin Gold co- funded with the Ministry of Education the rehabilitation of
the local school, which more than 1,300 children from the Los Encuentros Parish attend. Work on this project was
nearing completion at the end of the year.

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

Lundin Gold continued to support local businesses in conjunction with the Lundin Foundation, including women-led
businesses through the third series of the program “Soy Emprendadora”. Among the supported businesses, the local
textile manufacturer, fire extinguisher maintenance company, and pest control/fumigation company all increased their
business activities during the year with Lundin Gold as an anchor client. Efforts have continued to ensure that local
farmers retain access to local, national, and international markets. The Company also continued to engage with local
indigenous people, especially the Shuar Federation of Zamora Chinchipe, to jointly implement projects that promote
economic opportunities and the Shuar culture.

Following the election of new local authorities, the round table dialogue process restarted during the third quarter, with
high participation rates by local community members.

Exploration

Near-Mine Program
During the year, the Company completed a total of 35,305 metres across 68 holes from surface and underground, of
which approximately 13,372 metres across 31 holes were drilled in the fourth quarter. Drilling from underground
explored to the east and at depth of the FDN deposit, while drilling from surface continued to test along the extensions
of the controlling structures of the FDN deposit.

• The surface drilling program continues along the south extension of the East Fault, where Bonza Sur and the
FDN South (“FDNS”) targets were discovered. During the fourth quarter, 14 surface drill holes were
completed, mostly at Bonza Sur, where the drilling program continues to indicate continuity of mineralization.
Exploratory holes were also completed along the north and south extensions of the FDN deposit and at the
FDN East target.

o At Bonza Sur, located only one kilometre from FDN, seven surface drill holes were completed and
continue to expand the recently discovered epithermal system. Drilling continued to achieve multiple
positive intersections and has extended mineralization along north-south strike as well as at depth.
The mineralized zones are represented by veins/veinlets of quartz and minor chalcedony and
manganoan-carbonate associated with the occurrence of sulphides. The Bonza Sur mineralization
has already been identified for more than 1.1 kilometres along the north-south strike and for at least
500 metres along the downdip and remains open in all directions.

o
At FDNS, three surface drill holes were completed along the south extension which intercepted gold
mineralization with variable widths. This vein system remains open along the northeast-southwest
direction and at depth.

o The exploratory drilling program aimed to explore new sectors advanced on distinct targets near the
FDN deposit. At FDN East , one drill hole intercepted zones of hydrothermal alteration hosted on
volcanic rocks associated to gold mineraliz ation. In the north extension of the FDN deposit, three
exploratory holes were completed and intercepted large zones of hydrothermal alteration with narrow
intervals of gold mineralization.

• The underground drilling program continues to explore the continuity of the FDN deposit at depth and beyond
the major east and west faults. During the fourth quarter of 2023, a total of 17 drill holes were completed. At
depth, in the north sector of the FDN deposit, the drilling program confirmed hydrothermal alteration zones
and gold mineralization below the mineral envelope of FDN. In the southern sector, the drill holes intercepted
hydrothermal alteration zones represented by manganoan-carbonate veins/veinlets with sulfides and narrow
intervals of gold mineralization along the downdip extension. Furthermore, the drilling program continued to
explore the continuity of the FDN mineral envelope beyond the East fault and one drill hole intercepted narrow
zones of hydrothermal alteration with no significant gold mineralization.

Regional Program
The regional program continued to advance the identification of important indicators that point toward the presence of
buried epithermal deposits in the southern basin. The 2023 drilling program focused on distinct sectors along the
southeastern and southwestern borders of the Suarez basin and a total of 3, 120 metres across five drill holes were
completed in the fourth quarter resulting in 8,461 metres completed under the 2023 program across 12 drill holes.
Regional drilling focused on the Crisbel, Barbasco SE and Quebrada La Negra targets.

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

• At the Crisbel target, two drill holes were completed testing a geochemical soil anomaly (gold and epithermal
pathfinder elements such as Sb, As) along the southwest contact between the Suarez Border and the volcanic
sequence. Limited hydrothermal alteration was intercepted and no significant results were returned.

• At Barbasco SE, one drill hole was completed and tested the extension of the FDN East Fault along the
southeastern extension of the Suarez basin. Zones of hydrothermal alteration with illite-silica was intercepted,
suggesting the presence hydrothermal activity in this sector.

• At Quebrada La Negra, two drill holes tested a Au-As-Sb soil anomaly and silicified conglomerate outcrops.
The drilling intercepted zones of hydrothermal alteration represented by silica-illite-marcasite with associated
chalcedony veinlets, suggesting further follow up drilling is required in this sector. Results are pending.

Newcrest Earn-In Agreement

At the end of the fourth quarter, Newcrest Mining Limited (“Newcrest”), a subsidiary of Newmont Corporation
(“Newmont”), elected not to exercise its option to proceed to earn a 25% interest in Surnorte S.A., which holds eight
exploration concessions located to the north and south of Fruta del Norte. As a result, the earn-in agreement has been
terminated. The Company is now assessing various options for some or all of these concessions.

Corporate

• The Company paid quarterly dividends of $0.10 per share for a total of $94.9 million during the year.
• With the release of its 2023 year-end results, the Company has declared a cash dividend of $0.10 per share
which is payable on March 25, 2024 (March 28, 2024 for shares trading on Nasdaq Stockholm) to shareholders
of record on March 8, 2024.
• The Company’s second TCFD -aligned climate change report and seventh annual sustainability report were
published in May. Based on publicly available data from 152 gold mines that reported their Scopes 1 and 2
greenhouse gas emissions in 2021 and on Lundin Gold's 2022 emissions performance, the emissions intensity
of Fruta del Norte was among the lowest in the industry. The Company has set a target to be carbon neutral
by 2030 with respect to its Scopes 1 and 2 emissions based on its current life of mine plan.
• A number of changes to the Company’s directors and officers took place in 2023:
o Upon the acquisition of the Company’s largest shareholder, Newcrest, by Newmont, on November
6, 2023, the Company appointed two new directors to the Board as Newmont nominees: Ms. Melissa
Harmon and Mr. Scott Langley. Mr. Craig Jones and Ms. Jill Terry, t he former Newcrest nominees,
resigned from the Board on the same day.
o At the Company’s annual shareholders’ meeting on May 15, 2023, Ms. Angelina Mehta was elected
as a director, replacing Ms. Chantal Gosselin who did not stand for re-election.
o The Company announced the appointment of Mr. Christopher Kololian as Chief Financial Officer
shortly after the retirement of Mr. Alessandro Bitelli, Executive Vice President and Chief Financial
Officer.
o Mr. Terry Smith was appointed as Chief Operating Officer and with the departure of Mr. Nathan
Monash, Vice President, Sustainability, Ms. Sheila Colman took on the role of Vice President, Legal
and Sustainability and Corporate Secretary.
o Ms. Iliana Rodriguez , Vice President, Human Resources, departed the Company early in the first
quarter.

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

SELECTED ANNUAL FINANCIAL INFORMATION

(Expressed in thousands of U.S. dollars, except
share and per share amounts)
2023 2022 2021

Revenues $ 902,518 $ 815,666 $ 733,329

Income from mining operations 435,180 369,754 355,712

Derivative gain (loss) for the year (32,069) 76,317 (10,713)

Net income for the year 179,457 73,558 221,426

Basic income per share $ 0.76 $ 0.31 $ 0.95
Diluted income per share 0.75 0.31 0.94

Weighted-average number of common shares
outstanding
Basic 237,026,367 234,815,536 232,179,557
Diluted 239,151,461 236,704,760 234,576,889

Total assets $ 1,468,209 $ 1,668,865 $ 1,685,113

Long-term debt (current and long-term) 305,647 667,966 739,977

Working capital 346,859 194,804 217,221

Year ended December 31, 2023 compared to the year ended December 31, 2022

During 2023, net income of $179 million was generated compared to net income of $73.6 million during 2022 . The
increase in net income is principally attributable to the one -time effect in 2022 of the accrual of a finance charge of
$128 million from the full repayment of the Gold Prepay Facility.

Income from mining operations

Income from mining operations increased to $435 million during 2023 compared to $370 million in 2022. This increase
is primarily attributable to an increase in average realized gold price
1 from $1,789 to $1,958 per oz sold which increased
revenues from $816 million to $903 million, partially offset by a resulting increase in royalties as well as the additional
cost of an increase in tonnes mined and milled which was further impacted by a decrease in grade and recoveries.

Corporate administration

Corporate administration costs of $21.0 million were incurred during 2023 compared to $19.4 million during 2022. The
increase is mainly driven by payments made to certain long-serving employees upon the end of their employment with
the Company.

Exploration

Exploration costs were $23.7 million during 2023 compared to $15.5 million during 2022 with the increase being driven
by activities under the near-mine program which was only launched during the second half of 2022.

1 Refer to “Non-IFRS Measures” section in this MD&A.

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

Finance expense

Finance expense of $85.3 million was incurred during 2023 compared to $ 241 million during 2022. Finance expense
during 2022 includes interest incurred on the Senior Facility , Gold Prepay Facility, and Stream Facility ($30.0 million)
and finance charges under the Gold Prepay Facility and Stream Facility ($197 million), which were largely attributable
to the repayment of the Gold Prepay Facility. In comparison, the full repayment of the Gold Prepay Facility in January
2023 has resulted in a reduction in interest and finance charges combined with lower interest expense from the
declining balance and full repayment of the Senior Facility in November 2023.

Derivative gains or losses

Derivative gains and losses in the statement of operations and other comprehensive income are driven by the
Company’s debt obligations under the Stream Facility which are classified as financial liabilities at fair value. In 2022,
derivative gains and losses were also impacted by the fair value accounting of the Gold Prepay Facility. During 2023,
the Company made scheduled principal, interest, and finance charge repayments tota lling $79.9 million under the
Stream Facility, based on gold and silver prices at the time of repayment. This was offset by a non-cash increase of
this debt obligation of $35.3 million due to a change in its estimated fair value between December 31, 2022 and
December 31, 2023. This variation is recorded as derivative gains or losses, in the statement of operations and other
comprehensive income in the applicable period. The fair value calculated under the Company’s accounting policies is
based on numerous estimates noted below as of the balance sheet date and are, therefore, subjec t to further future
variations until the debt obligation is repaid by the Company.

Fair value is determined using Monte Carlo simulation models. The key inputs used by the Monte Carlo simulation
include gold and silver forward prices, the Company’s expectation about the gold and silver forward curves, gold and
silver volatility, risk -free rate of return, risk -adjusted discount rate, and production expectations. Relatively small
variations in some of these inputs can give rise to significant variations in the fair value of financial liabilities; hence, the
large derivative gains and losses recorded to date. The combined net impact of these factors is an increase in the fair
value of the Stream Facility as described more fully below, partially offsetting the decrease from the scheduled
repayments in the year. This also resulted in the recognition of a derivative loss on the Stream Facility in 2023.

• The value of future repayments under the Stream Facility is based on forward gold and silver price estimates
at time of repayment. Spot gold prices at December 31, 2023 were higher compared to December 31, 2022
and as a result, forward prices have followed suit. This has resulted in an increase in the estimated fair value
of the debt obligation at the current balance sheet date and the recognition of derivative losses in the
statement of operations during the 2023 Period. The opposite occurred during the 2022 Period. Fair values
at a point in time do not necessarily reflect the amounts that will actually be repaid when the obligation
becomes due in the future. While significant derivative gains or losses will continue to be recognized at each
reporting period, the potentially more significant impact of the same change in forward gold and silver prices
on the value of future production and revenue forecasts to be generated during the same periods when the
debt obligation will be repaid cannot be recognized because of the inherent uncertainty and risks associated
with actually realizing such production and sales.

• The timing of future gold and silver production impacts the fair value of the Stream Facility as short -term
production holds greater value than long-term production on a present value basis. Therefore, if gold
production is moved forward, the value of the Stream Facility will increase resulting in the recognition of
derivative losses in the statement of operations. The inverse occurs should production be moved later in the
mine life. The Company’s revised life of mine plan reflects an overall increase in short-term gold and silver
production, which resulted in a higher fair value of the Stream Facility and the recognition of a derivative loss
in the statement of operations.

• The discount rate used to determine the current fair value of future payments under the Stream Facility is
dependent not only on the Company’s own weighted average cost of capital, but also on market conditions.
These include inflation, interest rates, economic conditions, both local and industry specific, and other factors
outside of the Company’s control. The change in fair value due to a variation in the Company’s credit risk
must be recorded as a loss or gain in other comprehensive income (“OCI”) rather than in the statement of
operations.

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

Income taxes

Income tax expense of $106 million was recognized during 2023, which is comprised of current and deferred income
tax expenses of $76.9 million and $28.6 million, respectively, compared to $104 million during 2022. Income tax
expense during 2022 includes a one- time adjustment to deferred income taxes of $24.1 million relating to a revised
interpretation of the application of certain tax laws in Ecuador,

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 a rate of 12% of the estimated net income for tax purposes for the quarter. The employee portion of profit sharing
payable, calculated at a rate of 3% of net income for tax purposes, is considered an employee benefit and is included
in operating expenses.

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

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 over the past eight
quarters (unaudited).

2023 2023 2023 2023
Q4 Q3 Q2 Q1

Revenues $ 190,688 $ 211,172 $ 243,930 $ 256,728

Income from mining operations $ 78,051 $ 99,620 $ 124,801 $ 132,708

Derivative gain (loss) for the period $ (28,634) $ 11,678 $ 321 $ (15,434)

Net income for the period $ 11,062 $ 53,782 $ 63,148 $ 51,465

Basic income per share $ 0.05 $ 0.23 $ 0.27 $ 0.22
Diluted income per share $ 0.05 $ 0.22 $ 0.26 $ 0.22

Weighted-average number of common
shares outstanding
Basic 237,665,855 237,411,813 236,943,432 236,062,529
Diluted 239,745,358 239,583,745 239,190,085 238,123,015

Additions to property, plant and equipment $ 15,791 $ 15,744 $ 13,245 $ 4,384

Total assets $ 1,468,209 $ 1,516,866 $ 1,508,831 $ 1,467,040

Long-term debt (current and long-term) $ 305,647 $ 361,109 $ 396,588 $ 434,175

Working capital $ 346,859 $ 313,794 $ 268,095 $ 256,853

2022 2022 2022 2022
Q4 Q3 Q2 Q1

Revenues $ 210,961 $ 210,425 $ 177,808 $ 216,472

Income from mining operations $ 92,095 $ 83,930 $ 82,522 $ 111,207

Derivative gain (loss) for the period $ 29,217 $ 41,838 $ 39,986 $ (34,724)

Net income (loss) for the period $ (68,259) $ 62,673 $ 55,962 $ 23,182

Basic income (loss) per share $ (0.29) $ 0.27 $ 0.24 $ 0.10
Diluted income (loss) per share $ (0.29) $ 0.26 $ 0.24 $ 0.10

Weighted-average number of common
shares outstanding
Basic 235,332,039 235,165,784 234,933,975 233,809,773
Diluted 235,332,039 236,882,976 236,847,992 235,774,444

Additions to property, plant and equipment $ 15,253 $ 15,178 $ 14,532 $ 9,184

Total assets $ 1,668,865 $ 1,634,590 $ 1,664,030 $ 1,735,223

Long-term debt (current and long-term) $ 667,966 $ 589,919 $ 645,724 $ 752,482

Working capital $ 194,804 $ 253,673 $ 253,921 $ 273,680

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

Three months ended December 31, 2023 compared to the three months ended December 31, 2022

During the fourth quarter of 2023, the Company generated net income of $11.1 million compared to a net loss of $68.3
million during the same quarter in 2022. The loss during the fourth quarter of 2022 is principally attributable to the
accrual of a finance charge of $128 million due to the early repayment of the Gold Prepay Facility and deferred income
tax adjustment described above.

Income from mining operations

The Company generated revenues of $191 million from the sale of 98,005 oz of gold and income from mining operations
of $78.1 million. This compares to revenues of $211 million from the sale of 119,890 oz of gold and income from mining
operations of $92.1 million in the same quarter in 2022. The decrease is primarily attributable to a decrease in oz
produced and sold as the increase in mill throughput was offset by a decrease in grade and recoveries.

Corporate administration

Corporate administration costs decreased from $4.9 million during the fourth quarter of 2022 to $4.5 million during the
fourth quarter of 2023 which is mainly due to a decrease in stock -based compensation expense. It should be noted
that stock-based compensation is a non-cash cost which reflects the revaluation and amortization of the estimated fair
value of equity compensation such as share options and units over their vesting period. The fair value of equity awards
is calculated using complex economic models which rely heavily on the Company’s share price, the performance of its
peer group, and historical share price volatility. The actual future value to the holders of equity awards may differ
materially from these estimates as it depends on the trading price of the Company’s shares if and when they are
exercised and vesting of some of the equity awards is performance based. In addition, as the granting of equity awards
and their vesting is at the discretion of the Board, the related expense is unlikely to be uniform across quarters or
financial years.

Exploration expense

Exploration costs were $8.4 million in the fourth quarter of 2023 compared to $4.9 million during the fourth quarter of
2022. The increase is mainly due to increased drilling at the near-mine program where approximately 13,400 metres
were drilled during the fourth quarter of 2023 compared to 4,700 metres during the same period in 2022.

Finance expense

Finance expense decreased to $20.9 million during the quarter compared to $1 61 million during the same period in
2022. Finance expense during the fourth quarter of 2022 was impacted by the full repayment of the G old Prepay
Facility (refer to the same caption under “Year ended December 31, 2023 compared to the year ended December 31,
2022” earlier in the MD&A for a full description of this expense).

Derivative gain

A derivative loss of $28.6 million was recorded during the fourth quarter of 2023 compared to a derivative gain of $29.2
million in the fourth quarter of 2022 (refer to the same caption under “Year ended December 31, 2023 compared to the
year ended December 31, 2022” earlier in the MD&A for an explanation derivative gains and losses).

Income taxes

Income tax expense decreased from $18.3 million during the fourth quarter of 2022 to $8.5 million during the fourth
quarter of 2023. The decrease is due to one-time adjustment s in 2022 for deferred income taxes of $24.1 million as
described above which was offset by the tax effect of the accrual of the finance charge for the full repayment of the
Gold Prepay Facility.

LIQUIDITY AND CAPITAL RESOURCES

As at December 31, 2023 , the Company had cash of $268 million and a working capital balance of $347 million
compared to cash of $363 million and a working capital balance of $195 million at December 31, 2022.

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

The change in cash during 2023 was primarily due to the full repayment of the Gold Prepay Facility of $208 million; full
repayment of the Senior Facility total ling $193 million, including interest; principal repayments, interest and finance
charges, including associated taxes, under the Stream Facility totalling $79.9 million; dividends of $ 94.9 million; and
cash outflows of $53.5 million relating to investing activities. This is offset by cash generated from operating activities
of $519 million, which is net of a $25 million voluntary advance income tax payment to the Government of Ecuador
during the fourth quarter that will reduce the Company’s corporate income tax payment due in April 2024, and proceeds
from the exercise of stock options and anti-dilution rights totalling $14.2 million.

The Stream Facility is the last remaining debt on the Company’s balance sheet following the full repayment of both the
Gold Prepay Facility and Senior Facility during 2023. The Company has the option to repay (i) 50% of the Stream
Facility outstanding on June 30, 2024 for $150 million and / or (ii) the other 50% outstanding on June 30, 2026 for $225
million.

Trade receivables

The majority of trade receivables represent the value of concentrate and doré sold as at period end for which the funds
are not yet received. Revenues and related trade receivables for concentrate sales are initially recorded at provisional
gold prices. Subsequent determination of final gold prices can range from one to four months after shipment depending
on the customer. For sales that are provisionally priced at period end, an estimate of the adjustment to the trade
receivable is calculated based on the expected month when the final gold price is forecast to be determined and the
related forward price of gold at the end of the reporting period. At December 31, 2023, this resulted in an estimated
increase of $7.8 million ($6.1 million at December 31, 2022) to trade receivables.

Consistent with industry standards, concentrate sales have relatively long payment terms and are not fully settled until
concentrate is received by the customer and related final assays confirmed, generally two to five months after the
export sale occurs.

VAT receivables

Subject to the submission of monthly claims and their acceptance by the applicable authorities, VAT paid in Ecuador
by the Company after January 1, 2018 is being refunded or applied, based on the level of export sales in any given
month, as a credit against other taxes payable. A portion of the VAT recoverable has been reclassified as current
assets based on the Company’s assessment of the estimated time fo r processing VAT claims during the next twelve
months.

Advanced royalties

Advanced royalties are deductible against future royalties on sales payable to the Government of Ecuador at a rate
equal to the lesser of 50% of the actual future royalties payable in a six -month period or 10% of the total advance
royalty payment. A portion of the advance royalty payment is classified as a current asset based on expected utilization
over the next twelve months.

Inventories

Gold inventory is recognized in the ore stockpiles and in-production inventory, comprised principally of concentrate and
doré at site or in transit to port or to the refinery, with a component of gold-in -circuit. Ore stockpile inventory has
decreased primarily due to lower grade and tonnage in the stockpiles compared to December 31, 2022. The high value
of material and supplies, comprised of consumables and spare parts, reflects the Company’s assessment of the
procurement cycles due to the remoteness of FDN and higher costs of materials and supplies on hand.

Investment activities

Investment activities during 2023 are comprised principally of sustaining capital expenditures for the fourth raise of the
tailings dam and other capital projects. In addition, preliminary costs were incurred relating to the plant upgrade project.

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

Liquidity and capital resources

The Company generated strong operating cash flow during 2023 and expects to continue to do so in 2024 and beyond
based on its production and AISC guidance . At current gold prices, this strong operating cash flow will continue to
support near mine and regional exploration, planned capital expenditures, further plant expansion, growth initiatives
and regular dividend payments under the approved dividend policy.

Monthly payments under the Stream Facility are based on 7.75% and 100% of gold and silver oz sold, respectively,
calculated at the current gold and silver prices at the end of each month, less $404 and $4.04 per oz (the “Base Prices”),
respectively. The Base Prices increase by 1% annually in February of each year. The increase in repayments under
the Stream Facility during 2023 compared to 2022 is driven by the increase in oz. sold and higher spot prices of gold
at time of repayment.

FINANCIAL INSTRUMENTS

The Company’s financial instruments include cash, cash equivalents and certain receivables, which are categorized as
financial assets at amortized cost, and accounts payable and accrued liabilities, which are categorized as financial
liabilities at amortized cost. The fair value of these financial instruments approximates their carrying values due to the
short-term nature of these instruments. In addition, the Stream Facility and offtake commitment have been classified
as financial liabilities at fair value. Further, provisionally priced trade receivables of $93.0 million (December 31, 2022
- $86.4 million) are measured at fair value using quoted forward market prices.

The Company’s financial instruments are exposed to a variety of financial risks by virtue of its activities.

Currency risk

Lundin Gold is a Canadian company , with foreign operations in Ecuador. Revenues generated and expenditures
incurred in Ecuador are primarily denominated in U.S. dollars , as are its loan facilities . However, equity capital, if
needed, is typically raised in Canadian dollars. As such, the Company is subject to risk due to fluctuations in the
exchange rates of foreign currencies. Although the Company does not enter into derivative financial instruments to
manage its exposure, the Company tries to manage this risk by maintaining most of its cash in U.S. dollars.

Credit risk

Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its
contractual obligations. The majority of the Company’s cash is held in large financial institutions with a high investment
grade rating. The Company is also subject to credit risk associated with its trade receivables. The Company manages
this risk by only selling to a small group of reputable customers with strong financial statements.

Concentration of credit risk

Cash and cash equivalents are held with high quality financial institutions. Substantially all of the Company’s cash and
cash equivalents held with financial institutions exceed government -insured limits. The Company has established a
treasury policy that seek s to minimize its credit risk by entering into transactions with investment grade creditworthy
and reputable financial institutions and by monitoring the credit standing of those financial institutions. The Company
seeks to limit the amount of exposure with any one counterparty in accordance with its established treasury policy.

Interest rate risk

The Company is subject to interest rate risk with respect to the fair value of long-term debt which are accounted for at
fair value through profit or loss.

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

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due. Cash flow
forecasting is performed regularly to monitor the Company’s liquidity requirements to ensure it has sufficient cash to
always meet its operational needs. In addition, management is actively involved in the review, planning and approval
of significant expenditures and commitments.

Commodity price risk

The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver. Commodity
price risks are affected by many factors that are outside the Company’s control including global or regional consumption
patterns, the supply of and demand for metals, speculative activities, the availability and costs of substitutes, inflation,
and political and economic conditions. The Company has not hedged the price of any commodity at this time.

The fair value of a portion of the Company’s trade receivables as well as the Stream Facility are impacted by fluctuations
of commodity prices.

COMMITMENTS

Significant capital expenditures contracted as at December 31, 2023 but not recognized as liabilities are as follows:

Capital
expenditures

2024 $ 15,016
2025 1,096
2026 -

Total $ 16,112

The Company’s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net
revenue royalty payable to third parties.

OFF-BALANCE SHEET ARRANGEMENTS

During the years ended December 31, 2023 and December 31, 2022 there were no off -balance sheet transactions.
The Company has not entered into any specialized financial arrangements to minimize its currency risk.

OUTSTANDING SHARE DATA

As at the date of this MD&A, there were 238,146,346 common shares issued and outstanding. There were also stock
options outstanding to purchase a total of 3,308,671 common shares, 562,852 restricted share units with a performance
criteria, 175,201 restricted share units, and 13,467 deferred share units.

OUTLOOK

Gold production at FDN in 2024 is projected to be between 450,000 to 500,000 oz based on an average throughput
rate of 4,500 tpd as previously announced. This is based on average recoveries of 89% and average head grade of
9.9 g/t, with variations expected during the year. The $36 million Process Plant Expansion Project to increase plant
throughput to 5,000 tpd by the end of 2024 and improve metallurgical recoveries with the addition of three Jameson
cells commenced during the fourth quarter of 2023. With the installation of the Jameson technology in late 2024, the
Company expects gold recoveries to improve by approximately 3%.

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

Cash operating costs 1 are estimated to average between $680 and $740 per oz of gold sold in 2024 and AISC1 is
expected to average between $820 and $890 per oz of gold sold, based on an assumed gold price of $1,900/oz and
silver price of $22.50/oz. Both cash operating costs1 and AISC1 will vary throughout the year. These cost estimates
are based on slightly higher unit costs compared to 2023 mainly due to increased royalties resulting from the increase
in assumed gold price.

Total sustaining capital in 2024 is expected to range between $35 to $45 million and will include conversion drilling,
preliminary works for future tailings storage facility (“ TSF”) expansion, implementation of a mine dispatch system,
upgrade of camp facilities, replacement of mobile equipment and a few projects that will be carried over from 2023,
such as upgrades to the wastewater treatment plants and upgrades to mine maintenance and administration facilities.

Based on the results of its 2023 conversion drilling program, the Company intends to release updated estimates of
Mineral Reserves and Resources for FDN near the end of the first quarter of 2024. Lundin Gold also expects to expand
its near-mine and regional exploration programs with a planned 56,000 metres of drilling in 2024 utilizing a minimum of
nine rigs. Approximately 46,000 metres of drilling is planned at the near -mine program with an estimated cost of $30
million. Underground drilling will continue exploring below the current FDN resource envelope, while surface drilling will
primarily focus on the FDNS and Bonza Sur targets, as well as other targets to the north and east of FDN. Five surface
rigs are currently drilling, two of them exploring Bonza Sur, two along the south and north extensions of FDN
respectively, and one at FDN East.

The regional program will focus on several exploration targets located in the 16 kilometre long Suarez Basin, with the
objective of identifying new epithermal systems. Approximately 10,000 metres of drilling is planned for the 2024 regional
program and is estimated to cost $12 million. The 2024 exploration drilling program is expected to be the largest ever
conducted on the land package hosting FDN.

The Company anticipates continuing to declare quarterly dividends of at least $0.10 per share, which is equivalent to
approximately $100 million annually, based on currently issued and outstanding shares.

1 Refer to “Non-IFRS Measures” section in this MD&A.

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

NON-IFRS MEASURES

This MD&A refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted
EBITDA, cash operating cost per oz sold, all-in sustaining cost, free cash flow, free cash flow per share, and adjusted
earnings, which are not recognized under IFRS 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
December 31,

Year ended
December 31,
2023 2022 2023 2022

Revenues $ 190,688 $ 210,961 $ 902,518 $ 815,666

Treatment and refining charges 10,101 8,995 39,206 34,947
Less: silver revenues (2,722) (2,461) (12,755) (9,481)

Gold sales $ 198,067 $ 217,495 $ 928,969 $ 841,132

Gold oz sold 98,005 119,890 474,365 470,103

Average realized gold price $ 2,021 $ 1,814 $ 1,958 $ 1,789

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
December 31,

Year ended
December 31,
2023 2022 2023 2022

Net income (loss) for the period $ 11,062 $ (68,259) $ 179,457 $ 73,558

Adjusted for:
Finance expense 20,933 160,630 85,269 240,799
Finance income (4,362) (2,862) (12,964) (5,088)
Income tax expense 8,532 18,327 105,581 103,716
Depletion and depreciation 31,109 33,438 136,633 130,675

EBITDA $ 67,274 $ 141,274 $ 493,976 $ 543,660

Derivative loss (gain) 28,634 (29,217) 32,069 (76,317)

Adjusted EBITDA $ 95,908 $ 112,057 $ 526,045 $ 467,343

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

Adjusted Earnings and adjusted basic earning 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 and ongoing operating activities of the Company. Presently, these include derivative
gains or losses, and related income tax effects, from accounting for the gold prepay and stream facilities at fair value ;
and for the fourth quarter of 2022 and the 2022 Year, they also include the accrued finance charge on early prepayment
of the gold prepay facility. 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
December 31,

Year ended
December 31,
2023 2022 2023 2022

Net income for the period $ 11,062 $ (68,259) $ 179,457 $ 73,558

Adjusted for:
Finance charge on early
prepayment of gold prepay

128,499

128,499
Derivative loss (gain) 28,634 (29,217) 32,069 (76,317)
Income tax expense (recovery)
relating to derivative loss (gain)

(6,460) 2,561 (7,216) (737)

Adjusted earnings $ 33,236 $ 33,584 $ 204,310 $ 125,003

Basic weighted average shares
outstanding

237,665,855

235,332,039

237,026,367

234,815,536

Adjusted basic earnings per share $ 0.14 $ 0.14 $ 0.86 $ 0.53

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
December 31,

Year ended
December 31,
2023 2022 2023 2022

Operating expenses $ 70,998 $ 74,461 $ 278,802 $ 268,816
Royalty expenses 10,534 11,004 51,934 46,458

Cash operating costs $ 81,532 $ 85,465 $ 330,736 $ 315,274

Gold oz sold 98,005 119,890 474,365 470,103

Cash operating cost per oz sold $ 832 $ 713 $ 697 $ 671

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.

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

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 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
December 31,

Year ended
December 31,
2023 2022 2023 2022

Cash operating costs $ 81,532 $ 85,465 $ 330,736 $ 315,274
Corporate social responsibility 572 480 2,260 1,727
Treatment and refining charges 10,101 8,995 39,206 34,947
Accretion of restoration provision 167 153 669 611
Sustaining capital 14,449 11,132 47,822 35,542
Less: silver revenues (2,722) (2,461) (12,755) (9,481)

All-in sustaining cost $ 104,099 $ 103,764 $ 407,938 $ 378,620

Gold oz sold 98,005 119,890 474,365 470,103

All-in sustaining cost per oz sold $ 1,062 $ 865 $ 860 $ 805

Free cash flow and free cash flow per share

Free cash flow is indicative of the Company’s ability to generate cash from operations after consideration for required
capital expenditures, including related VAT impact, necessary to maintain operations and interest and finance charge
paid on its debt obligations. Free cash flow is defined as cash flow provided by operating activities, less cash used for
investing activities and interest and finance charge paid.

Three months ended
December 31,

Year ended
December 31,
2023 2022 2023

2022

Net cash provided by operating
activities

92,574

133,390

519,395

426,145

Net cash used for investing activities (13,749) (15,481) (53,483) (60,068)
Interest paid (3,694) (7,188) (19,843) (27,875)
Finance charge paid (12,801) (19,542) (182,596) (68,767)

Free cash flow $ 62,330 $ 91,179 $ 263,473 $ 269,435

Basic weighted average shares
outstanding
237,665,855

235,332,039

237,026,367

234,815,536

Free cash flow per share $ 0.26 $ 0.39 $ 1.11 $ 1.15

CRITICAL ACCOUNTING ESTIMATES

The Company's material accounting policies are presented in Note 3 in the Notes to the audited consolidated financial
statements for the year ended December 31, 2023.

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

The preparation of consolidated financial statements requires management to make judgments, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, and expenses. The
estimates and associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and further periods if the review affects both current and future periods.

Significant assumptions about the future and other sources of estimation uncertainty that management has made at
the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts
of assets and liabilities in the event that the actual results differ from assumptions made, relate to, but are not limited
to, the following:

Mineral reserves and resources

The Company estimates its mineral reserves and resources based on information compiled and reviewed by qualified
persons as defined in accordance with NI 43-101 requirements. The estimation of mineral reserves and resources
requires judgment to interpret geological data and metallurgical testing, design of appropriate mining methods, recovery
methods and establishment of a life of mine production schedule. The estimation of recoverable reserves is also based
on assumptions such as capital costs, operating costs and metal pricing. New geological data or changes in the above
assumptions may change the economic viability of reserves and may, ultimately, result in the reserves being revised.
Changes in the reserve or resource estimates may impact the fair va lue of financial instruments, the valuation of
property, plant and equipment and mineral properties, the depletion and depreciation of property, plant and equipment
and mineral properties, utilization of tax losses and decommissioning and site restoration provisions.

Fair value of financial instruments

The fair value of financial instruments that are not traded in an active market are determined using valuation techniques.
The Company uses its judgment to select a variety of methods and makes significant assumptions that are mainly
based on market conditions existing at initial recognition and at the end of each reporting period. Refer to Note 20 of
the audited consolidated financial statements for the year ended December 31, 2023 for further details on the methods
and assumptions utilized.

Assessment of impairment indicators

Management applies significant judgement in assessing whether indicators of impairment exist for a cash generating
unit which would necessitate impairment testing. Internal and external factors such as significant changes in the use
of the asset, commodity prices, foreign exchange rates, capital and production forecasts, mineral reserve and resource
quantities, and discount rates are used by management in determining whether there are any indicators. As at
December 31, 2023 , management did not identify any impairment indicators on the Company’s mineral properties,
property, plant and equipment.

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

Deferred taxes

Deferred tax provisions are calculated by the Company while the actual amounts of income tax expense are not final
until tax returns are filed and accepted by the relevant authorities. Judgment is required in assessing whether deferred
tax assets and certain deferred tax liabilities are recognized on the balance sheet , in interpreting applicable tax laws,
and what tax rate is expected to be applied in the year when the related temporary differences reverse. Deferred tax
liabilities arising from temporary differences are recognized unless the reversal of the temporary differences is not
expected to occur in the foreseeable future and can be controlled. Assumptions about the generation of future taxable
profits and repatriation of retained earnings depend on management’s estimates of future production and sales
volumes, gold p rices, reserves and resources, operating costs, decommissioning and restoration costs, capital
expenditures, dividends and other capital management transactions. These estimates and judgments are subject to
risk and uncertainty and could result in an adjustment to the deferred tax provision and a corresponding credit or charge
to profit.

Decommissioning and site restoration provisions

The Company has obligations for site restoration and decommissioning related to Fruta del Norte. The future
obligations for decommissioning and site restoration activities are estimated by the Company using mine closure plans
or other similar studies whic h outline the requirements that will be carried out to meet the obligations. The provision
for decommissioning and site restoration is remeasured at the end of each reporting period for changes in estimates
or circumstances. Changes in estimates or circumstances include changes in legal or regulatory requirements,
increased obligations arising from additional mining and exploration activities, changes to cost estimates, and changes
to risk-free interest rates.

QUALIFIED PERSON

The technical information relating to Fruta del Norte contained in this MD&A has been reviewed and approved by Ron
Hochstein P. Eng, Lundin Gold’s President & CEO who is a Qualified Person under NI 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 three months ended March 31, 2024 is expected to be published on or about May 8, 2024.

DISCLOSURE CONTROLS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING

Disclosure controls and procedures

Disclosure controls and procedures are designed 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 record ed, processed, summarized and reported within the time periods specified in the securities
legislation and include controls and procedures designed to ensure that information required to be disclosed by the
Company in its annual filings, interim filings or other reports filed or submitted under securities legislation is accumulated
and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer,
as appropriate to allow timely decisions regarding required disclosure.

Management, including the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the
design and operation of the Company’s disclosure controls and procedures. As of December 31, 2023 , the Chief
Executive Officer and Chief Financial Officer have each concluded that the Company’s disclosure controls and
procedures, as defined in NI 52-109 - Certification of Disclosure in Issuer’s Annual and Interim Filings, are effective to
achieve the purpose for which they have been designed.

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

Internal controls over financial reporting

Internal controls over financial reporting are designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements in accordance with IFRS Accounting Standards .
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.

The Company’s internal controls over financial reporting include policies and procedures that: pertain to the
maintenance of records that, in reasonable detail accurately and fairly reflect the transactions and disposition of assets;
provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial
statements in accordance with IFRS Accounting Standards and that receipts and expenditures are being made only in
accordance with authorization of management and dire ctors of the Company; and provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a
material effect on the financial statements.

Management, including the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the
design and operation of the Company’s internal controls over financial reporting. As of December 31, 2023, the Chief
Executive Officer and Chief Financial Officer have each concluded that the Company’s internal controls over financial
reporting, as defined in NI 52- 109 - Certification of Disclosure in Issuer’s Annual and Interim Filings, are effective to
achieve the purpose for which they have been designed.

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.

RISK FACTORS

There are a number of factors that could negatively affect Lundin Gold’s business and the value of its common shares,
including the factors listed below. The following information pertains to the outlook and conditions currently known to
Lundin Gold that could have a material impact on the financial condition of the Company. Other factors may arise that
are not currently foreseen by management of Lundin Gold that may present additional risks in the future. Current and
prospective security holders of Lundin Gold should carefully consider these risk factors.

Instability in Ecuador

The Company is subject to certain risks and possible political and economic instability specific to Ecuador, arising from
change of government, political unrest, labour disputes, invalidation of government orders, permits or property rights,
legal proceedings and referendums seeking to suspend mining activities, unsupportive local and regional governments,
risk of corruption, military repression, war, civil disturbances, criminal and terrorist acts, hostage taking, changes in
laws, expropriation, nationaliz ation, renegotiation or nullification of existing concessions, agreements, licenses or
permits and changes to monetary or taxation policies. The occurrence of any of these risks may adversely affect the
mining industry, mineral exploration and mining activities generally or the Company specifically and could result in the
impairment or loss of mineral concessions or other mineral rights.

Shifts in political attitudes or changes in laws that may result in, among other things, significant changes to mining laws
or any laws, regulations or policies are beyond the control of Lundin Gold and may adversely affect its business. The
Company faces the risk that governments or courts may adopt substantially different policies or interpretation of laws,
which might extend to the expropriation of assets or increased government participation in the mining sector. In addition,
changes in resource development or investment policies, increases in taxation rates or changes to tax regulations,
higher mining fees and royalty payments, revocation or cancellation of mining concession rights or shifts in political
attitudes in Ecuador may adversely affect Lundin Gold’s business.

Ecuador is experiencing a period of instability. In 2023, former President Guillermo Lasso did not complete his term
due to the triggering of “muerte cruzada”, a constitutional mechanism whereby the Presidency and the National
Assembly was dissolved, and elections were held. A new National Assembly was elected and Daniel Noboa, from the

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

National Democratic Action (ADN) party, was elected to assume the presidency in November 2023 for a period of 18
months, being the balance of Former President Lasso’s term. It is uncertain if President Noboa’s presidency will bring
stability to the countr y given a variety of challenges including, but not limited to, lack of majority in the National
Assembly, the significant national debt, the security situation, the condition of the economy and the brevity of President
Noboa’s term. The instability present in Ecuador, and overall risks associated with foreign operations, may impact the
Company’s operations and financial results. In addition, this instability could impact the Company’s ability to obtain
financing in the future or to obtain such financing on terms favourable to the Company. This may, in turn, impact the
Company’s ability to execute on further acquisitions, developments or exploration if financing is required.

Exploration, development or operations may also be affected to varying degrees by government regulations with
respect to, but not limited to, restrictions on future exploration, development and production, price controls, export
controls, income taxes, labour and immigration, and by delays in obtaining or the inability to obtain necessary permits,
opposition to mining from environmental and other non-governmental organizations, limitations on foreign ownership,
expropriation of property, ownership of assets, environmental legislation, labour relations, limitations on repatriation of
income and return of capital, high rates of inflation, increased financing costs and site safety. In addition, the legislative
uncertainty regarding the consultation process for environmental licenses may pose a risk for future permitting of
exploration activity near protected forests and the need to carry out consultation activities prior to the start of any
activities. These factors may affect both Lundin Gold’s ability to under take exploration and development activities in
respect of future properties in the manner contemplated, as well as its ability to continue to explore, develop and operate
those properties in which it has an interest or in respect of which it has obtained exploration and development rights to
date.

Community Relations

The Company’s relationships with communities near where it operates and other stakeholders are critical to ensure the
future success of Fruta del Norte and the exploration and development of the Company’s other concessions. The
Company’s mineral concessions, including Fruta del Norte, are located near rural communities, some of which contain
groups that have been opposed to mining activities from time to time in the past, which may affect the operations at
Fruta del Norte and its exploration and development activities on its other concessions in the short and long term. The
Company prioritizes sourcing goods and services locally, where possible. The Company’s local procurement activities
and employment, however, may not meet the expectations of local communities which may negatively impact
community relations. Furthermore, local communities may be influenced by external entities, groups or organizations
opposed to mining activities. In recent years, anti-mining nongovernmental organization (“NGO”) and indigenous group
activities in Ecuador have increased. These communities, NGOs and indigenous groups have taken such actions as
civil unrest, road closures, work stoppages and legal challenges. Such actions may have a material adverse effect on
Lundin Gold’s operations at Fruta del Norte and on its exploration activities and on its financial position, cash flow and
results of operations. While the Company is committed to operating in a socially responsible manner, there can be no
assurance that the Company’s efforts in this respect will mitigate this potential risk.

Forecasts Relating to Production and Costs

Lundin Gold provides estimates of future production (including production rate, gold grade and milling recovery
estimates) and future costs for Fruta del Norte, including cash operating cost, AISC , and capital cost estimates. No
assurance can be given that production-related and financial-related estimates will be achieved. Estimates are based
on, among other things: the accuracy of Mineral Reserve and Mineral Resource estimates and related infor mation,
analyses and interpretations (including with respec t to any updates or anticipated updates); the accuracy of
assumptions, including assumptions about Lundin Gold’s business and operations and that no significant event will
occur outside of normal course of business and operations and assumptions about comm odity prices (including the
price of gold); ore grades and recovery rates, ground conditions, metallurgical characteristics; the accuracy of estimated
rates and costs of mining and processing and mill availability; the completion of the mill expansion; and, the receipt and
maintenance of permits.

Failure to achieve production, gold grade, cash flow and capital and operating cost estimates could have an adverse
impact on the Company’s future cash flows, earnings, results of operations and financial condition. The Company’s
economic performance forecasts, including cash flow forecasts and costs, may be impacted by the production outlook.
Failure to meet production targets will have an adverse effect on cash flows, earnings and the Company’s overall
financial condition. Actual production rate, gold grade, milling recovery, cash flow and costs may vary from estimates
for a variety of reasons, including, among other things: varying estimates of grade, tonnage, dilution, metallurgical and
other characteristics; short -term operating factors relating to the Mineral Reserves, such as the need for sequential

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

development of ore bodies and the processing of new or different ore types or grades; changes in commodity prices
(primarily the price of gold); mine or equipment failures, risk and hazards associated with mining; natural phenomena,
such as extreme weather conditions, underground floods, earthquakes, ground control issues, rock bursts and cave-
ins; encountering unusual or unexpected geological conditions; shortages of principal supplies needed for mining and
milling operations, including explosives, fuels, chemical reagents, water, power, equipment parts and lubricants; plant
and equipment failure; and other risks which impact operations and financial performance outlined in these “Risk
Factors”.

Mining Operations

The Company’s operations can be subject to risks and hazards that are inherent in the mining industry, including, but
not limited to, unanticipated variations in grade and other geological problems, underground conditions, backfill quality
or availability, metallurgy, variability of ore types and other processing issues, critical equipment or process failure, the
lack of availability of input materials and equipment, disruption to power supply, geotechnical incidents such as falls of
ground underground, subsidence or landslides, accidents, labour force disruptions, supply chain/logistics disruptions,
force majeure events, unanticipated transportation disruptions or costs, consumable prices or availability and weather
conditions, any of which can materially and adversely affect, among other things, the safety of personnel, production
quantities and rates, costs and expenditures, and contractual obligations.

Consequently, there is a risk that Fruta del Norte may encounter problems or be subject to delays or suspensions
resulting from these operating risks which could occur and which may have material adverse consequences for Lundin
Gold, including its operating results, cash flow, and financial condition.

Security

The Company is exposed to various levels of safety and security risks which could result in injury or death, theft or
damage to property, work stoppages, or blockades of its mining operations. Recently, Ecuador has experienced periods
of heightened security risk. Risks and uncertainties include, but are not limited to, terrorism, hostage taking, extortion,
gang activities, military repression, labour unrest and war or civil unrest. Opposition to mining could arise and such
opposition may be violent. Resist ance or unrest in Ecuador could have a material adverse effect on the Company’s
operations, including supply chains and logistics, and profitability.

Non-Compliance with Laws and Regulations and Compliance Costs

Lundin Gold, its subsidiaries, its business and its operations are subject to various laws and regulations. The costs
associated with compliance with such laws and regulations may require significant cash and financial expenditure and
could pose operational challenges, which may have a material adverse effect on the Company or the operation of Fruta
del Norte.

There is a risk that the Company may fail to comply with a legal or regulatory requirement or interpretation, which may,
lead to the revocation of certain rights or to penalties or fees and in enforcement actions thereunder, including orders
issued by regulatory or judicial authorities causing operations to cease or be curtailed and may include corrective
measures requiring capital expenditures, installation of additional equipment, or remedial actions. In addition, the
Company may be required to compensate those suffering loss or damage arising from its non-compliant activities and
may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations and, in particular,
environmental laws. Failure to comply strictly with applicable laws, regulations and local practices relating to mineral
rights could result in loss, reduction or expropriation of entitlements. Any of the foregoing may have a material adverse
effect on the Company or the operation of Fruta del Norte.

Tax Changes in Ecuador

Tax regimes in Ecuador may be subject to differing interpretations and are subject to change without notice.
Increasingly, the fiscal condition of the country is driving the Government to focus on tax reforms. The Company’s
interpretation of tax law as applied to its transactions and activities may differ with that of the tax authorities, including
the introduction of new or modified taxes, and may be disputed, notwithstanding the economic stability provided to
Lundin Gold under its Exploitation Agreement and Investment Protection Agreement. As a result, the taxation applicable
to transactions and operations may be challenged or revised by the tax authorities, which could result in significant
additional taxes, penalties and/or interest and could impact the Company’s cash flow forecasts, operating costs and
AISC.

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

There is a risk that restrictions on the repatriation of earnings from Ecuador to foreign entities will be imposed in the
future and Lundin Gold has no control over withholding tax rates. In addition, there is a risk that laws and regulations
in Ecuador may result in a capital gains tax on profits derived from the sale of shares, ownership interests and other
rights, such as exploration rights, of companies with permanent establishments in the country. It is unknown at this time
what, if any, liability the Company or its subsidiaries may be subject to as a result of the application of this law. There
is a risk that the Company’s access to financing may be limited as a result of indirect taxation.

The Company’s operating subsidiary pays VAT on goods and services required for Fruta del Norte and is eligible to
receive a credit against future VAT payable. There is a risk that the tax authority in Ecuador may deny the Company’s
VAT claims or unduly de lay the processing of VAT refunds, which could have a material adverse effect on Lundin
Gold’s financial position or cash flow.

Waste Disposal/Tailings

The Company recognizes that tailings management is one of the most material environmental issues for mining
companies globally. Mining operations generate residual materials from mining and processing in the form of tailings
containing chemicals and metals. The tailings are stored in an engineered TSF and maintaining the integrity of the TSF
requires appropriate engineering design, quality construction, quality control, ongoing operating discipline with respect
to maintenance and monitoring, in addition to effective governance processes. The T SF may be subject to ground
movements, deteriorating ground conditions, or extraordinary weather events.

Although the Company conducts extensive maintenance and monitoring, engages external consultants and incurs
significant costs to maintain the TSF, unanticipated failures or damage as well as changes to laws and regulations may
occur that could cause injuries, production loss, environmental damage which may affect nearby communities, a loss
event in excess of insurance coverage, reputational damage, potential for a temporary shutdown of a portion or all of
the operations at Fruta del Norte, or other material ly adverse effects on the Company’s operations and financial
condition resulting in significant monetary losses, restrictions on operations and/or legal liability.

Additionally, Fruta del Norte relies on successive raises of the TSF in order meet tailings capacity requirements, the
schedule of which relies upon production estimates and other assumptions, and may, in the future, require a new
tailings location. The Co mpany’s ability to meet those obligations relies on a number of factors, which may include
financing, permitting, and identifying an appropriate location. The Company’s inability to do so may make potential
expansion of FDN not possible or not economically viable.

Government or Regulatory Approvals

Lundin Gold’s exploration and development activities and its operations depend on its ability to obtain, maintain or
renew various mineral rights, licenses, permits, authorizations and regulatory approvals (collectively, “Rights ” and
individually a “Right”) from various governmental and quasi -governmental authorities. Government work stoppages
may also impact the Company’s ability to obtain, maintain or renew certain Rights. Lundin Gold’s ability to obtain,
maintain or renew such Rights on acceptable terms and on a timely basis is subject to changes in regulations and
policies and to the discretion of the applicable governmental and quasi-governmental bodies. Lundin Gold may not be
able to obtain, maintain or renew its Rights or its Rights may not be obtainable on reasonable terms or on a timely
basis. It is possible that previously issued Rights may become suspended or revoked for a variety of reasons, including
through government or court action. A delay in obtaining any such Rights, the imposition of unfa vourable terms or
conditions on any Rights or the denial of any Right may have a material adverse effect on Lundin Gold’s business,
financial condition, results of operations and prospects and, in particular, the development and operations of Fruta del
Norte.

Environmental Compliance

All of Lundin Gold’s exploration, development and production activities are subject to extensive environmental
regulation. These regulations address, among other things, the emissions into the air, discharges into water,
management of waste, management of tailings, management and shipment of hazardous substances, protection of
natural resources, antiquities and endangered species and reclamation of lands disturbed by mining operations.

Some laws and regulations may impose penalties for environmental contamination, which could subject the Company
to liability for the conduct of others or for its own actions that followed all applicable laws at the time such actions were
taken. Environmental legislation is evolving in a manner that will result in stricter standards and enforcement, increased

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

fines and penalties for non-compliance, potential for a temporary shutdown of a portion or all of the operations at Fruta
del Norte until non-compliance is corrected, more stringent environmental assessments of proposed projects and mine
closure plans and a heightened degree of responsibility for companies and their officers, directors and employees. Any
future changes in environmental regulation could adversely affect the Company’s ability to conduct its operations.

The Company may need to address contamination at Fruta del Norte or its exploration properties in the future, either
for existing environmental conditions or for leaks or discharges that may arise from the Company’s ongoing operations
and activities or from those of third parties, such as contractors, artisanal miners or others accessing Lundin Gold’s
properties. Contamination from hazardous substances at any of Lundin Gold’s properties may subject it to material
liability for the investigation or remediation of contamination, as well as for claims seeking to recover for related property
damage, personal injury or damage to natural resources.

Gold Price

The Company’s earnings, cash flow, ability to pay dividends and financial condition are subject to risk due to fluctuations
in the market price of gold. Gold prices have historically fluctuated widely. The price of gold is affected by numerous
factors beyond Lundin Gold’s control, including levels of supply and demand, global or regional consumptive patterns,
level of investment activity, purchases or sales by government central banks, increased production due to new mine
developments and improved mining an d production methods, speculative activities related to the sale of metals,
availability and costs of investment substitutes, international economic and political conditions, interest rates, currency
values and inflation.

A dramatic decline in the gold price could cause Fruta del Norte’s operations to be uneconomic. Depending on the
price of gold, the Company’s cash flow may be insufficient to meet its operating needs, debt obligations and capital
expenditures, and as a res ult the Company could experience financial difficulties and may suspend payment of
dividends and some or all of mining activities or otherwise revise its mine plan and exploration and development plans.
In addition, there is a time lag between the shipment of gold and final pricing, and changes in pricing can impact the
Company’s revenue and working capital position. Any of these factors could result in a material adverse effect on the
Company’s results of operations and financial condition.

The estimation of economically viable identified Mineral Reserves requires certain assumptions, including gold price.
A revised estimate of identified Mineral Reserves due to a substantial decline in the gold price could result in the
decrease in the estimates of the Company’s Mineral Reserves, subsequent write downs and negative impact on mine
life.

Infrastructure

Mining operations, development and exploration activities depend, to one degree or another, on adequate
infrastructure. Reliable roads, bridges, ports and power sources are important elements of infrastructure, which affect
capital and operating costs. The lack of availability on acceptable terms or the delay in the availability of any one or
more of these items could prevent or delay or otherwise adversely impact the Company’s exploration, development or
operating activities. If adequate infrastructure is not available in a timely manner, there is a risk that (i) the operations
at Fruta del Norte will not achieve anticipated production, (ii) the operating and capital costs associated with Fruta del
Norte will be higher than anticipated, or (iii) the Company ’s exploration and development activities will be not carried
out as anticipated, or at all. Furthermore, unusual or infrequent weather phenomena, including those caused by climate
change, sabotage, community uprisings, NGO activities, government or other interference in the maintenance or
provision of necessary infrastructure could adversely affect the operations at Fruta del Norte, cash flow and Lundin
Gold’s financial position.

Dependence on Single Mine

The only material property interest of the Company is Fruta del Norte. Unless the Company acquires additional projects,
property interests or advances its exploration properties, any adverse developments affecting Fruta del Norte could
have a material adverse effect upon the Company and would materially and adversely affect the profitability, financial
performance and results of operations of the Company. While the Company may seek to acquire and develop additional
projects and mineral properties that are consistent with its business objectives, there can be no assurance that Lundin
Gold will be able to identify or develop suitable additional projects or mineral properties or, if it does identify suitable
opportunities, that it will have sufficient financial resources to acquire and develop such projects or properties or that
such projects or properties will be available on terms acceptable to the Company or at all.

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

Exploration and Development Risks

The Company has the rights to mineral concessions targeted for exploration in Ecuador, outside of Fruta del Norte.
The exploration for, and development of, new mineral deposits involves significant risks which, even with a combination
of careful evaluation, experience and knowledge, may not be eliminated. Few exploration properties are ultimately
developed into producing mines. Whether a mineral deposit will be commercially viable depends on a number of factors,
including but not limited to: the particular attributes of the deposit, such as quantity and quality of the minerals,
metallurgy and proximity to infrastructure and labour; mineral prices, which are highly cyclical; and government
regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of
minerals, legal proceedings and environmental protection. There is a risk that the exploration and development
expenditures made by Lundin Gold will not result in any new discoveries of other mineral occurrences or new estimates
of Mineral Resources or Mineral Reserves.

Control of Lundin Gold

As at the date hereof, Newmont and the Lundin Family Trust are control persons of Lundin Gold. As long as these
shareholders maintain their significant positions in Lundin Gold, they will have the ability to exercise influence with
respect to the affairs of Lundin Gold and significantly affect the outcome of matters upon which shareholders are entitled
to vote. In addition to being a control person of Lundin Gold, Newmont is also a secured lender of the Company, as
the Stream Facility lender. As such, Newmont has additional influence over Lundin Gold’s business.

As a result of the holdings in the Company of control persons, there is a risk that the Company’s securities are less
liquid and trade at a relative discount compared to circumstances where these persons did not have the ability to
influence or determine matters affecting Lundin Gold. Additionally, there is a risk that their significant interests in Lundin
Gold discourages transactions involving a change of control of Lundin Gold, including transactions in which an investor,
as a holder of the Company’s securities, would otherwise receive a premium for its Company’s securities over the then-
current market price.

Availability of Workforce and Labour Relations

The Company’s gold production and its exploration and development activities depend upon the efforts of Lundin Gold’s
employees and contractors. The Company competes with mining and other companies on a global basis to attract and
retain employees at all levels with appropriate technical skills and operating experience necessary to operate its mines.
The conduct of the Company’s operations is dependent on access to skilled labour. Access to skilled labour may prove
particularly challenging for Lundin Gold given the remote location of Fruta del Norte and local laws which impose
thresholds for the representation of certain groups of people on Lundin Gold’s workforce in Ecuador and the ability of
foreign skilled labour to obtain visas to work in Ecuador. Shortages of suitably qualified personnel could have a material
adverse effect on the Company’s business and results of operations.

Lundin Gold’s operations at Fruta del Norte depend upon the efforts of its employees, and the Company’s operations
would be adversely affected if it failed to maintain satisfactory labour relations. The Company’s labour force is not
unionized, and the intr oduction of a labour union could result in a disruption to production and/or higher costs and
reduced flexibility. In addition, relations between the Company and its employees may be affected by changes in labour
and employment laws. Changes in such legislation or in the relationship between the Company and its employees may
have a material adverse effect on the Company’s business, results of operations, financial condition or prospects.

Dividends

The Company commenced paying dividends on its common shares in 2022. Any payments of dividends on the
Company’s common shares will depend upon the financial requirements of the Company to finance future growth, the
financial condition of the Company, and other factors which the Board may consider appropriate in the circumstance.
There can be no assurance that Lundin Gold will continue to pay dividends in the future.

Information Systems and Cyber Security

The Company depends upon information systems and other digital technologies for controlling operations, processing
transactions and summarizing and reporting results of operations (“IT systems”). The secure processing, maintenance
and transmission of information is critical to the Company’s operations. These IT systems or those of Lundin Gold’s
suppliers could be subject to network disruptions caused by a variety of sources, including computer viruses, security

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

breaches and cyber -attacks, as well as disruptions resulting from incidents such as cable cuts, damage to physical
plants, natural disasters, terrorism, fire, power loss, vandalism and theft. The Company’s operations also depend on
the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-
emptive expenses to mitigate the risks of failures. Any of these and other events could result in IT system failures,
delays and/or increase in capital expenses. The failure of IT systems or a component of information systems could,
depending on the nature of any such failure, adversely impact the Company’s reputation and results of operations.

Cybersecurity risks have increased in recent years as a result of the proliferation of new technologies and the increased
sophistication of cyber-attacks and data security breaches, as well as due to international and domestic political factors
including geopolitical tensions, arm ed hostilities, war, civil unrest, sabotage and terrorism. Human error can also
contribute to a cyber incident, and cyber -attacks can be internal as well as external and occur at any point in the
Company’s supply chain. Although to date the Company has not experienced any material losses relating to cyber -
attacks or other information security breaches, there can be no assurance that the Company will not incur such losses
in the future. The Company’s risk and exposure to these matters cannot be fully mitigat ed because of, among other
things, the evolving nature of these threats. As a result, cyber security and the continued development and
enhancement of controls, processes and practices designed to protect systems, computers, software, data and
networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, the
Company may be required to expend additional resources to continue to modify or enhance protective measures or to
investigate and remediate any security vulnerabilities.

Mineral Reserve and Mineral Resource Estimates

Mineral Reserve and Mineral Resource figures are estimates, and there is a risk that any of the Mineral Resources and
Mineral Reserves identified at Fruta del Norte to date will not be realized. Until a deposit is actually mined and
processed, the quantity of Mineral Resources and Mineral Reserves and grades must be considered as estimates only.
In addition, the quantity of Mineral Resources and Mineral Reserves may vary depending on, among other things,
precious metal prices and operating costs. Any material change in quantity of Mineral Resources, Mineral Reserves or
percent extraction of those Mineral Reserves recoverable by underground mining techniques may affect the economic
viability of any project undertaken by Lundin Gold. In addition, there is a risk that metal recoveries during production do
not reach anticipated rates.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and there is a risk that
they will never be mined or processed profitably. Further, there is a risk that Inferred Mineral Resources may not ever
be converted to Proven or Probable Mineral Reserves as a result of continued exploration.

Fluctuations in gold prices and operating costs, results of drilling, metallurgical testing and preparation and the
evaluation of studies, reports and plans subsequent to the date of any estimate may require revision of such estimate.
Any material reductions in estimates of Mineral Reserves could have a material adverse effect on Lundin Gold’s results
of operations and financial condition.

Title Matters and Surface Rights and Access

There is a risk that title to the mining concessions, the surface rights and access rights comprising Fruta del Norte and
its related infrastructure or the concessions and access rights relating to Lundin Gold’s exploration concessions may
be deficient or subject to dispute. The procurement or enforcement of such rights can be costly and time consuming.
In areas where there are local populations or landowners, it may be necessary, as a practical matter, to negotiate or
enforce surface access. In addition, in circumstances where such access is denied, or no agreement can be reached,
Lundin Gold may need to rely on the assistance of local officials or the courts in such jurisdictions, which may delay or
impact exploration or mining activities as planned.

There is also a risk that the Company’s exploration, development and mining authorizations and surface rights may be
challenged or impugned. Finally, there is a risk that developing laws and movements respecting the acquisition of lands
and other rights of indigenous communities may alter the arrangements made by prior owners of the lands where Fruta
del Norte is located. Future laws and actions could have a material adverse effect on Lundin Gold’s operations at Fruta
del Norte or on its financial position, cash flow and results of operations.

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

Health and Safety

Exploration and mining development and operating activities represent inherent safety hazards and maintaining the
health and safety of the Company’s employees and contractors is of paramount importance to the Company. Health
and safety hazard assessments are carried out regularly throughout the lifecycle of the Company’s activities, and robust
policies, procedures and controls are in place. Notwithstanding continued efforts to adhere to the Company’s “zero
harm” policy, safety incidents may still occur. Sig nificant potential risks include, but are not limited to, surface or
underground fires, rock falls underground, geotechnical incidents, blasting accidents, vehicle accidents, unsafe road
conditions or events, fall from heights, contact with energized sourc es, and exposure to infectious or occupational
disease. Employees involved in activities in remote areas may also be exposed to attacks by individuals or violent
opposition by local communities that may place the employees at risk of harm. Any incident res ulting in serious injury
or death could result in litigation and/or regulatory action (including, but not limited to suspension of development
activities and/or fines and penalties), or otherwise adversely affect the Company’s reputation and ability to meet its
objectives.

Human Rights

The Company is committed to upholding and respecting the United Nations (“UN”) Declaration of Human Rights, the
UN Guiding Principles on Business and Human Rights, and to honouring our commitment as a signatory of the UN
Global Compact. Notwithstanding the Company’s efforts to conduct its activities in a manner consistent with those
principles, Lundin Gold may not be able to identify and assess all potential human rights impacts of its business. Any
potential human right abuses either internally or externally, such as through third party business relationships,
corruption, unequal tr eatment of ethnic minorities, gender discrimination, use of child labour, land use rights, supply
chain sourcing, could have a material adverse impact on the Company’s reputation, as well as present legal and
financial risks arising from failing to respect and/or reinforce human rights.

Employee Misconduct

The Company is reliant on the good character of its employees and is subject to the risk that employee misconduct
could occur. Although the Company takes precautions to prevent and detect employee misconduct, these precautions
may not be effective and the Company could be exposed to unknown and unmanaged risks or losses. The existence
of our Code of Business Conduct and Ethics, among other governance and compliance policies and processes, may
not prevent incidents of theft, dishonesty or other fraudulent behaviour nor can Lundin Gold guarantee compliance with
legal and regulatory requirements. Such misconduct could result in unknown and unmanaged damage or losses,
including regulatory sanctions and serious harm to the Company’s reputation. If material employee misconduct occurs,
Lundin Gold’s business, results of operations, financial condition and the value of its common shares could be adversely
affected.

Measures to Protect Biodiversity, Endangered Species and Critical Habitats

Ecuador is a country with a diverse and fragile ecosystem and the national government, regional governments,
indigenous groups and NGOs are vigilant in their protection of endangered species and critical habitats. The existence
or discovery of an endangered species or critical habitats at Fruta del Norte or any of its exploration concessions may
have a number of adverse consequences to the Company’s plans and operations. For instance, the presence of an
endangered species could require the Company to take a dditional measures to protect the species or to cease its
activities at Fruta del Norte temporarily or permanently, which would impact production from Fruta del Norte and would
have an adverse economic impact on the Company, which could be material. The ex istence or discovery of an
endangered species or critical habitat at Fruta del Norte or the Company’s exploration concessions could also ignite
NGO and local community opposition to the Company’s activities, which could impact its plans and operations and the
Company’s financial condition and global reputation.

Furthermore, despite the measures taken by the Company to preserve biodiversity which may be impacted by its
activities, there remains a risk that Lundin Gold may, directly or indirectly, harm the biodiversity in the areas that the
Company operates or with in the vicinity of the operations. As a result of heightened scrutiny from investors, any of
these events could result in liability for the Company and a loss of reputation which may lead to increased challenges
in developing and maintaining government and community relations, decreased investor confidence, and act as an
impediment to the Company’s overall ability to advance its projects, or to access financing in the future.

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

Global Economic Conditions

Global financial markets are experiencing extreme volitivity as a result increasing input cost, inflation, increased interest
rates, unprecedented government debts, including in Ecuador, the ongoing hostilities in Ukraine and Palestine and
sanctions imposed by nations on Russia and Belarus. Events in global financial markets, and the volatility of global
financial conditions, will continue to have an impact on the global economy. Many industries, including the mining
sector, are impacted by market conditions. Some of the key impacts of financial market turmoil include devaluations
and high volatility in global equity, commodity price volatility, foreign exchange risk and a lack of market liquidity.
Financial institutions and large corporations may be forced into bankruptcy or need to be rescued by government
authorities. Access to financing may also be negatively impacted by liquidity crises. These factors may impact the
Company’s ability to obtain equity or debt financing and, where available, to obtain such financing on terms favourable
to the Company.

Increased levels of volatility and market turmoil could have an adverse impact on the Company’s operations, planned
growth, profitability and the trading price of the Company’s common shares.

Shortages of Critical Resources

Disruptions in the supply of products or services required for the Company’s activities could adversely affect the
Company’s operations, financial condition and results of operations. This may be the result of industry-wide shortages
of certain goods or services, interruption in supplier operations or in transportation methods of certain goods,
interruptions in international logistics, the risk of failure of certain long -lead items or the failure to obtain necessary
permits for the supply of regulated goods . The Company’s costs may also be affected by the prices of commodities
and other inputs it consumes or uses in its operations. The prices and availability of such commodities and inputs are
influenced by supply and demand trends and logistics issues affecting the mining industry in general and other factors
outside the Company’s control. Increases in the price for materials consumed in the Company’s mining and production
activities could materially adversely affect the Company’s results of operations and financial condition.

Competition for New Projects

The mining industry is very competitive, particularly with respect to properties that produce, or are capable of producing,
gold, and in particular of a quality and concentration comparable to Fruta del Norte. As the Company faces significant
and increasing competition from a number of large established companies, some of which have greater financial and
technical resources than the Company, for a limited number of suitable acquisition opportunities, the Company may be
unable to acquire such mining propert ies which it desires on terms it considers acceptable. As a result, there can be
no assurance that the Company’s growth strategy will be successful and yield new Mineral Reserves to replace or
expand current Mineral Reserves or that the Company will be able to maintain production levels in the future.

Key Talent Recruitment and Retention

Recruiting and retaining qualified personnel is critical to Lundin Gold’s success. Lundin Gold is dependent on the
services of key executives, including its President and Chief Executive Officer, and other highly skilled and experienced
executives and personnel focused on managing Lundin Gold’s interests. The number of persons skilled in the financing,
development, operations and management of mining properties is limited and competition for such persons is intense.
The inability of Lundin Gold to successfully attract and retain highly skilled and experienced executives and personnel
could have a material adverse effect on Lundin Gold’s business, financial condition, and results of operations.

Market Price of the Company’s Common Shares

Securities of mineral companies have always experienced substantial volatility, often based on factors unrelated to the
financial performance or prospects of the companies involved. These factors include macroeconomic conditions in
North America and globally, and market perceptions of the attractiveness of particular industries or sectors. The price
of the Company’s common shares is also likely to be significantly affected by short-term changes in gold price, currency
exchange fluctuations, or its financial condition, dividend policy or results of operations and exploration activities on its
projects. Other factors unrelated to the performance of the Company that may have an effect on the price of the
Company’s common shares include: the extent of analyst coverage available to investors concerning the business of
the Company may be limited if investment banks with research capabilities do not follow the Company; lessening in
trading volume and general market interest in the C ompany’s common shares may affect an investor’s ability to trade
significant numbers of common shares; the size of the Company’s free float and whether it is included in market indices

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

may limit the ability of some institutions to invest in the Company’s common shares ; and the evaluation of the
Company’s performance and practices by third party rating agencies on environmental, social, and governance matters,
which may limit the ability of some institutions or other investors to invest in the Company’s common shares. If an active
market for the Company’s common shares does not continue, the liquidity of an investor’s investment may be limited,
and the price of the Company’s common shares may decline. If an active market does not exist, investors may lose
their entire investment in the Company. As a result of any of these factors, the market price of the Company’s common
shares at any given point in time may not accurately reflect the long-term value of the Company. Securities class-action
litigation often has been brought against companies following periods of volatility in the market price of their securities.
The Company may in the future be the target of similar litigation. Securities li tigation could result in substantial costs
and damages and divert management’s attention and resources.

Social Media and Reputation

As a result of the increased usage and the speed and global reach of social media and other web-based tools used to
generate, publish and discuss user-generated content and to connect with other users and organization of opposition,
companies today are at much greater risk of losing control over how they are perceived in the marketplace. Damage
to reputation can be the result of the actual or perceived occurrence of any number of events, and could include any
negative publicity (for example, with respect to handling of environmental matters or Lundin Gold’s dealings with
community groups), whether true or not. The Company places a great emphasis on protecting its image and reputation
but does not ultimately have direct control over how it is perceived by others. Reputation loss may lead to increased
challenges in developing and maintaining community relations, maintaining a positive relationship with government
authorities, decreased investor confidence and an impediment to the overall success of Fruta del Norte in Ecuador,
thereby having a material adverse impact on financial performance, cash flows and growth prospects.

Insurance and Uninsured Risks

Exploration, development and production operations on mineral properties involve numerous risks including, but not
limited to, unexpected or unusual geological operating conditions, rock bursts, cave- ins, fires, floods, landslides,
earthquakes and other environmental occurrences, risks relating to the transportation of employees or dangerous
goods to site, risks relating to the storage and shipment of precious metal concentrates or doré bars, and political and
social instability. Such occurrences could result in damage to mineral properties, damage to underground development,
damage to production or infrastructure facilities, personal injury or death, environmental damage to Lundin Gold’s
properties or the properties of others, delays in operations or the ability to undertake exploration and development,
monetary losses and possible legal liability. Should such liabilities arise, they could reduce or eliminate future
profitability and result in increasing costs and a decline in the value of the Company’s common shares.

Although Lundin Gold maintains insurance to protect against certain risks in such amounts as it considers reasonable
and commercially available, its insurance policies do not cover all the potential risks associated with a mining company’s
operations. The Company may also be unable to maintain insurance to cover these risks at economically feasible
premiums. Insurance coverage may not always be available or may not be adequate to cover any resulting liability.
Moreover, insurance against risks such as envir onmental pollution or other hazards as a result of exploration,
development and production may not be available to the Company on acceptable terms. Lundin Gold might also
become subject to liability for pollution or other hazards which it may not be insured against or which the Company may
elect not to insure against because of premium costs or other reasons.

Insurance limits currently in place may also not be sufficient to cover losses arising from insured events. Losses from
any of the above events may cause the Company to incur significant costs that could have a material adverse effect
upon its financial performance and results of operations.

Pandemics, Epidemics or Infectious Disease Outbreak

Disruptions caused by pandemics, epidemics or infectious disease outbreaks in locations where Lundin Gold operates
or globally could materially adversely affect the Company’s business, operations, financial results and forward-looking
expectations. Possib le impacts of pandemics, epidemics or infectious disease outbreaks may include mandated or
voluntary closures of operations, illness among the Company’s workforce, restricted mobility of personnel, interruptions
in the Company’s logistics and supply chain, delay at or closure of the Company’s refining and smelting service
providers and global travel restrictions, all of which could disrupt the Company’s operations and negatively impact its
financial performance of the value of its common shares. The ultimate economic viability of the Company’s business is

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impacted by its ability to operate Fruta del Norte and/or to maintain adequate liquidity through potential sources of
financing.

Disruptions related to pandemics, epidemics or infectious disease outbreaks could have the effect of heightening many
of the other risks outlined in these “Risk Factors”.

Climate Change

Changes in climate conditions could adversely affect Lundin Gold’s business and operations through the impact of (i)
more extreme temperatures, precipitation levels and other weather events; (ii) changes to laws and regulations related
to climate change; and (iii) changes in the price or availability of goods and services required in its business.

Physical risks related to climate change may include more extreme temperatures, precipitation levels and other weather
events. Extreme high or low temperatures could impact the operation of equipment and the safety of personnel at Fruta
del Norte, which could result in damage to equipment, injury to personnel and production disruptions. Increases in
precipitation levels or extreme weather events, such as severe storms or floods, which may be more probable and
more extreme due to climate change, may damage c ritical infrastructure such as public roads, bridges and ports,
negatively impact operations, disrupt production, lead to water management challenges, landslides or breach of
containment facilities. Significant capital investment may be required to address these occurrences and to adapt to
changes in average operating conditions caused by these changes to the climate.

Increased environmental regulation and/or the use of fiscal policy by regulators in response to concerns over climate
change and other environmental impacts, such as additional taxes levied on activities deemed harmful to the
environment, could have a material adverse effect on Lundin Gold’s financial condition or results of operations.

The impacts of climate change may lead to changes in the price and availability of goods and services required for
Fruta del Norte’s operations, which depend on the regular supply of consumables such as diesel, electricity, sodium
cyanide and other supplie s to operate efficiently. The Company’s operations also depend on service providers to
transport these consumables and other goods to Fruta del Norte and to transport doré and concentrate produced by
the Company to refiners and smelters, respectively. The effects of extreme weather described above and changes in
legislation and regulation on the Company’s suppliers and their industries may cause limited availability or higher price
for these goods and services, which could result in higher costs or production disruptions.

The Company recently committed to carbon neutrality with respect to its Scopes 1 and 2 emissions by 2030 based on
its current life of mine plan. While the Company is actively engaged in implementing decarbonization initiatives and
exploring offset opportunities, it is uncertain whether Lundin Gold will be able to achieve its goal of carbon neutrality.
As a result of heightened scrutiny from investors on climate change action, the inability of the Company to show
progress against this target could damage Lundin Gold’s emissions profile and its reputation, which may lead to
decreased investor confidence, devaluation of Lundin Gold as a potential target or counter party in corporate
transactions and be act an impediment to the Company’s overall ability to access financing in the future.

The Company regularly considers the potential risks of climate change to its operations. Despite these efforts, the
Company cannot be certain that it will have adequately assessed the risks of climate change on its business or that its
efforts to mitigate the risks of climate change will be adequate or effective.

Illegal Mining

Mining by illegal miners occurs on and near some of Lundin Gold’s mineral concessions in Ecuador. While the
Company monitors illegal mining activity and is required to report it when discovered, it relies on the various levels of
government to control and police illegal operations. Illegal mining activity has increased in Ecuador recently due to a
variety of factors, including a rise in poverty and unemployment, an increase in organized crime and the lack of effective
government action. The operations of illegal miners could interfere with Lundin Gold’s activities, which may result in
disputes and conflicts. These potential activities could cause damage and disruption to Fruta del Norte or the
Company’s other concessions, including road blockages, pollution, environmental damage or personal injury or death,
for which Lundin Gold could potentially be held responsible. In addition, the Company’s monitoring and reporting
activities may strain relations with local communities, some of the members of which engage in illegal mining. Illegal
mining can also result in a suspension of operations and could have a material adverse effect on Lundin Gold’s results
of operations or financial condition.

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Conflicts of Interest

Certain directors and officers of Lundin Gold are or may become associated with other mining and/or mineral
exploration and development companies, which may give rise to conflicts of interest. Directors who have a material
interest in any person who is a party to a material contract or a proposed material contract with the Company are
required, subject to certain exceptions, to disclose that interest and generally abstain from voting on any resolution to
approve such a contract. In addition, directors and officers are required to act honestly and in good faith with a view to
the best interests of the Company. Some of the directors and officers of the Company have either other full -time
employment or other business or time restrictions placed on them and, acc ordingly, the Company will not be the only
business enterprise of these directors and officers. Further, any failure of the directors or officers of the Company to
address these conflicts in an appropriate manner or to allocate opportunities that they become aware of to the Company
could have a material adverse effect on the Company’s business, financial condition, results of operations, cash flows
or prospects.

Ability to Maintain Obligations or Comply with Debt

Lundin Gold is subject to restrictive covenants under its Stream Facility. The Company’s debt is secured by a first
ranking charge over the assets of the o perating subsidiaries, by a pledge of the shares of the o perating subsidiaries,
by a limited recourse guaranty from Lundin Gold and guarantees of the operating subsidiaries. In addition, Lundin Gold
may from time to time enter into other arrangements to borrow money to fund its operations at Fruta del Norte, the
exploration and development activities on its other concessions or to acquire and develop other project s in the future,
and such arrangements may include covenants that have similar obligations or that restrict its business in some way.

Events may occur in the future, including events out of Lundin Gold's control, that could cause Lundin Gold to fail to
satisfy its obligations under the Stream Facility or other debt instruments that may arise. If Lundin Gold were to default
on its obligations under the Stream Facility or other secured debt instruments in the future, the lender(s) under such
debt instruments could enforce their security and seize Lundin Gold’s assets.

Violation of Anti-Bribery and Corruption Laws

The Company’s operations are governed by, and involve interactions with, many levels of government in numerous
countries. The Company is required to comply with anti -corruption and anti-bribery laws, including the Canadian and
Ecuadorian Criminal Codes, the Canadian Corruption of Foreign Public Officials Act and the U.S. Foreign Corrupt
Practices Act, as well as similar laws in Ecuador and other countries in which Lundin Gold conducts its business. In
recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties
under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti -corruption and
anti-bribery laws. Furthermore, a company may be found liable for violations not only by its employees, but also by its
contractors and third-party agents. Although Lundin Gold has adopted steps to mitigate such risks, such measures may
not always be effective in ensuring that the Company, its employees, contractors and third-party agents will comply
strictly with such laws. If the Company finds itself subject to an enforcement action or is found to be in violation of such
laws, this may result in significant penalties, fines and/or sanctions imposed on the Company resulting in a material
adverse effect on the Company’s reputation and results of its operations.

Internal Controls

Internal controls over financial reporting are procedures designed to provide reasonable assurance that transactions
are properly authorized, assets are safeguarded against unauthorized or improper use, and transactions are properly
recorded and reported. A control system, no matter how well designed and operated, can only provide reasonable, not
absolute, assurance with respect to the reliability of financial reporting and financial statement preparation.

Claims and Legal Proceedings

Lundin Gold may be subject to claims or legal proceedings in multiple jurisdictions covering a wide range of matters
that arise in the ordinary course of its current business or the Company’s previous business activities which could
materially adversely impact Lundin Gold.

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Reclamation Obligations

Reclamation requirements are designed to minimize long-term effects of mining exploitation and exploration
disturbance by requiring the operating company to control possible deleterious effluents and to re-establish to some
degree pre-disturbance landforms and vegetation. Lundin Gold is subject to such requirements in connection with its
activities at Fruta del Norte and may be liable for actions and activities and disturbances caused by artisanal and illegal
miners on the Company’s property. Any significant environmental issues that may arise, however, could lead to
increased reclamation expenditures and could have a material adverse impact on Lundin Gold’s financial resources.
Furthermore, environmental hazards may exist on the properties in which Lundin Gold holds interests which are
unknown to Lundin Gold at present and which have been caused by previous or existing owners or operators of the
properties.

There can also be no assurance that closure estimates prove to be accurate. The amounts recorded for reclamation
costs are estimates unique to a property based on estimates provided by independent consulting engineers and Lundin
Gold’s assessment of the anticipated timing of future reclamation and remediation work required to comply with existing
laws and regulations. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future
changes to environmental laws and regulations could affect the extent of reclamation and remediation work required to
be performed by Lundin Gold. Any such changes in future costs could materially impact the amounts charged to
operations for reclamation and remediation. Finally, the timing of the funding of such closure costs may be impacted
by changes in laws and regulations and adversely affect the financial condition of the Company.

FORWARD LOOKING STATEMENTS

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-
looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-
looking statements"). Any statements that express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by
words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending",
"intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "will", "should" "might", "will b e 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 press release, 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 relating to the Company’s
2024 production outlook, including estimates of gold production, grades recoveries and AISC; o perating plans and
costs; cash flow forecasts and financing obligations; the potential to exercise the buyback of the Stream Facility; the
Company’s estimated capital and sustaining costs; completion of sustaining capital projects; 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; estimates of Mineral Resources
and Reserves at Fruta del Norte and plans to update the same; and completion of the process plant expansion project
and benefits to be derived therefrom. There can be no assurance that such statements will prove to be accurate, as
Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking
information as a result of the factors discussed in the "Risk Factors" section.

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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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PricewaterhouseCoopers LLP
250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada, V6C 3S7
T: +1 604 806 7000, F: +1 604 806 7806, ca_vancouver_main_fax@pwc.com
PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
Independent auditor’s report
To the Shareholders of Lundin Gold Inc.
Our opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,
the financial position of Lundin Gold Inc. and its subsidiaries (together, the Company) as at December 31,
2023 and 2022, and its financial performance and its cash flows for the years then ended in accordance
with International Financial Reporting Standards as issued by the International Accounting Standards
Board (IFRS Accounting Standards).
What we have audited
The Company’s consolidated financial statements comprise:
 the consolidated statements of financial position as at December 31, 2023 and 2022;
 the consolidated statements of income and comprehensive income for the years then ended;
 the consolidated statements of changes in equity for the years then ended;
 the consolidated statements of cash flows for the years then ended; and
 the notes to the consolidated financial statements, which include significant accounting policies and
other explanatory information.
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the consolidated financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our
audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities
in accordance with these requirements.

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