Kvartalsrapport Q4 2024

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NEWS RELEASE 
Vancouver, February 20, 2025 
 
 
Lundin Gold Inc.  Suite 2800, Four Bentall Centre  Phone: +1 604 689 7842  lundingold.com 
  1055 Dunsmuir Street   Fax: +1 604 689 4250  Email: info@lundingold.com 
  Vancouver, BC, Canada, V7X 1L2     
 
 
 
LUNDIN GOLD REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS 
 
Record annual production, cash generation and increased dividend 
 
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,  2024.  Lundin Gold’s year is  
highlighted by record annual production of 502,029 ounces (“ oz”) of gold at an all-in sustaining cost 
("AISC")1 of $875 per oz sold, exceeding  production guidance of  450,000 to 500,000 oz and achieving 
AISC1 guidance of $820 to $890 per oz sold.  This led to record high cash flow with cash from operating activities 
of $662 million and adjusted free cash flow 1 of $540 million or  $2.26 per share .  This was achieved through 
record revenues of  $1,193 million realized from the sale of 495,374 oz at an average realized gold 
price1 of $2,462 per oz .  Record adjusted earnings before interest, taxes, depreciation, and amortization 
("EBITDA")1 of $780 million were also achieved during the year.  All amounts are in U.S.  dollars unless otherwise 
indicated. 
 
Ron Hochstein, President and CEO commented, "Lundin Gold delivered a record -breaking 2024, exceeding 
production guidance with 502,029 ounces of gold  at an AISC1 of $875 per ounce.  This achievement reflects our 
team's dedication to operational excellence, and with the Process Plant Expansion Project substantially complete, 
we anticipate increased throughput and recovery in 2025 .  B ecoming debt -free in 2024 was another major 
milestone and, building on this strong foundation, we've increased our quarterly dividend to $0.30 per share.  In 
addition, our ongoing exploration program continues to find new ounces which resulted in the highest published 
Mineral Reserves and Resources at FDN highlighting the exceptional potential of FDN and the district.  As a low-
cost producer, we anticipate continuing to generate significant free cash flow1 in excess of $500 million based on 
a gold price of $2,500 per oz, providing flexibility for capital allocation and increased shareholder returns." 
 
OPERATING AND FINANCIAL RESULTS SUMMARY 
 
The following two tables provide an overview of key operating and financial results achieved during 2024 
compared to the same periods in 2023.   
 
 Three months ended  
December 31, 
Year ended  
December 31, 
 2024 2023 2024 2023 
Tonnes ore mined 405,529 405,705 1,671,849 1,635,550 
Tonnes ore milled 427,030 427,743 1,690,865 1,654,520 
Average mill throughput (tpd)  4,642 4,649 4,620 4,533 
Average head grade (g/t) 11.3 8.2 10.5 10.2 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on 
pages 15 to 17 of the Company's MD&A for the year ended December 31, 2024 available on SEDAR+.

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2 
 
 Three months ended  
December 31, 
Year ended  
December 31, 
 2024 2023 2024 2023 
Average recovery 87.1% 88.1% 87.8% 88.4% 
Gold ounces produced 135,241 99,310 502,029 481,274 
Gold ounces sold 131,175 98,005 495,374 474,365 
 
 Three months ended  
December 31, 
Year ended  
December 31, 
 2024 2023 2024 2023 
Net revenues ($’000) 341,791 190,688 1,193,050 902,518 
Income from mining operations ($’000) 215,208 78,051 703,386 435,180 
Earnings before interest, taxes, depreciation, and amortization ($’000)1 232,223 67,274 1,021,373 493,976 
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 232,223 95,908 779,549 526,045 
Net income (loss) ($’000) 129,147 11,062 426,050 179,457 
Basic income (loss) per share ($) 0.54 0.05 1.78 0.76 
Cash provided by operating activities ($’000) 192,021 92,574 662,390 519,395 
Adjusted free cash flow ($’000)1 163,767 62,330 539,783 263,473 
Adjusted free cash flow per share ($)1 0.68 0.26 2.26 1.11 
Average realized gold price ($/oz sold)1 2,664 2,021 2,462 1,958 
Cash operating cost ($/oz sold)1 709 832 712 697 
All-in sustaining costs ($/oz sold)1 879 1,062 875 860 
Adjusted net earnings ($‘000)1 129,147 33,236 421,596 204,310 
Adjusted net earnings per share ($)1 0.54 0.14 1.76 0.86 
Dividends paid per share ($) 0.20 0.10 0.60 0.40 
 
FOURTH QUARTER AND FULL YEAR HIGHLIGHTS 
 
Year ended December 31, 2024 
 
• FDN achieved record annual gold production of 502,029 oz, comprised of 320,240 oz in concentrate and 
181,789 oz as doré, which exceeds the Company’s 2024 guidance. 
• A total of 1,671,849 and 1,690,865 tonnes of ore was mined and processed, respectively, which is higher 
than the previous year due to an increase in mill throughput.   
• The average grade of ore milled was 10.5 grams per tonne (g/t) with average recovery at 87.8%.  Recoveries 
were affected by finely disseminated sulphide minerals in the ore and improvements have been realized 
following commissioning of one of the three Jameson cells in late November. 
• The Company sold a total of 495,374 oz of gold, consisting of 319,040 oz in concentrate and 176,334 oz as 
doré at an average realized gold price
1 of $2,462 per oz sold for total revenues from gold sales of $1.22 
billion.  Net of treatment and refining charges, revenues for 2024 were $1.19 billion.   
• Cash operating costs1 and AISC1 for 2024 were $712 and $875 per oz of gold sold, respectively, which are in 
line with the Company’s 2024 guidance. 
• The Company generated cash from operating activities of $662 million and adjusted free cash flow1 of $540 
million or $2.26 per share resulting in a cash balance of $349 million at December 31, 2024.   
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 
15 to 17 of the Company's MD&A for the year ended December 31, 2024 available on SEDAR+.

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3 
 
• EBITDA1 and adjusted EBITDA 1 were $1.02 billion and $ 780 million, respectively, with the difference 
resulting from derivative gains recognized from the buy out of the s tream loan credit facility (the “Stream 
Facility”) and offtake commitment (the “Offtake”) and a one-time special government levy of $1.9 million. 
• Net income was $426 million including a derivative gain of $244 million, and net of corporate, exploration, 
finance costs, and associated taxes.  Adjusted earnings 1, which exclude the one-time finance expense 
relating to the buy out of the Stream Facility and Offtake, derivative gains, and related taxes were $4 22 
million, or $1.76 per share. 
 
Fourth quarter of 2024 
 
• Gold production was 135,241 oz, comprised of 88,834 oz in concentrate and 46,407 oz as doré. 
• During the fourth quarter, 405,529 tonnes of ore were mined while the mill processed 427,030 tonnes of 
ore at an average throughput of 4,642 tonnes per day (“tpd”) .  Due to the power shortages in Ecuador, 
mining and milling activities were decreased in order to allocate available power from the national grid and 
self-generation to ensure process plant availability.   
• The average ore grade milled was 11.3 grams per tonne with average recovery at 87.1%, both improvements 
from the third quarter of 2024. 
• The Company sold a total of 131,175 oz of gold, consisting of 88,650 oz in concentrate and 42,525 oz as 
doré at an average realized gold price
1 of $2,664 per oz sold for total revenues from gold sales of $349 
million.  Net of treatment and refining charges, revenues for the quarter were $342 million. 
• Cash operating costs1 and AISC1 were $709 and $879 per oz of gold sold, respectively.  Both metrics were 
impacted by higher gold prices resulting in higher royalties and profit sharing for which the portion 
attributable to employees is recorded in operating costs as well as higher diesel consumption due to the 
operation of our existing power generation units to reduce our power consumption from the national grid. 
• Income from mining operations was $215 million and the Company generated adjusted free cash flow
1 of 
$164 million from operations, or $0.68 per share.   
• EBITDA1 and net income were $2 32 million and $1 29 million, respectively. No adjustments were required 
following the buy out of the Stream Facility and Offtake at the end of the second quarter. 
• The Company substantially completed the Plant Expansion Project which targets increased throughput to 
5,000 tpd and an increase in average recovery of 3%.  Subsequent to quarter end, throughput has averaged 
over 5,000 tpd.  With one Jameson cell in operation, recoveries have been positively affected.  The 
remaining two Jameson cells are expected to be commissioned in the first quarter. 
 
  
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 
15 to 17 of the Company's MD&A for the year ended December 31, 2024 available on SEDAR+.

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4 
 
Outlook 
 
• The Company maintains its 2025 guidance with gold production estimated between 475,000 to 525,000 oz 
based on an average throughput rate of 5,000 tpd.  Head grade is estimated to average 9.2 g/t while average 
mill recovery is estimated at 90% .  Cash operating costs 1 are estimated to range between $730 and $790 
per oz of gold sold in 2025.  AISC1 for 2025 is expected to range between $935 and $995 per oz of gold sold 
and to fluctuate quarterly based on sustaining capital activities .  Unit costs are anticipated to be higher 
compared to 2024 and are primarily attributable to increased royalties and employee profit sharing 
resulting from the increase in the assumed gold price from $1,900 per oz to $2,500 per oz, an increase in 
power tariffs, and an increase in sustaining capital expenditures. 
• The process plant expansion project is expected to be fully completed by the end of the first quarter of 2025 
following commissioning of the concentrate filter and the two remaining Jameson cells .  As a result, mill 
throughput is anticipated to increase over the year and gold recoveries to improve.  In addition, mill head 
grade is also expected to improve as the year progresses based on mine sequencing.  This combined with 
the plant expansion translates to lower anticipated unit costs in the second half of the year relative to the 
first half.  
• Total sustaining capital in 2025 is estimated at $75 to $85 million and includes costs related to the fifth raise 
of the tailings storage facility, improvements to industrial and potable water supply and distribution, the 
next phase of upgrades to the wast e water treatment plants, power generation expansion, mobile 
equipment rebuilds or replacement and underground development and improvements of the South Portal.  
In addition, included in estimated sustaining capital in 2025 is a total of 15,000 metres of r esource 
conversion drilling. 
• Following increased rainfall in Ecuador since the start of 2025, power supply from the national grid has 
normalized.  Notwithstanding this, the Company expects to complete the commissioning of four additional 
diesel generators purchased in 2024 by the end of the first quarter of 2025 which will allow the FDN process 
plant to run slightly below capacity in the event of recurrence of power disruption from the national grid.   
• Consistent with previous years, the Company expects its free cash flow
1 during the second quarter of 2025 
to be lower than other quarters due to the payment of annual profit sharing to the government and 
employees along with remaining income taxes owed.  This variation is expected to be more pronounced in 
2025 due to the Company's strong operating performance achieved in 2024 which has been further 
bolstered by high gold prices. 
• As part of the 2025 near-mine program a total of 65,000 metres of drilling is planned from surface and 
underground using 1 3 rigs at an estimated cost of $32 million.  The program will focus on extending the 
mine life of FDN by exploring several advanced targets within and around the FDN mine.  Underground 
drilling will continue exploring the extension of the FDNS sector, while surface drilling in 2025 will primarily 
focus on Bonza Sur and FDN East targets, as well as explore for new sectors around FDN .  The Company is 
currently drilling and evaluating the Bon za Sur deposit and anticipates publishing an initial resource by the 
middle of 2025. 
 
 
 
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 
15 to 17 of the Company's MD&A for the year ended December 31, 2024 available on SEDAR+.

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5 
 
• The regional exploration program will focus on the unexplored large package of mineral concessions located 
on a highly prospective environment which hosts the Fruta del Norte deposit .  This will be the first year of 
a new three -year greenfield strategy to identify new areas for exploration drilling .  The 2025 program 
includes an airborne geophysical magnetic survey, geochemical sampling programs and extensive field work 
and is estimated to cost $8 million. 
• In accordance with the Company ’s updated dividend policy, Lundin Gold anticipates paying quarterly 
dividends of $0.30 per share , which is equivalent to approximately $300 million annually , subject to the 
approval of the Board of Directors. 
 
Liquidity and Capital Resources 
 
At the end of 2024, the Company is in a strong financial position. 
 
(in thousands of U.S.  dollars) As at December 31,  
2024 
As at December 31,  
2023 
Financial Position:   
Cash  349,200 268,025 
Working capital  458,944 346,859 
Total assets 1,527,481 1,468,209 
Long-term debt - 305,647 
 
As at December 31, 2024, the Company had cash of $349 million and a working capital balance of $458 million 
compared to cash of $268 million and a working capital balance of $347 million at December 31, 2023.  The 
change in cash during 2024 was primarily due to cash generated from operating activities of $662 million and 
proceeds from the exercise of stock options and anti -dilution rights totaling  $22.1 million.  This is offset by 
scheduled principal, interest, and finance expense repayments under the Stream Facility totaling $35.8 
million; the buy out of the Stream Facility and Offtake of $330 million; dividends of $144 million; and cash 
outflows of $93.5 million relating to investing activities.   
 
Capital Expenditures 
 
• Sustaining Capital 
 
o Total sustaining capital spent during the year was $51.2 million, of which $13.9 was spent during the 
fourth quarter.  This total exceeds the top end of guidance of $45.0 million due to the purchase of 
four additional diesel-powered generators.   
o Highlights of sustaining capital projects completed or substantially completed in 2024 include 
implementation of a mine dispatch system, the upgrade of the surface haul road, replacement of the 
concrete batch plant, primary crusher upgrade, camp refurbishment, and improvements to the 
sewage treatment plants.   
o Significant progress was made on preliminary works for future TSF expansion. 
o Four additional diesel- powered generators were purchased, and the units are expected to be 
commissioned by the end of the first quarter of 2025 .  In the event of a power disruption from the 
national grid, the additional generators are expected to allow the FDN process plant to operate 
slightly below capacity.

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6 
 
o The 2024 conversion drilling program was completed during the third quarter.  The program focused 
on the northern-central sector of FDN deposit with approximately 13,755 metres drilled across 110 
holes.   
o Most of the results confirmed the mineralization in drilled areas with positive intercepts 
associated with breccias and stockwork zones, similar to the mineralization found in the 
north sector of the current Mineral Reserve envelope.   
o All results were incorporated in the geological and the mineral resource model, and the 
Company updated its estimates of Mineral Resources and Reserves as at December 31, 2024 
for Fruta del Norte deposit on February 18, 2025.   
 
• Process Plant Expansion Project 
 
o All major structural work was completed during the fourth quarter  and one Jameson cell 
commissioned.  Remaining work during the first quarter of 2025 will be focussed on commissioning 
of the new concentrate filer and the two remaining Jameson cells.  
o Plant throughput through the first month of 2025 was above 5,000 tpd. 
o Recoveries were positively impacted after the first of three Jameson cells was commissioned in late 
November.  
o During 2024, project expenditures of $38.8 million were incurred, of which $21.1 million was incurred 
during the fourth quarter. 
 
Health and Safety 
 
During 2024 there were ten Lost Time Incidents (“LTIs”) and 13 Medical Aid Incident (“MAIs”) .  The Total 
Recordable Incident Rate across exploration and operations was 0.66 per 200,000 hours worked during 2024.   
 
Community 
 
Lundin Gold continued to support several community projects during the year.  One of the Company’s most 
significant programs, run by the non -governmental organization Educación para Compartir, focuses on 
mental health and well-being in our local communities .  At year end, the program advanced into its second 
year, continuing to show increasing participation by local community members .  From inception of the 
program in July 2023 to the end of the fourth quarter of 2024, over 3,500 counselling sessions occurred, and 
more than 400 youth were registered in regular extra -curricular activities, including English studies, 
basketball, soccer, dance, music, and boxing.   
 
Engagement with the local governments of Yantzaza and Los Encuentros continued through support 
agreements for rural road maintenance, basic service infrastructure, community well -being and support for 
livestock and local farmers initiatives .  During the quarter, the Company committed to several significant 
projects including the second phase of infrastructure maintenance for the local school in Los Encuentros 
(more than 1,300 students), construction of sidewalks, curbs and road safety infrastru cture for El Pindal 
community, maintenance of the infrastructure of smaller local schools and the construction of two bridges in 
Río Blanco Community.

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7 
 
Local businesses continue to be supported by the Company in conjunction with the Lundin Foundation .  The 
local companies that participate in the Lundin Foundation’s local supplier development program continued 
to provide products and services to FDN, while also advancing growth strategies .  The Lundin Foundation’s 
Soy Emperadora program, which supports women led businesses in the Province of Zamora Chinchipe, 
continued to show positive impacts and results .  As part of the relationship with the Shuar Indigen ous 
Peoples, Lundin Gold and the Lundin Foundation continue to work to implement several initiatives to 
promote the culture of and to develop economic opportunities for the Shuar People in Zamora Chinchipe. 
 
EXPLORATION 
 
Near-Mine Exploration Program 
During the year, the Company completed a total of 60,965 metres across 174 holes from surface and 
underground, of which approximately 15,640 metres across 42 holes were drilled in the fourth quarter.  
Underground drilling explored mainly FDNS while drilling from surface continued to test sectors located along 
the extensions of the controlling structures of FDN, such as Bonza Sur and FDN East. 
 
At Bonza Sur, the drilling program advanced the deposit delineation and extension.  At  FDN East, drilling 
focused on follow up drilling from previous results.  Exploratory drilling was also completed in distinct sectors 
located to the east and south of the Bonza Sur deposit. 
 
• At Bonza Sur, located only one kilometre from FDN, 16 surface drill holes were completed and 
continue to record wide mineralized intercepts in distinct areas of the deposit.  Along the south 
extension, the drilling program indicates the mineralization continuity for an additional 800 metres 
in this direction.  In  the central portion, the drilling program enabled the lateral extension of 150 
metres in the east direction, while in the north portion of Bonza Sur, drill holes intercepted a higher-
grade gold zone close to the surface surrounded by wide disseminated gold mineralization and 
confirmed the mineral envelope in this sector.  The Bonza Sur mineralization has already been 
identified for more than 2.6 kilometres along the north-south strike and for at least 500 metres along 
the downdip and remains open mainly in the south and east directions. 
 
• At FDN East, drilling continues to explore around the recently discovered buried epithermal 
mineralized system.  Three  drill holes were completed during the quarter and intercepted gold 
mineralization associated to zones of hydrothermal alteration with breccias and disseminated 
sulfides in the central and western part of the sector, suggesting areas for further follow up drilling. 
 
• The drilling exploratory program aiming to explore new sectors advanced in distinct targets near the 
FDN deposit.  At  Aguas Mesas, exploratory drilling tested the south continuity of the Bonza Sur 
mineralized trend, and results are pending. 
 
The underground exploration drilling program continues to focus on the southern limit of the FDN deposit, 
at the FDNS target, targeting the delineation of a new high grade vein system.  During the quarter, four drill 
holes were completed with most drill holes confirming gold mineralization associated with vein and veinlet 
zones of chalcedony and manganoan-calcite with sulfides and visible gold.  The program also advanced along 
the continuity of the FDN deposit at depth, where drill holes intercepted several zones of narrow veins of 
chalcedony-calcite, indicating the continuity of the mineralization in this sector.

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8 
 
Regional Exploration Program 
The regional program continues to advance in the identification of important indicators that point toward 
the presence of buried epithermal deposits in the southern basin .  The 2024 drilling program focused on 
distinct sectors along the southeastern and southwestern borders of the Suarez basin and a total of 1,889 
metres across five drill holes were completed in the fourth quarter resulting in 5,337 metres completed under 
the 2024 program across 12 drill holes .  During the fourth quarter of 2024, the regional drilling focused o n 
the Puente Princesa target .  At Puente Princesa, located along the west border of Suarez Basin, the drilling 
program tested a geochemical soil anomaly (gold and epithermal pathfinder elements like arsenic and 
mercury) located on the volcanic rocks of Santiago formation and intercepted  narrow hydrothermal 
alteration represented by chalcedony veinlets and quartz calcite veins with limited  sulfides occurrence .  
Results remain pending. 
 
Geophysical Program 
During the quarter, a 2D seismic survey was completed which was  designed to provide detailed continuous 
images of the main controlling structures at FDN and the area of focus of the near mine exploration program.  
 
CORPORATE 
 
• Lundin Gold is debt free following the buy out of the Stream Facility and Offtake on June 27, 2024 for a 
purchase price of $330 million. 
• In May, the Company published its 2023 Sustainability Report, integrating its climate report, highlighting 
its progress and performance against its 5-Year Sustainability Strategy. 
• A number of changes to the Company’s officers took place in 2024: 
o Mr. Chester See was appointed Chief Financial Officer in the third quarter. 
o Mr. Brendan Creaney was appointed Vice President, Corporate Development and Investor 
Relations in the fourth quarter.  
• The Company amended its dividend policy by increasing its quarterly cash dividend from $0.10 to $0.20 
per share on August 8, 2024, and paid out a total of $143.9 million in dividends during the year. 
• With the release of its 2024 year-end results, the Company increased its cash dividend to $0.30 per 
share, equivalent to approximately $300 million annually, and has declared a dividend payable on March 
26, 2025 (March 31, 2025 for shares trading on Nasdaq Stockholm) to shareholders of record on March 
11, 2025.  Concurrently, the Company announced a Normal Course Issuer Bid program which allows the 
Company to purchase up to 12,020,129 common shares over a twelve-month period. 
 
Qualified Persons 
 
The technical information relating to Fruta del Norte contained in this MD&A has been reviewed and 
approved by Terry Smith P .  Eng, Lundin Gold’s COO, who is a Qualified Person in accordance with the 
requirements of National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) .  
The disclosure of exploration information contained in this MD&A was prepared by Andre Oliveira P.Geo, 
Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements 
of NI 43-101.

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

9 
 
Webcast and Conference Call 
 
The Company will host a conference call and webcast to discuss its results on Friday, February 21 at 8:00 a.m.  
PT, 11:00 a.m.  ET, 5:00 p.m.  CET. 
 
Conference Call Dial-In Numbers: 
 
Participant Dial-In North America: +1 437-900-0527 
Toll-Free Participant Dial-In North America: +1 888-510-2154 
Participant Dial-In Sweden: +46 8 505 24649 
Conference ID: Lundin Gold / 83080 
 
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, 2025. 
 
Toll Free North America Replay Number: +1 888-660-6345 
International Replay Number: +1 416-764-8677 
Replay passcode: 83080 # 
 
About Lundin Gold 
 
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador.  
Fruta del Norte is among the highest-grade operating gold mines in the world. 
 
The Company's board and management team have extensive expertise 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 through operational excellence 
and growth, while simultaneously providing economic and social benefits to impacted communities, fostering 
a healthy and safe workplace and minimizing the environmental impact.  Furthermore, Lundin Gold is focused 
on continued exploration on its extensive and highly prospective land package to identify and develop new 
resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders. 
 
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, adjusted free cash 
flow, adjusted free cash flow per share, and adjusted earnings, which are not measures recognized under 
IFRS and do not have a standardized meaning prescribed by IFRS .  These measures may differ from those 
made by other companies and accordingly may not be comparable to 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 15 of the Company's MD&A for the year ended 
December 31, 2024 available on SEDAR+.

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

10 
 
 
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 2 0, 2025 at 4:30 p.m.  Pacific 
Time through the contact persons set out below. 
 
For more information, please contact 
 
Ron F.  Hochstein  Brendan Creaney 
President and CEO  Vice President, Corporate Development & Investor Relations 
Tel (Canada): +1-604-806-3589  Tel: +1-604-376-4595 
ron.hochstein@lundingold.com  brendan.creaney@lundingold.com   
   
Caution Regarding Forward-Looking Information and Statements  
Certain of the information and statements in this press release are considered “forward -looking information” or “forward -looking 
statements” as those terms are defined under Canadian securities laws (collectively referred to as “forward- looking statements”).  
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, ob jectives, 
assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, 
“expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of 
such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will 
be taken”, or “occur” and similar expressions) are not statements of historical fact and may be forward-looking statements.  By their 
nature, forward -looking statements and information involve assumptions, inherent risks and uncertainties, many of which are 
difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from 
those expressed by these forward-looking statements and information.  Lundin Gold believes that the expectations reflected in this 
forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct.  Forward-
looking information should not be unduly relied upon.  This information speaks only as of the date of this press release, and the 
Company will not necessarily update this information, unless required to do so by securities laws.   
This press release contains forward- looking information in several places, such as in statements relating to  Company’s 2025 
production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and 
cash flow and free cash flow forecasts, its estimated capital costs and sustaining capital; the Company’s efforts to mitigate the impacts 
of the energy crisis in Ecuador on its operations; the recovery of VAT; timing of completion of the process plant expansion p roject 
and the anticipated benefits; benefits of the Company’s community programs; the Company’s declaration and payment of dividends 
pursuant to its dividend policy; the timing and the success of its drill program at Fruta del Norte and its other exploration  activities; 
and estimates of Mineral Resources and Reserves at Fruta del Norte.  There can be no assurance that such statements will prove to 
be accurate, as Lundin Gold’s actual results and future  events could differ materially from those anticipated in this forward -looking 
information as a result of the factors discussed in the “Risk Factors” section in Lundin Gold’s Manag ement’s Discussion and Analysis 
dated February 20, 2025 which is available at www.lundingold.com or on SEDAR+ at www.sedarplus.ca.   
Lundin Gold's actual results could differ materially from those anticipated.  Factors that could cause actual results to differ materially 
from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include 
risks relating to: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability 
of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral 
Reserve and Mineral Resource estimates; infrastructure;  regulatory risk; government or regulatory approvals; forecasts relating to 
production and costs;  gold price;  dependence on a single mine; shortages of critical resources; climate change; exploration and 
development; control of Lundin Gold; dividends; information systems and cyber security; 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; 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; 
conflicts of interest; violation of anti -bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation 
obligations.

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

Q4 2024

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 1 
 
 
INTRODUCTION 
 
This Management’s Discussion and Analysis (“MD&A”) of Lundin Gold Inc. and its subsidiary companies (collectively, 
“Lundin Gold” or the “Company”) provides a detailed analysis of the Company’s business and compares its financial 
results for the three months and year ended December 31, 2024 with those of the same period from the previous year.  
  
This MD&A is dated as of February 20, 2025 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, 2024 and 2023.  
The audited consolidated financial statements have been prepared in accordance with International Financial Reporting 
Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards” or “IFRS”).  
References to the “2024 Year” and “2023 Year” relate to the years ended December 31, 2024 and December 31, 2023, 
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, is committed to positive and long-lasting impact on our host 
communities, while delivering significant value to stakeholders through operational excellence, cash flow generation, 
focused growth and returning capital to shareholders.  Lundin Gold currently operates its 100% owned Fruta del Norte 
(“Fruta del Norte” or “FDN”) gold mine in southeast Ecuador, which is one of the highest-grade gold mines in production 
in the world today. The Company also owns a portfolio of highly prospective exploration properties close to FDN. 
 
 
HIGHLIGHTS  
 
Record operating performance underpin an outstanding year for Lundin Gold in its fifth year of operations in Ecuador.  
Lundin Gold exceeded its 2024 production guidance with annual production of 502,029 ounces (“oz.”).  As a result, the 
Company achieved annual sales of 495,374 oz. and generated adjusted free cash flow1 of $540 million highlighting 
Fruta del Norte’s ability to generate significant free cash flow supported by low cash operating costs1 and all-in 
sustaining costs (“AISC”)1 of $712 and $875 per oz sold, respectively, both in line with the Company’s 2024 guidance. 
 
Exploration success continued at the Company’s highly prospective land package following completion of the largest 
annual drill program to date in the district since FDN’s discovery, with 80,057 metres drilled across the conversion, 
near-mine, and regional programs.   
 Results of the conversion program and exploration of the southern limit of the FDN deposit (FDNS) were 
incorporated in the geological and the mineral resource model and the updated estimate of Mineral Resources 
and Reserves for Fruta del Norte was announced on February 18, 2025.   
 Exploration at the near-mine program was conducted both on surface and underground.  Surface drilling 
concentrated along the extension of the East Fault, where the Bonza Sur discovery and other prospective 
sectors like FDN East are located, while underground drilling focused on expansion of the FDN deposit.  
 The regional program continues to identify important indicators that point toward the presence of buried 
epithermal deposits in the southern basin. 
 
The process plant expansion project was substantially complete at year-end with all major structural work completed 
and the first Jameson cell commissioned in late November.  The remaining two Jameson cells are expected to be 
commissioned by the end of the first quarter of 2025. 
 
Following completion of the buy out of the stream loan credit facility (the “Stream Facility”) and offtake commitment (the 
“Offtake”) on June 27, 2024, Lundin Gold has repaid in full all of its project finance debt only four years after achieving 
commercial production at FDN. Now debt free, Lundin Gold fully benefits from strong gold prices, resulting in increased 
amounts of free cash flow to support further growth and shareholder returns. 
 
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 2 
 
 
The following two tables provide an overview of key operating and financial results achieved during 2024 compared to 
the same periods in 2023.   
 
 Three months ended 
December 31, 
Year ended  
December 31, 
 2024 2023 2024 2023 
Tonnes ore mined 405,529 405,705 1,671,849 1,635,550 
Tonnes ore milled 427,030 427,743 1,690,865 1,654,520 
Average mill throughput (tpd) 4,642 4,649 4,620 4,533 
Average mill head grade (g/t) 11.3 8.2 10.5 10.2 
Average recovery 87.1% 88.1% 87.8% 88.4% 
Gold ounces produced 135,241 99,310 502,029 481,274 
Gold ounces sold 131,175 98,005 495,374 474,365 
 
 Three months ended  
December 31, 
Year ended  
December 31, 
 2024 2023 2024 2023 
Revenues ($’000) 341,791 190,688 1,193,050 902,518 
Income from mining operations ($’000) 215,208 78,051 703,386 435,180 
Earnings before interest, taxes, 
depreciation, and amortization ($’000)1 
 
232,223 
 
67,274 
 
1,021,373 
 
493,976 
Adjusted earnings before interest, taxes, 
depreciation, and amortization ($’000)1 
 
232,223 
 
95,908 
 
779,549 
 
526,045 
Net income ($’000) 129,147 11,062 426,050 179,457 
Basic income per share ($) 0.54 0.05 1.78 0.76 
Cash provided by operating activities ($’000) 192,021 92,574 662,390 519,395 
Adjusted free cash flow ($’000)1 163,767 62,330 539,783 263,473 
Adjusted free cash flow per share ($)1 0.68 0.26 2.26 1.11 
Average realized gold price ($/oz sold)1  2,664 2,021 2,462 1,958 
Cash operating cost ($/oz sold)1 709 832 712 697 
All-in sustaining costs ($/oz sold)1 879 1,062 875 860 
Adjusted earnings ($‘000)1  129,147 33,236 421,596 204,310 
Adjusted earnings per share ($)1 0.54 0.14 1.76 0.86 
Dividends paid per share ($) 0.20 0.10 0.60 0.40 
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 3 
 
 
Year ended December 31, 2024 
 FDN achieved record annual gold production of 502,029 oz, comprised of 320,240 oz in concentrate and 
181,789 oz as doré, which exceeds the Company’s 2024 guidance. 
 A total of 1,671,849 and 1,690,865 tonnes of ore was mined and processed, respectively.  Mill production was 
slightly higher than the previous year due to an increase in mill throughput.  
 The average grade of ore milled was 10.5 grams per tonne (g/t) with average recovery at 87.8%.  Recoveries 
were affected by finely disseminated sulphide minerals in the ore and improvements have been realized 
following commissioning of one of the three Jameson cells in late November. 
 The Company sold a total of 495,374 oz of gold, consisting of 319,040 oz in concentrate and 176,334 oz as 
doré at an average realized gold price1 of $2,462 per oz sold for total revenues from gold sales of $1.22 billion.  
Net of treatment and refining charges, revenues for 2024 were $1.19 billion.   
 Cash operating costs1 and AISC1 for 2024 were $712 and $875 per oz of gold sold, respectively, which are in 
line with the Company’s 2024 guidance. 
 The Company generated cash from operating activities of $662 million and adjusted free cash flow1 of $540 
million or $2.26 per share resulting in a cash balance of $349 million at December 31, 2024.   
 Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) and adjusted EBITDA1 were $1.02 
billion and $780 million, respectively, with the difference resulting from derivative gains recognized from the 
buy out of the Stream Facility and Offtake and a one-time special government levy of $1.9 million. 
 Net income was $426 million including a derivative gain of $244 million, and net of corporate, exploration, 
finance costs, and associated taxes.  Adjusted earnings1, which exclude the one-time finance expense relating 
to the buy out of the Stream Facility and Offtake, derivative gains, and related taxes were $422 million, or 
$1.76 per share. 
 
Fourth quarter of 2024 
 Gold production was 135,241 oz, comprised of 88,834 oz in concentrate and 46,407 oz as doré. 
 During the fourth quarter, 405,529 tonnes of ore were mined while the mill processed 427,030 tonnes of ore 
at an average throughput of 4,642 tonnes per day (“tpd”).  Due to the power shortages in Ecuador, mining and 
milling activities were modified in order to allocate available power from the national grid and self-generation 
to ensure process plant availability.  
 The average ore grade milled was 11.3 grams per tonne with average recovery at 87.1%, both improvements 
from the third quarter of 2024. 
 The Company sold a total of 131,175 oz of gold, consisting of 88,650 oz in concentrate and 42,525 oz as doré 
at an average realized gold price1 of $2,664 per oz sold for total revenues from gold sales of $349 million.  Net 
of treatment and refining charges, revenues for the quarter were $342 million. 
 Cash operating costs1 and AISC1 were $709 and $879 per oz of gold sold, respectively.  Both metrics were 
impacted by higher gold prices resulting in higher royalties and profit sharing for which the portion attributable 
to employees is recorded in operating costs as well as higher diesel consumption due to the operation of our 
existing power generation units to reduce our power consumption from the national grid. 
 Income from mining operations was $215 million and the Company generated adjusted free cash flow1 of $164 
million from operations, or $0.68 per share.  
 EBITDA1 and net income were $232 million and $129 million, respectively.  No adjustments were required 
following the buy out of the Stream Facility and Offtake at the end of the second quarter. 
 The Company substantially completed the Plant Expansion Project which targets increased throughput to 
5,000 tpd and an increase in average recovery of 3%.  Subsequent to quarter end, throughput has averaged 
over 5,000 tpd.  With one Jameson cell in operation, recoveries have been positively affected.  The remaining 
two Jameson cells are expected to be commissioned in the first quarter. 
 
  
 
1 Refer to “Non-IFRS Measures” section in this MD&A.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 4 
 
 
Capital Expenditures 
 
Sustaining Capital 
 Total sustaining capital spent during the year was $51.2 million, of which $13.9 was spent during the fourth 
quarter.  This total exceeds the top end of guidance of $45.0 million due to the purchase of four additional 
diesel-powered generators.   
 Highlights of sustaining capital projects completed or substantially completed during 2024 include 
implementation of a mine dispatch system, the upgrade of the surface haul road, replacement of the concrete 
batch plant, primary crusher upgrade, camp refurbishment, and improvements to the sewage treatment plants.  
 Significant progress was made on preliminary works for future tailings storage facility (“TSF”) expansion. 
 Four additional diesel-powered generators were purchased, and the units are expected to be commissioned 
by the end of the first quarter of 2025.  In the event of a power disruption from the national grid, the additional 
generators are expected to allow the FDN process plant to operate slightly below capacity.   
 The 2024 conversion drilling program was completed during the third quarter. The program focused on the 
northern-central sector of FDN deposit with approximately 13,755 metres drilled across 110 holes.  
o Most of the results confirmed the mineralization in drilled areas with positive intercepts associated 
with breccias and stockwork zones, similar to the mineralization found in the north sector of the 
current Mineral Reserve envelope.  
o All results were incorporated in the geological and the mineral resource model, and the Company 
updated its estimates of Mineral Resources and Reserves as at December 31, 2024 for Fruta del 
Norte deposit on February 18, 2025.  
 
Process Plant Expansion Project 
 All major structural work was completed during the fourth quarter and one Jameson cell commissioned.  
Remaining work during the first quarter of 2025 will be focussed on commissioning of the new concentrate filter 
and the two remaining Jameson cells. 
 Plant throughput through the first month of 2025 was above 5,000 tpd. 
 Recoveries were positively impacted after the first of three Jameson cells was commissioned in late November.   
 During 2024, project expenditures of $38.8 million were incurred, of which $21.1 million was incurred during the 
fourth quarter. 
 
Health, Safety and Community 
 
Health and Safety 
 During the fourth quarter there were four Lost Time Incidents (“LTIs”) and two Medical Aid Incidents (“MAIs”) 
and for the 2024 Year, the Company recorded ten LTIs and 13 MAIs.  
 The Total Recordable Incident Rate across exploration and operations was 0.66 per 200,000 hours worked 
during 2024. 
 
Community 
Lundin Gold continued to support several community projects during the year. One of the Company’s most significant 
programs, run by the non-governmental organization Educación para Compartir, focuses on mental health and well-
being in our local communities.  At year end, the program advanced into its second year, continuing to show increasing 
participation by local community members.  From inception of the program in July 2023 to the end of the fourth quarter 
of 2024, over 3,500 counselling sessions occurred, and more than 400 youth were registered in regular extra-curricular 
activities, including English studies, basketball, soccer, dance, music, and boxing.   
 
Engagement with the local governments of Yantzaza and Los Encuentros continued through support agreements for 
rural road maintenance, basic service infrastructure, community well-being and support for livestock and local farmers 
initiatives.  During the quarter, the Company committed to several significant projects including the second phase of 
infrastructure maintenance for the local school in Los Encuentros (more than 1,300 students), construction of sidewalks, 
curbs and road safety infrastructure for El Pindal community, maintenance of the infrastructure of smaller local schools 
and the construction of two bridges in Río Blanco Community.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 5 
 
 
Local businesses continue to be supported by the Company in conjunction with the Lundin Foundation.  The local 
companies that participate in the Lundin Foundation’s local supplier development program continued to provide 
products and services to FDN, while also advancing growth strategies. The Lundin Foundation’s Soy Emprendedora 
program, which supports women led businesses in the Province of Zamora Chinchipe, continued to show positive 
impacts and results. As part of the relationship with the Shuar Indigenous Peoples, Lundin Gold and the Lundin 
Foundation continue to work to implement several initiatives to promote the culture of and to develop economic 
opportunities for the Shuar People in Zamora Chinchipe. 
 
Exploration 
 
Near-Mine Program 
During the year, the Company completed a total of 60,965 metres across 174 holes from surface and underground, of 
which approximately 15,640 metres across 42 holes were drilled in the fourth quarter.  Underground drilling explored 
mainly FDNS while drilling from surface continued to test sectors located along the extensions of the controlling 
structures of FDN, such as Bonza Sur and FDN East. 
 
At Bonza Sur, the drilling program extended and advanced the delineation of the deposit.    Exploratory drilling was 
also completed in distinct sectors located to the east and south of the Bonza Sur deposit.  At FDN East, drilling focused 
on follow up drilling from previous results. 
 
 At Bonza Sur, located only one kilometre from FDN, 16 surface drill holes were completed and continue to 
record wide mineralized intercepts in distinct areas of the deposit.  Along the south extension, the drilling 
program indicates the mineralization continuity for an additional 800 metres in this direction. In the central 
portion, the drilling program enabled the lateral extension of 150 metres in the east direction, while in the north 
portion of Bonza Sur, drill holes intercepted a higher-grade gold zone close to the surface surrounded by wide 
disseminated gold mineralization and confirmed the mineral envelope in this sector.  The Bonza Sur 
mineralization has already been identified for more than 2.6 kilometres along the north-south strike and for at 
least 500 metres along the downdip and remains open mainly in the south and east directions. 
 
 At FDN East, drilling continues to explore around the recently discovered buried epithermal mineralized 
system.  Three drill holes were completed during the quarter and intercepted gold mineralization associated 
to zones of hydrothermal alteration with breccias and disseminated sulfides in the central and western part of 
the sector, suggesting areas for further follow up drilling. 
 
 The exploratory drilling program aiming to explore new sectors advanced in distinct targets near the FDN 
deposit.  At Aguas Mesas, exploratory drilling tested the south continuity of the Bonza Sur mineralized trend, 
and results are pending. 
 
The underground exploration drilling program continues to focus on the southern limit of the FDN deposit, at the FDNS 
target, targeting the delineation of a new high grade vein system.  During the quarter, four drill holes were completed 
with most drill holes confirming gold mineralization associated with vein and veinlet zones of chalcedony and 
manganoan-calcite with sulfides and visible gold.  The program also advanced along the continuity of the FDN deposit 
at depth, where drill holes intercepted several zones of narrow veins of chalcedony-calcite, indicating the continuity of 
the mineralization in this sector.  
 
Regional Program 
The regional program continues to advance in the identification of important indicators that point toward the presence 
of buried epithermal deposits in the southern basin. The 2024 drilling program focused on distinct sectors along the 
southeastern and southwestern borders of the Suarez basin and a total of 1,889 metres across five drill holes were 
completed in the fourth quarter resulting in 5,337 metres completed under the 2024 program across 12 drill holes.  
During the fourth quarter of 2024, the regional drilling focused on the Puente Princesa target.  At Puente Princesa, 
located along the west border of Suarez Basin, the drilling program tested a geochemical soil anomaly (gold and 
epithermal pathfinder elements like arsenic and mercury) located on the volcanic rocks of Santiago formation and 
intercepted narrow hydrothermal alteration represented by chalcedony veinlets and quartz calcite veins with limited 
sulfides occurrence. Results remain pending.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 6 
 
 
Geophysical Program 
During the quarter, a 2D seismic survey was completed which was designed to provide detailed continuous images of 
the main controlling structures at FDN and the area of focus of the near mine exploration program. 
 
Corporate 
 Lundin Gold is debt free following the buy out of the Stream Facility and Offtake on June 27, 2024 for a 
purchase price of $330 million. 
 In May, the Company published its 2023 Sustainability Report, integrating its climate report, highlighting its 
progress and performance against its 5-Year Sustainability Strategy. 
 A number of changes to the Company’s officers took place in 2024: 
o Mr. Chester See was appointed Chief Financial Officer in the third quarter. 
o Mr. Brendan Creaney was appointed Vice President, Corporate Development and Investor Relations 
in the fourth quarter. 
 The Company amended its dividend policy by increasing its quarterly cash dividend from $0.10 to $0.20 per 
share on August 8, 2024, and paid out a total of $143.9 million in dividends during the year. 
 With the release of its 2024 year-end results, the Company increased its cash dividend to $0.30 per share, 
equivalent to approximately $300 million annually, and has declared a dividend which is payable on March 
26, 2025 (March 31, 2025 for shares trading on Nasdaq Stockholm) to shareholders of record on March 11, 
2025.  Concurrently, the Company announced a Normal Course Issuer Bid program which allows the 
Company to purchase up to 12,020,129 common shares over a twelve-month period.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 7 
 
 
SELECTED ANNUAL FINANCIAL INFORMATION 
 
(Expressed in thousands of U.S. dollars, except 
share and per share amounts) 
  2024  2023  2022 
        Revenues  $ 1,193,050 $ 902,518 $ 815,666 
        
Income from mining operations   703,386  435,180  369,754 
        
Derivative gain (loss) for the year   243,737  (32,069)  76,317 
        
Net income for the year   426,050  179,457  73,558 
        
Basic income per share  $  1.78 $ 0.76 $ 0.31 
Diluted income per share   1.76  0.75  0.31 
        
Weighted-average number of common shares 
outstanding        
Basic    239,312,029  237,026,367  234,815,536 
Diluted   241,426,325  239,151,461  236,704,760 
        
Total assets  $  1,527,481 $ 1,468,209 $ 1,668,865 
        
Long-term debt (current and long-term)   -  305,647  667,966 
        
Working capital   458,944  346,859  194,804 
  
Year ended December 31, 2024 compared to the year ended December 31, 2023 
 
During 2024, net income of $426 million was generated compared to net income of $179 million during 2023.  The 
increase in net income is principally attributable to higher revenue generated from an increase in oz. sold and higher 
average realized gold price1.   
 
Income from mining operations 
 
Income from mining operations increased to $703 million during 2024 compared to $435 million in 2023.  This increase 
is primarily attributable to an increase in average realized gold price1 from $1,958 to $2,464 per oz sold which increased 
revenues from $903 million to $1.19 billion, partially offset by a resulting increase in royalties. 
 
Exploration 
 
Exploration costs were $41.2 million during 2024 compared to $23.7 million during 2023 with the increase being driven 
by the expansion of the near-mine exploration program following positive results to date, and completion of the 
geophysical program. 
 
Corporate administration 
 
Corporate administration costs of $34.5 million were incurred during 2024 compared to $21.0 million during 2023. The 
increase is mainly due to the reclassification of restricted share units with and without a performance criteria to financial 
liabilities measured at fair value.  With the Company in a debt-free position and generating significant free cash flow, 
these share units are expected to generally settle in cash in future periods subject to the continued discretion of the 
Company’s board of directors.  In conjunction with the Company’s share price performance since the grant of these 
share units, this reclassification resulted in an additional stock-based compensation expense of $9.6 million.  In addition, 
a one-time special levy was charged by the Government of Ecuador of $1.9 million, payable in two equal installments, 
to strengthen security amid rising violence in the country. 
 
 
1 Refer to “Non-IFRS Measures” section in this MD&A.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 8 
 
 
Finance expense 
 
Finance expense of $267 million was incurred during 2024 compared to $85.3 million during 2023.  The increase is 
mainly due to the buy out of the Stream Facility and Offtake which resulted in a one-time finance expense of $236 
million.  Finance expense during 2023 includes interest incurred on the senior debt facility until the full repayment 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. A 
derivative gain of $244 million was recorded on the statement of operations during 2024 which was mainly due to the 
buy out of the Stream Facility and Offtake.  In contrast, a derivative loss of $32.1 million was recorded during 2023. 
 
With the Company in a debt free position, no further derivative gains or losses are expected to be recognized in future 
periods. 
 
Income taxes 
 
Income tax expense of $208 million was recognized during 2024, which is comprised of current and deferred income 
tax expenses of $192 million and $16.0 million, respectively, compared to $106 million during 2023.  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 year.  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.  
 
Corporate income taxes and profit sharing in Ecuador are due in April of each year.  Effective January 1, 2024, the 
Government of Ecuador introduced monthly corporate income tax instalment payments which is based on a percentage 
of monthly revenues.  Instalment amounts paid during the year ended December 31, 2024 will offset corporate income 
taxes due in April 2025.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 9 
 
 
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). 
 
  2024  2024  2024  2024 
  Q4  Q3  Q2  Q1 
         
Revenues $  341,791 $ 323,087 $ 301,431 $ 226,741 
         
Income from mining operations $  215,208 $ 203,184 $ 171,757 $ 113,237 
         
Derivative gain (loss) for the period $ - $  - $ 261,668 $ (17,931) 
         
Net income for the period $  129,147 $ 135,715 $ 119,291 $ 41,897 
         
Basic income per share $  0.54 $ 0.57 $ 0.50 $ 0.18 
Diluted income per share $  0.53 $ 0.56 $ 0.49 $ 0.17 
         
Weighted-average number of common         
shares outstanding         
Basic  240,101,527  239,737,300   239,129,917  238,255,452 
Diluted  242,320,782  241,890,593   241,031,608  239,968,974 
         
Additions to property, plant and equipment $ 35,044 $ 28,019 $ 17,467 $ 9,701 
         
Total assets $  1,527,481 $ 1,364,106 $ 1,396,496 $ 1,508,987 
         
Long-term debt $  - $  - $ - $ 326,791 
         
Working capital  $  458,944 $ 357,410 $ 253,587 $ 413,528 
 
 
  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 $  305,647 $ 361,109 $ 396,588 $ 434,175 
         
Working capital  $  346,859 $ 313,794 $ 268,095 $ 256,853

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 10 
 
 
Three months ended December 31, 2024 compared to the three months ended December 31, 2023 
 
The Company generated net income of $129 million during the fourth quarter of 2024 compared to $11.1 million during 
the same quarter in 2023.  Net income was generated from the recognition of revenues of $342 million which resulted 
in income from mining operations of $215 million as well as finance and other income of $14.5 million.  This is offset by 
exploration costs of $13.8 million, stock-based compensation expense of $10.5 million, income tax expense of $72.4 
million, and other expenses totalling $3.8 million.   
 
During the fourth quarter of 2023, net income was generated from the recognition of revenues of $191 million which 
resulted in income from mining operations of $78.1 million as well as finance income of $4.4 million.  This is offset by 
a derivative loss of $28.6 million, exploration costs of $8.5 million, finance expense of $20.9 million, income tax expense 
of $8.5 million, and other expenses totalling $4.8 million. 
 
Income from mining operations 
 
During the fourth quarter of 2024, the Company generated revenues of $342 million from the sale of 131,175 oz of gold 
and income from mining operations of $215 million.  This compares to revenues of $191 million from the sale of 98,005 
oz of gold and income from mining operations of $78.1 million in the same quarter in 2023.  The increase is primarily 
attributable to an increase in oz sold at a higher average realized gold price1. 
 
Exploration expense 
 
Exploration costs were $13.8 million in the fourth quarter of 2024 compared to $8.4 million during the same period in 
2023.  The increase is attributable to the continued expansion of the near-mine exploration program following positive 
results to date and the geophysical program to survey the exploration targets. 
 
Corporate administration 
 
Corporate administration costs increased from $4.5 million during the fourth quarter of 2023 to $14.3 million during the 
fourth quarter of 2024.  The increase is mainly attributable to an increase corporate office rent and travel costs, as well 
as the reclassification of restricted share units with and without a performance criteria to financial liabilities measured 
at fair value as explained above. 
 
Finance expense 
 
No finance expense was incurred during the fourth quarter of 2024 following the buy out of the Stream Facility and 
Offtake at the end of the second quarter. 
 
Finance income 
 
Finance income decreased from $4.4 million during the fourth quarter of 2023 to $2.9 million during the fourth quarter 
of 2024 which is driven by decreased yield on short-term investments. 
   
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 11 
 
 
Other expense (income) 
 
Other income of $11.6 million was recognized during the quarter compared to other expense of $0.3 million in the fourth 
quarter of 2023.  This is mainly driven by foreign exchange gains or losses derived from the quantum of U.S. dollar 
cash held by Canadian group entities and movements in the foreign exchange rate.  As the functional currency of the 
Canadian entities is the Canadian dollar, a strengthening of the U.S. dollar against the Canadian dollar during the 
period generates an unrealized gain in terms of Canadian dollars. 
 
Derivative gain or loss 
 
With the Company in a debt free position, no further derivative gains or losses are expected to be recognized in future 
periods.  During the fourth quarter of 2023, a derivative loss of $28.6 million was recognized relating to the change in 
fair value of the Stream Facility and Offtake. 
 
 
LIQUIDITY AND CAPITAL RESOURCES 
 
As at December 31, 2024, the Company had cash of $349 million and a working capital balance of $459 million 
compared to cash of $268 million and a working capital balance of $347 million at December 31, 2023.  The change in 
cash during 2024 was primarily due to cash generated from operating activities of $662 million and proceeds from the 
exercise of stock options and anti-dilution rights totalling $22.1 million.  This is offset by scheduled principal, interest, 
and finance expense repayments under the Stream Facility totaling $35.8 million; the buy out of the Stream Facility and 
Offtake of $330 million; dividends of $144 million; and cash outflows of $93.5 million relating to investing activities.   
 
Trade receivables 
 
Trade receivables mainly represent the value of concentrate sold as at period end for which the funds are not yet 
received.  Revenues and related trade receivables for concentrate sales are initially recorded at provisional gold prices.  
Subsequent determination of final gold prices can range from one to four months after shipment depending on the 
customer.  For sales that are provisionally priced at period end, an estimate of the adjustment to trade receivables is 
calculated based on the expected month when the final gold price is forecast to be determined and the related forward 
price of gold at the end of the reporting period.  At December 31, 2024, this resulted in an estimated increase of $5.1 
million ($7.8 million at December 31, 2023) 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 VAT claims and their acceptance by the applicable authorities, VAT paid in Ecuador by 
the Company after January 1, 2018 are being refunded or applied, based on the level of export sales in any given 
month, as a credit against taxes payable.  A portion of the VAT recoverable has been reclassified as current assets 
based on the Company’s assessment of the estimated time for processing VAT claims during the next twelve months. 
 
Advanced royalties 
 
Advance royalties are deductible against future royalties on sales payable to the Government of Ecuador at a rate equal 
to the lesser of 50% of the actual future royalties payable in a six-month period or 10% of the total advance royalty 
payment.  The advance royalty payment is classified as current assets based on expected utilization over the next 
twelve months.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 12 
 
 
Inventories 
 
Gold inventory is recognized in the ore stockpiles and in production inventory, comprised principally of concentrate and 
doré at site or in transit to port or to the refinery, with a component of gold-in-circuit.  Ore stockpile inventory has 
increased primarily due to higher grade stockpiled compared to December 31, 2023 while variations in doré and 
concentrate are mainly the result of timing of shipments around period end.  In addition, there has been a decrease in 
the value of materials and supplies due to the disposal of obsolete or slow-moving inventory generally accumulated 
during the construction of FDN. 
 
Investment activities 
   
Investment activities during 2024 are comprised principally of major sustaining capital expenditures including 
preliminary works for future TSF expansion, mine dispatch system implementation, procurement of four diesel powered 
generators, and camp refurbishment.  In addition, costs were incurred relating to the process plant expansion project. 
 
Liquidity and capital resources 
 
The Company generated strong operating cash flow during 2024 and expects to continue to do so in 2025 and beyond 
based on its production and AISC1 guidance.  With no debt and increased exposure to rising gold prices following the 
buy out of the Stream Facility and Offtake, the Company expects to generate increased cash flow which will continue 
to support the exploration programs, planned capital expenditures, growth initiatives and regular dividend payments 
under the approved dividend policy. 
 
 
TRANSACTIONS WITH RELATED PARTIES 
 
During the year ended December 31, 2024, the Company incurred $1.3 million (2023 – $1.0 million), primarily relating 
to office rental, renovation costs, and related services provided by a company associated with a director of the 
Company.  In addition, the Company entered into transactions with its largest shareholder, Newmont Corporation, as 
presented in Note 18 in the Notes to the audited consolidated financial statements for the year ended December 31, 
2024.   
 
 
FINANCIAL INSTRUMENTS 
 
The Company’s financial instruments include cash, cash equivalents and certain receivables, which are categorized as 
financial assets at amortized cost, and accounts payable and accrued liabilities, which are categorized as financial 
liabilities at amortized cost.  The fair value of these financial instruments approximates their carrying values due to the 
short-term nature of these instruments.  Further, provisionally priced trade receivables of $156 million (December 31, 
2023 - $93.0 million) are measured at fair value using quoted forward market prices. 
 
The Company’s financial instruments are exposed to a variety of financial risks by virtue of its activities. 
 
Currency risk 
 
Lundin Gold is a Canadian company, with foreign operations in Ecuador.  Revenues generated and expenditures 
incurred in Ecuador are primarily denominated in U.S. dollars.  However, equity capital, if needed, is typically raised in 
Canadian dollars.  As such, the Company is subject to risk due to fluctuations in the exchange rates of foreign 
currencies.  Although the Company does not enter into derivative financial instruments to manage its exposure, the 
Company tries to manage this risk by maintaining most of its cash in U.S. dollars.   
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 13 
 
 
Credit risk 
 
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its 
contractual obligations.  The majority of the Company’s cash is held in large financial institutions with a high investment 
grade rating.  The Company is also subject to credit risk associated with its trade receivables.  The Company manages 
this risk by only selling to a small group of reputable customers with strong financial statements. 
 
Concentration of credit risk 
 
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the Company’s cash and 
cash equivalents held with financial institutions exceed government-insured limits.  The Company has established a 
treasury policy that seeks to minimize its credit risk by entering into transactions with investment grade creditworthy 
and reputable financial institutions and by monitoring the credit standing of those financial institutions.  The Company 
seeks to limit the amount of exposure with any one counterparty in accordance with its established treasury policy. 
 
Liquidity risk 
 
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due.  Cash flow 
forecasting is performed regularly to monitor the Company’s liquidity requirements to ensure it has sufficient cash to 
always meet its operational needs.  In addition, management is actively involved in the review, planning and approval 
of significant expenditures and commitments.   
 
Commodity price risk 
 
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver.  Commodity 
price risks are affected by many factors that are outside the Company’s control including global or regional consumption 
patterns, the supply of and demand for metals, speculative activities, the availability and costs of substitutes, inflation, 
and political and economic conditions.  The Company has not hedged the price of any commodity at this time.  The fair 
value of a portion of the Company’s trade receivables are impacted by fluctuations of commodity prices. 
 
 
COMMITMENTS 
 
Significant capital and other expenditures contracted as at December 31, 2024 but not recognized as liabilities are as 
follows: 
 
 
 
Capital 
expenditures  
 
Other 
     
2025 $  17,459 $ 509 
2026  -  509 
2027 onward  -  6,189 
     
Total  $  17,459 $ 7,207 
 
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, 2024 and December 31, 2023 there were no off-balance sheet transactions.  
The Company has not entered into any specialized financial arrangements to minimize its currency risk.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 14 
 
 
OUTSTANDING SHARE DATA 
 
As at the date of this MD&A, there were 240,441,786 common shares issued and outstanding.  There were also stock 
options outstanding to purchase a total of 2,132,061 common shares, 496,462 restricted share units with a performance 
criteria, 174,980 restricted share units, and 45,595 deferred share units. 
 
 
OUTLOOK 
 
The Company maintains its 2025 guidance with gold production at FDN estimated between 475,000 to 525,000 oz 
based on an average throughput rate of 5,000 tpd.  Head grade is estimated to average 9.2 g/t while average mill 
recovery is estimated at 90%.  Cash operating costs1 are estimated to range between $730 and $790 per oz of gold 
sold in 2025.  AISC1 for 2025 is expected to range between $935 and $995 per oz of gold sold and to fluctuate quarterly 
based on sustaining capital activities.  Unit costs are anticipated to be higher compared to 2024 and are primarily 
attributable to increased royalties and employee profit sharing resulting from the increase in the assumed gold price 
from $1,900 per oz to $2,500 per oz, an increase in power tariffs, and an increase in sustaining capital expenditures. 
 
The process plant expansion project is expected to be fully completed by the end of the first quarter of 2025 following 
commissioning of the concentrate filter and the two remaining Jameson cells.  As a result, mill throughput is anticipated 
to increase over the year and gold recoveries to improve.    In addition, mill head grade is also expected to improve as 
the year progresses based on mine sequencing.  This combined with the plant expansion translates to lower anticipated 
unit costs in the second half of the year relative to the first half.  
 
Total sustaining capital in 2025 is estimated at $75 to $85 million and includes costs related to the fifth raise of the 
tailings storage facility, improvements to industrial and potable water supply and distribution, the next phase of 
upgrades to the waste water treatment plants, power generation expansion, mobile equipment rebuilds or replacement 
and underground development and improvements of the South Portal.  In addition, included in estimated sustaining 
capital in 2025 is a total of 15,000 metres of resource conversion drilling. 
 
Following increased rainfall in Ecuador since the start of 2025, power supply from the national grid has normalized.  
Notwithstanding this, the Company expects to complete the commissioning of four additional diesel generators 
purchased in 2024 by the end of the first quarter of 2025 which will allow the FDN process plant to run slightly below 
capacity in the event of recurrence of power disruption from the national grid.   
 
Consistent with previous years, the Company expects its free cash flow1 during the second quarter of 2025 to be lower 
than other quarters due to the payment of annual profit sharing to the government and employees along with remaining 
income taxes owed.  This variation is expected to be more pronounced in 2025 due to the Company's strong operating 
performance achieved in 2024 which has been further bolstered by high gold prices. 
 
As part of the 2025 near-mine program a total of 65,000 metres of drilling is planned from surface and underground 
using 13 rigs at an estimated cost of $32 million.  The program will focus on extending the mine life of FDN by exploring 
several advanced targets within and around the FDN mine.  Underground drilling will continue exploring the extension 
of the FDNS sector, while surface drilling in 2025 will primarily focus on Bonza Sur and FDN East targets, as well as 
explore for new sectors around FDN.  The Company is currently drilling and evaluating the Bonza Sur deposit and 
anticipates publishing an initial resource by the middle of 2025. 
 
The regional exploration program will focus on the unexplored large package of mineral concessions located on a highly 
prospective environment which hosts the Fruta del Norte deposit.  This will be the first year of a new three-year 
greenfield strategy to identify new areas for exploration drilling.  The 2025 program includes an airborne geophysical 
magnetic survey, geochemical sampling programs and extensive field work and is estimated to cost $8 million. 
 
In accordance with the Company's updated dividend policy, Lundin Gold anticipates paying quarterly dividends of $0.30 
per share, which is equivalent to approximately $300 million annually, subject to the approval of the Board of Directors. 
 
1 Refer to “Non-IFRS Measures” section in this MD&A.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 15 
 
 
NON-IFRS MEASURES 
 
This MD&A refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted 
EBITDA, cash operating cost per oz sold, all-in sustaining cost, adjusted free cash flow, adjusted free cash flow per 
share, and adjusted earnings, which are not recognized under IFRS Accounting Standards and do not have a 
standardized meaning prescribed by IFRS Accounting Standards.  These measures may differ from those made by 
other companies and accordingly may not be comparable to such measures as reported by other companies.  These 
measures have been derived from the Company’s financial statements because the Company believes that they are 
of assistance in the understanding of the results of operations and its financial position. 
 
Average realized gold price per oz sold 
 
Average realized gold price is a metric used to better understand the gold price realized during a period.  This is 
calculated as sales for the period plus treatment and refining charges less silver sales divided by gold oz sold.   
 
   Three months ended  
December 31, 
Year ended  
December 31, 
  2024  2023  2024  2023 
           
Revenues   $  341,791 $ 190,688 $ 1,193,050 $ 902,518 
           
Treatment and refining charges    11,613  10,101  41,532  39,206  
Less: silver revenues    (3,927)  (2,722)  (14,825)  (12,755)  
           
Gold sales   $  349,477 $ 198,067 $ 1,219,757 $ 928,969 
           
Gold oz sold    131,175  98,005  495,374  474,365  
           
Average realized gold price   $  2,664 $ 2,021 $ 2,462 $ 1,958 
 
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, 
  2024  2023  2024  2023 
          
Net income for the period  $  129,147 $ 11,062 $ 426,050 $ 179,457 
          
Adjusted for:          
Finance expense   -  20,933  266,542  85,269 
Finance income   (2,875)  (4,362)  (16,289)  (12,964) 
Income tax expense   72,415  8,532  208,067  105,581 
Depletion and depreciation   33,536  31,109  137,003  136,633  
          
EBITDA  $  232,223 $ 67,274 $ 1,021,373 $ 493,976 
          
Special government levy   -  -  1,913  -  
Derivative loss (gain)   -  28,634  (243,737)  32,069  
          
Adjusted EBITDA  $  232,223 $ 95,908 $ 779,549 $ 526,045

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 16 
 
 
Adjusted Earnings and adjusted basic 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 operating activities of the Company.  Presently, these include a special one-time 
government levy; derivative gains or losses from accounting for the Stream Facility at fair value; one-time finance 
expense incurred on buy out of the Stream Facility and Offtake; and related income tax effects.  Adjusted basic earnings 
per share is calculated using the weighted average number of shares outstanding under the basic method of earnings 
per share as determined under IFRS Accounting Standards. 
 
  Three months ended  
December 31, 
Year ended 
December 31, 
  2024  2023  2024  2023 
          
Net income for the period  $  129,147 $ 11,062 $ 426,050 $ 179,457 
          
Adjusted for:          
Finance expense on buy out of 
Stream Facility and Offtake 
   
- 
  
- 
  
235,575 
  
- 
Special government levy   -  -  1,913  - 
Derivative loss (gain)   -  28,634  (243,737)  32,069 
Deferred income tax expense 
(recovery) 
  
-  (6,460)  1,795  (7,216)  
          
Adjusted earnings  $  129,147 $ 33,236 $ 421,596 $ 204,310 
          
Basic weighted average shares 
outstanding 
   
240,101,527 
  
237,665,855 
  
239,312,029 
  
237,026,367 
          
Adjusted basic earnings per share  $  0.54 $ 0.14 $ 1.76 $ 0.86 
 
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, 
  2024  2023  2024  2023 
           
Operating expenses   $  72,581 $ 70,998 $ 283,527 $ 278,802 
Royalty expenses    20,471  10,534  69,158  51,934 
           
Cash operating costs   $  93,052 $ 81,532 $ 352,685 $ 330,736 
           
Gold oz sold    131,175  98,005  495,374  474,365  
           
Cash operating cost per oz sold   $  709 $ 832 $ 712 $ 697 
 
All-in sustaining cost and sustaining capital 
 
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 28 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 17 
 
 
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.  Sustaining capital is defined as cash basis 
expenditures which maintain existing operations and sustain production levels. 
 
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, 
  2024  2023  2024  2023 
          
Cash operating costs  $  93,052 $ 81,532 $ 352,685 $ 330,736 
Corporate social responsibility   470  572  2,119  2,260 
Treatment and refining charges   11,613  10,101  41,532  39,206 
Accretion of restoration provision   205  167  821  669 
Sustaining capital   13,937  14,449  51,215  47,822 
Less: silver revenues   (3,927)  (2,722)  (14,825)  (12,755) 
          
All-in sustaining cost  $  115,350 $ 104,099 $ 433,547 $ 407,938 
          
Gold oz sold    131,175  98,005  495,374  474,365  
          
All-in sustaining cost per oz sold  $ 879 $ 1,062 $ 875 $ 860 
 
Adjusted free cash flow and adjusted free cash flow per share 
 
Adjusted free cash flow is indicative of the Company’s ability to generate cash from operations after consideration for 
required capital expenditures, including related VAT impact, necessary to maintain operations and interest and finance 
expense paid on its debt obligations. Adjusted free cash flow is defined as cash flow provided by operating activities, 
less cash used for investing activities and interest and finance expense paid excluding the finance expense incurred 
upon buy out of the Stream Facility and Offtake. 
 
 Three months ended  
December 31, 
Year ended 
December 31, 
  2024  2023  2024  2023 
         
Net cash provided by operating 
activities 
 
$ 
 
192,021 
 
$ 
 
92,574 
 
$ 
 
662,390 
 
$ 
 
519,395 
         
Net cash used for investing activities  (28,254)  (13,749)  (93,504)  (53,483) 
Interest paid  -  (3,694)  (3,688)  (19,843) 
Finance charge paid  -  (12,801)  (260,990)  (182,596) 
Finance expense on buy out of 
Stream Facility and Offtake   
- 
  
- 
  
235,575 
  
- 
         
Adjusted free cash flow $  163,767 $ 62,330 $ 539,783 $  263,473 
         
Basic weighted average shares 
outstanding   
240,101,527 
  
237,665,855 
  
239,312,029 
  
237,026,367 
         
         
Adjusted free cash flow per share $ 0.68 $ 0.26 $ 2.26 $  1.11

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 18 
 
 
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, 2024.   
 
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 value 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. 
 
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, 2024, management did not identify any impairment indicators on the Company’s mineral properties, 
property, plant and equipment. 
 
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 prices, 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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 19 
 
 
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 which 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 Terry 
Smith P. Eng, Lundin Gold’s COO, who is a Qualified Person in accordance with the requirements of National 
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  The disclosure of exploration 
information contained in this MD&A was prepared by Andre Oliveira P.Geo, Vice President, Exploration of the 
Company, who is a Qualified Person in accordance with the requirements of NI 43-101.  
 
 
FINANCIAL INFORMATION 
 
The report for the three months ended March 31, 2025 is expected to be published on or about May 8, 2025. 
 
 
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 recorded, 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, 2024, 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.  
 
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 directors 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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 20 
 
 
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, 2024, 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, nationalization, renegotiation or nullification of existing concessions, agreements, licences 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 political uncertainty. Ecuador’s presidential election on February 9, 2025 resulted 
in an inconclusive outcome leading to a run-off election scheduled for April 13, 2025. Candidates in the run-off 
election are the incumbent president Daniel Noboa, from the National Democratic Action party, and Luisa González, 
from the Citizen Revolution party. It is uncertain whether either candidate will bring political stability to the country 
given a variety of challenges including, but not limited to, lack of a clear majority in the National Assembly, the 
significant national debt, the security situation, the inadequacy of power supply, and the condition of the economy. 
The instability 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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 21 
 
 
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 licences may pose a risk for future permitting of 
exploration activity near protected forests and the need to carry out consultation with impacted communities and 
Indigenous Peoples prior to the start of any activities. These factors may affect both Lundin Gold’s ability to undertake 
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 and communities of Indigenous 
Peoples, 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 Peoples activities in Ecuador have increased. These communities, NGOs and Indigenous Peoples 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.  
  
Power Supply   
  
FDN operations and future development of exploration properties are highly dependent on the availability, reliability, 
and cost of electrical power.  Inadequate power supply due to drought conditions, extreme weather events, 
infrastructure issues, or government intervention may lead to a variety of impacts, such as operational delays, reduced 
production, or increased costs. Ecuador’s national power grid generates the majority of its electricity from hydropower.  
Due to recent drought conditions, the country has suffered from rolling blackouts resulting from inadequate power 
supply.  Without investment in new energy infrastructure and diversification of energy sources, the country’s power 
generation capacity is challenged by drought conditions and the increasing power demand in the country. While Lundin 
Gold has taken steps to mitigate the impacts of inadequate power supply through the use of diesel-powered generators, 
this strategy may have negative impacts on its financial performance due to increased operating costs and the 
Company’s ability to reach green house gas emission targets due to increased Scope 1 emissions. FDN is unable to 
operate at full capacity when relying fully on its diesel power generators.  Moreover, diesel generators are susceptible 
to operational issues and maintenance down time, which could disrupt power to FDN.   
 
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 the Exploitation Agreement  and the 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 33 =====

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 22 
 
 
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 delay the processing of VAT refunds, which could have a material adverse effect on Lundin 
Gold’s financial position or cash flow.    
  
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, due in part to the increase of organized crime and illegal mining in the country.  
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.  
Resistance or unrest in Ecuador could have a material adverse effect on the Company’s operations, including supply 
chains and logistics, and profitability.  
  
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 introduction 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.  
  
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 may have material adverse consequences for Lundin Gold, 
including its operating results, cash flow and financial condition.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 23 
 
 
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 TSF 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 materially adverse effects on the Company’s operations and financial 
condition resulting in significant monetary losses, restrictions on operations and/or legal liability.   
  
In order to meet production estimates, the Company must complete successive raises of the TSF to meet tailings 
capacity requirements, which may not occur according to schedule.  Additionally, in the future, a new tailings location 
may be required.  The Company’s ability to establish a new tailings location relies on a number of factors, which will 
include 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.   
  
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 
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.  
  
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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 24 
 
 
Mineral Reserves and Resources   
  
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.  
  
Furthermore, Mineral Reserves must be replaced to maintain production levels over the long-term.  Mineral Reserves 
can be replaced by expanding known ore bodies, locating new deposits or making acquisitions.  Exploration is highly 
speculative in nature.  Once a site with mineralization is discovered, it may take several years from the initial phases 
of drilling until production is possible, during which time the economic feasibility of production may change.  Substantial 
expenditures are required to establish proven and probable reserves and to construct mining and processing facilities. 
As a result, there is no assurance that current or future exploration programs will be successful or that new commercial 
mining operations will be developed. Depletion of Mineral Reserves may not be offset by discoveries or acquisitions 
and could lead to a lower Mineral Reserve base.  
  
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 not be 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.  
  
Regulatory Risk  
  
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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 25 
 
 
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, licences, 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 unfavourable 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.  
  
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 information, 
analyses and interpretations (including with respect 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 commodity 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 
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”.  
  
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 and in recent years the volatility of the gold 
price has increased.  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 and 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 and capital expenditures, and 
as a result the Company could experience financial difficulties and may decrease or 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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 26 
 
 
 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.  
  
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.  
  
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 of materials consumed in the Company’s mining and production 
activities could materially adversely affect the Company’s results of operations and financial condition.  
  
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 
or decreases in precipitation levels or extreme weather events, such as severe storms or floods or drought, which may 
be more probable and more extreme due to climate change, may damage critical infrastructure such as public roads, 
bridges and ports, lead to a decline in power availability, 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 electricity, consumables such as diesel, and other 
supplies 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 then 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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 27 
 
 
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.  
  
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, community acceptance 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 Corporation 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.    
  
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 acquisition of another property or entity or 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.  
  
Dividends  
  
The Company commenced paying dividends on its Shares in 2022.  Any payments of dividends on the 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 
breaches, defective software updates 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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 28 
 
 
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, armed 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 mitigated 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.  
  
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 Peoples 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.  
Inherent Health and Safety Risk  
  
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.  Significant 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, working with helicopters, working at remote sites, contact with energized sources, 
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 resulting in serious injury or death could result in litigation and/or regulatory action (including, but 
not limited to suspension of exploration or 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 violations either internally or externally, such as through third party business relationships, 
corruption, unequal treatment 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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 29 
 
 
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 and 
training, 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 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 Peoples 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. The existence 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 within the vicinity of the operations.  As a result of heightened scrutiny, 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.   
  
Global Economic Conditions  
  
Global financial markets are experiencing extreme volatility as a result of a number of factors including geopolitical 
instability, inflation, increased interest rates and unprecedented government debts, including in Ecuador.  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, including institutions where the Company’s cash 
and cash equivalents are held, may be forced into bankruptcy or need to be rescued by government authorities.  The 
Company’s access to financing or its own cash balance 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 Shares.  
  
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 properties 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 in acquiring new Mineral Reserves to replace or 
expand current Mineral Reserves or that the Company will be able to maintain production levels in the future.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 30 
 
 
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 Company’s Shares may affect an investor’s ability to trade significant 
numbers of Shares; the size of the Company’s free float and whether it is included in market indices 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 Shares.  If an active market for the Shares does not 
continue, the liquidity of an investor’s investment may be limited, and the price of the Company’s 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 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 litigation 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 Shares.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 31 
 
 
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 environmental 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.  Possible 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 Shares.  The ultimate economic viability of the Company’s business is 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”.  
  
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, accordingly, 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.  
  
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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 32 
 
 
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.  
  
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 MD&A are considered “forward-looking information” or “forward-looking 
statements” as those terms are defined under Canadian securities laws (collectively referred to as “forward-looking 
statements”).  Any statements that express or involve discussions with respect to predictions, expectations, beliefs, 
plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words 
or phrases such as “believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, 
“plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or statements that certain actions, 
events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and similar expressions) are 
not statements of historical fact and may be forward-looking statements. 
 
By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, 
many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results 
to be materially different from those expressed by these forward-looking statements and information. Lundin Gold 
believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be 
given that these expectations will prove to be correct.  Forward-looking information should not be unduly relied upon.  
This information speaks only as of the date of this MD&A, and the Company will not necessarily update this information, 
unless required to do so by securities laws.  
 
This MD&A contains forward-looking information in a number of places, such as in statements pertaining to the 
Company’s 2025 production outlook, including estimates of gold production, grades recoveries and AISC; operating 
plans; expected sales receipts and cash flow forecasts, its estimated capital costs and sustaining capital; the

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2024 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 33 
 
 
Company’s efforts to mitigate the impacts of the energy crisis in Ecuador on its operations; the recovery of VAT; timing 
of completion of the process plant expansion project and the anticipated benefits; benefits of the Company’s community 
programs; the Company’s declaration and payment of dividends pursuant to its dividend policy; the timing and the 
success of its drill program at Fruta del Norte and its other exploration activities; and estimates of Mineral Resources 
and Reserves at Fruta del Norte.  
   
Lundin Gold's actual results could differ materially from those anticipated.  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; reliability of power supply; tax 
changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and 
tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; 
regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence 
on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; 
dividends; information systems and cyber security; 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; 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; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal 
proceedings; and reclamation obligations.

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

PricewaterhouseCoopers LLP 
PwC Place, 250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada  V6C 3S7 
T.: +1 604 806 7000, F.: +1 604 806 7806, Fax to mail: 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, 2024 and 2023, 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, 2024 and 2023; 
 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, comprising material accounting policy information 
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.

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

Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements for the year ended December 31, 2024. These matters were 
addressed in the context of our audit of the consolidated financial statements as a whole, and in forming 
our opinion thereon, and we do not provide a separate opinion on these matters. 
Key audit matter How our audit addressed the key audit matter 
Assessment of impairment indicators of mineral 
properties and property, plant and equipment
Refer to note 3 – Summary of material accounting 
policies, note 6 – Property, plant and equipment 
and note 7 – Mineral properties to the consolidated 
financial statements.
The Company had $133.0 million of mineral 
properties and $695.7 million of property, plant and 
equipment (PP&E) as at December 31, 2024. 
Assets that are subject to amortization are reviewed 
for impairment by management whenever events or 
changes in circumstances indicate that the carrying 
amount may not be recoverable. Management 
applies significant judgment 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 assets, 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 of 
impairment. No impairment indicators were 
identified by management as at 
December 31, 2024. 
We considered this a key audit matter due to (i) the 
significance of the mineral properties and PP&E 
balances and (ii) the significant audit effort and 
subjectivity in performing procedures to assess the 
internal and external factors evaluated by 
management in its assessment of impairment 
indicators, which required significant management 
judgment.
Our approach to addressing the matter included the 
following procedures, among others:  
 Evaluated management’s assessment of 
indicators of impairment, which included the 
following:  
– Assessed the completeness of external or 
internal factors that could be considered as 
indicators of impairment of the Company’s 
mineral properties and PP&E, including 
consideration of evidence obtained in other 
areas of the audit.  
– Assessed the changes in the use of the 
assets, commodity prices, foreign 
exchange rates, capital and production 
forecasts, mineral reserve and resource 
quantities and discount rates by 
considering external market data, current 
and past performance of the Company and 
evidence obtained in other areas of the 
audit, as applicable.

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Other information 
Management is responsible for the other information. The other information comprises the Management’s 
Discussion and Analysis. 
Our opinion on the consolidated financial statements does not cover the other information and we do not 
express any form of assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the other 
information identified above and, in doing so, consider whether the other information is materially 
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or 
otherwise appears to be materially misstated. 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard. 
Responsibilities of management and those charged with governance for the
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with IFRS Accounting Standards, and for such internal control as management 
determines is necessary to enable the preparation of consolidated financial statements that are free from 
material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, management is responsible for assessing the 
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern and using the going concern basis of accounting unless management either intends to liquidate 
the Company or to cease operations, or has no realistic alternative but to do so. 
Those charged with governance are responsible for overseeing the Company’s financial reporting 
process. 
Auditor’s responsibilities for the audit of theconsolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as 
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards 
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in the aggregate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of these consolidated financial statements.

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