FULLTEXT DEL 1 AV 2

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.

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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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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• 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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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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• 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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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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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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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.

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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+.

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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.

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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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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 =====

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.

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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.

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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

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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.

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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.

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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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