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NEWS RELEASE 
Vancouver, February 19, 2026 
 
 
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 2025 Results 
 
Record cash flow generation and expanding growth pipeline across epithermal and 
porphyry systems 
 
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG; OTCQX: LUGDF) (“Lundin Gold” or the “Company”) today 
announced its financial results for the fourth quarter and year ended December 31, 2025.   The year delivered 
exceptional operational and financial performance, including gold production of 498,315 oz, in line with elevated 
guidance, and record free cash flow¹ of $926 million.  The Company generated record revenues of $1.78 billion 
from sales of 503,330 oz at an average realized gold price 1 of $3,594 per oz, supported by stable operations , 
strong margins, and completion of the process plant expansion early in the year. 
 
The Company’s gold mine in Ecuador, Fruta del Norte (“FDN”) , achieved average throughput of 5,009 tpd with 
recoveries of 89.0%. Cash operating costs¹ of $838/oz and AISC¹ of $1,015/oz remained competitive despite 
higher royalties and employee profit sharing tied to strong gold prices , resulting in robust margins throughout 
the year. 
 
The Company also advanced its most extensive exploration program to date, drilling 121,519 metres across 
conversion and near mine programs and further demonstrating the significant potential of the broader land 
package.  Lundin Gold returned a record $664 million in dividends during the year and has declared $ 1.15 per 
share payable in Q1 2026.  All amounts are in U.S. dollars unless otherwise indicated. 
 
Jamie Beck, President and CEO, commented  “2025 was an outstanding year for Lundin Gold, marked by strong 
operational delivery, record financial results and dividends to our shareholders.  FDN again demonstrated strong 
production and exceptional cash flow, reinforcing the strength of this world-class asset. 
 
Our exploration results were equally impressive.  Following our MRMR update, FDNS now carries an initial 
Mineral Reserve  and FDN East has an initial Inferred Mineral Resource.  Drilling at both targets continues to 
demonstrate the scale and continuity of these high -grade epithermal systems, with the potential to extend the 
life of mine. 
 
The emerging copper gold porphyry systems at Sandia, Trancaloma, Castillo and other targets further illustrate 
the exceptional endowment of the district.   Together with the growth at FDNS, FDN East and Bonza Sur, the 
combination of multiple high  grade epithermal deposits and several promising porphyry centres provides rare 
long term optionality and a powerful foundation for future district scale growth 
 
With no debt, a strong balance sheet, and a growing pipeline of high -quality opportunities, we enter 2026 with 
considerable strategic flexibility and remain focused on disciplined execution and responsible growth.” 
 
 
 
1 Refer to “Non-IFRS Measures” section.

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2 
 
OPERATING AND FINANCIAL RESULTS SUMMARY 
 
The following two tables provide an overview of key operating and financial results. 
 
 Three months ended 
December 31, 
Year ended  
December 31, 
 2025 2024 2025 2024 
Tonnes ore mined 501,301 405,529 1,832,695 1,671,849 
Tonnes ore milled 484,950 427,030 1,828,225 1,690,865 
Average mill throughput (tpd)  5,271 4,642 5,009 4,620 
Average mill head grade (g/t) 8.7 11.3 9.5 10.5 
Average recovery 88.3% 87.1% 89.0% 87.8% 
Gold ounces produced 119,483 135,241 498,315 502,029 
Gold ounces sold 124,041 131,175 503,330 495,374 
 
 
 Three months ended  
December 31, 
Year ended  
December 31, 
 2025 2024 2025 2024 
Revenues ($’000) 526,596 341,791 1,782,940 1,193,050 
Income from mining operations ($’000) 373,402 215,208 1,226,337 703,386 
Earnings before interest, taxes, depreciation, and amortization ($’000)1 363,788 232,223 1,235,810 1,021,373 
Adjusted earnings before interest, taxes, depreciation, and amortization ($’000)1 363,788 232,223 1,235,810 779,549 
Net income ($’000) 234,205 129,147 792,151 426,050 
Basic income per share ($) 0.97 0.54 3.29 1.78 
Cash provided by operating activities ($’000) 358,405 192,021 1,023,029 662,390 
Free cash flow ($’000)1 328,197 163,767 925,799 304,208 
Free cash flow per share ($)1 1.36 0.68 3.84 1.27 
Average realized gold price ($/oz sold)1  4,299 2,664 3,594 2,462 
Cash operating cost ($/oz sold)1 947 709 838 712 
All-in sustaining costs ($/oz sold)1 1,193 879 1,015 875 
Adjusted earnings ($‘000)1  234,205 129,147 792,151 421,596 
Adjusted earnings per share ($)1 0.97 0.54 3.29 1.76 
Dividends paid per share ($) 0.80 0.20 2.75 0.60 
 
FOURTH QUARTER AND FULL YEAR HIGHLIGHTS 
 
Year ended December 31, 2025 
 
• FDN achieved annual gold production of 498,315 oz, comprised of 324,485 oz in concentrate and 
173,830 oz as doré, which meets the Company’s 2025 elevated guidance. 
• A total of 1,832,695 and 1,828,225 tonnes of ore was mined and processed, respectively.  In 2025, 
average mill throughput exceeded 5,000 tpd, demonstrating the benefits of the process plant 
expansion project completed in Q1 2025.  The mine also ramped up progressively throughout the 
year keeping pace with the mill. 
• The average grade of ore milled was 9.5 grams per tonne (“g/t”) with improved average recoveries 
of 89.0% when compared to 2024. 
 
1 Refer to “Non-IFRS Measures” section.

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• The Company sold a total of 503,330 oz of gold, consisting of 331,305 oz in concentrate and 172,025 
oz as doré at an average realized gold price 1 of $3,594 per oz sold for total revenues from gold sales 
of $1.81 billion. Net of treatment and refining charges, revenues for 2025 were $1.78 billion.    
• Average realized gold price1 was positively impacted by rising gold prices on provisionally priced gold 
sales, which include $3,426 per oz of gross price received and a favourable impact of $168 per ounce 
from adjustments to provisionally priced sales. 
• Cash operating costs 1 and AISC 1 for 2025 were $838 and $1,015 per oz of gold sold, respectively. 
These figures reflect the impact of higher accrued royalties and statutory profit sharing payable to 
employees which were driven by record -high average realized gold prices 1. AISC 1 also includes 
sustaining capital costs related to the expansion of the tailings storage facility. 
• The Company generated record cash from operating activities of $1.02 billion and free cash flow 1 of 
$926 million or $3.84 per share. The strong free cash flow enabled the Company to return $664 
million to shareholders through dividends and resulted in a cash balance of $630 million at December 
31, 2025. 
• Earnings before interest, taxes, depreciation, and amortization 1 (“EBITDA”) were $1.24 billion while 
income from mining operations was $1.23 billion which, after deducting corporate, exploration, and 
taxes, resulted in net income of $792 million for the quarter or $3.29 per share.  
 
Fourth Quarter of 2025 
 
• Focus on Operational Excellence programs led to the highest quarterly mine production since the 
beginning of operations with 501,301 tonnes of ore mined. 
• The mill processed 484,950 tonnes of ore at an average throughput of 5,271 tpd despite lower mill 
operating hours due to unplanned maintenance activities at the mill.  This was also a quarterly record 
since the beginning of operations.  The average grade o f ore milled was 8.7 g/t with average 
recoveries of 88.3%.   
• Gold production was 119,483 oz which was comprised of 78,577 oz in concentrate and 40,906 oz as 
doré. 
• Gold sales totaled 124,041 oz, consisting of 81,348 oz in concentrate and 42,693 oz as doré, resulting 
in gross revenues of $533 million at an average realized gold price1 of $4,299 per oz.  Net of treatment 
and refining charges, revenues for the quarter were $527 million.   
• Average realized gold price 1 includes $4,133 per oz of gross price received and a favourable impact 
of $166 per ounce from adjustments to provisionally priced sales. 
• Cash operating costs1 and AISC1 were $947 and $1,193 per oz of gold sold, respectively.  The increase 
in both metrics compared to previous quarters is due to the impact of higher accrued royalties and 
statutory profit sharing payable to employees which were driven by record-high average realized gold 
prices1. Furthermore, AISC1 was impacted by the timing of sustaining capital expenditures incurred. 
• The Company generated cash from operating activities of $358 million and free cash flow 1 of $328 
million, or $1.36 per share. 
 
1 Refer to “Non-IFRS Measures” section.

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• EBITDA1 was $364 million while income from mining operations was $373 million which, after 
deducting corporate, exploration, and taxes, resulted in net income of $234 million for the quarter 
or $0.97 per share.  
 
Outlook 
 
• Gold production at FDN for 2026 is estimated to be between 475,000 to 525,000 oz based on an 
average throughput rate of 5,500 tpd.  Head grade is estimated to average 8.3 g/t, with fluctuations 
expected during the year as different sections of the ore body  are mined.  Average mill recovery for 
the year is estimated at 91%. 
• Cash operating costs 1 are estimated to range between $900 and $960 per oz of gold sold in 2026.  
AISC1 for 2026 is expected to range between $1,110 and $1,170 per oz of gold sold and to fluctuate 
quarterly based on sustaining capital activities.  Unit costs are anticipated to be higher compared to 
2025, primarily attributable to increased royalties and sta tutory employee profit sharing resulting 
from the higher assumed gold price of $4,000 per oz.  This assumption adds approximately $150 per 
oz to unit costs compared to our 2025 guidance which was based on a gold price of $2,500 per oz. 
• Sustaining capital expenditures1 for 2026 is projected to range between $75 million and $90 million.  
This investment will fund several key initiatives that support the long -term performance of the 
operation. A major component of this capital is the completion of the fifth raise of the tailings storage 
facility, which began in 2025, and commencement of the sixth raise including development of a new 
quarry.  These raises are designed to provide additional storage capacity to accommodate higher 
throughput and  extended mine life.  Guidance also includes expenditures for infrastructure 
enhancements and mobile equipment overhauls or replacements. 
• Following the recent inclusion of FDNS into Mineral Reserves, underground mine development 
toward the deposit is planned to proceed.  The mine to mill expansion study is examining how 
incorporating FDNS into the broader mine plan could support sustaining higher processing 
throughputs and contribute to increased production over time.  The Company now expects to make 
a single, integrated investment decision in 2026, informed by analysis of the most efficient mining 
rates at both FDN and FDNS and options for increasing processing capacity beyond 5,500 tpd.  The 
anticipated non -sustaining capital costs associated with the initial FDNS develop ment in 2026 is 
expected to be $30 - $35 million. Further details on future spending towards the integrated expansion 
will be provided as this opportunity is further advanced and finalized. 
• 2026 is set to be a landmark year for Lundin Gold, featuring the largest exploration program in the 
Company's history with 133,000 metres of drilling planned.  The near-mine exploration program will 
account for approximately 100,000 metres, combining surfa ce and underground drilling aimed at 
extending the mine life of FDN. This investment will target high -grade epithermal gold deposits and 
advance exploration of the promising copper -gold porphyry corridor, building on the strong results 
achieved to date. 
• In addition to near -mine efforts, the regional program will focus on the Company’s extensive and 
highly prospective land package surrounding FDN and beyond. Following reconnaissance work 
completed in 2025, 8,000 metres of drilling is planned on advanced ta rgets identified within this 
underexplored district, marking an important step in unlocking new growth opportunities. 
 
1 Refer to “Non-IFRS Measures” section.

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• Separately, 25,000 metres of resource conversion drilling is anticipated in 2026 to support the 
updating of Mineral Reserve and Resource estimates. The total investment in our 2026 exploration 
program is estimated at $85 million, underscoring the Company’s  commitment to growth through 
exploration 
• Under its dividend policy, the Company anticipates continuing to declare quarterly minimum 
dividends of $0.30 per share, equivalent to approximately $300 million annually based on currently 
issued and outstanding shares, plus a variable dividend equal to an amount based on at least 50% of 
the Company’s normalized free cash flow, after the deduction of the fixed dividend. 
 
Liquidity and Capital Resources 
 
At the end of December 31, 2025, the Company is in a strong financial position. 
 
(in thousands of U.S.  dollars) As at December 31,  
2025 
As at December 31,  
2024 
Financial Position:   
Cash  630,181 349,200 
Working capital  594,654 458,944 
Total assets 1,787,158 1,527,481 
 
As at December 31, 2025, the Company had cash of $630 million and a working capital balance of $595 million 
compared to cash of $349 million and a working capital balance of $459 million at December 31, 2024.   
 
The change in cash during the year ended December 31, 2025  was primarily due to cash generated from 
operating activities of $1.02 billion and proceeds from the exercise of stock options and anti -dilution rights 
totaling $18.9 million.  This is offset by dividends paid of $664 million and capital expenditures of $97.2 
million. 
 
Capital Expenditures 
 
Sustaining Capital Expenditures1 
 
• Total sustaining capital spent during the year was $60.3 million, of which $23.1 was spent during the 
fourth quarter. 
• Construction of the fifth tailings dam raise reached 85% completion and is on track for completion 
during the first quarter of 2026. 
• Key sustaining capital projects completed or advanced substantially during 2025 include 
enhancements to camp facilities, construction of an administration building, commissioning of four 
additional diesel generators, mobile equipment rebuilds or replacement, as well as other operational 
infrastructure improvements.  
 
 
 
 
1 Refer to “Non-IFRS Measures” section.

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Non-Sustaining Capital Expenditures1 
 
• Non-sustaining capital expenditures1 of $20.9 million were incurred during the year ended December 
31, 2025 , of which $4.3 million was incurred during the fourth quarter, for growth -oriented 
investments such as the process plant expansion, conversion drilling, and associated permitting and 
study expenditures not related to current operations. 
• The 2025 conversion drilling program was focused on FDNS, located in the southern portion of the 
FDN deposit.  During the year, the conversion drilling program completed approximately 25,634 
metres across 187 holes, of which approximately 6,811 metres across 56 holes were drilled in the 
fourth quarter.  Two underground rigs are currently active in the conversion drilling program. 
o The completed holes confirmed the mineralization continuity and indicated higher grade 
zones within the vein system.  Some conversion drill holes also intercepted mineralized zones 
outside of the existing geological model. 
o Drilling results up to November 1, 2025 were incorporated in the geological and the mineral 
resource model, and the maiden Mineral Resources and Reserves estimate for the FDNS 
deposit was announced on February 17, 2026. 
o A complete table of results received to date can be found in Lundin Gold's press releases 
dated May 4, September 2, November 1, 2025 and February 17, 2026.  
 
Health and Safety 
 
During the fourth quarter there were no Lost Time Incidents (“LTIs”) and three Medical Aid Incidents (“MAIs”) 
and for the year ended December 31, 2025 , the Company recorded no LTIs and nine MAIs. The Total 
Recordable Incident Rate (“TRIR”) across exploration and operations was 0.22 per 200,000 hours worked 
during 2025, representing the lowest annual TRIR ever achieved by Lundin Gold. 
 
Community 
Lundin Gold's community investment initiatives continued to advance throughout Q4 2025.  The Company's 
flagship well-being program, delivered through Educación para Compartir, continued to demonstrate strong 
community participation across its mental health counselling, youth sports academy, and English education 
streams. In addition, the 2025 university preparation program concluded successfully with placements of 
local students in public institutions across Ecuador.  During the quarter, the Company launched a school meals 
initiative serving over 1,200 students in Los Encuentros in partnership with the Lundin Foundation, integrating 
local agricultural suppliers into the program's delivery model. 
Local government partnerships with Yantzaza and Los Encuentros advanced through support agreements 
targeting rural infrastructure, basic service infrastructure, community well-being, and livestock and local 
farmers initiatives. Key commitments during the quarter included waste management system improvements, 
livestock trade infrastructure, street lighting and electrical infrastructure, and community childcare facility 
enhancements. 
 
1 Refer to “Non-IFRS Measures” section.

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The community dialogue roundtable process remained active, facilitating engagement among local 
stakeholders, government representatives, and Company personnel. The Lundin Foundation's supplier 
development program continued strengthening local business capacity while supporting procurement 
objectives. 
The partnership with Shuar Indigenous Peoples advanced through the Lundin Foundation, including the 
implementation of a Shuar-owned tire distribution enterprise to supply FDN and ongoing support for cocoa 
and sugar cane production projects with Shuar communities. 
 
EXPLORATION 
 
Near-Mine Exploration Program 
 
During the year, the Company completed a total of 95,885 metres across 196 holes from surface and 
underground, of which approximately 27,019 metres across 60 holes were drilled in the fourth quarter.  
 
The underground near mine drilling program focused on the FDNS deposit, which remains open for expansion 
in the main extensions and where one underground rig is currently turning.  At FDN, one rig is currently 
exploring the mineralization continuity at depth.  The underground drilling program also continues to advance 
at FDN East where one rig is currently exploring the central portion of the target and another rig is testing the 
east extension of this vein system. Four underground rigs are active in the near mine drilling program. 
 
The surface near mine drilling program advanced the recently discovered copper-gold mineralization at both 
the Trancaloma and Sandia targets.  Furthermore, surface drilling continues to explore the Castillo target, in 
distinct sectors along the south extension of the Suarez Basin, and the recently discovered Chontas target.  
Eleven surface rigs are drilling with four at Sandia, one at Trancaloma, one at Castillo, one at Chontas and 
four targeting new discoveries. 
 
• At Sandia, located two kilometres from FDN, drilling results confirmed and expanded the recently 
discovered copper-gold mineralization.  The completed drill holes helped define the western limit of 
the deposit and extended a wide zone of copper-gold porphyry mineralization along the 
northwestern direction both near surface and at depth. 
• At Trancaloma, located four kilometres from FDN, results of the drilling program confirmed the lateral 
and vertical continuity of the copper-gold porphyry mineralization.  In the southeastern portion of 
the target, drilling confirmed the extension of the mineralization and indicated areas for further 
expansion along this direction. 
• At Castillo, drilling confirmed the continuity of the high-grade copper-gold mineralization along the 
southwestern direction and identified potential new areas for further drilling under the Suarez Basin 
cover. 
• At Chontas, located approximately ten kilometres south of FDN, the drilling program identified 
another occurrence of wide, shallow, copper-gold porphyry mineralization, and indicated areas for 
further expansion in this new sector. 
• An exploratory drilling program is underway to define additional exploration targets underneath the 
Suarez Basin cover.  The program is systematically testing the presence of hydrothermal alteration 
horizons and epithermal deposits pathfinder elements hosted in the Suarez Basin sediments, which 
could potentially indicate gold epithermal systems at depth.

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• The near-mine exploration program continues to advance in unexplored areas close to FDN.  A 
systematic exploration program employing geochemical and geophysical surveys and geological 
mapping continues to cover unexplored sectors in the near mine area.  
A table of fourth quarter 2025 near mine results received to date can be found in Lundin Gold’s press release 
dated February 12 and 18, 2026. 
 
Regional Exploration Program 
 
The Company advanced its multi -year regional exploration program during 2025.  The program is expected 
to cover approximately 54,000 hectares on 23 of the Company’s concessions along the Zamora Copper Gold 
Belt, a high potential geological setting which ho sts the Fruta del Norte mine and several large copper -gold 
projects.  2026 is the first year of drill testing targets with 8,000 metres planned.  The exploration program 
continues to advance in the Gamora district, located 65 kilometres north of FDN and ap proximately 4 
kilometres north of the Mirador copper -gold mine.  Furthermore, exploration activities started at the 
Guacamayo District, located 17 kilometres south of FDN.  
 
The Gamora district comprises multiple exploration sectors that exhibit geological features similar to those 
found in copper -gold porphyry systems.  Additional geochemical sampling program results were received 
from distinct parts of the district during th e fourth quarter and supported the identification of additional 
potential targets for further evaluation.  At the Guacamayo district, geological mapping followed by soil and 
rock sampling was completed in the central portion of the concession.  Furthermore , the recently acquired 
airborne geophysics data (Radiometric and Magnetic), which covered most of the regional concessions, were 
processed and supported the selection of additional potential exploration targets. 
 
CORPORATE 
 
• Effective November 7, 2025, Mr. Ron Hochstein stepped down as President, CEO, and Director of the 
Company, and was succeeded by Mr. Jamie Beck. 
• Lundin Gold completed its new five -year sustainability strategy (2026 -2030) to coincide with the 
expiry of its prior five -year strategy. Anchored by the vision of “Transforming lives through 
responsible mining”, the strategy is built on five strategic pill ars: Shared Prosperity, Stakeholder 
Trust, Responsible Governance, Environmental Stewardship and Valued Workforce. With ambitious 
targets for 2030 and beyond, this strategy will guide Lundin Gold’s legacy as a leading gold company, 
a trusted community partner, and a driver of long-term local prosperity. 
• The Company amended its dividend policy by increasing the existing quarterly fixed dividend from 
$0.20 to $0.30 per share and introducing a new variable quarterly dividend based on at least 50% of 
the Company’s normalized free cash flow during the precedin g quarter less the Fixed Dividend paid 
during such period.  During 2025, the Company paid out a total of $664 million in dividends as follows: 
o Special dividend on June 9, 2025 for a total of $100 million; 
o Quarterly fixed dividends for a total of $289 million; and  
o Quarterly variable dividends for a total of $275 million.  
• With the release of its 2025 year end results, the Company has declared quarterly dividends totaling 
$1.15 per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.85 
per share, payable on March 2 6, 2026 (March 31, 2026 for shares trading on Nasdaq Stockholm) to

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shareholders of record at the close of business on March 11, 2026.  Pursuant to the Company’s 
dividend policy, the variable dividend was calculated based on 100% of the Company’s normalized 
free cash flow during the fourth quarter of 2025, after deducting the fixed dividend paid, which 
exceeds the policy’s minimum threshold of 50%. 
 
Qualified Persons 
 
The technical information relating to Fruta del Norte contained in this press release has been reviewed and 
approved by Terry Smith P .  Eng, Lundin Gold’s COO, who is a Qualified Person in accordance with the 
requirements of National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”).  
The disclosure of exploration information contained in this press release  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.   
 
Webcast and Conference Call 
 
The Company will host a conference call and webcast to discuss its results on February 20 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 / 51479 
 
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 27, 2026. 
 
Toll Free North America Replay Number: +1 888-660-6345 
International Replay Number: +1 416-764-8677 
Replay passcode: 39953 # 
 
 
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 deliverin g 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

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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, sustaining capital expenditures, free 
cash flow, free cash flow per share, and adjusted earnings, which are not measures recognized under IFRS 
and do not have a standardized meaning prescribed by IFRS .  These measures may differ from those made 
by other companies and accordingly may not be comparable to such measures as rep orted 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 Management Discussion and 
Analysis (“MD&A”) for the year ended December 31, 2025 available on SEDAR+. 
 
Additional Information 
 
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market 
Abuse Regulation.  This information was publicly communicated on February 19, 2026 at 5:30 p.m.  Pacific 
Time through the contact persons set out below. 
By the end of April, the Company will file a 2025 Annual Report in Sweden to Börsinformation, which will also 
be available on the Company’s website at www.lundingold.com. 
 
For more information, please contact 
 
Brendan Creaney 
Vice President, Corporate Development & Investor Relations 
Tel: +1-604-376-4595 
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.

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This press release contains forward -looking information in several places, such as in statements relating to the Company’s 202 6 
production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and 
cash flow forecasts; gold price; estimated capital costs and sustaining capital; the completion of future expansion projects; benefits 
of the Company’s community programs; the Company’s declaration and payment of dividends pursuant to its dividend policy; the 
timing and the success of its drill program at Fruta del Norte and its other exploration activities; and estimates of Mineral Resources 
and Reserves at Fruta del Norte, FDNS, and FDN East.  
 
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 sh ares include 
risks relating to: fiscal risk; community relations; mining operations; security situation; waste disposal and tailings; environmental 
compliance; illegal mining; infrastructure; forecasts relating to production and costs; land acquisition and surface rights; indigenous 
consultation requirements; Mineral Reserve and Mineral Resource estimates; regulatory compliance and government approvals; 
dependence on a single mine; climate change and extreme weather events; shortages of critical resources; exploration and 
development; control of Lundin Gold; information systems and cyber security; health and safety; human rights; measures to protect 
biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; availabilit y of 
workforce and labour relations; key talent recruitment and retention; gold price; market price of the Company’s shares; social media 
and reputation; insurance and uninsured risks; dividends; internal controls; conflicts of interest; violation of anti -bribery and 
corruption laws; claims and legal proceedings; reclamation obligations; expropriation and nationalization; and pandemics, epidemics 
or infectious disease outbreak. 
 
There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events c ould 
differ materially from those anticipated in this forward -looking information as a result of the factors discussed under the he ading 
“Risk Factors” in Lundin Gold’s MD&A dated February 19, 2026, which is available at www.lundingold.com or at www.sedarplus.ca

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

Q4 and Full Year 2025

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(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, 2025 with those of the same period from the previous year.  
  
This MD&A is dated as of February 19, 2026 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, 2025 and 2024.  
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 “2025 Year” and “2024 Year” relate to the years ended December 31, 2025 and December 31, 2024, 
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 and financial performance underpin another outstanding year for Lundin Gold.  Plant throughput 
averaged 5,009 tonnes per day (“tpd”) with the completion of the process plant expansion project in early 2025, and 
mine throughput reached 5,021 tpd through continuous operational improvement.  As a result, Lundin Gold achieved 
its 2025 upwardly revised production guidance with annual gold production of 498,315 ounces (“oz”).  With annual 
sales of 503,330 oz at an average realized gold price of $3,594 per oz sold, the Company generated record free cash 
flow1 of $926 million supported by low cash operating costs1 and all-in sustaining costs (“AISC”)1 of $838 and $1,015 
per oz sold, respectively.   
 
While record-high gold prices have significantly strengthened the Company’s financial performance, they have also 
resulted in higher royalties and statutory profit sharing payable to employees, which in turn impact both cash operating 
costs1 and AISC1. For every $100 per oz increase in gold price, these metrics are estimated to increase by 
approximately $10 per oz. The Company’s guidance was based on a gold price assumption of $2,500 per oz while 
average realized gold price1 during the 2025 Year was $3,594 per oz – an increase of $1,094 per oz.  Notwithstanding 
the approximate $110 per oz impact on unit costs, the Company sustained strong margins and operating performance, 
reflecting both the quality of FDN and the team’s continued focus on efficiency and cost discipline. 
 
On the Company’s exploration programs, results continue to demonstrate significant potential at the Company’s highly 
prospective land package.  A record 121,519 metres were drilled across the conversion and near-mine programs, 
marking the district’s largest annual drill program since FDN's discovery.  The conversion program at FDN South 
(FDNS) identified high grade zones within the vein system with additional mineralized zones intercepted outside the 
existing geological model. The Resources and Reserves estimate for FDN and FDNS was released on February 17, 
2026.  The near mine program’s underground drilling focused on expanding FDNS and FDN East deposits, while 
surface drilling targeted the recently discovered copper-gold porphyry corridor which hosts Trancaloma and Sandia.  
 
Pursuant to the Company’s dividend policy, Lundin Gold has declared cash dividends totaling $1.15 per share, 
comprised of the fixed quarterly dividend of $0.30 per share and the variable quarterly dividend of $0.85 per share, to 
be paid at the end of the first quarter of 2026, representing 100% of normalized free cash flow.   
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 2 
 
 
The following two tables provide an overview of key operating and financial results achieved during 2025 compared to 
the same periods in 2024.   
 
 Three months ended 
December 31, 
Year ended  
December 31, 
 2025 2024 2025 2024 
Tonnes ore mined 501,301 405,529 1,832,695  1,671,849 
Tonnes ore milled 484,950 427,030 1,828,225 1,690,865 
Average mill throughput (tpd) 5,271 4,642 5,009 4,620 
Average mill head grade (g/t) 8.7 11.3 9.5 10.5 
Average recovery 88.3% 87.1% 89.0% 87.8% 
Gold ounces produced 119,483 135,241 498,315 502,029 
Gold ounces sold 124,041 131,175 503,330 495,374 
 
 Three months ended  
December 31, 
Year ended  
December 31, 
 2025 2024 2025 2024 
Revenues ($’000) 526,596 341,791 1,782,940 1,193,050 
Income from mining operations ($’000) 373,402 215,208 1,226,337 703,386 
Earnings before interest, taxes, 
depreciation, and amortization ($’000)1 
 
363,788 
 
232,223 
 
1,235,810 
 
1,021,373 
Adjusted earnings before interest, taxes, 
depreciation, and amortization ($’000)1 
 
363,788 
 
232,223 
 
1,235,810 
 
779,549 
Net income ($’000) 234,205 129,147 792,151 426,050 
Basic income per share ($) 0.97 0.54 3.29 1.78 
Cash provided by operating activities ($’000) 358,405 192,021 1,023,029 662,390 
Free cash flow ($’000)1 328,197 163,767 925,799 304,208 
Free cash flow per share ($)1 1.36 0.68 3.84 1.27 
Average realized gold price ($/oz sold)1  4,299 2,664 3,594 2,462 
Cash operating cost ($/oz sold)1 947 709 838 712 
All-in sustaining costs ($/oz sold)1 1,193 879 1,015 875 
Adjusted earnings ($‘000)1  234,205 129,147 792,151 421,596 
Adjusted earnings per share ($)1 0.97 0.54 3.29 1.76 
Dividends paid per share ($) 0.80 0.20 2.75 0.60 
 
Following the buy out of the stream loan credit facility (the “Stream Facility”) and offtake agreement (the “Offtake”) from 
Newmont Corporation at the end of the second quarter of 2024, there were no adjustments between net income and 
adjusted earnings1 as well as earnings before interest, taxes, depreciation, and amortization (“EBITDA”)1 and adjusted 
EBITDA1 during 2025. 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 3 
 
 
Operating and Financial Results During the Year ended December 31, 2025 
 
 FDN achieved annual gold production of 498,315 oz, comprised of 324,485 oz in concentrate and 173,830 oz 
as doré, which meets the Company’s 2025 elevated guidance. 
 A total of 1,832,695 and 1,828,225 tonnes of ore was mined and processed, respectively.  2025 average mill 
throughput exceeded 5,000 tpd, demonstrating the benefits of the process plant expansion project completed 
in Q1 2025.  The mine also ramped up progressively throughout the year keeping pace with the mill. 
 The average grade of ore milled was 9.5 grams per tonne (“g/t”) with improved average recoveries of 89.0% 
when compared to the 2024 Period. 
 The Company sold a total of 503,330 oz of gold, consisting of 331,305 oz in concentrate and 172,025 oz as 
doré at an average realized gold price1 of $3,594 per oz sold for total revenues from gold sales of $1.81 billion. 
Net of treatment and refining charges, revenues for 2025 were $1.78 billion.    
 Average realized gold price1 was positively impacted by rising gold prices on provisionally priced gold sales, 
which include $3,426 per oz of gross price received and a favourable impact of $168 per ounce from 
adjustments to provisionally priced sales. 
 Cash operating costs1 and AISC1 for 2025 were $838 and $1,015 per oz of gold sold, respectively. These 
figures reflect the impact of higher accrued royalties and statutory profit sharing payable to employees which 
were driven by record-high average realized gold prices1. AISC1 also includes sustaining capital costs related 
to the expansion of the tailings storage facility. 
 The Company generated record cash from operating activities of $1.02 billion and free cash flow1 of $926 
million or $3.84 per share. The strong free cash flow enabled the Company to return $664 million to 
shareholders through dividends and resulted in a cash balance of $630 million at December 31, 2025. 
 Earnings before interest, taxes, depreciation, and amortization1 (“EBITDA”) were $1.24 billion while income 
from mining operations was $1.23 billion which, after deducting corporate, exploration, and taxes, resulted in 
net income of $792 million for the quarter or $3.29 per share.  
 
 
Operating and Financial Results During the Fourth Quarter of 2025 
 
 Focus on Operational Excellence programs led to the highest quarterly mine production since the beginning 
of operations with 501,301 tonnes of ore mined. 
 The mill processed 484,950 tonnes of ore at an average throughput of 5,271 tpd despite lower mill operating 
hours due to unplanned maintenance activities at the mill.  This was also a quarterly record since the beginning 
of operations.  The average grade of ore milled was 8.7 g/t with average recoveries of 88.3%.   
 Gold production was 119,483 oz which was comprised of 78,577 oz in concentrate and 40,906 oz as doré. 
 Gold sales totaled 124,041 oz, consisting of 81,348 oz in concentrate and 42,693 oz as doré, resulting in gross 
revenues of $533 million at an average realized gold price1 of $4,299 per oz.  Net of treatment and refining 
charges, revenues for the quarter were $527 million.   
 Average realized gold price1 includes $4,133 per oz of gross price received and a favourable impact of $166 
per ounce from adjustments to provisionally priced sales. 
 Cash operating costs1 and AISC1 were $947 and $1,193 per oz of gold sold, respectively.  The increase in 
both metrics compared to previous quarters is due to the impact of higher accrued royalties and statutory profit 
sharing payable to employees which were driven by record-high average realized gold prices1. Furthermore, 
AISC1 was impacted by the timing of sustaining capital expenditures incurred. 
 The Company generated cash from operating activities of $358 million and free cash flow1 of $328 million, or 
$1.36 per share. 
 EBITDA1 was $364 million while income from mining operations was $373 million which, after deducting 
corporate, exploration, and taxes, resulted in net income of $234 million for the quarter or $0.97 per share.  
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 4 
 
 
Capital Expenditures 
 
Sustaining capital expenditures1 
 
 Total sustaining capital spent during the year was $60.3 million, of which $23.1 was spent during the fourth 
quarter. 
 Construction of the fifth tailings dam raise reached 85% completion and is on track for completion during the 
first quarter of 2026. 
 Key sustaining capital projects completed or advanced substantially during 2025 include enhancements to 
camp facilities, construction of an administration building, commissioning of four additional diesel generators, 
mobile equipment rebuilds or replacement, as well as other operational infrastructure improvements.  
 
Non-sustaining capital expenditures1 
 
 Non-sustaining capital expenditures1 of $20.9 million were incurred during the 2025 Year, of which $4.3 million 
was incurred during the fourth quarter, for growth-oriented investments such as the process plant expansion, 
conversion drilling, and associated permitting and study expenditures not related to current operations. 
 The 2025 conversion drilling program was focused on FDNS, located in the southern portion of the FDN 
deposit.  During the year, the conversion drilling program completed approximately 25,634 metres across 187 
holes, of which approximately 6,811 metres across 56 holes were drilled in the fourth quarter.  As at the date 
of this MD&A, two underground rigs are active in the conversion drilling program. 
o The completed holes confirmed the mineralization continuity and indicated higher grade zones within 
the vein system.  Some conversion drill holes also intercepted mineralized zones outside of the 
existing geological model. 
o Drilling results up to November 1, 2025 were incorporated in the geological and the mineral resource 
model, and the maiden Mineral Resources and Reserves estimate for the FDNS deposit was 
announced on February 17, 2026. 
o A complete table of results received to date can be found in Lundin Gold's press releases dated May 
4, September 2, November 1, 2025 and February 17, 2026.  
 
Health, Safety and Community 
 
Health and Safety 
 
 During the fourth quarter there were no Lost Time Incidents (“LTIs”) and three Medical Aid Incidents (“MAIs”) 
and for the 2025 Year, the Company recorded no LTIs and nine MAIs.  
 The Total Recordable Incident Rate (“TRIR”) across exploration and operations was 0.22 per 200,000 hours 
worked during 2025, representing the lowest annual TRIR ever achieved by Lundin Gold. 
 
Community 
Lundin Gold's community investment initiatives continued to advance throughout Q4 2025.  The Company's flagship 
well-being program, delivered through Educación para Compartir, continued to demonstrate strong community 
participation across its mental health counselling, youth sports academy, and English education streams. In addition, 
the 2025 university preparation program concluded successfully with placements of local students in public institutions 
across Ecuador.  During the quarter, the Company launched a school meals initiative serving over 1,200 students in 
Los Encuentros in partnership with the Lundin Foundation, integrating local agricultural suppliers into the program's 
delivery model. 
Local government partnerships with Yantzaza and Los Encuentros advanced through support agreements targeting 
rural infrastructure, basic service infrastructure, community well-being, and livestock and local farmers initiatives. Key 
commitments during the quarter included waste management system improvements, livestock trade infrastructure, 
street lighting and electrical infrastructure, and community childcare facility enhancements.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 5 
 
 
The community dialogue roundtable process remained active, facilitating engagement among local stakeholders, 
government representatives, and Company personnel. The Lundin Foundation's supplier development program 
continued strengthening local business capacity while supporting procurement objectives. 
The partnership with Shuar Indigenous Peoples advanced through the Lundin Foundation, including the implementation 
of a Shuar-owned tire distribution enterprise to supply FDN and ongoing support for cocoa and sugar cane production 
projects with Shuar communities. 
Exploration 
 
Near-Mine Program 
 
During the year, the Company completed a total of 95,885 metres across 196 holes from surface and underground, of 
which approximately 27,019 metres across 60 holes were drilled in the fourth quarter.  
 
The underground near mine drilling program focused on the FDNS deposit, which remains open for expansion in the 
main extensions and where one underground rig is currently turning.  At FDN, one rig is currently exploring the 
mineralization continuity at depth.  The underground drilling program also continues to advance at FDN East where 
one rig is currently exploring the central portion of the target and another rig is testing the east extension of this vein 
system. As at the date of this MD&A, four underground rigs are active in the near mine drilling program. 
 
The surface near mine drilling program advanced the recently discovered copper-gold mineralization at both the 
Trancaloma and Sandia targets.  Furthermore, surface drilling continues to explore the Castillo target, in distinct sectors 
along the south extension of the Suarez Basin, and the recently discovered Chontas target.  As at the date of this 
MD&A, 11 surface rigs are drilling with four at Sandia, one at Trancaloma, one at Castillo, one at Chontas and four 
targeting new discoveries. 
 
 At Sandia, located two kilometres from FDN, drilling results confirmed and expanded the recently discovered 
copper-gold mineralization.  The completed drill holes helped define the western limit of the deposit and 
extended a wide zone of copper-gold porphyry mineralization along the northwestern direction both near 
surface and at depth. 
 At Trancaloma, located four kilometres from FDN, results of the drilling program confirmed the lateral and 
vertical continuity of the copper-gold porphyry mineralization.  In the southeastern portion of the target, drilling 
confirmed the extension of the mineralization and indicated areas for further expansion along this direction. 
 At Castillo, drilling confirmed the continuity of the high-grade copper-gold mineralization along the 
southwestern direction and identified potential new areas for further drilling under the Suarez Basin cover. 
 At Chontas, located approximately ten kilometres south of FDN, the drilling program identified another 
occurrence of wide, shallow, copper-gold porphyry mineralization, and indicated areas for further expansion 
in this new sector. 
 An exploratory drilling program is underway to define additional exploration targets underneath the Suarez 
Basin cover.  The program is systematically testing the presence of hydrothermal alteration horizons and 
epithermal deposits pathfinder elements hosted in the Suarez Basin sediments, which could potentially 
indicate gold epithermal systems at depth. 
 The near-mine exploration program continues to advance in unexplored areas close to FDN.  A systematic 
exploration program employing geochemical and geophysical surveys and geological mapping continues to 
cover unexplored sectors in the near mine area.  
 
A table of fourth quarter 2025 near mine results received to date can be found in Lundin Gold’s press release dated 
February 18, 2026. 
 
Regional Program 
 
The Company advanced its multi-year regional exploration program during 2025.  The program is expected to cover 
approximately 54,000 hectares on 23 of the Company’s concessions along the Zamora Copper Gold Belt, a high 
potential geological setting which hosts the Fruta del Norte mine and several large copper-gold projects.  2026 is the 
first year of drill testing targets with 8,000 metres planned.  The exploration program continues to advance in the 
Gamora district, located 65 kilometres north of FDN and approximately 4 kilometres north of the Mirador copper-gold 
mine.  Furthermore, exploration activities started at the Guacamayo District, located 17 kilometres south of FDN.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 6 
 
 
The Gamora district comprises multiple exploration sectors that exhibit geological features similar to those found in 
copper-gold porphyry systems.  Additional geochemical sampling program results were received from distinct parts of 
the district during the fourth quarter and supported the identification of additional potential targets for further evaluation.  
At the Guacamayo district, geological mapping followed by soil and rock sampling was completed in the central portion 
of the concession.  Furthermore, the recently acquired airborne geophysics data (Radiometric and Magnetic), which 
covered most of the regional concessions, were processed and supported the selection of additional potential 
exploration targets. 
 
 
Corporate 
 
 Effective November 7, 2025, Mr. Ron Hochstein stepped down as President, CEO, and Director of the 
Company, and was succeeded by Mr. Jamie Beck. 
 Lundin Gold completed its new five-year sustainability strategy (2026-2030) to coincide with the expiry of its 
prior five-year strategy. Anchored by the vision of “Transforming lives through responsible mining”, the strategy 
is built on five strategic pillars: Shared Prosperity, Stakeholder Trust, Responsible Governance, Environmental 
Stewardship and Valued Workforce. With ambitious targets for 2030 and beyond, this strategy will guide 
Lundin Gold’s legacy as a leading gold company, a trusted community partner, and a driver of long-term local 
prosperity. 
 The Company amended its dividend policy by increasing the existing quarterly fixed dividend from $0.20 to 
$0.30 per share and introducing a new variable quarterly dividend based on at least 50% of the Company’s 
normalized free cash flow during the preceding quarter less the Fixed Dividend paid during such period.  
During 2025, the Company paid out a total of $664 million in dividends as follows: 
o Special dividend on June 9, 2025 for a total of $100 million; 
o Quarterly fixed dividends for a total of $289 million; and  
o Quarterly variable dividends for a total of $275 million.  
 With the release of its 2025 year end results, the Company has declared quarterly dividends totaling $1.15 
per share, comprised of the fixed dividend of $0.30 per share and variable dividend of $0.85 per share, payable 
on March 26, 2026 (March 31, 2026 for shares trading on Nasdaq Stockholm) to shareholders of record at the 
close of business on March 11, 2026.  Pursuant to the Company’s dividend policy, the variable dividend was 
calculated based on 100% of the Company’s normalized free cash flow during the fourth quarter of 2025, after 
deducting the fixed dividend paid, which exceeds the policy’s minimum threshold of 50%.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 7 
 
 
SUMMARY OF ANNUAL FINANCIAL RESULTS 
 
(Expressed in thousands of U.S. dollars, except 
share and per share amounts) 
  2025  2024  2023 
        Revenues  $ 1,782,940 $ 1,193,050 $ 902,518 
        
Income from mining operations   1,226,337  703,386  435,180 
        
Derivative gain (loss) for the year   -  243,737  (32,069) 
        
Net income for the year   792,151  426,050  179,457 
        
Basic income per share  $  3.29 $ 1.78 $ 0.76 
Diluted income per share   3.27  1.76  0.75 
        
Weighted-average number of common shares 
outstanding        
Basic    241,033,793  239,312,029  237,026,367 
Diluted   242,510,385  241,426,325  239,151,461 
        
Additions to property, plant and equipment  $ 81,157 $ 90,231 $ 49,164 
        
Total assets   1,787,158  1,527,481  1,468,209 
        
Long-term debt (current and long-term)   -  -  305,647 
        
Working capital   594,654  458,944  346,859 
  
Year ended December 31, 2025 compared to the year ended December 31, 2024 
 
During 2025, net income of $792 million was generated compared to net income of $426 million during 2024.  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 $1.23 billion during 2025 compared to $703 million in 2024.  This increase 
is primarily attributable to an increase in average realized gold price1 from $2,462 to $3,594 per oz sold which increased 
revenues from $1.19 billion to $1.78 billion, partially offset by a resulting increase in royalties. 
 
Exploration 
 
Exploration costs were $59.5 million during 2025 compared to $41.2 million during 2024 with the increase being driven 
by the expansion of the near-mine exploration program following positive results to date. In addition, the Government 
of Ecuador introduced a new mining supervision and control fee which is intended to fund oversight activities carried 
out by the Mining Regulation and Control Agency. This became effective June 2025 and resulted in additional $3.2 
million of costs.   
 
Corporate administration 
 
Corporate administration costs of $64.4 million were incurred during 2025 compared to $34.5 million during 2024. This 
change is mainly due to significant increase in the fair value of share units expected to settle in cash in future periods, 
subject to the continued discretion of the Company’s board of directors.  During 2024, a one-time special levy was 
charged by the Government of Ecuador of $1.9 million to strengthen security amid rising violence in the country. 
 
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 8 
 
 
Finance expense 
 
No finance expense was incurred during the 2025 Year following the buy out of the Stream Facility and Offtake at the 
end of the second quarter of 2024.  Finance expense of $267 million incurred during 2024 was mainly due to the buy 
out of the Stream Facility and Offtake which resulted in a one-time finance expense of $236 million.  
 
Derivative gains or losses 
 
With the Company in a debt free position, no derivative gains or losses are recognized. During the 2024 Period, a 
derivative gain of $244 million was recorded on the statement of operations which was mainly due to the buy out of the 
Stream Facility and Offtake. 
 
Income taxes 
 
Income tax expense of $331 million was recognized during 2025, which is comprised of current income tax expenses 
of $426 million offset by deferred income tax recovery of $95.0 million, compared to $208 million during 2024. The 
change is mainly attributable to an increase in net income before tax resulting from a higher average realized gold 
price1.    
 
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.  The effective tax rate for 2025 reflects the impact of the Company’s international structure. 
 
Corporate income tax instalment payments are due monthly based on a percentage of monthly revenues with residual  
income taxes owed, if any, due in April of each year. In addition, the government and employee portion of profit sharing  
are payable annually in April. The Company may elect to make additional tax payments in advance in Ecuador from 
time to time. 
 
 
 
 
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 9 
 
 
SUMMARY OF QUARTERLY FINANCIAL RESULTS 
 
The Company’s quarterly financial statements are reported under IFRS Accounting Standards as applicable to interim 
financial reporting.  The following table provides highlights from the Company’s financial statements over the past eight 
quarters (unaudited). 
 
  2025  2025  2025  2025 
  Q4  Q3  Q2  Q1 
         
Revenues $  526,596 $ 447,119 $ 452,880 $ 356,345 
         
Income from mining operations $  373,402 $ 305,228 $ 314,161 $ 233,546 
         
Net income for the period $  234,205 $ 207,715 $ 196,731 $ 153,500 
         
Basic income per share $  0.97 $ 0.86 $ 0.82 $ 0.64 
Diluted income per share $  0.96 $ 0.86 $ 0.81 $ 0.63 
         
Weighted-average number of common         
shares outstanding         
Basic  241,392,452  241,285,625   240,984,033  240,460,033 
Diluted  242,774,352  242,746,896   242,475,579  241,992,389 
         
Additions to property, plant and equipment $ 27,331 $ 22,029 $ 16,878 $ 14,919 
         
Total assets $  1,787,158 $ 1,638,974 $ 1,618,899 $ 1,613,365 
         
Working capital  $  594,654 $ 576,799 $ 562,273 $ 551,032 
 
 
  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

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 10 
 
 
Three months ended December 31, 2025 compared to the three months ended December 31, 2024 
 
The Company generated net income of $234 million during the fourth quarter of 2025 compared to $129 million during 
the same quarter in 2024.  Net income was generated from the recognition of revenues of $527 million which resulted 
in income from mining operations of $373 million as well as finance income of $6.1 million.  This is offset by exploration 
costs of $19.7 million, stock-based compensation expense of $20.5 million, income tax expense of $99.9 million, and 
other expenses totalling $5.2 million.   
 
During the fourth quarter of 2024, 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.   
 
Income from mining operations 
 
During the fourth quarter of 2025, the Company generated revenues of $527 million from the sale of 124,041 oz of gold 
and income from mining operations of $373 million.  This compares to revenues of $342 million from the sale of 131,175 
oz of gold and income from mining operations of $215 million in the same quarter in 2024.  The increase is primarily 
attributable to an increase in average realized gold price1. 
 
Exploration expense 
 
Exploration costs were $19.7 million in the fourth quarter of 2025 compared to $13.8 million during the same period in 
2024.  The increase is attributable to the continued expansion of the near-mine exploration program following positive 
results to date. 
 
Corporate administration 
 
Corporate administration costs increased from $14.3 million during the fourth quarter of 2024 to $24.3 million during 
the fourth quarter of 2025.  The increase is mainly attributable to an increase in expenses relating to cash-settled share 
units and its fair value adjustment which reflect the increase in the Company’s share price during the fourth quarter of 
2025. 
 
Finance income 
 
Finance income increased from $2.9 million during the fourth quarter of 2024 to $6.1 million during the fourth quarter 
of 2025 as the Company’s increased cash balance, partially offset by a declining yield on the Company’s treasury 
investments. 
   
Other expense (income) 
 
Other expense of $1.3 million was recognized during the quarter compared to other income of $11.6 million in the fourth 
quarter of 2024.  During 2024, the other income 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.  Effective January 1, 
2025, the functional currency for these Canadian group entities was changed from Canadian dollars to U.S. dollars in 
order to reflect its financing structure. During 2025, other expense is mainly driven by foreign exchange movements 
during the year and its impact on the Company’s liabilities and expenses that are denominated in Canadian dollars.  
 
 
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 11 
 
 
LIQUIDITY AND CAPITAL RESOURCES 
 
As at December 31, 2025, the Company had cash of $630 million and a working capital balance of $594 million 
compared to cash of $349 million and a working capital balance of $459 million at December 31, 2024.   
 
The change in cash during the 2025 Year was primarily due to cash generated from operating activities of $1.02 billion 
and proceeds from the exercise of stock options and anti-dilution rights totalling $18.9 million.  This is offset by dividends 
paid of $664 million and capital expenditures of $97.2 million. 
 
Trade receivables 
 
Trade receivables mainly represent the value of concentrate sold as at period end for which the funds are not yet 
received.  Revenues and related trade receivables for concentrate sales are initially recorded at provisional gold prices.  
Subsequent determination of final gold prices can range from one to four months after shipment depending on the 
customer.  For sales that are provisionally priced at period end, an estimate of the adjustment to trade receivables is 
calculated based on the expected month when the final gold price is forecast to be determined and the related forward 
price of gold at the end of the reporting period.  At December 31, 2025, this resulted in an estimated increase of $33.8 
million ($5.1 million at December 31, 2024) to trade receivables reflecting rising gold prices during the period. 
 
Consistent with industry standards, concentrate sales have relatively long payment terms and are not fully settled until 
concentrate is received by the customer and related final assays confirmed, generally two to five months after the 
export sale occurs. 
 
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. 
 
Inventories 
 
Gold inventory is recognized in 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.  The increase in gold-in-circuit 
inventory due to higher throughput and timing of production.  The variations in doré and concentrate are mainly the 
result of timing of shipments around period end.  In addition, there has been an increase in the value of materials and 
supplies due to requirements for additional spares following completion of the process plant expansion project. 
 
Investment activities 
   
Investment activities during 2025 are comprised principally of major capital expenditures including the fifth tailings dam 
raise, commissioning of diesel-powered generators, construction of camp and administration buildings, mine fleet 
overhaul, wastewater treatment plants, and conversion drilling.  In addition, costs were incurred relating to the process 
plant expansion project. 
 
Liquidity and capital resources 
 
The Company generated strong operating cash flow during 2025 and expects to continue to do so in 2026 and beyond 
based on its production and cost guidance.  With no debt and strong gold prices, the Company expects to generate 
significant free cash flow1 which will support the exploration programs, planned capital expenditures, growth initiatives, 
and regular dividend payments under its dividend policy.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 12 
 
 
TRANSACTIONS WITH RELATED PARTIES 
 
During the year ended December 31, 2025, the Company incurred $0.9 million (2024 – $1.3 million), primarily relating 
to office rental and related services provided by Namdo Management Services Ltd. (“Namdo”), 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 17 in the Notes to the audited consolidated financial statements for the 
year ended December 31, 2025.   
 
 
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 $199 million (December 31, 
2024 - $156 million) are measured at fair value using quoted forward market prices. 
 
The Company’s financial instruments are exposed to a variety of financial risks by virtue of its activities. 
 
Currency risk 
 
Lundin Gold is a Canadian company, with foreign operations in Ecuador.  Revenues generated and expenditures 
incurred in Ecuador are primarily denominated in U.S. dollars.  However, equity capital, if needed, is typically raised in 
Canadian dollars.  As such, the Company is subject to risk due to fluctuations in the exchange rates of foreign 
currencies.  Although the Company does not enter into derivative financial instruments to manage its exposure, the 
Company tries to manage this risk by maintaining most of its cash in U.S. dollars.   
 
Credit risk 
 
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its 
contractual obligations.  The majority of the Company’s cash is held in large financial institutions with a high investment 
grade rating.  The Company is also subject to credit risk associated with its trade receivables.  The Company manages 
this risk by only selling to reputable customers with strong financial statements. 
 
Concentration of credit risk 
 
Cash and cash equivalents are held with high quality financial institutions.  Substantially all of the Company’s cash and 
cash equivalents held with financial institutions exceed government-insured limits.  The Company has established a 
treasury policy that seeks to minimize its credit risk by entering into transactions with investment grade creditworthy 
and reputable financial institutions and by monitoring the credit standing of those financial institutions.  The Company 
seeks to limit the amount of exposure with any one counterparty in accordance with its established treasury policy. 
 
Liquidity risk 
 
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due.  Cash flow 
forecasting is performed regularly to monitor the Company’s liquidity requirements to ensure it has sufficient cash to 
always meet its operational needs.  In addition, management is actively involved in the review, planning and approval 
of significant expenditures and commitments.   
 
Commodity price risk 
 
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver.  Commodity 
price risks are affected by many factors that are outside the Company’s control including global or regional consumption 
patterns, the supply of and demand for metals, speculative activities, the availability and costs of substitutes, inflation, 
and political and economic conditions.  The Company has not hedged the price of any commodity at this time.  The fair 
value of a portion of the Company’s trade receivables are impacted by fluctuations of commodity prices.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 13 
 
 
COMMITMENTS 
 
Significant capital and other expenditures contracted as at December 31, 2025 but not recognized as liabilities are as 
follows: 
 
 
 
Capital 
expenditures  
 
Other 
     
2026 $  25,785 $ 476 
2027  -  476 
2028 onward  -  5,319 
     
Total  $  25,785 $ 6,271 
 
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, 2025 and December 31, 2024 there were no off-balance sheet transactions.  
The Company has not entered into any specialized financial arrangements to minimize its currency risk. 
 
 
OUTSTANDING SHARE DATA 
 
As at the date of this MD&A, there were 241,715,318 common shares issued and outstanding.  There were also stock 
options outstanding to purchase a total of 1,280,956 common shares, 378,779 restricted share units with a performance 
criteria, 179,610 restricted share units, and 63,372 deferred share units. 
 
 
OUTLOOK 
 
Gold production at FDN for 2026 is estimated to be between 475,000 to 525,000 oz based on an average throughput 
rate of 5,500 tpd.  Head grade is estimated to average 8.3 g/t, with fluctuations expected during the year as different 
sections of the ore body are mined.  Average mill recovery for the year is estimated at 91%. 
 
Cash operating costs1 are estimated to range between $900 and $960 per oz of gold sold in 2026.  AISC1 for 2026 is 
expected to range between $1,110 and $1,170 per oz of gold sold and to fluctuate quarterly based on sustaining capital 
activities.  Unit costs are anticipated to be higher compared to 2025, primarily attributable to increased royalties and 
statutory employee profit sharing resulting from the higher assumed gold price of $4,000 per oz.  This assumption adds 
approximately $150 per oz to unit costs compared to our 2025 guidance which was based on a gold price of $2,500 
per oz. 
 
Sustaining capital expenditures1 for 2026 is projected to range between $75 million and $90 million.  This investment 
will fund several key initiatives that support the long-term performance of the operation. A major component of this 
capital is the completion of the fifth raise of the tailings storage facility, which began in 2025, and commencement of 
the sixth raise including development of a new quarry.  These raises are designed to provide additional storage capacity 
to accommodate higher throughput and extended mine life.  Guidance also includes expenditures for infrastructure 
enhancements and mobile equipment overhauls or replacements. 
 
  
 
1 Refer to “Non-IFRS Measures” section.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 14 
 
 
Following the recent inclusion of FDNS into Mineral Reserves, underground mine development toward the deposit is 
planned to proceed. The mine to mill expansion study is examining how incorporating FDNS into the broader mine plan 
could support sustaining higher processing throughputs and contribute to increased production over time.  The 
Company now expects to make a single, integrated investment decision in 2026, informed by analysis of the most 
efficient mining rates at both FDN and FDNS and options for increasing processing capacity beyond 5,500 tpd.  The 
anticipated non-sustaining capital costs associated with the initial FDNS development in 2026 is expected to be $30 - 
$35 million. Further details on future spending towards the integrated expansion will be provided as this opportunity is 
further advanced and finalized. 
 
2026 is set to be a landmark year for Lundin Gold, featuring the largest exploration program in the Company's history 
with 133,000 metres of drilling planned.  The near-mine exploration program will account for approximately 100,000 
metres, combining surface and underground drilling aimed at extending the mine life of FDN. This investment will target 
high-grade epithermal gold deposits and advance exploration of the promising copper-gold porphyry corridor, building 
on the strong results achieved to date. 
 
In addition to near-mine efforts, the regional program will focus on the Company’s extensive and highly prospective 
land package surrounding FDN and beyond. Following reconnaissance work completed in 2025, 8,000 metres of drilling 
is planned on advanced targets identified within this underexplored district, marking an important step in unlocking new 
growth opportunities. 
 
Separately, 25,000 metres of resource conversion drilling is anticipated in 2026 to support the updating of Mineral 
Reserve and Resource estimates. The total investment in our 2026 exploration program is estimated at $85 million, 
underscoring the Company’s commitment to growth through exploration. 
 
Under its dividend policy, the Company anticipates continuing to declare quarterly minimum dividends of $0.30 per 
share, equivalent to approximately $300 million annually based on currently issued and outstanding shares, plus a 
variable dividend equal to an amount based on at least 50% of the Company’s normalized free cash flow, after the 
deduction of the fixed dividend.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 15 
 
 
NON-IFRS MEASURES 
 
This MD&A refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted 
EBITDA, cash operating cost per oz sold, all-in sustaining cost, sustaining capital expenditures, non-sustaining capital 
expenditures, free cash flow, free cash flow per share, and adjusted earnings, which are not recognized under IFRS 
Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards.  These 
measures may differ from those made by other companies and accordingly may not be comparable to such measures 
as reported by other companies.  These measures have been derived from the Company’s financial statements 
because the Company believes that they are of assistance in the understanding of the results of operations and its 
financial position. 
 
Average realized gold price per oz sold 
 
Average realized gold price is a metric used to better understand the gold price realized during a period.  This is 
calculated by disaggregating revenues for the period between gross gold sales before provisional pricing impact, mark-
to-market on provisionally priced sales, and silver revenues less treatment and refining charges.   
 
   Three months ended 
December 31, 
Year ended 
December 31, 
  2025  2024  2025  2024 
           
Gross gold sales before provisional 
pricing impact 
 
$ 
 
512,606 
 
$ 
 
361,777 
 
$ 
 
1,724,598 
 
$ 1,222,457 
Gain (loss) on provisionally priced trade 
receivables 
 
20,643  (12,300)  84,657  (2,700) 
Silver revenues    7,957  3,927  23,153  14,825 
Less: Treatment and refining charges  (14,610)  (11,613)  (49,468)  (41,532) 
           
Revenues   $  526,596 $ 341,791 $ 1,782,940 $ 1,193,050 
           
Gold oz sold    124,041  131,175  503,330  495,374 
           
Average realized gold price (per oz sold)        
        
Gross gold sales before provisional 
pricing impact 
 
$ 
 
4,133 
 
$ 
 
2,758 
 
$ 
 
3,426 
 
$ 
 
2,467 
Gain (loss) on provisionally priced trade 
receivables 
  
166 
  
(94) 
  
168 
  
(5) 
           
Average realized gold price    4,299  2,664 $ 3,594 $ 2,462 
           
Silver revenues   64  30  46  30 
Less: Treatment and refining charges  (118)  (89)  (98)  (84) 
           
Revenues   $  4,245 $ 2,605 $ 3,542 $ 2,408

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 16 
 
 
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, 
  2025  2024  2025  2024 
          
Net income for the period  $  234,205 $ 129,147 $ 792,151 $ 426,050 
          
Adjusted for:          
Finance expense   -  -  -  266,542 
Finance income   (6,077)  (2,875)  (22,863)  (16,289) 
Income tax expense   99,916  72,415  331,391  208,067 
Depletion and depreciation   35,744  33,536  135,131  137,003  
          
EBITDA  $  363,788 $ 232,223 $ 1,235,810 $ 1,021,373 
          
Special government levy   -  -  -  1,913  
Derivative gain   -  -  -  (243,737)  
          
Adjusted EBITDA  $  363,788 $ 232,223 $ 1,235,810 $ 779,549 
 
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.  For the 2024 Year, these included 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, 
  2025  2024  2025  2024 
          
Net income for the period  $  234,205 $ 129,147 $ 792,151 $ 426,050 
          
Adjusted for:          
Finance expense on buy out of 
Stream Facility and Offtake 
   
- 
  
- 
  
- 
  
235,575 
Special government levy   -  -  -  1,913 
Derivative gain   -  -  -  (243,737) 
Deferred income tax expense    -  -  -  1,795  
          
Adjusted earnings  $  234,205 $ 129,147 $ 792,151 $ 421,596 
          
Basic weighted average shares 
outstanding 
   
241,392,452 
  
240,101,527 
  
241,033,793 
  
239,312,029 
          
Adjusted basic earnings per share  $  0.97 $ 0.54 $ 3.29 $ 1.76

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 17 
 
 
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, 
  2025  2024  2025  2024 
           
Operating expenses   $  87,500 $ 72,581 $ 318,743 $ 283,527 
Royalty expenses    29,975  20,471  102,819  69,158 
           
Cash operating costs   $  117,475 $ 93,052 $ 421,562 $ 352,685 
           
Gold oz sold    124,041  131,175  503,330  495,374  
           
Cash operating cost per oz sold   $  947 $ 709 $ 838 $ 712 
 
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. 
 
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 
expenditures, less silver revenue, all divided by the gold oz sold to arrive at a per oz amount.  Sustaining capital 
expenditures 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, 
  2025  2024  2025  2024 
          
Cash operating costs  $  117,475 $ 93,052 $ 421,562 $ 352,685 
Corporate social responsibility   557  470  2,063  2,119 
Treatment and refining charges   14,609  11,613  49,467  41,532 
Accretion of restoration provision   190  205  760  821 
Sustaining capital expenditures   23,058  13,937  60,268  51,215 
Less: silver revenues   (7,957)  (3,927)  (23,153)  (14,825) 
          
All-in sustaining cost  $  147,932 $ 115,350 $ 510,967 $ 433,547 
          
Gold oz sold    124,041  131,175  503,330  495,374  
          
All-in sustaining cost per oz sold  $ 1,193 $ 879 $ 1,015 $ 875

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 18 
 
 
Sustaining capital expenditures and non-sustaining capital expenditures 
 
Capital expenditures are classified into sustaining capital expenditures and non-sustaining capital expenditures.  
Sustaining capital expenditures includes expenditures required to maintain ongoing production and operations.  Non-
sustaining capital, which is excluded from the calculation of AISC1, comprises growth-oriented investments such as 
new projects, expansions, conversion drilling, and associated permitting and study expenditures not related to current 
operations.   
 
   Three months ended  
December 31, 
Year ended 
December 31, 
  2025  2024  2025  2024 
           
Sustaining capital expenditures $ 23,058 $ 13,937 $ 60,268 $ 51,215 
Non-sustaining capital expenditures  4,273  21,107  20,889  39,016 
           
Capital expenditures   $  27,331 $ 35,044 $ 81,157 $ 90,231 
 
Free cash flow and free cash flow per share 
 
Free cash flow is indicative of the Company’s ability to generate cash from operations after consideration for required 
capital expenditures, including related VAT impact, necessary to maintain operations and interest and finance expense 
paid on its debt obligations.  Free cash flow is defined as cash flow provided by operating activities, less cash used for 
investing activities and interest and finance expense paid. 
 
 Three months ended  
December 31, 
Year ended 
December 31, 
  2025  2024  2025  2024 
         
Net cash provided by operating 
activities 
 
$ 
 
358,405 
 
$ 
 
192,021 
 
$ 
 
1,023,029 
 
$ 
 
662,390 
         
Net cash used for investing activities  (30,208)  (28,254)  (97,230)  (93,504) 
Interest paid  -  -  -  (3,688) 
Finance charge paid  -  -  -  (260,990) 
         
Free cash flow $  328,197 $ 163,767 $ 925,799 $  304,208 
         
Basic weighted average shares 
outstanding   
241,392,452 
  
240,101,527 
  
241,033,793 
  
239,312,029 
         
         
Free cash flow per share $  1.36 $ 0.68 $ 3.84 $  1.27 
 
 
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, 2025.   
 
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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 19 
 
 
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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 
43-101”).  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 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, 2025, 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. 
 
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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 20 
 
 
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 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, 2026 is expected to be published on or about May 6, 2026. 
 
 
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, 2025, 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. 
 
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, 2025, 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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 21 
 
 
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. 
 
Fiscal Risk 
 
Due to fiscal pressures, the government may seek additional revenue from the mining sector through new or increased 
taxes, royalties, tariffs, tolls, or other fiscal measures, which could significantly increase the Company's costs and 
reduce cash flow.  There is a risk that the government may impose new taxes, increase existing tax rates, modify fiscal 
terms including royalty arrangements, or reinterpret existing tax laws in ways that increase the Company's tax burden. 
While the Company has protections under its Exploitation Agreement and Investment Protection Agreement, the 
government may nonetheless attempt to apply new fiscal measures to the Company's operations or challenge the 
scope of these contractual protections. 
 
Tax regimes in Ecuador may be subject to differing interpretations and are subject to change without notice.  The 
Company’s interpretation of tax law as applied to its transactions and activities may differ with that of the tax authorities.  
Tax authorities may challenge or revise the taxation applicable to the Company's operations, which could result in 
significant additional taxes, penalties and interest.  Such challenges materially impact the Company’s cash flow 
forecasts, operating costs and AISC. 
     
There is also a risk of restrictions on the repatriation of earnings from Ecuador to foreign entities or an increase to 
withholding tax rates, both of which could impact the Company’s cash flows and capital allocation strategy. 
 
The Company’s operating subsidiary pays VAT on goods and services required for Fruta del Norte and is eligible to 
receive a credit that may be applied against other taxes.  However, 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. 
     
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 local communities, including those of 
Indigenous Peoples. Some of these groups have been opposed to mining activities from time to time in the past, and 
such opposition may affect the operations at Fruta del Norte and the Company’s 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.   
 
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, geotechnical incidents such as falls of 
ground underground, subsidence or landslides, accidents, 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, labour force disruptions, supply chain/logistics 
disruptions, force majeure events, unanticipated transportation disruptions or costs, consumable prices or availability

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 22 
 
 
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. 
 
Security Situation 
 
While the security situation in Ecuador has not materially impacted the Company to date, ongoing security challenges 
and the government's response could disrupt operations, transportation and logistics, affect employee safety and 
mobility, lead to theft or damage to property, work stoppages, blockades of its mining operations and create operational 
uncertainty. Ecuador has experienced increased organized crime and illegal mining, both of which have been identified 
as national security threats. 
 
Criminal organizations have been linked to illegal mining operations in the province of Zamora Chinchipe, where Fruta 
del Norte is located, and the government has deployed military forces to combat illegal mining in the province and other 
affected regions. The presence of criminal organizations in the region poses security risks to the Company's employees 
and contractors, including kidnapping, extortion and other criminal activities. 
 
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 Tailings Storage Facility (“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.   
 
The Company conducts extensive maintenance and monitoring, engages external consultants and incurs significant 
costs to maintain the TSF.   Furthermore, the Company is advancing the alignment of its tailings management practices 
with the Global Industry Standard on Tailings Management (GISTM). Despite these measures, 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.  In addition, successive raises of the TSF depend 
on the timely availability of suitable construction material. The development, permitting, and operation of new quarries 
are subject to social, permitting, and operational factors that may affect the quality or quantity of required construction 
material. An inability to secure or delays in developing or accessing suitable construction material, could impede the 
Company’s ability to complete TSF raises according to schedule, resulting in potential cost escalation, operational 
delays, or constraints on future production. 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

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 23 
 
 
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 and illegal 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 
 
Illegal mining activity on and near the Company's mineral concessions is increasing rapidly and could disrupt 
operations, limit exploration and expansion opportunities, pose safety risks to employees and contractors, and strain 
community relations. 
 
Illegal mining 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 government authorities to control and 
police illegal operations. Illegal mining activity has increased in Ecuador recently due to rising gold prices, lack of 
economic opportunities, increased organized crime, and limited government enforcement capacity. 
 
Illegal mining operations could interfere with the Company's activities, damage infrastructure, block access roads, or 
contaminate water sources. Such activities could disrupt operations at Fruta del Norte or the Company's exploration 
programs and could result in personal injury or death. Environmental damage from illegal mining, such as pollution of 
water sources and contamination of land, could affect nearby communities and ecosystems. The Company could face 
regulatory action, legal liability, remediation costs, and reputational harm arising from illegal mining activities on or near 
its concessions, even where the Company is not responsible for such activities. The Company's monitoring and 
reporting activities may also strain relations with local communities, some members of which engage in illegal mining.  
 
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.   
 
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 future expansion projects; and, the 
receipt and maintenance of permits.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 24 
 
 
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: variations in grade, tonnage, dilution, metallurgical and other 
characteristics; short-term operating factors relating to the Mineral Reserves; changes in commodity prices (primarily 
the price of gold); expansion plans and decisions; risks and hazards associated with mining; natural phenomena and 
adverse environmental conditions; unexpected geological conditions; supply chain disruptions affecting mining and 
milling operations; plant and equipment repairs, maintenance and failure; and other risks which impact operations and 
financial performance outlined in these “Risk Factors”.   
 
Land Acquisition and Surface Rights 
 
The Company's exploration activities and development plans depend on securing and maintaining surface rights and 
access to strategic land, which may be difficult to obtain or retain due to competing interests, Indigenous Peoples' 
rights, and deficiencies in land title systems. 
 
Securing and maintaining such rights has become increasingly challenging. Market conditions have driven increases 
in land costs in Ecuador, and certain lands are subject to competing claims or occupation by third parties, such as 
artisanal and illegal miners and local community members. These factors may limit the Company's ability to acquire 
necessary land rights and surface access on commercially reasonable terms or within required timeframes or may 
result in challenges to land rights the Company currently holds. 
 
Rights of Indigenous Peoples to land are receiving increased legal recognition in Ecuador, and Indigenous Peoples 
may assert rights over lands the Company requires for its operations, development plans or exploration activities. 
Requirements for consultation from Indigenous Peoples may affect the Company's ability to access or retain land. 
Evolving laws and judicial interpretations regarding Indigenous Peoples' rights add further uncertainty to land 
acquisition, use, and retention. 
 
Ecuador's land registry system contains gaps and deficiencies that create uncertainty regarding land ownership and 
the validity of surface rights. The Company may face challenges to land titles or surface rights it holds or seeks to 
acquire. Such disputes can be costly and time-consuming to resolve and may delay or prevent the Company's planned 
activities. 
 
Inability to secure or maintain necessary land rights, delays in land acquisition, or successful challenges to the 
Company's surface rights could restrict exploration activities, limit development opportunities, and materially affect the 
Company's growth plans and operations. 
 
Indigenous Consultation Requirements 
 
Ecuador's constitutional and legal requirements for consultation with Indigenous Peoples and impacted communities 
could delay or prevent the Company from obtaining permits and approvals necessary for the development of new areas 
of the La Zarza concession, regional exploration activities, and other operations and development activities. There is 
also legislative and judicial uncertainty regarding consultation processes and requirements in the country. 
 
While the Company has developed strong relationships with the Shuar Indigenous communities in the region, this does 
not guarantee successful or timely completion of any consultation processes that may be required. If consultation is 
required, delays in the process, opposition from Indigenous communities or other stakeholders, or the inability to reach 
agreement could prevent or delay the Company's ability to obtain necessary permits and approvals. Such delays or 
denials could adversely affect the Company's future growth plans and ability to advance its projects. 
 
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 by the Company 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

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 25 
 
 
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 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 Mineral 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. 
 
Regulatory Compliance and Government Approvals 
 
The Company's exploration, development, and operating activities depend on obtaining, maintaining, and renewing 
various permits, licences, and mineral rights, and on complying with extensive and evolving legal and regulatory 
requirements, all of which involve significant costs and reliance on government authorities. Obtaining, maintaining, and 
renewing such approvals requires significant time and expense, and depends on the discretion of governmental bodies 
and their ability to process applications and issue approvals on a timely basis. Government work stoppages, capacity 
constraints, or delays may impact the Company's ability to obtain or renew required approvals. Changes to regulations 
and policies may impose additional requirements or alter the terms on which approvals are granted. 
 
Compliance with applicable laws and regulations involves significant ongoing costs for monitoring, reporting, permitting, 
environmental management, health and safety programmes, and operational adjustments. Changes to laws or new 
interpretations of existing requirements may impose additional compliance obligations and costs. 
 
The Company may fail to comply with legal or regulatory requirements or may interpret them differently than regulators. 
Non-compliance could result in revocation or suspension of mineral rights and permits, enforcement actions including 
orders to cease or curtail operations, requirements for corrective measures, civil or criminal fines and penalties and 
compensation obligations to affected parties. 
 
Delays in obtaining required approvals, denial of approvals, imposition of unfavourable terms, loss of existing mineral 
rights or permits or failure to comply with regulatory requirements may materially affect the Company's operations, 
ability to advance projects, and financial condition. 
 
Dependence on a Single Mine 
 
The only material property interest of the Company is Fruta del Norte.  Unless the Company acquires additional projects, 
property interests or advances its exploration properties, any adverse developments affecting Fruta del Norte could 
have a material adverse effect upon the Company and would materially and adversely affect the profitability, financial 
performance and results of operations of the Company.  While the Company may seek to acquire and develop 
additional projects and mineral properties that are consistent with its business objectives, there can be no assurance 
that Lundin Gold will be able to identify or develop suitable additional projects or mineral properties or, if it does identify 
suitable opportunities, that it will have sufficient financial resources to acquire and develop such projects or properties 
or that such projects or properties will be available on terms acceptable to the Company or at all.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 26 
 
 
Climate Change and Extreme Weather Events 
 
Extreme weather conditions and climate-related events could damage critical infrastructure, disrupt operations, cause 
safety incidents, and require significant capital investment to address. 
 
Climate change may result in more frequent and severe extreme weather events, including severe storms, floods, 
droughts, landslides, and extreme temperatures. Such events could damage critical infrastructure including roads, 
bridges, ports, and power supply systems, and disrupt operations and production at Fruta del Norte. Both excessive 
water from extreme precipitation and floods, and insufficient water from droughts, pose operational risks to the 
Company. Excess water could cause landslides or breaches of containment facilities, while water scarcity could 
constrain processing operations and affect hydroelectric power generation, which is a primary source of electricity for 
the Company's operations. Reduced hydroelectric power availability could lead to increased reliance on diesel 
generators, higher operating costs, and potential production disruptions. Extreme temperatures could impact equipment 
operation and personnel safety, leading to injuries, equipment damage, and production disruptions. 
 
The Company depends on regular supply of electricity, diesel, and other consumables to operate efficiently, and relies 
on service providers to transport materials and products. Extreme weather could limit availability or increase prices for 
these goods and services, resulting in higher costs or production disruptions. 
 
Addressing extreme weather occurrences and adapting operations to changing climate conditions may require 
significant capital investment. Despite the Company's efforts to assess and mitigate climate-related risks, the Company 
cannot be certain that it has adequately assessed these risks or that its mitigation efforts will be effective. 
 
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. 
 
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 involve 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 Nemesia S.a.r.l., a private corporation controlled by trusts settled by 
the late Adolf H. Lundin, 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

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 27 
 
 
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.   
 
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.   
 
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.  The rapid development and 
adoption of artificial intelligence technologies may further increase the complexity and severity of cybersecurity and 
information systems risks, including through more advanced and automated cyber-attacks and new operational 
dependencies. 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.   
 
Inherent Health and Safety Risk 
 
Exploration and mining development and operating activities represent inherent safety hazards and maintaining the 
health and safety of the Company’s employees and contractors is of paramount importance to the Company.  Health 
and safety hazard assessments are carried out regularly throughout the lifecycle of the Company’s activities, and robust 
policies, procedures and controls are in place.  Notwithstanding continued efforts to adhere to the Company’s “zero 
harm” policy, safety incidents may still occur.  Significant potential risks include, but are not limited to, surface or 
underground fires, rock falls underground, geotechnical incidents, blasting accidents, vehicle accidents, unsafe road 
conditions or events, fall from heights, working with helicopters, working at remote sites, contact with energized sources, 
and exposure to infectious or occupational disease.  Employees involved in activities in remote areas may also be 
exposed to attacks by individuals or violent opposition by local communities that may place the employees at risk of 
harm.  Any incident resulting in serious injury or death could result in litigation and/or regulatory action (including, but 
not limited to, suspension of exploration or development activities and/or fines and penalties), or otherwise adversely 
affect the Company’s reputation and ability to meet its objectives.   
 
Human Rights    
 
The Company is committed to upholding and respecting the United Nations (“UN”) Declaration of Human Rights, the 
UN Guiding Principles on Business and Human Rights, and to honouring our commitment as a signatory of the UN 
Global Compact.  Notwithstanding the Company’s efforts to conduct its activities in a manner consistent with those 
principles, Lundin Gold may not be able to identify and assess all potential human rights impacts of its business.  Any 
potential human right violations either internally or externally, such as through third party business relationships, 
corruption, unequal treatment of ethnic minorities, gender discrimination, use of child labour, land use rights, supply 
chain sourcing, could have a material adverse impact on the Company’s reputation, as well as present legal and 
financial risks arising from failing to respect and/or reinforce human rights.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 28 
 
 
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 common 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.   
 
Availability of Workforce and Labour Relations 
 
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.   
 
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.  Shortages of 
suitably qualified personnel could have a material adverse effect on the Company’s business and results of operations.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 29 
 
 
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. 
   
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 some or all of mining 
activities or otherwise revise its mine plan and exploration and development plans.  In addition, there is a time lag 
between the shipment of gold and final pricing, and changes in pricing can impact the Company’s revenue and working 
capital position. Any of these factors could result in a material adverse effect on the Company’s results of operations 
and financial condition.    
 
The estimation of economically viable identified Mineral Reserves requires certain assumptions, including gold price.  
A revised estimate of identified Mineral Reserves due to a substantial decline in the gold price could result in the 
decrease in the estimates of the Company’s Mineral Reserves, subsequent write downs and negative impact on mine 
life.   
 
Market Price of the Company’s Common Shares   
 
The market price of the Company's common shares may experience significant volatility due to factors beyond the 
Company's control, which could result in substantial losses for investors regardless of the Company's operational 
performance. 
 
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 changes in gold price, 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 size of the Company’s free float, exclusion from market indices which limit the ability of 
some institutions to invest in the Company’s common shares, and the evaluation of the Company’s performance and 
practices by third party rating agencies on environmental, social, and governance matters, which may limit the ability 
of some institutions or other investors to invest in the Company’s common shares.  Share price volatility may expose 
the Company to securities litigation, which 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

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 30 
 
 
community groups), whether true or not.  The Company places a great emphasis on protecting its image and reputation 
but does not ultimately have direct control over how it is perceived by others.  Reputation loss may lead to increased 
challenges in developing and maintaining community relations, maintaining a positive relationship with government 
authorities, decreased investor confidence and an impediment to the overall success of Fruta del Norte in Ecuador, 
thereby having a material adverse impact on financial performance, cash flows and growth prospects.   
 
Insurance and Uninsured Risks 
 
Exploration, development and production operations on mineral properties involve numerous risks including, but not 
limited to, unexpected or unusual geological operating conditions, rock bursts, cave-ins, fires, floods, landslides, 
earthquakes and other environmental occurrences, risks relating to the transportation of employees or dangerous 
goods to site, risks relating to the storage and shipment of precious metal concentrates or doré bars, and political and 
social instability.  Such occurrences could result in damage to mineral properties, damage to underground development, 
damage to production or infrastructure facilities, personal injury or death, environmental damage to Lundin Gold’s 
properties or the properties of others, delays in operations or the ability to undertake exploration and development, 
monetary losses and possible legal liability.  Should such liabilities arise, they could reduce or eliminate future 
profitability and result in increasing costs and a decline in the value of the Company’s common shares.   
 
Although Lundin Gold maintains insurance to protect against certain risks in such amounts as it considers reasonable 
and commercially available, its insurance policies do not cover all the potential risks associated with a mining company’s 
operations.  The Company may also be unable to maintain insurance to cover these risks at economically feasible 
premiums. Insurance coverage may not always be available or may not be adequate to cover any resulting liability.  
Moreover, insurance against risks such as 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.   
 
Dividends  
  
The payment of dividends on the common shares will depend upon the financial requirements of the Company to 
finance future growth, the financial condition of the Company, and other factors which the Board may consider 
appropriate in the circumstance.  There can be no assurance that Lundin Gold will continue to pay dividends in the 
future.  
 
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.   
 
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 common 
shares could be adversely affected.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 31 
 
 
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 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.   
 
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.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 32 
 
 
Expropriation and Nationalization 
 
While the Company has protections against expropriation in its Investment Protection Agreement and the bilateral 
investment treaty between Canada and Ecuador, the government of Ecuador could nonetheless expropriate or 
nationalize the Company's mineral concessions, operations, and infrastructure through direct seizure, cancellation of 
mineral rights, or other actions that deprive the Company of ownership or control. While international law requires 
compensation for expropriation, such compensation may not reflect fair market value, may be subject to prolonged 
disputes, or may not be paid. The government could also force renegotiation of the Company's contractual 
arrangements under threat of expropriation, potentially on significantly less favourable terms. 
 
Any expropriation, nationalization, or forced renegotiation could result in total or partial loss of the Company's 
investment in Ecuador, materially and adversely affecting the Company's business, financial condition, and share price. 
 
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 common 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”.  
 
 
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 2026 production outlook, including estimates of gold production, grades, recoveries and AISC; commodity 
price assumptions, operating plans; expected sales receipts and cash flow forecasts, its estimated capital costs and 
sustaining capital expenditures and the benefits of related investments; the recovery of VAT; plans with respect to mine 
development and process expansion; 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, FDNS, and 
FDN East.

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

LUNDIN GOLD INC. 
Management’s Discussion and Analysis 
Year Ended December 31, 2025 
(All dollar amounts are stated in U.S. dollars unless otherwise indicated.  Tables are expressed in thousands of U.S. 
dollars, except share and per share amounts) 
 33 
 
 
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: fiscal risk; community relations; mining operations; security situation; waste 
disposal and tailings; environmental compliance; illegal mining; infrastructure; forecasts relating to production and 
costs; land acquisition and surface rights; indigenous consultation requirements; Mineral Reserve and Mineral 
Resource estimates; regulatory compliance and government approvals; dependence on a single mine; climate change 
and extreme weather events; shortages of critical resources; exploration and development; control of Lundin Gold; 
information systems and cyber security; health and safety; human rights; measures to protect biodiversity, endangered 
species and critical habitats; global economic conditions; competition for new projects; availability of workforce and 
labour relations; key talent recruitment and retention; gold price; market price of the Company’s shares; social media 
and reputation; insurance and uninsured risks; dividends; internal controls; conflicts of interest; violation of anti-bribery 
and corruption laws; claims and legal proceedings; reclamation obligations; expropriation and nationalization; and 
pandemics, epidemics or infectious disease outbreak.

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

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, 
2025 and 2024, 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, 2025 and 2024; 
•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.

===== SIDA 47 =====

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. 
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, 2025. 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 
Revenue recognition 
Refer to note 3 – Summary of material accounting policies to 
the consolidated financial statements. 
The Company recorded $1.8 billion of revenue for doré and 
concentrate sales during the year ended December 31, 2025. 
Doré revenues are recorded at the time of physical delivery, 
which is also the date that title of the gold and silver passes to 
the customer. The sales price is fixed on the date of sale based 
on the spot price. Concentrate revenues are recorded when the 
concentrate is loaded on vessels for shipment to the 
customers, which is also the date that title passes to the 
customer. Sales prices are provisionally set at that time based 
on the then market prices. Subsequent determination of final 
gold prices can range from one to four months after shipment, 
depending on the customer. 
We considered this a key audit matter due to (i) the 
significance of the revenue balance and (ii) the high degree of 
audit effort in performing procedures related to the Company’s 
revenue recognition. 
Our approach to addressing the matter included the following 
procedures, among others: 
• Tested the revenue recognized for a sample of revenue 
transactions, which included the following: 
– Agreed shipping and pricing terms to the sales 
contracts. 
– Inspected third party delivery or loading evidence. 
– Agreed doré sales price to third party evidence. 
– Recalculated concentrate sales price using market 
reference prices. 
– Confirmed a sample of outstanding customer invoice 
balances as of December 31, 2025 and, for 
confirmations not returned, obtained and inspected 
source documents such as invoices, delivery or 
loading evidence, and subsequent cash receipts.

===== SIDA 48 =====

Other information 
Management is responsible for the other information. The other information comprises the Management’s 
Discussion and Analysis, which we obtained prior to the date of this auditor’s report and the information, 
other than the consolidated financial statements and our auditor’s report thereon, included in the 2025 
Annual Report, which is expected to be made available to us after that date. 
Our opinion on the consolidated financial statements does not cover the other information and we do not 
and will 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 on the other information that we obtained prior to the date of this 
auditor’s report, 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. When we read the information, other than the 
consolidated financial statements and our auditor’s report thereon, included in the 2025 Annual Report, if 
we conclude that there is a material misstatement therein, we are required to communicate the matter to 
those charged with governance. 
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.

===== SIDA 49 =====

Those charged with governance are responsible for overseeing the Company’s financial reporting process. 
Auditor’s responsibilities for the audit of the consolidated 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. 
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise 
professional judgment and maintain professional skepticism throughout the audit. We also: 
•Identify and assess the risks of material misstatement of the consolidated financial statements, whether 
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a 
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may 
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that 
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness 
of the Company’s internal control. 
•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates 
and related disclosures made by management. 
•Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based 
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that 
may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a 
material uncertainty exists, we are required to draw attention in our auditor’s report to the related 
disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our 
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. 
However, future events or conditions may cause the Company to cease to continue as a going concern.

===== SIDA 50 =====

•Evaluate the overall presentation, structure and content of the consolidated financial statements, 
including the disclosures, and whether the consolidated financial statements represent the underlying 
transactions and events in a manner that achieves fair presentation. 
•Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial 
information of the entities or business units within the Company as a basis for forming an opinion on the 
consolidated financial statements. We are responsible for the direction, supervision and review of the 
audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. 
We communicate with those charged with governance regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, including any significant deficiencies in internal 
control that we identify during our audit. 
We also provide those charged with governance with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other matters 
that may reasonably be thought to bear on our independence, and where applicable, related safeguards. 
From the matters communicated with those charged with governance, we determine those matters that were 
of most significance in the audit of the consolidated financial statements of the current period and are 
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation 
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a 
matter should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication. 
The engagement partner on the audit resulting in this independent auditor’s report is Eric Talbot. 
Chartered Professional Accountants 
Vancouver, British Columbia 
February 19, 2026 
/s/PricewaterhouseCoopers LLP

===== SIDA 51 =====