Lundin Gold Reports Additional High-Grade Drilling Intercepts at FDNS And Updates on Conversion Drilling Program

Recent drilling results confirm the continuity and growth potential of FDNS as a new high-grade system across the south of FDN

VANCOUVER, BC, November 4, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce additional results from its ongoing 2024 near-mine and conversion drilling programs at its 100% owned Fruta del Norte (“FDN”) gold mine in southeast Ecuador. Recent drilling results at FDN South (“FDNS”) confirm the continuity and the high-grade nature of this mineralized system across the southern extension of the FDN deposit. The conversion drilling program continued to return high-grade results and confirm mineralization immediately adjacent to mine workings. Highlights from the near mine program and conversion program are outlined below. Detailed results are provided at the end of this release (see Appendix 1).

FDNS Exploration Drilling Highlights (not true widths):

• Drill hole UGE-S-24-145 intersected 22.67 grams per tonne (“g/t”) of gold (“Au”) over 41.60m from 26.40m, including:

• 68.81 g/t Au over 4.70m
• 53.08 g/t Au over 10.80m

• Drill hole UGE-S-24-175 intersected 15.26 g/t Au over 37.95 m from 19.35 m, including:

• 65.01 g/t Au over 5.35 m
• 22.02 g/t Au over 4.30 m

• Drill hole UGE-S-24-174 intersected 9.02 g/t Au over 26.20 m from 4.60 m, including:

• 16.20 g/t Au over 12.10 m

Conversion Drilling Highlights (not true widths):

• Drill hole FDN-C24-140 intersected 8.28 g/t Au over 80.90 m from 143.50 m, including:

• 31.29 g/t Au over 9.25 m

• Drill hole FDN-C24-157 intersected 7.00 g/t Au over 46.50 m from 5.00 m, including:

• 20.17 g/t Au over 10.35 m

• Drill hole FDN-C24-153 intersected 18.75 g/t Au over 10.90 m from 18.50 m, including:

• 30.32 g/t Au over 6.40 m

Ron Hochstein, President and CEO, commented, “I am very excited with our drilling programs at the FDN deposit. These results demonstrate that the true potential of FDN has yet to be fully discovered. At FDNS, delineation drilling continues to confirm the continuity of a new high-grade vein system with some of the best drill intercepts achieved to date. In addition, conversion drilling has successfully concluded for the year and has defined several wide, high-grade mineralized zones that we expect to convert from Mineral Resources to Mineral Reserves as part of our updated resource estimate planned to be issued in the first quarter of next year. Both programs continue to highlight a great potential for additional Mineral Reserves at FDN.”

NEAR-MINE EXPLORATION PROGRAM

The Company’s near-mine exploration strategy focuses on extending mine life through the expansion of Mineral Resources at FDN by exploring and delineating new discoveries close to the operation. Ten rigs are currently turning on the FDN near-mine exploration program, three underground and seven on surface. A total of 45,325 metres across 120 holes, from surface and underground, has been completed to date in 2024 as part of the near-mine program. Since the second quarter, the program has concentrated on FDNS.

FDNS

At FDNS, the underground drilling program advanced along strike and at depth, following up on the initial high-grade results in this sector (see news release dated July 31, 2024) (Figure 1 and 2). Since the start of this program in the second quarter, a total of 31 drill holes have been completed, and the results have confirmed a high-grade vein system, of distinct geometry and style when compared to the FDN deposit, in a sector that had been previously defined as lower grade (Figure 2).

The recent drill holes, completed from underground levels 1170 and 1080, showed significant results associated with distinct levels of hydrothermal alteration with chalcedony and manganoan-calcite veins with sulfides and visible gold. Intersections from drill holes UGE-S-24-145 (53.08 g/t Au over 10.80m) and UGE-S-24-175 (65.01 g/t Au over 5.35m), are some of the highest-grade intercepts ever recorded in the sector. All the recent results are being incorporated into a new geological model for this sector and are expected to be part of the update to the FDN Mineral Resource estimate to be completed in the first quarter of next year. Assay results are presented in Tables 1 and 3 at the end of this release. Results are still pending for some drill holes.

The recent drilling results also indicate the expansion potential of this high-grade system at depth as well as south, where additional drill holes from the recently reopened South Portal should further provide opportunities to explore the continuity. The South Portal was installed by the previous owner of FDN, Kinross Gold Corporation. Over the past nine months 465 metres of the 670 metre portal have been dewatered and rehabilitated, and exploration drill platforms constructed. Two underground rigs are currently turning at FDNS.

Figure 1: Map showing FDNS near-mine exploration with selected FDNS exploration drilling results

Figure 2: Cross section (left) and plan view map (right) with selected FDNS exploration drilling results

CONVERSION PROGRAM

The 2024 conversion drilling program was focused on converting Inferred Mineral Resources to Indicated in areas immediately beyond the current Mineral Reserve boundary in the north and central sectors of the FDN deposit. A total of 13,755 metres of underground drilling from 110 drill holes was executed in 2024, and drilling for this year is now complete. All drill results to date have significantly improved the Company’s confidence in the geologic model.

Numerous drill holes have confirmed wide and high-grade intercepts associated with large hydrothermal alteration zones represented by breccias, veining or stockwork zones, very similar in style and geometry to that found in the areas of the north sector currently being mined (see Figure 3). This year’s conversion drilling results are currently being incorporated into the geological model and will form the basis of an updated Mineral Resources and Reserves estimate to be completed during the first quarter of 2025. Complete assay results received to date are presented in Tables 2 and 3 at the end of this release. Some results from the conversion program are pending.

Figure 3: FDN long section showing selected conversion drilling results

Qualified Persons

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analysed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru. The quality assurance-quality control (“QA-QC”) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples. The remaining half core is retained for verification and reference purposes. For further information on the assay, QA-QC and data verification procedures, please see Lundin Gold’s Annual Information Form dated March 26, 2024, filed under the Company’s profile at www.sedarplus.ca.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on November 4, 2024 at 3:20 p.m. Pacific Time through the contact persons set out below.

Caution Regarding Forward-Looking Information and Statements

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements relating to the Company’s exploration plans, activities and results and its plans to update its estimates of Mineral Reserves and Resources. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 26, 2004, which is available at www.lundingold.com or www.sedarplus.ca.

Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to 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: instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; security; non-compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings; government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and development; control of Lundin Gold; availability of workforce and labour relations; dividends; information systems and cyber security; Mineral Reserve and Mineral Resource estimates; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats; global economic conditions; shortages of critical resources; competition for new projects; key talent recruitment and retention; market price of the Company’s shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to maintain obligations or comply with debt; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

APPENDIX 1

Table 1: Drillhole assay results from the near-mine drilling program at FDNS reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths

Table 2: Drillhole assay results from the conversion underground drilling program reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths and true width