Lundin Gold - Corporate Presentation - July 2025

A CASH FLOW AND
GROWTH STORY
JULY 2025

CAUTION REGARDING FORWARD LOOKING INFORMATION
AND STATEMENTS
All statements, other than statements of historical fact, made and
information contained in this presentation and responses to
questions constitute “forward-looking information” or “forward-
looking statements” as those terms are defined under Canadian
securities laws (“forward-looking statements”). Forward-looking
statements may be identified by terminology such “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.
By their nature, forward-looking statements 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. Lundin Gold believes that the
expectations reflected in these forward-looking statements are
reasonable as of the date made, but no assurance can be given
that these expectations will prove to be correct. In particular, this
presentation contains forward-looking statements pertaining to:
gold production outlook, including estimates of gold production,
grades, recoveries and AISC; operating plans; expected sales
receipts, cash flow and free cash flow forecasts, its estimated
capital costs and sustaining capital; the Company’s declaration and
payment of dividends; timing and the success of its drill program at
FDN and its other exploration activities; estimates of mineral
Mineral Resources and Reserves at FDN.
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 17,
2025 (the 2024 AIF), which is available at www.lundingold.com or
on SEDAR+. Forward-looking information should not be unduly
relied upon.
Except as noted, the technical information contained in this
presentation relating to the Fruta Del Norte Project is based on a
technical report prepared for the Company entitled “Amended NI
43-101 Technical Report, Fruta del Norte Mine, Ecuador” dated
March 29, 2023 with an effective date of December 31, 2022 (the
Technical Report), available under the Company’s profile at
www.sedarplus.ca. Information of a scientific and technical nature
in related to the Technical Report in this presentation was reviewed
and approved by Ron Hochstein, P. Eng., Lundin Gold’s President
and Chief Executive Officer, who is a Qualified Persons within the
meaning of National Instrument 43-101 - Standards of Disclosure
for Mineral Projects (“NI 43-101”). The technical information
relating to FDN subsequent to the Technical Report contained in
this presentation has been reviewed and approved by Terry Smith
P. Eng, Lundin Gold's Chief Operating Officer, who is a Qualified
Person in accordance with the requirements of NI 43-101. The
disclosure of exploration information contained in this presentation
was prepared by Andre Oliveira P. Geo, Lundin Gold’s V.P.
Exploration, who is a Qualified Person in accordance with the
requirements of NI 43-101.
Unless otherwise indicated, all dollar values herein are in US
dollars.
Important Information for US Investors
This presentation may use the terms “measured", “indicated“,
“inferred" and “historical” mineral resources. U.S. investors are
advised that, while such terms are recognized and required by
Canadian regulations, the Securities and Exchange Commission
does not recognize them. “Inferred mineral resources" and
“historical estimates” have a great amount of uncertainty as to
their existence and great uncertainty as to their economic
feasibility. It cannot be assumed that all or any part of an inferred
mineral resource or a historical estimate will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or other
economic studies. Further, historical estimates are not recognized
under Canada’s NI 43-101. U.S. investors are cautioned not to
assume that all or any part of measured or indicated mineral
resources will ever be converted to mineral reserves.
This presentation is not an offer of securities for sale in the United
States or in any other jurisdiction. The Company’s securities have
not been and will not be registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
within the United States absent registration or an application
exemption from registration.
Slide 2 TSX: LUG / OMX: LUG / OTCQX: LUGDF

FRUTA DEL NORTE
Slide 3
THE FIRST LARGE-SCALE GOLD MINE IN ECUADOR
Location:
Zamora Chinchipe Province,
Southeast Ecuador
Ownership:
100%
Stage:
Producing
Mine Type:
Underground
Life of Mine:
~12 Years
Current
Reserves:
5.54 M Oz Au
Avg Grade
7.81 g/t1
Current M&I
Resources:
7.06 M Oz Au
Avg Grade
7.17 g/t1
139,433 oz
Gold produced
10.4 g/t
Average Head Grade
90.9%
Average recovery
5,064 tpd
Average Mill Throughput
256,746 oz
Gold produced
10.4 g/t
Average Head Grade
89.8%
Average recovery
4,745 tpd
Average Mill Throughput
Q2 2025 H1 2025
1. Please refer to pages 11 to 14 in the Company's MD&A for the 3 months ended March 31, 2025 for an explanation of non-IFRS
measures used
Current Inferred
Resources:
2.36 M Oz Au
Avg Grade
5.27 g/t1
On track to meet 2025 guidance
with strong start to the year
TSX: LUG / OMX: LUG / OTCQX: LUGDF

0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
0 10 20 30 40 50 60 70 80 90 100
All-In
Sustaining
Cost
(US$/oz)
Percentage (%) of Global Production
Slide 4
Cash operating costs $709 $712
Corporate social
responsibility
$4 $4
Treatment and refining
charges
$89 $84
Accretion of
restoration prevision
$2 $2
Sustaining capital $106 $103
Silver by product credit ($30) ($30)
AISC per oz sold $879 $875
2025 AISC
Guidance
$935-995
AISC1 Q1 2025 FY 2024
ONE OF THE LOWEST COST GOLD
MINES IN THE WORLD
Source: SNL Metals and Mining, public company filings estimated for the year 2025.
1. Please refer to pages 11 to 14 in the Company's MD&A for the 3 months ended March 31, 2025 for an explanation of non-IFRS measures used
AISC1 Q1 2025 FY 2024
Cash operating costs $792 $712
Corporate social
responsibility
$3 $4
Treatment and refining
charges
$86 $84
Accretion of
restoration prevision
$2 $2
Sustaining capital $59 $103
Silver by product credit ($33) ($30)
AISC per oz sold $909 $875
2025 AISC
Guidance
$935-995

GENERATING SIGNIFICANT
FREE CASH FLOW
Slide 5
Historic Free Cash Flow1 Generation (US$M)
1. Free cash flow is reported by Lundin Gold as cash flow provided by operating activities, less cash used for investing activities and interest and finance charge paid. Please refer to pages 11
to 14 in the Company's MD&A for the 3 months ended March 31, 2025 for an explanation of non-IFRS measures used
-$47M
$39M
$147M
$122M
$113M
$156M
$120M
$143M
$194M
H1'20 H2'20 H1'21 H2'21 H1'22 H2'22 H1'23 H2'23 Q1'24
$-47M
$39M
$147M
$122M $113M
$156M
$120M
$143M
$194M
$345M
$171M
H1'20 H2'20 H1'21 H2'21 H1'22 H2'22 H1'23 H2'23 H1'24 H2'24 Q1'25
Q1 2025
only

3.5%
1.5%
1.8%
1.3%
Lundin Gold Average All Large Producers
(Production: +1000 Koz)
Medium Producers
(Production: 200-1000Koz)
Slide 6
QUARTERLY FIXED DIVIDEND
COMPLEMENTED BY VARIABLE DIVIDEND
Source: Factset, share price as at July 8, 2025.
SIGNIFICANT CASH LEFT AFTER
INCREASED DIVIDEND PAYMENT TO:
Carry out
expanded
exploration
programs
Fund future
capital projects
and expansion
opportunities
Pursue
growth
opportunities
US$0.30 per share quarterly
$1.20/sh = ~US$300M annually
Gold Mining Industry Average Dividend Yields %2
US$0.15 per share (Q2 2025)
Linked to free cash flow
generation with minimum 50%
to be paid out, after fixed
dividend and normalization1.
1. Normalization includes removal of non-recurring items from free cash flow and apportioning the costs equally across all quarters.
2. Lundin Gold Estimated yield assumes four quarterly dividends of US$0.45 per common share (total of the Q2 2025 fixed and
variable dividend amounts).
FIXED DIVIDEND VARIABLE DIVIDEND

BUILDING A LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING
DELIVERING FUTURE
VALUE AT LUNDIN
GOLD
Slide 7

EXPANSION PROJECT COMPLETE
IMPROVES THROUGHPUT AND RECOVERIES
Slide 8
FOCUS OF EXPANSION
to 5,000 tpd:
Tailings & Water Reclaim
Ultrafine Flotation
3rd Concentrate Filter
Plant Automation
3,499
3,878
4,272
4,533 4,620
5,000
5,500
85.9%
88.6%
89.5%
88.4%
87.8%
90.0%
81%
83%
85%
87%
89%
91%
93%
95%
0
1,000
2,000
3,000
4,000
5,000
6,000
2020 2021 2022 2023 2024 2025E 2026E
Average Annual Plant Throughput (tpd) and Recovery (%)

3 YEAR GUIDANCE
ANTICIPATED INCREASE TO THROUGHPUT IN 2026
2. Gold/silver price per oz assumptions are $2,500/$31.00, respectively
2025 2026 2027
5,000
Milled Throughput (tpd)
75 - 85
Sustaining Capital ($ million)
730 - 790
Cash Cost ($/oz sold)1,2
5,500
75 - 90
750 - 810
5,500
70 - 85
750 - 810
935 - 995
AISC ($/oz sold)1,2
950 – 1,020
AISC ($/oz sold)1,2
925 - 995
AISC ($/oz sold)1,2
475,000 - 525,000
Gold Production (oz)
475,000 - 525,000
475,000 - 525,000

LARGEST RESERVE AND RESOURCE STATEMENT
EVER PUBLISHED AT FDN
Based on contained gold ounces the 2024 estimates are
the highest ever published at FDN for Mineral Reserves
and Resources.
- Proven and Probable Mineral Reserves increased to 5.54 Moz of
contained gold from 22.06 metric tonnes with an average grade of
7.81 g/t, after 2024 mining depletion of 0.54 Moz.
- Measured and Indicated Mineral Resources increased to 7.06
Moz of contained gold from 30.62 Metric tonnes with an average
grade of 7.17 g/t.
- Inferred Resources increased by 59% to 2.36 Moz of contained
gold consisting of 13.95 metric tonnes with an average grade of
5.27 g/t net of conversion of 0.65 Moz to Measured and Indicated.
2.9 Moz 2.8 Moz
4.1 Moz 4.3 Moz
1.5 Moz
2.4 Moz
2023 2024
Measured Resources Indicated Resources Inferred Resources

2016 Technical Report Mining Depletion Additions 2024 Mineral Reserves
TRACK RECORD OF
MINERAL RESERVE REPLACEMENT
1. Please see the Company’s press release dated February 18, 2025 titled “Lundin Gold achieves a new high of contained gold ounces in Mineral Reserves and
Mineral Resources at Fruta Del Norte” for information regarding the assumptions, parameters and risks associated with the Mineral Reserve estimate
4.82 Moz
5.54 Moz
3.12 Moz
-2.40 Moz

BUILDING A LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING
EXPLORATION IS
THE FUTURE
Slide 12

CONVERSION DRILLING
› Replace depleted ounces and grow reserve base
through conversion of inferred resources, including
FDNS.
NEAR-MINE PROGRAM
› Grow inferred resources through extension of known
deposit and identification of new targets including
FDNS, FDN East, Trancaloma, and Bonza Sur.
REGIONAL PROGRAM
› Develop long-term gold inventory through exploration
on untested sectors targeting new discoveries –
looking for large epithermal systems like Fruta del
Norte
› 2025 is first year of three year program to identify new
targets for drilling
FDN NEAR MINE
FDN
FDNS
BONZA
SUR
REGIONAL
Known
deposits
40km
Concessions
FDN
EAST
TRANCALOMA
A SIMPLE APPROACH TO
EXPLORATION

0
20,000
40,000
60,000
80,000
100,000
120,000
Drilled
Metres
Conversion Exploration Regional Near-Mine
2025 TO BE THE LARGEST DRILL PROGRAM EVER
CONDUCTED ON LAND PACKAGE THAT HOSTS FDN
Slide 14
FDN
Discovery
REGIONAL EXPLORATION
NEAR-MINE EXPLORATION
83,000 metres
$39 million budget
Geophysical magnetic survey and
geochemical sampling program
$8 million budget
25,000 metres
Included in sustaining capital
CONVERSION DRILLING

FDNS
- High-grade drilling confirms FDNS continuity and new zones.
Trancaloma and other porphyries
- Copper-gold porphyry system confirmed.
- Enhanced prospectivity around FDN suggests potential for other near
mine porphyry targets (Castillo, Sandia).
Bonza Sur
- Results confirmed mineral envelope continuity and indicate further
extension potential along the southern limit.
- Close proximity to Trancaloma in the east.
FDN East
- Drilling shows FDN East continuity and expansion potential.
¯
NEAR MINE EXPLORATION
RESULTS

- Recent results have confirmed the continuity of
FDNS and identified additional mineralized zones.
- Deposit remains open along the north and south.
- 2025 focus is on converting existing resources and
expanding the deposit.
- Studies underway to integrate FDNS into mine
plan.
FDN SOUTH (FDNS)
NEAR-MINE PROGRAM
FDNS 2024 Inferred Mineral Resource1
Slide 16
Cut-off Grade
g/t
Tonnage
kt
Grade
(g/t Au)
Contained Metal
(k oz Au)
3.0 12,347 5.25 2,085
4.0 8,498 6.07 1,659
4.5 6,748 6.54 1,419
5.0 5,113 7.11 1,169
5.5 3,636 7.86 919
6.0 2,656 8.64 737
1. Effective date December 31, 2024. FDNS Inferred Mineral Resource Statement used the cut-off grade of 3.0 g/t. All
other cut-off grades to highlight sensitivity are provided for information only. See Lundin Gold’s 2024 AIF.
MINE PORTAL
¯
FDN-C25-197
10.70m @ 9.34 g/t Au (56.80m)
Incl. 3.20m @ 24.94 g/t Au (61.60m)
FDN-C25-196
7.95m @ 72.80 g/t Au (67.60m)
Incl. 0.40m @ 1320.00 g/t Au (67.60m)
FDN-C25-198
6.45m @ 48.82 g/t Au (145.85m)
Incl. 0.45m@ 616.00 g/t Au (147.95m)
UGE-S-25-251
12.85m @ 10.80 g/t Au (43.85m)
6.45m @ 37.81 g/t Au (69.10m)
Incl. 0.45m @ 461.00 g/t Au (71.60m)
SOUTH PORTAL
FDN M&I Res
FDNS Inferred Res
2025 Intercept
FDN
FDNS
UGE-S-24-213
10.90m @ 77.30 g/t Au (94.80m)
UGE-S-24-212
8.45m @ 173.98 g/t Au (77.6m)
UGE-S-24-171
7.40m @ 10.57 g/t Au (0.80m)
6.50m @ 8.81 g/t Au (10.20m)
10.00m @ 27.54 g/t Au (21.30m)
UGE-S-24-185
3.80m @ 17.61 g/t Au (49.70m)
7.80m @ 49.86 g/t Au (59.00m)
11.40m @ 7.98 g/t Au (73.05m)

TRANCALOMA EARLY STAGE COPPER GOLD PORPHYRY
- Less than one kilometre from Bonza Sur.
- Drill results (7 holes) confirm porphyry mineralization.
- Significantly enhances the prospectivity around FDN and suggest the
potential for other porphyry targets near Trancaloma, including
Castillo and Sandia.

BONZA SUR LONGITUDINAL SECTION – 2,650 METERS (LOOKING TO EAST)
N S
BLP-2022-016
243.0m @ 1.55 g/t Au (42.0m)
Incl. 39.0m @ 8.27 g/t Au (58.0m)
with. 1.00m @ 277 g/t Au (70.0m)
BLP-2024-128
102.60m @ 1.96 g/t Au (57.3m)
Incl. 41.40m @ 3.84 g/t Au (111.3m)
with 11.60m @ 7.24 g/t Au (133m)
BLP-2024-107
113.30m @ 2.01 g/t Au (6.5m)
Incl. 54.80m @ 3.1 g/t Au (6.5m)
with 9.00m @ 8.59 g/t Au (6.5m)
BLP-2024-101
123.1m @ 4.34 g/t Au (9.0m)
Incl. 79.5m @ 6.43 g/t Au (9.0m)
with 14.5m @ 32.31 g/t Au (74.0m)
AMN-2024-156
100.30m @ 2.35 g/t Au (333.20m)
Incl. 53.20m @ 3.30 g/t Au (353.8m)
with 4.30m @ 5.26 g/t Au (359.75m)
BLP-2024-205 Q4 2024
162.3m @ 1.1 g/t Au (0.4m)
Incl. 11.0m @ 3.19 g/t Au (146.1m)
With 2.0m @ 14.9 g/t Au (150.1m)
BLP-2023-022
129.1m @ 1.73 g/t Au (1.0m)
Incl. 38.4m @ 4.47 g/t Au (96.7m)
with 3.5m @ 46.98 g/t Au (126.6m)
BLP-2024-162 Q4 2024
115.60m @ 1.43 g/t Au (47.4m)
Incl.58.10m @ 2.43 g/t Au (92.9m)
with 20.50m @ 4.58 g/t Au (105.05m) AMN-2025-245
36.00m @ 0.33 g/t Au (28.65m)
135.90m @ 0.51 g/t Au (196.50m)
Incl. 47.20m @ 1.12 g/t Au (285.20m)
BLP-2025-267
58.40m @ 2.14 g/t Au (75.40m)
Incl. 19.20m @ 5.41 g/t Au (109.10m)
with 6.90m @ 12.49 g/t Au (120.70m)
Q1 2025 DRILLING AREA
Q1 2025 DRILLING AREA
BLP-2025-244
144.75m @ 0.30 g/t Au (61.50m)
Incl. 6.15m @ 0.90 g/t Au (81.15m)
32.40m @ 0.40 g/t Au (303.30m)
AGUAS MESAS
Exploration Zone
Drilling Intercepts
Q1 2025 Drilling Intercepts
2023-2024 Drilling Intercepts
BLP-2023-042
8.80m @ 7.44 g/t Au (620.20m)
Incl. 1.80m @ 34.68 g/t Au (627.2m)
BONZA SUR
BLP-2024-240
81.80m @ 0.63 g/t Au (128.30m)
Incl. 43.70m @ 1.05 g/t Au (141.00m)
NEAR-MINE PROGRAM
BONZA SUR - OPEN TO THE SOUTH

- Early-stage target - initial results reported from
2024 drilling program.
- Buried epithermal mineralized system located only
100 metres east of FDN.
- Similar characteristics and host rocks to FDN and
FDNS.
- Drilling results confirmed continuity of the
mineralization and indicate areas for further
expansion.
- Potential trend toward FDNS, requires further
drilling.
FDN EAST
NEAR-MINE PROGRAM
¯
MINEPORTAL
FDN
UGE-E-25-248
33.35m @ 4.05 g/t Au (217.90m)
Incl. 14.30m @ 7.12 g/t Au (229.85m)
23.15m @ 4.62 g/t Au (321.30m)
Incl. 5.75m @ 15.23 g/t Au (321.30m)
5.65m @ 8.21 g/t Au (368.95m)
6.85m @ 8.19 g/t Au (515.40m)
FDN
EAST
FDNE-2024-200
53.00m @ 3.15 g/t Au (277.8m)
Incl. 8.40m @ 7.13 g/t Au (277.8m)
Incl. 4.60m @ 9.40 g/t Au (303.1m)
UGE-E-24-094
5.00m @ 76.95 g/t Au (156.1m)
Incl. 1.1m @ 349 g/t Au (158.2m)
UGE-E-24-210
6.25m @ 10.16 g/t Au (238.85m)
Incl. 3.25m @ 14.84 g/t Au (238.85m)
SOUTH PORTAL

1. FDNS
- Grow and mature FDNS with the objective of bringing into the 2026
long term mine plan. Conversion and expansion drilling.
2. Trancaloma
- Explore this recently discovered copper gold porphyry.
3. Bonza Sur
- Continue drilling in the south extension and drill to the east to define
the limits with neighbouring Trancaloma.
4. FDN East
- Further step out drilling to expand on geologic understanding.
5. Other porphyries (Castillo and Sandia)
- Investigate other porphyry targets through initial scout drilling.
6. Other targets
- Pursue scout drilling on other high priority targets.
Slide 20
¯
NEAR MINE EXPLORATION
PRIORITIES

CORPORATE STRUCTURE
(DATA AS AT JULY 8, 2025)
59%
1%
27%
14%
SHAREHOLDERS
Strategic
Retail
Institutional
Management
ANALYST COVERAGE (CAD unless otherwise stated)
CAPITAL MARKETS DATA
Symbol
TSX: LUG / OMX: LUG
/ OTCQX: LUGDF
Share price (CAD/sh) $69.98
52 Week Trading
Range (CAD/sh)
$21.16 – 75.19
Shares Outstanding 241.3 M
Market Capitalization
(CAD)
$16,884 M
BMO Capital Markets Hold, $74.00
Canaccord Genuity Hold, $50.00
CIBC World Markets Hold, $70.00
Cormark Securities Hold, $63.00
Desjardins Securities Buy, $62.00
Jefferies Hold, $62.00
National Bank of Canada Hold, $89.00
Raymond James Hold, $43.00
RBC Hold, $54.00
Pareto Securities Hold, SEK 450 / $65.00
Scotiabank Hold, $43.00
TD Cowen Buy, $65.00

STRONGLY POSITIONED TO CREATE SHAREHOLDER VALUE
Operational Excellence Cash Flow Growth ESG
Focus on continued
optimization of operations
Capturing significant gold
price margin
Throughput to increase to
5,000 tpd for 2025 and 5,500
tpd for 2026
Quarterly fixed dividend of
US$0.30 and variable dividend
linked to free cash flow
2025 drill program increased
to minimum of 108k metres
Key to our continued success
3.12 Moz added to Reserves
since operations at FDN began
A leader in responsible mining
(2024 #1 ESG Mining Journal)

X
BUILDING A LEADING GOLD COMPANY
THROUGH RESPONSIBLE MINING
www.lundingold.com
www.lundingold.com
TSX, Nasdaq Stockholm: LUG / OTCQX: LUGDF
@LundinGold / LundinGoldEC
LundinGold
LundinGold
Lundin Gold Ecuador
Lundin Gold Ecuador
LundinGold
LundinGold
APPENDIX
Slide 23

MINE SUMMARY
Slide 24
1005
1030
1055
1080
1105
1130
1155
1170
1195
1220
1245
1270
980
955
1295

Mine
ROM Ore
Crushing
F80 = 15”
Grinding
Grinding
Flotation
Thickening
Pre-Leach
CIL
Detox
Concentrate
filtration
P80 = 3.5”
P80 = 55 µm
Industrial
Water
To Process
To Environment
Gravimetric
concentration
ILR
Classification
TSF
Tailings Dam
Electrowinning Refinery Dore
Paste Plant
Mine
Water
Treatment
Plant
SR
SR
Tailings
(O/F)
Auxiliary
systems
Reagent
preparation
To process
To process
Process water
Concentrate Au-Ag ≥ 90 g/t
Bars Au-Ag
PH: 10.5-11
100 -150 ppm
18 hours
To Electrowinning
4,200 t/d
Carbon
Au: 75 %
Ag: 20 %
Gravimetric
concentrate
Barren
solution
Rich solution
Precipitate
(U/F)
U/F
Paste
To process
ADR
Process water
O/F
Process water
Tailing
slurry
Concentrate
thickening
(O/F)
Rich
solution
PROCESS PLANT FLOW DIAGRAM

PLANT EXPANSION PROJECT
JAMESON CELL AREA
› Rougher feed
‒ Recovering fines ahead of traditional tank
cell flotation
› Cleaner feed
‒ Recover fines ahead of cleaner circuit
after regrind
› Rougher tailings
‒ Recover fines not captured in circuit
previously
Slide 26
Jameson Cell Additions to
Flowsheet

NEAR-MINE PROGRAM
Slide 27
FDN EXTENSION
Additional area at FDN could
provide additional resources in
the short term
Upper Contact
› Continuity of the south strike
along the upper contact
FDN Depth
› Continuity of the south strike at
depth
FDN-C23-063
16.9m @ 10.86 g/t Au (112.6m)
Incl. 10.0m @ 16.29 g/t Au (114.3m)
UGE-DD-24-089
19.9m @ 8.62 g/t Au (97.7m)
Incl. 2.40m @ 64.61 g/t Au (115.2m)
11.80m @ 12.04 g/t Au (264.90m)
Incl. 5.90m @ 21.40 g/t Au (266.80m)
FDN-C24-107-Q2 2024
32.85m @ 18.23 g/t Au (0.00m)
Incl. 7.80m @ 67.82 g/t Au (0.00m)
FDN-C24-105-Q2 2024
25.90m @ 14.89 g/t Au (59.10m)
Incl. 10.50m @ 29.63 g/t Au (60.20m)
FDN M&I Pre Conversion
FDN M&I Resources 2024
FDNS Inferred Resources
2025 Exploration Drilling

2024 MEASURED AND INDICATED RESOURCES JUST
BEYOND THE RESERVE BOUNDARY
Slide 28
− The 2024 conversion drilling
campaign was successful at
reclassifying Inferred Resources to
Indicated in areas immediately
beyond the current Reserve
boundary.
− The new areas of Indicated Resources
include extensions to the north, at
depth and to the south of the FDN
deposit.

2024 MINERAL RESERVES MORE THAN OFFSET DEPLETION
Slide 29
− Proven and Probable Mineral Reserves increased to 5.54 Moz of contained gold consisting of 22.06 Mt with an average
grade of 7.81 g/t after mining depletion of 0.54 Moz.
− The addition of 2.03 Mt was achieved at a grade of 8.81 g/t which is higher than the average 2023 Mineral Reserve
grade of 7.89 g/t.
− 2024 mining depletion of 1.67 Mt at 10.01 g/t.
21.70 Mt 22.06 Mt
2.03 Mt 1.67 Mt
7.89 g/t
8.81 g/t
10.01 g/t
7.81 g/t
YE2023 Additions 2024 Mining
Depletion
YE2024
Mineral Reserves
5.54 Moz
5.50 Moz

2024 INFERRED RESOURCES FDNS A KEY GROWTH DRIVER
Slide 30
− FDNS contributed 2.09 Moz to the Inferred Resource
from 12.35 Mt with an average grade of 5.25 g/t.
− Majority of FDNS showing grades above 7 g/t.
− FDNS Inferred Resource will be a focus of the 2025
conversion drilling program.
Cut-off Grade
g/t
Tonnage
kt
Grade
(g/t Au)
Contained Metal
(k oz Au)
3.0 12,347 5.25 2,085
4.0 8,498 6.07 1,659
4.5 6,748 6.54 1,419
5.0 5,113 7.11 1,169
5.5 3,636 7.86 919
6.0 2,656 8.64 737
725
2,085
756 648
1,476
134 250
277
188
YE2023 Conversion
to M&I
Exploration
& Geology
Cut-off
Grade
Engineering YE2024
+59%
FDN
FDNS
2,362
1,481
-648
1,664
181
-316
47 66

STRATEGIC PILLARS
ENABLERS
Responsible
Resource
Governance
Accountability
and
Management
Systems External
Communication,
Sustainability,
and Financial
Reporting
Strategic
Partnerships
Participatory
Dialogue
ESG
Climate
Change
Environmental
Stewardship
Community
Infrastructure
Community
Wellbeing
Human
Rights
Health
and Safety
Lasting
Economic
Opportunities
SOCIAL
GOVERNANCE
E
N
V
I
R
O
N
M
E
N
T
Provides a framework for
integrating sustainability
principles into core
operations by engaging
stakeholders, setting goals,
focusing efforts and
improving performance in
the areas that are most
critical and that may
present the greatest risk
and/or opportunity to
Lundin Gold.
SUSTAINABILITY STRATEGY
2021-2025

ESG CONSIDERED IN EVERY ASPECT OF OUR ACTIVITIES
Slide 32
STRATEGIC PILLARS
* EITI: Extractive Industries Transparency Initiative
Climate Change
Industry GHG emissions (Scopes 1 and 2)
intensity of 0.10 tCO2e per ounce of gold
produced / climate adaptation planning
underway
Community
Infrastructure
191 Kms of rural road network is
supported / 100% Local communities near
FDN have Internet access through WIFI
hotspots.
Community Well-being
Achieved a 100% graduation rate at the local high
school with 59 graduates / Broad participation of
children and youth in education and healthy
lifestyles Extracurricular Programs.
Environmental Stewardship
Reduced water consumption to 197 litres/day/person at FDN
/ Reused 94% of non-hazardous waste through recycling and
reuse initiatives / Completed vulnerability analysis to guide
conservation strategies for three key natural species in FDN
Health & Safety
Human Rights
18% female representation in the
workforce / 26% female management
representation / Gender pay equality
Lasting Economic Opportunities
1,895 direct jobs (Zamora Chinchipe: 51%) /
$28M spent on local procurement - Zamora
Chinchipe and $218M in Ecuador)
Responsible Resource Governance
Leadership position within the Ecuador Chamber of Mines /
EITI Country Report 2022-2023 finalized / $853k leveraged
for local development programs / 14 visits to FDN and
communities
SUSTAINABILITY
PILLARS
2024
Zero fatalities and a total recordable
incident rate (TRIR) of 0.66 over 7
million hours worked

FDN BENEFITS FOR CENTRAL AND LOCAL GOVERNMENT
Slide 34
2024
Fiscal Year
Government
Benefits
$272M
8
5
6
7
1
4
3
2
Yantzaza property tax
and quarry royalties
$2.3 million
Capital Outflow Tax
$5.8 million
Net VAT paid on goods/services
$10 million
Profit Sharing
12% Government
$68 million
Income Tax
$105 million
Mining and Quarrying (includes
oil industry) are the 4th largest
taxpayer's industry (out of 23)
Metallic mining (gold, copper,
etc) is the 8th largest taxpayer’s
economic activity (out of 91)
2024
(*) Indirect
Other contributions: Mining patents, customs taxes, security
contribution and Superintendency of Companies
Source: Lundin Gold
Mining Royalties
Generated
$59 million
Social
Security*
$18 million
Other contributions
$3.6 million

39% in 2015 vs 57% in 2021.
As of 2021, 91% of the EAP are employed and mostly linked to agricultural activities, followed by
activities in the mining and trade sectors.
- 16% of households with Internet access in 2015 vs 100% in 2024.
- Access to electricity: 84% in 2010 vs 97% in 2022.
- Sewerage: 35% in 2010 vs 49% in 2022.
Economically Active
Population - EAP
Employment
Access to University
Education
Community
Infrastructure
Source: 2021 census implemented by Lundin Gold, signed agreements, public institutions data, 2010 and 2022 census by National Statistics Institution (INEC).
SOCIOECONOMIC IMPACTS LOS ENCUENTROS
Average Schooling: 8.2 years in 2015 vs 10.4 years in 2021 (population aged 15 and over).
By 2021, the % of the population with higher education (university) more than doubled compared to
2015. It went from 4% to 9%.
Community Health
- In 2021, an ICU at the Yantzaza Hospital was inaugurated (first of the province).
- Access to drinking water: 47% in 2010 vs 72% in 2022.
- Garbage collection: 44% in 2010 vs 74% in 2022.
Poverty Poverty (UBN) : 84% in 2010 vs 34% in 2021.
Slide 35
SOCIOECONOMIC IMPACTS – LOS ENCUENTROS
- 51% of all children and youth in Ring 1 are enrolled in extracurricular programs (2024).
- 71% of college/trade school graduates are formally employed or providing professional
services upon graduation (2024).
Community Well-being

MINING PERCEPTION
MINING SOCIAL LICENCE TO OPERATE (SLO)
Psychological
Identification
Confidence
threshold
Approval
Credibility threshold
Acceptance
Legitimacy threshold
Retention/withdrawal
Source: Mining Compass Report, Public Opinion and Social License, 2024.
Yantzaza (0.66)
1. Chile (0.68)
2. Panama (0.58)
3. Guatemala (0.55)
4. Perú (0.53)
5. Colombia (0.44)
6. Brasil (0.39)
7. Ecuador (0.39)
8. Argentina (0.35)
24vs23
0.34
0.56
0.3
0.64
0.32
0.72
0.39
0.67
Ecuador Yantzaza
Evolution
Perception of mining and social license
2021 2022 2023 2024
Local communities recognize that large-scale mining is
a source of local employment.
They recognize that the suspension of large-scale mining
activities would have a negative impact on the local
and national economy.
Evolution of the perception of mining in
Ecuador and Yantzaza

Q1 2025 HIGHLIGHTS
Production
- Gold production of 117,313 oz, with 117,641 oz sold
- Average grade of ore milled was 10.4 g/t with average recovery at 88.5%
- Mill processed 398,159 tonnes at a throughput rate of 4,424 tpd
Cash Operating Costs1
and AISC1
- Cash operating costs1 of $792 per oz of gold sold
- AISC1 at $909 per oz of gold sold
Cash Flow
- Generated cash flow from operations of $194 million and free cash flow1 of $171 million.
- At the end of Q1, Lundin Gold had a cash balance of $452 million.
- Announced inaugural quarterly variable dividend $0.15 to complement existing fixed dividend
$0.30 – Total dividend of $0.45 to be paid out June 25, 2025.
- Announced special dividend totalling ~$100 million ($0.41 per share) to be paid out June 9, 2025.
Guidance
- Plant expansion project and maintenance complete in Q1
- On track to increase throughput and recovery Q2-Q4
- Confirm production and cost guidance of 475,000 – 525,000 oz at $935 – $995 AISC1 per oz.
Growth
- Exciting exploration results across pipeline of targets. FDNS, Trancaloma, FDN East, and Bonza Sur.
- Expanded 2025 exploration program – Given exploration success have increased the exploration
budget to a total of $47m and 108,000 metres.

Q1 2025 GROWTH AND MARGIN CAPTURE
2. AISC Margin ($/oz) calculated as Average realized gold price – AISC. AISC Margin ($ millions) calculated as AISC Margin ($/oz) multiplied by oz. sold
Revenue
$356.3m
Up 57%
Net Income
$153.5m
Up 266%
EBITDA1
$241.5m
Up 116%
Free Cash Flow1
$170.8m
Up 108%
Earnings per Share
$0.64
Up 256%
AISC Margin2 $/oz
$2,172
Up 71%
$139
$195
$219
$234
$256
$1,273
$1,504
$1,738 $1,785
$2,172
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
AISC margin ($/oz)
AISC margin ($ millions)
Q1 2025 vs Q1 2024 Results

X
BUILDING A LEADING GOLD COMPANY
THROUGH RESPONSIBLE MINING
www.lundingold.com
www.lundingold.com
TSX, Nasdaq Stockholm: LUG / OTCQX: LUGDF
LundinGold
LundinGold
Lundin Gold Ecuador
Lundin Gold Ecuador
LundinGold
LundinGold
Contact information:
Brendan Creaney
VP Corporate Development and Investor Relations
Brendan.creaney@lundingold.com
+1 604-376-4595
Slide 39

Lundin Gold - Corporate Presentation - July 2025

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Lundin Gold - Corporate Presentation - July 2025