Lundin Gold Q1 2025 Conference Call Presentation

FIRST QUARTER 2025
RESULTS CONFERENCE CALL
(ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED)
MAY 9, 2025

PRESIDENT AND CEO
RON F. HOCHSTEIN
Slide 2 Lundin Gold Q1 2025 Conference Call | May 9, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF

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 3 Lundin Gold Q1 2025 Conference Call | May 9, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF

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.
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
Slide 4 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Lundin Gold Q1 2025 Conference Call | May 9, 2025

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

COO
TERRY SMITH
TSX: LUG / OMX: LUG / OTCQX: LUGDF

SAFETY PERFORMANCE
IMPROVEMENTS OVER 2024
0.63
0.75
0.33
0.62
0.21
-0.04
0.06
0.16
0.26
0.36
0.46
0.56
0.66
0.76
0
1
2
3
4
5
6
7
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Lost Time Incidents
Medical Aid Incidents
Total Recorable Incident Rate per 200,000 hours worked

STRONG START TO 2025
Q1 2025 Results
117,313 oz
Gold produced
75,494 oz
Gold as concentrate
41,819 oz
Gold as doré
398,159
Tonnes milled
10.4 g/t
Average Head Grade
88.5%
Average recovery
4,424 tpd
Average Mill Throughput
475,000 – 525,000 oz
2025 Gold Production Guidance
- Plant Expansion Project complete.
- Q1 maintenance done: Essential maintenance, including SAG mill
relining, was completed in the first quarter.
- Positive plant performance: The expanded plant is performing well
with increased throughput and recovery. Optimizations the focus in
the second quarter.
- Higher grade expected in H1: Due to mine resequencing and positive
reconciliation, H1 is expected to be higher than H2. The overall
average grade for 2025 remains at the previously guided 9.0 g/t.
- 2025 guidance confirmed: The company is maintaining its previously
announced targets for the full year.

CFO
CHESTER SEE
Lundin Gold Q1 2025 Conference Call | May 9, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF

FIRST QUARTER 2025
FINANCIAL HIGHLIGHTS
Slide 10
Three Months ended March 31
(Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q1 2025 Q1 2024
Net revenues 356,345 226,741
Income from mining operations 233,546 113,237
Net income 153,500 41,897
Basic income per share ($) 0.64 0.18
Adj. net earnings1
153,500 57,796
Adj. net earnings per share1
0.64 0.24
EBITDA1
241,502 111,612
Adj. EBITDA1
241,502 131,456
Dividends paid per share 0.30 0.10
Cash flow from operations 194,308 107,914
Free cash flow1
170,783 82,259
Free cash flow per share1
0.71 0.35
Average realized gold price ($/oz sold)1
3,081 2,141
Cash operating cost ($/oz sold)1
792 735
All-in sustaining costs ($/oz sold)1
909 864

349
452
194
4
73
24
Cash as at Dec. 31,
2024
Cash generated
from operating
activities
Proceeds from the
exercise of stock
options, and anti-
dilution rights
Dividends Net Cash used for
Investing Activities
Cash at Mar. 31,
2025
FREE CASH FLOW1
STRONG QUARTERLY FREE CASH FLOW GENERATION
Three Months ended March 31
(Tables are expressed in $’000, except share and per
share amounts, or unless otherwise stated)
Q1 2025 Q1 2024
Net cash provided by operating activities 194,308 107,914
Net cash used for investing activities (23,525) (13,636)
Interest paid - (1,876)
Finance charge paid - (10,143)
Free cash flow1 170,783 82,259
Basic weighted average shares outstanding 240,460,033 238,255,452
Free cash flow per share1 0.71 0.35
Q4 2024 to Q1 2025 Changes to Cash

FIXED DIVIDEND COMPLEMENTED BY VARIABLE DIVIDEND
AND SPECIAL DIVIDEND
Special dividend
- $0.41 per share payout on June 9, 2025.
- Record date: May 22, 2025.
Introducing quarterly variable dividend
- Quarterly variable dividend linked to free cash flow.
- Minimum 50% of prior quarter's normalized free cash flow, minus fixed dividend.
Normalized free cash flow
- Removes significant non-recurring items.
- Apportions these items equally across quarters to smooth variable dividend amount.
- 2025 non-recurring items: Includes ~$95.3M annual tax/profit sharing ( ~$23.8M per quarter).
- Future normalization details to be disclosed in year-end results.
Inaugural variable dividend
- $0.15 per share.
- Total quarterly dividend payout (June 25, 2025): $0.45 per share (fixed $0.30 + variable $0.15).
- Dividend yield as of May 8th, 2025 4.2%2
- Record date: June 10, 2025.
Dollars per share
Approximate
total in $m
Fixed dividend 0.30 72
Variable dividend 0.15 37
Total quarterly dividend 0.45 109
Tables are expressed in $’000, except share and per share amounts, or
unless otherwise stated)
Free cash flow1 – Q1 2025 170,783
2025 annual payments of $95.3m pro-
rated quarterly
(23,835)
Fixed dividends paid – Q1 2025 (72,716)
Normalized free cash flow 74,232
50% of normalized free cash flow paid as
variable dividend
37,116
Shares outstanding as of May 8, 2025 240,851,709
Variable dividend per share 0.15
1. Certain additional disclosures for these specified non-IFRS measures have been incorporated by reference and can be found on page 11 of the Company's MD&A for the three months ended March 31, 2025 available on SEDAR+.
2. Estimated yield assumes four quarterly dividends of $0.45 per common share and has been calculated using a May 8th CAD$ to US$ exchange rate of 1.3907 as provided by the Bank of Canada.
Dollars per share
Approximate
total in $m
Special dividend 0.41 100

PRESIDENT AND CEO
RON F. HOCHSTEIN

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.
- Initial mineral resource delayed to better understand the geological
environment.
FDN East
- Drilling shows FDN East continuity and expansion potential.
2025 drill program increased to 108,000 metres
- Conversion drilling: Increased to 25,000m (from 15,000m).
- Near-mine exploration: Increased to 83,000m (from 65,000m), total cost $39M.
¯
NEAR MINE EXPLORATION
RESULTS

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 interest targets.
Slide 15
¯
NEAR MINE EXPLORATION
PRIORITIES

Remain focused on health, safety and
environmental performance
Fully complete Plant Expansion Project and
optimize
Achieve 2025 production and unit cost
guidance
Increase drilling to record levels, due to
exploration success
Establish initial Reserve at FDNS and continue
to grow Inferred
Publish initial Mineral Resource on Bonza Sur
Establish new 5 year sustainability strategy
Return ~$300 million to shareholders via
dividend
2025 OBJECTIVES WELL ON TRACK
TRIR 0.21 for Q1 compared to 0.66 for 2024
Complete - optimizations focus in Q2
Confirm 2025 guidance
Increased from 80,000 to 108,000 metres
FDNS continuity confirmed and additional
mineralized zones identified.
Deferred to better understanding of geological
environment given proximity to Trancaloma
2024 sustainability report published, new 5
year strategy on track
To exceed target - ~$280m announced to date.

LUNDIN GOLD
Operational Excellence Cash Flow Growth ESG

Lundin Gold Q1 2025 Conference Call Presentation

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