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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.  Over the past two years, the exploration program has successfully driven resource growth and led to the discovery of new sectors such as FDNS, Bonza Sur, FDN East, and now Trancaloma (Figure 1).

In 2024, the Company executed the largest drilling program on the land package that hosts FDN, with more than 80,000 metres completed across 284 drill holes.  In 2025, a minimum of 80,000 metres are planned in the near mine and conversion programs, primarily targeting the FDNS and Bonza Sur deposits and, more recently, the Trancaloma target.  Currently, 13 rigs are active on surface and underground.

FDNS

At FDNS, located along the south extension of FDN, a new geological interpretation supported by an underground drill program initiated in the second quarter of 2024 successfully defined FDNS as a mineral deposit containing 2.09 million ounces of Inferred Resource from 12.35 million tonnes with an average grade of 5.25 g/t, with most of the mineralization grading above 7 g/t.  (See press release published on February 18^th, 2025)

Since the start of this exploration program, a total of 37 drill holes were completed, and the recent results, which were received after the recent Mineral Resource estimate update, continue to demonstrate its significant exploration potential.  Of note, drill holes UGE-S-24-212 (173.98 g/t Au over 8.45 m) and UGE-S-24-213 (77.31 g/t Au over 10.90 m) are the highest-grade intercepts ever recorded in the sector and indicate areas for further expansion at FDNS.  Assay results from the drilling undertaken at FDNS are presented in Table 1.

Results from drill hole UGE-S-24-164 and UGE-S-24-212 show that the FDNS deposit remains open along the south direction.  Drilling of this area will be done from the recently reopened South Portal, where one rig is currently turning.   Two other underground rigs are currently active in the main part of the FDNS deposit as part of the conversion drilling program (Figure 2).

FDN East

At FDN East, the 2024 near mine exploration program intercepted a new buried epithermal mineralized system located only 100 metres east of FDN (see Figure 1 and 3).  The gold mineralization at FDN East shows similar hydrothermal alteration, mineralogical characteristics and hosting rocks to those found at FDN and FDNS and is also buried by a sedimentary cover.

Since its discovery, the drilling program has focused on expanding on the initial positive results and the recent drilling intercepts confirmed the mineralization continuity in the central portion of the target and indicate a potential trend toward FDNS that requires further drilling.  Drill hole FDNE-2024-200 (3.15 g/t over 53m, including 7.13 g/t Au over 8.40 m) intercepted the widest mineralized interval at FDN East to date.  Assay results from the drilling undertaken at FDN East are presented in Table 2.  Some results are pending.  Currently, one surface drill rig is turning at FDN East.

Trancaloma

The near-mine exploration program continues to generate discoveries in unexplored areas close to FDN.  Several drill holes from surface were completed as part of a systematic exploration program to test new targets and resulted in the discovery of new Cu-Au mineralization at Trancaloma, located less than one kilometre east from the Bonza Sur deposit (Figure 1 and 4).

Four drill holes were completed and all returned anomalous values of copper and gold, potentially related to an outer hydrothermal alteration halo of a porphyry system.  Three drill holes ended in mineralization requiring further follow-up drilling.  A drill hole one kilometre east of the initial drill holes intercepted a long hydrothermal alteration zone with disseminated copper bearing sulfides plus quartz-chalcopyrite veins and results are pending.  Initial results from the drilling undertaken at Trancaloma are presented in Table 3.  Currently, two surface drill rigs are turning at Trancaloma.

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.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador.  Fruta del Norte is among the highest-grade operating gold mines in the world.

The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly.  The Company operates with transparency and in accordance with international best practices.  Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.  Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders.

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 23, at 10:00 a.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 the potential to expand Lundin Gold's 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 Management's Discussion and Analysis dated February 20, 2025, 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; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

APPENDIX 1

Table 1: Drill hole 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 and true widths.

Table 2: Drill hole assay results from FDN East 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.  (Not included in the 2024 MRE)

Table 3: Drill hole assay results from the Trancaloma target surface drilling program.  Drill hole intercepts are reported in drill core lengths

Table 4: FDNS, FDNE and Trancaloma Collar Drill Holes

SOURCE Lundin Gold Inc.

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