Lundin GOLD Achieves a New High of Contained GOLD Ounces IN Mineral Reserves and Mineral Resources at Fruta Del Norte
NEWS RELEASE
Vancouver, February 18, 2025
Lundin Gold Inc. Suite 2800, Four Bentall Centre Phone: +1 604 689 7842 lundingold.com
1055 Dunsmuir Street Fax: +1 604 689 4250 Email: [email protected]
Vancouver, BC, Canada, V7X 1L2
LUNDIN GOLD ACHIEVES A NEW HIGH OF CONTAINED GOLD OUNCES IN MINERAL
RESERVES AND MINERAL RESOURCES AT FRUTA DEL NORTE
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company")
today reports its updated estimates of Mineral Reserves and Mineral Resources as at December 31, 2024 for
its Fruta del Norte gold mine (“FDN”) in Ecuador. The tables of the updated estimates of Mineral Reserves and
Resources can be found at the end of this release.
Highlights
• Based on contained gold ounces, the 2024 estimates are the highest ever published at FDN for Mineral
Reserves and Resources.
• Inferred Resources increased by 59% to 2.36 million ounces (“ Moz”) of contained gold from 13.95
metric tonnes (“Mt”) with an average grade of 5.27 grams per tonne (“g/t”) net of conversion of 0.65
Moz to Measured and Indicated.
o FDN South (“FDNS”) was the lead contributor to the Inferred Resource growth increasing
contained ounces from 0.73 Moz in 2023 to 2.09 Moz from 12.35 Mt with an average grade of
5.25 g/t.
• Measured and Indicated Mineral Resources increase d to 7.06 Moz of contained gold from 30.62 Mt
with an average grade of 7.17 g/t.
• Proven and Probable Mineral Reserves increased to 5.54 Moz of contained gold from 22.06 Mt with an
average grade of 7.81 g/t, after 2024 mining depletion of 0.54 Moz.
Ron Hochstein, President and CEO, commented, "I am extremely pleased to announce our year -end 2024
Mineral Reserve and Resource estimate, marking another year of significant growth for FDN. This latest update
represents the largest Reserve and Resource statement in the Company’s history based on contained gold
ounces. In addition to increasing our Mineral Reserves after mining depletion, our 2024 near-mine exploration
success at FDN and mainly FDNS has resulted in notable additions to our Inferred Resources, growing them by
1.7 Moz through the drill bit. With continued conversion and exploration programs planned for 2025, I am very
excited about the potential for further growth, including our plans to publish an initial resource for Bonza Sur
later this year."
Inferred Mineral Resources Update
The 202 4 near mine exploration drilling program was successful at finding new ounces with the main
contribution coming from FDNS. Inferred Resources increased by 59% to 2.36 Moz of contained gold from
13.95 Mt with an average grade of 5.27 g/t net of conversion of 0.65 Moz to Measured and Indicated. FDNS
contributed 2.09 Moz to the Inferred Resource from 12.35 Mt with an average grade of 5.25 g/t with most of
this Mineral Resource showing grades above 7 g/t as illustrated in Table 1 below. A more conservative resource
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model was developed by applying cut-off grades and mining parameters to Inferred Resources, which resulted
in engineering reductions but increased the accuracy of future conversion potential. The FDNS Inferred
Resource will be a focus of the 2025 conversion drilling program.
Figure 1: 2023 Inferred Resources Contained Ounces Compared to 2024 Inferred Resources (represented in
thousand ounces)
Figure 2: New Zones of Inferred Resources at FDNS from 2024 Near Mine Exploration Drilling Program
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Table 1: FDNS Inferred Resources Cut-off Grade Sensitivity, as at December 31, 20241
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
Notes:
(1) 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.
Measured and Indicated Mineral Resources Update
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 are illustrated in
Figure 3, and include extensions to the north, at depth, and to the south of the FDN deposit.
Figure 3: New Zones of Indicated Resources from 2024 Conversion Drilling
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Figure 4: 2023 Mineral Resources Compared to 2024 Mineral Resources1,2
Notes:
(1) Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves.
(2) For information on the Lundin Gold’s estimates of Mineral Resources as at December 31, 2023 , see Lundin Gold’s
Annual Information Form dated March 26, 2024 under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Mineral Reserves Update
Proven and Probable Mineral Reserves increased to 5.54 Moz of contained gold from 22.06 Mt with an average
grade of 7.81 g/t after 2024 mining depletion of 0.54 Moz. The addition of 2.03 Mt was achieved at a grade of
8.01 g/t which is higher than the average 2023 Mineral Reserve grade of 7.89 g/t and was offset by 2024 mining
depletion of 1.67 Mt at 10.01 g/t.
Increases to the Reserve estimate are primarily due to successful conversion drilling, modifications to the mine
design, and some changes to technical parameters. Mine design modifications include replacement of drift
and fill with longhole stoping and improvements in mining dilution and recovery estimates. Technical
parameter modifications include minor changes in cut -off grade estimates. The assumed gold price was
increased to $1,500/oz from $1,400/oz from the year prior.
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
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Figure 5: Comparison Between 2023 and 2024 Mineral Reserves
Mineral Resource and Reserve Summary
The tables below summarize the Mineral Resource and Mineral Reserve estimates for FDN effective as of
December 31, 2024. Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del
Norte is contained in the “Amended NI 43-101 Technical Report Fruta del Norte Mine Ecuador” dated March
29, 2023 (the “FDN Technical Report ”) which is available under the Company's profile on SEDAR+ at
www.sedarplus.ca. Except as set out in this release, major assumptions, parameters and risks associated with
the Company's 2024 Mineral Resource and Mineral Reserve estimates are listed in the FDN Technical Report.
Table 2: Mineral Resources, as at December 31, 2024
Mineral Resources (1)(2)(3)(4)(5)(6)(7)(8)
Category Tonnage
Kt
Grade
(g/t Au)
Grade
(g/t Ag)
Contained
Metal
(k oz Au)
Contained
Metal
(k oz Ag)
FDN
Measured 8,645 9.93 11.43 2,760 3,176
Indicated 21,974 6.08 10.88 4,298 7,689
M & I 30,618 7.17 11.04 7,058 10,865
Inferred 1,603 5.38 8.11 277 418
FDNS
Measured - - - - -
Indicated - - - - -
M & I - - - - -
Inferred 12,347 5.25 12.71 2,085 5,045
Total
Measured 8,645 9.93 11.43 2,760 3,176
Indicated 21,974 6.08 10.88 4,298 7,689
M & I 30,618 7.17 11.04 7,058 10,865
Inferred 13,950 5,27 12.18 2,362 5,463
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Notes:
(1) 2014 CIM Definition Standards were followed for the classification of Mineral Resources.
(2) The Qualified Person for the estimate is Felipe Machado de Araújo, MAusIMM (CP), Senior Geologist, SRK Consultores
do Brasil Ltda.
(3) Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves . Mineral Resources that are
not Mineral Reserves do not have demonstrated economic viability.
(4) Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to
them to enable them to be categorized as Mineral Reserves.
(5) Mineral Resources are reported at a cut -off grade of 3 g/t Au, which is calculated using a long -term gold price of
US$1,800/oz.
(6) Mineral Resources were depleted by mining to December 31, 2024, and use drill hole data available as of December
1, 2024.
(7) Figures may not add due to rounding.
(8) Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del Norte is contained in the FDN
Technical Report which is available under the Company's profile on SEDAR+. Except as set out herein, the assumptions,
parameters and risks associated with the Company's Mineral Resource and Mineral Reserve estimates set out herein
are as set out in the FDN Technical Report.
Table 3: Mineral Reserves, as at December 31, 2024
Mineral Reserves (1)(2)(3)(4)(5)(6)(7)(8)
Category Tonnage
kt
Grade
(g/t Au)
Grade
(g/t Ag)
Contained
Metal
(k oz Au)
Contained
Metal
(k oz Ag)
FDN
Proven 7,271 9.38 10.67 2,192 2,494
Probable 14,786 7.04 11.57 3,346 5,502
Total 22,056 7.81 11.28 5,538 7,996
Notes:
(1) 2014 CIM Definitions Standards on Mineral Resources and Reserves have been followed.
(2) The Mineral Reserves estimate has an effective date of December 31, 2024.
(3) Ore Mined (Depletion) totals are for Reserve depletion only. Some material mined and processed in 2024 was non-
Reserve material.
(4) Mineral Reserves were estimated using key inputs listed in the table below:
*Longhole stoping is inclusive of both longitudinal and transverse methods.
(5) Silver was not considered in the calculation of the cut-off grade but is recovered and contributes to the revenue
stream.
Key Input December 31, 2023 December 31, 2024 Unit
Gold Price 1,400 1,500 $/oz
Transverse Stoping Mining Cost 53 52 $/t
Process, Surface Ops, G&A Cost 72 72 $/t
Surface Royalties, Sustaining Capital, Closure Costs 8 8 $/t
Taxes 2 2 $/t
Dilution Factor 8 8 percent
Concentrate Transport & Treatment 50 43 $/oz
Payable Gold Concentrate 97 97 percent
Royalty 79 85 $/oz
Gold Metallurgical Recovery 91.2 91.2 percent
Gold Cut-off Grade
Longhole Stoping*
Drift and Fill
4.0
5.3
3.7
n/a
g/t
g/t
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(6) Tonnages are rounded to the nearest 1,000 t, gold and silver grades are rounded to two decimal places, and
costs are rounded to the nearest dollar. Tonnage and grade measurements are in metric units; contained gold
and silver are reported as thousands of troy ounces.
(7) Figures may not add due to rounding.
(8) The Qualified Person for the year end 2023 and 2024 estimate s is Terry Smith P.Eng., Lundin Gold’s Chief
Operating Officer.
Qualified Persons
In this news release, the Qualified Person for the Mineral Resource estimate is Felipe Machado de Araújo,
MAusIMM (CP), Senior Geologist, SRK Consultores do Brasil Ltda and the Qualified Person for the Mineral
Reserve estimate is Terry Smith P.Eng, Lundin Gold’s Chief Operating Officer , both of whom are Qualified
Persons in accordance with the requirements of National Instrument 43 -101 – Standards of Disclosure for
Mineral Projects ("NI 43-101”).
The technical information contained in this news release has been reviewed and approved by Terry Smith, P.
Eng., Lundin Gold’s Chief Operating Officer , and Andre Oliviera, P. Geo., Lundin Gold’s Vice President,
Exploration, both of whom are Qualified Persons in accordance with the requirements of NI 43-101.
For information on Lundin Gold’s QAQC and data verification procedures, please refer to Lundin Gold’s Annual
Information Form dated March 26, 2024, filed under the Company’s profile on SEDAR+ (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 18, 2025 at 3:00 p.m. Pacific Time
through the contact persons set out below.
For more information, please contact
Ron F. Hochstein Brendan Creaney
President and CEO Vice President, Corporate Development & Investor Relations
Tel: +1-604-806-3589 Tel: +1-604-376-4595
[email protected] [email protected]
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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", "a nticipates", "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 uncer tainties, 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 fo rward-
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 pertaining to estimates of Mineral
Reserves and Mineral Resources, including plans to release an estimate of Mineral Resources on Bonza Sur. 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, 2024, which is available at www.lundingold.com or at www.sedarplus.ca
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to diff er 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: 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, en dangered 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 o r infectious disease outbreak; conflicts of interest; violation of anti -bribery and corruption laws; internal
controls; claims and legal proceedings; and reclamation obligations.