Lundin GOLD Achieves Record Q4 Throughput and Achieves 2025 Production Guidance with 498,315 Ounces of GOLD
NEWS RELEASE
Vancouver, January 12, 2026
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 RECORD Q4 THROUGHPUT AND ACHIEVES 2025
PRODUCTION GUIDANCE WITH 498,315 OUNCES OF GOLD
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG ; OTCQX: LUGDF ) ("Lundin Gold" or the "Company") is
pleased to announce annual gold production of 498,315 ounces ("oz") in 2025 from its Fruta del Norte gold mine
("Fruta del Norte") in southeast Ecuador, achieving the Company's 2025 elevated guidance range of 490,000 to
525,000 oz. Gold production in the fourth quarter 2025 totalled 119,483 oz, consisting of 78,577 oz of
concentrate and 40,906 oz of doré, and gold sales totalled 503,330 oz. All amounts are in U.S. dollars unless
otherwise indicated.
In the fourth quarter of 202 5, the mill processed a record 484,950 tonnes of ore resulting in an average
throughput rate of 5,271 tonnes per day at an average grade of 8.7 grams per tonne with recoveries of 88.3%.
Jamie Beck, President and CEO commented, "I’m pleased to report that Lundin Gold achieved its revised 2025
production guidance of 490,000 to 525,000 oz with total annual production of 498,315 oz, including 119,483 oz
in the fourth quarter. This strong result was supported by record quarterly throughput of 5,271 tonnes per day .
Looking ahead to 2026, we expect to continue ramping up the mill to an average throughput of 5,500 tonnes per
day and are targeting increasing recoveries to 91% , which will support our production guidance of 475,000 to
525,000 oz."
Production Results
Q4 2025 FY 2025 Q4 2024 FY 2024
Ore processed (tonnes) 484,950 1,828,225 427,030 1,690,865
Average throughput (tonnes per day) 5,271 5,009 4,642 4,620
Average head grade (grams per tonne) 8.7 9.5 11.3 10.5
Recovery (%) 88.3% 89.0% 87.1 % 87.8 %
Gold ounces produced 119,483 498,315 135,241 502,029
Concentrate 78,577 324,485 88,834 320,240
Doré 40,906 173,830 46,407 181,789
Gold ounces sold 124,041 503,330 131,175 495,374
Average realized gold price ($/oz sold) 4,299 3,594 2,664 2,462
Year End 2025 Results Conference Call and Webcast
Lundin Gold will publish its year end 2025 results on Thursday, February 19, 2026, after market close in North
America. The Company will host a conference call and webcast to discuss its results on Friday, February 20 at
8:00 a.m. PT, 11:00 a.m. ET, 5:00 p.m. CET. Conference call details and a link to the webcast will be published
with the year end 2025 results.
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Qualified Persons
The technical information relating to Fruta del Norte contained in this News Release has been reviewed and
approved by Terry Smith P. Eng, Lundin Gold's COO, who is a Qualified Person under National Instrument 43 -
101.
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 January 12, 202 6 2:00 p.m. Pacific Time
through the contact persons set out below.
For more information, please contact
Brendan Creaney
Vice President, Corporate Development and Investor Relations
Tel: +1 604-376-4595
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, object ives,
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 pertaining to production outlook
and the anticipated improvement of recoveries . 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
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the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 17, 2025, 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 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 risks
related 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; Min eral
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 a nd
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.