Lundin GOLD Announces Another Strong Quarter with Production of 121,635 Ounces of GOLD
NEWS RELEASE
Vancouver, October 5, 2022
Lundin Gold Inc. 885 West Georgia Street, Suite 2000 Phone: +1 604 689 7842 lundingold.com
Vancouver, BC, V6C 3E8 Fax: +1 604 689 4250 Email: [email protected]
LUNDIN GOLD ANNOUNCES ANOTHER STRONG QUARTER WITH PRODUCTION OF
121,635 OUNCES OF GOLD
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG ; OTCQX: LUGDF ) ("Lundin Gold" or the "Company") is
pleased to report third quarter 2022 gold production of 121,635 ounces (“oz”) from its Fruta del Norte gold mine
(“Fruta del Norte”) in southeast Ecuador. Of the total quarterly gold production, 81,607 oz were produced as a
concentrate and 40,028 oz as doré. During the same quarter in 2021, the Company produced 107,663 oz of gold.
In the third quarter of 2022, the mill processed approximately 379,258 tonnes at an average throughput rate of
4,122 tonnes per day , the average grade of ore milled was 11.0 grams per tonne, and average recovery was
90.3%.
Gold sales in the third quarter of 2022 totalled 134,640 ounces versus 111,605 ounces sold in the same period
last year. Gold sales exceeded gold produced in the third quarter. This is the result of gold shipments and sales
from late June delayed into July due to blockades on some of Ecuador’s major highways during a national strike.
Ron Hochstein, President and CEO commented, “Once again, I am pleased to report strong operating results .
Lundin Gold remains firmly on track to meet its 2022 production and cost guidance. While the second half of
2022 has begun strongly, we will continue to push the boundaries of what Fruta del Norte is capable of.”
Production Results
Q3 2022 Q3 2021
Ore processed (tonnes) 379,258 365,316
Average throughput (tonnes per day) 4,122 3,971
Average head grade (grams per tonne) 11.0 10.3
Recovery (%) 90.3% 88.8%
Gold ounces produced 121,635 107,663
Concentrate 81,607 76,837
Doré 40,028 30,826
Gold ounces sold 134,640 111,605
Third Quarter of 2022 Results Conference Call and Webcast
Lundin Gold will publish its third quarter of 2022 results on Tuesday, November 8, 2022, after market close in
North America. The Company will host a conference call and webcast to discuss its results on Wednesday,
November 9 at 7:00 a.m. PT, 10:00 a.m. ET, 4:00 p.m. CET. Conference call details and a link to the webcast will
be published with the third quarter of 2022 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 Ron Hochstein P. Eng, Lundin Gold's President and CEO 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 in mine operations and are dedicated to
operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with
international best practices. Lund in Gold is committed to delivering value to its shareholders, while
simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe
workplace and minimizing the environmental impact. The Company believes that the value created through the
development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.
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 October 5, 2022 at 3:00 p.m. Pacific Time
through the contact persons set out below.
For more information, please contact
Ron F. Hochstein Finlay Heppenstall
President and CEO Director, Investor Relations
Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089
Tel (Canada): +1-604-806-3589 [email protected]
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 predictio ns, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "antic ipates",
"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 2022
guidance, including estimates of gold production, grades, recoveries and expected sales. 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 21, 2022, which is available at www.lundingold.com or on SEDAR.
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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
associated with the Company's community relationships; risks related to political and economic instability in Ecuador; risks related to
estimates of production, cash flows and costs; the impacts of a pandemic virus outbreak; risks inherent to mining operat ions; failure of
the Company to maintain its obligations under its debt facilities; shortages of critical supplies; control of the Company's largest
shareholders; risks related to Lundin Gold’s compliance with environmental laws and liability for environmental contamination; the lack of
availability of infrastructure; the Company's reliance on one mine; exploration and development risks; risks related to the Company’s
ability to obtain, maintain or renew regulatory approvals, permits and licenses; uncertainty with the tax regime in Ecuador; risks related
to the Company’s workforce and its labour relations; volatility in the price of gold; the reliance of the Company on its information systems
and the risk of cyber-attacks on those systems; deficient or vulnerable title to concessions, easements and surface rights; inherent safety
hazards and risk to the health and safety of the Company’s employees and contractors; the imprecision of Mineral Reserve and Resource
estimates; key talent recruitment and retention of key personnel; volatility in the market price of the Company’s shares; measures to
protect endangered species and critical habitats; social media and reputation; the cost of non -compliance and compliance costs; risks
related to illegal mining ; the adequacy of the Company’s insurance; risks relating to the declaration of dividends; uncertainty as to
reclamation and decommissioning; the ability of Lundin Gold to ensure compliance with anti -bribery and anti -corruption laws; the
uncertainty regarding risks posed by climate change; limits of disclosure and internal controls; security risks to the Company, its assets
and its personnel; the potential for litigation; and risks due to conflicts of interest.