Lundin GOLD Announces Industry Leading Greenhouse Gas Emissions Intensity and Goal to Be Carbon Neutral BY 2030
NEWS RELEASE
Vancouver, May 30, 2023
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 INDUSTRY LEADING GREENHOUSE GAS EMISSIONS INTENSITY AND
GOAL TO BE CARBON NEUTRAL BY 2030
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the
"Company") is pleased to announce that the Company has published its second Climate Change Report ,
has set its objective to be carbon neutral by 2030 and has also published its seventh annual Sustainability
Report. All dollar amounts are stated in U.S. dollars.
Climate Change Report Highlights
• Lundin Gold has reported a greenhouse gas (GHG) emissions (Scopes 1 and 2) intensity of 0.06
tCO2e per ounce of gold produced in 2022 from its 100% owned Fruta del Norte gold mine in
Ecuador. Based on publicly available data from 152 gold mines that reported their Scopes 1 and 2
GHG emissions in 2021 and on Lundin Gold’s 2022 emissions performance, the emissions intensity
of Fruta del Norte is among the lowest in the industry. By comparison, the average GHG emissions
intensity of reporting underground mines was 0.42 tCO2e per ounce of gold produced in 2021.1
• Lundin Gold has set a target to be c arbon neutral by 2030 with respect to its Scopes 1 and 2
emissions based on its current life of mine plan. The establishment of this target is supported by
a detailed analysis of the Company’s emissions and the identification, evaluation and prioritization
of direct decarbonization opportunities. Through this exercise, Lundin Gold has developed an
initial road map to carbon neutrality which is set out in this year’s Climate Change Report.
• After its initial estimate of Scope 3 GHG emissions in Lundin Gold’s inaugural Climate Change
report published last year, the Company has improved and expanded the reporting of these
estimates in this year’s Climate Change Report.
Ron Hochstein, President and CEO, commented, “With its incredibly low carbon footprint, Fruta del Norte
continues to prove itself as a world class asset. Through our commitment to carbon neut rality by 2030,
Lundin Gold is determined to maintain its position as one of the world’s lowest carbon intensity gold
producers.”
Lundin Gold is also pleased to announce the publication of its 2022 Sustainability Report. This report
highlights accomplishments and progress achieved by the Company on several initiatives and programs
last year including:
• Industry leading health and safety performance with a Company -wide total recordable incident
rate of 0.30 per 200,000 hours work.
1 See Lundin Gold’s May 2023 Climate Change Report at www.lundingold.com.
2
• Certification as a Great Place to Work.
• Significant improvement in water management, with 95% of water at site being re-used and/or
recycled.
• Approximately $37 million of procurement expenditures in 2022 in Fruta del Norte’s immediate
area of influence, representing 14% of total procurement spend.
• Continued success of the Company’s education support program, culminating in 260 local
students enrolled in higher education since 2015.
This year’s Climate Change Report and 2022 Sustainability Report are available on Lundin Gold's website
at www.lundingold.com.
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 extensi ve 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. Lundin 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 benef it 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 May 30, 2023 at 2:00 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 and Corporate Development
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 respe ct 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
3
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
establishing sustainability and environmental targets, goals and strategies, including related to GHG emissions, and the ability to
meet the same, and the achievability and actionability of the Company’s climate change strategy. There can be no assurance that
such statements will prove to be accurate, a s 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 31, 2023, which is available at www.lundingold.com or on SEDAR.
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 impa ct on the Company or the trading price of its
shares include: risks related to political and economic instability in Ecuador; risks associated with the Company's community
relationships; risks related to estimates of production, cash flows and costs; risks inherent to mining operations; shortages of
critical supplies; the cost of non-compliance and compliance costs; control of the Company's largest shareholders; volatility in the
price of gold; failure of the Company to maintain its obligations under its debt facilities; risks related to Lundin Gold’s compliance
with environmental laws and liability for environmental contamination; the lack of availability of infrastructure; the Compan y's
reliance on one mine; security risks to the Company, its assets and it s personnel; risks related to illegal mining; exploration and
development risks; the impacts of a pandemic virus outbreak; risks related to the Company’s ability to obtain, maintain or renew
regulatory approvals, permits and licenses; uncertainty with and changes to the tax regime in Ecuador; the reliance of the
Company on its information systems and the risk of cyber -attacks on those systems; the imprecision of Mineral Reserve and
Resource estimates; 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; risks related to the Company’s workforce and its labour
relations; 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 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; the potential for litigation; and risks due to conflicts of interest.