Lundin GOLD Beats 2021 Guidance with GOLD Production of 428,514 Ounces
NEWS RELEASE
Vancouver, January 10, 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 BEATS 2021 GUIDANCE WITH GOLD PRODUCTION OF 428,514 OUNCES
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to report
fourth quarter 2021 gold production of 107,915 ounces (“oz”) from its Fruta del Norte gold mine (“Fruta del
Norte”) in southeast Ecuador , resulting in total gold production of 428,514 oz for the year, exceeding the
Company’s 2021 guidance of 380,000 to 420,000 oz . Of the total quarterly gold production, 75,299 oz were
produced as a concentrate and 32,616 oz as doré . During the same quarter in 2020, the Company produced
96,830 oz of gold.
In the fourth quarter of 2021, the mill processed approximately 379,166 tonnes at an average throughput rate
of 4,121 tonnes per day (“tpd”), the average grade of ore milled was 9.9 grams per tonne, and average recovery
was 89.7%. Recoveries have improved every quarter during 2021.
Ron Hochstein, President and CEO commented, “I am extremely happy with our production of over 428,000 oz
of gold in 2021, Fruta del Norte’s first full year of operations . This achievement would not have been possible
without our team’s hard work at Fruta del Norte that resulted in improving recoveries and completing the plant
expansion on time and on budget to increase the average plant throughput from 3,500 tpd to 4,200 tpd . 2021
was a successful year for Lundin Gold, and I look forward to another strong year in 2022.”
Production Results
Q4 2021 FY 2021 Q4 2020 FY 20201
Ore processed (tonnes) 379,166 1,415,634 337,146 905,780
Average throughput (tonnes per day) 4,121 3,878 3,665 3,355
Average head grade (grams per tonne) 9.9 10.6 10.1 9.5
Recovery (%) 89.7% 88.6% 88.6% 85.9%
Gold ounces produced 107,915 428,514 96,830 242,400
Concentrate 75,299 289,499 56,900 161,300
Doré 32,616 139,015 39,930 81,100
Year End 2021 Results Conference Call and Webcast
Lundin Gold will publish its year end 2021 results on Wednesday, February 23, 2022, after market close in North
America. The Company will host a conference call and webcast to discuss its results on Thursday, February 24 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 2021 results.
1 FY 2020 is the entire year’s production, including the pre-commercial production period from January 1 to February
28. Also note that the operations at Fruta del Norte were suspended during Q2 2020 due to the COVID-19 pandemic.
2
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. 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 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 January 10, 2022 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
Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089
Tel (Canada): +1-604-806-3589 [email protected]