Lundin GOLD Beats 2022 Guidance with GOLD Production of 476,329 Ounces
NEWS RELEASE
Vancouver, January 9, 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 BEATS 2022 GUIDANCE WITH GOLD PRODUCTION OF 476,329 OUNCES
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is
pleased to report fourth quarter 2022 gold production of 121,139 ounces (“oz”) from its Fruta del Norte gold
mine (“Fruta del Norte”) in southeast Ecuador , resulting in total gold production of 476,329 oz for the year,
exceeding the high end of the Company’s 202 2 guidance of 4 60,000 oz. Of the total quarterly gold production,
78,756 oz were produced as a concentrate and 42,383 oz as doré. During the same quarter in 2021, the Company
produced 107,915 oz of gold.
In the fourth quarter of 202 2, the mill processed approximately 420,838 tonnes at an average throughput rate
of 4,574 tonnes per day (“tpd”), the average grade of ore milled was 10.0 grams per tonne, and average recovery
was 89.6%.
Ron Hochstein, President and CEO commented, “I am extremely happy to announce that for the second year
running, Lundin Gold has beaten its production guidance. We continue to push the boundaries of what Fruta del
Norte is capable of, and noteworthy improvements have been made across the board as compared to last year.
Our average throughput of 4,574 tpd this fourth quarter is proof that there is a lot more we can get out of Fruta
del Norte, and I’m particularly excited to continue building on our successes in 2023.”
Production Results
Q4 2022 FY 2022 Q4 2021 FY 2021
Ore processed (tonnes) 420,838 1,559,178 379,166 1,415,634
Average throughput (tonnes per day) 4,574 4,272 4,121 3,878
Average head grade (grams per tonne) 10.0 10.6 9.9 10.6
Recovery (%) 89.6% 89.5% 89.7% 88.6%
Gold ounces produced 121,139 476,329 107,915 428,514
Concentrate 78,756 314,694 75,299 289,499
Doré 42,383 161,635 32,616 139,015
Gold ounces sold 119,890 470,103 108,476 427,298
Year End 2022 Results Conference Call and Webcast
Lundin Gold will publish its year end 2022 results on Thursday, February 23, 2023, after market close in North
America. The Company will host a conference call and webcast to discuss its results on Friday, February 24 at
7:00 a.m. PT, 1 0:00 a.m. ET, 4:00 p.m. CET. Conference call details and a link to the webcast will be published
with the year end 2022 results.
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.
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About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canad a, 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 9, 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
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 predictions, expectations, beliefs, plans, projections, ob jectives,
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 var iations of
such words and phrases or statements that certain actions, events or results "may", "could", "would", "w ill", "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 the opportunity to
improve the operational performance of Fruta del Norte. 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.
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
operations; 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 abi lity 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
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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.