Lundin GOLD Expands Trancaloma Mineralization and Discovers New Copper-GOLD Porphyry System at Sandia
NEWS RELEASE
Vancouver, August 5, 2025
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 EXPANDS TRANCALOMA MINERALIZATION AND DISCOVERS NEW
COPPER-GOLD PORPHYRY SYSTEM AT SANDIA
Lundin Gold Inc. (TSX: LUG ) (Nasdaq Stockholm: LUG ) (OTCQX: LUGDF) ("Lundin Gold" or the
"Company") is pleased to announce positive results from its near-mine exploration drilling programs at
its 100% owned Fruta del Norte (“FDN”) gold mine in southeast Ecuador. Recent drilling at Trancaloma
has confirmed the continuity and expanded the at surface copper-gold porphyry system. Additionally,
drilling at Sandia, approximately four kilometres (“km”) to the north of Trancaloma, has uncovered a new
copper-gold porphyry system with mineralization beginning at surface, establishing a highly prospective
exploration corridor adjacent to FDN. Highlights from the Trancaloma and Sandia drilling programs are
outlined below, with detailed results provided in Appendix 1.
Ron Hochstein, President and CEO, commented, “We are very pleased to report these additional exciting
drill results from our 2025 program, which continue to demonstrate the significant untapped exploration
potential around FDN. Follow-up drilling at Trancaloma has successfully confirmed the continuity of the
at surface copper-gold mineralization and indicates further expansion potential . The discovery of a new
copper-gold porphyry system at Sandia, which also hosts mineralization at surface , further defines an
emerging and highly prospective porphyry corridor currently delineated as 5 km long and adjacent to FDN.”
Trancaloma Drilling Highlights (not true widths):
• Drill hole TRL-2025-290 intersected 667.1m of 0.44% CuEq (0.32% Cu, 0.12 g/t Au, 2.61 g/t Ag, and
17.21 ppm Mo) from 367.5 m, including:
o 226.0m of 0.58% CuEq (0.41% Cu, 0.16 g/t Au, 5.09 g/t Ag, and 14.03 ppm Mo)
• Drill hole TRL-2025-272 intersected 876.7m of 0.34% CuEq (0.27% Cu, 0.07 g/t Au, 1.07 g/t Ag, and
22.7 ppm Mo) from 0.00 m, including:
o 272.7m of 0.50% CuEq (0.40% Cu, 0.12 g/t Au, 1.47 g/t Ag, and 11.29 ppm Mo)
Results confirm the lateral and vertical continuity of the Trancaloma system, ex tended the main
mineralized zone, and provided areas for further expansion.
Sandia Drilling Highlights (not true widths):
• Drill hole SND-2025-298 intersected 730.9m of 0.35% CuEq (0.28% Cu, 0.06 g/t Au, 1.39 g/t Ag, and
27.79 ppm Mo) from 0.0 m, including:
o 35.7m of 0.57% CuEq (0.49% Cu, 0.05 g/t Au, 2.28 g/t Ag, and 42.45 ppm Mo)
o 153.0m of 0.43% CuEq (0.35% Cu, 0.07 g/t Au, 1.85 g/t Ag, and 19.84 ppm Mo)
With the discovery of another copper-gold porphyry system, a highly prospective near mine corridor
adjacent to the epithermal gold deposits has emerged.
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NEAR MINE EXPLORATION PROGRAM-TARGETING NEW DISCOVERIES
The near-mine exploration program continues to build on the unique potential of Lundin Gold’s world
class land package with 2025 being the largest drilling program ever conducted on the land package that
hosts FDN. One of the key components of this program is the scout drilling targeting unexplored sectors
within this highly potential geological environment. This year, the near-mine drilling program has already
completed more than 48,000 metres of drilling and the majority has been dedicated to finding new
mineral deposits in new sectors.
A POTENTIAL PORPHYRY CORRIDOR IS EMERGING
Since the discovery of FDN, the occurrence of porphyry systems has been recognized around FDN with
limited exploration carried out . In 2025 a systematic program of geochemical and geophysical surveys,
geological mapping, and scout drilling has defined a 5 km long corridor with significant potential for
porphyry-type deposits adjacent to the gold epithermal systems that host FDN. The first drill holes in this
program completed on this corridor resulted in the discovery of the Trancaloma and Sandia systems, with
other potential sectors remaining to be tested (See Figure 1).
TRANCALOMA
Following the initial discovery of Trancaloma earlier this year, the Company initiated a systematic step-
out drilling program. This program has successfully extended the main copper-gold mineralized zone and
confirms continuous mineralization from surface, with a wide, higher-grade core that remains open in all
directions and at depth.
The Trancaloma mineralization is characterized by a well-developed and zoned porphyry related
hydrothermal alteration, with chalcopyrite and pyrite associated with quartz (B -veins), magnetite and
chalcopyrite veins, and disseminated sulfides. Drill hole TRL-2025-290 (667.1m @ 0.44% CuEq [0.32% Cu,
0.12 g/t Au], incl. 226.0m @ 0.58% CuEq [0.41% Cu, 0.16 g/t Au]) demonstrated wide intervals of sulfide-
rich brecciated zones, suggesting shallow potential for expansion along the northwestern direction.
In the western portion of Trancaloma, exploratory drill hole TRL-2025-291 confirmed another copper-gold
mineralized zone that remains open ( see Figure 2). The most recent assay results from the drilling
program undertaken at Trancaloma are presented in Table 3 . Currently, three surface drill rigs are
exploring Trancaloma.
SANDIA
Located less than two kms east of FDN and four kms north of Trancaloma, the Sandia target was tested
by a drill hole focused on a wide geochemical soil copper-gold-molybdenum anomaly . The drilling
successfully intercepted shallow copper-gold mineralization from surface, confirming another porphyry
system (see Figure 1 and 3).
The mineralization is associated with typical porphyry zoning and hydrothermal alteration, containing
variable amounts of chalcopyrite and pyrite with quartz (B-veins) throughout the entire length of the hole.
This system r emains open in all directions . A second drill hole was concluded along the down -dip
extension with assays pending. Currently, two surface drill rigs are exploring Sandia.
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Figure 1: Map showing Trancaloma-Sandia corridor adjacent to FDN
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Figure 2: Bonza Sur Trancaloma cross section showing recent drilling results at Trancaloma
Figure 3: FDN – FDN East and Sandia section showing initial drilling results
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Qualified Persons and Technical Notes
The technical information contained in this News Release has been reviewed and approved by Andre
Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with
the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at
the ALS laboratory in Quito, and analy zed by 50g fire assay and multi -element (ICP-AES/ICP-MS) at the
ALS Laboratory in Lima, Peru . The quality assurance -quality control (QA -QC) program of Lundin Gold
includes the insertion of certified standards of known gold content, blank and duplicate samples . The
remaining half core is retained for verification and reference purposes . For further information on the
assay, QA-QC, and data verification procedures, please see Lundin Gold’s AIF.
Copper equivalent (CuEq) for drill intersections is calculated based on US$4.00/lb Cu, US$1,800/oz
Au, US$30/oz Ag. And US$25/oz Mo. The formula is: CuEq % = Cu % + (0. 6562 * Au g/t) + (0.0 109 * Ag
g/t) + (0.0006 * Mo ppm). Metallurgical recoveries and net smelter returns are not considered.
For information on Lundin Gold’s QAQC and data verification procedures, please refer to Lundin Gold’s
Annual Information Form dated March 17, 2025 (“AIF”) , filed under the Company’s profile on SEDAR+
(www.sedarplus.ca).
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 deliverin g 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 August 5, 2025 at 2:00 p.m.
Pacific Time through the contact persons set out below.
For more information, please contact
Ron F. Hochstein Brendan Creaney
President and CEO Vice President, Corporate Development & Investor Relations
Tel: +1-604-806-3589 Tel: +1-604-376-4595
[email protected] [email protected]
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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,
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 forwa rd-
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
exploration plans, activities and results . 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 AIF.
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: 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; Mineral Reserve and Mineral Resource estimates; infras tructure; 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 and development; control of Lundin Gold; divide nds; 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; competit ion 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.
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APPENDIX 1
Table 1: Drillhole assay results from the Trancaloma and Sandia Porphyry targets surface drilling
program. Drill hole intercepts are reported in drill core lengths.
Hole ID From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) Mo (ppm) CuEq (%) Target
TRL-2025-272 0.00 876.75 876.75 0.27 0.07 1.07 22.73 0.34
Trancaloma
Including 486.00 757.70 271.70 0.40 0.12 1.47 11.29 0.50
TRL-2025-281 No Significant Results Trancaloma
TRL-2025-290 0.00 167.70 167.70 0.25 0.03 0.93 12.77 0.29
Trancaloma TRL-2025-290 367.50 1034.60 667.10 0.32 0.12 2.61 17.21 0.44
Including 386.50 612.50 226.00 0.41 0.16 5.09 14.03 0.58
TRL-2025-291 274.75 382.00 107.25 0.21 0.05 1.64 21.92 0.27
Trancaloma
Including 304.50 353.60 49.10 0.26 0.05 1.85 24.47 0.33
TRL-2025-291 495.00 755.00 260.00 0.15 0.06 1.19 5.03 0.21
Including 546.00 576.90 30.90 0.30 0.14 1.54 4.51 0.41
TRL-2025-295 246.65 874.70 628.05 0.30 0.08 1.05 17.72 0.38
Trancaloma Including 409.40 431.70 22.30 0.33 0.13 0.56 14.00 0.43
Including 520.00 563.00 43.00 0.34 0.10 1.12 30.86 0.44
TRL-2025-302 0.00 910.15 910.15 0.27 0.07 1.02 18.98 0.34
Trancaloma Including 513.80 580.50 66.70 0.32 0.11 1.53 12.20 0.42
Including 690.00 910.15 220.15 0.36 0.10 1.13 15.82 0.45
TRL-2025-307 Pending Results Trancaloma
TRL-2025-314 Pending Results Trancaloma
TRL-2025-319 Pending Results Trancaloma
SND-2025-298 0.00 730.90 730.90 0.28 0.06 1.39 27.79 0.35
Sandia Including 178.20 213.90 35.70 0.49 0.05 2.28 42.45 0.57
Including 420.00 573.00 153.00 0.35 0.07 1.85 19.84 0.43
SND-2025-310 Pending Results Sandia
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Table 2: Trancaloma and Sandia Collar Drill Holes
Hole ID Target Easting Northing Elevation Azimuth Dip EOH (m) Zone Year
TRL-2025-272 Trancaloma 780080 9581597 1483 168 -60 876.75 Surface 2025
TRL-2025-281 Trancaloma 779898 9581499 1460 243 -64 712.10 Surface 2025
TRL-2025-290 Trancaloma 780081 9581597 1481 100 -54 1065.75 Surface 2025
TRL-2025-291 Trancaloma 779124 9580950 1527 82 -49 800.00 Surface 2025
TRL-2025-295 Trancaloma 780223 9581409 1619 119 -69 874.70 Surface 2025
TRL-2025-302 Trancaloma 780081 9581596 1481 137 -60 910.15 Surface 2025
TRL-2025-307 Trancaloma 779048 9581112 1548 43 -60 789.70 Surface 2025
TRL-2025-314 Trancaloma 780051 9581161 1526 117 -70 804.30 Surface 2025
TRL-2025-319 Trancaloma 779973 9581943 1527 47 -65 796.10 Surface 2025
SND-2025-298 Sandia 779469 9583791 1650 88 -44 730.90 Surface 2025
SND-2025-310 Sandia 779469 9583791 1649 87 -70 1075.65 Surface 2025