Lundin Gold Extends Porphyry Corridor to 10km’s with Discovery of Fifth Porphyry; Sandia Returns Highest Grade Intercept to Date Including 322 Metres of 1.08% CuEq
NEWS RELEASE
Vancouver, February 12, 2026
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 Extends Porphyry Corridor to 10km’s with Discovery of Fifth
Porphyry; Sandia Returns Highest Grade Intercept to Date Including 322 Metres
of 1.08% CuEq
Lundin Gold Inc. (TSX: LUG ) (Nasdaq Stockholm: LUG ) (OTCQX: LUGDF) ("Lundin Gold" or the
"Company") is pleased to announce positive results from near-mine porphyry exploration drilling
programs at its 100% owned Fruta del Norte (“FDN”) gold mine in southeast Ecuador.
Recent drilling continues to advance the understanding of the emerging porphyry belt adjacent to the
Fruta del Norte mine . Results confirm a large intrusive complex hosting several shallow copper gold
porphyry systems within a short distance of each other. Together, Sandia, Trancaloma, Trancaloma West,
and Castillo define a multi -kilometre trend of clustered mineralization, while the new Chontas discovery
extends the broader porphyry corridor to at least 10 km.
Program Highlights
• Sandia: Highest grade porphyry intercept to date including 322.30 m of 1.08% CuEq near
surface. Footprint has expanded to 1,300 m strike x 700 m width x 1,000 m depth, and open to
the northwest, east, and at depth. Sandia is currently the largest and highest grade of the known
porphyry systems on FDN’s concessions.
• Trancaloma: Drilling into a higher grade potassic core that shallows to the southeast; footprint
has expanded to 1,300 m strike × 650 m width × 1,000 m depth, and open in multiple directions.
• Sandia–Trancaloma: Strike at 1,300 m each; the expansion of mineralization has narrowed the
potential linkage within the corridor to 1,400 m (from 2,000 m) which continues to be tested by
step-out drilling.
• Castillo: Semi-massive sulfide zone including 101 m of 0.80% CuEq, confirming southern
continuity beneath the Suarez Basin conglomerates.
• Trancaloma West: Drilling has defined a continuous mineral envelope of 1,100 m strike × 200 m
width × 500 m depth, mineralization and alteration style consistent with Trancaloma.
• Chontas (New Discovery): Drilling has confirmed a fifth porphyry system, 7 km south of
Trancaloma and FDN, extending the corridor from 5 km to 10 km, opening a broader area to
explore.
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Highlights from drilling programs at Sandia, Trancaloma, Trancaloma West, Castillo and Chontas are
outlined below, with detailed results provided in Appendix 1.
Jamie Beck, President and CEO, commented, “These results continue to highlight the remarkable copper-
gold porphyry potential around Fruta del Norte. The discovery of a fifth system, and the extension of the
corridor to 10 kilometres underscore the scale of this emerging copper -gold district. Sandia’s record
intercept speaks to the strength of potential at-surface mineralization, while ongoing drilling at
Trancaloma, Trancaloma West, Castillo, and now Chontas, further defines the continuity of mineralization
along the corridor. With multiple rigs turning, we are advancing what is increasingly looking to be a large
porphyry district adjacent to FDN.”
Drilling Highlights (not true widths)
Sandia
• Drill hole SND-2025-383 intersected 0.68% Cu, 0.10 g/t Au, 2.85 g/t Ag, and 16.32 ppm Mo (0.79%
CuEq) over 603.25 m from 27.00 m, including:
o 0.96% Cu, 0.12 g/t Au, 3.50 g/t Ag, and 9.77 ppm Mo (1.08% CuEq) over 322.30 m
• Drill hole SND-2025-378 intersected 0.49% Cu, 0.10 g/t Au, 1.90 g/t Ag, and 20.45 ppm Mo (0.60%
CuEq) over 694.20 m from 5.90 m, including:
o 0.74% Cu, 0.18 g/t Au, 2.66 g/t Ag, and 6.78 ppm Mo (0.90% CuEq) over 240.90 m
Trancaloma
• Drill hole TRL-2025-340 intersected 0.33% Cu, 0.10 g/t Au, 1.80 g/t Ag, and 12.58 ppm Mo (0.43%
CuEq) over 945.05 m from 152.30 m, including:
o 0.52% Cu, 0.13 g/t Au, 2.31 g/t Ag, and 19.14 ppm Mo (0.65% CuEq) over 202.25 m
• Drill hole TRL-2025-362 intersected 0.35% Cu, 0.11 g/t Au, 0.98 g/t Ag, and 11.76 ppm Mo (0.44%
CuEq) over 681.60 m from 46.40 m, including:
o 0.44% Cu, 0.14 g/t Au, 1.09 g/t Ag, and 8.79 ppm Mo (0.55% CuEq) over 395.75 m
Trancaloma West
• Drill hole TRL-2025-365 intersected 0.27% Cu, 0.06 g/t Au, 2.22 g/t Ag, and 14.28 ppm Mo (0.35%
CuEq) over 582.55 m from 21.95 m, including:
o 0.34% Cu, 0.08 g/t Au, 3.23 g/t Ag, and 12.56 ppm Mo (0.43% CuEq) over 303.50m
Castillo
• Drill hole CAS-2025-376 intersected 0.64% Cu, 0.20 g/t Au, 2.00 g/t Ag, and 6.08 ppm Mo (0.80%
CuEq) over 100.80 m from 244.90 m, including:
o 1.0% Cu, 0.33 g/t Au, 3.20 g/t Ag, and 3.81 ppm Mo (1.26% CuEq) over 47.80m
Chontas (Discovery)
• Drill hole CHT-2025-374 intersected 0.23% Cu, 0.03 g/t Au, 0.93 g/t Ag, and 10.0 ppm Mo (0.27%
CuEq) over 507.60m from 20.10 m, including:
o 0.39% Cu, 0.05 g/t Au, 1.49 g/t Ag, and 4.71 ppm Mo (0.44% CuEq) over 232.80m
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10 KM SANDIA-CHONTAS COPPER-GOLD PORPHYRY CORRIDOR
Recent drilling continues to advance the understanding of the emerging porphyry belt adjacent to FDN .
Results confirm a large intrusive complex hosting multiple shallow copper gold porphyry systems in close
proximity to one another . Collectively, Sandia, Trancaloma, Trancaloma West, and Castillo form a near -
mine cluster of deposits located immediately beside FDN, while the new Chontas discovery extends the
broader north-south porphyry corridor to at least 10 kilometres.
SANDIA
Located less than two kilometres northeast of FDN, Sandia is the most significant porphyry system
discovered to date and sits on the northern edge of currently defined corridor . Drilling outlines wide,
continuous copper-gold mineralization beginning at surface . The system is currently defined over 1,300
m along a northwest trend, 700 m in width, and 1,000 m vertically, and remains open along strike to the
northwest, to the east, and at depth (see Figures 1 and 2).
Mineralization is predominantly associated with A-type quartz (chalcopyrite) ± magnetite veinlets hosted
mainly by quartz monzonite porphyry with well-developed Kfeldspar–magnetite potassic alteration. The
standout interval in SND-2025-383 (603.25 m at 0.79% CuEq, including 322.30 m at 1.08% CuEq )
represents the highest grade porphyry intercept returned to date in the program and highlights
exploration potential toward the northwest and east. In the central portion of the system, SND-2025-378
(694.20 m at 0.60% CuEq) successfully enlarged and extended higher grade mineralization. Four surface
drill rigs are currently active at Sandia.
TRANCALOMA
At Trancaloma, drilling continues to expand a broad zone of copper-gold mineralization from surface, now
extending approximately 1,300 m along a northwest trend, 650 m in width, and 1,000 m in depth, and
remains open along strike and at depth (see Figures 1, 2, and 3).
Mineralization is associated with well zoned porphyry related alteration, with copper -gold hosted in a
phallic to sericite assemblage that transitions at depth into higher grade potassic alteration characterized
by Kfeldspar, biotite, and magnetite with A-type quartz ± magnetite veining. Recent holes, TRL-2025-340
(945.05 m at 0.43% CuEq) and TRL-2025-362 (681.60 m at 0.44% CuEq) , expanded the system and
indicate that the potassic core is shallowing along the southeastern extension. One surface rig is currently
active at Trancaloma.
TRANCALOMA WEST
On the western side of Trancaloma, drilling continues to define the Trancaloma West porphyry system
(see Figures 1 and 3) . Since its discovery last quarter, the program has delineated a continuous
mineralized envelope over approximately 1,100 m of strike, 200 m of width, and 500 m of depth .
Mineralization and alteration styles are consistent with the main Trancaloma system. Hole TRL-2025-365
(303.50 m at 0.43% CuEq) confirmed shallow mineralization to the north, indicating further room for
expansion in that direction. One surface rig is currently active at Trancaloma West.
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CASTILLO
At Castillo, located two kilometres south of FDN along the western border of Bonza Sur, drilling has
confirmed the southern continuity of higher grade copper gold mineralization beneath the Suarez Basin
conglomerates (see Figures 1 and 3). Hole CAS-2025-376 (100.80 m at 0.80% CuEq, including 47.80 m at
1.26% CuEq) intercepted a semi -massive chalcopyrite –pyrite zone associated with quartz –magnetite
veining, similar to discovery hole CAS-2025-329 (35.55 m at 2.79% CuEq). This higher grade zone remains
open to the south, where one rig is actively exploring.
CHONTAS – NEW PORPHYRY DISCOVERY
At Chontas, located seven kilometres south of Trancaloma and FDN, a systematic exploration program has
led to the discovery of another shallow copper-gold porphyry system (see Figure 4). Testing a large surface
Cu–Mo geochemical anomaly, hole CHT-2025-374 (232.80 m at 0.44% CuEq) intersected wide, shallow
copper-gold mineralization associated with typical porphyry alteration, including well-developed potassic
(K-feldspar–biotite) and chlorite–magnetite assemblages and A-type quartz veining. The discovery
confirms a 10 kilometre porphyry corridor and remains open for further exploration.
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Figure 1: Map showing Trancaloma-Sandia corridor adjacent to FDN
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Figure 2: Sandia Trancaloma cross section showing recent drilling results at Trancaloma
Figure 3: Castillo Trancaloma cross section showing reported drilling results
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Figure 4: 10 km Porphyry corridor highlighting Chontas discovery and the main deposits under
delineation stage
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.
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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 calculation for reporting purposes only: US$4.00/lb Cu, US$1,800/oz Au, US$30/oz
Ag, and US$25/oz Mo with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq %
= Cu % + (0.6562 * Au g/t) + (0.0109 * Ag g/t) + (0.0006 * Mo ppm).
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 February 12, 2026 at 3:00 p.m.
Pacific Time through the contact persons set out below.
For more information, please contact
Brendan Creaney
Vice President, Corporate Development & Investor Relations
Tel: +1-604-376-4595
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",
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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