Lundin GOLD Intercepts Best Porphyry Grades to Date and Expands Mineralized Corridor, Confirming Large-Scale Copper GOLD Potential Near Fdn
NEWS RELEASE
Vancouver, November 3, 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 INTERCEPTS BEST PORPHYRY GRADES TO DATE AND EXPANDS
MINERALIZED CORRIDOR, CONFIRMING LARGE-SCALE COPPER GOLD POTENTIAL
NEAR FDN
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.
• At the Sandia porphyry, all drill holes returned wide mineralized zones including the highest-grade
intervals ever intercepted in the porphyry program close to surface . Results defined a large
mineral envelope and is open to expansion in all directions.
• At the Trancaloma porphyry, the drilling program continues to expand the system , and a large
mineral envelope has emerged, remaining open in all directions.
• At the Castillo target, drilling results include shallow high-grade zones confirming a new discovery
and suggest potential for additional porphyry centres.
Highlights from drilling programs at Sandia, Trancaloma, and Castillo are outlined below, with d etailed
results provided in Appendix 1.
Ron Hochstein, President and CEO, commented, “I am pleased to announce additional exciting drill results
from Lundin Gold’s 2025 drilling program , which highlight significant exploration potential along th e
recently discovered porphyry system s trend. The latest results not only confirm the continuity of
mineralization at Sandia and Trancaloma but also indicate a much larger scale porphyry system along this
main corridor. The discovery of higher-grade intervals at Sandia and Castillo is meaningful and highlights
further opportunities within these large porphyry systems for both additional scale and higher grade .
Seventeen rigs, eleven on surface and six underground, are currently turning on our exploration programs
and a minimum of 108,000 metres of drilling will be completed in 2025, representing the largest drilling
program ever conducted on the land package that hosts FDN”.
Drilling Highlights (not true widths)
Sandia Drilling Highlights
• Drill hole SND-2025-335 intersected 0.49% Cu, 0.10 g/t Au, 2.41 g/t Ag, and 16.43 ppm Mo (0.59%
CuEq) over 606.70m from 21.40 m, including:
o 0.69% Cu, 0.07 g/t Au, 3.35 g/t Ag, and 48.07 ppm Mo (0.80% CuEq) over 45.60m
o 0.54% Cu, 0.12 g/t Au, 2.73 g/t Ag, and 13.06 ppm Mo (0.66% CuEq) over 361.30m
• Drill hole SND-2025-326 intersected 0.39% Cu, 0.08 g/t Au, 1.58 g/t Ag, and 10.67 ppm Mo (0.47%
CuEq) over 568.15m from 130.90 m, including:
o 0.75% Cu, 0.18 g/t Au, 2.33 g/t Ag, and 8.88 ppm Mo (0.90% CuEq) over 202.00m
2
Trancaloma Drilling Highlights
• Drill hole TRL-2025-315 intersected 0.30% Cu, 0.09 g/t Au, 1.42 g/t Ag, and 16.19 ppm Mo (0.38%
CuEq) over 774.60m from 225.50 m, including:
o 0.47% Cu, 0.15 g/t Au, 2.04 g/t Ag, and 11.79 ppm Mo (0.60% CuEq) over 270.90m
• Drill hole TRL-2025-307 intersected 0.30 % Cu, 0.09 g/t Au, 1.62g/t Ag 10.09 ppm Mo (0.38% CuEq)
over 512.40m from 211.30 m, including:
o 0.49% Cu, 0.16 g/t Au, 2.41 g/t Ag, and 6.38 ppm Mo (0.63% CuEq) over 100.65m
Castillo Drilling Highlights
• Drill hole CAS-2025-329 intersected 0.57% Cu, 0.19 g/t Au, 1.59 g/t Ag, and 7.82 ppm Mo (0.71%
CuEq) over 224.15m from 97.10 m, including:
o 2.12% Cu, 0.92 g/t Au, 6.24 g/t Ag, and 3.28 ppm Mo (2.79% CuEq) over 35.55m
SANDIA-TRANCALOMA CORRIDOR - LARGE SCALE EXPLORATION POTENTIAL
Since the recognition of the exploration potential for copper gold porphyry mineralization late last year,
an extensive and systematic program employing geochemical and geophysical surveys , geological
mapping, and scout drilling resulted in the discovery of a large porphyry intrusive complex with shallow
wide mineralized zones recognized in distinct sectors. The most advanced discoveries, Trancaloma and
Sandia, together currently define a five kilometre continuous corridor that hosts additional unexplored
targets exhibiting porphyry type hydrothermal alteration associated with geochemical anomalies and
reveals a much larger scale exploration potential than previously recognized along this trend (See Figure
1 and 2).
SANDIA
Located less than two kilomet res northeast from FDN, Sandia sits in the north of the main porphyry
corridor and is represented by shallow, continuous copper gold mineralization with higher grade zones. It
remains open for expansion in all directions. Since the discovery only a few months ago (see press release
dated August 5, 2025), all completed step out drill holes in the period confirmed a continuous mineralized
zone for almost 1,000 metres along the northwestern strike, 500 metres width and 800 metres at depth
(See Figures 1, 2 and 3).
The Sandia copper gold mineralization is mainly represented by A-type quartz (chalcopyrite) ± magnetite
veinlets hosted mainly by quartz monzonite porphyry with a well -developed K -feldspar-magnetite
alteration. A highlight to the program thus far is drill hole SND-2025-335 (606.70m @ 0.59% CuEq [0.49%
Cu, 0.10 g/t Au] ) that intercepted a shallow and wide mineralized zone and indicates that the
mineralization remains open along the east and west directions. Also of note, drill hole SND -2025-326
(202.0m @ 0.90% CuEq [0.75% Cu, 0.18 g/t Au]) returned the highest-grade interval ever intercepted on
these porphyry systems and suggests further exploration potential toward the north. The most recent
assay results from the drilling program undertaken at Sandia are presented in Table 1 . Currently, three
surface drill rigs are exploring at Sandia.
3
TRANCALOMA
Since the discovery of Trancaloma earlier this year, drilling has defined a wide and continuous copper gold
mineralized zone at surface that extends for almost 1,000 metres along northwestern strike, 650 metres
width and 1,000 metres at depth (See Figures 1, 2 and 4).
The mineralization at Trancaloma is a well zoned porphyry related hydrothermal alteration, with the
phyllic zone upward represented by sericitic alteration and chlorite-sericite-pyrite chalcopyrite alteration
transitioning at depth to the potassic zone represented by K-feldspar, biotite and magnetite alteration
and A-type quartz ± magnetite veining. The drill holes TRL-2025-315 (774.60m @ 0.38% CuEq [0.30 % Cu,
0.09 g/t Au ], incl. 2 70.90m @ 0.60% CuEq [0.47% Cu, 0.1 5 g/t Au ]) and TRL-2025-319 successfully
expanded the limits of the mineralized zone , which remains completely open for grow th along the
northwestern direction toward the Sandia porphyry.
On the western side of Trancaloma, now named Trancaloma West, the drill hole TRL-2025-307 (512.40m
@ 0.38% CuEq [0.30 % Cu, 0.09 g/t Au ] incl. 100.65m @ 0.63% CuEq [0.49% Cu, 0.16 g/t Au]) confirmed
another copper-gold mineralized zone for further step out. The most recent assay results from the drilling
program undertaken at Trancaloma are presented in Table 1. Currently, two surface drill rigs are exploring
Trancaloma.
CASTILLO
At Castillo, located two kilometres south of FDN and along the west border of Bonza Sur , the drilling
program intercepted a shallow high grade copper gold mineralization covered by approximately 100
metres of conglomerates of the Suarez Basin (see Figure 1). The drill hole CAS-2025-329 (224.15m @
0.71% CuEq [0.57% Cu, 0.19 g/t Au] , incl. 35.55m @ 2.79 % CuEq [2.12% Cu, 0.92 g/t Au] ) showed high
values of copper and gold associated with intervals of massive quartz-magnetite-chalcopyrite veining and
highlight significant exploration potential in this sector. The most recent assay results from the drilling
program undertaken at Castillo are presented in Table 1 . Currently, one surface drill rig is exploring
Castillo.
4
Figure 1: Map showing Trancaloma-Sandia corridor adjacent to FDN and the Castillo sector
5
Figure 2: Sandia-Trancaloma corridor long section showing recent drilling results
6
Figure 3: Sandia cross section showing reported drilling results
7
Figure 4: Trancaloma cross section showing selected drilling results
8
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 most recent Annual Information
Form (“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.
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 November 3, 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