Lundin GOLD Kicks Off 2022 with All Time High Production of 121,665 Ounces of GOLD IN the First Quarter
NEWS RELEASE
Vancouver, April 11, 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 KICKS OFF 2022 WITH ALL TIME HIGH PRODUCTION OF 121,665
OUNCES OF GOLD IN THE FIRST QUARTER
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to report
an all-time high first quarter 2022 gold production of 121,665 ounces (“oz”) from its Fruta del Norte gold mine
(“Fruta del Norte”) in southeast Ecuador. Of the total quarterly gold production, 78,601 oz were produced as a
concentrate and 43,064 oz as doré. During the same quarter in 2021, the Company produced 104,137 oz of gold.
In the first quarter of 2022, the mill processed approximately 373,407 tonnes at an average throughput rate of
4,149 tonnes per day , the average grade of ore milled was 11.4 grams per tonne, and average recovery was
90.2%. These results provide a strong foundation for meeting our production guidance of 405,000 to 445,000 oz
for 2022, as grades, recovery and production can be expected to show variability over the coming quarters.
Ron Hochstein, President and CEO commented, “I’m extremely happy with the strong start to 2022. Not only
have we produced an all-time high number of gold ounces, but this was attained even with the mill shut down
for several days in March for relining of both the SAG and ball mills. Fruta del Norte is a world class asset, and
we intend to continue to focus on improving our operating performance for many years to come.”
Production Results
Q1 2022 Q1 2021
Ore processed (tonnes) 373,407 324,591
Average throughput (tonnes per day) 4,149 3,607
Average head grade (grams per tonne) 11.2 11.4
Recovery (%) 90.2% 87.8%
Gold ounces produced 121,665 104,137
Concentrate 78,601 70,642
Doré 43,064 33,675
First Quarter of 2022 Results Conference Call and Webcast
Lundin Gold will publish its first quarter of 2022 results on Tuesday, May 3, 2022, after market close in North
America. The Company will host a conference call and webcast to discuss its results on Wednesday, May 4 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 first quarter of 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 unde r National
Instrument 43-101.
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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 commi tted 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 April 11, 2022 at 3:30 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, 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 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 u pdate 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 its 202 2 production
outlook. 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
ability 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 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
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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 t o 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.