Lundin GOLD Meets 2023 Guidance with GOLD Production of 481,274 Ounces
NEWS RELEASE
Vancouver, January 11, 2024
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 MEETS 2023 GUIDANCE WITH GOLD PRODUCTION OF 481,274 OUNCES
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is
pleased to report fourth quarter 2023 gold production of 99,310 ounces (“oz”) from its Fruta del Norte gold mine
(“Fruta del Norte”) in southeast Ecuador, resulting in total gold production of 481,274 oz for the year, in line with
the high end of the Company’s upwardly revised 2023 guidance range of 450,000 to 485,000 oz. Of the total
quarterly gold production, 65,298 oz were produced as a concentrate and 34,012 oz as doré. During the same
quarter in 2022, the Company produced 121,139 oz of gold.
In the fourth quarter of 2023, the mill processed approximately 427,743 tonnes at an average throughput rate
of 4,649 tonnes per day (“tpd”), the average grade of ore milled was 8.2 grams per tonne, and average recovery
was 88.1%.
Ron Hochstein, President and CEO commented, “I am happy to announce that Lundin Gold is in line with the high
end of its revised 2023 production guidance. 2024 will be an exciting year at FDN, with the expansion of plant
throughput to 5,000 tpd and the installation of new flotation technology to improve recoveries. In addition, we
will be undertaking the largest ever exploration program on our extensive land package. I’m excited to continue
building on our successes over the next year.”
Production Results
Q4 2023 FY 2023 Q4 2022 FY 2022
Ore processed (tonnes) 427,743 1,654,520 420,838 1,559,178
Average throughput (tonnes per day) 4,649 4,533 4,574 4,272
Average head grade (grams per tonne) 8.2 10.2 10.0 10.6
Recovery (%) 88.1% 88.4% 89.6% 89.5%
Gold ounces produced 99,310 481,274 121,139 476,329
Concentrate 65,298 310,831 78,756 314,694
Doré 34,012 170,443 42,383 161,635
Gold ounces sold 98,005 474,365 119,890 470,103
Average realized gold price ($/oz sold)1 2,021 1,958 1,814 1,789
Lundin Gold’s operations in Ecuador have not been impacted by the recent security situation in the country. The
Company continues to closely monitor the situation.
Year End 2023 Results Conference Call and Webcast
Lundin Gold will publish its year end 2023 results on Thursday, February 22, 2024, after market close in North
America. The Company will host a conference call and webcast to discuss its results on Friday, February 23 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 2023 results.
1 Refer to Non-IFRS Financial Measures section in this News Release.
2
Non-IFRS Financial Measures
This news release refers to certain financial measures, such as average realized gold price , which are not
measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures
may differ from those made by other companies and accordingly may not be comparable to such measures as
reported by other companies. These measures have been calculated on a basis consistent with historical periods.
Please refer to the Company's MD&A filed on SEDAR+ under the Company's profile at www.sedar.com, pages 14
to 17, for the third quarter of 2023 for an explanation of non-IFRS measures used.
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.
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 committed to delivering value to its shareholders, while
simultaneously providing economic and social benefits to impac ted 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 11, 2024 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 and Corporate Development
Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089
Tel (Canada): +1-604-806-3589 [email protected]
Caution Regarding 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 respe ct 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", "antic ipates",
"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 the se
forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward -looking information
3
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 31, 2023, 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 related
to political and economic instability in Ecuador; risks associated with the Company's community relationships; risks related to estimates
of production, cash flows and costs; risks inherent to mining operations; shortages of critical supplies; the cost of non -compliance and
compliance costs; control of the Company's largest shareholders; volatility in the price of gold; failure of the Company to maintain its
obligations under its debt facilities; 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; security risks to the Company, its assets and
its personnel; risks related to illegal mining; exploration and development risks; the impacts of a pandemic virus outbreak; risks related to
the Company’s ability to obtain, maintain or renew regulatory approvals, permits and licenses; uncertainty with and changes t o the tax
regime in Ecuador; the reliance of the Company on its information systems and the risk of cyber-attacks on those systems; the imprecision
of Mineral Reserve and Resource estimates; 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; risks related to the Company’s workforce and its
labour relations; 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 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;
the potential for litigation; and risks due to conflicts of interest.