Lundin GOLD Releases 2024 Sustainability Report
NEWS RELEASE
Vancouver, April 24, 2025
Lundin Gold Inc. Suite 2800, Four Bentall Centre
1055 Dunsmuir Street
Phone: +1 604 689 7842
Fax: +1 604 689 4250
lundingold.com
Email: [email protected] Vancouver, BC, Canada, V7X 1L2
LUNDIN GOLD RELEASES 2024 SUSTAINABILITY REPORT
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is
pleased to announce the release of its 202 4 Sustainability Report which outlines the Company’s progre ss and
performance against its 5-Year Sustainability Strategy across its business activities. All amounts are in U.S. dollars
unless otherwise indicated.
"Last year was a remarkable year for our Company. Along with 2024 marking our 10th anniversary in Ecuador
and 5 th anniversary of production , it was a year of record performance – including our sustainability
performance,” said Ron Hochstein, President and Chief Executive Officer of Lundin Gold. “As we close out our 5-
year Sustainability Strategy (2021-2025), we are seeing the cumulative positive impacts of our work, both in our
area of influence and more broadly in Ecuador. We have already achieved the majority of our 2025 targets set
under our strategy; this outstanding performance was achieved through the commitment of our employees who
integrate sustainability across our business. I am proud of this work and look forward to developing our new 5-
year sustainability strategy, continuing to build trust with our stakeholders, and creating shared value in Ecuador
for generations to come.”
Highlights of Lundin Gold’s 2024 Sustainability Report:
• Achieved zero significant safety incidents (on-site and off-site.
• Achieved an industry low greenhouse gas (GHG) emissions (Scopes 1 and 2) intensity of 0.10 tCO 2e
per ounce of gold produced.
• Met the five-year water reduction target early, achieving per capita water consumption of 197 litres
per day, a significant accomplishment compared to the 2021 per capita consumption of 326 litres per
day.
• Progressed alignment of the Fruta del Norte tailings facility with the Global Industry Standards for
Tailings Management (GISTM).
• Surpassed our 2025 land reclamation and rehabilitation target by restoring a total of 15.4 hectares
of land since 2021.
• Surpassed our 2025 waste management target through 94% recovery of non-hazardous solid waste
(recycling and reuse); also achieved a 27% reduction in the generation of hazardous waste since 2021.
Continued to divert more than 40% of waste from tailings to backfill in the mine.
• Commenced the second phase of a large urban regeneration infrastructure project in our area of
influence, with local government co-financing.
• Continued to provide internet connectivity to all 22 communities in our area of influence.
• Maintained strong support of local suppliers in Zamora Chinchipe through expenditures of $28 million
in the year.
• Surpassed 3,400 psychotherapy sessions since the launch of a mental health and well-being program
in our local community in November 2023.
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• Contributed to a 100% graduation rate at the local high school in our area of influence through the
assistance of the Company’s educational support program.
• Increased direct economic contributions in Ecuador of $290 million, including wages and benefits,
operating costs and community investments, as compared to $285 million in 2023.
Lundin Gold’s Sustainability Report was developed with guidance from globally recognized sustainability
reporting frameworks, standards, and recommendations, including the European Sustainability Reporting
Standards (ESRS), Global Reporting Initiative (GRI) and the Sector Standard for Mining (GRI 14) , Sustainability
Standards Accounting Board (SASB), and United Nations Sustainable Development Goals (UN SDGs) . As a
participant of the UN Global Compact (UNGC), the 2024 Sustainability Report is part of our Co mmunication on
Progress commitment.
Lundin Gold’s Sustainability Report is available for download on the Company’s website.
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 delivering 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.
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 24, 2025 at 5:00 a.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]
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", "ex pects", "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 tak en", 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 -
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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 several places, such as in statements relating to the Company’s sustainability
initiatives and targets and the impact of such activities , including its commitment and activities to reduce its GHG emissions. There can
be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could diffe r 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 17, 2025, which is available at www.lundingold.com or www.sedarplus.ca.
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 relating
to: 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; infrastructure; 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;
dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee
misconduct; measures to protect biodiversity, en dangered species and critical habitats; global economic conditions; competition 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 o r infectious disease outbreak; conflicts of interest; violation of anti -bribery and corruption laws; internal
controls; claims and legal proceedings; and reclamation obligations.