Lundin GOLD Reports All Time High Quarterly Production of 140,021 Ounces of GOLD IN the First Quarter of 2023
NEWS RELEASE
Vancouver, April 5, 2023
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 REPORTS ALL TIME HIGH QUARTERLY PRODUCTION OF 140,021
OUNCES OF GOLD IN THE FIRST QUARTER OF 2023
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to report
an all-time high quarterly gold production of 140,021 ounces (“oz”) from its Fruta del Norte gold mine (“Fruta
del Norte”) in southeast Ecuador in the first quarter 2023. Of the total quarterly gold production, 88,236 oz were
produced as concentrate and 51,785 oz as doré . During the same quarter in 202 2, the Company produced
121,665 oz of gold. Gold sales in the first quarter of 2023 totalled 134,691 oz versus 119,282 oz sold in the same
period last year.
In the first quarter of 2023, the mill processed 392,332 tonnes resulting in an average throughput rate of 4,359
tonnes per day at an average grade of 12.3 grams per tonne with recoveries of 90.6%. These results are in line
with the variability incorporated within the Company’s production guidance of 425,000 to 475,000 oz for 2023,
as grades and gold production are expected to vary over the coming quarters.
Ron Hochstein, President and CEO commented, “2023 is off to a great start , and I’m extremely happy to
announce that record gold production was achieved through an all-time high in recoveries and grade. I’m excited
to continue building on the success of the first quarter and look forward to what the rest of the year has to offer.”
Production Results
Q1 2023 Q1 2022
Ore processed (tonnes) 392,332 373,407
Average throughput (tonnes per day) 4,359 4,149
Average head grade (grams per tonne) 12.3 11.2
Recovery (%) 90.6% 90.2%
Gold ounces produced 140,021 121,665
Concentrate 88,236 78,601
Doré 51,785 43,064
Gold ounces sold 134,691 119,282
First Quarter of 2023 Results Conference Call and Webcast
Lundin Gold will publish its first quarter of 2023 results on Wednesday, May 10, 2023, after market close in
North America. The Company will host a conference call and webcast to discuss its results on Thursday, May 11
at 7:00 a.m. PT, 10:00 a.m. ET, 4:00 p.m. CET. Conference call details and a link to the webcast will be published
with the first quarter of 2023 results.
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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 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 5, 2023 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
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, object ives,
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 var iations 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 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 2023 guidance,
including estimates of gold production, grades, recoveries and expected sales. 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 forw ard-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.
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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 crit ical 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 o f 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.