Lundin GOLD Reports Production of 112,212 Ounces of GOLD IN the Third Quarter of 2023
NEWS RELEASE
Vancouver, October 12, 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 PRODUCTION OF 112,212 OUNCES OF GOLD IN THE THIRD
QUARTER OF 2023
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG ; OTCQX: LUGDF) ("Lundin Gold" or the "Company") is
pleased to report third quarter 2023 gold production of 112,212 ounces (“oz”) from its Fruta del Norte gold
mine (“Fruta del Norte”) in southeast Ecuador. Of the total quarterly gold production, 71,902 oz were produced
as concentrate and 40,310 oz as doré. During the same quarter in 2022, the Company produced 121,635 oz of
gold. Gold sales in the third quarter of 2023 totalled 112,711 oz and were sold at an average realized gold price1
of $1,931 per oz. All dollar amounts are stated in U.S. dollars unless otherwise stated.
In the third quarter of 2023, the mill processed 416,072 tonnes resulting in an average throughput rate of 4,523
tonnes per day at an average grade of 9.7 grams per tonne with recoveries of 86.5%.
Ron Hochstein, President and CEO commented, “Our third quarter results put Lundin Gold firmly on track to
meet its 2023 production guidance. The increase in mill throughput partially offsets lower recoveries in the third
quarter resulting in a decrease in production compared to that achieved during the same quarter last year. We
continue to focus on improving recoveries through numerous initiatives and expect improvement in the coming
quarters.”
Production Results
Q3 2023 Q3 2022
Ore processed (tonnes) 416,072 379,258
Average throughput (tonnes per day) 4,523 4,122
Average mill head grade (grams per tonne) 9.7 11.0
Average recovery (%) 86.5% 90.3%
Gold ounces produced 112,212 121,635
Concentrate 71,902 81,607
Doré 40,310 40,028
Gold ounces sold 112,711 134,640
Average realized gold price ($/oz sold)1 1,931 1,618
Third Quarter of 2023 Results Conference Call and Webcast
Lundin Gold will publish its third quarter of 2023 results on Wednesday, November 8, 2023, after market close
in North America. The Company will host a conference call and webcast to discuss its results on Thursday,
November 9 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 third quarter of 2023 results.
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
1 Refer to Non-IFRS Financial Measures section in this News Release.
2
may differ from those made by other companies and accordingly may not be comparable to such measures as
reported by other companies. Th ese 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 13 to 16, for the second 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 min e 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 October 12, 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 and Corporate Development
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 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 expre ssed 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.
3
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 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 Compa ny 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 deb t 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 w ith and
changes to 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; uncertain ty 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.