Lundin GOLD Reports Production of 133,062 Ounces of GOLD IN the Second Quarter of 2024
NEWS RELEASE
Vancouver, July 8, 2024
Lundin Gold Inc. Suite 2800, Four Bentall Centre Phone: +1 604 689 7842 lundingold.com
1055 Dunsmuir Street Fax: +1 604 689 4250 Email: [email protected]
Vancouver, BC, Canada, V7X 1L2
LUNDIN GOLD REPORTS PRODUCTION OF 133,062 OUNCES OF GOLD IN THE SECOND
QUARTER OF 2024
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG ; OTCQX: LUGDF ) ("Lundin Gold" or the "Company") is
pleased to report second quarter 2024 gold production of 133,062 ounces (“oz”) from its Fruta del Norte gold
mine (“Fruta del Norte”) in southeast Ecuador. Of the total quarterly gold production, 83,910 oz were produced
as concentrate and 49,152 oz as doré, and gold sales totalled 129,396 ounces. During the same quarter in 2023,
the Company produced 129,731 oz of gold and gold sales were 128, 958 ounces.
In the second quarter of 2024, the mill processed 424,899 tonnes of ore resulting in an average throughput rate
of 4,669 tonnes per day at an average grade of 11.0 grams per tonne with recoveries of 89.0%.
Ron Hochstein, President and CEO commented, “Another strong quarter puts us firmly on track to meet our 2024
production guidance of 450,000 to 500,000 oz. Higher grades and recoveries versus last quarter helped to drive
the performance, along with average throughput in the second quarter of 4,669 tonnes per day . This
improvement in throughput is the result of continued debottlenecking and is not an impact of the Process Plant
Expansion project, the completion of which remains on track for year end. Lundin Gold has had a great first half
of the year, and a solid foundation to continue building from.”
Production Results
Q2 2024 Q2 2023 H1 2024 H1 2023
Ore processed (tonnes) 424,899 418,373 838,495 810,705
Average throughput (tonnes per day) 4,669 4,598 4,607 4,479
Average head grade (grams per tonne) 11.0 11.0 10.2 11.6
Recovery (%) 89.0% 88.0% 88.6% 89.3%
Gold ounces produced 133,062 129,731 244,634 269,752
Concentrate 83,910 85,395 157,874 173,631
Doré 49,152 44,336 86,760 96,121
Gold ounces sold 129,396 128,958 238,312 263,649
Average realized gold price ($/oz sold) 2,379 1,942 2,270 1,947
Second Quarter of 2024 Results Conference Call and Webcast
Lundin Gold will publish its second quarter of 2024 results on Thursday, August 8, 2024, after market close in
North America. The Company will host a conference call and webcast to discuss its results on Friday, August 9
at 5:30 a.m. PT, 8:30 a.m. ET, 2:30 p.m. CET. Conference call details and a link to the webcast will be published
with the second quarter of 2024 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, is committed to positive and long-lasting impact on our host
communities, while delivering significant value to stakeholders through operational excellence, cash flow
generation and focused growth. Lundin Go ld currently operates its 100% owned Fruta del Norte ("FDN") gold
mine in southeast Ecuador, which is one of the highest-grade gold mines in production in the world today. The
Company also owns a portfolio of prospective exploration properties close to FDN.
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 July 8, 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 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 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 a number of places, such as in statements pertaining to production outlook
and the anticipated Process Plant Expansion and improvement of recoveries. 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 f orward-looking
information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 26,
2024, which is available at www.lundingold.com or at 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 sha res
include: instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; security; non -
compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings; governmen t or
regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and development;
control of Lundin Gold; availability of workforce and labour relations; dividends; information systems and cyber security; Mineral Reserve
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and Mineral Resource estimates; title matters and surface rights and access; health and safety; human rights; employee miscon duct;
measures to protect biodiversity; endangered species and critical habitats; global economic conditions; shortages of critical resources;
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 or infectious disease outbreak; climate change; illegal mining; conflicts of interest;
ability to maintain obligations or comply with debt; violation of anti -bribery and corruption laws; internal controls; claims and legal
proceedings; and reclamation obligations.