Lundin GOLD Reports Q1 2024 Production of 111,572 Ounces of GOLD
NEWS RELEASE
Vancouver, April 10, 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 REPORTS Q1 2024 PRODUCTION OF 111,572 OUNCES OF GOLD
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to report
first quarter 2024 gold production of 111,572 ounces (“oz”) from its Fruta del Norte gold mine (“Fruta del Norte”)
in southeast Ecuador. Of the total quarterly gold production, 73,964 oz were produced as concentrate and
37,608 oz as doré. During the same quarter in 2023, the Company produced 140,021 oz of gold.
In the first quarter of 2024, the mill processed 413,596 tonnes at an average throughput rate of 4,545 tonnes
per day, the average grade of ore milled was 9.5 grams per tonne, and average recovery was 88.3%. These results
provide a strong foundation for meeting our production guidance of 450,000 to 500,000 oz for 2024.
Ron Hochstein, President and CEO commented, “2024 is off to a solid start, with strong production in line with
our expectations. The Phase 2 Plant Expansion Project is firmly underway, and on track for year-end completion.
Importantly, we do expect 2024 production to be weighted to the second half from increasing grades and
recoveries in the coming quarters. With this first quarter performance, we have put ourselves in a great position
to meet production guidance for 2024.”
Production Results
Q1 2024 Q1 2023
Ore processed (tonnes) 413,596 392,332
Average throughput (tonnes per day) 4,545 4,359
Average mill feed grade (grams per tonne) 9.5 12.3
Recovery (%) 88.3% 90.6%
Gold ounces produced 111,572 140,021
Concentrate 73,964 88,236
Doré 37,608 51,785
Gold ounces sold 108,916 134,691
Average realized gold price ($/oz sold)1 2,141 1,952
First Quarter of 2024 Results Conference Call and Webcast
Lundin Gold will publish its first quarter of 2024 results on Wednesday, May 8, 2024, after market close in North
America. The Company will host a conference call and webcast to discuss its results on Thursday, May 9 at 9:00
a.m. PT, 12:00 p.m. ET, 6:00 p.m. CET. Conference call details and a link to the webcast will be published with
the first quarter of 2024 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
may differ from those made by other companie s and accordingly may not be comparable to such measures as
1 Refer to Non-IFRS Financial Measures section in this News Release.
2
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.sedarplus.ca, pages
16 to 18, for the financial year ended December 31, 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 April 10, 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 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
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 estimates of Mineral
Reserves and Mineral Resources and the anticipated Process Plant Expansion and improvement of recoveries. There can be no assurance
3
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 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 shares 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 Lu ndin
Gold; availability of workforce and labour relations; dividends; information systems and cyber secu rity; Mineral Reserve and Mineral
Resource estimates; title matters and surface rights and access; health and safety; human rights; employee misconduct; measur es 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; in surance
and uninsured risks; pandemics, epidemics or infectious disease outbreak; cli mate 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.