Lundin Gold Reports Q1 2026 Production of 119,742 Ounces of Gold
NEWS RELEASE
Vancouver, April 9, 2026
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 Q1 2026 Production of 119,742 Ounces of Gold
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG ; OTCQX: LUGDF ) ("Lundin Gold" or the "Company") is
pleased to report first quarter 2026 gold production of 119,742 ounces ("oz") from its Fruta del Norte gold mine
("Fruta del Norte") in southeast Ecuador. Of the total quarterly gold production, 79,451 oz were produced as
concentrate and 40,291 oz as doré. During the same quarter in 202 5, the Company produced 1 17,313 oz of
gold. All amounts are in U.S. dollars unless otherwise indicated.
In the first quarter of 2026, the mill processed 496,798 tonnes of ore resulting in an average throughput rate of
5,520 tonnes per day (“tpd”) at an average grade of 8.4 grams per tonne with recoveries of 89.2%.
Jamie Beck, President and CEO commented, "First quarter production of 119,742 ounces marks a strong start to
2026, reflecting an increase in mill throughput and stable operating performance at Fruta del Norte. During the
quarter, average throughput exceeded our annual guidance rate of 5,500 tpd, reaching a new quarterly record
of 5,520 tpd. With this strong operating momentum, we are on track to achieve our 2026 production guidance
of 475,000 to 525,000 ounces of gold while maintaining a focus on optimizing recoveries and overall mine and
plant performance.”
Production Results
Q1 2026 Q1 2025
Ore processed (tonnes) 496,798 398,159
Average throughput (tonnes per day) 5,520 4,424
Average head grade (grams per tonne) 8.4 10.4
Recovery (%) 89.2 % 88.5 %
Gold ounces produced 119,742 117,313
Concentrate 79,451 75,494
Doré 40,291 41,819
Gold ounces sold 115,308 117,641
Average realized gold price ($/oz sold) 4,9511 3,081
1 Average realized gold price during the first quarter of 202 6 was positively impacted by rising gold prices on provisionally
priced gold sales which exceeded fair value estimates as at December 31, 2025.
First Quarter of 2026 Results Conference Call and Webcast
Lundin Gold will publish its first quarter of 2026 results on Wednesday, May 6, 2026, after market close
in North America. The Company will host a conference call and webcast to discuss its results on Thursday,
May 7 at 8:00 a.m. PT, 11:00 a.m. ET, 5:00 p.m. CET. Conference call details and a link to the webcast will be
published with the first quarter of 2026 results.
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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 companies and accordingly may not be comparable to such measures as
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, starting on page 15 , for the financial year ended December 31, 202 5 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 Terry Smith P. Eng, Lundin Gold's COO, 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 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.
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 9, 2026 at 2:00 p.m. Pacific Time
through the contact persons set out below.
For more information, please contact
Brendan Creaney
Vice President, Corporate Development and Investor Relations
Tel: +1 604-376-4595
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", "a nticipates",
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"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 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 forward -looking information as a result of
the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 20, 2026, 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: fiscal
risk; community relations; mining operations; security situation; waste disposal and tailings; environmental compliance; ille gal mining;
infrastructure; forecasts relating to production and costs; land acquisition and surface rights; indigenous cons ultation requirements;
Mineral Reserve and Mineral Resource estimates; regulatory compliance and government approvals; dependence on a single mine;
climate change and extreme weather events; shortages of critical resources; exploration and development; con trol of Lundin Gold;
information systems and cyber security; health and safety; human rights; measures to protect biodiversity, endangered species and
critical habitats; global economic conditions; competition for new projects; availability of workforce an d labour relations; key talent
recruitment and retention; gold price; market price of the Company's shares; social media and reputation; insurance and uninsured risks;
dividends; internal controls; conflicts of interest; violation of anti-bribery and corruption laws; claims and legal proceedings; reclamation
obligations; expropriation and nationalization; and pandemics, epidemics or infectious disease outbreak.