Lundin GOLD Reports Q3 2025 Production of 122,086 Ounces of GOLD
NEWS RELEASE
Vancouver, October 8, 2025
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 Q3 2025 PRODUCTION OF 122,086 OUNCES OF GOLD
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG ; OTCQX: LUGDF ) ("Lundin Gold" or the "Company") is
pleased to report third quarter 2025 gold production of 122,086 ounces ("oz") from its Fruta del Norte gold mine
("Fruta del Norte") in southeast Ecuador. Of the total quarterly gold production, 78,172 oz were produced as
concentrate and 43,914 oz as doré. During the same quarter in 202 4, the Company produced 122,154 oz of
gold. All amounts are in U.S. dollars unless otherwise indicated.
In the third quarter of 2025, the mill processed 484,296 tonnes of ore resulting in an average throughput rate
of 5,264 tonnes per day at an average grade of 8.9 grams per tonne with recoveries of 88.2%.
Ron Hochstein, President and CEO commented, “Our strong performance this quarter propels our year-to-date
gold production to 378,832 ounces, which has us well on track to meet our 2025 production guidance of 490,000
to 525,000 ounces. Our debottlenecking efforts around the processing plant continue to be successful, having
achieved a record quarterly average production rate of 5,264 tonnes per day . We also see ongoing room for
improvement in gold recoveries."
Production Results
Q3 2025 Q3 2024 YTD 2025 YTD 2024
Ore processed (tonnes) 484,296 425,340 1,343,275 1,263,835
Average throughput (tonnes per day) 5,264 4,623 4,920 4,613
Average head grade (grams per tonne) 8.9 10.3 9.8 10.3
Recovery (%) 88.2% 86.8% 89.3% 88.0%
Gold ounces produced 122,086 122,154 378,832 366,788
Concentrate 78,172 73,532 245,908 231,406
Doré 43,914 48,622 132,924 135,382
Gold ounces sold 124,911 125,887 379,289 364,199
Average realized gold price ($/oz sold) 3,634 2,615 3,364 2,390
1 Average realized gold price during the third quarter of 2025 was positively impacted by rising gold prices on provisionally
priced gold sales which exceeded fair value estimates as at June 30, 2025.
Third Quarter of 2025 Results Conference Call and Webcast
Lundin Gold will publish its third quarter of 2025 results on Thursday, November 6, 2025, after market close
in North America. The Company will host a conference call and webcast to discuss its results on Friday,
November 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 results for the third quarter of 2025.
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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 1 1, for the three months ended June 30, 2025 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 October 8, 2025 at 2:00 p.m. Pacific Time
through the contact persons set out below.
For more information, please contact
Ron F. Hochstein Brendan Creaney
President and CEO Vice President, Corporate Development and Investor Relations
Tel: +1-604-806-3589 Tel: +1 604-376-4595
[email protected] [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", "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 17, 2025, 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; power supply; tax changes in Ecuador; security; availability of workforce and labour
relations; mining operations ; waste disposal and tailings; environmental compliance ; illegal mining; Mineral Reserve and Mineral
Resource estimates; infrastructure; non -compliance with laws and regulations and compliance costs; government or regulatory
approvals; forecasts relating to production and costs; gold price ; dependence on a single mine; shortages of critical resources; climate
change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and
surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species
and critical habitats; global economic conditions; 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;
conflicts of interest; violation of anti -bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation
obligations.