Lundin Gold Reports Record Mineral Reserves and Expands the FDN District with FDNS Reserve and FDN East Inferred Resource
NEWS RELEASE
Vancouver, February 17, 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 Record Mineral Reserves and Expands the FDN District with
FDNS Reserve and FDN East Inferred Resource
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company")
today reports its updated estimates of Mineral Reserves and Mineral Resources as at December 31, 2025 for
its Fruta del Norte gold mine (“FDN”) in Ecuador. The tables of the updated estimates of Mineral Reserves and
Resources can be found at the end of this release.
Highlights
• Proven and Probabl e Mineral Reserves total 5.85 million ounces (“Moz”) from 25.66 million tonnes
(“Mt”) at 7.09 grams per tonne (“g/t”) Au, up 6% year over year after 2025 mining depletion of 0.53
Moz, marking the highest Reserve inventory ever reported at FDN.
o Includes FDNS inaugural Mineral Reserve of 0.54 Moz (2.5 0 Mt at 6.66 g/t Au) . The rapid
conversion from discovery to an initial Reserve highlights the quality of the deposit and
potential for future growth.
• Measured & Indicated Resources of 7.48 Moz Au (32.61 Mt at 7.13 g/t Au), net of 2025 mining
depletion, increased by 6% relative to 2024.
o Includes FDNS conversion of 0.77 Moz (3.14 Mt at 7. 58 g/t Au) with higher average grade
relative to the initial 2024 Inferred Resource.
• Inferred Resources total 2.03 Moz (10.25 Mt at 6.17 g/t Au) after successfully adding 0.58 Moz from
both FDNS and FDN East and converting 0.91 Moz to M&I.
o Includes FDN East’s inaugural Inferred Mineral Resource of 0.42 Moz Au (2.17 Mt at 6.01 g/t
Au), formally establishing a third near mine deposit open for further exploration.
Jamie Beck, President and CEO, commented, “Today’s update marks a new highwater mark for Fruta del Norte.
We’ve grown Proven and Probable Mineral Reserves to 5.85 Moz, more than offsetting 2025 depletion, and,
importantly, delivered FDNS’s inaugural reserve roughly 18 months after discovery. We’re also introducing FDN
East’s inaugural Inferred Resource, opening a third deposit for further exploration. Together, these milestones
highlight the strength of our geological and technical teams, the quality of the district, and our continued ability
to convert exploration success into long-term value for shareholders.”
Mineral Reserves
Total Proven and Probable Mineral Reserves increased to 5. 85 Moz of contained gold from 25.66 Mt with an
average grade of 7.09 g/t after 2025 mining depletion of 0.53 Moz.
FDN
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FDN added 0.30 Moz to Mineral Reserves prior to 2025 mining depletion, driven primarily by the reduction in
cutoff grade from 3.7 g/t to 3.2 g/t due to the application of a higher gold price, contributions from exploration
drilling, and cost discipline resulting in flat unit operating costs year-over-year. Additional increases also reflect
updated Reserve assumptions for 2025, including refinements to mining dilution and recovery factors, and
minor design optimizations that expanded the mineable inventory. See Table 1 for details.
FDNS
FDNS was first intersected in Q2 2024 during an exploration drilling campaign accessed by two levels of
underground development advanced from the south of FDN. Following the inaugural Inferred Resource
announced in 2025, Lundin Gold executed an expedited program of geotechnical drilling, metallurgical test
work, mine planning and conversion drilling on a targeted portion of the deposit . As a result, FDNS now
contributes an inaugural Probable Mineral Reserve of 0.54 M oz (2.5 0 Mt at 6.66 g/t Au) that is being
incorporated into the life of mine plan. This rapid progression from discovery to Reserve in roughly 18 months
demonstrates the continuity and grade of the FDNS system and the benefits of early underground access for
conversion drilling.
Ongoing infill and step out drilling at FDNS will continue through 2026 with the objective of converting
additional Inferred Resources and testing extensions along strike and at depth.
Measured and Indicated Mineral Resources
The updated Measured and Indicated (“M&I”) Mineral Resource estimate, inclusive of Mineral Reserves, now
totals 7.48 Moz (32.61 Mt at 7.13 g/t Au), an increase supported by the conversion of 0.91 Moz from the
Inferred category during 2025.
FDN
At FDN, updates to the Measured and Indicated inventory largely reflect refinements to the geological model,
supported by ongoing infill drilling and reconciliation data from mining. These updates improved definition of
orebody geometries and grade continuity, resulting in modest increases to contained ounces and maintaining
the high confidence of the M&I category.
FDNS
The 2025 program at FDNS was designed to advance the 2024 Inferred Resource toward Reserve confidence.
Through focused infill drilling and refined vein modelling, 0.77 Moz (3.14 Mt at 7.58 g/t Au) were upgraded to
Indicated. The updated model improved the vein geometries, resulting in a notable uplift in average grade
compared to the initial Inferred Resource from 2024.
Inferred Mineral Resources
In addition to upgrades to Measured and Indicated Resources, the Company continued to advance its large
Inferred Resource base through both FDNS and FDN East . Total Inferred ounces of contained gold are 2.03
Moz from 10.25 Mt with an average grade of 6.17 g/t.
FDN East
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Near mine exploration in 2024 and 2025 delineated a new mineralized trend east of the main FDN orebody,
culminating in FDN East’s inaugural Inferred Mineral Resource of 0.42 Moz Au (2.17 Mt at 6.01 g/t Au). FDN
East is located within close proximity of existing underground infrastructure and processing facilities, providing
potential optionality for phased evaluation. Work in 2026 will focus on improving geological confidence by drill
testing for extensions along controlling structures.
FDNS
At FDNS, exploration drilling successfully expanded the Mineral Resource base by 0.17 Moz, and the deposit
remains open along the south and northeastern extensions and at depth.
Figure 1: Mineral Reserves Waterfall Compared to 2024 (Contained ounces represented in thousands)
Figure 2: 2025 Mineral Resources – Measured, Indicated, and Inferred
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Figure 3: 2025 Inferred Resources Contained Ounces Compared to 2024 Inferred Resources (represented in
thousand ounces)
Mineral Resource and Reserve Summary
The tables below summarize the Mineral Resource and Mineral Reserve estimates for FDN effective as of
December 31, 2025. Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del
Norte is contained in the “Amended NI 43-101 Technical Report Fruta del Norte Mine Ecuador” dated March
29, 2023 (the “FDN Technical Report ”) which is available under the Company's profile on SEDAR+ at
www.sedarplus.ca. Except as set out in this release , key assumptions, parameters and risks associated with
the Company's 2025 Mineral Resource and Mineral Reserve estimates are listed in the FDN Technical Report.
Table 1: Mineral Reserves, as at December 31, 2025
Mineral Reserves (1)(2)(3)(4)(5)(6)(7)(8)(9)(10)
Category Tonnage
kt
Grade
(g/t Au)
Grade
(g/t Ag)
Contained
Metal
(k oz Au)
Contained
Metal
(k oz Ag)
FDN
Proven 7,854 9.92 11.76 2,506 2,970
Probable 15,300 5.70 10.89 2,803 5,358
Total P & P 23,154 7.14 11.20 5,309 8,328
FDNS
Proven - - - - -
Probable 2,505 6.66 6.94 536 559
Total P & P 2,505 6.66 6.94 536 559
Total
Proven 7,854 9.92 11.76 2,506 2,970
Probable 17,805 5.83 10.34 3,339 5,917
P & P 25,659 7.09 10.77 5,845 8,887
Notes:
(1) 2014 CIM Definitions Standards on Mineral Resources and Reserves, and the 2019 CIM Best Practice Guidelines have
been followed.
(2) The Mineral Reserves estimate has an effective date of December 31, 2025.
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(3) Ore Mined (Depletion) totals are for Reserve depletion only. Some material mined and processed in 2025 was non-
Reserve material.
(4) These Mineral Reserves have been diluted based on site geotechnical recommendations and actual mine performance
and have had a mining recovery applied.
(5) Mineral Reserves were estimated using key inputs listed in the table below:
*Longhole stoping is inclusive of both longitudinal and transverse methods.
(6) Silver was not considered in the calculation of the cut-off grade but is recovered and contributes to the revenue
stream.
(7) Tonnages are rounded to the nearest 1,000 t, gold and silver grades are rounded to two decimal places, and
costs are rounded to the nearest dollar. Tonnage and grade measurements are in metric units; contained gold
and silver are reported as thousands of troy ounces.
(8) All dollar figures are in US dollars.
(9) Figures may not add due to rounding.
(10) The Qualified Person for the year end 202 4 and 202 5 estimates is Terry Smith P.Eng., Lundin Gold’s Chief
Operating Officer.
Table 2: Mineral Resources, as at December 31, 2025
Mineral Resources (1)(2)(3)(4)(5)(6)(7)
Key Input Unit 2025 YE 2024 YE
FDN FDNS FDN
Gold Price $/oz 1,700 1,700 1,500
Stope Mining Cost $/t 49 71 52
Process, Surface Ops, G&A Cost $/t 75 75 72
Surface Royalties, Sustaining Capital, Closure Costs $/t 12 12 8
Taxes $/t 2 2 2
Dilution Factor % - - 8
Concentrate Transport & Treatment $/oz 85 85 43
Payable Gold Concentrate % 97.4 97.4 97.0
Royalty $/oz 96 96 85
Gold Metallurgical Recovery % 91.2 91.2 91.2
Gold Cut-off Grade - Longhole Stoping* g/t 3.2 3.7 3.7
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Category Tonnage
Kt
Grade
(g/t Au)
Grade
(g/t Ag)
Contained
Metal
(k oz Au)
Contained
Metal
(k oz Ag)
FDN
Measured 10,404 9.48 12.27 3,171 4,105
Indicated 19,063 5.78 11.00 3,542 6,740
Total M & I 29,467 7.09 11.45 6,713 10,845
Inferred 831 4.83 8.48 129 227
FDNS
Measured - - - - -
Indicated 3,144 7.58 8.66 766 875
Total M & I 3,144 7.58 8.66 766 875
Inferred 7,247 6.37 18.52 1,484 4,314
FDNE
Measured - - - - -
Indicated - - - - -
Total M & I - - - - -
Inferred 2,166 6.01 7.61 418 530
Total
Measured 10,404 9.48 12.27 3,171 4,105
Indicated 22,207 6.03 10.67 4,309 7,615
M & I 32,611 7.13 11.18 7,480 11,720
Inferred 10,245 6.17 15.40 2,031 5,071
Notes:
(1) 2014 CIM Definition Standards were followed for the classification of Mineral Resources , and the 2019 CIM Best
Practice Guidelines have been followed.
(2) Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability.
(3) Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to
them to enable them to be categorized as Mineral Reserves.
(4) Mineral Resources are reported at a cut -off grade of 2.59 g/t Au in FDN and 2.79 g/t Au in FDNS/FDNE , which are
calculated using a long-term gold price of US$2,000/oz.
(5) Mineral Resources were depleted by mining to December 31, 2025.
(6) Figures may not add due to rounding.
(7) Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del Norte is contained in the FDN
Technical Report which is available under the Company's profile on SEDAR+. Except as set out herein, the assumptions,
parameters and risks associated with the Company's Mineral Resource and Mineral Reserve estimates set out herein
are as set out in the FDN Technical Report.
Qualified Persons
In this news release, the Qualified Person for the Mineral Resource estimate is Andre Oliveira, P. Geo, Vice
President, Exploration and the Qualified Person for the Mineral Reserve estimate is Terry Smith P.Eng, Lundin
Gold’s Chief Operating Officer , both of whom are employees of the Company and are Qualified Persons in
accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects
("NI 43-101”).
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The technical information contained in this news release has been reviewed and approved by Terry Smith, P.
Eng., Lundin Gold’s Chief Operating Officer , and Andre Olive ira, P. Geo., Lundin Gold’s Vice President,
Exploration, both of whom are Qualified Persons in accordance with the requirements of NI 43-101.
For information on Lundin Gold’s QAQC and data verification procedures, please refer to Lundin Gold’s Annual
Information Form dated March 17, 2025, filed under the Company’s profile on SEDAR+ (www.sedarplus.ca).
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 February 17, 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 & 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, objectives, assumptions
or future events or performance (often, but not always, identified by words or phrases such as "believes", "a nticipates", "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 uncer tainties, 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 fo rward-
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. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results
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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 or at www.sedarplus.ca
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to diff er materially from
any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include risks relating
to: instability in Ecuador; community relations; reliability of 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; regulatory risk; 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, en dangered 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 o r infectious disease outbreak; conflicts of interest; violation of anti -bribery and corruption laws; internal
controls; claims and legal proceedings; and reclamation obligations.