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Lundin GOLD Share Capital and Voting Rights Update

Share Capital & Compensation

885 West Georgia Street T +1 604 689 7842

Suite 2000 F +1 604 689 4250

Vancouver, BC [email protected]

Canada V6C 3E8 lundingold.com

NEWS RELEASE

LUNDIN GOLD SHARE CAPITAL AND VOTING RIGHTS UPDATE

January 31, 2020 (Vancouver, Canada) Lundin Gold Inc. ("Lundin Gold" or the "Company")

(TSX: LUG, Nasdaq Stockholm: LUG) reports the following in accordance with the Swedish

Financial Instruments Trading Act.

The Company has 224,183,712 common shares issued and outstanding with voting rights as

at January 31, 2020.

This figure may be used by shareholders as the denominator for the calculation by which they

will determine if they are required to notify their interest in, or a change in their interest in, the

Company under the Swedish Financial Ins truments Trading Act on disclosure of major

shareholdings (Transparency Rules).

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold project in

southeast Ecuador. The Company's board and management team have extensive expertise

in mine operations and are dedicated to advancing Fruta del Norte to commercial production

in the second quarter of 2020.

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 impacted communities, fostering a healthy and safe

workplace and minimizing the environmental impact. The Company believes tha t 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 Swedish Financial Instruments Trading Act. This information was publicly communicated

on January 31, 2020 at 3:30 p.m. Pacific Time through the contact persons set out below.

For more information, please contact

Lundin Gold Inc.

Ron F. Hochstein

President and CEO

+593 2-299-6400

+604-806-3589

Lundin Gold Inc.

Sabina Srubiski

Manager, Investor Relations

+1-604-806-3089

2

[email protected]

www.lundingold.com

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