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Lundin GOLD Share Capital and Voting Rights Update

Share Capital & Compensation

NEWS RELEASE

Vancouver, March 31, 2023

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 SHARE CAPITAL AND VOTING RIGHTS UPDATE

Lundin Gold Inc. (TSX: LUG ; Nasdaq Stockholm: LUG ; OTCQX: LUGDF ) ("Lundin Gold" or the "Company")

reports the following in accordance with the Swedish Financial Instruments Trading Act.

As a result of the exercises of stock options and the redemptions of share units issued under Lundin Gold’s equity

compensation plans and t he exercise of previously granted anti -dilution rights of the Company’s largest

shareholder during the month of March , the Company now has 236,559,953 common shares issued and

outstanding with voting rights as at March 31, 2023.

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 Instruments Trading Act on disclosure of major shareholdings (Transparency Rules).

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

advancing Fruta del Norte responsibly. The Comp any 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 a nd 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 Swedish

Financial Instruments Trading Act. This information was publicly communicated on March 31, 2023 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

Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089

Tel (Canada): +1-604-806-3589 [email protected]

[email protected]