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Lundin GOLD Share Capital and Voting Rights Update

Share Capital & Compensation

NEWS RELEASE

Vancouver, December 31, 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 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 exercise of stock options under Lundin Gold's equity compensation plan during the month of

December, the Company now has 241,432,550 common shares issued and outstanding with voting rights as at

December 31, 2025.

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 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 Swedish

Financial Instruments Trading Act. This information was publicly communicated on December 31, 2025 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

[email protected]