Lundin GOLD Strong Performance Continues IN the Third Quarter of 2021 with Production of 107,663 Ounces of GOLD Company is ON Track to Meet Upper End of 2021 Production Guidance
NEWS RELEASE
Vancouver, October 13, 2021
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 STRONG PERFORMANCE CONTINUES IN THE THIRD QUARTER OF 2021
WITH PRODUCTION OF 107,663 OUNCES OF GOLD
COMPANY IS ON TRACK TO MEET UPPER END OF 2021 PRODUCTION GUIDANCE
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to report
third quarter 2021 gold production of 107,663 ounces (“oz”) from its Fruta del Norte gold mine (“Fruta del
Norte”) in southeast Ecuador resulting in gold production of 320,599 oz for the nine months ended September
30, 2021. Of the total quarterly gold production, 76,837 oz were produced as a concentrate and 30,826 oz as
doré. During the same quarter in 2020, the Company produced 94,250 oz of gold.
In the third quarter of 2021, the mill processed approximately 365,316 tonnes at an average throughput rate of
3,971 tonnes per day , the average grade of ore milled was 10.3 grams per tonne, and average recovery was
88.8%.
Ron Hochstein, President and CEO commented, “When compared to one year ago, it is clear that Fruta del Norte
has progressed significantly. We remain on track to meet the upper end of our 2021 production guidance of
420,000 ounces of gold . The mine is now producing at 4,200 tpd. We have been increasing the average plant
throughput and, with the completion of the mill expansion early in Q4, will achieve the expanded 4,200 tpd
nameplate capacity as planned. I am very happy with how this second half of 2021 has begun and what the team
continues to achieve.”
Production Results
Q3 2021 Q3 2020
Ore processed (tonnes) 365,316 324,143
Average throughput (tonnes per day) 3,971 3,340
Average head grade (grams per tonne) 10.3 10.4
Recovery (%) 88.8% 86.8%
Gold ounces produced 107,663 94,250
Concentrate 76,837 66,790
Doré 30,826 27,460
Third Quarter of 2021 Results Conference Call and Webcast
Lundin Gold will publish its third quarter of 2021 results on Tuesday, November 9, 2021, after market close in
North America. The Company will host a conference call and webcast to discuss its results on Wednesday,
November 10 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 third quarter of 2021 results.
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Qualified Persons
The technical information relating to Fruta del Norte contained in this News Release has been reviewed and
approved by Ron Hochstein P. Eng, Lundin Gold's President and CEO 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 in mine operations 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, while
simultaneously providing economic and social benefits to impac ted communities, fostering a healthy and 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 EU Market
Abuse Regulation. This information was publicly communicated on October 13, 2021 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]
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", "anticipates", "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 u pdate 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 relating to its 2021 production
outlook, including estimates of gold production. 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 2, 2021, which is availa ble at
www.lundingold.com or on SEDAR.
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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: risks
relating to the impacts of a pandemic virus outbreak, political and economic instability in Ecuador, production estimates, mi ning
operations, the Company's community relationships, ability to maintain obligations or comply with debt, financing requirements, volatility
in the price of gold, shortages of critical supplies, compliance with environmental laws and liability for environmental contamination, lack
of availability of infrastructure, the Company's reliance o n one mine, deficient or vulnerable title to concessions, easements and surface
rights, uncertainty with the tax regime in Ecuador, the Company’s workforce and its labour relations, inherent safety hazards and risks to
the health and safety of the Company’ s employees and contractors, the Company’s ability to obtain, maintain or renew regulatory
approvals, permits and licenses, the imprecision of mineral reserve and resource estimates, key talent recruitment and retent ion of key
personnel, volatility in the market price of the shares, the potential influence of the Company's largest shareholders, measures to protect
3 endangered species and critical habitats, the reliance of the Company on its information systems and the risk of cyber-attacks on those
systems, the cost of non-compliance and compliance costs, exploration and development risks, risks related to illegal mining, the adequacy
of the Company’s insurance, uncertainty as to reclamation and decommissioning, the ability of Lundin Gold to ensure complian ce with
anti-bribery and anti - corruption laws, the uncertainty regarding risks posed by climate change, the potential for litigation, limits of
disclosure and internal controls, security risks to the Company, its assets and its personnel, conflicts of int erest, risks that the Company
will not declare dividends and social media and reputation.