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LUG.TO ·

Lundin GOLD to Present at Virtual Town Hall Meeting ON

Marketing Announcement

NEWS RELEASE

Vancouver, March 1, 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 TO PRESENT AT VIRTUAL TOWN HALL MEETING ON MARCH 10, 2021

Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to announce

that Ron Hochstein, President and CEO, will be presenting at a Virtual Town Hall on Wednesday, March 10, 2021

at 6:00 pm CET/12 noon EST.

Lundin Gold announced its Q4 and Full Year 2020 results on February 24, 2021, with key highlights during its first

year of commercial production including gold production of 96,830 ounces (“oz”) during the quarter and 202,830

oz during the 2020 Operating Period1, and low average all-in sustaining costs of $747 and $773 per oz of gold

sold during the same periods, respectively. Cash flow from operations was $95.0 million in the fourth quarter

and $113.6 million in the 2020 Year, and the Company made scheduled principal and interest payments under

its debt facilities totalling $77.7 million in the 2020 Year.

Register for the live event here: Register Lundin Gold Town Hall or at www.lundingold.com.

A copy of the presentation will be available on the Company’s website.

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 commi tted 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 that the value created through the

development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.

Non-IFRS Measures

This news release refers to all -in sustaining costs which is not a measure recognized under IFRS and do es not

have a standardized meaning prescribed by IFRS. This and other measures may differ from those made by other

companies and accordingly may not be comparable to such measures as reported by other companies. These

measures have been derived from the Company's financial statements because the Company believes that, with

the achievement of commercial production, they are of assistance in the understanding of the results of

operations and its financial position. Please refer to the Company's MD&A for the year ended December 31,

2020 for an explanation of non-IFRS measures used.

1 The 2020 Operating Period relates to the period from the start of commercial production on March 1, 2020, to December 31,

2020.

2

Additional Information

This information was publicly communicated on March 1, 2021 at 3:00 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]