Further High-Grade Intercepts From 2023 Exploration Programs

VANCOUVER - Lundin Gold Inc. reported additional results from its conversion and near-mine exploration programs at its Fruta del Norte (FDN) gold mine in southeast Ecuador. From the conversion program, drilling in the second quarter returned high grade results, while the near-mine program advanced the Bonza Sur and FDN South ("FDNS") targets with encouraging drilling intercepts confirming their significant prospectivity.

Highlights from underground conversion holes drilled (not true widths): Drill hole FDN-C23-016 intersected 10.19 g/t gold ("Au") over 23.3 m from 9.0 m and 7.58 g/t Au over 21.5 m from 191.5 m; Drill hole FDN-C23-021 intersected 12.48 g/t Au over 15.6 m from 7.0 m and 20.08 g/t Au over 12.8 m from 31.7 m; Drill hole FDN-C23-025 intersected 22.95 g/t Au over 16.4 m from 10.2 m, including: 1) 77.18 g/t Au over 1.9 m, 2) Drill hole FDN-C23-028 intersected 11.33 g/t Au over 35.0 m from 69.0 m, including 76.04 g/t Au over 4.0 m.

Highlights from near-mine surface exploration holes drilled (not true widths): Drill hole FDNS-2023-024 (at FDNS) intersected 11.54 g/t Au over 7.1m from 412.4 m, including 76.5 g/t Au over 1.0 m; Drillhole BLP-2023-025 (at Bonza Sur) intersected 7.59 g/t Au over 5.1 m from 212.9 m, including 12.43 g/t Au over 2.1 m; Drillhole BLP-2023-026 (at Bonza Sur) intersected 4.53 g/t Au over 8.8 m from 264.7 m, including 7.36 g/t Au over 2.0 m from 264.7 m, and 7.13 g/t Au over 2.0 m from 271.5 m.

Ron Hochstein, President and CEO, said, "I am pleased to announce additional results from the 2023 exploration programs. The conversion program has successfully defined zones of high-grade mineralization within the FDN deposit that we expect will continue converting resources to reserves. Results from the near-mine program confirm the continuity and expansion potential of recent discoveries, Bonza Sur and FDNS, and improve our understanding of their mineralization geometry. Nine rigs are currently turning on our conversion and exploration programs and a minimum of 43,000 metres of drilling are planned in 2023. This represents the largest drill program in the district since 2007."