Ron Hochstein, President and CEO commented, "I'm very pleased to announce the buy out of the Stream Facility and Offtake. With this milestone complete, Lundin Gold will have repaid in full all of its project finance debt only four years after achieving commercial production at Fruta del Norte. Upon closing, the Company will be debt free and have increased exposure to rising gold prices, resulting in increased amounts of free cash flow[1] to support capital allocation initiatives, including further growth and shareholder returns."

The Stream Facility and Offtake were established in 2017 as part of a project financing package to fund the development and construction of Fruta del Norte. The Stream Facility was repayable in variable monthly instalments equivalent to the value of 7.75% of gold production less $408 per oz. and 100% of the silver production less $4.08 per oz. up to a maximum of 350,000 oz. of gold and six million oz. of silver. The Offtake provided Newmont the option to purchase 50% of Fruta del Norte's gold production up to a maximum of 2.5 million ounces at a price based on a defined quotational period. Under the terms of the Stream Facility agreement, Lundin Gold had the option to buy back (i) 50% of the remaining Stream Facility on June 30, 2024 for $150 million and/or (ii) buy back the other 50% of the Stream Facility on June 30, 2026 for $225 million.

The negotiated purchase price for the Stream Facility and the Offtake of $330 million is payable in cash, with the first tranche of $180 million due on closing of the transaction which is targeted on June 28, 2024 (the "Effective Date"). Payments and deliveries will continue in accordance with the terms of the Stream Facility and Offtake until and including the Effective Date. The final tranche of the purchase price of $150 million is due on or before the end of the third quarter of 2024.

Non-GAAP Financial Measures

This news release refers to certain financial measures, such as free cash flow, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These 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 they are of assistance in the understanding of the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 16 of the Company's MD&A for the year ended December 31, 2023 available on SEDAR+.

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 April 25, 2024 at 4:00 a.m. Pacific Time through the contact persons set out below.

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 Goldbelieves 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 update 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 the completion of the transaction and anticipated future cash flow. There can be no assurance that such statements will prove to be accurate, asLundin Gold'sactual 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 inLundin Gold'sAnnual Information Form dated March 26, 2024, which is available atwww.lundingold.comor www.sedarplus.ca.

Lundin Gold'sactual 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:instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; security; non-compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings; government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and development; control of Lundin Gold; availability of workforce and labour relations; dividends; information systems and cyber security; Mineral Reserve and Mineral Resource estimates; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats; global economic conditions; shortages of critical resources; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to maintain obligations or comply with debt; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

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1 See Non-GAAP Financial Measures

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