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Lundin Gold Delivers Another Strong Production 108,799 Ounces of Gold in the Second Quarter of 2021

Lundin Gold Delivers Another Quarter of Strong Production 108,799 Ounces of Gold Produced in the Second Quarter of 2021

VANCOUVER, BC, July 12, 2021

Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to report second quarter 2021 gold production of 108,799 ounces ("oz") from its Fruta del Norte gold mine ("Fruta del Norte") in southeast Ecuador. Of the total gold production, 66,721 oz were produced as a concentrate and 42,078 oz as doré. PDF Version

During the second quarter of 2021, the mill processed approximately 346,561 tonnes at an average throughput rate of 3,808 tonnes per day, the average grade of ore milled was 11.08 grams per tonne, and average recovery was 88.2%.

Ron Hochstein, President and CEO commented, "Fruta del Norte continues to exceed expectations, and has once again delivered strong production in the second quarter of 2021. I am very happy with the results achieved during this first of half of 2021. Both the mine and mill are performing remarkably well, and we are firmly on track to meet our 2021 guidance of 380,000 – 420,000 oz of gold produced. We cannot rest on our laurels though, and continue to push the boundaries of operational excellence, working to further optimize and enhance our operating performance."

Production Results

Second Quarter of 2021 Results Conference Call and Webcast

Lundin Gold will publish its second quarter of 2021 results on Wednesday, August 11, 2021, after market close in North America. The Company will host a conference call and webcast to discuss its results on Thursday, August 12 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 second quarter of 2021 results.

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 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.

Fuente: Lundin Gold

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