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Lundin Gold Corporate Presentation Nov 2023.pdf

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BUILDING A LEADING GOLD COMPANY
THROUGH RESPONSIBLE MINING
www.lundingold.com
TSX, Nasdaq Stockholm: LUG
OTCQX: LUGDF
A CASH FLOW STORY
November 2023
All statements, other than statements of historical fact, made and
information contained in this presentation and responses to
questions constitute “forward-looking information” or “forward-
looking statements” as those terms are defined under Canadian
securities laws (“forward-looking statements”). Forward-looking
statements may be identified by terminology such “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).
By their nature, forward-looking statements 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. Lundin Gold believes that
the expectations reflected in these forward-looking statements
are reasonable as of the date made, but no assurance can be
given that these expectations will prove to be correct. In
particular, this presentation contains forward-looking statements
pertaining to: Company’s 2023 production outlook, including
estimates of gold production, grades recoveries and AISC;
expected sales receipts, cash flow forecasts and financing
obligations; our debt reduction strategy; estimated capital costs,
the Company’s declaration and payment of dividends pursuant to
its dividend policy; goals related to GHG emissions, and the ability
to meet the same, and the achievability and actionability of the
Company's climate change strategy; timing and the success of its
drill program at FDN and its other exploration activities; estimates
of mineral resources and reserves at FDN and plans to update the
same. 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 31, 2023, which is available
at www.lundingold.com or on SEDAR+. Forward-looking
information should not be unduly relied upon.
Except as noted, the technical information contained in this
presentation relating to the Fruta Del Norte Project is based on
the Technical Report prepared for the Company entitled
“Amended NI 43-101 Technical Report, Fruta del Norte Mine,
Ecuador” dated March 29, 2023 with an effective date of
December 31, 2022, available under the Company’s profile at
www.sedar.com. Information of a scientific and technical nature
in this presentation was reviewed and approved by Ron
Hochstein, P.Eng., Lundin Gold’s President and Chief Executive
Officer, who is a Qualified Persons within the meaning of National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
(“NI 43-101”). The disclosure of exploration information
contained in this presentation was prepared by Andre Oliveira
P.Geo, Lundin Gold’s V.P. Exploration, who is a Qualified Person in
accordance with the requirements of NI 43-101.
Unless otherwise indicated, all dollar values herein are in US
dollars.
Important Information for US Investors
This presentation may use the terms “measured", “indicated“,
“inferred" and “historical” mineral resources. U.S. investors are
advised that, while such terms are recognized and required by
Canadian regulations, the Securities and Exchange Commission
does not recognize them. “Inferred mineral resources" and
“historical estimates” have a great amount of uncertainty as to
their existence and great uncertainty as to their economic
feasibility. It cannot be assumed that all or any part of an inferred
mineral resource or a historical estimate will ever be upgraded to
a higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or other
economic studies. Further, historical estimates are not recognized
under Canada’s NI 43-101. U.S. investors are cautioned not to
assume that all or any part of measured or indicated mineral
resources will ever be converted to mineral reserves.
This presentation is not an offer of securities for sale in the United
States or in any other jurisdiction. The Company’s securities have
not been and will not be registered under the United States
Securities Act of 1933, as amended, and may not be offered or
sold within the United States absent registration or an application
exemption from registration.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
AND STATEMENTS
Slide 2 TSX: LUG / OMX: LUG / OTCQX: LUGDF
FRUTA DEL NORTE
THE FIRST LARGE-SCALE GOLD MINE IN ECUADOR
Slide 3
1. As at December 31, 2022
Location:
Zamora Chinchipe Province,
Southeast Ecuador
Ownership:
100%
Stage:
Producing
Mine Type:
Underground
Life of Mine:
~11 Years
Current
Reserves:
5.0 M Oz Au
Avg Grade
8.68 g/t1
TSX: LUG / OMX: LUG / OTCQX: LUGDF
Q3 2023 Operating Results
Keep Company on Track
Current M, I & I
Resources:
9.2 M Oz Au
Avg Grade
6.80 g/t1
112,212 oz
Gold produced
9.7 g/t
Average Head Grade
86.5%
Average recovery
4,523 tpd
Average Mill Throughput
LUNDIN GOLD IN THE LOWEST QUARTILE
OF THE GLOBAL GOLD AISC CURVE1
Slide 4
1. SNL Metals and Mining, public company filings
2. Spot gold as at November 8, 2023
3. Please refer to pages 14 to 17 in the Company's MD&A for the nine months ended September 30, 2023 for an explanation of non-IFRS measures used
0
200
400
600
800
1000
1200
1400
1600
1800
2000
0 10 20 30 40 50 60 70 80 90 100
All-In
Sustaining
Cost
(US$/oz)
Percentage (%) of Global Production
Gold Price ~$1,950/oz2
Cash operating costs $704 $662
Corporate social
responsibility
$5 $4
Treatment and refining
charges
$85 $77
Accretion of restoration
prevision
$1 $1
Sustaining capital $140 $89
Silver by product credit ($28) ($27)
AISC per oz sold $907 $807
2023 AISC Guidance $820-870
2023 AISC3
TSX: LUG / OMX: LUG / OTCQX: LUGDF
Q3 YTD
INDUSTRY LEADING
GHG EMISSIONS INTENSITY
Slide 5 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Industry leading GHG emissions (Scopes 1 and 2) intensity of
0.06 tCO2e per ounce of gold produced in 2022
Target: To be carbon neutral by 2030 with
respect to Scopes 1 and 2 emissions
based on the current life of mine plan
Credible and transparent pathway to
target including:
› Decarbonization initiatives underway.
› Offset strategy focused on providing co-
benefits to local communities undertaken
in partnership with the Lundin Foundation
Slide 6
ECUADOR, A WORLD-CLASS MINING JURISDICTION
Strong
Government
Support
Exploitation and Investment
Protection Agreements signed
in 2016
Fixed income tax rate of 22%
and exemption from capital
outflow tax of 5%
First Mover
Advantage
FDN is one of two operating
mines in Ecuador
Unique status as a responsible
operator provides excellent
standing with the Government
and local community
Forward
Thinking Fiscal
Policies
US Dollar denominated
currency (as of year 2000)
provides stability and
encourages investment
Inflation of 2.1% year-over-
year, well below that of
countries in the Americas
Modern
Infrastructure to
Support Growth
Tax and royalty revenues from
natural resources have been
reinvested in infrastructure
90% of Ecuador's electricity
supply is from hydropower
Strong Mining
Workforce
Nascent mining industry
established with best-in-class
operating and safety
standards
Significant local community
employment at FDN with
increasingly senior roles
FDN Economic Significance
• $8-9bn LOM contribution to Ecuador GDP (est.)
• ~40% of Zamora Chinchipe GDP (province)
• ~85% of Yantzaza GDP (municipality)
FDN operations are
very well insulated
from recent safety
issues in the coastal
areas Quito
Guayaquil
Loja
(1)
1. Source: Bloomberg
2. Source: International Hydropower Association
(2)
TSX: LUG / OMX: LUG / OTCQX: LUGDF
Ad

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Lundin Gold Corporate Presentation Nov 2023.pdf

  • 1. BUILDING A LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING www.lundingold.com TSX, Nasdaq Stockholm: LUG OTCQX: LUGDF A CASH FLOW STORY November 2023
  • 2. All statements, other than statements of historical fact, made and information contained in this presentation and responses to questions constitute “forward-looking information” or “forward- looking statements” as those terms are defined under Canadian securities laws (“forward-looking statements”). Forward-looking statements may be identified by terminology such “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). By their nature, forward-looking statements 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. Lundin Gold believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, but no assurance can be given that these expectations will prove to be correct. In particular, this presentation contains forward-looking statements pertaining to: Company’s 2023 production outlook, including estimates of gold production, grades recoveries and AISC; expected sales receipts, cash flow forecasts and financing obligations; our debt reduction strategy; estimated capital costs, the Company’s declaration and payment of dividends pursuant to its dividend policy; goals related to GHG emissions, and the ability to meet the same, and the achievability and actionability of the Company's climate change strategy; timing and the success of its drill program at FDN and its other exploration activities; estimates of mineral resources and reserves at FDN and plans to update the same. 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 31, 2023, which is available at www.lundingold.com or on SEDAR+. Forward-looking information should not be unduly relied upon. Except as noted, the technical information contained in this presentation relating to the Fruta Del Norte Project is based on the Technical Report prepared for the Company entitled “Amended NI 43-101 Technical Report, Fruta del Norte Mine, Ecuador” dated March 29, 2023 with an effective date of December 31, 2022, available under the Company’s profile at www.sedar.com. Information of a scientific and technical nature in this presentation was reviewed and approved by Ron Hochstein, P.Eng., Lundin Gold’s President and Chief Executive Officer, who is a Qualified Persons within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). The disclosure of exploration information contained in this presentation was prepared by Andre Oliveira P.Geo, Lundin Gold’s V.P. Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101. Unless otherwise indicated, all dollar values herein are in US dollars. Important Information for US Investors This presentation may use the terms “measured", “indicated“, “inferred" and “historical” mineral resources. U.S. investors are advised that, while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. “Inferred mineral resources" and “historical estimates” have a great amount of uncertainty as to their existence and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource or a historical estimate will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Further, historical estimates are not recognized under Canada’s NI 43-101. U.S. investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves. This presentation is not an offer of securities for sale in the United States or in any other jurisdiction. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an application exemption from registration. CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS Slide 2 TSX: LUG / OMX: LUG / OTCQX: LUGDF
  • 3. FRUTA DEL NORTE THE FIRST LARGE-SCALE GOLD MINE IN ECUADOR Slide 3 1. As at December 31, 2022 Location: Zamora Chinchipe Province, Southeast Ecuador Ownership: 100% Stage: Producing Mine Type: Underground Life of Mine: ~11 Years Current Reserves: 5.0 M Oz Au Avg Grade 8.68 g/t1 TSX: LUG / OMX: LUG / OTCQX: LUGDF Q3 2023 Operating Results Keep Company on Track Current M, I & I Resources: 9.2 M Oz Au Avg Grade 6.80 g/t1 112,212 oz Gold produced 9.7 g/t Average Head Grade 86.5% Average recovery 4,523 tpd Average Mill Throughput
  • 4. LUNDIN GOLD IN THE LOWEST QUARTILE OF THE GLOBAL GOLD AISC CURVE1 Slide 4 1. SNL Metals and Mining, public company filings 2. Spot gold as at November 8, 2023 3. Please refer to pages 14 to 17 in the Company's MD&A for the nine months ended September 30, 2023 for an explanation of non-IFRS measures used 0 200 400 600 800 1000 1200 1400 1600 1800 2000 0 10 20 30 40 50 60 70 80 90 100 All-In Sustaining Cost (US$/oz) Percentage (%) of Global Production Gold Price ~$1,950/oz2 Cash operating costs $704 $662 Corporate social responsibility $5 $4 Treatment and refining charges $85 $77 Accretion of restoration prevision $1 $1 Sustaining capital $140 $89 Silver by product credit ($28) ($27) AISC per oz sold $907 $807 2023 AISC Guidance $820-870 2023 AISC3 TSX: LUG / OMX: LUG / OTCQX: LUGDF Q3 YTD
  • 5. INDUSTRY LEADING GHG EMISSIONS INTENSITY Slide 5 TSX: LUG / OMX: LUG / OTCQX: LUGDF Industry leading GHG emissions (Scopes 1 and 2) intensity of 0.06 tCO2e per ounce of gold produced in 2022 Target: To be carbon neutral by 2030 with respect to Scopes 1 and 2 emissions based on the current life of mine plan Credible and transparent pathway to target including: › Decarbonization initiatives underway. › Offset strategy focused on providing co- benefits to local communities undertaken in partnership with the Lundin Foundation
  • 6. Slide 6 ECUADOR, A WORLD-CLASS MINING JURISDICTION Strong Government Support Exploitation and Investment Protection Agreements signed in 2016 Fixed income tax rate of 22% and exemption from capital outflow tax of 5% First Mover Advantage FDN is one of two operating mines in Ecuador Unique status as a responsible operator provides excellent standing with the Government and local community Forward Thinking Fiscal Policies US Dollar denominated currency (as of year 2000) provides stability and encourages investment Inflation of 2.1% year-over- year, well below that of countries in the Americas Modern Infrastructure to Support Growth Tax and royalty revenues from natural resources have been reinvested in infrastructure 90% of Ecuador's electricity supply is from hydropower Strong Mining Workforce Nascent mining industry established with best-in-class operating and safety standards Significant local community employment at FDN with increasingly senior roles FDN Economic Significance • $8-9bn LOM contribution to Ecuador GDP (est.) • ~40% of Zamora Chinchipe GDP (province) • ~85% of Yantzaza GDP (municipality) FDN operations are very well insulated from recent safety issues in the coastal areas Quito Guayaquil Loja (1) 1. Source: Bloomberg 2. Source: International Hydropower Association (2) TSX: LUG / OMX: LUG / OTCQX: LUGDF
  • 7. BUILDING A LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING LUNDIN GOLD TODAY Slide 7
  • 8. STRONGLY POSITIONED TO CREATE SHAREHOLDER VALUE Slide 8 Operational Excellence Improved 2023 production and cost guidance Focus on continued optimization of operations Exploring potential to increase throughput to 5,000 tpd Cash Flow Significant cash flow generation Gold Prepay Facility repaid in full Elected to repay remaining balance under the senior debt facility Quarterly dividend of $0.10 per share Growth Successful replacement of FDN’s mined mineral reserves to date Expansion of near-mine exploration program to 30,000m Largest exploration program at FDN since its discovery ESG Focus on local community development One of lowest emission intensity on a per ounce basis in the industry Target to be carbon neutral by 2030 TSX: LUG / OMX: LUG / OTCQX: LUGDF
  • 9. ON TRACK TO MEET PRODUCTION AND COST GUIDANCE Slide 9 1. Please refer to pages 14 to 17 in the Company's MD&A for the nine months ended September 30, 2023 for an explanation of non-IFRS measures used 450,000 – 485,000 oz gold AISC1 Gold Production $820 – 870 per oz gold sold Cash Operating Costs1 $650 – 700 per oz gold sold TSX: LUG / OMX: LUG / OTCQX: LUGDF
  • 10. THREE-YEAR OUTLOOK UNDERSCORES FREE CASH FLOW POTENTIAL Slide 10 1. Please refer to pages 14 to 17 in the Company's MD&A for the nine months ended September 30, 2023 for an explanation of non-IFRS measures used 2. Gold/silver price per oz assumptions are $1,650/$18.50, respectively for 2024 and 2025. Gold price per oz assumption of $1,900 was used for the last six months of 2023. 2023 2024 2025 450,000 - 485,000 Gold Production (oz) 45 - 55 Sustaining Capital ($ million) 650 - 700 Cash Cost ($/oz sold)1 450,000 - 500,000 Gold Production (oz) 25 - 35 Sustaining Capital ($ million) 650 - 710 Cash Cost ($/oz sold)1 465,000 - 515,000 Gold Production (oz) 45 - 55 Sustaining Capital ($ million) 640 - 700 Cash Cost ($/oz sold)1 TSX: LUG / OMX: LUG / OTCQX: LUGDF 820 - 870 AISC ($/oz sold)1,2 780 - 850 AISC ($/oz sold)1,2 800 - 870 AISC ($/oz sold)1,2
  • 11. Slide 11 LUNDIN GOLD IS A FREE CASH FLOW STORY TSX: LUG / OMX: LUG / OTCQX: LUGDF -$47M $39M $147M $122M $113M $156M $120M H1'20 H2'20 H1'21 H2'21 H1'22 H2'22 H1'23 Historical Free Cash Flow Generation (US$M) Commercial Production
  • 12. DIVIDEND ABOVE INDUSTRY AVERAGE Slide 12 Source: Factset, share price as at November 8, 2023 SIGNIFICANT CASH LEFT AFTER DIVIDEND PAYMENT TO: Buy back Stream Facility Carry out expanded exploration programs Fund future capital projects and expansion opportunities Pursue growth opportunities Quarterly Payout $0.10/sh = ~US$25M Next Dividend Payment December 22nd Gold Mining Industry Average Dividend Yields %1 TSX: LUG / OMX: LUG / OTCQX: LUGDF 3.4% 1.5% 3.2% 1.9% Lundin Gold Average All Large Producers (Production: +1000 Koz) Medium Producers (Production: 200-1000Koz)
  • 13. Senior Debt Facility ADVANCING THE DEBT REDUCTION STRATEGY Slide 13 Gold Prepay Credit Facility (“GPP”) Stream Credit Facility $269 million1 On January 5th 2023, Lundin Gold prepaid in full the 10 remaining quarterly instalments of its GPP based on the price of gold late in December, through the payment of $207.5 million, inclusive of applicable taxes PROJECT FINANCING PACKAGE Repayable in variable monthly principal and interest instalments equivalent to the delivery of 7.75% gold production and 100% silver production, based on spot at time of payment less $404/ounce Au and $4.04/ounce Ag, up to a maximum of 350,000 oz of gold and 6 million oz of silver Lundin Gold has the option to buy back 50% of the stream in June 2024 for $150 million Elected for early repayment in full of the remaining principal balance plus accrued interest totaling $72 million2 TSX: LUG / OMX: LUG / OTCQX: LUGDF 1. Figures as at September 30, 2023 2. Repayment to take place on November 14th, 2023
  • 14. BUILDING A LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING EXPLORATION IS THE FUTURE Slide 14
  • 15. A SIMPLE APPROACH TO EXPLORATION Slide 15 TSX: LUG / OMX: LUG / OTCQX: LUGDF CONVERSION DRILLING › Replace depleted ounces and grow reserve base through conversion of inferred resources NEAR-MINE PROGRAM › Grow inferred resources through extension of known deposit and identification of new targets REGIONAL PROGRAM › Develop long-term gold inventory through exploration on untested sectors targeting new discoveries – looking for large epithermal systems like Fruta del Norte
  • 16. 0 10,000 20,000 30,000 40,000 50,000 60,000 1997 1998 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2015 2016 2017 2018 2019 2020 2021 2022 2023 Drilled Metres Exploration - Near-Mine & Regional Conversion Geomet/Geotec/Other REGIONAL EXPLORATION NEAR-MINE EXPLORATION 2023 THE LARGEST DRILLING PROGRAM SINCE FDN DISCOVERY ~33,000 metres Slide 16 ~9,000 metres TSX: LUG / OMX: LUG / OTCQX: LUGDF 11,233 metres Program successfully concluded for this year CONVERSION DRILLING 7,400 26,200 42,000 7,600 FDN Discovery
  • 17. 1.58 MOZ ADDED TO FDN RESERVES MORE THAN REPLACING MINED OZ SINCE THE BEGINNING OF OPERATIONS Slide 17 TSX: LUG / OMX: LUG / OTCQX: LUGDF 4.82 Moz 5.02 Moz - 1.38 Moz + 1.58 Moz 2016 Technical Report Mine Depletion Additions 2022 Reserves 2022 Mineral Reserves1 Proven Probable Total Tonnage (Mt) 10.75 7.23 17.98 Grade (g/t Au) 9.95 6.81 8.68 Contained Metal (Moz Au) 3.44 1.58 5.02 Grade (g/t Ag) 11.6 11.2 11.4 Contained Metal (Moz Ag) 4.00 2.60 6.59 1. Please see the Company’s technical report entitled “Amended NI 43-101Technical Report, Fruta del Norte Mine, Ecuador” dated March 29, 2023with an effective date of December 31, 2022, filed on SEDAR+ under the Company’s profile at www.sedar.com. See slide 39 for information regarding the assumptions, parameters and risks associated with the Mineral Reserve estimate, along with other disclosure in accordance with NI-43-101
  • 18. CONVERSION DRILLING HAS IMPROVED UNDERSTANDING OF DEPOSIT GEOLOGY Slide 18 A total of 18,340 metres of underground drilling across 88 drill holes was completed during 2021/22, resulting in improved confidence and an update of the geological model 3.6 Moz 7.3 Moz 3.2 Moz 2.1 Moz 1.7 Moz 2016 2022 Measured Resources Indicated Resources Inferred Resources 1. Please see the Company’s technical report entitled “Amended NI 43-101Technical Report, Fruta del Norte Mine, Ecuador” dated March 29, 2023with an effective date of December 31, 2022, filed on SEDAR+ under the Company’s profile at www.sedar.com. See slide 39 for information regarding the assumptions, parameters and risks associated with the Mineral Reserve estimate, along with other disclosure in accordance with NI-43-101 TSX: LUG / OMX: LUG / OTCQX: LUGDF
  • 19. 2023 CONVERSION DRILLING TO ENABLE UPDATED MINERAL RESOURCE AND RESERVE ESTIMATE Slide 19 TSX: LUG / OMX: LUG / OTCQX: LUGDF 11,233 m of underground drilling from 79 drill holes has now been successfully completed during the 2023 conversion program Drilling in the southern sector has returned several high-grade intercepts associated mainly with vein and/or veinlet zones hosted in volcanic or porphyritic intrusive rocks In the north-central sector, results show gold mineralization in breccias and stockwork zones, similar to FDN mineralization in this sector 2023 conversion drilling results will form the basis for an update to Mineral Reserves and Resources to be completed in Q1 2024
  • 20. NEAR-MINE EXPLORATION ADVANCING POSITIVELY Slide 20 TSX: LUG / OMX: LUG / OTCQX: LUGDF Surface drilling continues along the south extension of the East Fault, where Bonza Sur and FDNS were identified SURFACE UNDERGROUND Bonza Sur: drilling continues to record multiple positive intersections which extend along strike and at depth Five surface rigs are currently drilling. Two exploring Bonza Sur, two along the south and north extensions of FDN respectively, and one at FDN East FDNS: vein system remains open in the northeastern-southwestern direction and at depth after recent results bore no significant results Underground drilling continues to explore the continuity of the FDN deposit at depth and beyond major faults Four drill holes completed in Q3 and all intercepted gold mineralization beyond the current FDN resource boundary Hydrothermal alteration and new mineralized zones intercepted in the north part of FDN, in the central part, and at the FDN East target N Indicated Res Inferred Res Gold anomaly >50ppb Concessions South Extension 3,0000m FDN Extension (Depth) FDN East North Extension FDNS Bonza Sur FDN Block Modelling 0.00 – 1.00 g/t Au 1.00 – 3.00 g/t Au 3.00 – 5.00 g/t Au 5.00 – 10.0 g/t Au > 10.00 g/t Au Legend Soil Sampling Au_ppb 0 - 10 11 - 25 26 - 50 51 - 100 101 - 6410 EXPLORATORY PROGRAM DATUM WGS 84 17 Sur Source: Lundin Gold, October 2023 Fruta del Norte Plant Bonza Sur anomaly extension 2023 positive intercepts Castillo ~27,000 m drilled in the near-mine program YTD FDN
  • 21. DISCOVERY OF 3 VEINS AT BONZA SUR Slide 21 TSX: LUG / OMX: LUG / OTCQX: LUGDF Bonza Sur › Seven surface drill holes at Bonza Sur completed in Q3 › Results indicate that the gold mineralization is hosted by the same volcanic sequence found at the FDN deposit › Since the discovery of Bonza Sur, drilling results suggest the occurrence of three subparallel vein/veinlets zones, denominated Colorada Central, West, and East › Mineralized zones have already been intercepted for more than 700 m along the north-south strike and for at least 500 m along the downdip and remain open in all directions › Remaining drilling in 2023 to focus on better understanding mineralized zones through increased drill spacing, and further exploration at depth Two rigs currently turning at Bonza Sur
  • 22. REGIONAL EXPLORATION EXPANDING Slide 22 5,340 m completed in 2023 – two rigs turning Crisbel Three drill holes completed testing an unexplored geochemical soil anomaly All holes intercepted hydrothermal alteration zones. One drill hole returned low grade values of gold Barbasco SE One drill hole completed, testing the extension of the FDN East Fault along the southeastern extension of the Suarez basin No significant zone of hydrothermal alteration was intercepted TSX: LUG / OMX: LUG / OTCQX: LUGDF Barbasco SE Q. La Negra Puma Barbasco Norte Puente Princesa Emperador Crisbel 7Km New targets Drilling stage targets
  • 23. ROBUST EXPLORATION TARGET PIPELINE - BALANCED FOR CONTINUED GROWTH Slide 23 TSX: LUG / OMX: LUG / OTCQX: LUGDF Proven & Probable Reserves Measured & Indicated Resource Potential & Inferred Resource Preliminary Economic Assessment, Scoping Pre-Feasibility Study & Feasibility Study Resource Validation and Expansion Discovery Follow-up Field Reconnaissance Target Generation Exploration drilling of high- priority exploration targets Delineation Drilling, Geo. Modelling, Geomet. Model, Mineral Estimative. Conversion and Infill Drilling, Geo. Modelling, Min. Res. Estimative, Geomet. Model. Bonza FDN Downdip Bonza West FDN East FDN West Barbasco Puma Puente P. Barbasco N. Q. La Negra Capullo Capullo SE Castillo Castillo East Barbasco East Lora Robles Gata Salvaje Copal FDN South Ext Inferred Resource Base Development Santiago Volcanic Seq. Areas under Hollin cover South Arc Economic Intercepts & Min. Continuity Guayacan Bonza Sur FDNS Crisbel
  • 24. 59% 1% 23% 17% CORPORATE STRUCTURE Slide 24 (DATA AS AT NOVEMBER 8, 2023) SHAREHOLDERS Strategic Retail Institutional Management ANALYST COVERAGE CAPITAL MARKETS DATA Symbol TSX: LUG / OMX: LUG / OTCQX: LUGDF Share price (CAD/sh) $16.37 52 Week Trading Range (CAD/sh) $10.46-19.42 Shares Outstanding 237.6 M Market Capitalization (CAD) $3,885 M Cash Position (September 30, 2023) US$302 M LT Debt inc. Stream (September 30, 2023) US$361 M TSX: LUG / OMX: LUG / OTCQX: LUGDF BMO Capital Markets Outperform, $21.00 Canaccord Genuity Buy, $20.25 CIBC World Markets Outperform, $22.00 Cormark Securities Hold, $19.00 Desjardins Securities Buy, $21.00 Haywood Securities Buy, $20.00 National Bank of Canada Perform, $21.00 RBC Perform, $20.00 Pareto Securities Perform, SEK 124 / $15.00 Scotiabank Perform, $19.00 SpareBank 1 Markets Buy, SEK 115 / $14.50 TD Securities Buy, $21.00
  • 25. NON-EXECUTIVE BOARD OF DIRECTORS, MANAGEMENT AND OPERATIONS TEAM Slide 25 Jack Lundin Chairman Carmel Daniele Director Gillian Davidson Director Ian Gibbs Director Angelina Mehta Director Ashley Heppenstall Director Scott Langley Director Melissa Harmon Director Ron F. Hochstein President, CEO & Director Chester See SVP, Finance Sheila Colman VP, Legal, Sustainability & Corporate Secretary Terry Smith COO Andre Oliveira VP, Exploration Non Executive Board of Directors Management Operations Team Doug Moore General Manager Javier Santillan Mine Manager Juan Carlos Contreras Mill Manager Murray Wright Supply Chain Manager Augusto Mendoza Surface Operations Manager TSX: LUG / OMX: LUG / OTCQX: LUGDF Chris Kololian CFO
  • 26. BUILDING A LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING Slide 26 Operational Excellence Cash Flow Growth ESG TSX: LUG / OMX: LUG / OTCQX: LUGDF
  • 27. BUILDING A LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING www.lundingold.com TSX, Nasdaq Stockholm: LUG / OTCQX: LUGDF @LundinGold / LundinGoldEC LundinGold Lundin Gold Ecuador LundinGold THANK YOU Slide 27 Contact information: Finlay Heppenstall - Director, IR & Corp Dev finlay.heppenstall@lundingold.com +1 604-806-3089 TSX, NASDAQ STOCKHOLM: LUG OTCQX: LUGDF