Lundin Gold held a conference call to discuss its third quarter 2023 results. Key highlights included: - Gold production of 112,212 ounces for the quarter and strong cash flow generation. - Cash costs and AISC for the quarter were below guidance ranges. - The company fully repaid its senior debt facility, advancing its debt reduction strategy. - Drilling programs continue to explore near-mine targets like Bonza Sur and extend the Fruta del Norte deposit. - Results will be used to update mineral reserve and resource estimates in early 2024.

1. BUILDING A LEADING GOLD COMPANY
THROUGH RESPONSIBLE MINING
www.lundingold.com
TSX, Nasdaq Stockholm: LUG
OTCQX: LUGDF
THIRD QUARTER 2023
RESULTS CONFERENCE
CALL
November 9, 2023

2. Slide 2 Lundin Gold Q3 Conference Call | November 9, 2023
PRESIDENT AND CEO
RON F. HOCHSTEIN
TSX: LUG / OMX: LUG / OTCQX: LUGDF

3. 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 3 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Lundin Gold Q3 Conference Call | November 9, 2023

4. Q3 2023 HIGHLIGHTS
Slide 4
Lundin Gold Q3 Conference Call | November 9, 2023
Production
- Gold production of 112,212 oz, with 112,711 oz sold
- Average grade of ore milled was 9.7 g/t with average recovery at 86.5%
- Mill processed 416,072 tonnes at a throughput rate of 4,523 tpd
Cash Operating Costs1
and AISC1
- Cash operating costs1 of $704 per oz of gold sold
- AISC1 at $907 per oz of gold sold
Cash Flow
- Track record of generating strong free cash flow1 continued in Q3 with $80.9 million generated
- At the end of Q3, consolidated cash balance of $302 million
Capital Allocation
- Early repayment in full of senior debt facility – remaining principal balance plus accrued interest
totaling $72 million
- Full repayment of gold prepay credit facility (Q1) and senior debt facility (Q4) provides increased
capital allocation flexibility including continuation of meaningful dividends to shareholders
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
Guidance
- Firmly on track to meet revised AISC1 guidance of $820 to $870 per oz sold and expecting to be
near the upper end of revised production guidance of 450,000 to 485,000 oz
TSX: LUG / OMX: LUG / OTCQX: LUGDF
Lundin Gold Q3 Conference Call | November 9, 2023

5. Senior Debt Facility
ADVANCING THE DEBT REDUCTION STRATEGY
Slide 5
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
Lundin Gold Q3 Conference Call | November 9, 2023

6. Slide 6 Lundin Gold Q3 Conference Call | November 9, 2023
COO
TERRY SMITH
TSX: LUG / OMX: LUG / OTCQX: LUGDF

7. STRONG OPERATING PERFORMANCE IN
Q3 2023
Slide 7
Q3 2023 YTD 2023
112,212 oz
Gold produced
71,902 oz
Gold as concentrate
40,310 oz
Gold as doré
416,072
Tonnes milled
9.7 g/t
Average Head Grade
86.5%
Average recovery
4,523 tpd
Average Mill Throughput
381,964 oz
Gold produced
245,533 oz
Gold as concentrate
136,431 oz
Gold as doré
1,226,777
Tonnes milled
10.9 g/t
Average Head Grade
88.5%
Average recovery
4,494 tpd
Average Mill Throughput
TSX: LUG / OMX: LUG / OTCQX: LUGDF
Lundin Gold Q3 Conference Call | November 9, 2023

8. SUSTAINING CAPITAL ACTIVITIES
IN FULL FLOW
Slide 8
TAILINGS DAM RAISE
› Significant progress was made on construction of the fourth tailings dam raise
› Completion expected in mid Q4
RESOURCE CONVERSION DRILLING
› 46 drill holes of 6,203 m were completed during Q3, focused on the north-central
and southern extensions
› During the nine months ended September 30, 2023, 10,814 metres across 74 holes
have been completed
OTHER SUSTAINING CAPITAL PROJECTS
› Commissioning of the underground mine maintenance facility complete
› Other sustaining capital projects such as extending two underground levels to the
south for the 2024 conversion program, implementation of a mine dispatch system,
upgrades to the sewage treatment plants, and purchase of mobile equipment are
expected to ramp up during the remainder of the year
› Some planned projects will be carried over to 2024
TSX: LUG / OMX: LUG / OTCQX: LUGDF
Lundin Gold Q3 Conference Call | November 9, 2023

9. LUNDIN GOLD IN THE LOWEST QUARTILE
OF THE GLOBAL GOLD AISC CURVE1
Slide 9
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
Lundin Gold Q3 Conference Call | November 9, 2023

10. Slide 10 Lundin Gold Q3 Conference Call | November 9, 2023
PRESIDENT AND CEO
RON F. HOCHSTEIN
TSX: LUG / OMX: LUG / OTCQX: LUGDF

11. 2023 CONVERSION DRILLING TO ENABLE
UPDATED MINERAL RESOURCE AND
RESERVE ESTIMATE
Slide 11 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
Lundin Gold Q3 Conference Call | November 9, 2023

12. NEAR-MINE EXPLORATION
ADVANCING POSITIVELY
Slide 12 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
Lundin Gold Q3 Conference Call | November 9, 2023
~27,000 m drilled in the near-mine program YTD
FDN

13. DISCOVERY OF 3 VEINS AT
BONZA SUR
Slide 13 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
Lundin Gold Q3 Conference Call | November 9, 2023

14. REGIONAL EXPLORATION
EXPANDING
Slide 14
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
Lundin Gold Q3 Conference Call | November 9, 2023
Barbasco SE
Q. La Negra
Puma
Barbasco
Norte
Puente
Princesa
Emperador
Crisbel
7Km
New targets
Drilling stage targets

15. 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 15
~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
Lundin Gold Q3 Conference Call | November 9, 2023

16. Slide 16
CFO
CHRISTOPHER KOLOLIAN
TSX: LUG / OMX: LUG / OTCQX: LUGDF
Lundin Gold Q3 Conference Call | November 9, 2023

17. THIRD QUARTER OF 2023
FINANCIAL HIGHLIGHTS
Slide 17
Three Months ended
September 30
Nine Months ended
September 30
(Tables are expressed in $’000, except share and per
share amounts, or unless otherwise stated)
2023 2022 2023 2022
Net revenues 211,172 210,425 711,830 604,705
Income from mining operations 99,620 83,930 357,129 277,659
Net income 53,782 62,673 168,395 141,817
Basic income per share ($) 0.23 0.27 0.71 0.60
Adj. earnings1
44,673 20,379 171,074 91,419
Adj. earnings per share1
0.19 0.09 0.72 0.39
EBITDA1
133,170 158,877 426,702 402,403
Adj. EBITDA1
121,492 117,039 430,137 355,303
Dividends paid per share 0.10 0.20 0.30 0.20
Cash flow from operations 120,030 104,739 426,821 292,755
Free cash flow1
80,937 65,202 201,143 178,256
Free cash flow per share1
0.34 0.28 0.85 0.76
Average realized gold price ($/oz sold)1
1,931 1,618 1,942 1,781
Cash operating cost ($/oz sold)1
704 656 662 656
All-in sustaining costs ($/oz sold)1
907 807 807 785
TSX: LUG / OMX: LUG / OTCQX: LUGDF
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
Lundin Gold Q3 Conference Call | November 9, 2023

18. FREE CASH FLOW1
Slide 18
Three Months ended
September 30
Nine Months ended
September 30
(Tables are expressed in $’000, except share and
per share amounts, or unless otherwise stated)
2023 2022 2023 2022
Net cash provided by operating
activities
120,030 104,739 426,821 292,755
Net cash used for investing activities (19,296) (19,306) (39,734) (44,587)
Interest paid (4,424) (7,386) (16,149) (20,687)
Finance charge paid (15,373) (12,845) (169,795) (49,225)
Free cash flow1 80,937 65,202 201,143 178,256
Basic weighted average shares
outstanding
237,411,813 235,165,784 236,810,866 234,641,484
Free cash flow per share1 0.34 0.28 0.85 0.76
TSX: LUG / OMX: LUG / OTCQX: LUGDF
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
Lundin Gold Q3 Conference Call | November 9, 2023

19. CASH IS KING AT FDN
Slide 19
As at September 30, 2023, Lundin Gold had a working capital balance of $314 million compared to $195 million at December 31, 2022
TSX: LUG / OMX: LUG / OTCQX: LUGDF
Lundin Gold Q3 Conference Call | November 9, 2023
In the first nine months of 2023, Lundin Gold has generated $427 million in cash from operations and ended Q3 with a cash balance of $302
million, which supports near-mine and regional exploration, conversion drilling, planned capital expenditures, and dividends
$363
$302
$427 $13 $(208)
$(61)
$(121)
$(71)
$(40)
Cash as at Dec. 31, 2022 Cash generated from
operating activities
Proceeds from the exercise
of stock options, and anti-
dilution rights
Full repayment of GPP Principal repayments,
interest and finance charges,
including taxes, under the
stream credit facility
Principal and interest
payments under the senior
debt facility
Dividends Cash Outflows Cash as at September 30,
2023
Early repayment of senior debt facility in full
Remaining principal balance plus
accrued interest of $72 million1
1. Repayment to take place on November 14th, 2023
✓

20. STRONGLY POSITIONED TO CREATE SHAREHOLDER VALUE
Slide 20
Based on guidance and current
gold prices, Lundin Gold will
generate significant free cash flow1
for many years to come
DEBT
REPAYMENT
ORGANIC
GROWTH/
M&A
DIVIDENDS
TSX: LUG / OMX: LUG / OTCQX: LUGDF
Lundin Gold Q3 Conference Call | November 9, 2023
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

21. BUILDING A LEADING GOLD COMPANY
THROUGH RESPONSIBLE MINING
www.lundingold.com
TSX, Nasdaq Stockholm: LUG / OTCQX: LUGDF
@LundinGold / LundinGoldEC
LundinGold
Lundin Gold Ecuador
LundinGold
Slide 21
Contact information:
Finlay Heppenstall - Director, IR & Corp Dev
finlay.heppenstall@lundingold.com
+1 604-806-3089
Lundin Gold Q3 Conference Call | November 9, 2023