The document provides disclaimers and forward-looking statements regarding Lundin Gold's Fruta del Norte gold project in Ecuador. It notes that forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ from expectations. The technical information is based on a 2016 technical report and was reviewed by qualified persons. The document also provides important information for US investors regarding the use of certain mineral resource terms.

2. Disclaimers
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: the Company’s project financing and sources of liquidity; the Company’s exploration plans
and activities; the value of the Company and the trading price of its shares; estimates of mineral resources and reserves; the rate of development of the project; production
plans and profiles; permitting and regulatory approvals; capital expenditures and requirements; the expectations of market prices and costs; the development, construction
and operation of FDN; anticipated future tax payments and rates, cash flows and their uses.
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 as
a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form for the financial year ended December 2016, which is available on
SEDAR at www.sedar.com. Forward-looking information should not be unduly relied upon.
The technical information contained in this presentation relating to the Fruta Del Norte Project is based on a Technical Report prepared for the Company entitled “Fruta del
Norte Project, Ecuador, NI 43-101 Technical Report on Feasibility Study” dated June 15, 2016 with an effective date of April 30, 2016 (the "2016 FDN TR"). 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, and Steve
Leary, MAusIMM CP(Geo), an independent consultant to Lundin Gold, both of whom are Qualified Persons within the meaning of National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“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.

3. 3
Building a Leading Gold
Company
• Fruta del Norte is a large, high-grade gold
deposit within a major mineralized trend
• Management and project team with
extensive mine construction and
operating experience
• Ecuador government open and supportive
of mining investment
• First stage financing de-risks the Project
• Construction underway
• First gold production expected in Q4 2019

4. 4
Share Price1 $4.61
Shares Outstanding2 119.6 M
Market capitalization1 $551.4 M
52 week high/low1 $4.57/$6.50
Cash position3 $63.0 M
Major Shareholders:
• Lundin Family
• Kinross
• CD Capital
• Kopernik Global
• Mackenzie Financial
• Invesco Canada
• AMG Fondsverwaltung AG
1: As at November 30, 2017, in C$
2. As at October 31, 2017
3. As at September 30, 2017
Capital Structure

5. 5
Lukas Lundin – Chairman and Director
• 37 years of recognizing value and superior global investment opportunities in the natural resource sector
• Pursuit of highly prospective properties around the world has resulted in numerous large-scale developments and
resource discoveries, including Bajo de la Alumbrera, one of the world's largest copper/gold projects, and the multi-
million ounce Veladero gold discovery
Ron F. Hochstein - President, CEO & Director
• 35 years in the mining industry, including more than 20 year working with the Lundin Group
• Worked with a number of resource companies, most recently as President and CEO of Denison Mines Corp. from
2009 to 2015
Alessandro Bitelli - EVP, CFO
• 30 years experience in the resource industry and in public accounting, both in Europe and North America
• Former CFO of Redback Mining, which was acquired by Kinross in 2010 for $9.2 billion
David Dicaire - VP, Projects
• 35 years in the mining, engineering and construction industry, leading both Owners and EPCM teams on a variety of
global projects
• Project Director for Freeport McMoRan’s US$4.6 billion Cerro Verde Expansion Project in Peru, and previously
worked on Agua Rica Mine in Argentina (Glencore, prev. Xstrata) and Quellaveco Mine in Peru (Anglo American)
Nathan Monash - VP, Business Sustainability
• 15 years experience in resource business sustainability
• Worked extensively with the IFC, guiding extractive industry clients on the structure and implementation of
sustainable development strategies
Management Team with Extensive
Mining Experience

6. Ecuador Committed to Mining
• Ecuador established a mining
ministry in 2015 to encourage
mining investments
• Local communities support the
Fruta del Norte project
• Exploitation Agreement and
Investment Protection
Agreement signed with the
Ecuadorian government in
December 2016
• Lundin Gold has major permits
in place and has begun
construction at Fruta del Norte
6

7. 7
Fruta del Norte is Within a Major
Mineralized Trend
Bonza Trend
Alejandro
Puente
Princesa
Rio Blanco
Robles
Emperador
• 70,000 ha of prospective exploration
acreage including the Bonza Las Peñas
trend, which hosts Fruta del Norte
• Suarez Pull-Apart Basin extends 16 km
south of Fruta del Norte, doubling the most
prospective trend
• Significant exploration upside exists -
numerous key targets with epithermal
geochemical signatures along the trend
have yet to be drilled
• 4,000 m exploration drill program underway
12 km south of Fruta del Norte

8. Probable Reserves Represent Only 67%
of Indicated Resources
8
Main Area of
Reserves and
Resources
Fruta del Norte not
fully defined to the
south
Grade of Ore Blocks
3-5 – 5.0 g/t Au
5.0 – 10.0 g/t Au
> 10.0 g/t Au
North
600 m L
300 m H
100 – 200 m W

9. 15 Year Mine Life Based on Current
Probable Reserves
9
Tonnes
(000 t)
Au
Grade
(g/t)
Ounces
(000 oz)
Transverse Stope 11,685 8.82 3,314
Overhand Drift & Fill 3,905 10.36 1,301
Underhand Drift & Fill 711 10.77 246
Development Ore
(> 4.7 g/t)
96 11.02 34
Development Low Grade
(> 2.7 g/t)
375 3.70 45
TOTAL 16,774 9.16 4,940
Source: See Lundin Gold news release dated May 30, 2017
Fruta del Norte drill core

10. Fruta del Norte is a Large, High-Grade
Gold Mine
0
50
100
150
200
250
300
350
400
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
AuGrade(g/t)
Annual Gold Production Profile
0
2
4
6
8
10
12
0
200
400
600
800
1000
1200
1400
1600
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Ore Processed Au Grade
kozs
Feed(ktonnes)
Processing Plant Feed
10
Source: See Lundin Gold news release dated May 30, 2017

11. High Ounce / Low Tonne Per Day Mine
11
AverageAnnualAuproduction(ozs)
MillCapacity(tpd)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0
100,000
200,000
300,000
400,000
500,000
600,000
Average Annual Au Production Mill Capacity
• Fruta del Norte will produce an average of 325,000 ounces of Au per year from
approximately 3,500 tonnes per day
Source: Public company filings

12. Fruta del Norte Project Update
12
• Mine development underway – soft
tunneling expected to transition to hard
rock tunneling by year end
• Long lead time process plant equipment
ordered
• Detailed engineering for process plant,
tailings facility and water management
underway
• Powerline EPC contract awarded
• North Access Road and River Road under
construction
• Process plant site clearing started
Soft tunneling

13. Mine Waste Storage
Process Plant Portal Platform
Portals
Water Ponds
Crusher
Mine Site Under Construction
13
Mine facilities including concrete batch
plant, warehouse, dry and offices
Clearing processing plant site
Soft tunneling

14. Underground Mine Development
14
• Mine infrastructure being built to the east of the deposit due to better
geotechnical conditions
Twin Portal
Declines
Dewatering
Galleries
North Orepass
Central Orepass
South Orepass
FAR
Portal Entrance

15. Process Plant Re-design:
Footprint Reduced by 40%
15
Overlain on FS Layout

16. Major Environmental Permitting
Complete
16
Las Peñas Camp
• Received Environmental License for
Fruta del Norte in October 2016
• Other key licenses and permits in
progress:
• Powerline environmental license
• Mountain Pass Quarry environmental
license
• Industrial and domestic water permits

17. 17
Fruta del Norte Development
Timeline
2017 2018 2019 2020
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
North Access Road
Zamora River Bridge
Mountain Pass Quarry Development
River Road
Site Earthworks and Construction Camp
U/G Mine Development
Process Plant Detailed Engineering
Process Plant Construction
Power Line Construction
Tailings Construction
Process Plant Commissioning
Paste Plant Detailed Engineering and Construction
First Ore to Mill/Commercial Production
First Gold Expected Q4 2019

18. Project Team with Global Mine
Development Experience
18
Louis Gignac
Project Advisor
• Rosebel Mine, Suriname (IAMGold)
• Essakane Mine, Burkina Faso (IAMGold)
• Omai Gold Mine, Guyana (Mahida Gold, prev. IAMGold)
Matt Gignac
Project Director
• Rosebel Mine, Suriname (IAMGold)
• Merian Mine, Suriname (Newmont)
• Mouska Mine, Canada (IAMGold)
Meredith Arnould
Project Business Manager
• Cerro Verde Mine, Peru (Freeport McMoRan)
• Mount Milligan Mine, Canada (Centerra, prev. Thompson
Creek)
• Endako Mine, Canada (Centerra, prev. Thompson Creek)
Serge Théberge
Site Manager
• Rosebel Mine, Suriname (IAMGold)
• Cie des Bauxites Mine, Guinea (Halco/Guinea
government)
• Quimsacocha Mine, Ecuador (INV Mining, prev. IAMGold)
Doug Moore
Mine Development Manager
• Carlin East Mine, USA (Newmont)
• Buckhorn Mine, USA (Kinross)
• Lac des Iles Mine, Canada (North American Palladium)
William Matheson
Construction Manager
• Yanacocha Mine Phase 1, Peru (Newmont)
• Carlota Mine, USA (KGHM International)
• Sierra Gorda Mine, Chile (KGHM International)
Joel Lacelle
Offshore Services Manager
• Detour Lake Mine, Canada (Detour Gold)
• Raglan Mine, Canada (Glencore)
• Casa Berardi Mine, Canada (Hecla Mining)
Murray Wright
Supply Chain Manager
• Kansanshi Mine, Zambia (First Quantum)
• Tasiast Mine, Mauritania (Kinross)
• Otjikoto Mine, Namibia (B2 Gold)

19. Attractive All-In Sustaining Costs
19
Cash Cost
(US$ per oz Au)1
On site operating costs $424
Treatment & refining $83
Royalties & production
taxes
$76
Silver by-product ($22)
Cash Costs $561
Sustaining Capital &
Closure
$49
All-in Sustaining Costs $609
Source: See Lundin Gold news release dated May 30, 2017
1. Numbers may not add due to rounding, AISC are presented as defined by the
World Gold Council and costs are estimated in Q1 2017 dollars
OPEX
(US$ per tonne
processed)
OPEX
(US$ per
payable oz)
Mining $55 $208
Process $32 $123
Surface
Infrastructure
$20 $77
G&A $4 $16
Total $111 $424

20. Project Capital Expenditures
Capital Expenditures1 US$
(M)
Underground Mine $146.7
Process Plant $71.4
Power and Electrical $66.5
Infrastructure $48.2
Surface Operations $46.4
Water and Tailings $44.6
Sub Total - Direct Costs $423.8
Indirect Costs $99.3
Owners Costs $117.8
Start-up and Commissioning $21.0
Contingency $68.6
Total $730.3
Source: See Lundin Gold news release dated May 30, 2017
1. Excluding taxes, advance royalties, working capital & financing costs
US$
(M)
Pre Production Revenue ($131.4)
Pre Production Cost $85.1
TOTAL CAPEX $684.0
Fruta del Norte Site
20

21. 21
First Stage Financing Significantly
De-Risks Fruta del Norte
Financing package totals $400 - $450 million and includes:
• Gold pre-pay term credit facility of $150 million
• Stream credit facility of $150 million
• Offtake agreement for up to 2.5 million ounces refined gold
• Commitment to participate in equity raises for aggregate total of $100 to $150
million

22. Mining Can be Catalyst for
Sustainable Economic Development
22
Platform for
Broad-based
Economic
Development
Human
Capital
Infrastructure
Natural
Capital
Financial
Capital
Protecting
Ecosystem
Services

23. UN Global Compact Award for Sustainable
Development
• UN Global Compact Networks of Colombia and
Ecuador recognized Lundin Gold’s work with the
Lundin Foundation and Catering Las Peñas
• Catering Las Peñas founded by former Lundin
Gold employees that now provide food
preparation, cleaning and laundry services to
Fruta del Norte
• Lundin Foundation provided initial investment
and technical assistance
• In two years Catering Las Peñas has created 150
jobs and sources supplies locally
Víctor Armijos, representative of Catering Las Peñas;
Rebeca Illescas, Vice Minister of Mining; Iliana
Rodríguez, Vice President, Human Resources of Lundin
Gold and Jorge Granda, representative of Catering Las
Peñas
23
Lundin Gold is Committed to Business
Sustainability

24. Analyst Coverage
24
Firm Analyst Rating and Target Price (C$)
ABG Sundal Collier Olof Grenmark Buy, $7.231
BMO Capital Markets Brian Quast Outperform Buy, $7.50
CIBC World Markets David Haughton Outperform Buy, $7.30
Cormark Securities Tyron Breytenbach Buy, $8.00
Echelon Wealth Partners Matt O’Keefe Buy $8.50
VIII Capital Craig Stanley Buy, $7.30
GMP Securities Steve Butler Buy, $8.75
Haywood Securities Kerry Smith Buy, $7.75
Kepler and Cheurvreax Ola Sodermark Buy, $6.461
Nordea Equity Research Christian Kopfer Buy, $7.231
Paradigm Capital Don MacLean Speculative Buy, $9.00
Pareto Securities Finlay Heppenstall Buy, $7.07
Scotia Capital Inc. Trevor Turnbull Outperform Buy, $6.50
TD Securities Daniel Earle Speculative Buy, $8.00
1. ABG, Nordea, and Swedbank price target converted from SEK to CAD (6.5 SEK = 1 CAD)
Lundin Gold is followed by the analysts listed above. Note that any opinion, estimates or forecasts regarding the Company made by these analysts
are the analysts’ opinions and do not represent opinions, estimates or forecasts of the Company or its management. Lundin Gold does not imply
endorsement by the analyst coverage referenced above.

25. 25
1. As at November 28, 2017
Source: Bloomberg and public company filings
$646
$393 $388
$365 $354
$240 $228 $217
$185
$143 $129
$108 $104
$64 $64
$37
$0
$200
$400
$600
$800
Mean $279
Median $217
Lundin Gold Undervalued vs. Peers
on EV/Au Reserves Basis1
EV/AuReserves

26. 26
• Fruta del Norte is a large, high grade gold
deposit under construction
• Board and management team dedicated
to advancing the Project to production
• Ecuador mining industry maturing
• First stage financing in place
• Mine development is progressing
• First gold production expected in Q4 2019
Building the Next Major
Gold Mine

27. Appendix

28. Non-Executive Board of Directors
28
Ashley Heppenstall
• Lead Director of Lundin Gold since 2015
• Has worked with Lundin Group public companies since 1993, most recently as the President, CEO and Finance Director of
Lundin Petroleum AB
Carmel Daniele
• Founder and CIO of CD Capital UK Ltd., the fund manager of a number of private equity and mining funds
• 25 years of natural resources investment experience, 10 years of which were spent with Newmont Mining/Normandy
Ian Gibbs
• Canadian chartered accountant that has held a variety of prominent positions with Lundin Group of companies, currently
serving as CFO of Africa Oil Corp.
• Former CFO of Tanganyika Oil, where he played a pivotal role in the recent $2 billion acquisition by Sinopec International
Petroleum
Chantal Gosselin
• 25 years of combined experience in the mining industry and capital markets
• Has held positions as VP and PM at Goodman Investment Counsel and Senior Mining Analyst at Sun Valley Gold LLP, as well as
various mine-site management positions in Canada, Peru and Nicaragua
Paul McRae
• Current Senior VP of Lundin Mining Corp.
• Global reputation in project and construction management in the mining industry for both surface and underground projects of
all scales and complexities, and was most recently responsible for the successful development of Lundin Mining’s Eagle Mine in
Northern Michigan
Pablo Mir
• Senior partner at Bofill Mir & Alvarez Jana, one of the largest law firms in Chile, where he leads the natural resources practice
• Has advised international mining companies on the exploration, development, construction, and acquisitions of mining
projects in Chile and Argentina

29. National Instrument 43-101 Resource
Statement
29
Mineral Resources - Mineral Resources, inclusive of Mineral Reserves
as at December 15, 2015
Category
Tonnage
(M t)
Grade
(g/t Au)
Contained Metal
(M oz Au)
Grade
(g/t Ag)
Tonnage
(M oz Ag)
Indicated 23.8 9.61 7.35 12.9 9.89
Inferred 11.6 5.69 2.13 10.8 4.05
1. The Qualified Person for the estimate is Mr. David Ross, P.Geo., an employee of RPA. The estimate has an effective date of 31 December, 2015.
2. Mineral Resources are reported inclusive of Mineral Reserves; Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Mineral Resources are reported at a cut-off grade of 3.5 g/t Au; which was calculated using a longterm gold price of US$1,500/oz.
4. Mineral Resources are constrained within underground mineable shapes that assume a minimum thickness of 2 m; metallurgical recovery of 94%; total
operating costs of US$145/t milled (mining cost of US$60/t milled; process costs of US$35/t milled; G&A costs of US$15/t milled; surface infrastructure costs
of US$28/t milled; concentrate transport and treatment costs of US$7/t milled); royalties of US$71/oz and selling costs of US$65/oz.
5. Numbers may not add due to rounding.

30. Orion and Blackstone Financing
Package
30
• Gold pre-pay term credit facility of $150 million
• Principal and interest paid over 19 quarters equivalent to 11,500 Au ounces based on
spot at time of payment starting December 2020 and ending 2025
• Stream credit facility of $150 million
• Cash equivalent of 7.75% of Au ounces and 100% of Ag ounces based on spot at time of
payment less $400/ounce Au and $4.00/ounce Ag starting December 2020, capped at
350,000 ounces Au and 6.0 million ounces Ag
• Option to buy back 50% of the stream in June 2024 and 50% in June 2026
• First draw completed and second draw on or before June 30, 2018
• Offtake agreement for up to 2.5 million ounces refined gold
• Commitment to participate in equity raises for aggregate total of $100 to $150
million

31. Government Agreements
31
The Company has all the major agreements and permits with the Government of Ecuador for commencing
development of the Project
Both the Exploitation Agreement and the Investment Protection Agreement were signed in December 2016
• The Exploitation Agreement sets out the rights and
obligations of the Government of Ecuador and Aurelian as
mining concessionaire with respect to the Project and
incorporates:
• Term – affords the mining concessionaire the right to
develop and produce gold from the Project for 25 years
• Fiscal Terms – describing royalties, windfall tax and
sovereign adjustment mechanisms
• Security – acknowledges the financing requirements and
provides the ability and authorisation to grant security
• Enforcement – provides acknowledgement that the
Lenders are entitled to foreclose without authorisation
from the mining concessionaire or the Government of
Ecuador
• Dispute Resolution Procedures – arbitration under
UNICTRAL rules (in Santiago, Chile)
• The Investment Protection Agreement primarily deals
with tax and mining regulatory stabilisation and other
investment protection mechanisms. Key benefits include:
• Income tax rate fixed at 22%
• Exemption from the capital outflow tax of 5% on
payments of principal and interest to financial institutions
outside of Ecuador
• The ability to obtain benefits granted by the Government
of Ecuador through future investment protection
agreements with other investors in similar projects in
Ecuador
• No restrictions to transfer or assign all or part of the
investment, including the right to assign its rights to any
financing parties
• Other benefits granted to Aurelian include no restriction
to:
• produce and sell minerals;
• import and export goods; and
• establish, maintain, control, or transfer funds
abroad, provided statutory remittances and
obligations have been met

32. Fruta del Norte will Produce Both Gold
Doré and Gold Concentrate
32

33. 33
223
RING 1
RING 2
REST OF ZAMORA CHINCHIPE
REST OF ECUADOR
EXPAT
Nº OF
EMPLOYEES
PERCENTAGE
TOTAL
100%
Lundin Gold Employment
End of October 2017
309
70
45
203
673
46
46%
10%
7%
7%
30%

34. 34
Contractor Employment
End of October 2017
223
RING 1
RING 2
REST OF ZAMORA CHINCHIPE
REST OF ECUADOR
EXPAT
Nº OF
EMPLOYEES
PERCENTAGE
TOTAL
100%
195
83
70
369
26%
11%
9%
3%
50%
739
22

35. 35
• Jointly-defined local procurement strategy:
• Definition of local and meaning of “prioritization” in procurement process
• Reserve List
• Certification process is first step, with ongoing support
• More than 225 local suppliers since 1 Jan 2016
Local Procurement

36. Contact information:
Sabina Srubiski
Manager, Investor Relations
info@lundingold.com
+1 604 689-7842
www.lundingold.com