- Lundin Gold held a conference call to discuss its first quarter 2021 results and ongoing operations at its Fruta del Norte gold mine in Ecuador. - Production and financial results for Q1 2021 were positive, meeting or exceeding guidance. The company is on track to meet its full-year 2021 production and cost guidance. - Ongoing construction projects like the south ventilation raise and a bridge over the Zamora River are progressing on schedule and budget. An expansion to increase throughput is also on track. - Exploration drilling started during Q1 at targets near Fruta del Norte, with the aim of expanding resources and finding new deposits.

1. First Quarter 2021 Results Conference Call
May 13, 2021

2. Ron F. Hochstein
President and CEO
2

3. Caution Regarding Forward-Looking Information and Statements
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: estimates of gold production, grades,
recoveries and costs, expected sales receipts, cash flow forecasts and financing obligations,
capital costs and the expected timing of completion of capital projects including the south
ventilation raise, the Company's bridge over the Zamora River and the throughput expansion
project, the timing and the success of its drill program at Fruta del Norte and its other
exploration activities, the completion of construction and the Company’s efforts to protect
its workforce from COVID-19.
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 Lundin Gold’s Annual Information Form
dated March 2, 2021, which is available on SEDAR at www.sedar.com. 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 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. 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”).
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

4. Lundin Gold Continues to Support Local Governments and Communities
During COVID-19
4
Local government authorities including the
parishes, municipalities and province
Health districts and local hospitals
Local community and civil organizations
National police and army
Medical Supplies
Gloves, masks, biosafety
suits, oxygen, alcohol-gel,
protective glasses
Equipment
Ambulance, disinfection
machines, oxygen
concentrators
Awareness Campaign
Education about COVID-
19 and steps to take to
reduce transmission
Food Kits
Essential food for
vulnerable families
Logistics-Mobilization
Transportation for the
"Neighborhood doctor"
program
Working with the following groups: Donating supplies and services:

5. COVID-19 at Fruta del Norte
5
Given the rise of COVID variants and the severity of the third wave of
the pandemic in Ecuador, we have implemented several additional
protocols. These include:
• 2nd PCR testing of all employees and contractors 5 days after they arrive
at Fruta del Norte.
• Reinforcing prevention protocols and increased use of KN95 masks.
• Implementation of additional controls in common areas such as the
canteen.
Low rates of positive tests were seen, even after the 7-day hotel
quarantine, at the end of the first quarter
The health and safety of personnel at site is of paramount
importance, and stringent procedures remain in place to minimize
the impact of COVID-19 and related variants on the workforce.

6. Lundin Gold Contributed to the Set Up of the First ICU in Zamora Chinchipe
6
Donated critical care equipment for the creation of an ICU at the Yantzaza hospital, the first critical
care facility in the Province of Zamora Chinchipe
Over $1 million invested in partnership with Newcrest Mining and the SolGold Group
136
State of the art medical devices
donated
12
Fully equipped ICU beds will be in the
unit
76,600
Residents in the province will directly
benefit from the ICU

7. Estamos Conectados Will Strengthen Education in FDN’s Area of Influence
Lundin Gold has long prioritized actions to improve the quality of local education, particularly in Fruta
del Norte’s area of influence
Lundin Gold and its partners contributing over $500,000 to facilitate learning from home for local schoolchildren
7
Objective: Improve connectivity in Fruta del Norte’s area of influence, to
support the continuity of education for children and young adults
Internet service for the “Unidad Educativa del Milenio 10 de
Noviembre” (UEM) School
Pillar 1
PROGRAM PILLARS
Donation of tablets to all students in the four educational
centers in Ring 1
Pillar 2
Internet service in Ring 1 communities
Pillar 3

8. 2021 Off to a Good Start
8
Three Months ended March 31, 2021 Three Months ended March 31, 20201
51,320 oz
Gold produced
59,317 oz
Gold sold
$908/oz sold
AISC2
7.9 g/t
Average Head Grade
82.8%
Average recovery
104,137 oz
Gold produced
$830/oz sold
AISC2
11.4 g/t
Average Head Grade
87.8%
Average recovery
3,607 tpd
Average Mill Throughput
3,056 tpd
Average mill throughput
81,805 oz
Gold sold
1. The figures presented are for the three months ended March 31, 2020 which include the two-month ramp up period before achieving commercial production.
2. Calculated based on results from March 1, 2020. Please refer to the Company's MD&A for the first quarter of 2021 for an explanation of non-IFRS measures used

9. Company is on Track to Meet its 2021 Guidance
9
1. Please refer to the Company's MD&A for the first quarter of 2021 for an explanation of non-IFRS measures used
2021 Gold Production
Average Mill Throughput
Average Head Grade Average Gold Recovery
AISC per oz sold1
380,000 – 420,000
oz gold
3,500 tpd, increasing to
4,200 tpd in Q4
10.4 g/t gold
$770 – 830
per oz gold
90%

10. 10
Ongoing Construction Projects
South Ventilation Raise
Completion of the pilot hole expected this month and
once complete, raise boring will commence. The timing
of this work is not expected to impact planned production
for 2021.
Completion
expected
Q3 2021
Zamora River Bridge
Construction is progressing according to plan with
installation of the main suspension cables completed as
well as the launching platform. All the bridge modules
have been put in place.
Completion
expected
Q2 2021

11. Throughput Expansion on Track For Completion in Q4
11
Capital Cost: $18.6 million
Key pieces of equipment
ordered
Detailed engineering
complete
Construction underway
Mine ramping
up to 4,200 tpd
by Q3 2021
Mill reaching
4,200 tpd in
Q4 2021
The 4,200 tpd expansion project continues on schedule and on budget
Q4
Q3
Q1 2021

12. 10,000 m underground drill program underway
Fruta del Norte Resource Expansion Drilling Program
12
South
North
Height
300
m
Grade of Ore Blocks
3-5 – 5.0 g/t in Au
5.0 – 10.0 g/t Au
> 10.0 g/t Au
Fruta del Norte deposit not
fully defined to the south
(Inferred Resource)
Drill program to focus on
opportunities within existing current
reserve boundaries and expansion of
Inferred Resources

13. 13
9,000m Drill Program Began in Q1 2021
Barbasco
• Similar surface expressions, structural location and orientation to Fruta del Norte
• Small scale epithermal gold-silver stockwork veins in the area have assayed up to
10.4 g/t Au
• 6,000 m drill program testing at least three sections across the 3.8 km long anomaly
• Second rig began drilling in late April
Puente-Princesa
• Has outcropping epithermal Au-Ag mineralisation along Basin margin - including 10
m @ 4.89 g/t Au in a 2004 trench
• Untested pathfinder element anomalies exist in the Suarez basin conglomerates
• 3,000 m drill program will test geochemical anomalies
Projected Regional Exploration Expenditure: $11 million
Puente-
Princesa
Fruta del Norte
Suarez Pull Apart
Basin - 16 km
strike length
Barbasco
Drilling underway with strict COVID-19 protocols in place

14. Alessandro Bitelli
Executive Vice President and CFO
14

15. First Quarter of 2021 Financial Highlights
15
1. Amount relates to the period after achievement of commercial production 2. Please refer to the Company's MD&A for the first quarter of 2021 for an explanation of non-IFRS measures used
(Tables are expressed in $’000, except share and per share amounts, or unless
otherwise stated)
Three Months ended
March 31, 2021
Three Months ended
March 31, 2020
Net revenues 139,991 36,8561
Income from mining operations 64,031 10,3361
Net income (loss) 85,980 (9,331)
Operating cash flow 75,083 13,836
Average gold sale price ($/oz sold)2 1,765 1,5641
Average cash operating cost ($/oz sold)2 672 8391
Average all-in sustaining costs ($/oz sold)2 830 9081
Operating cash flow per share2 0.33 0.06
Adjusted net earnings2 37,409 (3,399)
Adjusted net earnings per share2 0.16 (0.02)

16. Adjusted Earnings1
16
1. Please refer to the Company's MD&A for the first quarter of 2021 for an explanation of non-IFRS measures used
2. The figures presented are for the three months ended March 31, 2020 which include the two-month ramp up period before achieving commercial production
(Tables are expressed in $’000, except share and per share
amounts, or unless otherwise stated)
Three Months ended
March 31, 2020
Three Months ended
March 31, 20202
Net income (loss) for the period 85,980 (9,331)
Adjusted for:
Suspension of operations - 3,363
Derivative loss (gain) (51,523) 2,569
Deferred income tax expense 2,952 -
Adjusted basic earnings (loss) 37,409 (3,399)
Basic weighted average shares outstanding 230,751,034 224,244,554
Adjusted basic earnings (loss) per share1 0.16 (0.02)

17. Average Cash Operating Costs1
17
1. Please refer to the Company's MD&A for the first quarter of 2021 for an explanation of non-IFRS measures used
2. Amount relates to the period after achievement of commercial production
(Tables are expressed in $’000, unless otherwise stated)
Three Months ended
March 31, 2020
Three Months ended
March 31, 20202
Operating expenses 46,818 18,121
Royalty expenses 8,156 2,107
Cash operating costs 54,974 20,228
Gold oz sold 81,805 24,109
Cash operating cost per oz sold1 $ 672 $ 839

18. All-In Sustaining Costs1
18
(Tables are expressed in $’000, or unless otherwise stated)
Three Months ended March
31, 2021
Three Months ended March
31, 20202
Cash operating costs 54,974 20,228
Corporate social responsibility 292 324
Treatment and refining charges 6,834 1,645
Accretion of restoration provision 27 10
Sustaining capital 8,197 -
Less: silver revenues (2,408) (304)
All-in sustaining costs (“AISC”)1 67,916 21,903
Gold oz sold 81,805 24,109
AISC per oz sold1 $ 830 $ 908
1. Please refer to the Company's MD&A for the first quarter of 2021 for an explanation of non-IFRS measures used
2. Amount relates to the period after achievement of commercial production

19. Strong Cash Flow will support debt repayments, regional exploration, underground
expansion drilling and planned capital expenditures
19
The Company expects to generate strong operating cash flow during 2021 based on its production and AISC
guidance
Repayments of the gold prepay, stream and senior debt facilities will continue quarterly
57.5
74.2
68.8
79.6
75.1
5.2
(52.2)
(12.9) 94.4
Cash as at March 31,
2020
Cash as at June
30, 2020
Cash as at Sept.
30, 2020
Cash as at Dec.
31, 2020
Cash generated from
operating activities
Proceeds from stock
option exercises
Principal and interest
payments made under
the loan facilities
Capital expenditures Cash as at March
31, 2021

20. Lundin Gold – Value Creation Opportunities
2021 production estimated between 380,000 - 420,000 oz based on an
average head grade of 10.4 g/t Au and an average gold recovery of 90%
Increasing mine and mill throughput 20% from 3,500 to 4,200 tpd at a cost
of $18.6 million
Continuing with underground resource expansion drill program
Have begun regional exploration drill program at high-priority Barbasco
target
20
Operational
Excellence
Reserve Growth
Throughput
Expansion
Exploration
2021 Catalysts

21. Lundin Gold
@LundinGold / LundinGoldEC
Lundin Gold Ecuador
Lundin Gold
Questions
Contact information:
Finlay Heppenstall
Director, Investor Relations
finlay.heppenstall@lundingold.com
+1 604-806-3089
www.lundingold.com