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Disclaimers
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; projected capital and operating costs; permitting and
regulatory approvals; capital expenditures and requirements; the expectations of market prices and costs; the development, construction and operation of
Fruta del Norte; anticipated future tax payments and rates, cash flows and their uses; and benefits under the Company’s agreements with the Government
of Ecuador.
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 Management Discussion and Analysis for the financial
year ended December 2017 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
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
• Project financing and commitment for senior
debt facility
• Construction underway on plant facilities and
infrastructure
• First gold expected in Q4 2019
4
Capital Structure
Share Price1 $5.03
Shares Outstanding2 119.6 M
Market capitalization1 $601.9 M
52 week high/low1 $6.50/$4.07
Cash position3 $35.0 M
Major Shareholders1:
• Lundin Family
• Kinross
• CD Capital
• Kopernik Global
• Mackenzie Financial
• Invesco Canada
1: As at February 21 , 2018, in C$
2. As at January 31, 2018
3. As at December 31, 2017 in US$
5
Management Team with Extensive
Mining Experience
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
6
Ecuador Open to Mining Investment
• 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
• More than 30 companies active in
Ecuador
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
• ZTEM resistivity geophysical survey
completed over key areas
• 4,000 m exploration drill program underway
12 km south of Fruta del Norte
8
Probable Reserves Represent Only 67%
of Indicated Resources
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
Height300m
9
15 Year Mine Life Based on Current
Probable Reserves
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 Mine1
AuGrade(g/t)
Kozs/year
1. See Lundin Gold news release dated May 30, 2017
2. S&P Global Intelligence, 2016 Top Producing Projects - Gold
0
2
4
6
8
10
12
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
Koz/year Au Grade
• First gold production anticipated in
Q4 2019
• Average annual gold production
during first 11 years expected to
exceed 300,000 ozs per year
• Fruta del Norte is projected to be
in the top tier of gold producers
when in commercial production2
• On a production and cost basis
11
Fruta del Norte Project Update
• Underground mine development into
hard rock and is now progressing at a
quicker pace
• All major process plant equipment
packages awarded
• Detailed engineering for process plant,
tailings facility and water management
approximately 20% complete
• Process plant excavation is progressing
ahead of schedule
• Mass excavation approximately 15%
complete
• Grinding foundations have started
• Powerline contractor mobilizing for
construction this quarter
• On track to begin building the powerline in
Q2 2018
• River road complete
• Site logistics significantly improved
• North Access road well advanced
• Working from both ends and aim to
complete in Q3 2018 Into hard rock in Kuri and K’isa
12
Underground Mine Development
on Track
Twin Portal
Declines
Dewatering
Galleries
North Orepass
Central Orepass
South Orepass
FAR
Portal Entrance
Kuri decline
K’isa decline
Blue arrows indicate decline advance as at February 21, 2018
13
Mine Waste Storage
Process Plant Portal Platform
Portals
Water Ponds
Crusher
Mine Site Under Construction
Process plant earthworks
Into hard rock
Mine temporary facilities including
warehouse, fab shop, dry and offices
14
Fruta del Norte will Produce Both Gold
Doré and Gold Concentrate
15
Compact Footprint for Process Plant
16
Major Environmental Permitting
Complete
Las Peñas and construction camp
• Received Environmental License for
Fruta del Norte in October 2016
• Environmental License for the powerline
received in January 2018
• Construction permits to be obtained
• Other key licenses and permits in
progress:
• Mountain Pass Quarry environmental
license
• Industrial and domestic water permits
17
First Gold Expected Q4 2019
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 - √ COMPLETED
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
18
Project Team with Global Mine
Development Experience
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)
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
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)
Capital Expenditures $730.3
Pre Production Revenue ($131.4)
Pre Production Cost $85.1
TOTAL CAPEX $684.0
Fruta del Norte Site
21
Project finance package of US$400 -
US$450 in place:
Senior debt facility commitments for US$300
million from lenders syndicate:
• Gold pre-pay term credit facility of US$150
million
• Two tranches - US$100 million and US$200
million
• Stream credit facility of US$150 million • Term of 8.5 years
• Offtake agreement for up to 2.5 million
ounces refined gold
• Commitment to participate in equity raises for
aggregate total of US$100 to US$150 million
• Lenders are:
• ING Capital LLC
• Société Générale
• Caterpillar Financial Services Corporation
• The Bank of Nova Scotia
• KfW IPEX-Bank GmbH
Debt Project Finance Substantially
in Place
22
Lundin Gold is
Committed to Business
Sustainability
• There is strong community support for the
development of Fruta del Norte
• Ongoing engagement with a wide range of
stakeholders:
• Community risk roundtables
• Frequent community meetings
• Open door policy
• Community assemblies
• As at January 2018, 53% of staff at site are from local
communities
• Jointly-defined local procurement strategy in place
• Community investment focuses on:
• Community infrastructure
• Strengthening existing local economic activity through local
value chains and local procurement
23
Mining Can be Catalyst
for Sustainable
Economic Development
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
24
Lundin Gold Valuation Potential1
1. As at December 31, 2017
Source: Bloomberg and public company filings
EV/AuReserves
$367
$286
$140
$100
$77
$140
$0
$100
$200
$300
$400
PVG 2013
• Feasibility study
PVG 2014
• Pre-construction
activities
PVG 2015
• Pre-construction activities
• Early construction works
• U/G mine development PVG 2016
• Full project execution
• Continued U/G mine development
• Updated mineral reserves
LUG 2017
• Pre-construction activities
• Early construction works
• U/G mine development
PVG 2017
• Production
25
Building the Next Major
Gold Mine
• 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
• Project financing and commitment for
senior debt facility in place
• Mine development is on track
• Construction underway on plant facilities
and infrastructure
• First gold expected in Q4 2019
Appendix
27
Non-Executive Board of Directors
Lukas Lundin – Chairman
• 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 resource discoveries, including the multi million-
ounce Veladero gold discovery
• Has led several companies through highly profitable business acquisitions and mergers such as Lundin Mining Corporation's $3.3 billion
merger with EuroZinc Mining
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
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
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
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
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
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
28
National Instrument 43-101 Resource
Statement
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.
29
Orion and Blackstone Financing
Package
• 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
• 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
30
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
Government Agreements
31
High Ounce / Low Tonne Per Day Mine
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
32
Lundin Gold Undervalued vs. Peers
on EV/Au Reserves Basis1
1. As at February 16, 2018, C$
Source: Bloomberg and public company filings
$610
$550
$360
$344
$281$279
$232$223
$173$172$167
$158
$80$73
$25 $0
$200
$400
$600
$800
Mean $254
Median $228
EV/AuReserves
33
223
RING 1
RING 2
RING 3
RING 4
EX PAT
349
88
59
275
42%
11%
7%
7%
33%
# OF
EMPLOYEES
PERCENTAGE
TOTAL
827 100%
56
Employment Lundin Gold
End of January 2018
34
Employment Contractors
End of January 2018
34
223
RING 1
RING 2
RING 3
RING 4
EX PAT
266
101
120
683
22%
8%
10%
3%
57%
# OF
EMPLOYEES
PERCENTAGE
TOTAL
1,205 100%
35
35
Local Procurement
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 January 1, 2016
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18
Ring 1 Ring 2 Ring 3
Local Purchasing Lundin Gold (AESA + AMSA)
Payments Made for Goods and Services Delivered
$USD‘000s
36
Into Hard Rock in K’isa and Kuri
37
Process Plant Earthworks
38
Mine temporary facilities including
warehouse, fab shop, dry and offices
39
Camp expansion and new kitchen
construction
40
Analyst Coverage
Firm Analyst Rating and Target Price (C$)
BMO Capital Markets Brian Quast Outperform Buy, $7.00
CIBC World Markets David Haughton Outperform Buy, $6.00
Cormark Securities Tyron Breytenbach Buy, $7.00
Echelon Wealth Partners Ryan Walker Buy $9.00
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, $6.301
Nordea Equity Research Christian Kopfer Buy, $7.401
Paradigm Capital Don MacLean Speculative Buy, $9.00
Pareto Securities Finlay Heppenstall Buy, $7.07
Scotia Capital Inc. Trevor Turnbull Outperform Buy, $6.00
TD Securities Daniel Earle Speculative Buy, $8.00
1. Nordea and Kepler and Cheurvreax price target converted from SEK to CAD (6.35 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.
Contact information:
Sabina Srubiski
Manager, Investor Relations
info@lundingold.com
+1 604 689-7842
www.lundingold.com
Contact information:
Sabina Srubiski
Manager, Investor Relations
info@lundingold.com
+1 604 689-7842
www.lundingold.com

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Disclaimers and Forward-Looking Statements

  • 1.
  • 2. 2 Disclaimers 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; projected capital and operating costs; permitting and regulatory approvals; capital expenditures and requirements; the expectations of market prices and costs; the development, construction and operation of Fruta del Norte; anticipated future tax payments and rates, cash flows and their uses; and benefits under the Company’s agreements with the Government of Ecuador. 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 Management Discussion and Analysis for the financial year ended December 2017 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 • Project financing and commitment for senior debt facility • Construction underway on plant facilities and infrastructure • First gold expected in Q4 2019
  • 4. 4 Capital Structure Share Price1 $5.03 Shares Outstanding2 119.6 M Market capitalization1 $601.9 M 52 week high/low1 $6.50/$4.07 Cash position3 $35.0 M Major Shareholders1: • Lundin Family • Kinross • CD Capital • Kopernik Global • Mackenzie Financial • Invesco Canada 1: As at February 21 , 2018, in C$ 2. As at January 31, 2018 3. As at December 31, 2017 in US$
  • 5. 5 Management Team with Extensive Mining Experience 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
  • 6. 6 Ecuador Open to Mining Investment • 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 • More than 30 companies active in Ecuador
  • 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 • ZTEM resistivity geophysical survey completed over key areas • 4,000 m exploration drill program underway 12 km south of Fruta del Norte
  • 8. 8 Probable Reserves Represent Only 67% of Indicated Resources 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 Height300m
  • 9. 9 15 Year Mine Life Based on Current Probable Reserves 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. 10 Fruta del Norte is a Large, High-Grade Gold Mine1 AuGrade(g/t) Kozs/year 1. See Lundin Gold news release dated May 30, 2017 2. S&P Global Intelligence, 2016 Top Producing Projects - Gold 0 2 4 6 8 10 12 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 Koz/year Au Grade • First gold production anticipated in Q4 2019 • Average annual gold production during first 11 years expected to exceed 300,000 ozs per year • Fruta del Norte is projected to be in the top tier of gold producers when in commercial production2 • On a production and cost basis
  • 11. 11 Fruta del Norte Project Update • Underground mine development into hard rock and is now progressing at a quicker pace • All major process plant equipment packages awarded • Detailed engineering for process plant, tailings facility and water management approximately 20% complete • Process plant excavation is progressing ahead of schedule • Mass excavation approximately 15% complete • Grinding foundations have started • Powerline contractor mobilizing for construction this quarter • On track to begin building the powerline in Q2 2018 • River road complete • Site logistics significantly improved • North Access road well advanced • Working from both ends and aim to complete in Q3 2018 Into hard rock in Kuri and K’isa
  • 12. 12 Underground Mine Development on Track Twin Portal Declines Dewatering Galleries North Orepass Central Orepass South Orepass FAR Portal Entrance Kuri decline K’isa decline Blue arrows indicate decline advance as at February 21, 2018
  • 13. 13 Mine Waste Storage Process Plant Portal Platform Portals Water Ponds Crusher Mine Site Under Construction Process plant earthworks Into hard rock Mine temporary facilities including warehouse, fab shop, dry and offices
  • 14. 14 Fruta del Norte will Produce Both Gold Doré and Gold Concentrate
  • 15. 15 Compact Footprint for Process Plant
  • 16. 16 Major Environmental Permitting Complete Las Peñas and construction camp • Received Environmental License for Fruta del Norte in October 2016 • Environmental License for the powerline received in January 2018 • Construction permits to be obtained • Other key licenses and permits in progress: • Mountain Pass Quarry environmental license • Industrial and domestic water permits
  • 17. 17 First Gold Expected Q4 2019 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 - √ COMPLETED 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
  • 18. 18 Project Team with Global Mine Development Experience 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) 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. 19 Attractive All-In Sustaining Costs 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 $424
  • 20. 20 Project Capital Expenditures Capital Expenditures1 US$ (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) Capital Expenditures $730.3 Pre Production Revenue ($131.4) Pre Production Cost $85.1 TOTAL CAPEX $684.0 Fruta del Norte Site
  • 21. 21 Project finance package of US$400 - US$450 in place: Senior debt facility commitments for US$300 million from lenders syndicate: • Gold pre-pay term credit facility of US$150 million • Two tranches - US$100 million and US$200 million • Stream credit facility of US$150 million • Term of 8.5 years • Offtake agreement for up to 2.5 million ounces refined gold • Commitment to participate in equity raises for aggregate total of US$100 to US$150 million • Lenders are: • ING Capital LLC • Société Générale • Caterpillar Financial Services Corporation • The Bank of Nova Scotia • KfW IPEX-Bank GmbH Debt Project Finance Substantially in Place
  • 22. 22 Lundin Gold is Committed to Business Sustainability • There is strong community support for the development of Fruta del Norte • Ongoing engagement with a wide range of stakeholders: • Community risk roundtables • Frequent community meetings • Open door policy • Community assemblies • As at January 2018, 53% of staff at site are from local communities • Jointly-defined local procurement strategy in place • Community investment focuses on: • Community infrastructure • Strengthening existing local economic activity through local value chains and local procurement
  • 23. 23 Mining Can be Catalyst for Sustainable Economic Development 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
  • 24. 24 Lundin Gold Valuation Potential1 1. As at December 31, 2017 Source: Bloomberg and public company filings EV/AuReserves $367 $286 $140 $100 $77 $140 $0 $100 $200 $300 $400 PVG 2013 • Feasibility study PVG 2014 • Pre-construction activities PVG 2015 • Pre-construction activities • Early construction works • U/G mine development PVG 2016 • Full project execution • Continued U/G mine development • Updated mineral reserves LUG 2017 • Pre-construction activities • Early construction works • U/G mine development PVG 2017 • Production
  • 25. 25 Building the Next Major Gold Mine • 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 • Project financing and commitment for senior debt facility in place • Mine development is on track • Construction underway on plant facilities and infrastructure • First gold expected in Q4 2019
  • 27. 27 Non-Executive Board of Directors Lukas Lundin – Chairman • 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 resource discoveries, including the multi million- ounce Veladero gold discovery • Has led several companies through highly profitable business acquisitions and mergers such as Lundin Mining Corporation's $3.3 billion merger with EuroZinc Mining 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 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 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 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 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 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
  • 28. 28 National Instrument 43-101 Resource Statement 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.
  • 29. 29 Orion and Blackstone Financing Package • 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 • 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
  • 30. 30 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 Government Agreements
  • 31. 31 High Ounce / Low Tonne Per Day Mine 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
  • 32. 32 Lundin Gold Undervalued vs. Peers on EV/Au Reserves Basis1 1. As at February 16, 2018, C$ Source: Bloomberg and public company filings $610 $550 $360 $344 $281$279 $232$223 $173$172$167 $158 $80$73 $25 $0 $200 $400 $600 $800 Mean $254 Median $228 EV/AuReserves
  • 33. 33 223 RING 1 RING 2 RING 3 RING 4 EX PAT 349 88 59 275 42% 11% 7% 7% 33% # OF EMPLOYEES PERCENTAGE TOTAL 827 100% 56 Employment Lundin Gold End of January 2018
  • 34. 34 Employment Contractors End of January 2018 34 223 RING 1 RING 2 RING 3 RING 4 EX PAT 266 101 120 683 22% 8% 10% 3% 57% # OF EMPLOYEES PERCENTAGE TOTAL 1,205 100% 35
  • 35. 35 Local Procurement 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 January 1, 2016 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Ring 1 Ring 2 Ring 3 Local Purchasing Lundin Gold (AESA + AMSA) Payments Made for Goods and Services Delivered $USD‘000s
  • 36. 36 Into Hard Rock in K’isa and Kuri
  • 38. 38 Mine temporary facilities including warehouse, fab shop, dry and offices
  • 39. 39 Camp expansion and new kitchen construction
  • 40. 40 Analyst Coverage Firm Analyst Rating and Target Price (C$) BMO Capital Markets Brian Quast Outperform Buy, $7.00 CIBC World Markets David Haughton Outperform Buy, $6.00 Cormark Securities Tyron Breytenbach Buy, $7.00 Echelon Wealth Partners Ryan Walker Buy $9.00 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, $6.301 Nordea Equity Research Christian Kopfer Buy, $7.401 Paradigm Capital Don MacLean Speculative Buy, $9.00 Pareto Securities Finlay Heppenstall Buy, $7.07 Scotia Capital Inc. Trevor Turnbull Outperform Buy, $6.00 TD Securities Daniel Earle Speculative Buy, $8.00 1. Nordea and Kepler and Cheurvreax price target converted from SEK to CAD (6.35 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.
  • 41. Contact information: Sabina Srubiski Manager, Investor Relations info@lundingold.com +1 604 689-7842 www.lundingold.com Contact information: Sabina Srubiski Manager, Investor Relations info@lundingold.com +1 604 689-7842 www.lundingold.com