LUNDIN GOLD REPORTS Q2 2025 PRODUCTION OF 139,433 OUNCES OF GOLD

VANCOUVER, BC, July 9, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to report second quarter 2025 gold production of 139,433 ounces ("oz") from its Fruta del Norte gold mine ("Fruta del Norte") in southeast Ecuador.  Of the total quarterly gold production, 92,242 oz were produced as concentrate and 47,191 oz as doré.  During the same quarter in 2024, the Company produced 133,062 oz of gold. All amounts are in U.S. dollars unless otherwise indicated. PDF Version

LUNDIN GOLD REPORTS PRODUCTION OF 139,433 OUNCES OF GOLD IN THE SECOND QUARTER OF 2025 (CNW Group/Lundin Gold Inc.)

In the second quarter of 2025, the mill processed 460,820 tonnes of ore resulting in an average throughput rate of 5,064 tonnes per day at an average grade of 10.4 grams per tonne with recoveries of 90.9%.

Ron Hochstein, President and CEO commented, "Our strong performance this quarter has us well on track to meet our 2025 production guidance of 475,000 to 525,000 ounces.  The Plant Expansion project, commissioned in the first quarter, has been a clear success, with average throughput reaching 5,064 tonnes per day and recoveries near 91%.  Elevated grades also boosted our first-half results, and we anticipate they'll reduce in the second half, and average out to our previously disclosed guidance of 9.2 grams per tonne for the full year. Overall, Fruta del Norte and the operating team continue to perform and pursue operational excellence."

Production Results

	Q2 2025	Q2 2024	H1 2025	H1 2024
Ore processed (tonnes)	460,820	424,899	858,979	838,495
Average throughput (tonnes per day)	5,064	4,669	4,745	4,607
Average head grade (grams per tonne)	10.4	11.0	10.4	10.2
Recovery (%)	90.9 %	89.0 %	89.8 %	88.6 %
Gold ounces produced	139,433	133,062	256,746	244,634
Concentrate	92,242	83,910	167,736	157,874
Doré	47,191	49,152	89,010	86,760
Gold ounces sold	136,737	129,396	254,378	238,312
Average realized gold price ($/oz sold)	3,361	2,379	3,231	2,270

¹ Average realized gold price during the second quarter of 2025 was positively impacted by rising gold prices on provisionally priced gold sales which exceeded fair value estimates as at March 31, 2025.

First Quarter of 2025 Results Conference Call and Webcast

Lundin Gold will publish its second quarter of 2025 results on Thursday, August 7, 2025, after market close in North America.  The Company will host a conference call and webcast to discuss its results on Friday, August 8th at 5:30 a.m. PT, 8:30 a.m. ET, 2:30 p.m. CET.  Conference call details and a link to the webcast will be published with the results for the second quarter of 2025.

Non-IFRS Financial Measures

This news release refers to certain financial measures, such as average realized gold price, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS.  These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies.  These measures have been calculated on a basis consistent with historical periods.  Please refer to the Company's MD&A filed on SEDAR+ under the Company's profile at www.sedarplus.ca, starting on page 11, for the three months ended March 31, 2025 for an explanation of non-IFRS measures used.

Qualified Persons

The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Terry Smith P. Eng, Lundin Gold's COO, who is a Qualified Person under National Instrument 43-101.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador.  Fruta del Norte is among the highest-grade operating gold mines in the world.

The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly.  The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.  Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders. 

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation.  This information was publicly communicated on July 9, 2025 at 3:00 p.m. Pacific Time through the contact persons set out below.

Caution Regarding Forward-Looking Information and Statements 

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements").  Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "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) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information 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 statements and information.  Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct.  Forward-looking information should not be unduly relied upon.  This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements pertaining to production outlook and the anticipated improvement of recoveries.  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 17, 2025, which is available at www.lundingold.com or at www.sedarplus.ca

Lundin Gold's actual results could differ materially from those anticipated.  Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador; community relations; power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; non-compliance with laws and regulations and compliance costs; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources;  climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

SOURCE Lundin Gold Inc.

For more information, please contact: Ron F. Hochstein, President and CEO, Tel: [phone], [email protected]; Brendan Creaney, Vice President, Corporate Development and Investor Relations, Tel: [phone], [email protected]