Lundin Gold Inc. announced initial results from its ongoing 2024 near-mine exploration and conversion programs at its 100% owned Fruta del Norte gold mine in southeast Ecuador. Positive near-mine drilling intercepts were achieved at Bonza Sur and in extensions at depth of the FDN deposit, while a new high-grade discovery has been made to the east of FDN. Furthermore, the conversion drilling program advanced within the north sector of the FDN deposit and returned wide, high-grade intercepts in areas adjacent to where operations are currently taking place.

These positive results for both the near- mine and conversion drilling programs support the continued organic growth potential at FDN. Highlights from the near-mine and conversion programs are outlined below. NEAR-MINE PROGRAM: The 2024 near-mine drilling program will focus on three main objectives: extending the FDN deposit at depth and to the south, advancing the delineation of Bonza Sur and exploring for new near-mine discoveries, including at FDN East.

During the first quarter of 2024 surface drilling was focussed on Bonza Sur and the new FDN East discovery. Drilling at FDN South and other targets will be completed later in the year. Initial drill results continue to confirm the potential for possible future resource upside.

A total of 12,313 metres across twenty-six holes, from surface and underground, have been completed in 2024. Results are still pending for some drill holes. Bonza Sur: Drilling at Bonza Sur continues to explore and delineate this epithermal target, located only one kilometre south of the FDN deposit.

A total of eight new drill holes were completed as at March 31, 2024 with results continuing to show its mineral potential to the north, south and at depth. Recent results confirm higher-grade intercepts at shallower depths associated mainly with vein/veinlet zones of quartz and minor chalcedony and manganoan-carbonate with occurrences of disseminated to semi-massive levels of sulphides (mainly sphalerite and galena). Since the discovery of Bonza Sur in early 2023, drilling has defined three subparallel vein/veinlet zones (Colorada Central, West, and East) that have been delineated for over 1,300 metres along strike from north to south and for at least 500 metres at depth and still remains open in all directions.

The primary focus of drilling at Bonza Sur is to better understand the target's mineralized zones through reducing drill spacing as well as expanding the system along the north extension and at depth. Three rigs are currently turning. FDN at Depth: Underground exploration drilling at FDN continues to explore extensions of the mineral envelope at depth and four drill holes have been completed year-to-date.

Of note, drill hole UGE-DD-24-089 (8.62 g/t Au over 19.9 m and 12.04 g/t Au over 11.8 m) indicates gold mineralization associated with zones of hydrothermal alteration of a similar composition to that found at shallower levels of the mine and underscores the potential to expand FDN's current mineral envelope. A number of results are pending. Additional drilling is taking place below the deepest boundary of the FDN resource envelope, where one underground rig is currently turning.

FDN East The near-mine exploration program continues to generate discoveries in unexplored areas close to FDN. Several drill holes, from surface and underground, were completed as part of a systematic exploratory program to test several new targets and resulted in the discovery of a new buried epithermal mineralized system, FDN East, located only 100m east of FDN. Gold mineralization at FDN East is associated with significant levels of hydrothermal alteration represented by veins and/or veinlets of chalcedony, sulfides (mainly pyrite) and visible gold, hosted in similar volcanic and intrusive rocks to those found at FDN and are buried by a sedimentary cover.

This new discovery returned positive results in most drill holes completed, such as drill holes UGE-E-24-094 (76.95 g/t Au over 5.0 m), FDNE-2023-064 (12.35 g/t Au over 6.4 m) and UGE-E-23-045 (15.11 g/t Au over 3.8 m), indicating another high-grade system. Drilling at FDN East currently focuses on expanding on the initial positive results achieved to gain a better understanding of the mineralized zones and the main geological controls. CONVERSION PROGRAM Conversion drilling in 2023 was successful at reclassifying Inferred Resources to Indicated in areas immediately beyond the current Mineral Reserve boundary and enabled conversion and the addition of close to one million ounces to Mineral Reserves.

In 2024, the conversion program is planned to comprise of approximately 10,000 metres of drilling. A total of 3,710 metres across 30 drill holes have been completed year-to-date in the north sector of the FDN deposit. Conversion drilling continues to confirm mineralization at FDN with high-grade drilling intercepts associated to breccias and stockwork zones, like the mineralization found in the north sector of the Mineral Reserve envelope.

Some results from the conversion program are pending. Two rigs are currently turning under the conversion program.