Lundin Gold Inc. reports its updated estimates of Mineral Reserves ("Reserves") and Mineral Resources ("Resources") as at December 31, 2023 for its Fruta del Norte gold mine ("FDN") in Ecuador. The 2023 conversion drilling campaign was successful at reclassifying Inferred Resources to Indicated in areas immediately beyond the current Reserve boundary. A total of 0.35 Moz of new Inferred Resources were also added as a result of the conversion and near-mine drilling completed in 2023.

Inferred Resources are reported at 7.98 Mt with an average grade of 5.77 g/t containing 1.5 Moz. Mineral Reserves Update: Increases to the Reserve estimate are primarily due to successful conversion drilling, modifications to the mine design, and some changes to technical parameters. Mine design modifications include: a higher proportion of longhole mining versus drift and fill, and improvements in mining dilution and recovery estimates.

Technical parameter modifications include minor changes in cut-off grade estimates and higher mill recoveries which are expected after the Process Plant Expansion is completed later this year. It should be noted that unit costs per tonne for drift and fill mining increased as compared to 2022 based on anticipated ground conditions from better geotechnical information. The cut-off gold price of $1,400/oz was unchanged from the year prior.