Proven and Probable Mineral Reserves, as at December 31, 2024

The following table sets out the Company’s estimate of Proven and Probable Mineral Reserves at FDN as at December 31, 2024. For information with respect to the key assumptions, parameters and risks associated with the results of the Technical Report for Fruta del Norte, the Mineral Resource and Mineral Reserve estimates included therein and other technical information, please refer to the Technical Report filed on SEDAR.

1. 2014 CIM Definitions Standards on Mineral Resources and Reserves have been followed.
2. The Mineral Reserves estimate has an effective date of December 31, 2024.
3. Ore Mined (Depletion) totals are for Reserve depletion only. Some material mined and processed in 2024 was non-Reserve material.
4. Mineral Reserves were estimated using key inputs listed in the table below:

*Longhole stoping is inclusive of both longitudinal and transverse methods.

5. Silver was not considered in the calculation of the cut-off grade but is recovered and contributes to the revenue stream.
6. Tonnages are rounded to the nearest 1,000 t, gold and silver grades are rounded to two decimal places, and costs are rounded to the nearest dollar. Tonnage and grade measurements are in metric units; contained gold and silver are reported as thousands of troy ounces.
7. Figures may not add due to rounding.
8. The Qualified Person for the year end 2023 and 2024 estimates is Terry Smith P.Eng., Lundin Gold’s Chief Operating Officer.

Mineral Resources, inclusive of Mineral Reserves as at December 31, 2024

Notes:

1. 2014 CIM Definition Standards were followed for the classification of Mineral Resources.
2. The Qualified Person for the estimate is Felipe Machado de Araújo, MAusIMM (CP), Senior Geologist, SRK Consultores do Brasil Ltda.
3. Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them to enable them to be categorized as Mineral Reserves.
5. Mineral Resources are reported at a cut-off grade of 3 g/t Au, which is calculated using a long-term gold price of US$1,800/oz.
6. Mineral Resources were depleted by mining to December 31, 2024, and use drill hole data available as of December 1, 2024.
7. Figures may not add due to rounding.
8. Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del Norte is contained in the FDN Technical Report which is available under the Company's profile on SEDAR+. Except as set out herein, the assumptions, parameters and risks associated with the Company's Mineral Resource and Mineral Reserve estimates set out herein are as set out in the FDN Technical Report.

Qualified Persons

The Qualified Person for the Mineral Resource estimate is Felipe Machado de Araújo, MAusIMM (CP), Senior Geologist, SRK Consultores do Brasil Ltda and the Qualified Person for the Mineral Reserve estimate is Terry Smith P.Eng, Lundin Gold’s Chief Operating Officer, both of whom are Qualified Persons in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101”).

The technical information has been reviewed and approved by Terry Smith, P. Eng., Lundin Gold’s Chief Operating Officer, and Andre Oliviera, P. Geo., Lundin Gold’s Vice President, Exploration, both of whom are Qualified Persons in accordance with the requirements of NI 43-101.

For information on Lundin Gold’s QAQC and data verification procedures, please refer to Lundin Gold’s Annual Information Form dated March 26, 2024, filed under the Company’s profile on SEDAR+ (www.sedarplus.ca).