Mineral Reserve and Resource Summary

The tables below summarize the Mineral Reserve and Mineral Resource estimates for FDN effective as of December 31, 2025. Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del Norte is contained in the “Amended NI 43-101 Technical Report Fruta del Norte Mine Ecuador” dated March 29, 2023 (the “FDN Technical Report”) which is available under the Company's profile on SEDAR+ at www.sedarplus.ca . Except as set out in this release, key assumptions, parameters and risks associated with the Company's 2025 Mineral Reserve and Mineral Resource estimates are listed in the FDN Technical Report.

Table 1: Mineral Reserves, as at December 31, 2025

Notes:

1. 2014 CIM Definitions Standards on Mineral Resources and Reserves, and the 2019 CIM Best Practice Guidelines have been followed.
2. The Mineral Reserves estimate has an effective date of December 31, 2025.
3. Ore Mined (Depletion) totals are for Reserve depletion only. Some material mined and processed in 2025 was non-Reserve material.
4. These Mineral Reserves have been diluted based on site geotechnical recommendations and actual mine performance and have had a mining recovery applied.
5. Mineral Reserves were estimated using key inputs listed in the table below:

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

1. Silver was not considered in the calculation of the cut-off grade but is recovered and contributes to the revenue stream.
2. 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.
3. All dollar figures are in US dollars.
4. Figures may not add due to rounding.
5. The Qualified Person for the year end 2024 and 2025 estimates is Terry Smith P.Eng., Lundin Gold’s Chief Operating Officer.

Table 2: Mineral Resources, as at December 31, 2025

Notes:

1. 2014 CIM Definition Standards were followed for the classification of Mineral Resources, and the 2019 CIM Best Practice Guidelines have been followed.
2. Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them to enable them to be categorized as Mineral Reserves.
4. Mineral Resources are reported at a cut-off grade of 2.59 g/t Au in FDN and 2.79 g/t Au in FDNS/FDNE, which are calculated using a long-term gold price of US$2,000/oz.
5. Mineral Resources were depleted by mining to December 31, 2025.
6. Figures may not add due to rounding.
7. 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

In this news release, the Qualified Person for the Mineral Resource estimate is Andre Oliveira, P. Geo, Vice President, Exploration and the Qualified Person for the Mineral Reserve estimate is Terry Smith P.Eng, Lundin Gold’s Chief Operating Officer, both of whom are employees of the Company and 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 contained in this news release has been reviewed and approved by Terry Smith, P. Eng., Lundin Gold’s Chief Operating Officer, and Andre Oliveira, 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 17, 2025, filed under the Company’s profile on SEDAR+ (www.sedarplus.ca ).