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LUNDINGOLD NEWS RELEASE Vancouver , November 9 , 2021 LUNDIN GOLD REPORTS STRONG 2021 THIRD QUARTER RESULTS On Track to Meet Higher End of Production Guidance Lundin Gold Inc. ( TSX : LUG ; Nasdaq Stockholm : LUG ) ( " Lundin Gold " or the " Company " ) today reports results for the third quarter of 2021. All amounts are in U.S. dollars unless otherwise indicated . Ron Hochstein , President and CEO commented , " Fruta del Norte has generated significant free cash flow¹ of $ 194 million in the first nine months of 2021 , and at current gold prices , will continue to do so for many years . Our throughput expansion program is substantially complete and we continue to push our resource expansion drilling program . We are also focused on our regional exploration program which , based on drilling to date , has been expanded from 9,000 to 11,000 metres for the year . " 2021 Third Quarter Financial Overview • The Company sold a total of 111,605 ounces ( " oz " ) of gold , consisting of 78,251 oz of concentrate and 33,354 oz of doré at an average realized gold price¹ of $ 1,769 per oz for total gross revenues from gold sales of $ 197.4 million . Net of treatment and refining charges , revenues were $ 190.8 million . • Income from mining operations was $ 89.4 million and the Company generated cash flow of $ 92.7 million from operations and ended the quarter with a cash balance of $ 221.8 million . Free cash flow¹ for the quarter was $ 47.1 million or $ 0.20 per share and for the nine month period was $ 193.7 million or $ 0.84 per share . • • Earnings before interest , taxes , depreciation , and amortization¹ ( " EBITDA " ) and adjusted EBITDA¹ were $ 112.8 million and $ 113.5 million , respectively . Net income was $ 56.7 million after deducting derivative losses , corporate , exploration , finance costs , and associated taxes on earnings . Adjusted earnings¹ , which exclude derivative losses , were $ 58.8 million , or $ 0.25 per share . Cash operating costs¹ and all - in sustaining cost ( " AISC " ) ¹ for the quarter were $ 650 and $ 804 per oz of gold sold , respectively . 2021 Third Quarter Production Overview Gold production was 107,663 oz , comprised of 76,837 oz of concentrate and 30,826 oz of doré . • The mine maintained its strong operating performance with 382,667 tonnes mined . • Underground mine development also continued as planned with a total of 2,148 metres of development completed with development rates averaging 23.3 metres per day in the third quarter . 1 Refer to " Non - IFRS Measures " section Lundin Gold Inc. 885 West Georgia Street , Suite 2000 Vancouver , BC , V6C 3E8 Phone : +1 604 689 7842 Fax : +1 604 689 4250 lundingold.com Email : info@lundingold.com