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SECOND QUARTER 2025 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) AUGUST 8, 2025
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PRESIDENT AND CEO RON F. HOCHSTEIN Slide 2 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q2 2025 Conference Call | August 8, 2025
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CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS All statements, other than statements of historical fact, made and information contained in this presentation and responses to questions constitute “forward-looking information” or “forward- looking statements” as those terms are defined under Canadian securities laws (“forward-looking statements”). Forward-looking statements may be identified by terminology such “believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and similar expressions. By their nature, forward-looking statements involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking. Lundin Gold believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, but no assurance can be given that these expectations will prove to be correct. In particular, this presentation contains forward-looking statements pertaining to: gold production outlook, including estimates of gold production, grades, recoveries and AISC; operating plans; expected sales receipts, cash flow and free cash flow forecasts, its estimated capital costs and sustaining capital; the Company’s declaration and payment of dividends; timing and the success of its drill program at FDN and its other exploration activities; estimates of mineral Mineral Resources and Reserves at FDN. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold’s Annual Information Form dated March 17, 2025 (the “2024 AIF”), which is available at www.lundingold.com or on SEDAR+. Forward-looking information should not be unduly relied upon. Except as noted, the technical information contained in this presentation relating to the Fruta Del Norte Project is based on a technical report prepared for the Company entitled “Amended NI 43-101 Technical Report, Fruta del Norte Mine, Ecuador” dated March 29, 2023 with an effective date of December 31, 2022 (the Technical Report), available under the Company’s profile at www.sedarplus.ca. Information of a scientific and technical nature in related to the Technical Report in this presentation was reviewed and approved by Ron Hochstein, P. Eng., Lundin Gold’s President and Chief Executive Officer, who is a Qualified Persons within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). The technical information relating to FDN subsequent to the Technical Report contained in this presentation has been reviewed and approved by Terry Smith P. Eng, Lundin Gold's Chief Operating Officer, who is a Qualified Person in accordance with the requirements of NI 43-101. The disclosure of exploration information contained in this presentation was prepared by Andre Oliveira P. Geo, Lundin Gold’s V.P. Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101. Unless otherwise indicated, all dollar values herein are in US dollars. Important Information for US Investors This presentation may use the terms “measured", “indicated“, “inferred" and “historical” mineral resources. U.S. investors are advised that, while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. “Inferred mineral resources" and “historical estimates” have a great amount of uncertainty as to their existence and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource or a historical estimate will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Further, historical estimates are not recognized under Canada’s NI 43-101. U.S. investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves. This presentation is not an offer of securities for sale in the United States or in any other jurisdiction. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an application exemption from registration. Slide 3 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q2 2025 Conference Call | August 8, 2025
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Q2 2025 HIGHLIGHTS Production - Gold production of 139,433 oz, with 136,737 oz sold - Average grade of ore milled was 10.4 g/t with record average recovery at 90.9% - Mill processed 460,820 tonnes at a record throughput rate of 5,064 tpd Cash Operating Costs1 and AISC1 - Cash operating costs1 of $756 per oz of gold sold - AISC1 at $927 per oz of gold sold at an AISC margin2 of 72% Cash Flow - Generated record cash flow from operations of $255 million and free cash flow1 of $236m - At the end of Q2, Lundin Gold had a cash balance of $493m following quarterly and special dividend payments totalling $207 million - Announced quarterly dividends of $0.79 per share totalling ~$190m to be paid out September 25 Guidance - On track to increase throughput in Q3-Q4 - Elevated lower end of 2025 production guidance from 475,000 to 490,000 oz and maintained the upper end at 525,000 oz - Cost expected to remain within the upper end of guidance at $935 – $995 AISC1 per oz, despite impact of higher gold price Growth - Exciting exploration results across pipeline of targets. FDNS, FDN East, Trancaloma and newly discovered Sandia porphyry - Engineering studies on FDNS advancing to integrate FDNS into long-term mine plan 1. Please refer to page 12 in the Company's MD&A for the 6 months ended June 30, 2025 for an explanation of non-IFRS measures used 2. AISC Margin (%) calculated as average realized gold price less AISC, divided by average realized gold price. Slide 4 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q2 2025 Conference Call | August 8, 2025
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$139 $195 $219 $234 $256 $333 $1,273 $1,504 $1,738 $1,785 $2,172 $2,434 - 50 100 150 200 250 300 350 400 - 500 1,000 1,500 2,000 2,500 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2025 GROWTH AND MARGIN CAPTURE 1. Please refer to page 12 in the Company's MD&A for the 6 months ended June 30, 2025 for an explanation of non-IFRS measures used 2. AISC Margin ($/oz) calculated as average realized gold price less AISC. AISC Margin ($ millions) calculated as AISC Margin ($/oz) multiplied by oz. sold 3. Adj. Free Cash Flow calculated as Free Cash Flow excluding the finance expense incurred upon buy out of the Stream Facility and Offtake in Q2 2024. Revenue $453m Up 50% Net Income $197m Up 65% Adj. EBITDA1 $319m Up 63% Adj. Free Cash Flow3 $236m Up 110% Earnings per Share $0.82 Up 100% AISC Margin2 $/oz $2,434 Up 62% Q2 2025 vs Q2 2024 Results Slide 5 TSX: LUG / OMX: LUG / OTCQX: LUGDF AISC margin ($ millions) Lundin Gold Q2 2025 Conference Call | August 8, 2025 AISC margin ($/oz)
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Slide 6 COO TERRY SMITH TSX: LUG / OMX: LUG / OTCQX: LUGDF Lundin Gold Q2 2025 Conference Call | August 8, 2025
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Slide 7 SAFETY PERFORMANCE IMPROVEMENTS OVER 2024 0.63 0.75 0.33 0.62 0.21 0.00 -0.04 0.06 0.16 0.26 0.36 0.46 0.56 0.66 0.76 0 1 2 3 4 5 6 7 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Lost Time Incidents Medical Aid Incidents Total Recorable Incident Rate per 200,000 hours worked TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q2 2025 Conference Call | August 8, 2025
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STRONG FIRST HALF OF 2025 Slide 8 Q2 2025 Results 92,242 oz Gold as concentrate 47,191 oz Gold as doré 460,820 Tonnes milled 10.4 g/t Average Head Grade 90.9% Average recovery 5,064 tpd Average Mill Throughput 490,000 – 525,000 oz 2025 Gold Production Guidance Update (previously 475,000 – 525,000 oz) H1 2025 Results 256,746 oz Gold produced 167,736 oz Gold as concentrate 89,010 oz Gold as doré 858,979 Tonnes milled 10.4 g/t Average Head Grade 89.8% Average recovery 4,745 tpd Average Mill Throughput › Record throughput and recovery achieving the process plant expansion operational targets. › 2025 Production Guidance: Increased bottom end of guidance from 475,000 to 490,000 oz. Maintained upper end at 525,000 oz. › Looking ahead to H2 2025 › Grade expected to reduce as per the mine plan. › Throughput expected to increase as we optimize the mine and mill to work towards 5,500 tpd average throughput in 2026. › Sustaining capex expected to increase with the continued ramp up of the fifth tailings dam raise and other site infrastructure improvement projects. 139,433 oz Gold produced TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q2 2025 Conference Call | August 8, 2025
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Slide 9 CFO CHESTER SEE TSX: LUG / OMX: LUG / OTCQX: LUGDF Lundin Gold Q2 2025 Conference Call | August 8, 2025
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Slide 10 SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS Three Months ended June 30 Six Months ended June 30 (Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q2 2025 Q2 2024 H1 2025 H1 2024 Net revenues 452,880 301,431 809,225 528,172 Income from mining operations 314,161 171,757 547,707 284,994 Net income 196,731 119,291 350,231 161,188 Basic income per share ($) 0.82 0.50 1.46 0.68 Adj. net earnings1 196,731 98,938 350,231 156,734 Adj. net earnings per share1 0.82 0.41 1.46 0.66 EBITDA1 318,840 457,069 560,342 568,681 Adj. EBITDA1 318,840 195,401 560,342 326,857 Dividends paid per share 0.86 0.10 1.16 0.20 Cash flow from operations 254,782 144,169 449,090 252,083 Free cash flow1 235,670 (123,427) 406,453 (41,168) Free cash flow per share1 0.98 (0.52) 1.69 (0.17) Average realized gold price ($/oz sold)1 3,361 2,379 3,231 2,270 Cash operating cost ($/oz sold)1 756 725 773 730 All-in sustaining costs ($/oz sold)1 927 875 918 872 TSX: LUG / OMX: LUG / OTCQX: LUGDF 1. Please refer to page 12 in the Company's MD&A for the six months ended June 30, 2025 for an explanation of non-IFRS measures used Lundin Gold Q2 2025 Conference Call | August 8, 2025
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Slide 11 Lundin Gold Q2 2025 Conference Call | August 8, 2025 FREE CASH FLOW1 Three Months ended June 30 Six Months ended June 30 (Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q2 2025 Q2 2024 H1 2025 H1 2024 Net cash provided by operating activities 254,782 144,169 449,090 252,083 Net cash used for investing activities (19,112) (14,937) (42,637) (28,573) Interest paid - (1,812) - (3,688) Finance charge paid - (250,847) - (260,990) Finance expense on buy out of stream and offtake - 235,575 - 235,575 Adjusted free cash flow1 235,670 112,248 406,453 194,407 Basic weighted average shares outstanding 240,984,033 239,129,917 240,723,483 238,697,974 Adjusted free cash flow per share1 0.98 0.47 1.69 0.81 TSX: LUG / OMX: LUG / OTCQX: LUGDF 1. Please refer to page 12 in the Company's MD&A for the six months ended June 30, 2025 and page 15 in the Company’s MD&A for the six months ended June 30, 2024 for an explanation of non-IFRS measures used.
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268 349 662 22 36 330 144 93 Cash as at Dec. 31, 2023 Cash generated from operating activities Proceeds from the exercise of stock options, and anti- dilution rights Scheduled Stream Facility Payments Stream Buy Out Payments Dividends Cash Outflows Cash as at December 31, 2024 CASH IS KING AT FDN Slide 12 As at June 30, 2025, Lundin Gold had a working capital balance of $562 million compared to $459 million at December 31, 2024 Lundin Gold generated $449 million in cash from operations in H1 2025 and ended the half year with a cash balance of $493 million after the payment of $280 million in dividends. Q2 contribution was $192m 349 493 449 18 280 43 Cash as at Dec. 31, 2024 Cash generated from operating activities Proceeds from the exercise of stock options, and anti-dilution rights Dividends Capital Expenditures Cash as at June 30, 2025 Lundin Gold Q2 2025 Conference Call | August 8, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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$136 $173 $177 $202 $236 $257 $667 $607 $558 $571 $613 $554 $65 $95 $142 $106 $60 $116 -100 100 300 500 700 900 1,100 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 AISC by Cost Category Royalties and Profit Sharing AISC Costs Excluding Royalties, Profit Sharing and CAPEX Sustaining Capex 2025 COST GUIDANCE CONFIRMED Slide 13 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q2 2025 Conference Call | August 8, 2025 › The significant increase in gold price has led to exceptional financial performance, but it has also increased our costs. › Specifically, higher gold prices have resulted in increased expenses for royalties and statutory employee profit sharing, which directly impacts our cash operating costs and AISC. › For every $100/oz increase in the gold price, our costs rise by approximately $10/oz. › Impact of ~$70/oz to our cash cost and AISC when compared to gold price assumption of $2,500 oz in 2025 cost guidance. › Despite these pressures, ongoing efforts to reduce costs and improve mill throughput through operational excellence are expected to keep us within our cost guidance. › We expect cash operating costs1 and AISC1 to be at the upper end of our guided ranges. 1. Please refer to page 12 in the Company's MD&A for the 6 months ended June 30, 2025 for an explanation of non-IFRS measures used 2. Gold/silver price per oz assumptions are $2,500/$31.00, respectively $868 $875 $877 $879 $909 $927 730 - 790 Cash Cost ($/oz sold)1,2 935 - 995 AISC ($/oz sold)1,2 2025 Cost Guidance
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ANNOUNCED QUARTERLY DIVIDEND OF $190 MILLION TO BE PAID OUT IN THE THIRD QUARTER Announced quarterly cash dividends of $0.79 per common share consisting of: › Fixed dividend of $0.30 per share › Variable dividend of $0.49 per share › The dividends will be payable on September 25, 2025 to shareholders of record at the close of business on September 10, 2025. › For shares trading on Nasdaq Stockholm the dividends will be paid on September 30, 2025 Dollars per share Approximate total in $m Fixed dividend 0.30 72 Variable dividend 0.49 118 Total quarterly dividend 0.79 190 Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Free cash flow1 – Q1 2025 235,670 2025 annual payments of $95.3m paid in Q2 – Added Back 95,341 2025 annual payments of $95.3m pro-rated quarterly (23,835) Fixed dividends paid during the second quarter (72,369) Normalized free cash flow after Fixed dividend 234,807 50% of normalized free cash flow paid as variable dividend 117,404 Shares outstanding as of August 7, 2025 241,267,371 Variable dividend per share 0.49 1. Certain additional disclosures for these specified non-IFRS measures have been incorporated by reference and can be found on page 12 of the Company's MD&A for the six months ended June 30, 2025 available on SEDAR+. Slide 14 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q2 2025 Conference Call | August 8, 2025
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Slide 15 PRESIDENT AND CEO RON F. HOCHSTEIN TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q2 2025 Conference Call | August 8, 2025
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NEAR MINE EXPLORATION FDNS AND FDN EAST Slide 16 FDNS Conversion Drilling › Results have confirmed the continuity of the mineralization at FDNS, with several higher-grade zones identified within the deposit. › High-grade drill holes outside the current geological model demonstrate significant potential for further resource expansion. › Engineering studies are progressing well with the objective of integrating a portion of FDNS into FDN’s 2026 long-term mine plan. FDN East › Drill results at FDN East have successfully expanded gold mineralization along the north extension and indicated potential areas for further growth. Lundin Gold Q2 2025 Conference Call | August 8, 2025 N TSX: LUG / OMX: LUG / OTCQX: LUGDF
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NEAR MINE EXPLORATION EMERGING PORPHYRY CORRIDOR Slide 17 The discovery of another copper-gold porphyry system, a highly prospective near mine corridor adjacent to the epithermal gold deposits has emerged. Trancaloma › Results confirmed the lateral and vertical continuity of the Trancaloma system, extended the main mineralized zone, and provided areas for further expansion. Sandia › Located less than two kms east of FDN and four kms north of Trancaloma, the Sandia target was tested by a drill hole that successfully intercepted shallow copper- gold mineralization from surface. Lundin Gold Q2 2025 Conference Call | August 8, 2025 Q2 2025 results 2024-2025 results Soil > 200ppm Cu Porphyries Targets TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Remain focused on health, safety and environmental performance Fully complete Plant Expansion Project and optimize Achieve 2025 production and unit cost guidance Increase drilling to record levels, due to exploration success Establish initial Reserve at FDNS and continue to grow Inferred Publish initial Mineral Resource on Bonza Sur Establish new 5 year sustainability strategy Return ~$300 million to shareholders via dividend 2025 OBJECTIVES WELL ON TRACK TRIR 0.10 for H1 2025 compared to 0.66 for FY 2024 Completed in Q1 - optimizations focus for remainder of 2025 Raised lower end of guidance to 490 – 525koz and confirmed high end of unit cost guidance Increased from 80,000 to 108,000 metres FDNS continuity confirmed, engineering studies underway – on track for initial Reserve Deferred to better understand geological environment of porphyries and Bonza Sur 2024 sustainability report published, new 5 year strategy on track Already exceeded target - ~$470m announced to date Slide 18 TSX: LUG / OMX: LUG / OTCQX: LUGDF Lundin Gold Q2 2025 Conference Call | August 8, 2025
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LUNDIN GOLD Operational Excellence Cash Flow ESG Slide 19 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q2 2025 Conference Call | August 8, 2025 Growth
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THANK YOU