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THIRD QUARTER 2025 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) NOVEMBER 7, 2025
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DEPARTING PRESIDENT AND CEO RON F. HOCHSTEIN Slide 2 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q3 2025 Conference Call | November 7, 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, available under the Company’s profile at www.sedarplus.ca. Information of a scientific and technical nature relating to Fruta del Norte in this presentation was 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 National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“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 Q3 2025 Conference Call | November 7, 2025
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Slide 4 LUNDIN GOLD CEO TRANSITION - Ron Hochstein is transitioning to a new opportunity in the Lundin Group after 10 years as President, CEO, and Director of Lundin Gold. - Jamie Beck a long time Lundin Group employee, most recently as CEO of Filo, has been appointed President, CEO and Director of Lundin Gold, effective November 7, 2025. Incoming President and CEO Jamie Beck Departing President and CEO Ron F. Hochstein TSX: LUG / OMX: LUG / OTCQX: LUGDF “I have worked with Jamie for over 15 years in various roles within the Lundin Group, and I am very confident that he will continue to build on this legacy that began with the vision of Lukas Lundin in 2014.“ – Ron Hochstein
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Q3 2025 HIGHLIGHTS Production - Gold production of 122,086 oz, with 124,911 oz sold - Average grade of ore milled was 8.9 g/t with average recovery at 88.2% - Mill processed 484,296 tonnes at a record throughput rate of 5,264 tpd Cash Operating Costs1 and AISC1 - Cash operating costs1 of $861 per oz of gold sold - AISC1 at $1,036 per oz of gold sold at an AISC margin2 of 71% Cash Flow - Generated cash flow from operations of $216 million and free cash flow1 of $191m - At the end of Q3, Lundin Gold had a cash balance of $494m following quarterly dividend payments totalling $191 million - Announced quarterly dividends of $0.80 per share totalling ~$193m to be paid out December 22 Guidance - On track for upward revised 2025 production guidance of 490,000 – 525,000 oz - Cost expected to be at the higher end of guidance at $730 - $790 cash operating costs1 and $935 – $995 AISC1 per oz due to higher gold price and impact on royalties and statutory profit sharing Growth - Porphyry corridor continuing to emerge– Sandia, Trancaloma, Castillo - Further increased the drilling program from an original 80,000 to minimum 120,000 metres - Engineering studies on FDNS advancing to integrate into mine plan - Update in Q1 2026 1. Please refer to page 13 in the Company's MD&A for the nine months ended September 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 5 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q3 2025 Conference Call | November 7, 2025
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$139 $195 $219 $234 $256 $333 $325 $1,273 $1,504 $1,738 $1,785 $2,172 $2,434 $2,598 - 100 200 300 400 500 - 500 1,000 1,500 2,000 2,500 3,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2025 GROWTH AND MARGIN CAPTURE 1. Please refer to page 13 in the Company's MD&A for the nine months ended September 30, 2025 for an explanation of non-IFRS measures used. 2. AISC Margin ($/oz) calculated as average realized gold price less AISC. AISC Margin ($ millions) calculated as AISC Margin ($/oz) multiplied by oz. sold. Revenue $447m Up 38% Net Income $208m (record) Up 53% EBITDA1 $312m Up 41% Free Cash Flow1 $191m Up 5% Earnings per Share $0.86 (record) Up 51% AISC Margin2 $/oz $2,598 Up 49% Q3 2025 vs Q3 2024 Results Slide 6 TSX: LUG / OMX: LUG / OTCQX: LUGDF AISC margin ($ millions) Lundin Gold Q3 2025 Conference Call | November 7, 2025 AISC margin ($/oz)
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Slide 7 COO TERRY SMITH TSX: LUG / OMX: LUG / OTCQX: LUGDF Lundin Gold Q3 2025 Conference Call | November 7, 2025
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Slide 8 SAFETY PERFORMANCE IMPROVEMENTS OVER 2024 0.63 0.75 0.33 0.62 0.21 0.00 0.37 -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 Q3 2025 Lost Time Incidents Medical Aid Incidents Total Recorable Incident Rate per 200,000 hours worked TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q3 2025 Conference Call | November 7, 2025
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2025 PRODUCTION GUIDANCE ON TRACK Slide 9 Q3 2025 Results 78,172 oz Gold as concentrate 43,914 oz Gold as doré 484,296 Tonnes milled 8.9 g/t Average Head Grade 88.2% Average recovery 5,264 tpd Average Mill Throughput 490,000 – 525,000 oz 2025 Gold Production Guidance YTD 2025 Results 378,832 oz Gold produced 245,908 oz Gold as concentrate 132,924 oz Gold as doré 1,343,275 Tonnes milled 9.8 g/t Average Head Grade 89.3% Average recovery 4,920 tpd Average Mill Throughput › Record mining and milling rate as debottlenecking continues to ramp up to 5,500 tpd average for 2026. › 2025 Production Guidance confirmed at 490,000 oz. - 525,000 oz. › Looking ahead to Q4 2025 › Grade expected to remain reduced relative to H1 as per the mine plan. › Throughput expected to continue 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. 122,086 oz Gold produced TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q3 2025 Conference Call | November 7, 2025
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FDNS IS TARGETED FOR MINE PLAN INTEGRATION LESS THAN TWO YEARS AFTER ITS DISCOVERY Slide 10 Conversion drilling complete awaiting final assays, exploratory drilling continues 2024 MRE - 12.3Mt at 5.25 g/t for ~2.1Moz’s with only ~7,000 metres of drilling FDNS Discovery - After ten drill holes, identified new high-grade area directly adjacent to FDN Two drifts developed south of FDN to support underground exploration drilling Engineering Studies Underway - Geotechnical, Mine Design, Scheduling, Ventilation, Metallurgy, Costing Q3 2023 Q2 2024 Q1 2025 Q3 2025 Q1 2026 2025 MRE - Targeting initial reserves and addition of new inferred resources Lundin Gold Q3 2025 Conference Call | November 7, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 11 CFO CHESTER SEE TSX: LUG / OMX: LUG / OTCQX: LUGDF Lundin Gold Q3 2025 Conference Call | November 7, 2025
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Slide 12 THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS Three Months ended September 30 Nine Months ended September 30 (Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net revenues 447,119 323,087 1,256,344 851,259 Income from mining operations 305,228 203,184 852,935 488,178 Net income 207,715 135,715 557,946 296,903 Basic income per share ($) 0.86 0.57 2.32 1.24 Adj. net earnings1 207,715 135,715 557,946 292,449 Adj. net earnings per share1 0.86 0.57 2.32 1.22 EBITDA1 311,680 220,469 872,022 789,150 Adj. EBITDA1 311,680 220,469 872,022 547,326 Dividends paid per share 0.79 0.20 1.95 0.40 Cash flow from operations 215,533 217,873 664,623 466,406 Free cash flow1 191,148 181,196 597,601 136,478 Free cash flow per share1 0.79 0.76 2.48 0.57 Average realized gold price ($/oz sold)1 3,634 2,616 3,364 2,389 Cash operating cost ($/oz sold)1 861 681 802 713 All-in sustaining costs ($/oz sold)1 1,036 877 957 874 TSX: LUG / OMX: LUG / OTCQX: LUGDF 1. Please refer to page 13 in the Company's MD&A for the nine months ended September 30, 2025 for an explanation of non-IFRS measures used. Lundin Gold Q3 2025 Conference Call | November 7, 2025
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Slide 13 Lundin Gold Q3 2025 Conference Call | November 7, 2025 FREE CASH FLOW1 Three Months ended September 30 Nine Months ended September 30 (Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net cash provided by operating activities 215,533 217,873 664,623 466,406 Net cash used for investing activities (24,385) (36,677) (67,022) (65,250) Interest paid - - - (3,688) Finance charge paid - - - (260,990) Free cash flow1 191,148 181,196 597,601 136,478 Basic weighted average shares outstanding 241,825,625 239,737,300 240,912,920 239,046,940 Free cash flow per share1 0.79 0.76 2.48 0.57 TSX: LUG / OMX: LUG / OTCQX: LUGDF 1. Please refer to page 13 in the Company's MD&A for the nine months ended September 30, 2025 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 14 As at September 30, 2025, Lundin Gold had a working capital balance of $577 million compared to $459 million at December 31, 2024 Lundin Gold generated $665 million in cash from operations year to date ending the period with a cash balance of $494 million after the payment of $471 million in dividends. Q2 contribution was $192m 349 494 665 18 471 67 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 September 30, 2025 Lundin Gold Q3 2025 Conference Call | November 7, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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ANNOUNCED QUARTERLY DIVIDEND OF $193 MILLION TO BE PAID OUT IN THE FOURTH QUARTER Announced quarterly cash dividends of $0.80 per common share consisting of: › Fixed dividend of $0.30 per share › Variable dividend of $0.50 per share › Increased variable dividend to 100% of normalized free cash flow this quarter, above policy’s minimum of 50%. › Normalized free cash flow this quarter includes an additional adjustment to equally spread an early tax payment of $50.6 million (paid in Q3 2025 for taxes payable in 2026) across the last half of the year, by subtracting $25.3 million in each of Q3 and Q4. › The dividends will be payable on December 22, 2025 to shareholders of record at the close of business on December 5, 2025. › For shares trading on Nasdaq Stockholm the dividends will be paid on December 30, 2025 Dollars per share Approximate total in $m Fixed dividend 0.30 72 Variable dividend 0.50 120 Total quarterly dividend 0.80 193 Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Free cash flow1 – Q3 2025 191,148 Partial payment of 2026 annual taxes – Added Back 50,600 2026 partial tax payment of $50.6m pro- rated across Q3 and Q4 (25,300) 2025 annual payments of $95.3m pro- rated quarterly (23,835) Fixed dividends paid during the second quarter (72,392) Normalized free cash flow after Fixed dividend 120,221 100% of normalized free cash flow paid as variable dividend 120,221 Shares outstanding as of November 6, 2025 241,329,451 Variable dividend per share 0.50 1. Please refer to page 13 in the Company's MD&A for the nine months ended September 30, 2025 for an explanation of non-IFRS measures used. Slide 15 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q3 2025 Conference Call | November 7, 2025
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Slide 16 DEPARTING PRESIDENT AND CEO RON F. HOCHSTEIN TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q3 2025 Conference Call | November 7, 2025
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MILESTONE ACHIEVED - EQUITY RAISED GREATER THAN DIVIDENDS PAID / DECLARED › With this latest declared dividend of $193 million, Lundin Gold achieves a major milestone. › Returned approximately $949 million in total dividends, a sum that now exceeds the $861 million in equity raised to acquire and develop Fruta del Norte. › This is a testament to the world-class quality of the asset, the team’s focus on operational excellence and focus on maximizing long-term value and continuing to return capital to shareholders. 1. Equity Raised includes equity funds raised to acquire and develop Fruta del Norte between the period 2014 through the end of 2020 including private placements, bought deals, debt conversion, shares issued for land acquisition, and shares issued for credit facilities. It also includes the proceeds from warrants exercised after 2020, as these warrants were initially issued as part of the 2018 private placement. 2. Please refer to page 13 in the Company's MD&A for the nine months ended September 30, 2025 for an explanation of non-IFRS measures used. Slide 17 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q3 2025 Conference Call | November 7, 2025 $861 $756 $193 Equity Raised1 Greater than Dividends Paid / Declared (US$m) Equity Raised Dividends Paid Dividends Declared - To be paid in Q4, 2025 $949
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Slide 18 PRESIDENT AND CEO JAMIE BECK TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q3 2025 Conference Call | November 7, 2025
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NEAR MINE EXPLORATION FDNS AND FDN EAST Slide 19 FDNS › Conversion drilling for 2025 has been completed and awaiting final assays. › Exploratory drilling continues in the south. FDN East › Exploration drilling is ongoing as we investigate how far the known mineralization extends into the center of the target area. › Results for the FDNS and FDN East drilling programs are expected to be reported during the fourth quarter of 2025. Lundin Gold Q3 2025 Conference Call | November 7, 2025 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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NEAR MINE EXPLORATION EMERGING PORPHYRY CORRIDOR Slide 20 Sandia › Step-out drilling confirmed a continuous mineralized zone for nearly 1,000m along strike, 500m in width, and 800m at depth A large mineral envelope has emerged, remaining open in all directions. › Highest grade / width intercept yet on porphyry drill program with ~607m at 0.59% CuEq from 21m below surface. Trancaloma › Since its discovery this year, drilling has defined a wide and continuous copper-gold mineralized zone at surface extending for 1,000m along strike, 650m in width, and 1,000m at depth. A large mineral envelope has emerged, remaining open in all directions. Castillo › A shallow, high-grade copper-gold discovery was made 2km south of FDN, covered by approximately 100m of overlying conglomerates. This area shows potential for additional porphyry centres. Lundin Gold Q3 2025 Conference Call | November 7, 2025 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 0.20 for YTD 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 120,000 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 completed in Q3 Exceeded target - ~$663m announced for the year Slide 21 TSX: LUG / OMX: LUG / OTCQX: LUGDF Lundin Gold Q3 2025 Conference Call | November 7, 2025
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LUNDIN GOLD Operational Excellence Cash Flow ESG Slide 22 TSX: LUG / OMX: LUG / OTCQX: LUGDFLundin Gold Q3 2025 Conference Call | November 7, 2025 Growth
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THANK YOU