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FOURTH QUARTER AND FULL YEAR 2025 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) FEBRUARY 20, 2026
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PRESIDENT AND CEO JAMIE BECK Slide 2 Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS Slide 3 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: 2026 production outlook, including estimates of gold production, grades recoveries and AISC; operating plans; expected sales receipts and cash flow forecasts; gold price; estimated capital costs and sustaining capital; the completion of future expansion projects; benefits of the Company’s community programs; the Company’s declaration and payment of dividends pursuant to its dividend policy; the timing and the success of its drill program at Fruta del Norte and its other exploration activities; and estimates of Mineral Resources and Reserves at Fruta del Norte, FDNS, and FDN East. 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 Management Discussion & Analysis dated February 19, 2026, 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 Fruta Del Norte 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 this presentation was reviewed and approved by Terry Smith, P. Eng., Lundin Gold’s Chief Operating Officer, who is a Qualified Persons within the meaning 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. 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. Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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FULL YEAR 2025 HIGHLIGHTS Production - Gold production of 498,315 oz, with 503,330 oz sold - Average grade of ore milled was 9.5 g/t with average recovery at 89.0% - Mill processed 1,828,225 tonnes at a record throughput rate of 5,009 tpd Cash Operating Costs1 and AISC1 - Cash operating costs1 of $838 per oz of gold sold - AISC1 at $1,015 per oz of gold sold at an AISC margin2 of 72% Cash Flow - Generated cash flow from operations of $1.0b and free cash flow1 of $926m - At the end of 2025, Lundin Gold had a cash balance of $630m following quarterly dividend payments totalling $664 million - Announced Q4 dividends of $1.15 per share totalling ~$278m to be paid out March 26, 2026 Growth - FDNS added to Reserves, underground mine development to proceed - Mine to Mill Expansion Study to go beyond 5,500 tpd evaluation by the end of 2026 - Epithermal gold deposits expanding – FDNS and FDN East - Porphyry corridor continuing to emerge – 5 copper gold porphyries identified - 133km exploration drill program planned for 2026 1. Please refer to page 15 in the Company's MD&A for the twelve months ended December 31, 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 Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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$139 $195 $219 $234 $256 $333 $325 $385 $1,273 $1,504 $1,738 $1,785 $2,172 $2,434 $2,598 $3,106 - 100 200 300 400 500 -300 200 700 1,200 1,700 2,200 2,700 3,200 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 AISC Margin AISC Margin per ounce sold Q4 2025 GROWTH AND MARGIN CAPTURE 1. Please refer to page 15 in the Company's MD&A for the twelve months ended December 31, 2025 for an explanation of non-IFRS measures used. 2. AISC Margin ($/oz) calculated as average realized gold price less AISC. AISC Margin ($ millions) calculated as AISC Margin ($/oz) multiplied by oz. sold. Revenue $527m (record) Up 54% Net Income $234m (record) Up 81% EBITDA1 $364m (record) Up 57% Free Cash Flow1 $328m (record) Up 100% Earnings per Share $0.97 (record) Up 80% AISC Margin2 $/oz $3,106 (record) Up 74% Q4 2025 vs Q4 2024 Results Slide 5 AISC margin ($ millions) AISC margin ($/oz) Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 6 COO TERRY SMITH Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 7 2025 SAFETY PERFORMANCE NO LOST TIME INCIDENTS IN 2025 0.63 0.75 0.33 0.62 0.21 0.00 0.37 0.28 -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 Q4 2025 Lost Time Incidents Medical Aid Incidents Total Recorable Incident Rate per 200,000 hours worked Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF Achieved our lowest annual total recordable incident rate of 0.22 in 2025
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2025 PRODUCTION GUIDANCE ON TRACK Slide 8 Q4 2025 Results 78,577 oz Gold as concentrate 40,906 oz Gold as doré 484,950 Tonnes milled 8.7 g/t Average Head Grade 88.3% Average recovery 5,271 tpd Average Mill Throughput 490,000 – 525,000 oz 2025 Gold Production Guidance FY 2025 Results 498,315 oz Gold produced 324,485 oz Gold as concentrate 173,830 oz Gold as doré 1,828,225 Tonnes milled 9.5 g/t Average Head Grade 89.0% Average recovery 5,009 tpd Average Mill Throughput Achieved 2025 Revised Production Guidance of 490,000 oz. - 525,000 oz with 498,315 produced. Q4 2025 Highlights › Record mining and milling rates as debottlenecking advanced toward the 5,500 tpd target for 2026. › Operational Excellence initiatives delivered the highest quarterly mine output to date at 501,301 tonnes. › The mill processed 484,950 tonnes at an average 5,271 tpd despite reduced operating hours from unplanned maintenance. 119,483 oz Gold produced Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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FDNS INCLUSION INTO MINERAL RESERVES › Conversion drilling recently added a portion of the growing FDNS deposit into Mineral Reserves › Underground mine development toward the deposit to proceed. › Anticipated 2026 non sustaining capital costs associated with FDNS development expected to be $30 - $35 million. LONGSECTION (FACING EAST) N LEGEND FDN Transverse FDN Longitudinal FDNS Longitudinal FDN Longitudinal (From FDNS) Slide 9 Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 10 › The mine-to-mill expansion study is evaluating higher sustained mining rates by incorporating FDNS into the broader mine plan as well as plant debottlenecking and upgrades supporting increased throughput. › Plans to make an integrated investment decision in 2026, informed by: › Analysis of the most efficient mining rates at both FDN and FDNS. › Options to increase processing capacity beyond 5,500 tpd. › Non-sustaining capital estimates for FDNS development and the potential plant expansion will be provided as the studies are advanced and finalized. FDNS INTEGRATION INTO MINE TO MILL EXPANSION STUDY Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 11 CFO CHESTER SEE Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 12 FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL HIGHLIGHTS Three Months ended December 31 Twelve Months ended December 31 (Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q4 2025 Q4 2024 FY 2025 FY 2024 Net revenues 526,596 341,791 1,782,940 1,193,050 Income from mining operations 373,402 215,208 1,226,337 703,386 Net income 234,205 129,147 792,151 426,050 Basic income per share ($) 0.97 0.54 3.29 1.78 Adj. net earnings1 234,205 129,147 792,151 421,596 Adj. net earnings per share1 0.97 0.54 3.29 1.76 EBITDA1 363,788 232,223 1,235,810 1,021,373 Adj. EBITDA1 363,788 232,223 1,235,810 779,549 Dividends paid per share 0.80 0.20 2.75 0.60 Cash flow from operations 358,405 192,021 1,023,029 662,390 Free cash flow1 328,197 163,767 925,799 304,208 Free cash flow per share1 1.36 0.68 3.84 1.27 Average realized gold price ($/oz sold)1 4,299 2,664 3,594 2,462 Cash operating cost ($/oz sold)1 947 709 838 712 All-in sustaining costs ($/oz sold)1 1,193 879 1,015 875 1. Please refer to page 15 in the Company's MD&A for the twelve months ended December 31, 2025 for an explanation of non-IFRS measures used. Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 13 FREE CASH FLOW1 Three Months ended December 31 Twelve Months ended December 31 (Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q4 2025 Q4 2024 FY 2025 FY 2024 Net cash provided by operating activities 358,405 192,021 1,023,029 662,390 Net cash used for investing activities (30,208) (28,254) (97,230) (93,504) Interest paid - - - (3,688) Finance charge paid - - - (260,990) Free cash flow1 328,197 163,767 925,799 304,208 Basic weighted average shares outstanding 241,392,452 240,101,527 241,033,793 239,312,029 Free cash flow per share1 1.36 0.68 3.84 1.27 1. Please refer to page 15 in the Company's MD&A for the twelve months ended December 31, 2025 for an explanation of non-IFRS measures used. Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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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 FLOW Slide 14 As at December 31, 2025, Lundin Gold had a working capital balance of $595 million compared to $459 million at December 31, 2024 Lundin Gold generated $1.0 billion in cash from operations ending the year with a cash balance of $630 million after the payment of $664 million in dividends. Q2 contribution was $192m 349 630 1,023 19 664 97 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 December 31, 2025 Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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ANNOUNCED QUARTERLY DIVIDEND OF $279 MILLION TO BE PAID OUT IN THE FOURTH QUARTER Announced quarterly cash dividends of $1.15 per common share consisting of: › Fixed dividend of $0.30 per share. › Variable dividend of $0.85 per share. › Variable dividend to be 100% of normalized free cash flow this quarter, above policy’s minimum of 50%. › The dividends will be payable on March 26, 2026 to shareholders of record at the close of business onMarch 11, 2026. › For shares trading on Nasdaq Stockholm the dividends will be paid on March 31, 2026. Dollars per share Approximate total in $m Fixed dividend 0.30 73 Variable dividend 0.85 205 Total quarterly dividend 1.15 278 Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Free cash flow1 – Q4 2025 328,197 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 fourth quarter (72,422) Normalized free cash flow after Fixed dividend 206,640 100% of normalized free cash flow paid as variable dividend 206,640 Shares outstanding as of February 19, 2026 241,715,318 Variable dividend per share 0.85 1. Please refer to page 15 in the Company's MD&A for the twelve months ended December 31, 2025 for an explanation of non-IFRS measures used. Slide 15 Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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PRESIDENT AND CEO JAMIE BECK Slide 16 Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 17 2025 MINERAL RESERVES AND MINERAL RESOURCES LARGEST FDN RESERVE AND RESOURCE STATEMENT EVER PUBLISHED Highest contained gold ounces ever reported at FDN › Proven & Probable Reserves: 5.85 Moz (25.66 Mt @ 7.09 g/t), +6% YoY after 0.53 Moz mining depletion • Includes FDNS inaugural Reserve: 0.54 Moz (2.50 Mt @ 6.66 g/t) › Measured & Indicated Resources: 7.48 Moz (32.61 Mt @ 7.13 g/t), +6% vs. 2024 • Includes FDNS conversion: 0.77 Moz (3.14 Mt @ 7.58 g/t), higher grade than 2024 Inferred › Inferred Resources: 2.03 Moz (10.25 Mt @ 6.17 g/t) • Added 0.58 Moz from FDNS + FDN East • Converted 0.91 Moz to M&I • Includes FDN East inaugural Inferred: 0.42 Moz (2.17 Mt @ 6.01 g/t) 2.8 Moz 3.2 Moz 4.3 Moz 4.3 Moz 2.4 Moz 2.0 Moz 2024 2025 Measured Resources Indicated Resources Inferred Resources Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 18 2016 Technical Report Mining Depletion Additions Dec 31, 2025 Mineral Reserves TRACK RECORD OF MINERAL RESERVE REPLACEMENT 1. Please see the Company’s press release dated February 17, 2026 titled “Lundin Gold Reports Record Mineral Reserves and Expands the FDN District with FDNS Reserve and FDN East Inferred Resource” for information regarding the assumptions, parameters and risks associated with the Mineral Reserve estimate 4.82 Moz 5.85 Moz3.95 Moz -2.93 Moz Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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NEAR MINE CONVERSION AND EXPLORATION FDNS Slide 19 Conversion Drilling › Recent results confirms strong gold mineralization with several standout intercepts › Defines wide, high-grade zones within the mineral envelope Continues to support › Mineral Reserve expansion at FDNS Exploration Drilling › Exceptional results outside the current Mineral Resource envelope › UGE-S-25-384 20.65m @ 91.32 g/t › Identifies new mineralized veins in the southern sector and northern extension › Demonstrates significant growth potential of the mineral system Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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NEAR MINE EXPLORATION FDN EAST Slide 20 Exploration Drilling › Newly discovered veins extend the footprint ~150 m beyond the inaugural Mineral Resource › Confirms a broader mineralized trend than previously defined › Potential extension under cover toward the Sandia porphyry Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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NEAR MINE EXPLORATION EMERGING PORPHYRY CORRIDOR Slide 21 Sandia › Best porphyry intercept to date: 322 m @ 1.08% CuEq, near surface. › Footprint: 1.3 km x 0.7 km x 1.0 km; open NW, east, and at depth. › Currently largest + highest grade porphyry system on FDN concessions. Trancaloma › Drilling into shallowing high-grade potassic core. › Footprint expanded to 1.3 km x 0.65 km x 1.0 km; open in multiple directions. Castillo › New shallow Cu-Au discovery, 2 km south of FDN, beneath ~100 m of conglomerates. › Highlight intercept: 101 m @ 0.80% CuEq, confirming southern continuity under Suarez Basin. Trancaloma West › Footprint: 1.1 km x 0.2 km x 0.5 km. › Mineralization + alteration consistent with Trancaloma. Chontas › Fifth porphyry system, 7 km south of Trancaloma/FDN. › Extends the mineralized corridor from 5 km to 10 km. Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Remain focused on health, safety and environmental performance Achieve 2026 production and unit cost guidance Targeting record exploration drilling program of 133,000 metres Complete mine to mill expansion study to evaluate increasing throughput beyond 5,500 tpd and make investment decision FDNS incorporated into Mineral Reserves, and underground mine development to proceed 2026 OBJECTIVES Slide 22 Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF Continue to return significant capital to shareholders via dividend
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LUNDIN GOLD Operational Excellence Cash Flow ESG Slide 23 Growth Lundin Gold Q4 and Full Year 2025 Conference Call | February 20, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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THANK YOU