Slides
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THIRD QUARTER 2026 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) NOVEMBER 5, 2026
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PRESIDENT AND CEO JAMIE BECK Slide 2 Lundin Gold Q3 2026 Conference Call | November 5, 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; plans with respect to mine development and process expansion; the Company’s declaration and payment of dividends pursuant to its dividend policy; future purchases under the Company's normal course issuer bid; 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 Annual Information Form dated March 20, 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 Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Q3 2026 HIGHLIGHTS Production - Gold production of 153,736 oz, with 148,326 oz sold - Average grade of ore milled was 10.1 g/t with average recovery at 88.3% - 535,711 tonnes milled at a throughput rate of 5,823 tpd Cash Operating Costs1 and AISC1 - Cash operating costs1 of $862 per oz of gold sold - AISC1 at $1,037 per oz of gold sold at an AISC margin2 of 76% Cash Flow - Generated cash flow from operations of $377m and free cash flow1 of $331m - Quarter end cash balance of $574m after $261m in dividend payments - Announced Q3 dividends of $1.14/share totalling ~$275m - Repurchased 49,500 shares for ~$3m Growth - Mine to Mill Expansion Study >5,500 tpd evaluation on track for end of 2026 - FDNS – Development advancing; strong exploration success expanding footprint - FDN East – Footprint expanding; development and conversion drilling underway - Quebrada Dorada – Gold discovery extending epithermal trend to 8km - Bonza Sur – High-grade zones deliver highest-grade intercepts to date - Porphyries – Sandia advancing towards maiden mineral resource in early 2027 1. Please refer to page 13 in the Company's MD&A for the three and nine months ended September 30th, 2026 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 Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 5 COO TERRY SMITH Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 6 Q3 2026 SAFETY PERFORMANCE 2 3 0 5 0 0 1 0 03 5 3 2 2 4 3 3 2 0 0.63 0.75 0.33 0.62 0.21 0.00 0.37 0.28 0.39 0.19 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 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Lost Time Incidents Medical Aid Incidents Total Recordable Incident Rate per 200,000 hours worked Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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STRONG THIRD QUARTER; POSITIONED TO ACHIEVE GUIDANCE Slide 7 Q3 2026 Results 153,736 oz Gold produced 103,311 oz Gold as concentrate 50,425 oz Gold as doré 535,711 Tonnes milled 10.1 g/t Average Head Grade 88.3% Average recovery 5,823 tpd Average Mill Throughput 475,000 – 525,000 oz 2026 Gold Production Guidance YTD 2026 Results 392,472 oz Gold produced 261,970 oz Gold as concentrate 130,502 oz Gold as doré 1,532,652 Tonnes milled 9.0 g/t Average Head Grade 88.9% Average recovery 5,614 tpd Average Mill Throughput › Record quarterly throughput and ounces › Average throughput exceeded 5,800 tonnes per day › 2026 guidance confirmed › Fourth quarter production expected to moderate › FDNS Mine-to-Mill Expansion Study on track for completion by year-end › Detailed engineering, scheduling and cost estimation activities are ongoing Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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DEVELOPMENT PROGRESSING AT FDNS AND FDN EAST Slide 8 MINE PORTAL FDN FDNS FDN East 500m › Development at FDNS progressing › 102 metres completed from the south portal (218 metres year-to-date) › 49 metres on 1170 level (221 metres year-to-date) › 39 metres of development towards FDN East completed FDN M&I Resources FDNS Ind. Resources Existing development FDN East Inf. Resources Planned development 2026 development A A’ A Long section (looking east) FDN FDNS 39m of development into FDN East Development completed on 1170 level 102m of development from the south portal SOUTH PORTAL 1170 LEVEL 1080 LEVEL FDNS stopes FDN stopes A’ Exploration Development on 1080 level Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 9 CFO CHESTER SEE Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 10 THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS Three Months Ended Sept. 30th Nine Months Ended Sept. 30th (Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Ounces sold 148,326 124,911 374,019 379,289 Revenues 632,998 447,119 1,678,070 1,256,344 Income from mining operations 467,706 305,228 1,225,099 852,935 Adjusted EBITDA1 480,031 311,680 1,250,665 872,022 Adjusted earnings1 296,841 207,715 772,113 557,946 Adjusted earnings per share ($) 1 1.23 0.86 3.19 2.32 Dividends paid per share 1.08 0.79 6.53 1.95 Average realized gold price ($/oz sold)1 4,299 3,634 4,518 3,364 Cash operating cost ($/oz sold)1 862 861 946 802 All-in sustaining costs ($/oz sold)1 1,037 1,036 1,102 957 1. Please refer to page 13 in the Company's MD&A for the three and nine months ended September 30, 2026 for an explanation of non-IFRS measures used. Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 11 FREE CASH FLOW1 Three Months Ended Sept. 30th Nine Months Ended Sept. 30th (Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net cash provided by operating activities 376,935 215,533 872,098 664,623 Net cash used for investing activities (44,167) (24,385) (90,344) (67,022) Settlement of silver stream obligation (1,905) - (6,353) - Free cash flow1 330,863 191,148 775,401 597,601 Basic weighted average shares outstanding 241,821,214 241,285,625 241,773,867 240,912,920 Free cash flow per share1 1.37 0.79 3.21 2.48 1. Please refer to page 13 in the Company's MD&A for the three and nine months ended September 30, 2026 for an explanation of non-IFRS measures used. Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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630 872 (6) (832) (91) 574 Cash as at December 31, 2025 Net cash from operations Financing activities Cash dividends paid Cash used in investing activities Cash as at September 30, 2026 CASH BALANCE Slide 12 As at September 30, 2026, Lundin Gold had a working capital balance of $477 million compared to $595 million at December 31, 2025 Lundin Gold generated $872 million in cash from operations YTD 2026 with a cash balance of $574 million after the payment of $832 million in dividends. Annual profit sharing and tax amount of $221 million included Excludes $747 million LunR dividend in kind 1. Please refer to page 13 in the Company's MD&A for the three and nine months ended September 30, 2026 for an explanation of non-IFRS measures used. 2. Financing activities includes settlement of silver stream obligation, proceeds from the exercise of stock options, and shares repurchased. Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF 2
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ANNOUNCED QUARTERLY DIVIDEND OF $275 MILLION TO BE PAID OUT IN THE FOURTH QUARTER Announced quarterly cash dividends of $1.14 per common share consisting of: › Fixed dividend of $0.30 per share. › Variable dividend of $0.84 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 December 23, 2026 to shareholders of record at the close of business on December 8, 2026. › For shares trading on Nasdaq Stockholm the dividends will be paid on December 30, 2026. Continue opportunistic NCIB purchases, reflecting confidence in our long-term value. Dollars per share Approximate total2 in $m Fixed dividend 0.30 72 Variable dividend 0.84 203 Total quarterly dividend 1.14 275 Tables are expressed in $’000, except share and per share amounts, or unless otherwise stated Free cash flow1 – Q3 2026 330,863 2026 annual payments of $221.4m pro-rated quarterly (55,342) Fixed dividends paid (72,545) Normalized free cash flow after fixed dividend 202,976 100% of normalized free cash flow paid as variable dividend 202,976 Shares outstanding as of November 4, 2026 241,601,862 Variable dividend per share 0.84 Slide 13 1. Please refer to page 13 in the Company's MD&A for the three and nine months ended September 30, 2026 for an explanation of non-IFRS measures used. 2. Total may not add due to rounding. Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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PRESIDENT AND CEO JAMIE BECK Slide 14 Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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HIGH-GRADE INTERCEPTS EXTEND FDNS ENVELOPE Slide 15 Conversion Drilling › Demonstrating continuity of high-grade zones in support of resource and reserve growth › Highlight Results ‒ FDN-C26-535 11.00 m @ 124.27 g/t Au ‒ Including 1.00m @ 1,290.00 g/t ‒ FDN-C26-537 7.60 m @ 102.39 g/t Au Exploration Drilling › High-grade intercepts along the upper contact continue to extend mineralized envelope › Highlight Result ‒ UGE-S-26-554 8.45 m @ 20.95 g/t Au Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF FDN FDN M&I Resources FDNS Ind. Resources Q3 Conversion Results FDNS FDNS & FDNE Inf. Resources 500m FDN East FDN-C26-506 4.05m @ 39.79 g/t Au (115.25m) Incl. 1.60m @ 94.03 g/t Au FDN-C26-546 7.30m @ 29.98 g/t Au (64.40m) Incl. 0.75m @ 275.00 g/t Au FDN-C26-490 3.30m @ 29.12 g/t Au (5.85m) Incl. 0.80m @ 112.20 g/t AuFDN-C26-519 3.75m @ 20.80 g/t Au (20.60m) Incl. 0.45m @ 138.50 g/t Au 3.65m @ 9.71 g/t Au (28.00m) Incl. 1.85m @ 18.21 g/t Au FDN-C26-508 3.20m @ 151.27 g/t Au (112.75m) Incl. 0.40m @ 1,180.00 g/t Au FDN-C26-504 2.75m @ 93.18 g/t Au (14.40m) Incl. 0.40m @ 626.00 g/t Au FDN-C26-488 5.50m @ 39.59 g/t Au (19.10m) Incl. 0.45m @ 462.00 g/t Au FDN-C26-542 6.25m @ 50.26 g/t Au (62.30m) Incl. 0.85m @ 353.12 g/t Au 8.95m @ 10.44 g/t Au (116.40m) Incl. 1.35m @ 54.51 g/t Au FDN-C26-535 3.75m @ 5.80 g/t Au (82.25m) Incl. 0.85m @ 22.04 g/t Au 11.00m @ 124.27 g/t Au (118.30m) Incl. 1.00m @ 1,290.00 g/t Au FDN-C26-537 7.60m @ 102.39 g/t Au (14.60m) Incl. 3.25m @ 231.86 g/t Au 8.80m @ 37.08 g/t Au (27.80m) Incl. 1.90m @ 153.40 g/t Au FDN-C26-549 8.45m @ 15.58 g/t Au (73.85m) 11.05m @ 20.38 g/t Au (90.65m) Incl. 0.85m @ 227.58 g/t Au
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FDN MINE PORTAL Planned UG development FDN East FDN-C26-496 5.95m @ 4.98 g/t Au (116.65m) Incl. 1.85m @ 9.12 g/t Au Incl. 0.40m @ 14.75 g/t Au FDN-C26-547 1.20m @ 29.51 g/t Au (162.20m) Incl. 0.40m @ 87.20 g/t Au FDN-C26-558 5.35m @ 5.73 g/t Au (248.00m) Incl. 2.05m @ 10.91 g/t Au 8.40m @ 6.66 g/t Au (256.10m) Incl. 1.35m @ 14.89 g/t Au UGE-E-26-566 4.45m @ 59.12 g/t Au (241.95m) Incl. 1.10m @ 102.00 g/t Au 3.90m @ 18.51 g/t Au (256.45m) Incl. 0.90m @ 46.30 g/t Au 100m W E FDN Mineral Resource FDN East Conversion Area FDN UG Infrastructure FDN East Inferred Resource Q3 Conversion Results Planned UG Infrastructure 200m FDN and FDN East – Cross-Section (Looking North) CONVERSION DRILLING STARTS AT FDN EAST Slide 16 Exploration Drilling › Drilling confirmed continuity of the mineralization and the geological model along the western portion of the deposit › Conversion drilling has commenced to upgrade material › Highlight Results ‒ UGE–E-26-566 4.45 m @ 59.12 g/t Au ‒ And 3.90m @ 18.51 g/t Au ‒ FDN-C26-558 5.35m @ 5.76 g/t Au ‒ And 8.40m @ 6.66g/t Au Development continued through the third quarter to provide better access for drilling and potential future production Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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Slide 17 HIGH-GRADE AT BONZA SUR PROVIDES UNDERGROUND OPTIONALITY Exploration Drilling › Drilling of high- grade zones within Bonza Sur returned two of the highest- grade intercepts ever drilled at the deposit › Highlight Results ‒ BLP-2026-553 3.05 m @ 204.26 g/t Au ‒ Including 0.60m @ 1,035 g/t Au ‒ BLP-2026-559 3.30 m @ 242.64 g/t Au ‒ Including 0.70m @ 1,090.00 g/t Au Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF BONZA SUR FDN East FDNS FDN Longitudinal Section - FDN – Bonza Sur Mineralized Trend-4 km (Looking East)N S BLP-2026-553 3.05m @ 204.26 g/t Au (140.25m) Incl. 0.60m @ 1,035.00 g/t Au BLP-2026-559 13.65m @ 7.68 g/t Au (91.20m) Incl. 0.55m @ 57.90 g/t Au 3.30m @ 242.64 g/t Au (141.20m) Incl. 0.70m @ 1,090.00 g/t Au BLP-2026-475-D7 1.00m @ 9.69 g/t Au (591.65m) Incl. 0.40m @ 22.80 g/t Au BLP-2026-475-D5 4.45m @ 11.29 g/t Au (903.65m) Incl. 0.40m @ 120.00 g/t Au 7.20m @ 6.03 g/t Au (939.30m) Incl. 0.40m @ 40.10 g/t Au 2.90m @ 25.24 g/t Au (962.45m) Incl. 0.40m @ 179.00 g/t Au BLP-2026-483-D1 4.20m @ 28.05 g/t Au (698.30m) Incl. 2.30m @ 50.44 g/t Au BLP-2026-562 10.35m @ 3.75 g/t Au (71.40m) Incl. 1.10m @ 10.70 g/t Au 5.30m @ 4.14 g/t Au (176.70m) Incl. 0.85m @ 16.20 g/t Au 1,500m FDN deposit FDNS deposit FDN East deposit Bonza Sur deposit 2026 results Pending results Previous high-grade Results Higher-grade zones
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Slide 18 NEW EPITHERMAL DISCOVERY AT QUEBRADA DORADA Extends known epithermal district to 8km from FDN to Quebrada Dorada › Highlight intercepts: 13.05 m @ 6.53 g/t Au and 3.15m @ 20.15 g/t Au Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF BONZA SUR FDN East FDNS FDN QUEBRADA DORADA DISCOVERY N S ALE-2026-529 3.15m @ 20.15 g/t Au (361.70m) Incl. 0.65m @ 96.70 g/t Au AMS-2025-297 0.95m @ 10.15 g/t Au (472.75m) Incl. 0.40m @ 14.60 g/t Au ALE-2026-482 0.40m @ 26.50 g/t Au (300.20m) CHT-2026-495 13.05m @ 6.53 g/t Au (194.70m) Incl. 3.00m @ 22.81 g/t Au ALE-2026-545 Assays pending (visible gold) Longitudinal Section: FDN – Quebrada Dorada Mineralized Trend - 8 km (Looking East) FDN Deposit FDNS Deposit Quebrada Dorada Bonza Sur Deposit FDN East Deposit Mineralized Intercepts 2 km
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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 ON TRACK Slide 19 Continue to return significant capital to shareholders via dividend and share buybacks On track, guidance reiterated ~109k metres drilled YTD FDNS Reserves published, UG development underway On track, by end of 2026 TRIR of 0.19, continued focus $832m returned YTD, Q3 dividend of $275m declared Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF Deliver maiden mineral resource estimate for Sandia porphyry deposit in early 2027 On track for early 2027
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LUNDIN GOLD Operational Excellence Cash Flow ESG Slide 20 Growth Lundin Gold Q3 2026 Conference Call | November 5, 2026 TSX: LUG / OMX: LUG / OTCQX: LUGDF
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THANK YOU