Lundin Gold Reports High-Grade Gold Results including 124.27 g/t Au over 11.00 Metres at FDNS and 242.64 g/t Au over 3.30 Metres at Bonza Sur; Conversion Drilling Commences at FDN East

Lundin Gold Inc. (LUG) released assay results from ongoing conversion and near-mine exploration drilling at the Fruta del Norte (FDN) district, covering the FDNS, FDN East, and Bonza Sur areas. The company confirmed that no resource, reserve, guidance, or economic figures have been changed as a result of this data.

Highlights from the FDNS conversion drilling, reported as core lengths rather than true widths, include: * FDN-C26-535: 124.27 g/t Au over 11.00m from 118.30m, including 1,290.00 g/t over 1.00m (true width 10.34m) * FDN-C26-537: 102.39 g/t over 7.60m from 14.60m, including 231.86 g/t over 3.25m (true width 6.89m) * FDN-C26-508: 151.27 g/t over 3.20m from 112.75m, including 1,180.00 g/t over 0.40m (true width 3.01m) * FDN-C26-542: 50.26 g/t over 6.25m from 62.30m, including 353.12 g/t over 0.85m (true width 6.16m)

Conversion drilling at FDN East yielded the following highlights: * UGE-E-26-566: 59.12 g/t over 4.45m from 241.95m, including 102.00 g/t over 1.10m * FDN-C26-515: 23.80 g/t over 3.35m from 182.55m, including 52.90 g/t over 1.00m

Exploration drilling at FDNS produced these results: * UGE-S-26-554: 20.95 g/t over 8.45m from 22.70m, including 56.32 g/t over 2.85m * UGE-S-26-527: 21.42 g/t over 7.95m from 168.50m, including 50.45 g/t over 3.15m * UGE-S-26-533: 27.39 g/t over 6.75m from 67.20m, including 123.08 g/t over 1.30m

At Bonza Sur, exploration drilling returned a highlight of: * BLP-2026-559: 242.64 g/t Au over 3.30m from 141.20m, including 1,090.00 g/t over 0.70m

The company described the Bonza Sur interval as the highest-grade interval ever recorded at the deposit.

Drilling activity context indicates that FDNS has seen approximately 22,979m drilled across 190 holes since January 2026 using five underground rigs. FDN East has recorded approximately 4,237m across 15 holes since August 2026 using one underground rig, with 39m of development completed to 30 September. Bonza Sur is being advanced using three surface rigs. Current resource estimates include an inaugural reserve at FDNS of 0.54 moz (2.50 Mt @ 6.66 g/t) and an inferred resource at FDN East of 0.42 moz (2.17 Mt @ 6.01 g/t).

Lundin Gold Inc. (LUG) is an established producer with a market capitalization of approximately C$20.5 billion, an annual production rate of roughly 500 koz, zero debt, and US$507 million in cash. For a company at this stage, a drill hole is significant only if it alters reserves, mine life, or net asset value (NAV); this release does not change any of those metrics.

The Fruta del Norte South (FDNS) reserve stands at 0.54 moz, with an inferred resource of 0.42 moz at FDN East, situated within a 5.85 moz put-and-tear (P&P) base. The release’s primary contribution is strategic continuity, supporting the thesis that FDNS, FDN East, and Bonza Sur can help sustain approximately 500 koz/yr as the main FDN orebody matures. This serves as a confirmation that the existing story remains intact rather than a signal that the story has changed.

The peak FDNS result previously reported was the May 2026 hole returning 5,008 g·m. The best result in this release, 1,367 g·m, is well under half of that previous high. However, the market price does not appear to fully embed that previous anchor; the stock has round-tripped from C$128.57 in February 2026 to C$84.91, representing a decline of roughly 34% from its high and placing it near the lower half of its 52-week range. In this context, only a result materially better in grade and width than anything previously demonstrated would justify a material positive rating. This release represents an in-line to slightly stronger confirmation, along with one incremental record from Bonza Sur, rather than a material change.

Lundin Gold Inc. (LUG) is a Vancouver-headquartered, debt-free gold producer whose sole operating asset is the Fruta del Norte mine in southeast Ecuador. The mine is among the highest-grade operating gold mines in the world, processing approximately 5,500 tonnes per day with a head grade of 8.3-10 g/t and a recovery rate of 88-91%.

In 2025, the company produced 498,315 ounces of gold, generating record fiscal year revenue of US$1.78 billion, net income of US$792 million, and free cash flow of US$926 million. For 2026, Lundin Gold has guided production between 475,000 and 525,000 ounces at an all-in sustaining cost of US$1,110-1,170 per ounce. The third quarter of 2026 set a record output of 153,736 ounces. During the first half of 2026, the company reported revenue of US$1.05 billion and free cash flow of US$444.5 million, holding US$507 million in cash with no debt.

The company has implemented aggressive capital return policies, including a fixed quarterly dividend of US$0.30 and a variable dividend set at 100% of normalized free cash flow. Additionally, Lundin Gold distributed a US$747 million dividend-in-kind consisting of LunR Royalties shares from a silver stream-for-equity transaction and renewed its normal course issuer bid (NCIB) for 5% of shares, which remains unused to date.

Growth initiatives include the Fruta del Norte South (FDNS) project, which holds an inaugural reserve of 0.54 million ounces with development advancing, and Fruta del Norte East (FDN East), which contains an inferred resource of 0.42 million ounces where development and conversion drilling began in 2026. Exploration efforts are also underway at Bonza Sur and Quebrada Dorada, as well as a district comprising seven identified copper-gold porphyry centres. The Sandia project is the most advanced of these, with a maiden mineral resource estimate targeted for early 2027.