Lundin Gold Extends Porphyry Corridor to 10km's with Discovery of Fifth Porphyry; Sandia Returns Highest Grade Intercept to Date Including 322 Metres of 1.08% CuEq

Executive Summary

• Lundin Gold announced significant exploration results from its 100% owned Fruta del Norte (FDN) gold mine in Ecuador, confirming a large intrusive complex hosting multiple shallow copper-gold porphyry systems.
• The discovery of the Chontas system extends the broader porphyry corridor to at least 10 km, with five distinct systems now identified: Sandia, Trancaloma, Trancaloma West, Castillo, and Chontas.
• Sandia returned the highest grade porphyry intercept to date, including 322.30 meters of 1.08% CuEq near surface, while other targets showed expanded footprints and continuity.

Key Details

• Chontas (New Discovery):
  • Confirmed a fifth porphyry system located 7 km south of Trancaloma and FDN.
  • Drill hole CHT-2025-374 intersected 507.60 m at 0.27% CuEq from 20.10 m, including 232.80 m at 0.44% CuEq.
  • Extends the north-south porphyry corridor from 5 km to at least 10 km.
• Sandia:
  • Identified as the largest and highest-grade known porphyry system on FDN concessions.
  • Drill hole SND-2025-383 intersected 603.25 m at 0.79% CuEq from 27.00 m, including 322.30 m at 1.08% CuEq (highest grade intercept to date).
  • Drill hole SND-2025-378 intersected 694.20 m at 0.60% CuEq from 5.90 m, including 240.90 m at 0.90% CuEq.
  • Footprint expanded to 1,300 m strike x 700 m width x 1,000 m depth; open to the northwest, east, and at depth.
  • Four surface drill rigs currently active.
• Trancaloma:
  • Drilling expanded the system to 1,300 m strike x 650 m width x 1,000 m depth.
  • Drill hole TRL-2025-340 intersected 945.05 m at 0.43% CuEq from 152.30 m, including 202.25 m at 0.65% CuEq.
  • Drill hole TRL-2025-362 intersected 681.60 m at 0.44% CuEq from 46.40 m, including 395.75 m at 0.55% CuEq.
  • Potassic core is shallowing to the southeast; one surface rig active.
• Trancaloma West:
  • Defined a continuous mineral envelope of 1,100 m strike x 200 m width x 500 m depth.
  • Drill hole TRL-2025-365 intersected 582.55 m at 0.35% CuEq from 21.95 m, including 303.50 m at 0.43% CuEq.
  • One surface rig active.
• Castillo:
  • Confirmed southern continuity of higher-grade mineralization beneath Suarez Basin conglomerates.
  • Drill hole CAS-2025-376 intersected 100.80 m at 0.80% CuEq from 244.90 m, including 47.80 m at 1.26% CuEq.
  • One rig actively exploring to the south.
• Corridor Context:
  • Sandia, Trancaloma, Trancaloma West, and Castillo form a near-mine cluster.
  • The linkage between Sandia/Trancaloma and the new Chontas discovery defines a 10 km trend.
  • Copper equivalent calculation basis: US$4.00/lb Cu, US$1,800/oz Au, US$30/oz Ag, US$25/oz Mo with 80% metallurgical recoveries.

Notable Quotes

• "These results continue to highlight the remarkable copper-gold porphyry potential around Fruta del Norte. The discovery of a fifth system, and the extension of the corridor to 10 kilometres underscore the scale of this emerging copper‑gold district. Sandia's record intercept speaks to the strength of potential at‑surface mineralization, while ongoing drilling at Trancaloma, Trancaloma West, Castillo, and now Chontas, further defines the continuity of mineralization along the corridor. With multiple rigs turning, we are advancing what is increasingly looking to be a large porphyry district adjacent to FDN." — Jamie Beck, President and CEO