Lundin Gold Achieves New High in Contained Gold Ounces at Fruta del Norte

Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) has announced a significant milestone in its operations at the Fruta del Norte gold mine in Ecuador. The company has achieved a new high in contained gold ounces in both mineral reserves and resources at the mine, reflecting the successful conversion drilling, modifications to the mine design, and changes to technical parameters.

As of December 31, 2023, Lundin Gold's Probable Mineral Reserves at Fruta del Norte were reported at 21.70 Mt with an average grade of 7.89 g/t Au, containing 5.50 Moz of gold. This represents an increase from the previous estimate of 5.02 Moz, indicating that the company has more than replaced the depletion of approximately 1.38 Moz of gold from mining activities since the beginning of operations at FDN.

The Measured and Indicated Resources at Fruta del Norte, as at December 31, 2023, were reported at 23.53 Mt with an average grade of 9.24 g/t Au, containing 6.99 Moz of gold. This is an increase from the previous estimate of 6.99 Moz, demonstrating the company's ability to grow its resource base through exploration and conversion drilling.



The 2023 conversion drilling campaign was successful in reclassifying Inferred Resources to Indicated in areas immediately beyond the current Reserve boundary. This added approximately 0.35 Moz of new Inferred Resources, bringing the total Inferred Resources to 7.98 Mt with an average grade of 5.77 g/t Au, containing 1.48 Moz of gold.

Ron Hochstein, President and CEO of Lundin Gold, commented on the achievement, "I am extremely pleased to announce our year-end Reserve and Resource estimate. With this updated estimate, Lundin Gold has grown FDN's Mineral Reserves since operations began in 2019, adding approximately 2.6 Moz before mining depletion. This kind of success is only possible with an asset of exceptional quality like FDN and a strong geology team."

The company's 2024 exploration expenditures are planned to be $40 million, primarily for in-mine and near-mine targets. This focus on exploration and conversion drilling is expected to continue enhancing the long-term growth prospects of the Fruta del Norte gold mine.

Lundin Gold's achievement of a new high in contained gold ounces in mineral reserves and resources at Fruta del Norte reflects the company's commitment to exploration, cost management, and sustainable growth. As the company continues to invest in its operations and explore new opportunities, it is well-positioned to maintain its competitive edge in the gold mining industry.