Results Provide Strong Foundation to Meet 2024 Guidance


VANCOUVER, BC, May 8, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to report results for the first quarter of 2024, highlighted by gold production of 111,572 ounces ("oz") and gold sales of 108,916 oz at a cash operating cost[1] of $735 per oz sold and all-in sustaining cost ("AISC")1 of $868 per oz sold from its Fruta del Norte gold mine ("Fruta del Norte" or "FDN") located in southeastern Ecuador. Bolstered by strong operating performance, reduced debt servicing costs and record high gold prices, Fruta del Norte generated in excess of $100 million cash from operating activities in the first quarter, and free cash flow1 of $82.3 million or $0.35 per share, resulting in a cash balance of $324 million as at March 31, 2024. All amounts are in U.S. dollars unless otherwise indicated. View PDF

"I'm pleased to report another great start to the year for Lundin Gold. Operations are running consistently, including cost performance and production which is weighted to the second half of the year. Our Process Plant Expansion Project to deliver increased throughput and recoveries is on track for year-end completion. As a result of our conversion drilling, we announced the replacement of our Mineral Reserves and continue to focus on organic growth opportunities." Ron Hochstein, President and CEO commented, "With the buy out of the stream credit facility and offtake agreement, we are poised to repay the final piece of the Fruta del Norte project finance debt by the end of the second quarter, and are looking forward to further margin expansion in addition to unencumbered exposure to rising gold prices. 2024 is shaping up to be a great year with our continued focus on operational excellence, near-term production growth and very exciting exploration throughout the Fruta del Norte district."

OPERATING AND FINANCIAL RESULTS SUMMARY

The following two tables provide an overview of key operating and financial results. see & read more on
https://lundingold.com/news/lundin-gold-reports-first-quarter-of-2024-results-122768/

and

LUNDIN GOLD DECLARES QUARTERLY DIVIDEND
May 8, 2024
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VANCOUVER, BC, May 8, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce that its Board of Directors has declared a quarterly cash dividend of US$0.10 per common share. The dividend will be payable on June 25, 2024 to shareholders of record at the close of business on June 10, 2024. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. PDF Version

Based on today's closing price of the Company's common shares on the Toronto Stock Exchange ("TSX") of CAD$19.00, this quarterly dividend of US$0.10 per common share represents an estimated annual yield of approximately 2.9%.1

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1 Estimated yield assumes four quarterly dividends of US$0.10 per common share and has been calculated using today's CAD$ to US$ exchange rate of 1.3734 as provided by the Bank of Canada.


Starting May 27, 2024, the Canadian Capital Markets Association will shorten the settlement cycle to trade date plus one business day ("T+1"). As a result, the first day of trading without dividend ("ex-dividend date") will be June 10, 2024 for shares traded on TSX. For shares traded on Nasdaq Stockholm, the ex-dividend date will be June 7, 2024.

Dividends for shares trading on the TSX and the OTCQX will be paid in Canadian dollars on June 25, 2024, based on the prevailing exchange rate at the record date. Dividends for shares trading on Nasdaq Stockholm will be paid on June 28, 2024 in Swedish kronor (SEK) in accordance with Euroclear principles. To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from June 5, 2024, up to and including June 10, 2024 during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm. Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. For further details, please visit: www.lundingold/investors/dividends.