2023 production estimated between 425,000 to 475,000 ounces
Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company")
is pleased to announce its 2023 guidance and three-year gold production outlook. All amounts are in U.S.
dollars unless otherwise indicated.
Highlights:
• 2023 production is estimated between 425,000 to 475,000 ounces (“oz”).
• Cash operating costs¹ and all-in sustaining costs1
(“AISC”) for 2023 are expected to range between $700
and $760 and $870 and $940 per oz gold sold, respectively.
• Total sustaining capital in 2023 is estimated at $45 to $55 million.
• 28,000 metres is planned to be drilled under the 2023 near mine and regional exploration programs.
The Company’s outlook for production, sustaining capital and AISC for the next three years is provided in the
table below.
2023 2024 2025
Gold Production (oz) 425,000 – 475,000 450,000 – 500,000 465,000 – 515,000
Sustaining Capital ($ million) 45 – 55 25 – 35 45 – 55
Cash operating cost ($/oz)¹ 700 – 760 650 – 710 640 – 700
AISC ($/oz)¹ 870 – 940 780 – 850 800 – 870
1. Gold/silver price per oz assumptions for the three years are $1,650/$18.50, respectively.
Ron Hochstein, President and CEO commented, “Now that the South Ventilation Raise has been completed,
the additional ventilation will allow us to increase the rate of mining to 4,400 tonnes per day, to match the
expected throughput of the mill. At current gold prices and considering the low cost nature of this mine
notwithstanding inflationary pressure, we look forward to continuing generating strong free cash flow for
years to come with a production forecast well in excess of 400,000 oz.”
2023 Guidance and 2023-2025 Outlook
Gold production at Fruta del Norte for 2023 is estimated to be between 425,000 to 475,000 oz based on an
average throughput rate of 4,400 tpd. The head grade is estimated to average 9.67 g/t, with fluctuations
expected during the year as different sections of the ore body are mined. Average mill recovery for the year
is estimated at 90%.

1
See Non-GAAP Financial Measures below
Cash operating costs are estimated to range between $700 and $760 per oz of gold sold in 2023, with
variability expected during the year. AISC for 2023 is expected to range between $870 and $940 per oz of
gold sold, based on an assumed gold price of $1,650 / oz and silver price of $18.50 / oz. These reflect “steadystate” operations with higher unit costs compared to 2022 due to mining and milling ore with lower grade,
inflationary pressures resulting in increased costs of consumables and transportation, and higher
maintenance requirements as equipment ages.
Total sustaining capital in 2023 is estimated at $45 to $55 million and will include the fourth tailings dam
raise, a few items that were not completed in 2022 such as a new warehouse, as well as new projects such
as a new sewage water treatment plant and several efficiency improvements projects in the mine and plant.
The anticipated fluctuation in gold production over the three years is principally due to expected variations
in the grade of ore mined and milled. Except for variations in gold price and possible continuing inflationary
pressure which impact cash operating cost and AISC, the other significant factor affecting AISC is sustaining
capital which is expected to be higher in the years when a tailings dam lift is planned (2023 and 2025).
Other 2023 Activities
Consistent with the dividend policy approved in Q2 2022, the Company is planning to continue to pay
dividends, moving to quarterly dividends of at least $0.10 per share starting in March 2023 following release
of the annual results.
Lundin Gold also expects to continue its near mine and regional exploration programs and is planning 28,000
metres of drilling utilizing a minimum of five rigs in 2023 as compared to 22,500 metres in 2022.
The near-mine program will focus on underground and surface drilling at or near Fruta del Norte. Indications
from drilling in 2022 suggests significant potential for the extension of the Fruta del Norte resources at depth
as well as to east, west and south of the current resource envelope. The 2023 near mine program is estimated
to cost $9.4 million and intends to drill 15,500 metres. Drilling is aimed at confirming indications of both a
potentially larger Fruta del Norte mineralized envelope and the existence of satellite deposits.
The regional program will focus on several exploration targets located in the 16km long Suarez Basin, with
the objective of identifying another Fruta del Norte. The 2023 regional program is estimated to cost $11.7
million and will drill 12,500 metres.
Non-GAAP Financial Measures
This news release refers to certain financial measures, such as cash operating costs and AISC, which are not
measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures
may differ from those made by other companies and accordingly may not be comparable to such measures
as reported by other companies. These measures have been calculated on a basis consistent with historical
periods. Please refer to the Company's MD&A filed on SEDAR under the Company’s profile at
www.sedar.com, pages 13 to 16, for the third quarter of 2022 for an explanation of non-IFRS measures used.

Qualified Persons
The technical information relating to Fruta del Norte contained in this News Release has been reviewed and
approved by Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a Qualified Person under National Instrument 43-101.

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