Lundin Gold Drills 491.62 G/T Au Over 5.20M; Exploration Confirms Larger Mineralized Systems at Both FDNS and FDN East

VANCOUVER, BC, Nov. 20, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") announces strong results from its conversion and near-mine exploration drilling programs at its 100% owned Fruta del Norte (“FDN”) gold mine in southeast Ecuador. The Company has completed the 2025 conversion program at Fruta del Norte South (“FDNS”) on a portion of the existing Inferred Mineral Resource, advancing engineering studies toward an initial Mineral Reserve estimate in early 2026. In addition, exploration drilling continues to return strong results at FDNS and FDN East, confirming larger mineralized systems and providing confidence in their potential for future growth. Highlights from drilling programs at FDNS and FDN East are outlined below, with detailed results provided in Appendix 1.

Jamie Beck, President and CEO, commented, “I’m pleased to report outstanding results from our 2025 programs, which continue to demonstrate the significant potential around Fruta del Norte. At FDNS, the conversion program achieved the highest-grade intercept ever drilled, a major milestone as we advance toward an initial Mineral Reserve estimate early next year—less than two years since discovery. Exploration drilling also confirms that FDNS is a larger mineralized system and now, FDN East emerges as a new epithermal vein deposit near existing infrastructure, offering meaningful upside. Based on these successes as well as the results on the emerging porphyries, we expanded our 2025 drilling program to a minimum of 120,000 metres with 17 rigs, the largest program ever undertaken on the FDN land package.”

FDNS Conversion Program Drilling Highlights (not true widths):

• Drill hole FDN-C25-305 intersected 491.62 grams per tonne (“g/t”) of gold (“Au”) over 5.20m from 40.60m, including:
  • 2,286 g/t Au over 1.10m
• Drill hole FDN-C25-260 intersected 41.46 g/t Au over 6.30m from 59.60m, including:
  • 469.0 g/t Au over 0.50m
• Drill hole FDN-C25-261 intersected 22.76 g/t Au over 10.50m from 80.0m, including:
  • 83.38 g/t Au over 1.95m
• Drill hole FDN-C25-259 intersected 33.71 g/t Au over 6.30m from 38.90m, including:
  • 485.0 g/t Au over 0.40m

Drill results confirmed the gold mineralization with several outstanding intercepts and defined new mineralized zones within the main vein system. The 2025 conversion program targeted a portion of the existing Inferred Mineral Resource. Engineering studies and mine design are well advanced to support an initial Mineral Reserve estimate in Q1 2026 as well as inclusion into FDN’s long term mine plan.

FDNS Exploration Program Drilling Highlights (not true widths):

• Drill hole UGE-S-25-338 intersected 23.23 g/t Au over 7.70m from 51.35m, including:
  • 329.0 g/t Au over 0.40m
• Drill hole FDN-C25-325 intersected 55.78 g/t Au over 3.15m from 283.45m, including:
  • 256.0 g/t Au over 0.65m

Exploration drilling at FDNS continues to return strong results and has expanded the limits of the deposit and confirmed a larger mineralized system than previously understood, providing confidence in further growth potential.

FDN East Exploration Program Drilling Highlights (not true widths):

• Drill hole UGE-E-25-328 intersected 14.10 g/t Au over 10.80 m from 332.00m including:
  • 56.09 g/t Au over 2.40m
• Drill hole UGE-E-25-360 intersected 9.27 g/t Au over 15.05m from 226.35m, including:
  • 17.51 g/t Au over 4.20m

The initial geological model reveals an emerging epithermal vein-type deposit located approximately 100 metres east of FDN’s current underground infrastructure. Recent intercepts highlight meaningful potential for further growth, with multiple subparallel veins extending 500 metres along the north-south direction and remains open for expansion.

DRILLING PROGRAMS

Lundin Gold’s near-mine exploration strategy is focused on extending mine life by identifying and delineating new mineralized zones close to FDN’s operations.  Over recent years, these programs have driven resource growth and led to the discovery of new sectors, contributing to Mineral Reserve expansion since commercial production was achieved, ultimately resulting in successful Reserve replacement in 2023 and 2024.  In 2025, underground drilling prioritized conversion of Inferred Resources at FDNS while continuing exploration along its extensions and at FDN East (see Figure 1).

Earlier in the year, the Company expanded its 2025 drilling program from 80,000 metres to a minimum of 120,000 metres, reflecting recent exploration success.  Seventeen rigs are currently active across conversion and near-mine exploration programs, marking the largest drill program ever undertaken on the FDN land package.

FDNS

Since January, underground drilling at FDNS has focused on converting Inferred Resources to Indicated status, with the ultimate goal of integrating the deposit into FDN’s long-term mine plan in 2026.  The program also targeted areas for potential expansion.

Discovered in 2024, FDNS is an epithermal vein system located along the southern limit of FDN and currently hosts an Inferred Resource of approximately 2.09 Moz from 12.35 Mt at an average grade of 5.25 g/t Au.  For details on FDN’s Mineral Reserve and Resource estimate as at December 31, 2024, please refer to the Company’s Annual Information Form dated March 17, 2025 (the “AIF”), available at www.sedarplus.ca.

During the past several months, conversion and expansion drilling advanced significantly, with 16,282 metres drilled across 97 holes.  Results have improved confidence in the geological model, confirmed continuity of mineralization, and defined higher-grade zones within the vein system (see Figures 1 and 2).  Notably, hole FDN-C25-305 returned 491.62 g/t Au over 5.20m, including 2,286 g/t Au over 1.10m, the highest-grade intercept ever recorded at FDNS.  Assay results are presented in Table 1.

Exploration drilling also confirmed mineralization continuity beyond FDNS’s eastern and southern limits (Figures 1 and 2).  For example, UGE-S-25-338 (23.23 g/t Au over 7.70m) and FDN-C25-325 (55.78 g/t Au over 3.15m) defined new high-grade veins and indicate further potential in these sectors.  Complete assay results received to date are presented in Tables 1 and 3; some results remain pending.

All results are being incorporated into the geological model and will support the initial Mineral Reserve and updated Mineral Resource estimate in Q1 2026, while conversion and exploration drilling continues.  Mine engineering work is also advancing to evaluate geotechnical, metallurgical, and infrastructure requirements for integration into FDN’s 2026 long-term mine plan.

FDN EAST

At FDN East, exploration continues to define and expand a new buried epithermal vein system located approximately 100 metres east of FDN’s existing underground infrastructure. Since its discovery, drilling has delineated multiple subparallel veins trending north-south over a strike length of approximately 500 metres, which remains open (see Figure 3).

The most recent drilling results continues to confirm the continuity of the gold mineralization with wider mineralized zones in distinct sectors of the system (Figure 3).  Drill holes UGE-E-25-328 (14.10 g/t Au over 10.80m and 23.91 g/t Au over 4.85m) and drill hole UGE-E-25-360 (9.27 g/t Au over 15.05m) yielded some of the most notable results ever recorded at FDN East.  Assay results from the drilling undertaken at FDN East are presented in Table 2.

These results support our initial geological model, which indicates an emerging epithermal vein-type deposit with meaningful potential for future growth. A second drill rig has been mobilized to accelerate delineation along the system’s extensions. Assay results are presented in Table 2.

Figure 1: Map showing FDN deposit, the FDN East target and FDNS selected drilling results

Figure 2: Map showing FDN and FDNS deposit with selected FDNS conversion and exploration drilling results

Figure 3: Map showing FDNS, FDNS deposit and FDN East with selected FDN East drilling results

Qualified Persons and Technical Notes

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analyzed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru.  The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples.  The remaining half core is retained for verification and reference purposes.  For further information on the assay, QA-QC, and data verification procedures, please see Lundin Gold’s AIF.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation.  This information was publicly communicated on November 20^th 2025 at 4:00 p.m. Pacific Time through the contact persons set out below.

Caution Regarding Forward-Looking Information and Statements

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements").  Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks, and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information.  Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct.  Forward-looking information should not be unduly relied upon.  This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements relating to the Company’s exploration plans, activities and results and its plans to update its estimates of Mineral Reserves and Resources.  There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's AIF.

Lundin Gold's actual results could differ materially from those anticipated.  Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company’s shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

APPENDIX 1

Table 1: Drillhole assay results from the drilling program at FDNS reported for thickness versus grade
intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths and true widths