Slide 1: First Quarter 2026 Results Conference Call
FIRST QUARTER 2026 RESULTS CONFERENCE CALL (ALL AMOUNTS ARE IN U.S. DOLLARS UNLESS OTHERWISE INDICATED) MAY 7, 2026
Slide 2: Jamie Beck, President and CEO
JAMIE BECK PRESIDENT AND CEO Lundin Gold Q1 2026 Conference Call | May 6, 2026 Slide 2 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 3: Caution Regarding Forward Looking Information and Statements
CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS All statements, other than statements of historical fact, made and advised that, while such terms are recognized and required by information contained in this presentation and responses to There can be no assurance that such statements wil
Slide 4: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS - Gold production of 119,742 oz, with 115,308 oz sold Production - Average grade of ore milled was 8.4 g/t with average recovery at 89.2% - 496,798 tonnes milled at a record throughput rate of 5,520 tpd Cash Operating Costs1 - Cash operating costs1 of $987 per oz of gold sold and
Slide 5: Terry Smith, COO
TERRY SMITH COO Lundin Gold Q1 2026 Conference Call | May 7, 2026 Slide 5 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 6: Q1 2026 Safety Performance
Q1 2026 SAFETY PERFORMANCE 7 Lost Time Incidents 0.75 0.76 Medical Aid Incidents Total Recorable Incident Rate per 200,000 hours worked0.66 6 0.63 0.62 0.56 5 0.46 4 0.37 0.39 0.36 0.33 3 0.28 0.26 2 0.21 0.16 1 0.06 2 3 3 5 0 3 5 2 0 2 0.00 0 4 3 1 3 0 -0.04 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Slide 7: Strong Start to 2026
STRONG START TO 2026 Q1 2026 Results › Record throughput of 5,520 tpd achieved in Q1 119,742 oz Gold produced › 2026 production expected to be back-end weighted, reflecting planned plant maintenance and mine resequencing in Q2 leading to lower grades and throughput 79,451 oz 40,291 oz Gold as concen
Slide 8: Chester See, CFO
CHESTER SEE CFO Lundin Gold Q1 2026 Conference Call | May 7, 2026 Slide 8 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 9: First Quarter 2026 Financial Highlights
FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS Three Months ended March 31 (Tables are expressed in $’000, except share and per share amounts, or Q1 2026 Q1 2025 unless otherwise stated) Revenues 567,380 356,345 Income from mining operations 420,703 233,546 EBITDA1 423,895 241,502 Net income 273,331 153,50
Slide 10: Free Cash Flow
FREE CASH FLOW1 Three Months ended March 31 (Tables are expressed in $’000, except share and per Q1 2026 Q1 2025 share amounts, or unless otherwise stated) Net cash provided by operating activities 369,976 194,308 Net cash used for investing activities (21,466) (23,525) Free cash flow1 348,510 170,7
Slide 11: Cash Flow
CASH FLOW Lundin Gold generated $370 million in cash from operations ending the quarter with a cash balance of $704 million after the payment of $278 million in dividends. 3 22 36 278 370 21 330 662 Q2 contribution 144 was $192m 93 704 630 349 268 CashCash as atas Dec. 31, 2023 at Dec. 31, 2025 Cash
Slide 12: Announced Quarterly Dividend of $293 Million to Be Paid in Q2
ANNOUNCED QUARTERLY DIVIDEND OF $293 MILLION TO BE PAID OUT IN THE SECOND QUARTER Dollars per Approximate share total in $m Announced quarterly cash dividends of $1.21 per Fixed dividend 0.30 73 common share consisting of: Variable dividend 0.91 221 › Fixed dividend of $0.30 per share. Total quarter
Slide 13: Additional Dividend: Silver Stream-for-Equity Transaction with LunR Royalties
ADDITIONAL DIVIDEND SILVER STREAM–FOR–EQUITY TRANSACTION WITH LUNR ROYALTIES Summary LunR (TSXV: LUNR) is an emerging royalty and › Monetizes a non-core silver by-product while preserving full gold exposure streaming company focused on building and › Lundin Gold to receive 50.5 million LunR common s
Slide 14: Jamie Beck, President and CEO
JAMIE BECK PRESIDENT AND CEO Lundin Gold Q1 2026 Conference Call | May 7, 2026 Slide 14 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 15: Near Mine Conversion and Exploration FDNS
NEAR MINE CONVERSION AND EXPLORATION FDNS Conversion Drilling › Recent drilling intercepted the highest-grade intercepts ever recorded at FDNS, including the 2nd and 4th highest grade-thickness intercepts across the FDN property › Highlight Results ‒ FDN-C25-374 7.50m @ 667.78 g/t Au ‒ FDN –C26-380
Slide 16: Near Mine Exploration FDN East
NEAR MINE EXPLORATION FDN EAST Exploration Drilling › Drilling confirmed northward continuity beyond the inaugural Mineral Resource, including the highest-grade interval ever recorded at FDN East › Drilling also confirmed continuity of newly identified veins to the East › Deposit footprint now exten
Slide 17: Near Mine Exploration FDN
NEAR MINE EXPLORATION FDN Exploration Drilling › Drilling intersected the upper extension of the FDN mineral envelope close to existing underground infrastructure › Mineralization encountered along the Suarez conglomerate contact, confirming continuity above the current mining envelope › supporting
Slide 18: 2026 Objectives on Track
2026 OBJECTIVES ON TRACK Remain focused on health, safety and environmental performance TRIR of 0.39, continued focus On track, production H2 Achieve 2026 production and unit cost guidance weighted Targeting record exploration drilling program of ~30k metres drilled in Q1 133,000 metres FDNS incorpo
Slide 19: Lundin Gold
LUNDIN GOLD Operational Excellence Cash Flow Growth ESG Lundin Gold Q1 2026 Conference Call | May 7, 2026 Slide 19 TSX: LUG / OMX: LUG / OTCQX: LUGDF
Slide 20: Thank You
LUNDINGOLD #6 BUILDING 4 LEADING GOLD COMPANY THROUGH RESPONSIBLE MINING THANK YOU Certified