Lundin Gold drills 491.62 g/t gold over 5.20 metres; confirms larger mineralized system Fruta del Norte, Ecuador

Lundin Gold Inc. [TSX; Nasdaq Stockholm: LUG; OTCQX: LUGDF] reported 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.

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 g/t gold over 5.20 metres from 40.60 metres, including 2,286 g/t gold over 1.10 metres. 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 0.65.

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.

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.

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.

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. 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.

Exploration drilling also confirmed mineralization continuity beyond FDNS’s eastern and southern limits. 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.  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.

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.

The most recent drilling results continues to confirm the continuity of the gold mineralization with wider mineralized zones in distinct sectors of the system. 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.

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.

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador which is among the highest-grade operating gold mines in the world.