Lundin Gold Corporate Presentation January 2018

2. 2
Disclaimers
All statements, other than statements of historical fact, made and information contained in this presentation and responses to questions constitute
“forward-looking information” or “forward-looking statements” as those terms are defined under Canadian securities laws ( “forward-looking statements”).
Forward-looking statements may be identified by terminology such “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).
By their nature, forward-looking statements 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. Lundin Gold
believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, but no assurance can be given that these
expectations will prove to be correct. In particular, this presentation contains forward-looking statements pertaining to: the Company’s project financing
and sources of liquidity; the Company’s exploration plans and activities; the value of the Company and the trading price of its shares; estimates of mineral
resources and reserves; the rate of development of the project; production plans and profiles; projected capital and operating costs; permitting and
regulatory approvals; capital expenditures and requirements; the expectations of market prices and costs; the development, construction and operation of
Fruta del Norte; anticipated future tax payments and rates, cash flows and their uses; and benefits under the Company’s agreements with the Government
of Ecuador.
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 as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form for the financial year ended
December 2016 and the Prospectus dated December 21, 2017, both of which are available on SEDAR at www.sedar.com. Forward-looking information
should not be unduly relied upon.
The technical information contained in this presentation relating to the Fruta Del Norte Project is based on a Technical Report prepared for the Company
entitled “Fruta del Norte Project, Ecuador, NI 43-101 Technical Report on Feasibility Study” dated June 15, 2016 with an effective date of April 30, 2016 (the
"2016 FDN TR"). Information of a scientific and technical nature in this presentation was reviewed and approved by Ron Hochstein, P.Eng., Lundin Gold’s
President and Chief Executive Officer, and Steve Leary, MAusIMM CP(Geo), an independent consultant to Lundin Gold, both of whom are Qualified Persons
within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).
Unless otherwise indicated, all dollar values herein are in US dollars.
Important Information for US Investors
This presentation may use the terms “measured", “indicated“, “inferred" and “historical” mineral resources. U.S. investors are advised that, while such
terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. “Inferred mineral
resources" and “historical estimates” have a great amount of uncertainty as to their existence and great uncertainty as to their economic feasibility. It
cannot be assumed that all or any part of an inferred mineral resource or a historical estimate will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Further, historical estimates are not
recognized under Canada’s NI 43-101. U.S. investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever
be converted to mineral reserves.
This presentation is not an offer of securities for sale in the United States or in any other jurisdiction. The Company’s securities have not been and will not
be registered under the United States Securities Act of 1933, as amended and may not be offered or sold within the United States absent registration or an
application exemption from registration.

3. 3
Building a Leading Gold
Company
• Fruta del Norte is a large, high-grade gold
deposit within a major mineralized trend
• Management and project team with
extensive mine construction and operating
experience
• Ecuador government open and supportive of
mining investment
• Project financing and commitment for senior
debt facility in place
• Construction underway
• First gold production expected in Q4 2019

4. 4
Capital Structure
Share Price1 $5.09
Shares Outstanding2 119.6 M
Market capitalization1 $609.1 M
52 week high/low1 $6.50/$4.07
Cash position3 $63.0 M
Major Shareholders1:
• Lundin Family
• Kinross
• CD Capital
• Kopernik Global
• Mackenzie Financial
• Invesco Canada
• AMG Fondsverwaltung AG
• Van Eck
1: As at January 25, 2018, in C$
2. As at December 31, 2017
3. As at September 30, 2017 in US$

5. 5
Management Team with Extensive
Mining Experience
Lukas Lundin – Chairman and Director
• 37 years of recognizing value and superior global investment opportunities in the natural resource sector
• Pursuit of highly prospective properties around the world has resulted in numerous resource discoveries, including the multi
million-ounce Veladero gold discovery
• Has led several companies through highly profitable business acquisitions and mergers such as Lundin Mining Corporation's $3.3
billion merger with EuroZinc Mining
Ron F. Hochstein - President, CEO & Director
• 35 years in the mining industry, including more than 20 year working with the Lundin Group
• Worked with a number of resource companies, most recently as President and CEO of Denison Mines Corp. from 2009 to 2015
Alessandro Bitelli - EVP, CFO
• 30 years experience in the resource industry and in public accounting, both in Europe and North America
• Former CFO of Redback Mining, which was acquired by Kinross in 2010 for $9.2 billion
David Dicaire - VP, Projects
• 35 years in the mining, engineering and construction industry, leading both Owners and EPCM teams on a variety of global
projects
• Project Director for Freeport McMoRan’s US$4.6 billion Cerro Verde Expansion Project in Peru, and previously worked on Agua
Rica Mine in Argentina (Glencore, prev. Xstrata) and Quellaveco Mine in Peru (Anglo American)
Nathan Monash - VP, Business Sustainability
• 15 years experience in resource business sustainability
• Worked extensively with the IFC, guiding extractive industry clients on the structure and implementation of sustainable
development strategies

6. 6
Ecuador Committed to Mining
• Ecuador established a mining
ministry in 2015 to encourage
mining investments
• Local communities support the
Fruta del Norte project
• Exploitation Agreement and
Investment Protection Agreement
signed with the Ecuadorian
government in December 2016
• Lundin Gold has major permits in
place and has begun construction
at Fruta del Norte

7. 7
Fruta del Norte is Within a Major Mineralized
Trend
Bonza Trend
Alejandro
Puente
Princesa
Rio Blanco
Robles
Emperador
• 70,000 ha of prospective exploration
acreage including the Bonza Las Peñas
trend, which hosts Fruta del Norte
• Suarez Pull-Apart Basin extends 16 km
south of Fruta del Norte, doubling the most
prospective trend
• Significant exploration upside exists -
numerous key targets with epithermal
geochemical signatures along the trend
have yet to be drilled
• 4,000 m exploration drill program underway
12 km south of Fruta del Norte

8. 8
Probable Reserves Represent Only 67%
of Indicated Resources
Main Area of
Reserves and
Resources
Fruta del Norte not
fully defined to the
south
Grade of Ore Blocks
3-5 – 5.0 g/t Au
5.0 – 10.0 g/t Au
> 10.0 g/t Au
North
600 m L
300 m H
100 – 200 m W

9. 9
15 Year Mine Life Based on Current
Probable Reserves
Tonnes
(000 t)
Au
Grade
(g/t)
Ounces
(000 oz)
Transverse Stope 11,685 8.82 3,314
Overhand Drift & Fill 3,905 10.36 1,301
Underhand Drift & Fill 711 10.77 246
Development Ore
(> 4.7 g/t)
96 11.02 34
Development Low Grade
(> 2.7 g/t)
375 3.70 45
TOTAL 16,774 9.16 4,940
Source: See Lundin Gold news release dated May 30, 2017
Fruta del Norte drill core

10. 10
Fruta del Norte is a Large, High-Grade
Gold Mine
0
50
100
150
200
250
300
350
400
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
AuGrade(g/t)
Annual Gold Production Profile
0
2
4
6
8
10
12
0
200
400
600
800
1000
1200
1400
1600
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Ore Processed Au Grade
kozs
Feed(ktonnes)
Processing Plant Feed
Source: See Lundin Gold news release dated May 30, 2017

11. 11
High Ounce / Low Tonne Per Day Mine
AverageAnnualAuproduction(ozs)
MillCapacity(tpd)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0
100,000
200,000
300,000
400,000
500,000
600,000
Average Annual Au Production Mill Capacity
• Fruta del Norte will produce an average of 325,000 ounces of Au per year from
approximately 3,500 tonnes per day
Source: Public company filings

12. 12
Fruta del Norte Project Update
• Underground mine development
into hard rock and should now
progress at a quicker pace
• All major process plant equipment
packages awarded
• Detailed engineering for process
plant, tailings facility and water
management well underway
• Process plant excavation is
progressing ahead of schedule -
concrete mill foundations expected
to start this quarter
• Powerline contractor on track to
begin building the powerline this
quarter
• North Access road is progressing
well and 32% has been built
Into hard rock in Kuri and K’isa

13. 13
Mine Waste Storage
Process Plant Portal Platform
Portals
Water Ponds
Crusher
Mine Site Under Construction
Process plant earthworks
Into hard rock
Mine temporary facilities including
warehouse, fab shop, dry and offices

14. 14
Major Environmental Permitting
Complete
Las Peñas and construction camp
• Received Environmental License for
Fruta del Norte in October 2016
• Environmental License for the powerline
received in January 2018
• Other key licenses and permits in
progress:
• Mountain Pass Quarry environmental
license
• Industrial and domestic water permits

15. 15
Underground Mine Development
on Track
Twin Portal
Declines
Dewatering
Galleries
North Orepass
Central Orepass
South Orepass
FAR
Portal Entrance

16. 16
Compact Footprint for Process Plant
Overlain on FS Layout

17. 17
First Gold Expected Q4 2019
Fruta del Norte Development
Timeline
2017 2018 2019 2020
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
North Access Road
Zamora River Bridge
Mountain Pass Quarry Development
River Road
Site Earthworks and Construction Camp
U/G Mine Development
Process Plant Detailed Engineering
Process Plant Construction
Power Line Construction
Tailings Construction
Process Plant Commissioning
Paste Plant Detailed Engineering and Construction
First Ore to Mill/Commercial Production

18. 18
Project Team with Global Mine
Development Experience
Louis Gignac
Project Advisor
• Rosebel Mine, Suriname (IAMGold)
• Essakane Mine, Burkina Faso (IAMGold)
• Omai Gold Mine, Guyana (Mahida Gold, prev. IAMGold)
Matt Gignac
Project Director
• Rosebel Mine, Suriname (IAMGold)
• Merian Mine, Suriname (Newmont)
• Mouska Mine, Canada (IAMGold)
Meredith Arnould
Project Business Manager
• Cerro Verde Mine, Peru (Freeport McMoRan)
• Mount Milligan Mine, Canada (Centerra, prev. Thompson
Creek)
• Endako Mine, Canada (Centerra, prev. Thompson Creek)
Serge Théberge
Site Manager
• Rosebel Mine, Suriname (IAMGold)
• Cie des Bauxites Mine, Guinea (Halco/Guinea
government)
• Quimsacocha Mine, Ecuador (INV Mining, prev. IAMGold)
Doug Moore
Mine Development Manager
• Carlin East Mine, USA (Newmont)
• Buckhorn Mine, USA (Kinross)
• Lac des Iles Mine, Canada (North American Palladium)
William Matheson
Construction Manager
• Yanacocha Mine Phase 1, Peru (Newmont)
• Carlota Mine, USA (KGHM International)
• Sierra Gorda Mine, Chile (KGHM International)
Joel Lacelle
Offshore Services Manager
• Detour Lake Mine, Canada (Detour Gold)
• Raglan Mine, Canada (Glencore)
• Casa Berardi Mine, Canada (Hecla Mining)
Murray Wright
Supply Chain Manager
• Kansanshi Mine, Zambia (First Quantum)
• Tasiast Mine, Mauritania (Kinross)
• Otjikoto Mine, Namibia (B2 Gold)

19. 19
Attractive All-In Sustaining Costs
Cash Cost
(US$ per oz Au)1
On site operating costs $424
Treatment & refining $83
Royalties & production
taxes
$76
Silver by-product ($22)
Cash Costs $561
Sustaining Capital &
Closure
$49
All-in Sustaining Costs $609
Source: See Lundin Gold news release dated May 30, 2017
1. Numbers may not add due to rounding, AISC are presented as defined by the
World Gold Council and costs are estimated in Q1 2017 dollars
OPEX
(US$ per tonne
processed)
OPEX
(US$ per
payable oz)
Mining $55 $208
Process $32 $123
Surface
Infrastructure
$20 $77
G&A $4 $16
Total $111 $424

20. 20
Project Capital Expenditures
Capital Expenditures1 US$
(M)
Underground Mine $146.7
Process Plant $71.4
Power and Electrical $66.5
Infrastructure $48.2
Surface Operations $46.4
Water and Tailings $44.6
Sub Total - Direct Costs $423.8
Indirect Costs $99.3
Owners Costs $117.8
Start-up and Commissioning $21.0
Contingency $68.6
Total $730.3
Source: See Lundin Gold news release dated May 30, 2017
1. Excluding taxes, advance royalties, working capital & financing costs
US$
(M)
Capital Expenditures $730.3
Pre Production Revenue ($131.4)
Pre Production Cost $85.1
TOTAL CAPEX $684.0
Fruta del Norte Site

21. 21
Project finance package of US$400 -
US$450 in place:
Senior debt facility commitments for US$300
million from lenders syndicate:
• Gold pre-pay term credit facility of US$150
million
• Two tranches - US$100 million and US$200
million
• Stream credit facility of US$150 million • Term of 8.5 years
• Offtake agreement for up to 2.5 million
ounces refined gold
• Commitment to participate in equity raises for
aggregate total of US$100 to US$150 million
• Lenders are:
• ING Capital LLC
• Société Générale
• Caterpillar Financial Services Corporation
• The Bank of Nova Scotia
• KfW IPEX-Bank GmbH
Debt Project Finance Substantially
in Place

22. 22
Mining Can be Catalyst for
Sustainable Economic Development
Platform for
Broad-based
Economic
Development
Human
Capital
Infrastructure
Natural
Capital
Financial
Capital
Protecting
Ecosystem
Services

23. 23
Lundin Gold is Committed to Business
Sustainability
UN Global Compact Award for Sustainable Development
• UN Global Compact Networks of Colombia and
Ecuador recognized Lundin Gold’s work with the
Lundin Foundation and Catering Las Peñas
• Catering Las Peñas founded by former Lundin Gold
employees that now provide food preparation,
cleaning and laundry services to Fruta del Norte
• Lundin Foundation provided initial investment and
technical assistance
• In two years Catering Las Peñas has created 150 jobs
and sources supplies locally
Víctor Armijos, representative of Catering Las Peñas;
Rebeca Illescas, Vice Minister of Mining; Iliana
Rodríguez, Vice President, Human Resources of Lundin
Gold and Jorge Granda, representative of Catering Las
Peñas

24. 24
Lundin Gold Valuation Potential1
1. As at December 31, 2017
Source: Bloomberg and public company filings
EV/AuReserves
$367
$286
$140
$100
$77
$140
$0
$100
$200
$300
$400
PVG 2013
• Feasibility study
PVG 2014
• Pre-construction
activities
PVG 2015
• Pre-construction activities
• Early construction works
• U/G mine development PVG 2016
• Full project execution
• Continued U/G mine development
• Updated mineral reserves
LUG 2017
• Pre-construction activities
• Early construction works
• U/G mine development
PVG 2017
• Production

25. 25
Building the Next Major
Gold Mine
• Fruta del Norte is a large, high grade gold
deposit under construction
• Board and management team dedicated
to advancing the Project to production
• Ecuador mining industry maturing
• Project financing and commitment for
senior debt facility in place
• Mine development is on track
• First gold production expected in Q4 2019

26. Appendix

27. 27
Non-Executive Board of Directors
Ashley Heppenstall
• Lead Director of Lundin Gold since 2015
• Has worked with Lundin Group public companies since 1993, most recently as the President, CEO and Finance Director of
Lundin Petroleum AB
Carmel Daniele
• Founder and CIO of CD Capital UK Ltd., the fund manager of a number of private equity and mining funds
• 25 years of natural resources investment experience, 10 years of which were spent with Newmont Mining/Normandy
Ian Gibbs
• Canadian chartered accountant that has held a variety of prominent positions with Lundin Group of companies, currently
serving as CFO of Africa Oil Corp.
• Former CFO of Tanganyika Oil, where he played a pivotal role in the recent $2 billion acquisition by Sinopec International
Petroleum
Chantal Gosselin
• 25 years of combined experience in the mining industry and capital markets
• Has held positions as VP and PM at Goodman Investment Counsel and Senior Mining Analyst at Sun Valley Gold LLP, as well as
various mine-site management positions in Canada, Peru and Nicaragua
Paul McRae
• Current Senior VP of Lundin Mining Corp.
• Global reputation in project and construction management in the mining industry for both surface and underground projects of
all scales and complexities, and was most recently responsible for the successful development of Lundin Mining’s Eagle Mine in
Northern Michigan
Pablo Mir
• Senior partner at Bofill Mir & Alvarez Jana, one of the largest law firms in Chile, where he leads the natural resources practice
• Has advised international mining companies on the exploration, development, construction, and acquisitions of mining
projects in Chile and Argentina

28. 28
National Instrument 43-101 Resource
Statement
Mineral Resources - Mineral Resources, inclusive of Mineral Reserves
as at December 15, 2015
Category
Tonnage
(M t)
Grade
(g/t Au)
Contained Metal
(M oz Au)
Grade
(g/t Ag)
Tonnage
(M oz Ag)
Indicated 23.8 9.61 7.35 12.9 9.89
Inferred 11.6 5.69 2.13 10.8 4.05
1. The Qualified Person for the estimate is Mr. David Ross, P.Geo., an employee of RPA. The estimate has an effective date of 31 December, 2015.
2. Mineral Resources are reported inclusive of Mineral Reserves; Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Mineral Resources are reported at a cut-off grade of 3.5 g/t Au; which was calculated using a longterm gold price of US$1,500/oz.
4. Mineral Resources are constrained within underground mineable shapes that assume a minimum thickness of 2 m; metallurgical recovery of 94%; total
operating costs of US$145/t milled (mining cost of US$60/t milled; process costs of US$35/t milled; G&A costs of US$15/t milled; surface infrastructure costs
of US$28/t milled; concentrate transport and treatment costs of US$7/t milled); royalties of US$71/oz and selling costs of US$65/oz.
5. Numbers may not add due to rounding.

29. 29
Orion and Blackstone Financing
Package
• Gold pre-pay term credit facility of $150 million
• Principal and interest paid over 19 quarters equivalent to 11,500 Au ounces based on
spot at time of payment starting December 2020 and ending 2025
• Stream credit facility of $150 million
• Cash equivalent of 7.75% of Au ounces and 100% of Ag ounces based on spot at time of
payment less $400/ounce Au and $4.00/ounce Ag starting December 2020, capped at
350,000 ounces Au and 6.0 million ounces Ag
• Option to buy back 50% of the stream in June 2024 and 50% in June 2026
• Offtake agreement for up to 2.5 million ounces refined gold
• Commitment to participate in equity raises for aggregate total of $100 to $150
million

30. 30
The Company has all the major agreements and permits with the Government of Ecuador for commencing
development of the Project
Both the Exploitation Agreement and the Investment Protection Agreement were signed in December 2016
• The Exploitation Agreement sets out the rights and
obligations of the Government of Ecuador and Aurelian as
mining concessionaire with respect to the Project and
incorporates:
• Term – affords the mining concessionaire the right to
develop and produce gold from the Project for 25 years
• Fiscal Terms – describing royalties, windfall tax and
sovereign adjustment mechanisms
• Security – acknowledges the financing requirements and
provides the ability and authorisation to grant security
• Enforcement – provides acknowledgement that the
Lenders are entitled to foreclose without authorisation
from the mining concessionaire or the Government of
Ecuador
• Dispute Resolution Procedures – arbitration under
UNICTRAL rules (in Santiago, Chile)
• The Investment Protection Agreement primarily deals
with tax and mining regulatory stabilisation and other
investment protection mechanisms. Key benefits include:
• Income tax rate fixed at 22%
• Exemption from the capital outflow tax of 5% on
payments of principal and interest to financial institutions
outside of Ecuador
• The ability to obtain benefits granted by the Government
of Ecuador through future investment protection
agreements with other investors in similar projects in
Ecuador
• No restrictions to transfer or assign all or part of the
investment, including the right to assign its rights to any
financing parties
• Other benefits granted to Aurelian include no restriction
to:
• produce and sell minerals;
• import and export goods; and
• establish, maintain, control, or transfer funds
abroad, provided statutory remittances and
obligations have been met
Government Agreements

31. 31
Lundin Gold Undervalued vs. Peers
on EV/Au Reserves Basis1
1. As at January 9, 2018, C$
Source: Bloomberg and public company filings
$691
$518
$386
$367
$333
$318
$266
$224
$185$176
$157$152
$133
$64
$23 $0
$200
$400
$600
$800
Mean $265
Median $245
EV/AuReserves

32. 32
Fruta del Norte will Produce Both Gold
Doré and Gold Concentrate

33. 33
223
RING 1
RING 2
RING 3
RING 4
EX PAT
324
75
52
244
43%
10%
7%
7%
33%
# OF
EMPLOYEES
PERCENTAGE
TOTAL
748 100%
53
Employment Lundin Gold
End of December 2017

34. 34
Employment Contractors
End of December 2017
34
223
RING 1
RING 2
RING 3
RING 4
EX PAT
253
92
101
628
23%
8%
9%
2%
57%
# OF
EMPLOYEES
PERCENTAGE
TOTAL
1,099 100%
25

35. 35
Local Procurement
35
• Jointly-defined local procurement strategy:
• Definition of local and meaning of “prioritization” in procurement process
• Reserve List
• Certification process is first step, with ongoing support
• More than 225 local suppliers since January 1, 2016

36. 36
Into Hard Rock in Kuri and K’isa

37. 37
Process Plant Earthworks

38. 38
Mine temporary facilities including
warehouse, fab shop, dry and offices

39. 39
Camp expansion and new kitchen
construction

40. 40
Analyst Coverage
Firm Analyst Rating and Target Price (C$)
ABG Sundal Collier Olof Grenmark Buy, $7.231
BMO Capital Markets Brian Quast Outperform Buy, $7.50
CIBC World Markets David Haughton Outperform Buy, $6.00
Cormark Securities Tyron Breytenbach Buy, $8.00
Echelon Wealth Partners Matt O’Keefe Buy $9.00
VIII Capital Craig Stanley Buy, $7.30
GMP Securities Steve Butler Buy, $8.75
Haywood Securities Kerry Smith Buy, $7.75
Kepler and Cheurvreax Ola Sodermark Buy, $6.461
Nordea Equity Research Christian Kopfer Buy, $7.231
Paradigm Capital Don MacLean Speculative Buy, $9.00
Pareto Securities Finlay Heppenstall Buy, $7.07
Scotia Capital Inc. Trevor Turnbull Outperform Buy, $6.50
TD Securities Daniel Earle Speculative Buy, $8.00
1. ABG, Nordea, and Swedbank price target converted from SEK to CAD (6.5 SEK = 1 CAD)
Lundin Gold is followed by the analysts listed above. Note that any opinion, estimates or forecasts regarding the Company made by these analysts
are the analysts’ opinions and do not represent opinions, estimates or forecasts of the Company or its management. Lundin Gold does not imply
endorsement by the analyst coverage referenced above.

41. Contact information:
Sabina Srubiski
Manager, Investor Relations
info@lundingold.com
+1 604 689-7842
www.lundingold.com