Q1 2023 Conference Call Presentation FINAL.pdf

BUILDING A LEADING GOLD COMPANY
THROUGH RESPONSIBLE MINING
www.lundingold.com
TSX, Nasdaq Stockholm: LUG / OTCQX: LUGDF
FIRST QUARTER 2023
RESULTS CONFERENCE
CALL
May 11, 2023

Lundin Gold Q1 Conference Call | May 11, 2023
PRESIDENT AND CEO
RON F. HOCHSTEIN
TSX: LUG / OMX: LUG / OTCQX: LUGDF

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: Company’s 2023 production outlook, including
estimates of gold production, grades recoveries and AISC;
expected sales receipts, cash flow forecasts and financing
obligations; our debt reduction strategy; estimated capital costs,
the Company’s declaration and payment of dividends pursuant to
its dividend policy; timing and the success of its drill program at
FDN and its other exploration activities; estimates of mineral
resources and reserves at FDN. 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 Annual Information Form March 31, 2023, which is
available at www.lundingold.com or on SEDAR. Forward-looking
information should not be unduly relied upon.
Except as noted, the technical information contained in this
presentation relating to the Fruta Del Norte Project is based on
the Technical Report prepared for the Company entitled
“Amended NI 43-101 Technical Report, Fruta del Norte Mine,
Ecuador” dated March 29, 2023 with an effective date of
December 31, 2022, available under the Company’s profile at
www.sedar.com. 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, who is a Qualified Persons within the meaning of National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
(“NI 43-101”). The disclosure of exploration information
contained in this presentation was prepared by Andre Oliveira
P.Geo, Lundin Gold’s V.P. Exploration, who is a Qualified Person in
accordance with the requirements of 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.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
AND STATEMENTS
Slide 3 TSX: LUG / OMX: LUG / OTCQX: LUGDF

Q1 2023 HIGHLIGHTS
Slide 4 Lundin Gold Q1 Conference Call | May 11, 2023
Production
- All time high gold production of 140,021 oz, with 134,691 oz sold.
- Average grade of ore milled was 12.3 g/t with average recovery at 90.6%.
- Mill processed 392,332 tonnes at a throughput rate of 4,359 tpd.
Cash Operating Costs1
and AISC1
- Cash operating costs1 of $644 per oz of gold sold.
- AISC1 at $728 per oz of gold sold.
Cash Flow
- Q1 cash flow from operations of $144.4 million.
- At the end of Q1, Lundin Gold’s cash balance was $210 million following full repayment of gold
prepay for $208 million during the period.
Mineral Reserves &
Resources
- Conversion drilling program at FDN successfully replaced all mined Mineral Reserves since the
beginning of operations and added additional Mineral Reserves.
- As at December 31, 2022, Proven and Probable Mineral Reserves totaled 5.02 Moz.
1. Please refer to page 13 in the Company's MD&A for the three months ended March 31, 2023 for an explanation of non-IFRS measures used
Health and Safety
- In April, the FDN operations reached a significant milestone of 4.0 million hours worked with
neither an LTI nor a MAI.
- No LTIs in Q1. 1 MAI in exploration activities.
- Q1 TRIR across exploration and operations was 0.15 per 200,000 hours worked.

COO
RON F. HOCHSTEIN

ALL TIME HIGH PRODUCTION REPORTED IN
FIRST QUARTER OF 2023
Slide 6
Q1 2023 Q1 2022
140,021 oz
Gold produced
88,236 oz
Gold as concentrate
51,785 oz
Gold as doré
392,332
Tonnes milled
12.3 g/t
Average Head Grade
90.6%
Average recovery
4,359 tpd
Average Mill Throughput
121,665 oz
Gold produced
78,601 oz
Gold as concentrate
43,064 oz
Gold as doré
373,407
Tonnes milled
11.2 g/t
Average Head Grade
90.2%
Average recovery
4,149 tpd
Average Mill Throughput
425,000 – 475,000 oz
2023 Gold Production Guidance

LUNDIN GOLD IN THE LOWEST QUARTILE
OF THE GLOBAL GOLD AISC CURVE1
Slide 7
1. SNL Metals and Mining, public company filings
2. Spot gold as at May 10, 2023
0
200
400
600
800
1000
1200
1400
1600
1800
2000
0 10 20 30 40 50 60 70 80 90 100
All-In
Sustaining
Cost
(US$/oz)
Percentage (%) of Global Production
Gold Price ~$2,030/oz2
Cash operating costs $644
Corporate social responsibility $4
Treatment and refining charges $70
Accretion of restoration prevision $1
Silver by product credit ($24)
Sustaining capital $33
AISC per oz sold $728
2023 AISC Guidance $870-940
Q1 2023 AISC3

SUSTAINING CAPITAL ACTIVITIES
RAMPING UP
Slide 8
TAILINGS DAM RAISE
› Preparation underway for the fourth raise of the tailing dam with work
starting in Q2
› Completion expected in Q4 2023
RESOURCE CONVERSION DRILLING
› 8 drill holes of approximately 1,400 metres completed during Q1 2023
› 4 drill holes were completed in the north-central sector and 4 drill holes
in the southern sector
OTHER SUSTAINING CAPITAL PROJECTS
› Construction of the new warehouse progressed as planned during the
quarter with completion expected late in Q2
› Other sustaining capital projects such as a new sewage treatment plant,
underground mine maintenance facility, and other efficiency
improvement projects will ramp up during the remainder of the year

2023 – 2024 CONVERSION PROGRAM
OPPORTUNITY FOR FURTHER RECATEGORIZATION
Slide 9
New Resource Model has identified
areas for further conversion drilling
North Central: 5,470m of drilling South: 16,560m of drilling
Inferred Res South
Inferred Res North-Central
Additional conversion drilling planned
in 2023 and 2024 to target the
remaining 1.8 Moz of Indicated and 1.7
Moz of Inferred Resources
Conversion drilling program at FDN
successfully replaced all mined Mineral
Reserves since beginning of operations
In 2023, 1,706 m have been drilled
across 10 holes with results confirming
continuity, grades, and width of the
drilled areas beyond the FDN Reserve
boundary

NEAR-MINE EXPLORATION
IN FULL SWING
Slide 11
Near-mine exploration started in Q3 2022 and focuses on
expanding the FDN mineral resource envelope and testing
several unexplored opportunities near the mine
THREE MAJOR FOCUSES
SOUTH
EXTENSION
DEPTH
WEST AND
EAST BLOCK
In Q1 2023, approximately 3,660 meters was drilled across
8 drill holes, from surface and underground
Results from the first round of drilling indicate a new
mineralized zone, FDN South, and identified two other
targets for further evaluation, Bonza Sur and Castillo

NEAR-MINE EXPLORATION REPORTS
HIGH GRADE INTERCEPTS
Slide 12 TSX: LUG / OMX: LUG / OTCQX: LUGDF
FDN South (“FDNS”)
› Current drilling aims to delineate new buried epithermal mineralization
located to the west of the East Fault. 2 rigs currently turning at FDNS
› 3 drill holes recently intercepted wide hydrothermal alteration zones similar
to those at FDN. Results indicate the potential to continue exploring to the
north and south along strike, as well as along the downdip continuity, below
the Suarez Basin cover
Bonza Sur
› Drilling to test a geochemical soil anomaly along the south extension of the
East Fault intercepted a new mineralized zone, Bonza Sur.
› Additional drilling has confirmed that mineralization continues to the south
along strike and at depth. One rig is currently turning here.
Castillo
› The first drill hole completed, BLPW-2022-017, returned positive results.
› Castillo is located underneath the Suarez Basin, to the west of the East Fault
and south of FDNS, in a similar geological setting to FDN and FDNS.
› Will be further explored during 2023, where drilling will target wider
mineralized zones at depth.

REGIONAL EXPLORATION
NEAR-MINE EXPLORATION
2023 EXPLORATION PROGRAMS
NEAR-MINE PROGRAM TO BE INCREASED
23,000 metres
$12.9M
Slide 13
12,500 metres
$11.7M
26,200
7,400

REGIONAL EXPLORATION
ADVANCING
Slide 14
Regional drilling has defined promising areas for further drilling
Barbasco Puente-Princesa
• Hydrothermal alteration zones related to
structures in the basin border
• Major structure defined to be followed
up toward Quebrada La Negra sector
Capullo
Q. La Negra
Puma
Barbasco
Barbasco
Norte
Puente
Princesa
Barbasco Norte
• Drilling defined the same geological
environment found in epithermal
systems like FDN
Puma
Capullo
• Intense hydrothermal alteration on
surface with gold values in soil and in
rocks over 1 km
• Major structure with strong
hydrothermal alteration and gold values
in soil and in rocks
Quebrada La Negra
• Major structure intercepted with quartz
veins, hydrothermal carbonate-silica
breccias and sulfides hosted in the
Santiago formation, which is also the
FDN hosting sequence

INTERIM-CFO
CHESTER SEE

FIRST QUARTER OF 2023
FINANCIAL HIGHLIGHTS
Slide 16
Three Months ended
March 31
(Tables are expressed in $’000, except share and per share amounts, or
unless otherwise stated)
2023 2022
Net revenues 256,728 216,472
Income from mining operations 132,708 111,207
Net income 51,465 23,182
Adj. net earnings1 67,014 57,550
Adj. net earnings per share1
0.28 0.25
EBITDA1
143,632 98,822
Adj. EBITDA1
159,066 133,546
Dividends paid per share 0.10 -
Cash flow from operations 144,439 127,330
Free cash flow1
(11,653) 91,806
Free cash flow per share1
(0.05) 0.39
Average realized gold price ($/oz sold)1
1,952 1,862
Cash operating cost ($/oz sold)1
644 619
All-in sustaining costs ($/oz sold)1
728 696

FREE CASH FLOW1
Slide 17
Three Months ended
March 31
(Tables are expressed in $’000, except share and per share amounts, or unless
otherwise stated)
2023 2022
Net cash provided by operating activities 144,439 127,330
Net cash used for investing activities (7,172) (12,238)
Interest paid (6,368) (5,977)
Finance charge paid (142,552) (17,309)
Free cash flow1 (11,653) 91,806
Basic weighted average shares outstanding 236,062,529 233,809,773
Free cash flow per share1 (0.05) 0.39
Interest and finance charge paid in Q1 2023 includes $129 million resulting from the full repayment of the
gold prepay.

CASH IS KING AT FDN
Slide 18
As at March 31, 2023, Lundin Gold had a working capital balance of $257 million compared to $195 million at December 31, 2022
$363
$(207.5)
$(42.8)
$(23.6)
$(7.2) $210
$144.0 $4.0
$(21.0)
Cash as at Dec. 31, 2022 Cash generated from
operating activities
Proceeds from the
exercise of stock options,
and anti-dilution rights
Full repayment of GPP Principal, interest and
finance charges, including
taxes, under the stream
credit facility
Principal and interest
payments under the
senior debt
Dividends Cash Outflows Cash as at March. 31,
2023
In Q1 2023, Lundin Gold generated 144.4 million in cash from operations and ended the year with a cash balance of $210 million, which supports
debt repayments, near-mine, regional exploration and conversion drilling, planned capital expenditures, and dividends

STRONGLY POSITIONED TO CREATE SHAREHOLDER VALUE
Slide 19
Based on guidance and current
gold prices, Lundin Gold will
generate significant free cash flow1
for many years to come
DEBT
REPAYMENT
ORGANIC
GROWTH/
M&A
DIVIDENDS

BUILDING A LEADING GOLD COMPANY
THROUGH RESPONSIBLE MINING
www.lundingold.com
TSX, Nasdaq Stockholm: LUG / OTCQX: LUGDF
@LundinGold / LundinGoldEC
LundinGold
Lundin Gold Ecuador
LundinGold
Slide 20
Contact information:
Finlay Heppenstall - Director, Investor Relations
and Corporate Development
finlay.heppenstall@lundingold.com
+1 604-806-3089
Operational Excellence
Cash Flow
Growth
ESG

Q1 2023 Conference Call Presentation FINAL.pdf

Recomendados

Recomendados

Más contenido relacionado

Similar a Q1 2023 Conference Call Presentation FINAL.pdf

Similar a Q1 2023 Conference Call Presentation FINAL.pdf (20)

Más de Adnet Communications

Más de Adnet Communications (20)

Último

Último (20)

Q1 2023 Conference Call Presentation FINAL.pdf