Investor Presentaiton

Case Study - Fruta del Norte LUNDINGOLD Lundin Gold retained GMS to build the Fruta del Norte Project located in Ecuador Start of Mandate - July 2016 Feasibility study update Engineering management Construction management Early works field activities Start of Commercial Production - February 2020 Approved Budget = $744 MM Actual Cost $684 MM = Cost Savings = $60 MM Time savings = 3 month LTIFR(1) = 0.13 Fruta del Norte Colombia Ecuador Peru (1) LTIFR = Lost Time Injury Frequency Rate per 200,000 hours. (2) Sourced from public disclosures.. Project delivered Under budget Project delivered ahead of schedule 2021 Guidance(2): Gold Production | 380,000 - 420,000 ounces AISCI $770-$830 per ounce TSXV:GMIN 50

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