Lundin Gold : Management Information Circular dated March 26, 2024

MESSAGE FROM THE CHIEF EXECUTIVE OFFICER

Dear Fellow Shareholder,

The annual general meeting of Lundin Gold Inc. (Lundin Gold or the Company) will be held Friday, May 10, 2024 at 9:00 a.m. (Pacific Time). The attached management proxy circular provides information about the business of the meeting, the voting process, this year's nominated directors, our corporate governance practices, our approach to executive and board compensation and our 2023 compensation decisions. For the fourth year in a row, Lundin Gold is asking for your views on our executive compensation. Your vote is important to us.

Last year was another strong year for Lundin Gold, delivering great value for our shareholders. The Company, once again, continued its strong track record by meeting its upwardly revised production guidance and meeting its downwardly revised cost guidance, and in doing so Lundin Gold generated significant cash flow, highlighting the Tier 1 nature of its Fruta del Norte ("FDN") gold mine in Ecuador.

A record year of cash flow allowed Lundin Gold to focus on significant debt reduction with its repayment in full of the gold prepay credit facility in January for $207.5 million, inclusive of applicable taxes, and repayment of the remaining balance under our senior debt facility of $72 million in November. These strategic transactions increase free cash flow, provide the Company with greater exposure to a strengthening gold price and give Lundin Gold greater flexibility to pursue operational and corporate opportunities for the benefit of the Company and its shareholders. This capital allocation strategy included the payment of quarterly dividends of $0.10 per share, resulting in the payment of dividends equal to $95 million in 2023.

Exploration success was an area of outstanding performance for Lundin Gold last year. Early in 2023, the Company released new estimates of Mineral Reserves and Resources for FDN. Notably, the Company's Mineral Reserve estimate was increased because of the incorporation of conversion drilling results and an update to the geological model, replacing 142% of 2022 production. During the year,

Lundin Gold also significantly increased its exploration programs, with 55,000 metres drilled. Approximately 11,000 metres were drilled on the conversion program, the results of which are reflected in our year-end statement of Mineral Resources and Reserves. Just over 35,000 metres of near-mine drilling were also completed during the year, the results of which have identified significant mineralization at two primary targets, FDN South and Bonza Sur, both which will be the focal points of our 2024 near-mine drilling. The regional program also continued in 2023, with approximately 8,500 metres of drilling completed, and successfully advanced the identification of important indicators that point toward the presence of buried epithermal deposits in the southern basin where FDN is located.

I am proud of the results we have been able to achieve this year, but I know we can continue to improve, and as such I am excited for what is to come in 2024. We have already commenced a $36 million Process Plant Expansion Project to increase plant throughput to 5,000 tpd and improve gold recoveries by approximately 3% with the addition of the Jameson cells technology. By the end of 2024, I am confident that we will be running at 5,000 tpd and will see an

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improvement in recoveries. In addition, we plan to execute the largest drill program ever on the land package that hosts FDN.

Underpinning all of this has been an unwavering commitment to safety and strong approach to ESG. In 2023 Lundin Gold had no Lost Time Incidents and a year-end TRIR of 0.24 per 200,000 hours, exceeding its 2022 performance. We continue our sustainability activities on all fronts, including publishing our second TCFD-aligned climate change report and seventh annual sustainability report in May. Based on publicly available data from 152 gold mines that reported their Scopes 1 and 2 greenhouse gas emissions in 2021 and on Lundin Gold's 2022 emissions performance, the emissions intensity of FDN was among the lowest in the industry. We have set a target to be carbon neutral by 2030 and have begun the important steps to meet this goal.

As you will read in this information circular, Lundin Gold had a number of changes to both its board and management team in 2023. In November 2023, Newcrest Mining Limited, Lundin Gold's largest shareholder and a strategic investor, was acquired by Newmont Corporation. As part of that acquisition, Newmont appointed two new directors to the Board, Melissa Harmon and Scott Langley, replacing Jill Terry and Craig Jones. On behalf of the Lundin Gold team, we would like to thank Jill and Craig for their contributions and service to the Board. At the same time, we welcome Melissa and Scott to the board and believe both will be a great asset to the Company. Newcrest was a valuable partner throughout the years. In Newcrest's place, we are excited to have Newmont as a strategic investor going forward.

In addition to board changes, we welcomed two new members to our executive team. Terry Smith joined as Chief Operating Officer in March. Terry is an experienced executive with over 20 years in the industry and has the right experience to enhance the Company's ability to optimize and continue to expand operations at Fruta del Norte. In July, we welcomed Christopher Kololian as the Company's new Chief Financial Officer. Christopher is an experienced financial industry professional with over 16 years' experience working in the Metals & Mining investment banking sector in Toronto and London. Both Terry and Christopher have been strong additions to the executive team as the Company continues to mature.

In closing, FDN continues to exceed expectations. Heading into 2024, Lundin Gold is in a very strong position to continue creating value. I am excited for the year ahead.

Lundin Gold is pleased to offer its first hybrid meeting format for this year's annual general meeting. Our information circular details how to participate, how to vote and how to contact the Board. Thank you for your continued support of Lundin Gold. I look forward to your participation at our upcoming meeting on May 10th.

Sincerely,

/s/ "Ron Hochstein"

Ron Hochstein

President and Chief Executive Officer

March 26, 2024

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MANAGEMENT INFORMATION CIRCULAR

ABOUT THE MEETING

You have received this Management Information Circular because you owned Shares of Lundin Gold on March 20, 2024,

the Record Date of the Meeting. Management is soliciting your proxy for the 2024 Annual General Meeting of

Shareholders, and the Company pays all proxy solicitation costs.

As a Shareholder on the Record Date, you have the right to attend the Annual Meeting of Shareholders on May 10, 2024. Lundin Gold is pleased to provide a hybrid (in person and virtual) meeting format for this year's Meeting. A summary of the information that Shareholders will need to attend the meeting in person or online is provided below. If you are unable to attend the Meeting, you can listen to the webcast on our website (www.lundingold.com) following the Meeting.

The Board of Directors has approved the contents of this Circular and has directed management to distribute it to you. We have also sent a copy to each of our directors and our auditors. The information in this Circular is given as of March

26, 2024, unless otherwise noted. Unless otherwise specified, all dollar amounts referred to in this Circular are stated in United States dollars. References to "CAD$" mean Canadian dollars.

Frequent Terms

In this Circular, unless otherwise specified:

• Annual Financial Statements means audited annual consolidated financial statements and the auditor's reports thereon for the year ended December 31, 2023
• Board or Board of Directors means the Board of Directors of Lundin Gold
• Board Chair means the Chairman, Jack Lundin
• Circular means this management information circular
• Lundin Gold, the Company, we, us or our means Lundin Gold Inc.
• Meeting means the annual meeting of shareholders of Lundin Gold to be held on May 10, 2024 or any adjournment or postponement of the meeting
• Nominees means the candidates identified in this circular as standing for election to the Board at the Meeting
• Notice of Meeting means the notice sent to shareholders of the Company showing the date and time of the Meeting
• Record Date means March 20, 2024
• Shareholders or you means the holders of common shares of Lundin Gold
• Shares means the common shares of Lundin Gold
• TSX means the Toronto Stock Exchange

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Additional Disclosure

Additional documentation and information about Lundin Gold is available under the Company's profile on www.sedarplus.ca(SEDAR+). Financial information is provided in Lundin Gold's annual consolidated financial statements and the management's discussion and analysis for its most recently completed financial year.

In addition, any Shareholder who would like to receive a copy of this Circular, our annual report for the 2023 financial year, our most recent Sustainability Report or our inaugural Report on Fighting Against Forced Labour and Child Labour in Supply Chains may do so free of charge by contacting the Corporate Secretary at the Company's head office: 885 West Georgia Street, Suite 2000, Vancouver, BC, Canada, V6C 3E8, corporatesecretary@lundingold.com. These documents can also be viewed on the Company's website at www.lundingold.com

Effective April 15, 2024, Lundin Gold's new office address will be:

Suite 2800, Four Bentall Centre, 1055 Dunsmuir Street

PO Box 49225, Vancouver, BC, V7X 1L2

Any documents referred to in this Circular, and any information or documents available on SEDAR+ or any other website including our own, are not incorporated by reference into this Circular unless otherwise specified.

Voting Information

TO BE COUNTED PROXIES MUST BE RECEIVED NO LATER THAN 9:00 A.M. (PACIFIC TIME) ON

WEDNESDAY MAY 8, 2024.

Voting Shares

The Shares are the only shares issued by the Company. On the Record Date, the Company had 238,822,451 Shares issued and outstanding. Each Shareholder is entitled to one vote for each Share held on the Record Date. To the Company's knowledge1, the only Shareholders who beneficially own, control or direct, directly or indirectly, more than

10% of the votes attached to Shares that may be voted at the Meeting are:

Notes:

1. This information was obtained from publicly disclosed information and has not been independently verified by the Company.
2. Newcrest Mining Limited (Newcrest) became a significant shareholder of Lundin Gold in 2018. Upon the acquisition of Newcrest by Newmont Corporation (Newmont) last year, Newmont acquired beneficial ownership, control and direction of Newcrest's interest in the Company.
3. Nemesia S.à.r.l. is a private corporation ultimately controlled by trusts whose settlor was the late Adolf H. Lundin (the Lundin Family Trust).

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Computershare counts and tabulates the votes. It does this independently of Lundin Gold to make sure that the votes of individual Shareholders are confidential. Computershare refers proxy forms to Lundin Gold only when it is clear that a Shareholder wants to communicate with management; the validity of the proxy is in question; or the law requires it.

Quorum

We must have a quorum at the beginning of the Meeting for it to proceed and to transact business. This means we must have two people present who together hold, or represent by proxy, at least 25% of Lundin Gold's Shares issued and outstanding as of the Record Date. If a quorum is present at the opening of the Meeting, Shareholders present may proceed with the business of the Meeting even if a quorum is not present throughout the Meeting. If a quorum is not present at the opening of the Meeting, the Shareholders present or represented may adjourn the Meeting to a fixed time and place, but Shareholders may not transact any other business.

Attending the Meeting

The Meeting will be held in person at Lundin Gold's offices at Suite 2800, Four Bentall Centre, 1055 Dunsmuir Street, Vancouver, BC, V7X 1L2 and in a virtual format conducted via live audio webcast online at https://web.lumiagm.com/483854529(Password: lundin2024). Registered Shareholders and duly appointed proxyholders will be able to attend, participate and vote at the Meeting, whether in person or online.

Attending In Person

You should identify yourself to the representative from Computershare before entering the Meeting to register your attendance at the Meeting. See "How to Vote" for additional information on voting at the Meeting and "Voting by Proxy" for additional information on appointing yourself as a proxyholder and registering with Computershare if you are a non-registered Shareholder.

Attending Virtually

Virtual attendees may enter the Meeting by clicking "I have a username" and entering a valid control number (which acts as the username) provided by Computershare and the password: lundin2024 (case sensitive) before the start of the Meeting. Guests, including non-registered (beneficial) Shareholders who

have not duly appointed themselves as a proxyholder, can login to the Meeting by clicking "I am a guest" and completing the online form. Guests will be able to listen to the Meeting but will not be able to ask questions or vote at the Meeting.

If you attend the Meeting online, it is important that you are connected to the internet at all times during the Meeting in order to vote when balloting commences. You should ensure you have a strong, preferably high-speed, internet connection wherever you intend to participate in the Meeting. The Meeting will begin promptly at 9:00 a.m. (Pacific time) on May 10, 2024, unless otherwise adjourned or postponed. Online check-in will begin one hour prior to the Meeting, at 8:00 a.m. (Pacific time). You should allow ample time for online check-in procedures. Your network security protocols, including firewalls and VPN connections that you may be connected to, may block access to the Meeting. If

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