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Lundin Gold Inc

LUNDIN GOLD REPORTS STRONG EXPLORATION RESULTS ACROSS PORTFOLIO OF TARGETS AND EXPANDS 2025 DRILLING PROGRAM TO 108,000 METRES

VANCOUVER, BC , May 7, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce positive results from its conversion and near-mine exploration drilling programs at its 100% owned Fruta del Norte ("FDN") gold mine in southeast Ecuador.  High-grade intercepts from the conversion program at FDN South ("FDNS") have confirmed the deposit's continuity.  At FDN East, further high-grade results continue to underscore the target's growth potential.  At Trancaloma, results confirm the discovery of a copper-gold porphyry system at surface and highlight the potential for other porphyries near Trancaloma.  At Bonza Sur, drilling confirms the mineral envelope and indicates the potential for further extension.  Following the programs' successes in the first quarter and a growing pipeline of targets, the 2025 exploration program is being expanded from an initial 80,000 metres to a minimum of 108,000 metres.  Highlights from drilling programs at FDNS, FDN East, Trancaloma and Bonza Sur are outlined below, with detailed results provided in Appendix 1. View PDF

Ron Hochstein, President and CEO, commented, "I am very excited to announce our initial results from Lundin Gold's 2025 drilling program, which continue to demonstrate the significant exploration potential and a growing pipeline of targets around FDN.  At FDNS, high-grade results from our conversion drilling program have confirmed the continuity of the system and identified new mineralized zones.  Recent high-grade drill results at FDN East have significantly advanced our geological understanding of the target and its potential.  At Trancaloma, the wide copper-gold mineralization intercepted confirm the existence of a porphyry at surface and our recent exploration work strongly suggest the occurrences of other mineralized porphyry systems surrounding FDN.  Based on these results, we will accelerate the delineation of these new exploration opportunities and are therefore planning to increase our drilling programs for 2025 from 80,000 to a minimum of 108,000 metres, which will represent the largest annual drilling program ever completed at FDN."

FDNS Drilling Highlights (not true widths):

  • Drill hole FDN-C25-196 intersected 72.80 grams per tonne ("g/t") of gold ("Au") over 7.95m from 67.60m, including:
    • 1,320.0 g/t Au over 0.40m
  • Drill hole FDN-C25-204 intersected 40.60 g/t Au over 13.90m from 43.80m, including:
    • 272.57 g/t Au over 1.90m
  • Drill hole FDN-C25-198 intersected 48.82 g/t Au over 6.45m from 145.85m, including:
    • 616.00 g/t Au over 0.45m

Conversion drilling results have confirmed the continuity of FDNS and identified additional mineralized zones.  Based on these results, the 2025 conversion drilling program is being increased by 10,000 metres.  In addition, studies are underway with the goal of integrating FDNS into FDN's 2026 long-term mine plan.

FDN East Drilling Highlights (not true widths):

  • Drill hole UGE-E-25-248 intersected 7.12 g/t Au over 14.30m from 229.85m and 4.62 g/t Au over 23.15m from 321.30m including:
    • 15.23 g/t Au over 5.75m
    • 8.19 g/t Au over 6.85m

Drill results show FDN East mineralization continuity and indicate areas for further expansion.

Trancaloma Drilling Highlights (not true widths) :

  • Drill hole TRL-2024-220 intersected 0.41% Cu, 0.10 g/t Au, 1.51 g/t Ag, and 14.21 ppm Mo (0.50% CuEq1) over 858.10m from 0.0m, including:
    • 0.54% Cu, 0.14 g/t Au, 1.94 g/t Ag, and 11.08 ppm Mo (0.65% CuEq1) over 447.95m

With confirmation of the presence of a copper and gold porphyry system, these results significantly enhance the prospectivity around FDN and suggest the potential for other porphyry targets near Trancaloma, including Castillo and Sandia.

Bonza Sur Highlights (not true widths):

  • Drill hole BLP-2024-205 intersected 1.10 g/t Au over 162.30m from 0.40m including:
    • 3.19 g/t Au over 11.00m
  • Drill hole BLP-2025-267 intersected 2.14 g/t Au over 58.40m from 75.40m including:
    • 5.41 g/t Au over 19.20m

Results confirm the continuity of the mineral envelope and indicate potential extension along the southern limit and spatial relation in the east with the recently discovered Trancaloma porphyry.  The decision has been made to delay the initial Mineral Resource estimate on Bonza Sur to better understand this mineral system.

2025 Exploration Program Increase:

  • The 2025 drilling program is being expanded as follows:
    • Conversion drilling program increased from 15,000 to 25,000 metres2
    • Near-mine exploration program increased from 65,000 to 83,000 metres and estimated to cost $39 million from $32 million

SUMMARY OF CURRENT DRILLING PROGRAMS

The Company's near-mine exploration strategy focuses on extending mine life through the expansion of Mineral Resources at FDN by exploring and delineating new discoveries close to the operation.  Over the past three years, the exploration programs at FDN have driven the resource growth and the discovery of new sectors.

In 2025, the near-mine underground drilling program continues to advance at FDNS by expanding this deposit, while the surface drilling explores the extensions of Bonza Sur, FDN East, Trancaloma and test new sectors around FDN (see Figure 1).  The conversion drilling program at FDNS is meeting our objectives to date regarding improving our understanding of the deposit.  Fourteen rigs (10 surface rigs and four underground rigs) are currently turning across the conversion and near-mine exploration programs.

_____________________

1  Copper equivalent (CuEq) for drill intersections is calculated based on US$4.00/lb Cu, US$1,800/oz Au, US$30/oz Ag and US$25/oz Mo.  The formula is: CuEq % = Cu % + (0.6562 * Au g/t) + (0.0109 * Ag g/t) + (0.0006 * Mo ppm).  Metallurgical recoveries and net smelter returns are not considered.

2  Costs of the 2025 conversion drilling program are classified as Sustaining Capital.

FDNS

Starting in February, the conversion underground drilling programs advanced at FDNS where the primary focus is to convert Inferred Resources to Indicated category and improve the confidence of the geological model.  The FDNS deposit is an epithermal vein system recently defined across the southern limit of FDN and is currently estimated to contain a large Inferred Resource of approximately 2.09 Moz from 12.35 Mt with an average grade of 5.25 g/t.  For more information on the FDN Mineral Reserve and Resource estimate as at December 31, 2024, please refer to the Company's Annual Information Form dated March 17, 2025 (the "AIF") under the Company's profile at www.sedarplus.ca.

The conversion drilling program advanced in the western and central sectors of FDNS where a total of 2,761 metres of underground drilling across 17 drill holes was completed.  All drill holes confirmed the mineralization continuity and indicated higher grade zones within the vein system (see Figure 2).  Highlights to drill holes FDN-C25-196 (72.80 g/t Au over 7.95m) and FDN-C25-198 (48.82 g/t Au over 6.45m) related to higher grade veins in the west sector of the deposit.  Assay results from the drilling undertaken at FDNS are presented in Table 1.

Furthermore, several conversion drill holes intercepted mineralized zones outside of existing geological modelling.  Of note, drill holes FDN-C25-204 (40.60 g/t Au over 13.90m), FDN-C25-203 (12.49 g/t Au over 10.55m) and UGE-S-25-251 (10.80 g/t Au over 12.85m) defined an additional higher-grade zone within the central portion of FDNS.  Two underground rigs are currently turning as part of the conversion drilling program at FDNS.

The FDNS deposit remains open for expansion to the North and along the south extension where an underground rig is currently exploring this potential from the recently reopened and rehabilitated South Portal.  In addition to the drilling programs, engineering work began to evaluate geotechnical, mine design, metallurgical characteristics and infrastructure needs with the goal of integrating FDNS into FDN's 2026 long-term mine plan.

FDN EAST

At FDN East, the exploration program continues to define and expand this new buried epithermal mineralized system located only 100m east of FDN (see Figure 2).  Since its discovery, the drilling program advanced the understanding of the main geological controls which resulted in the delineation of new mineralized zones in the central part of the target.

The most recent drilling results confirmed the gold mineralization continuity and indicated areas for further expansion potential toward the north and south direction (Figure 2).  Highlights that returned distinct mineralized levels from underground hole UGE-E-25-248 (7.12 g/t Au over 14.30m, 15.23 g/t Au over 5.75m and 6.85m @ 8.19 g/t Au) that indicate further step out drilling is warranted.  Assay results from the drilling undertaken at FDN East are presented in Table 2.  Currently, one surface drill rig and one underground rig are turning at FDN East.

TRANCALOMA COPPER-GOLD PORPHYRY SYSTEM AND ADDITIONAL NEAR MINE PORPHYRY POTENTIAL

Since the discovery of FDN, the occurrence of porphyry systems has been recognized around FDN with very limited exploration carried out (see Figure 3 and 4).  In recent months, a systematic exploration program employing geochemical and geophysical surveys and geological mapping advanced on potential targets, and the initial drilling results confirmed the occurrence of copper-gold porphyry mineralization in distinct sectors.

At Trancaloma, located on the east border of Bonza Sur, the drilling program intercepted a wide copper-gold porphyry mineralization in the eastern portion of the target (see Figure 3 and 4).  Drill hole TR 2024-220 intersected 0.41% Cu, 0.10 g/t Au, 1.51 g/t Ag, and 14.21 ppm Mo (0.50% CuEq1) over 858.10m, including 0.54% Cu, 0.14 g/t Au, 1.94 g/t Ag, and 11.08 ppm Mo (0.65% CuEq1) over 447.95m.  This showed continuous mineralization from surface, with a wide inner higher-grade core that remains open in all directions.  This drill hole ended in mineralization.  The mineralization is associated with a strongly developed and zoned porphyry related hydrothermal alteration and veining.  In the western portion of Trancaloma, additional drill holes have suggested copper-gold mineralization intercepted from surface that remains open at depth (see Figure 3).  The most recent assay results from the drilling program undertaken at Trancaloma are presented in Table 3.

At the porphyry target Castillo, located along the west border of Bonza Sur, the drill hole CAS-2025-241 intercepted copper gold mineralization, potentially an outer hydrothermal alteration halo of another porphyry system in this sector, and covered by conglomerates of the Suarez Basin (see Figure 3 and 4).  Additional drilling is planned at Castillo as well in additional untested sectors.  Currently, three surface drill rigs are exploring Trancaloma.

BONZA SUR

At Bonza Sur, located south from FDN, the drilling advanced in the mineral envelope delineation.  The Bonza Sur deposit currently extends over 2.6 kilometres along strike, is 150 metres wide, and reaches at least 500 metres deep (see Figures 1 and 4).

Over the last few months, the drilling program confirmed the deposit's continuity in the central area and defined the east limit, close to the contact with the Trancaloma porphyry.  Furthermore, drill hole AMN-2025-245 (0.51 g/t Au over 135.90m, including 1.12 g/t Au over 47.20m) located in the south end of the deposit suggests further potential for expansion along this direction (see Figure 4).  The most recent assay results from the drilling program undertaken at Bonza Sur are presented in Table 2.

Based on the drilling to date at Bonza Sur and the nearby Trancaloma target that was recently discovered, the decision has been made to delay the initial Mineral Resource Estimate for Bonza Sur.  The exploration work completed to date indicates that the two systems are spatially related.  Additional drilling is currently underway to define their limits and exploration potential.  (see Figure 1 and 3).  Currently, three rigs are currently turning at Bonza Sur. 

______________________

1  Copper equivalent (CuEq) for drill intersections is calculated based on US$4.00/lb Cu, US$1,800/oz Au, US$30/oz Ag and US$25/oz Mo.  The formula is: CuEq % = Cu % + (0.6562 * Au g/t) + (0.0109 * Ag g/t) + (0.0006 * Mo ppm).  Metallurgical recoveries and net smelter returns are not considered.

2025 DRILLING PROGRAM EXPANSION

The 2025 drilling programs continue to yield exciting results and demonstrate the significant untapped exploration potential near the current FDN deposit.  Based on these initial results, the Company will increase the near-mine exploration drilling program by 18,000 metres to a minimum of 83,000 metres to accelerate the definition of near-mine targets and the conversion drilling program from 15,000 metres to approximately 25,000 metres.  A minimum of 108,000 metres of drilling are planned across the conversion and near-mine drilling programs for 2025.  This revised program will now include up to sixteen drill rigs, ten surface rigs and six underground rigs.  The total cost estimate of the 2025 near mine exploration program is $39 million while the 2025 conversion drilling program is included in sustaining capital.  The 2025 regional exploration program remains unchanged at $8 million.  The 2025 program represents the largest annual drill program ever completed on the land package that hosts the FDN deposit.

Qualified Persons and Technical Notes

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analyzed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru.  The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples.  The remaining half core is retained for verification and reference purposes.  For further information on the assay, QA-QC, and data verification procedures, please see Lundin Gold's AIF.

Copper equivalent (CuEq) for drill intersections is calculated based on US$4.00/lb Cu, US$1,800/oz Au, US$30/oz Ag and US$25/oz Mo.  The formula is: CuEq % = Cu % + (0.6562 * Au g/t) + (0.0109 * Ag g/t) + (0.0006 * Mo ppm).  Metallurgical recoveries and net smelter returns are not considered.

About Lundin Gold

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

The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly.  The Company operates with transparency and in accordance with international best practices.  Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.  Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders. 

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation.  This information was publicly communicated on May 7, 2025 at 3:00 p.m. Pacific Time through the contact persons set out below.

Caution Regarding Forward-Looking Information and Statements

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements").  Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "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) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information 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 statements and information.  Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct.  Forward-looking information should not be unduly relied upon.  This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements relating to the Company's exploration plans, activities and results and its plans to update its estimates of Mineral Reserves and Resources.  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 AIF.

Lundin Gold's actual results could differ materially from those anticipated.  Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

APPENDIX 1

Table 1:  Drillhole assay results from the drilling program at FDNS reported for thickness versus grade intervals above 14 (m x g/t Au >14).  Drill hole intercepts are reported in drill core lengths and true widths

Hole ID

From (m)

To (m)

Interval (m)

True width (m)

Au (g/t)

Ag (g/t)

Target

Zone

FDN-C25-190

69.60

76.20

6.60

6.50

16.16

5.91

FDNS

Underground

Including

73.05

73.80

0.75

0.74

109.50

19.40

FDN-C25-190

95.55

98.50

2.95

2.95

23.17

1.65

Including

96.95

97.50

0.55

0.55

120.00

7.10

FDN-C25-190

129.50

134.25

4.75

4.73

19.37

6.47

Including

130.90

131.35

0.45

0.45

105.00

13.20

FDN-C25-191

No Significant Results

FDNS

Underground

FDN-C25-192

27.30

31.50

4.20

3.22

7.22

4.99

FDNS

Underground

FDN-C25-192

106.90

111.00

4.10

4.04

6.89

11.52

FDN-C25-193

83.05

85.50

2.45

2.12

12.91

8.56

FDNS

Underground

FDN-C25-193

97.45

101.00

3.55

3.34

5.30

9.28

FDN-C25-194

No Significant Results

FDNS

Underground

FDN-C25-195

49.90

56.15

6.25

6.16

8.97

5.78

FDNS

Underground

FDN-C25-195

123.60

128.40

4.80

4.16

7.73

2.27

Including

126.40

128.40

2.00

1.73

14.43

2.95

FDN-C25-196

34.50

38.50

4.00

2.57

6.91

4.00

FDNS

Underground

FDN-C25-196

67.60

75.55

7.95

6.09

72.80

17.46

Including

67.60

68.00

0.40

0.31

1320.00

206.00

FDN-C25-197

27.35

32.45

5.10

3.91

5.96

7.49

FDNS

Underground

FDN-C25-197

41.10

49.10

8.00

6.93

5.00

5.74

FDN-C25-197

56.80

67.50

10.70

9.27

9.34

7.97

Including

61.60

64.80

3.20

2.77

24.94

5.92

FDN-C25-198

64.70

67.95

3.25

2.95

6.55

17.88

FDNS

Underground

FDN-C25-198

145.85

152.30

6.45

6.43

48.82

15.82

Including

147.95

148.40

0.45

0.45

616.00

99.90

FDN-C25-198

162.25

164.20

1.95

1.92

6.69

4.87

FDN-C25-199

25.80

31.20

5.40

4.31

7.19

4.75

FDNS

Underground

Including

27.90

30.25

2.35

1.88

14.64

9.28

FDN-C25-199

47.20

48.20

1.00

0.97

3.77

3.30

FDN-C25-199

53.60

56.00

2.40

2.32

4.73

11.00

FDN-C25-199

62.00

69.40

7.40

5.67

5.24

9.72

FDN-C25-199

125.60

134.00

8.40

8.38

29.86

19.40

Including

127.90

133.00

5.10

5.09

48.51

23.67

FDN-C25-200

Pending Results

FDNS

Underground

FDN-C25-201

Pending Results

FDNS

Underground

FDN-C25-202

Pending Results

FDNS

Underground

FDN-C25-203

44.50

55.05

10.55

10.28

12.49

6.60

FDNS

Underground

Including

45.50

50.10

4.60

4.48

25.11

13.23

FDN-C25-203

90.50

93.20

2.70

1.74

6.20

2.00

FDN-C25-203

111.25

116.70

5.45

5.12

6.66

4.34

Including

113.60

115.75

2.15

2.02

10.70

4.30

FDN-C25-203

135.20

140.15

4.95

4.29

19.24

3.10

Including

137.90

139.15

1.25

1.08

67.52

7.42

FDN-C25-203

159.00

162.70

3.70

3.35

5.68

2.54

FDN-C25-203

182.95

191.00

8.05

7.30

4.87

4.55

Including

186.50

188.70

2.20

1.99

7.45

7.00

FDN-C25-204

37.20

38.20

1.00

0.93

3.71

0.80

FDNS

Underground

FDN-C25-204

43.80

57.70

13.90

12.60

40.60

16.96

Including

52.70

54.60

1.90

1.72

272.57

103.07

FDN-C25-204

68.20

76.40

8.20

8.08

4.61

3.04

FDN-C25-204

84.70

108.90

24.20

21.56

3.60

2.03

Including

93.80

98.00

4.20

3.74

5.15

3.11

Including

102.00

106.90

4.90

4.37

5.15

2.53

FDN-C25-204

147.20

148.40

1.20

0.92

3.82

1.33

FDN-C25-204

152.30

154.00

1.70

1.20

8.70

3.60

FDN-C25-204

162.70

165.80

3.10

2.99

4.48

1.11

FDN-C25-204

167.00

180.60

13.60

13.14

7.81

1.97

Including

172.90

180.60

7.70

7.44

11.04

2.71

FDN-C25-204

188.80

191.50

2.70

2.61

5.62

0.99

FDN-C25-205

Pending Results

FDNS

Underground

FDN-C25-206

Pending Results

FDNS

Underground

FDN-C25-207

44.90

50.40

5.50

5.10

8.73

4.71

FDNS

Underground

FDN-C25-207

102.90

106.90

4.00

3.76

7.71

4.18

FDN-C25-207

137.10

142.40

5.30

4.59

7.90

3.23

Including

140.85

142.40

1.55

1.34

14.89

4.52

FDN-C25-207

146.20

156.00

9.80

8.49

5.14

1.56

Including

150.60

151.50

0.90

0.78

15.15

2.30

UGE-S-25-221

11.20

15.50

4.30

4.04

7.12

7.33

FDNS

Underground

UGE-S-25-221

66.80

69.30

2.50

5.89

10.70

5.87

UGE-S-25-221

135.40

138.95

3.55

1.78

9.68

6.50

UGE-S-25-221

217.00

219.10

2.10

1.97

9.30

1.61

UGE-S-25-249

32.70

36.10

3.40

1.33

3.95

1.30

FDNS

Underground

UGE-S-25-249

49.70

52.70

3.00

1.36

3.52

0.97

UGE-S-25-249

60.40

63.40

3.00

1.32

4.75

1.30

UGE-S-25-250

No Significant Results

FDNS

Underground

UGE-S-25-251

43.85

56.70

12.85

12.08

10.80

6.91

FDNS

Underground

Including

43.85

46.40

2.55

2.40

22.10

24.76

Including

50.10

51.60

1.50

1.41

25.33

3.10

UGE-S-25-251

69.10

75.55

6.45

6.06

37.81

8.09

Including

71.60

72.05

0.45

2.49

461.00

89.60

FDN-C25-208

Pending Results

FDNS

Underground

FDN-C25-209

Pending Results

FDNS

Underground

FDN-C25-210

Pending Results

FDNS

Underground

FDN-C25-211

Pending Results

FDNS

Underground

FDN-C25-212

Pending Results

FDNS

Underground

FDN-C25-213

Pending Results

FDNS

Underground

FDN-C25-214

Pending Results

FDNS

Underground

FDN-C25-215

Pending Results

FDNS

Underground

FDN-C25-216

Pending Results

FDNS

Underground

FDN-C25-217

Pending Results

FDNS

Underground

FDN-C25-218

Pending Results

FDNS

Underground

UGE-S-25-286

Pending Results

FDNS

Underground

Table 2:  Drillhole assay results from FDN East and Bonza Sur drilling program reported for thickness versus grade intervals above 14 (m x g/t Au >14).  Drill hole intercepts are reported in drill core lengths

Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Target

Zone

FDNE-2025-242

No Significant Results

FDN - East

Surface

FDNE-2025-258

205.15

246.95

41.80

0.46

0.76

FDN - East

Surface

Including

236.50

245.75

9.25

0.92

1.60

FDNE-2025-263

177.50

185.45

7.95

2.72

6.41

FDN - East

Surface

Including

177.50

178.7

1.20

7.36

25.61

Including

183.90

185.45

1.55

6.97

6.51

FDNE-2025-274

No Significant Results

FDN - East

Surface

FDNE-2025-279

Pending Results

FDN - East

Surface

UGE-E-25-215

291.90

308.20

16.30

2.97

1.74

FDN - East

Underground

Including

302.10

303.10

1.00

44.30

18.40

UGE-E-25-247

Pending Results

FDN - East

Underground

UGE-E-25-248

217.90

251.25

33.35

4.05

6.96

FDN - East

Surface

Including

229.85

244.15

14.30

7.12

8.40

UGE-E-25-248

321.30

344.45

23.15

4.62

20.75

Including

321.30

327.05

5.75

15.23

39.80

UGE-E-25-248

368.95

374.60

5.65

8.21

26.89

UGE-E-25-248

515.40

522.25

6.85

8.19

103.83

UGE-E-25-248

567.60

569.60

2.00

14.96

10.22

UGE-E-25-248

581.30

585.70

4.40

4.68

14.86

BLP-2024-186

No Significant Results

BLP

Surface

BLP-2024-187

118.90

142.20

23.30

0.32

8.74

BLP

Surface

AMN-2024-190

177.95

193.80

15.85

0.56

8.35

BLP

Surface

AMN-2024-190

430.50

521.70

91.20

0.68

2.74

Including

458.15

501.05

42.90

1.00

3.44

with

491.40

495.15

3.75

3.43

3.72

AMN-2024-193

276.30

294.30

18.00

0.30

2.16

BLP

Surface

AMN-2024-193

390.60

453.60

63.00

0.37

1.70

Including

390.60

402.10

11.50

0.65

3.68

Including

426.90

453.60

26.70

0.55

1.74

with

433.90

441.35

7.45

1.10

2.57

BLP-2024-194

35.50

38.10

2.60

1.36

3.40

BLP

Surface

BLP-2024-197

27.10

90.00

62.90

0.18

2.13

BLP

Surface

Including

78.50

90.00

11.50

0.39

1.74

BLP-2024-198

18.80

58.80

40.00

0.28

6.35

BLP

Surface

Including

41.50

53.65

12.15

0.44

0.94

BLP-2024-198

141.90

156.40

14.50

0.29

1.99

AMN-2024-202

309.90

311.75

1.85

1.07

1.20

BLP

Surface

AMN-2024-203

173.90

207.30

33.40

0.29

8.13

BLP

Surface

AMN-2024-203

268.40

305.30

36.90

0.36

9.92

AMN-2024-203

433.60

436.20

2.60

10.29

58.01

BLP-2024-205

0.40

162.70

162.30

1.10

7.74

BLP

Surface

Including

50.15

68.20

18.05

2.72

27.85

with

58.50

62.75

4.25

6.14

81.43

Including

146.10

157.10

11.00

3.19

3.64

with

150.10

152.10

2.00

14.90

11.67

BLP-2024-218

40.10

253.70

213.60

0.50

5.29

BLP

Surface

Including

55.05

111.40

56.35

1.23

5.02

Including

148.40

161.55

13.15

1.19

31.60

AMN-2024-224

No Significant Results

BLP

Surface

BLP-2024-225

41.40

69.30

27.90

0.32

1.68

BLP

Surface

Including

49.30

55.20

5.90

0.91

3.56

BLP-2024-226

182.80

201.80

19.00

0.40

14.62

BLP

Surface

Including

199.15

200.85

1.70

3.81

137.69

BLP-2024-226

340.40

364.80

24.40

0.29

2.05

BLP-2024-226

399.55

412.00

12.45

0.44

4.12

Including

405.00

407.10

2.10

1.91

14.24

BLP-2024-231

66.20

87.60

21.40

0.12

16.53

BLP

Surface

BLP-2024-232

183.65

226.80

43.15

0.66

4.26

BLP

Surface

Including

219.10

221.05

1.95

7.73

11.99

BLP-2024-232

252.40

276.70

24.30

0.31

6.08

Including

257.00

260.70

3.70

0.90

4.64

BLP-2024-233

87.00

90.00

3.00

1.09

0.93

BLP

Surface

AMN-2024-237

167.20

168.20

1.00

3.31

2.44

BLP

Surface

BLP-2024-238

70.90

76.75

5.85

0.69

2.13

BLP

Surface

BLP-2024-238

208.40

219.80

11.40

0.20

0.95

BLP-2024-240

128.30

210.10

81.80

0.63

6.04

BLP

Surface

Including

141.00

184.70

43.70

1.05

8.44

BLP-2025-244

61.50

206.25

144.75

0.30

2.31

BLP

Surface

Including

81.15

87.30

6.15

0.90

5.07

BLP-2025-244

303.30

335.70

32.40

0.40

4.41

AMN-2025-245

28.65

64.65

36.00

0.33

10.10

BLP

Surface

AMN-2025-245

196.50

332.40

135.90

0.51

2.14

Including

285.20

332.40

47.20

1.12

2.92

BLP-2025-246

48.80

69.40

20.60

0.16

4.13

BLP

Surface

BLP-2025-246

178.90

200.50

21.60

0.19

2.22

BLP-2025-255

28.90

117.80

88.90

0.32

8.86

BLP

Surface

Including

28.90

43.80

14.90

1.01

19.78

with

28.90

32.75

3.85

2.53

31.39

BLP-2025-255

276.10

292.40

16.30

0.53

13.00

BLP-2025-256

No Significant Results

BLP

Surface

BLP-2025-257

203.20

215.90

12.70

0.31

4.44

BLP

Surface

BLP-2025-259

89.15

99.20

10.05

0.30

6.41

BLP

Surface

BLP-2025-262

67.45

185.60

118.15

0.30

44.46

BLP

Surface

Including

74.30

94.55

20.25

0.51

12.21

Including

140.60

183.60

43.00

0.39

111.00

BLP-2025-264

36.00

87.10

51.10

0.63

4.14

BLP

Surface

including

36.00

59.50

23.50

0.99

5.31

BLP-2025-265

1.60

450.00

448.40

0.35

5.40

BLP

Surface

Including

1.60

31.30

29.70

1.10

3.58

with

18.50

23.40

4.90

3.34

1.99

Including

351.10

412.80

61.70

1.30

18.86

with

390.70

395.60

4.90

9.29

35.15

BLP-2025-266

16.20

39.30

23.10

0.20

4.19

BLP

Surface

BLP-2025-266

84.40

155.00

70.60

0.30

5.13

Including

140.90

151.30

10.40

0.91

7.16

BLP-2025-266

205.90

265.60

59.70

0.14

3.97

BLP-2025-267

75.40

133.80

58.40

2.14

6.24

BLP

Surface

Including

109.10

128.3

19.20

5.41

10.51

with

120.70

127.6

6.90

12.49

14.96

BLP-2025-268

34.60

49.80

15.20

0.35

2.62

BLP

Surface

BLP-2025-268

91.20

103.00

11.80

0.55

1.46

Including

94.00

96.00

2.00

2.15

1.91

AMN-2025-269

327.40

347.95

20.55

0.51

11.70

BLP

Surface

Including

332.40

336.45

4.05

1.56

44.60

BLP-2025-270

15.00

28.00

13.00

0.33

1.64

BLP

Surface

BLP-2025-270

35.00

46.00

11.00

0.47

3.21

BLP-2025-270

93.55

152.75

59.20

0.30

27.83

Including

110.95

113.80

2.85

2.78

492.66

BLP-2025-271

101.35

110.10

8.75

0.30

1.00

BLP

Surface

 BLP-2025-271

127.30

153.80

26.50

0.18

1.12

 BLP-2025-271

190.75

204.75

14.00

0.28

0.98

 BLP-2025-271

278.15

300.40

22.25

0.23

6.89

Including with

290.00

300.40

10.40

0.40

12.32

BLP-2025-275

No Significant Results

BLP

Surface

AMN-2025-276

Pending Results

BLP

Surface

AMN-2025-277

Pending Results

BLP

Surface

BLP-2025-278

Pending Results

BLP

Surface

AMN-2025-280

Pending Results

BLP

Surface

AMN-2025-283

Pending Results

BLP

Surface

BLP-2025-284

Pending Results

BLP

Surface

AMN-2025-285

Pending Results

BLP

Surface

BLP-2025-287

Pending Results

BLP

Surface

AMN-2025-288

Pending Results

BLP

Surface

Table 3:  Drillhole assay results from the Trancaloma and Castillo Porphyry targets surface drilling program.  Drill hole intercepts are reported in drill core lengths.

Hole ID

From (m)

To (m)

Interval (m)

Cu (%)

Au (g/t)

Ag (g/t)

Mo (ppm)

CuEq (%)

Target

TRL-2024-220

0.00

858.10

858.10

0.41

0.10

1.51

14.21

0.50 %

Trancaloma

Including

350.25

798.20

447.95

0.54

0.14

1.94

11.08

0.65 %

BLP-2024-229

32.00

400.00

368.00

0.21

0.06

1.27

13.40

0.27 %

Trancaloma

BLP-2024-239

No Significant Results



0.00 %

Trancaloma

CAS-2025-241

89.80

587.00

497.20

0.22

0.05

0.53

10.86

0.27 %

Castillo Porphyry

Including

96.70

213.20

116.50

0.33

0.07

0.86

13.04

0.39 %

TRL-2025-260

231.65

830.60

598.95

0.19

0.07

1.17

14.52

0.26 %

Trancaloma

Including

507.10

716.00

208.90

0.23

0.13

1.31

8.18

0.33 %

With

556.60

592.60

36.00

0.28

0.20

1.68

9.02

0.43 %

TRL-2025-272

Pending Results




Trancaloma

TRL-2025-281

Pending Results




Trancaloma

Table 4: FDNS, FDN East, Bonza Sur and Trancaloma Collar Drill Holes

Hole ID

Target

Easting

Northing

Elevation

Azimuth

Dip

EOH (m)

Drilling Type

Year

FDN-C25-190

FDNS

778191

9582257

1092

288

9

190.00

Underground

2025

FDN-C25-191

FDNS

778191

9582257

1091

306

-38

255.00

Underground

2025

FDN-C25-192

FDNS

778157

9582350

1091

310

5

120.00

Underground

2025

FDN-C25-193

FDNS

778156

9582349

1091

300

1

150.00

Underground

2025

FDN-C25-194

FDNS

778192

9582676

1085

236

22

45.00

Underground

2025

FDN-C25-195

FDNS

778156

9582349

1091

281

-4

160.00

Underground

2025

FDN-C25-196

FDNS

778156

9582348

1091

266

-1

170.00

Underground

2025

FDN-C25-197

FDNS

778156

9582348

1092

264

11

110.00

Underground

2025

FDN-C25-198

FDNS

778176

9582354

1091

323

9

181.80

Underground

2025

FDN-C25-199

FDNS

778176

9582353

1091

309

20

148.20

Underground

2025

FDN-C25-200

FDNS

778176

9582353

1092

317

18

160.00

Underground

2025

FDN-C25-201

FDNS

778176

9582354

1091

324

16

163.00

Underground

2025

FDN-C25-202

FDNS

778176

9582353

1091

316

10

150.00

Underground

2025

FDN-C25-203

FDNS

778191

9582256

1093

267

25

234.10

Underground

2025

FDN-C25-204

FDNS

778191

9582256

1092

263

10

206.00

Underground

2025

FDN-C25-205

FDNS

778191

9582256

1093

254

19

218.40

Underground

2025

FDN-C25-206

FDNS

778195

9582257

1091

90

-70

60.40

Underground

2025

FDN-C25-207

FDNS

778191

9582256

1094

270

37

190.00

Underground

2025

FDN-C25-208

FDNS

778176

9582353

1091

308

11

142.00

Underground

2025

FDN-C25-209

FDNS

778176

9582353

1091

322

1

162.00

Underground

2025

FDN-C25-210

FDNS

778199

9582239

1094

75

23

114.40

Underground

2025

FDN-C25-211

FDNS

778199

9582239

1094

77

-1

109.00

Underground

2025

FDN-C25-212

FDNS

778199

9582239

1092

99

-18

110.80

Underground

2025

FDN-C25-213

FDNS

778199

9582241

1092

101

36

90.00

Underground

2025

FDN-C25-214

FDNS

778176

9582353

1091

307

2

145.00

Underground

2025

FDN-C25-215

FDNS

778176

9582353

1092

300

21

142.00

Underground

2025

FDN-C25-216

FDNS

778176

9582353

1091

299

11

135.00

Underground

2025

FDN-C25-217

FDNS

778176

9582353

1091

315

2

155.00

Underground

2025

FDN-C25-218

FDNS

778169

9582488

1087

317

-19

126.10

Underground

2025

UGE-S-25-221

FDNS

778191

9582258

1092

318

0

225.00

Underground

2025

UGE-S-25-249

FDNS

778191

9582257

1091

272

-35

234.00

Underground

2025

UGE-S-25-250

FDNS

778191

9582257

1091

250

-19

220.0

Underground

2025

UGE-S-25-251

FDNS

778191

9582257

1092

252

5

211.1

Underground

2025

UGE-S-25-286

FDNS

778260

9581782

1413

342

-45

491.7

Underground

2025

FDNE-2025-242

FDNE

778267

9583371

1524

99

-40

422.15

Surface

2025

FDNE-2025-258

FDNE

778264

9583107

1505

65

-30

350.05

Surface

2025

FDNE-2025-263

FDNE

778264

9583107

1505

68

-49

527.25

Surface

2025

FDNE-2025-274

FDNE

778264

9583104

1505

129

-30

79.4

Surface

2025

FDNE-2025-279

FDNE

778267

9583372

1524

99

-58

892.95

Surface

2025

UGE-E-25-215

FDNE

778130

9583338

1272

136

21

362.8

Underground

2025

UGE-E-25-247

FDNE

778130

9583339

1270

145

-7

620.0

Underground

2025

UGE-E-25-248

FDNE

778130

9583339

1271

134

-3

606.0

Underground

2025

BLP-2024-186

Bonza Sur

778654

9581180

1521

90

-42

250.40

Surface

2024

BLP-2024-187

Bonza Sur

778675

9580698

1540

89

-74

300.15

Surface

2024

AMN-2024-190

Bonza Sur

778748

9579869

1657

74

-33

636.45

Surface

2024

AMN-2024-193

Bonza Sur

778826

9580014

1634

84

-34

515.15

Surface

2024

BLP-2024-194

Bonza Sur

778654

9581180

1521

91

-59

403.00

Surface

2024

BLP-2024-197

Bonza Sur

778723

9580636

1569

119

-50

367.65

Surface

2024

BLP-2024-198

Bonza Sur

778654

9581180

1521

90

-79

351.50

Surface

2024

AMN-2024-202

Bonza Sur

778748

9579869

1657

74

-49

500.00

Surface

2024

AMN-2024-203

Bonza Sur

778825

9580014

1634

84

-45

440.15

Surface

2024

BLP-2024-205

Bonza Sur

778534

9581207

1473

89

-70

347.35

Surface

2024

BLP-2024-218

Bonza Sur

778457

9581058

1458

83

-39

360.20

Surface

2024

AMN-2024-224

Bonza Sur

779018

9579691

1733

90

-44

430.00

Surface

2024

BLP-2024-225

Bonza Sur

778674

9580698

1541

89

-39

350.05

Surface

2024

BLP-2024-226

Bonza Sur

778984

9579462

1720

304

-45

478.90

Surface

2024

BLP-2024-231

Bonza Sur

778635

9581038

1526

269

-85

160.05

Surface

2024

BLP-2024-232

Bonza Sur

778689

9580440

1578

84

-34

347.05

Surface

2024

BLP-2024-233

Bonza Sur

778638

9581037

1526

79

-47

400.15

Surface

2024

AMN-2024-237

Bonza Sur

779016

9579690

1737

59

-49

463.10

Surface

2024

BLP-2024-238

Bonza Sur

778853

9580278

1608

69

-44

465.90

Surface

2024

BLP-2024-240

Bonza Sur

778559

9581472

1439

229

-30

290.10

Surface

2024

CAS-2025-241

Bonza Sur

778071

9580810

1462

92

-65

598.60

Surface

2025

BLP-2025-244

Bonza Sur

778687

9580241

1601

99

-65

350.00

Surface

2025

AMN-2025-245

Bonza Sur

778722

9580098

1610

169

-52

459.90

Surface

2025

BLP-2025-246

Bonza Sur

778653

9581180

1521

329

-49

207.90

Surface

2025

BLP-2025-255

Bonza Sur

778617

9580521

1565

90

-53

300.05

Surface

2025

BLP-2025-256

Bonza Sur

778651

9581179

1521

209

-59

218.30

Surface

2025

BLP-2025-257

Bonza Sur

778600

9581608

1435

269

-44

326.40

Surface

2025

BLP-2025-259

Bonza Sur

778597

9580322

1560

87

-59

165.10

Surface

2025

BLP-2025-262

Bonza Sur

778616

9580521

1565

85

-80

250.05

Surface

2025

BLP-2025-264

Bonza Sur

778501

9581449

1435

274

-34

160.00

Surface

2025

BLP-2025-265

Bonza Sur

778732

9580832

1561

261

-51

450.00

Surface

2025

BLP-2025-266

Bonza Sur

778469

9581653

1454

269

-76

284.50

Surface

2025

BLP-2025-267

Bonza Sur

778502

9581449

1435

274

-59

220.00

Surface

2025

BLP-2025-268

Bonza Sur

778936

9580374

1652

269

-49

362.95

Surface

2025

AMN-2025-269

Bonza Sur

778930

9580031

1675

113

-60

441.80

Surface

2025

BLP-2025-270

Bonza Sur

778671

9580698

1541

274

-45

299.40

Surface

2025

BLP-2025-271

Bonza Sur

778471

9581653

1454

80

-84

300.40

Surface

2025

BLP-2025-275

Bonza Sur

778673

9581292

1498

289

-45

260.15

Surface

2025

AMN-2025-276

Bonza Sur

778724

9580098

1609

144

-45

465.30

Surface

2025

AMN-2025-277

Bonza Sur

778400

9579519

1601

89

-30

471.00

Surface

2025

BLP-2025-278

Bonza Sur

778672

9580698

1540

274

-59

340.50

Surface

2025

AMN-2025-280

Bonza Sur

778930

9580032

1675

104

-44

411.75

Surface

2025

AMN-2025-283

Bonza Sur

779258

9580115

1727

189

-49

270.85

Surface

2025

BLP-2025-284

Bonza Sur

778866

9580886

1525

209

-40

306.25

Surface

2025

AMN-2025-285

Bonza Sur

778723

9580095

1609

169

-35

350.65

Surface

2025

BLP-2025-287

Bonza Sur

778487

9581695

1461

289

-58

279.05

Surface

2025

AMN-2025-288

Bonza Sur

778460

9580053

1554

119

-30

283.90

Surface

2025

TRL-2024-220

Trancaloma

780081

9581596

1481

123

-60

976.65

Surface

2024

BLP-2024-229

Trancaloma

779072

9581469

1489

89

-40

400.00

Surface

2024

BLP-2024-239

Trancaloma

779386

9581869

1513

269

-54

577.00

Surface

2024

TRL-2025-260

Trancaloma

779597

9580742

1646

119

-78

830.60

Surface

2025

TRL-2025-272

Trancaloma

780080

9581597

1483

168

-60

876.75

Surface

2025

TRL-2025-281

Trancaloma

779898

9581499

1460

243

-64

712.10

Surface

2025

SOURCE Lundin Gold Inc.