2

DisclaimersAll 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 usuallybeyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking. Lundin Goldbelieves that the expectations reflected in these forward-looking statements are reasonable as of the date made, but no assurance can be given that theseexpectations will prove to be correct. In particular, this presentation contains forward-looking statements pertaining to: the Company’s project financingand sources of liquidity; the Company’s exploration plans and activities; the value of the Company and the trading price of its shares; estimates of mineralresources and reserves; the rate of development of the project; production plans and profiles; projected capital and operating costs; permitting andregulatory approvals; capital expenditures and requirements; the expectations of market prices and costs; the development, construction and operation ofFruta del Norte; anticipated future tax payments and rates, cash flows and their uses; and benefits under the Company’s agreements with the Governmentof 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 fromthose anticipated as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form for the financial year endedDecember 2016 and the Prospectus dated December 21, 2017, both of which are available on SEDAR at www.sedar.com. Forward-looking informationshould 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 Companyentitled “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’sPresident and Chief Executive Officer, and Steve Leary, MAusIMM CP(Geo), an independent consultant to Lundin Gold, both of whom are Qualified Personswithin 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 InvestorsThis presentation may use the terms “measured", “indicated“, “inferred" and “historical” mineral resources. U.S. investors are advised that, while suchterms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. “Inferred mineralresources" and “historical estimates” have a great amount of uncertainty as to their existence and great uncertainty as to their economic feasibility. Itcannot 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 Canadianrules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Further, historical estimates are notrecognized 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 everbe 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 notbe 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 anapplication exemption from registration.

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

• First stage US$400 - US$450 million financing in place

• Construction underway

• First gold production expected in Q4 2019

4

Capital Structure

Share Price1 $5.16

Shares Outstanding2 119.6 M

Market capitalization1 $617.5 M

52 week high/low1 $4.07/$6.50

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 15, 2018, in C$2. As at December 31, 20173. As at September 30, 2017 in US$

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 years 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

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

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 Peñastrend, 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

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

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

Fruta del Norte is a Large, High-Grade Gold Mine

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Annual Gold Production Profile

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Ore Processed Au Grade

k o

zs

Fee

d (

k to

nn

es)

Processing Plant Feed

Source: See Lundin Gold news release dated May 30, 2017

11

High Ounce / Low Tonne Per Day MineA

vera

ge A

nn

ual

Au

pro

du

ctio

n (

ozs

)M

ill Cap

acity (tpd

)

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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

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

Mine Waste StorageProcess Plant Portal Platform

Portals

Water Ponds

Crusher

Mine Site Under Construction

Surface mine temporary facilities including warehouse, fab shop, dry and offices

Process plant earthworks

Into hard rock

14

Underground Mine Development on Track

Twin Portal Declines

Dewatering Galleries

North Orepass

Central Orepass

South Orepass

FAR

Portal Entrance

15

Overlain on FS Layout

Compact Process Plant Footprint

16

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

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

Project Team with Global Mine Development ExperienceLouis GignacProject Advisor• Rosebel Mine, Suriname (IAMGold)• Essakane Mine, Burkina Faso (IAMGold)• Omai Gold Mine, Guyana (Mahida Gold, prev. IAMGold)

Matt GignacProject Director• Rosebel Mine, Suriname (IAMGold)• Merian Mine, Suriname (Newmont)• Mouska Mine, Canada (IAMGold)

Meredith ArnouldProject Business Manager• Cerro Verde Mine, Peru (Freeport McMoRan)• Mount Milligan Mine, Canada (Centerra, prev. Thompson

Creek)• Endako Mine, Canada (Centerra, prev. Thompson Creek)

Serge ThébergeSite Manager• Rosebel Mine, Suriname (IAMGold)• Cie des Bauxites Mine, Guinea (Halco/Guinea

government)• Quimsacocha Mine, Ecuador (INV Mining, prev. IAMGold)

Doug MooreMine Development Manager• Carlin East Mine, USA (Newmont)• Buckhorn Mine, USA (Kinross)• Lac des Iles Mine, Canada (North American Palladium)

William MathesonConstruction Manager• Yanacocha Mine Phase 1, Peru (Newmont)• Carlota Mine, USA (KGHM International)• Sierra Gorda Mine, Chile (KGHM International)

Joel LacelleOffshore Services Manager• Detour Lake Mine, Canada (Detour Gold)• Raglan Mine, Canada (Glencore)• Casa Berardi Mine, Canada (Hecla Mining)

Murray WrightSupply Chain Manager• Kansanshi Mine, Zambia (First Quantum)• Tasiast Mine, Mauritania (Kinross)• Otjikoto Mine, Namibia (B2 Gold)

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, 20171. 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

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, 20171. 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

First Stage Financing Significantly De-Risks Fruta del Norte

Financing package totals US$400 - US$450 million and includes:

• Gold pre-pay term credit facility of US$150 million

• Stream credit facility of US$150 million

• 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

22

Mining Can be Catalyst for Sustainable Economic Development

Platform forBroad-based

EconomicDevelopment

HumanCapital

Infrastructure

NaturalCapital

FinancialCapital

ProtectingEcosystem

Services

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

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, $7.30

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.

25

Lundin Gold Valuation Potential1

1. As at December 31, 2017Source: Bloomberg and public company filings

$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

EV/A

u R

ese

rves ($

pe

r ou

nce

)

26

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 progressing

• Mine development on track

• First gold production expected in Q4 2019

Appendix

28

Non-Executive Board of DirectorsAshley 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 inNorthern 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

29

National Instrument 43-101 Resource Statement

Mineral Resources - Mineral Resources, inclusive of Mineral Reserves as at December 15, 2015

CategoryTonnage

(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.

30

Orion and Blackstone Financing Package

• Gold pre-pay term credit facility of US$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 US$150 million

• Cash equivalent of 7.75% of Au ounces and 100% of Ag ounces based on spot at time of payment less US$400/ounce Au and US$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 US$100 to US$150 million

31

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 andobligations of the Government of Ecuador and Aurelian asmining concessionaire with respect to the Project andincorporates:

• Term – affords the mining concessionaire the right todevelop and produce gold from the Project for 25 years

• Fiscal Terms – describing royalties, windfall tax andsovereign adjustment mechanisms

• Security – acknowledges the financing requirements andprovides the ability and authorisation to grant security

• Enforcement – provides acknowledgement that theLenders are entitled to foreclose without authorisationfrom the mining concessionaire or the Government ofEcuador

• Dispute Resolution Procedures – arbitration underUNICTRAL 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

32

Lundin Gold Undervalued vs. Peers on EV/Au Reserves Basis

1

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/A

u R

ese

rves ($

pe

r ou

nce

)

33

Fruta del Norte will Produce Both Gold Doré and Gold Concentrate

34

223

RING 1

RING 2

RING 3

RING 4

EX PAT

324

75

52

244

43%

10%

7%

7%

33%

# OF

EMPLOYEESPERCENTAGE

TOTAL748 100%

53

Employment Lundin GoldEnd of December 2017

35

Employment ContractorsEnd of November 2017

35

223

RING 1

RING 2

RING 3

RING 4

EX PAT

240

100

101

516

24%

10%

10%

3%

53%

# OF

EMPLOYEESPERCENTAGE

TOTAL982 100%

25

36

Local Procurement36

• 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

37

Into Hard Rock in Kuri and K’isa

38

Process Plant Earthworks

39

Surface mine temporary facilities including warehouse, fab shop, dry and offices

Contact information:Sabina SrubiskiManager, Investor Relationsinfo@lundingold.com+1 604 689-7842www.lundingold.com