Results Provide Strong Foundation to Meet 2024 Guidance VANCOUVER, BC, May 8, 2024 /CNW/ - Lundin Gold Inc. (TSX:LUG) (Nasdaq Stockholm: LUG) (OTCQX:LUGDF) ("Lundin Gold" or the "Company") is pleased to report results for the first quarter of 2024, highlighted by gold production of 111,572 ounces ("oz") and gold sales of 108,916 oz at a cash operating cost[1] of $735 per oz sold and all-in sustaining cost ("AISC")1 of $868 per oz sold from its Fruta del Norte gold mine ("Fruta del Norte" or "FDN") located in southeastern Ecuador. Bolstered by strong operating performance, reduced debt servicing costs and record high gold prices, Fruta del Norte generated in excess of $100 million cash from operating activities in the first quarter, and free cash flow1 of $82.3 million or $0.35 per share, resulting in a cash balance of $324 million as at March 31, 2024. All amounts are in U.S. dollars unless otherwise indicated. View PDF  "I'm pleased to report another great start to the year for Lundin Gold. Operations are running consistently, including cost performance and production which is weighted to the second half of the year.  Our Process Plant Expansion Project to deliver increased throughput and recoveries is on track for year-end completion. As a result of our conversion drilling, we announced the replacement of our Mineral Reserves and continue to focus on organic growth opportunities."  Ron Hochstein, President and CEO commented, "With the buy out of the stream credit facility and offtake agreement, we are poised to repay the final piece of the Fruta del Norte project finance debt by the end of the second quarter, and are looking forward to further margin expansion in addition to unencumbered exposure to rising gold prices.  2024 is shaping up to be a great year with our continued focus on operational excellence, near-term production growth and very exciting exploration throughout the Fruta del Norte district." OPERATING AND FINANCIAL RESULTS SUMMARY The following two tables provide an overview of key operating and financial results. Three months ended March 31 2024 2023 Tonnes ore mined 419,758 427,735 Tonnes ore milled 413,596 392,332 Average mill throughput (tpd) 4,545 4,359 Average mill head grade (g/t) 9.5 12.3 Average recovery 88.3 % 90.6 % Gold ounces produced 111,572 140,021 Gold ounces sold 108,916 134,691 _____________________________ 1  Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 13 to 16 of the Company's MD&A for the first quarter ended March 31, 2024 available on SEDAR+. Three months ended March 31 2024 2023 Revenues ($'000) 226,741 256,728 Income from mining operations ($'000) 113,237 132,708 Earnings before interest, taxes, depreciation, and amortization ($'000)1 111,612 143,632 Adjusted earnings before interest, taxes, depreciation, and amortization ($'000)1 131,456 159,066 Net income ($'000) 41,897 51,465 Basic income per share ($) 0.18 0.22 Cash provided by operating activities ($'000) 107,914 144,439 Free cash flow ($'000)1 82,259 (11,653) Free cash flow per share ($)1 0.35 (0.05) Average realized gold price ($/oz sold)1 2,141 1,952 Cash operating cost ($/oz sold)1 735 644 All-in sustaining costs ($/oz sold)1 868 728 Adjusted earnings ($'000)1    57,796 67,014 Adjusted earnings per share ($)1 0.24 0.28 Dividends paid per share ($) 0.10 0.10 FIRST QUARTER HIGHLIGHTS - FDN STRONGLY POSITIONED TO PROFIT FROM RISING GOLD PRICES Financial Results Gold sales totalled 108,916 oz, consisting of 71,676 oz in concentrate and 37,240 oz as doré, resulting in gross revenues of $233 million at an average realized gold price1 of $2,141 per oz. Net of treatment and refining charges, revenues for the quarter were $227 million. Cash operating costs1 and AISC1 were $735 and $868 per oz of gold sold, respectively, which are both in line with expectations. Cash operating costs1 per oz sold were at the upper end of guidance as a result of lower gold production resulting from expected lower grades and recoveries, while the lower level of sustaining capital activities than anticipated during the quarter reduced AISC1. The Company generated cash from operating activities of $108 million and free cash flow1 of $82.3 million or $0.35 per share resulting in a cash balance ...