Lundin Gold Share Capital and Voting Rights Update (Dec. 31, 2019)

VANCOUVER, Dec. 31, 2019 - Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX: LUG, Nasdaq Stockholm: LUG) reports the following in accordance with the Swedish Financial Instruments Trading Act.

The Company has 223,631,212 common shares issued and outstanding with voting rights as at December 31, 2019.

This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the Swedish Financial Instruments Trading Act on disclosure of major shareholdings (Transparency Rules).

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold project in southeast Ecuador. The Company's board and management team have extensive expertise in mine operations and are dedicated to advancing Fruta del Norte to commercial production in the second quarter of 2020.

The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the Swedish Financial Instruments Trading Act. This information was publicly communicated on December 31, 2019 at 2:30 p.m. Pacific Time through the contact persons set out below.

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Contact
Lundin Gold Inc., Ron F. Hochstein, President and CEO, +593 2-299-6400, +604-806-3589; Lundin Gold Inc., Sabina Srubiski, Manager, Investor Relations, +1-604-806-3089, info@lundingold.com, www.lundingold.com