Lundin Gold Inc. — Capital/Financing Update 2021

Mar 5, 2021

AMENDING AGREEMENT

THIS AMENDING AGREEMENT is made as of the 29th day of May, 2020, by and between Lundin Gold Inc. (the “ Company ”) and Newcrest Canada Inc. (the “ Investor ”).

WHEREAS the Company and the Investor are parties to a subscription agreement dated February 24, 2018 (the “ Subscription Agreement ”);

AND WHEREAS the parties hereto desire to amend the Subscription Agreement;

NOW THEREFORE, in consideration of the covenants and agreements herein contained and the payment by each party to the other party of the sum of US$1 (the receipt and sufficiency of which is hereby acknowledged by each of the parties), the parties hereby agree as follows:

1. Capitalized terms used, but not otherwise defined, herein have the meaning given to them in the Subscription Agreement.

2. The words “the date the Company achieves Commercial Production at the Fruta del Norte Project” in Section 11.6 of the Subscription Agreement are deleted in their entirety and replaced by the words “June 30, 2021”.

3. All other terms of the Subscription Agreement will remain unamended and in full force and effect.

4. This amending agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein, without reference to conflicts of law rules.

5. This amending agreement may be executed in any number of counterparts, and it shall not be necessary that the signatures of all parties be contained on any counterpart. Each counterpart shall be deemed an original, but all counterparts together shall constitute one and the same instrument. Counterparts may be delivered by electronic transmission and the parties adopt any signatures so received as original signatures of the parties.

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IN WITNESS WHEREOF the parties have executed this amending agreement as of the date first written above.

LUNDIN GOLD INC.

By: /s/ “Ron Hochstein” Name: Ron Hochstein Title: President and C.E.O

NEWCREST CANADA INC.

By: /s/ “Seil Song” Name: Seil Song Title: Director