CEO.CA Chairman's Briefing

VANCOUVER, BC, Feb. 18, 2026 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce additional strong results from its ongoing conversion and near mine exploration drilling programs at the Fruta del Norte ("FDN") gold mine in southeast Ecuador.  Following the declaration of inaugural Mineral Reserves at Fruta del Norte South ("FDNS"), continued drilling has further confirmed and expanded high grade mineralization within the deposit.  At FDN East, where the Company recently announced its inaugural Mineral Resource, ongoing drilling has identified new high grade mineralized veins that extend the known footprint from 500 to 650 metres and highlight meaningful untapped potential. PDF Version

Highlights

• FDNS Conversion Drilling: Drill results confirm gold mineralization with several outstanding intercepts and delineate wide, high grade zones within the mineral envelope supporting further Mineral Reserve expansion potential at FDNS.
• FDNS Exploration Drilling: Drilling returned exceptional results outside the Mineral Resource envelope, discovering additional mineralized veins for further investigation in the southern sector and along the northern extension of the deposit, highlighting the growth potential of this mineral system.
• FDN East: Newly discovered mineralized veins extend the known footprint by approximately 150 metres beyond the inaugural Mineral Resource, validating the Company's geological interpretation of a much broader mineralized trend potentially extending under cover toward the Sandia porphyry.

Jamie Beck, President and CEO, commented, "These results continue to demonstrate the strength and scale of the Fruta del Norte epithermal gold mineral system.  Conversion drilling at FDNS is delivering wide, high grade intervals that strongly support future Mineral Reserve growth, while ongoing exploration drilling has discovered new veins that potentially extend the deposit to the north and south beyond the currently defined limits.  At FDN East, results support our interpretation of a potential broader mineralized trend that may extend up to a kilometre toward the Sandia porphyry.  Collectively, these results highlight the exceptional growth pipeline at Fruta del Norte." 

FDNS Conversion Program Drilling Highlights (not true widths):

• Drill hole FDN-C25-323 intersected 92.37 grams per tonne ("g/t") of gold ("Au") over 4.55m from 75.85m, including:
  • 1,010 g/t Au over 0.40m
• Drill hole FDN-C25-365 intersected 41.23 g/t Au over 8.40m from 12.05m, including:
  • 131.86 g/t Au over 2.35m
• Drill hole FDN-C25-364 intersected 30.82 g/t Au over 8.30m from 35.60m, including:
  • 67.53 g/t Au over 3.45m
• Drill hole FDN-C25-359 intersected 98.06 g/t Au over 5.80m from 28.45m, including:
  • 405.08 g/t Au over 1.20m

FDNS Exploration Program Drilling Highlights (not true widths):

• Drill hole UGE-S-25-384 intersected 91.32 g/t Au over 20.65m from 91.75m, including:
  • 405.57 g/t Au over 2.80m
• •  Drill hole UGE-S-25-395 intersected 18.44 g/t Au over 3.40m from 226.20m, including:
  • 59.0 g/t Au over 1.0m

FDN East Exploration Program Drilling Highlights (not true widths):

• Drill hole UGE-E-25-401 intersected 12.75 g/t Au over 7.45m from 479.50m including:
  • 47.67 g/t Au over 1.80m (Far eastern FDN East extension)
• Drill hole UGE-E-25-361 intersected 42.41 g/t Au over 2.10m from 137.40m, including:
  • 220.00 g/t Au over 0.40m

DRILLING PROGRAMS

Lundin Gold's near-mine exploration strategy is focused on extending mine life by discovering and delineating new mineralized zones close to FDN's operations.  These efforts have contributed to significant Mineral Reserve additions since the start of commercial production.

In 2025, the Company completed over 121,519 metres of drilling across 383 holes.  In 2026, the program is planned to expand to at least 133,000 metres, with 17 rigs now active across conversion and near-mine exploration programs, the largest drilling campaign ever on the FDN land package.

FDNS

In 2025, conversion drilling successfully advanced in the central portion of the deposit, where the Company recently declared an inaugural Mineral Reserve of 0.54 million ounces ("Moz") (2.50 million tonnes ("Mt") at 6.66 g/t Au) approximately 18 months after its discovery.  Further information, including the 2025 Mineral Reserve and Mineral Resource statement, is available in the Company's news release dated February 17, 2026.

Conversion drilling in 2026 aims to continue to convert Inferred Resources to the Indicated category and support further Reserve additions.  Several results to date have confirmed mineralization in distinct areas, including wide high grade zones in holes FDN-C25-365 (41.23 g/t Au over 8.40m) and FDN-C25-364 (30.82 g/t Au over 8.30m), within the central portion of FDNS.

Exploration drilling at FDNS has focused on its Northern and Southern Extensions.  The exploratory hole UGE-S-25-395 (15.32 g/t Au over 3.70m; 18.44 g/t over 3.40m; 11.08 g/t Au over 3.55m) intercepted several mineralized veins and indicated areas for further expansion to the North.  To the south, exploratory hole UGE-S25-384 (91.32 g/t Au over 20.65m) delivered a remarkable intercept, indicating the presence of additional veins that warrant follow-up drilling.  Two rigs are currently active at FDNS, and full assay results are provided in Table 1.

FDN EAST

The FDN East deposit is a buried epithermal system made up of multiple subparallel north–south-trending veins located approximately 100 metres east of FDN's existing underground infrastructure.  Drilling in 2025 outlined a 500 metre strike length and supported an initial Mineral Resource of 0.42 Moz Au (2.17 Mt at 6.01 g/t Au). For further details refer to the Company's news release dated February 17, 2026.  The deposit remains completely open

Of note, the exploratory hole UGE-E-25-401 (12.89 g/t Au over 5.45 m and 12.75 g/t Au over 7.45 m) discovered new mineralized veins located farther east, confirming mineralization continues approximately 150 metres east of the initial Mineral Resource.  Drill hole UGE-E-25-422, which intersected typical epithermal hydrothermal alteration with brecciated quartz–chalcedony veining containing visible gold, further confirms the downdip extension of this newly identified zone (Figures 3 and 4).  Assay results for UGE-E-25-422 are still pending

These recently completed exploration holes support the Company's geological interpretation that favourable host rocks present at FDN and FDN East continue beneath the sedimentary cover for approximately an additional one kilometre to the east.  This interpretation is reinforced by the results of the recently acquired 2D active seismic survey (Figure 4).  The potential mineralized trend identified beneath this cover remains entirely untested and represents a significant area for future discovery around FDN.  Additional step-out drill holes are currently being planned.  Two underground rigs are turning at FDN East, and a surface rig is scheduled for mobilization to the area.

Figure 1: Map showing FDN deposit and FDNS selected drilling results

Figure 2: Map showing FDN and FDNS deposit with selected FDNS conversion and exploration drilling results

Figure 3: Map showing FDN, FDNS, FDN East and the location of the newly intercepted veins with selected FDN East drilling results

Figure 4: 2D active seismic survey cross section showing FDN East deposit with selected FDN East drilling results and new drill results along the east extension

Qualified Persons and Technical Note

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.

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 February 18, 2026 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 Annual Information Form dated March 17, 2025.

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 

Table 1: Drillhole assay results from the drilling program at FDNS reported for thickness versus grade intervals above 8.37 (m x g/t Au >8.37).  Drill hole intercepts are reported in drill core lengths and true widths

Table 2: Drillhole assay results from FDN East drilling program reported for thickness versus grade intervals above 8.37 (m x g/t Au >8.37).  Drill hole intercepts are reported in drill core lengths and true widths