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Lumina Gold Corp. (TSXV: LUM) is a Vancouver-based exploration and development company focused on the Cangrejos Gold-Copper Project in Ecuador. The company recently completed a Pre-Feasibility Study for the project, showcasing its potential as the largest primary gold deposit in Ecuador.
With a strong management team and a successful track record of advancing exploration projects, Lumina Gold Corp. is committed to furthering its activities and achieving its goals. The company is currently funded by a substantial financing package from Wheaton Precious Metals, demonstrating confidence in its future prospects.
Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) has announced the issuance of 7,805,000 stock options at an exercise price of $0.49 per share, expiring November 22, 2029, and 3,290,000 restricted share units (RSUs) to directors, officers, employees, and consultants. The majority of options will vest in three equal parts over two years, while 125,000 options granted to First Globe will vest in four parts over two years. The RSUs will vest equally over three years. The company also renewed its marketing and advisory services agreement with First Globe Capital International for 12 months.
Lumina Gold announces that Ecuador's Ministry of Energy and Mines has extended the Los Cangrejos mining concession until 2049, with the possibility of an additional 25-year extension. The company outlines key milestones for 2024-2025, including signing the exploitation contract, completing feasibility studies, and obtaining environmental permits.
The company reports progress on various technical components, including metallurgical testing, geotechnical field programs with 20 boreholes and 53 test pits, and a Regional Hydrogeology Program with 12 new wells. Work is advancing on resource estimates, mine plan design, and final site plans with plant design and vendor quotes.
Lumina Gold (TSXV: LUM) (OTCQB: LMGDF) announced the results of its annual general and special meeting held on October 29, 2024, in Vancouver. Shareholders approved all proposed matters, including: the election of six directors (Marshall Koval, Lyle Braaten, Donald Shumka, Michael Steinmann, Stephen Stow, and Heye Daun), the appointment of KPMG LLP as the company's auditor, and the approval of Lumina's omnibus equity compensation plan.
Lumina Gold Corp. (TSXV: LUM, OTCQB: LMGDF) has announced a US$10.2 million draw under its US$300 million precious metals purchase agreement (PMPA) with Wheaton Precious Metals International This draw includes two tranches: US$9 million due twelve months after the initial draw in May 2023 and US$1.2 million related to specific pre-construction acquisitions.
The PMPA has been amended to change the payment schedule for a previously due US$15 million. Now, US$9 million is payable immediately, and the remaining US$6 million is due on December 2, 2024, contingent on finalizing the exploitation contract term sheet with the Government of Ecuador.
Lumina Gold has provided a project update on its Cangrejos gold-copper project in southwest Ecuador. The Feasibility Study (FS), conducted with Ausenco Engineering, is on track for completion in Q2 2025. Key advancements include increasing the initial processing plant throughput to 40,000 tonnes per day, resequencing the mine plan to prioritize higher-grade deposits, and optimizing waste rock storage.
Field crews are currently active, with two drill rigs expected on site by late May 2024. Lumina has also initiated pre-contractual negotiations with the Ecuadorian government for the Mining Exploitation Contract and signed agreements to extend the Exploration Investment Protection Agreement (EIPA) and to establish a Complementary Investment Protection Agreement (CIPA), committing a total of US$721 million from 2025 to 2031.
Environmental and social impact assessments are expected to commence by the end of June 2024, with an 18-month permitting process to follow.
Lumina Gold Corp. (TSXV: LUM) will participate in Red Cloud Financial Services' virtual webinar series on May 22, 2024, at 2:00pm ET.
This event will provide a corporate update and feature a live Q&A session moderated by Red Cloud. Shareholders and interested parties are encouraged to register for the webinar. A replay will be available to all registrants and on the Red Cloud website post-event.
Lumina Gold Corp. (LMGDF) will be participating in the 121 Mining Investment Conference in London, with their VP presenting recent and future activities. The event will host 100+ mining companies and 400+ investors for targeted meetings, offering market insights and expert commentary on industry trends. The conference is scheduled for May 15-16.
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