LUMINA GOLD CORP - LMGDF STOCK NEWS

Lumina Gold Corp. (OTCQX: LMGDF) announced positive findings from its Preliminary Feasibility Study (PFS) for the Cangrejos Project, confirming the expansion of gold reserves and resources. The study indicates:

• Probable gold reserves have increased to 11.6 million ounces.
• The after-tax NPV is estimated at US$2,238 million.
• Annual payable production is projected at 371,000 ounces of gold and 41 million pounds of copper.
• The project is poised to begin permitting and negotiation for an Investment Protection Agreement.
• With a mine life of 26 years, the project ranks as the 26th largest primary gold asset globally.

Overall, the study suggests significant potential for future growth and profitability for stakeholders.

Lumina Gold Corp. (OTCQX: LMGDF) announced positive results from its metallurgical test work for the Cangrejos Copper-Gold project. The tests achieved an impressive 84% gold recovery, surpassing the 82% recovery from the 2020 Preliminary Economic Assessment (PEA). The company has simplified its processing flowsheet by eliminating certain materials and circuits. Key components of the ongoing Pre-Feasibility Study (PFS) are on track for completion in Q2 2023, including resource estimations and revised mine plans. CEO Marshall Koval stated that the PFS remains on target, with significant progress in various areas.

Lumina Gold Corp. (OTCQX: LMGDF) held its annual general and special meeting on December 15, 2022, where shareholders approved all proposed matters, including director elections and auditor appointments. The company also amended its unsecured credit facility with major shareholder Ross Beaty, increasing the facility size from C$10 million to C$15 million. Loans can convert to common shares at C$0.42 per share, potentially issuing up to 36,484,605 shares. Lumina continues advancing its Cangrejos Gold-Copper Project in Ecuador.

Lumina Gold Corp. (OTCQX: LMGDF) announced on December 13, 2022, an amendment to its unsecured credit facility with major shareholder Ross Beaty. The facility will increase from C$10 million to C$15 million and extend its term to December 31, 2023, maturing earlier upon specific conditions. Furthermore, loans can be converted to common shares at C$0.42 per share. Proceeds will finance pre-feasibility study costs and aid in corporate operations. All amendments are subject to TSX Venture Exchange acceptance and were approved by the board.

Lumina Gold Corp. (TSXV: LUM, OTCQX: LMGDF) announced the granting of incentive stock options to directors, officers, employees, and consultants amounting to 9,255,000 common shares, exercisable at $0.405 per share, expiring on November 18, 2027. The majority of options will vest over two years. Additionally, Lumina renewed its agreement with First Globe Capital International Inc. for another year, compensating them with the options mentioned. First Globe is focused on providing institutional fundraising and advisory services.

Lumina Gold Corp. has announced the final results from its 2021-2022 drilling campaign at the Cangrejos Project, with significant findings at the Gran Bestia deposit. Highlights include:

• C22-235: 0.91 g/t gold equivalent over 282 metres from 156 metres
• C22-239: 0.79 g/t gold equivalent over 454 metres from surface
• C22-G10: 0.83 g/t gold equivalent over 450 metres from surface, including a 118-metre interval at 1.59 g/t gold equivalent.

The results support resource estimation for a Prefeasibility Study, enhancing the potential for increased mineral resources and reduced stripping ratios.

Lumina Gold Corp. announced the completion of its 2021/2022 drill campaign at the Cangrejos Project, totaling 36,027 metres across 107 drill holes, with promising results reported from 25 holes. Key findings include significant gold equivalent intersections, such as 0.76 g/t over 287 metres at Gran Bestia and 1.23 g/t over 36 metres at Cangrejos, indicating potential for resource increase. The Pre-Feasibility Study is on track for Q2 2023, focusing on resource estimation and metallurgical testing. Overall, drilling results leave mineralization open in all directions, suggesting further exploration potential.