Luminex Resources Corp. (the ‘Company' or ‘Luminex') announced the receiving notice from Anglo American that it is exercising the first of its options under the earn-in agreement entered into on September 21, 2018 (‘Earn-In Agreement') to earn the right to retain 51% of the joint venture company holding Pegasus A & B. As of December 31, 2021, Anglo American had invested USD 13.9 million in exploration expenditures and USD 2.4 million in cash payments, for a total of USD 16.3 million. Under the Earn-In Agreement the next ownership retention threshold is 51%, which occurs when Anglo American has completed an additional aggregate investment of USD 25 million towards exploration expenditure by the sixth anniversary of the Earn-In Agreement and USD 4.8 million of cumulative cash payments to Luminex, payable in two instalments on the fourth and fifth anniversary of the Earn-in Agreement.