Lumina Gold Corp.  announced it has received positive results from the Preliminary Feasibility Study (the "PFS"), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), for its 100%-owned Cangrejos Project ("Cangrejos" or the "Project"). The work that was completed as the basis for the PFS was managed by Ausenco Engineering Canada Inc. ("Ausenco"), along with oversight and input from Lumina's representative, MTB Enterprises Inc. The PFS demonstrates further improvements upon the Company's two prior preliminary economic assessments for the Project, with the latest being the 2020 Preliminary Economic Assessment (the "2020 PEA"). The following is a summary of improvements at Cangrejos since the 2020 PEA: Probable gold reserves increased to 11.6 million ounces; The indicated gold mineral resource increased to 16.8 million ounces from 10.4 million ounces; Project after-tax NPV of USD 2,238 million at USD 1,650/oz gold and USD 3.75/lb copper and The mineral resource expansion makes Cangrejos the 26th largest primary gold asset in the world by contained gold in mineral resources.

PFS Summary: The PFS was initiated in 2022 and was produced by a team of independent consultants that possess extensive expertise in their respective fields. The PFS highlights include the following estimates: Life of mine ("LOM") average annual payable production of 371 thousand ounces gold ("koz"); LOM average annual payable by-product production of 41 million lbs copper; 469 koz of average annual gold equivalent production over the LOM; 26-year mine life with a LOM revenue mix of 79% gold, 20% copper and 1% silver; 30,000 tonnes per day processing operation from years 1-3, with an expansion to 60,000 in year 4 and 80,000 in year 7; After-tax NPV (5%) of $2.2 billion and IRR 17.2% using base case prices; Average cash operating costs of $602/oz and all-in sustaining costs of $671/oz, net of by-product credits; LOM processed grades of 0.55 grams per tonne ("g/t") gold and 0.10% copper; Years 1-6 processed grades of 0.71 g/t gold and 0.12% copper and Initial capital costs of $925 million include working capital and exclude refundable value added tax ("VAT"). This mineral resource estimate was prepared in accordance with NI 43-101 and was based on a total of 98,759 metres of diamond drilling in 280 holes.

Of these, 90,142 metres in 248 holes were drilled by Lumina, 5,595 metres in 22 holes were drilled by the Project's previous operator, Newmont Mining Corporation ("Newmont"), in joint venture with Lumina's predecessor company, Odin Mining and Exploration Ltd. ("Odin"), and 3,022 metres in 10 holes were drilled by Odin after the joint venture was dissolved. Indicated and inferred mineral resources are estimated using a three-dimensional block model with a nominal block size of 15 x 15 x 15 metres. Drill holes penetrate the Cangrejos deposit and Gran Bestia deposit at a variety of orientations to depths approaching 750 metres below surface.

The mineral resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, copper, silver and molybdenum. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data. The effects of potentially anomalous high-grade sample data, composited to two metre intervals, are controlled using both traditional top-cutting as well as limiting the distance of influence during block grade interpolation.

Block grades are estimated using ordinary kriging and have been validated using a combination of visual and statistical methods. Resources in the indicated mineral resource category are delineated by drilling spaced at maximum 100 metre intervals. Resources in the inferred mineral resource category are within a maximum distance of 150 metres from a drill hole.

The estimate of the indicated and inferred mineral resource is constrained within a limiting pit shell derived using projected technical and economic parameters. This mineral reserve estimate was prepared in accordance with NI 43-101. The mineral reserves are contained within an engineered pit design.

The engineered pit was designed based on the geotechnical slope guidance provided by Wyllie & Norrish Engineers Inc. The engineered pit incorporates access and sufficient working room for the planned fleet. The mineral reserves are reported from a twenty-five-and-a-half-year mine plan that has been scheduled based on a declining NSR cut-off grade strategy produced from seven engineered phase designs (pits/pushbacks). The phase designs were developed from pits that were optimized to increasing metal prices.

The final (ultimate) pits targeted optimized pits consistent with $1,000 to $1,100/oz gold prices.  Mining and Processing Facility: The proposed processing plant for Cangrejos is a conventional copper-gold flotation concentrator and hybrid leach-carbon-in-leach ("L/CIL") circuit. It has been designed to treat 30,000 tonnes per day (10.95 Mtpa) during the first three years of operation, expanded to 60,000 tonnes per day (21.9 Mtpa) during the next three years and then expanded to 80,000 tonnes per day (29.2 Mtpa) thereafter. The run of mine ore is trucked from the open pit and is direct dumped into the primary crusher adjacent to the pit and an overland conveyor transports the crushed ore to uncovered course ore stockpile.  The processing facility consists of secondary crushing, high pressure grinding rolls ("HPGR"), ball mills, copper-gold flotation circuits, L/CIL treatment, cyanide detox and thickening, and filtering of the combined L/CIL and flotation tailings.

The tailings are conveyed to the dry stack tailings facility. The plant is designed to produce precious metal (gold and silver) doré and a copper-gold concentrate. The copper-gold concentrate that makes up most of the Project revenue will be trucked to an Ecuadorian port approximately 40 km away, Puerto Bolivar, from which it will be shipped to smelters and refiners for further processing.