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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.
