Welcome to our dedicated page for Lumina Gold news (Ticker: LMGDF), a resource for investors and traders seeking the latest updates and insights on Lumina Gold stock.
Lumina Gold Corp. (OTCQB: LMGDF) generated news primarily as a Vancouver, Canada based exploration and development company focused on the Cangrejos gold-copper project in El Oro Province, southwest Ecuador. Its news releases provide a detailed record of how the company advanced this large-scale project, managed financing arrangements, and ultimately agreed to be acquired by CMOC Singapore Pte. Ltd., a subsidiary of CMOC Group Limited, through a court-approved plan of arrangement.
Earlier Lumina Gold news items describe technical and regulatory milestones for Cangrejos, including feasibility-level engineering work, power infrastructure approvals from Corporación Eléctrica del Ecuador, and progress on environmental and investment protection agreements with the Government of Ecuador. Other releases outline commercial arrangements such as the US$300 million precious metals purchase agreement with Wheaton Precious Metals International Ltd., including draws under the early deposit, and a US$20 million unsecured convertible note financing with CMOC.
The news flow in 2025 is dominated by the transaction with CMOC. Lumina reported the signing of an arrangement agreement, the terms of the all-cash offer, securityholder approval at a special meeting, court approval from the Supreme Court of British Columbia, and finally the completion of the acquisition. The company also disclosed that its shares would be delisted from the TSX Venture Exchange, withdrawn from trading on the OTCQB, and that it would apply to cease to be a reporting issuer in Canada.
This page serves as an archive of Lumina Gold’s historical news, allowing investors and researchers to review company-issued information on the Cangrejos project, related financings and agreements, and the steps leading to the completion of the acquisition by CMOC.
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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.