Mr. Marshall Koval reports

LUMINA GOLD ANNOUNCES US$300 MILLION METALS STREAMING AGREEMENT WITH WHEATON PRECIOUS METALS

Lumina Gold Corp. entered into a precious metal purchase agreement with Wheaton Precious Metals International Ltd., a wholly owned subsidiary of Wheaton Precious Metals Corp., in relation to its 100-per-cent-owned Cangrejos gold-copper project located in El Oro province, Ecuador, on May 16, 2023. The gold stream initially represents 6.6 per cent of the payable gold produced from the project in exchange for $48-million (U.S.) of preconstruction financing and $252-million (U.S.) of construction financing.

Randy Smallwood, president and chief executive officer of Wheaton, commented: "The Cangrejos project is an excellent addition to Wheaton's existing portfolio of high-quality, low-cost assets as it should provide impactful, long-term growth, as well as significant exploration potential. We welcome the opportunity to work with the team at Lumina, who have done an outstanding job at working to derisk the project and advancing it towards construction."

Ross Beaty, Lumina's founder and largest shareholder, commented: "This transaction validates the extensive technical work that the Lumina Group has completed on Cangrejos since 2014. It will derisk the execution of the Cangrejos project and form a significant part of the $1-billion (U.S.) of required construction capital. Cangrejos will represent one of the largest gold producers in the world once built, and Wheaton will benefit from its three decades of mine life. We look forward to working with Wheaton's extremely experienced team as the project gets advanced."

Transaction overview

The gold stream is composed of two financing segments: (i) the early deposit to be paid during the completion of a feasibility study (as such term is defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects)) and permitting period; and (ii) the upfront payment to be paid during the construction of the project. The $48-million (U.S.) early deposit provides Lumina with the capital it requires to complete definition drilling, a feasibility study and permitting work at the project. The upfront payment of $252-million (U.S.) provides approximately 25 per cent of the total construction financing required by the project.

The early deposit of $48-million (U.S.) is composed of four components:

1. $12-million (U.S.) at closing;
2. $10-million (U.S.) six months after close;
3. $15-million (U.S.) 12 months after close;
4. An $11-million (U.S.) tranche that can be drawn upon for specific preconstruction capital items.

The $252-million (U.S.) upfront payment will be financed throughout the 2-1/2-year construction period for the project.

In return for the early deposit and upfront payment, Lumina will sell 6.6 per cent of the payable gold production from the project until 700,000 ounces of gold have been delivered, at which point the gold stream will be reduced to 4.4 per cent of the payable gold production. Wheaton will pay a production payment representing 18.0 per cent of the spot price of gold for the first 700,000 ounces and 22.0 per cent of the spot price of gold thereafter.

In the event of a change of control, the company may buy back one-third of the gold stream from Wheaton until the earlier of Jan. 1, 2030, and the date that is 12 months after first production.

About Lumina Gold Corp.

Lumina (TSX Venture Exchange: LUM), based in Vancouver, Canada, is a precious and base metal exploration and development company focused on the Cangrejos gold-copper project located in El Oro province, southwest Ecuador. In 2023, the company completed a preliminary feasibility study for Cangrejos, which is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful record of advancing and monetizing exploration projects.

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