Mr. Marshall Koval reports

LUMINA GOLD ANNOUNCES FILING OF NI 43-101 PRE-FEASIBILITY STUDY TECHNICAL REPORT

Lumina Gold Corp. has filed on SEDAR an independent technical report prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects supporting the results of a prefeasibility study (PFS) for the development of its Cangrejos gold-copper project located in southwest Ecuador. The results of the PFS were previously reported in the company's news release dated April 17, 2023, and there are no material differences in the report from those results. The effective date of the report is April 7, 2023.

PFS highlights:

• Life of mine (LOM) average annual payable production of 371,000 ounces gold (oz);
• LOM average annual payable byproduct production of 41 million pounds (lb) copper;
• 469,000 oz of average annual gold equivalent production over the LOM;
• 26-year mine life with a LOM revenue mix of 79 per cent gold, 20 per cent copper and 1 per cent silver;
• 30,000-tonne-per-day processing operation from years one to three, with an expansion to 60,000 in year four and 80,000 in year seven;
• After-tax NPV (5 per cent) of $2.2-billion and IRR (internal rate of return) 17.2 per cent using base case prices;
• Average cash operating costs of $602/oz and all-in sustaining costs of $671/oz, net of byproduct credits;
• LOM processed grades of 0.55 gram per tonne (g/t) gold and 0.10 per cent copper;
• Years one to six processed grades of 0.71 g/t gold and 0.12 per cent copper;
• Initial capital costs of $925-million include working capital and exclude refundable value-added tax (VAT).

The full report dated June 1, 2023, and entitled "Cangrejos Gold-Copper Project NI 43-101 Technical Report on the Pre-feasibility Study," can be found on the company's website and on SEDAR under the company's issuer profile.

Qualified persons

The scientific and technical information contained in this news release has been reviewed and approved by Leo Hathaway, PGeo, senior vice-president of Lumina, who is a qualified person as defined by NI 43-101.

About Lumina Gold Corp.

Lumina Gold (TSXV: LUM) is a Vancouver, Canada-based, precious and base metals exploration and development company focused on the Cangrejos gold-copper project located in El Oro province, southwest Ecuador. In 2023, the company completed a prefeasibility 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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