Mr. Marshall Koval reports

LUMINA GOLD PROVIDES A CANGREJOS PROJECT UPDATE

Lumina Gold Corp. has provided an update on activities at the Cangrejos project, which are proceeding on schedule. The company has been actively executing its 2023 feasibility study drill plan, with nine rigs currently at site. The company has also been advancing work related to the feasibility study expected to be completed in Q1 2025.

Drilling update

Over 11,000 metres have been completed out of the planned 18,000 metres of resource, geotechnical and metallurgical drilling. The drill program is expected to be finalized by year-end. Lumina compares assay results as they are received against those predicted by the prefeasibility study block model, and the average results from assays received to date are tracking extremely well.

Feasibility study update

Contracts have been signed with several engineering companies for the advancement of the feasibility study for the Cangrejos project. These companies include: IMC Mining Consultants to complete the mining sections; SIM Geological Inc. for resource estimation; Wyllie & Norrish Rock Engineers for pit slope engineering; and Austin International as the metallurgical qualified person.

Several trade-off studies have been initiated in an effort to further optimize the Cangrejos project. The studies are focused on:

• Potentially resequencing when Gran Bestia enters the mine plan, with the goal of reducing haulage to the waste rock storage facility by utilizing the depleted Cangrejos deposit area.
• Review of final site infrastructure placement to assist with project optimization and permitting.
• Review of the flowsheet to allow for the processing of gold-bearing saprolite that was treated as waste in the prefeasibility study.

The results and potential implications of these studies should be available to the company in early 2024.

The company is in the process of selecting the feasibility study process lead consultant, which will be determined over the next several months.

Ecuador election

On Sunday, Oct. 15, 2023, Daniel Noboa was elected as president of Ecuador. Lumina's management team believes that President Elect Noboa will continue policies supportive of mining in Ecuador. He has said that he will prioritize the attraction of foreign investment, and that responsible mining has great potential to be an important source of financing for social projects and generation of employment. Lumina looks forward to engaging with the new administration on its exploitation agreement terms and exploitation investment protection agreement to support the development of Cangrejos.

Qualified person

Leo Hathaway, PGeo, senior vice-president of Lumina and the qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for the Cangrejos project, has reviewed, verified and approved the contents of this news release, and has verified the data underlying the contents of this news release.

About Lumina Gold Corp.

Based in Vancouver, Canada, Lumina Gold is a 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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