VANCOUVER, BC, May 16, 2023 /PRNewswire/ – Lumina Gold Corp. LUM LMGDF (the “Company” or “Lumina”) is pleased to announce that it has entered into a precious metals purchase agreement (the “Gold Stream”) with Wheaton Precious Metals International Ltd., a wholly owned subsidiary of Wheaton Precious Metals Corp. Wheaton) with respect to its 100% owned Cangrejos gold-copper project in El Oro Province, Ecuador (the “Project” or “Cangrejos”) May 16, 2023. The gold stream initially represents 6.6% of the payable gold to be produced in return from the project $48 million pre-construction financing (the “Pre-Payment”) and $252 million of construction financing (the “Upfront Payment”).

Randy SmallwoodWheaton’s President and CEO commented: “The Cangrejos project is an excellent addition to Wheaton’s existing portfolio of high-quality, low-cost assets as it should offer impactful, long-term growth as well as significant exploration potential. We are excited for the opportunity to work with the team at Lumina who have done an excellent job of de-risking the project and moving it towards construction.”

Ross BeatyLumina’s founder and largest shareholder commented: “This transaction validates the extensive engineering work that Lumina Group has carried out on Cangrejos since 2014. It will de-risk the execution of the Cangrejos project and will be a significant part of it.” $1 billion the required building capital. Once constructed, Cangrejos will be one of the largest gold producers in the world and Wheaton will benefit from three decades of mine life. We look forward to working with Wheaton’s highly experienced team as the project progresses.”

Transaction Summary

The Gold Stream consists of two financing segments: (i) the upfront payment payable during the completion of a feasibility study (as that term is defined in National Instrument 43-101 – Disclosure Standards for Mineral Projects) and Approval Period and (ii) the Upfront…