Lumina Gold Corp. provided an update on the progress of its Feasibility Study (FS) work with Ausenco Engineering Canada ULC ("Ausenco") and other developments that will support the Cangrejos gold- copper project (the "Project") in southwest Ecuador. Feasibility Study: Work on the FS is progressing on schedule and to plan.

Ausenco, the consultant working group and the teams conducting field work at Cangrejos have been achieving the milestones required to have the FS finalized in Second Quarter 2025. Accomplishments and recommendations from the ongoing work and trade-off studies include: increasing the initial processing plant throughput to 40,000 tonnes per day, compared to 30,000 tonnes per day planned for in the 2023 Pre-feasibility Study, thus simplifying construction and future expansions, and bringing forward gold and copper production; resequencing the mine plan to mine out the higher grade Cangrejos deposit first, before commencing mining at Gran Bestia; placing over 300 million tonnes of waste rock into the Cangrejos pit once mining is complete, significantly reducing the required land area for the waste rock storage facility and reducing the haul distances to move the waste rock; relocating the waste rock storage facility to land already owned by Lumina, which has the additional benefit of increasing the distance between the Project and the nearest communities; and, rerouting access roads to avoid local population centers. Field crews are currently digging test pits and two drill rigs will be at site in late May drilling geotechnical boreholes to support facility siting.

Lumina expects to finalize the site infrastructure layout for the Project by the end of June 2024, at which point it will engage an Ecuadorian Government approved environmental and social impact assessment consultant to begin the normal course permitting process. Lumina expects that this process will take approximately 18 months to complete.