Lumina Gold Corp. announced that it entered into a precious metals purchase agreement with Wheaton Precious Metals International Ltd., a wholly owned subsidiary of Wheaton Precious Metals Corp. in relation to its 100% owned Cangrejos gold-copper project located in El Oro Province, Ecuador (the "Project" or "Cangrejos") on May 16, 2023.

The Gold Stream initially represents 6.6% of the payable gold produced from the Project in exchange for USD 48 million of pre-construction funding (the "Early Deposit") and USD 252 million of construction funding (the "Upfront Payment"). Transaction Overview: The Gold Stream is composed of two funding 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 USD 48 million 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 USD 252 million provides approximately 25% of the total construction funding required by the Project. The Early Deposit of USD 48 million is comprised of four components: USD 12 million at closing; USD 10 million 6 months after close; USD 15 million 12 months after close; and an USD 11 million tranche that can be drawn upon for specific pre-construction capital items. The USD 252 million Upfront Payment will be funded throughout the two-and a-half-year construction period for the Project. In return for the Early Deposit and Upfront Payment, Lumina will sell 6.6% 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% of the payable gold production.

Wheaton will pay a production payment representing 18.0% of the spot price of gold for the first 700,000 ounces and 22.0% 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 January 1, 2030 and the date that is 12 months after first production.