Lumina Gold Corp. announced that activities at the Cangrejos project 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 First Quarter 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 Pre-feasibility 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 Pre-Feasibility 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.