Luminex Resources Corp. announced it has received positive results from the Preliminary Economic Assessment (the "PEA"), prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), on a portion of its 90%-owned Condor Project ("Condor" or the "Project") comprised of the Los Cuyes, Soledad, Enma and Camp deposits (collectively, "Condor North"), located in Zamora Chinchipe province. The work that was completed as the basis for the PEA was managed by MTB Enterprises Inc. ("MTB") and represents the first economic study on Condor North. The PEA was initiated in early 2021 and was produced by a team of independent consultants that possess extensive expertise in their respective fields. Further details on the contributors can be found in the Qualified Persons section of this news release. All amounts are in United States dollars unless otherwise specified. Base case economics were calculated using a gold price of $1,600 per ounce and a silver price of $21.00 per ounce. All figures are displayed on a 100% ownership basis. The effective date of the PEA is July 28, 2021 and a technical report for the Project including the PEA will be filed on the System for Electronic Document Analysis and Retrieval within 45 days of this news release. The PEA's highlights include the following estimates: Life of mine ("LOM") average annual payable production of 187 koz gold and 758 koz silver 12-year mine life with a 25 ktpd processing operation After-tax Net Present Value ("NPV") (5%) and Internal Rate of Return ("IRR") of $387 million and 16.0% After-tax NPV (5%) and IRR of $562 million and 20.3% using $1,760 per ounce gold. Average cash operating costs of $748/oz and all-in sustaining costs of $839/oz, net of by-product credits LOM processed grades of 0.72 grams per tonne ("g/t") gold and 5.9 g/t silver LOM revenue mix of 95% gold and 5% silver. Initial capital costs including working capital of $607 million, not including refundable value added tax. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the PEA will be realized. The open pits will be mined with conventional hard rock mining methods. The terrain is steep at the three open pit deposits and has jungle vegetation with thin layers of saprolite rock. The initial development of each working area will be mined using a set of small drills, loaders, and trucks. Once a large working area is opened up, a primary production fleet consisting of larger drills, shovels/loaders and trucks will be deployed at the open pits. The Los Cuyes deposit consists of three phases, Soledad consists of two phases, and Enma is one phase. Los Cuyes will have the tallest highwall at approximately 700 metres. The Camp deposit consists of a series of steeply dipping, sub-parallel mineralized structures that will be mined using mechanized underground methods. The mining methods used will be longitudinal and transverse blasthole stoping with waste rock backfill, cemented where required. Access to the deposit will be through portals at the 1,200-metre elevation, then through a series of ramps to gain access to working levels on 20-metre vertical intervals ranging from elevations of 600 to 1,300 metres. The mining rate from Camp will ramp up to 2,500 tpd (0.9 Mtpy) by the second year of the mine life and the deposit will operate until year eight. The lower grade open pit mill feed from Los Cuyes, Soledad and Enma will be blended with the higher-grade underground Camp mill feed, resulting in a combined mill feed of 25,000 tpd (9.1 Mtpy). Surface mining will move about 29,500 tpd (10.8 Mtpy) in preproduction and eventually ramp to a nominal mine production movement rate of 82,200 tpd (30 Mtpy). The combined open pit strip ratio is 1.94:1.00. All material that is not directly trucked to the mill will be placed in a low-grade storage, saprolite storage, or one of two waste rock storage facilities. The proposed processing facility for Condor North is a conventional gravity concentration and carbon-in-leach ("CIL") circuit. It has been designed to treat 25,000 tpd (8.92 Mtpa average) of mineralized material over the 12-year mining life. The process flowsheet begins with a primary crusher located near the open pits and an overland conveyor to the plant. The plant consists of a semi-autonomous grinding ("SAG") mill, pebble crusher and ball mill for grinding, gravity concentrators and an intensive cyanide leaching circuit, a CIL circuit for gravity tailings, a carbon treatment system, electrowinning cells and a detoxification circuit for CIL tailing. Detoxified tailings will be pumped to a wet tailings storage facility with process water recycled to the plant. The plant will produce gold and silver doré which will be shipped off-site for final refining.