Luminex Resources Corp. announced that it has successfully reached agreement with a subsidiary of Anglo American plc to amend and restate the Pegasus earn-in and joint venture agreement. Under the Amended Earn-In Agreement the company has agreed to Anglo American having a right to earn-in and retain the original 60% earn-in ownership threshold by spending USD 15 million more than expenditures to date, of which USD 10 million must be allocated to direct drilling costs.

Luminex will also be owed USD 3.9 million by way of cash payments to complete the earn-in to 60% ownership. In addition, the parties have agreed to exit a portion of the exploration tenure (Pegasus B) which can't be meaningfully progressed in the short to medium term. Anglo American will also apply to reduce the concession size at Pegasus A based on field work completed since 2018.