Lumina Gold Corp. announced positive results from its ongoing metallurgical test work that is part of the 2023 Pre-Feasibility Study (PFS) for the Company's Cangrejos Copper-Gold project planned for the second quarter of 2023. PFS Status: The following PFS work streams have been completed: Mineral resource estimation at the Cangrejos and Gran Bestia deposits; Revised mine plan incorporating only indicated mineral resources for the purpose of potential conversion to mineral reserves; Process flowsheet design; Quotes for major mechanical and electrical equipment; Dry stack tailings design; Facility siting studies; Power supply study; and Port materials handling study.

Metallurgical Test Work Description: The current test work program is being performed at C. H. Plenge & CIA S.A. The results presented in this news release were generated based on testing of a master composite (the 2022 Master Composite) and 14 individual variability composites that reflect various anticipated material grades, rock types and time periods. The composites were prepared using approximately 4,900 kilograms of drill core collected during the 2021-2022 in-fill and step-out drilling campaign and are from over 50 different drill holes spanning the Cangrejos and Gran Bestia deposits. Test Results: Similar to the preliminary economic assessment for the Cangrejos Project (the 2020 PEA) included in the Company's technical report titled Cangrejos Gold-Copper Project El Oro Province, Ecuador, NI 43-101 Technical Report Preliminary Economic Assessment, with an effective date of June 8, 2020, the overall process flowsheet envisions flotation combined with cyanidation of the flotation cleaner scavenger tails and concentrate from flotation of coarse particles (sand) from rougher flotation tailings.

Gravity concentration will also be used in the flowsheet for recovering coarse gold. The 2022 Master Composite was prepared representing fresh rock material from both deposits over the projected mine life and assayed 0.50 g/t gold, 1 g/t silver, 0.087% copper, 24 ppm molybdenum, and 0.33% sulphur. The life-of-mine average plant feed grade is projected to be 0.55 g/t gold and 0.1% copper, a slightly higher grade than the 2022 Master Composite.

The 2022 Master Composite has been subjected to comminution testing, whole-ore cyanidation, gravity concentration, bulk rougher and concentrate cleaner flotation, copper-molybdenum separation flotation, and sand flotation. Tests incorporating cyanidation of scavenger cleaner tails and sand concentrates are in progress. Testing of the variability composites is also in progress with comminution and whole-rock cyanidation tests recently completed.

Whole-ore flotation tests, using optimized conditions and reagents, yielded gold, copper and silver recoveries into rougher flotation concentrates of 81%, 88% and 68%, respectively. Flotation of a sand concentrate from the rougher tails recovered an additional 4% of the gold for a combined recovery in rougher flotation of 85%. Once cyanidation of the scavenger cleaner tails and the sand concentrates occurs, the overall gold recovery into concentrates and doré is projected to be 84%.

Cleaned copper-gold flotation concentrates assayed 15% copper, 70 g/t gold and 101 g/t silver, compared to the average concentrate grade estimated in the 2020 PEA of 17% copper, 75 g/t gold and 72 g/t silver. Cleaner flotation testing indicates that regrinding to 20 microns, versus 38 microns assumed in the 2020 PEA, is required to achieve the 15% copper concentrate grade. Lock-cycle rougher and cleaner flotation testing is in progress on all composites to determine concentrate grades and metal recoveries in concentrates and doré.

Copper-molybdenum separation flotation testing on copper-gold flotation concentrates yielded a potentially saleable molybdenum concentrate that assayed 48% molybdenum while recovering approximately 50% of the molybdenum. The Company has determined that producing a molybdenum concentrate is not currently economically viable when accounting for operating and capital costs and will therefore eliminate the processing circuit from the PFS flowsheet. Whole-ore gravity concentration tests on the 2022 Master Composite average gold and silver recoveries of 29% and 5%, respectively, into concentrates that weigh 0.26% of the feed weight and assay 60 g/t gold and 18 g/t silver. Whole-ore cyanidation can be used to process the mineralized materials and produce a doré, but no copper is expected be recovered using this process.

Cyanidation tests on all composites indicate average gold and silver recoveries of 89% and 34%, respectively, which are similar to historic test results. Cyanide consumption for the tests averaged one kilogram per tonne of material processed.  Comminution tests on the 2022 Master Composite indicate that the mineralized materials have average Bond Ball Mill Work Index values of 16 kWh/mt. This would classify the material as medium-hard to hard, which is similar to historic test results.

JK-SMC test results of A b = 24.6 confirmed the 2020 PEA results and classified the material as hard. These results confirm the advantage of using a high-pressure grinding roll as the primary grind in the comminution circuit. Quality Assurance: The metallurgical tests detailed above were conducted by independent commercial laboratories and the samples used for testing were selected to be representative of the material that is currently planned for processing.

Lumina is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.