On March 26, 2018 Lumina Gold announced a non-binding earn-in agreement with Anglo American with the following terms:

• Completed a definitive earn-in agreement on September 24, 2018
• Expenditures of US$57.3M to be incurred between 2018 and 2025
  • US$50M to be invested in the exploration of Pegasus A & B over 7 years
  • US$7.3M of staged cash payments
• Anglo American met the 25% ownership threshold in September 2021 (see: NR21-12, Sep 27, 2021) 
  • Can accelerate the work and payments at their election
• Drilling commenced on the property in January 2023

Post completion of the spending Anglo American will own 60%

• Increases to 70% if Anglo American funds the project to a mining decision

For more detailed information please view news release NR:18-03 Mar 26, 2018

Geology & Location

• The Pegasus project is located in the Western Cordillera of Ecuador, encompassing a 63,679 ha portion of the Macuchi Formation; a well demonstrated host of Volcanic Massive Sulphide (VMS) deposits among other styles of base and precious metal mineralization
• The host rocks comprise Cretaceous to Paleocene age island arc ensembles of submarine volcano-sedimentary sequences and lavas of basaltic to dacitic compositions
• Several mineralized targets have been identified to date as follows: 
  • Porphyry/epithermal/skarn transition (Pegasus A1)
  • Endo-skarn (Pegasus A2)  
  • Porphyry (Pegasus A6)
  • Of these the La Envidia target had been drill tested in 1997 by a third-party company
• Pegasus A is located 2 km south of the historic Estero Hondo gold mine
• Pegasus B is loacted adjacent to Salazar Resources’ Curipamba Project which hosts the El Domo deposit (Indicated: 313 Mlbs Cu, 409 Mlbs Zn, 38 Mlbs Pb, 0.58 Moz Au)
• In Summary, Pegasus represents an under-explored VMS/Skarn district with possible porphyry roots

Qualified Person

Leo Hathaway, P.Geo, a "qualified person" within the definition of that term in NI 43-101, has reviewed and approved the scientific and technical information contained on this page.