• LUM has secured a $300M financing package from Wheaton Precious Metals (TSX: WPM). The proceeds will be used to cover 30% of the CAPEX to advance its 100%-owned Cangrejos copper-gold project (Ecuador) to production.
    • A Pre-Feasibility Study (PFS), completed in April 2023, returned an ATNPV5% of $2.2B (using $1,650/oz gold) vs $1.6B per a Preliminary Economic Assessment (PEA) in 2020 (using $1,400/oz gold). Shares are trading at 7%  of AT-NPV5%.
    • The project’s NPV and IRR increased due to higher recoveries, and as the study used higher gold and copper prices. Cash costs increased 10%, to $602/oz, positioning the project as a relatively low-cost mine.
    • We believe the PFS was conservative as it accounted for only 48% of the project’s resources.
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