• An updated Preliminary Economic Assessment (“PEA”) on Lumina Gold Corp.’s (“LUM”, “Lumina”, “company”) 100% owned Cangrejos goldcopper deposit showed an After Tax- Net Present Value (“AT-NPV”) at 5% of $1.6 billion versus a previous estimate of $920 million in 2018. The 2020 PEA used $1,400 per oz gold (previously $1,300 per oz) and $2.75 per lb copper (previously $3.25 per lb copper). Although $1,400 per oz gold is in line with our long-term forecast, we feel the PEA was conservative on copper prices as our long-term forecast is $3 per lb.
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