Lumina Gold
Primary ticker: TSXV:LUM, OTCQB:LMGDF
Stage of development: Development
Primary minerals: Gold, Copper
Project to promote: Cangrejos
Project location: Ecuador
Website: luminagold.com
Lumina Gold is the 100% owner of the Cangrejos gold-copper project in southwest Ecuador. The project is the 26th largest gold asset in the world and recently completed a PFS study. The study showed a 26-year mine life, producing almost 500koz Au Eq per year and a US$2.2B NPV at $1,650/oz. The company just completed drilling 19,000 metres to support the Feasibility study expected in Q2 2025. Ausenco was engaged in January to lead the study. Lumina Gold is being funded by the US$300M gold streaming deal it completed with Wheaton Precious Metals.
Cash: USD $7M + November and May Wheaton Funds
Debt: Nil
Major shareholders:
Ross Beaty – 28%
Management – 8%
Ecuadorian Group – 17%
Route One – 6%
Financials
Management Profile
Scott Hicks – VP Corp. Dev.
Mr. Hicks is a former investment banker working with RBC Capital Markets and BMO Capital Markets on their respective mining teams. He also served as VP Corporate Development and Communications of Anfield Gold, which was acquired to create Equinox Gold and Luminex Resources, which was acquired by Adventus Mining. He currently serves as the EVP Corporate Development and Director of Strategic Resources Inc., VP Corporate Development and Communications of Lumina Gold and as a Director of Atacama Copper. Over the last two decades, he has worked on a variety of equity, debt and advisory assignments while working in Canada and Australia. Mr. Hicks holds a Bachelor of Commerce with Honours from the University of British Columbia.
Marshall Koval – CEO
Mr. Koval is a mining executive with approximately 45 years of experience and has worked on mining projects in over 30 countries. He is currently CEO and Director of Lumina Gold, Director of Adventus, a Director of Equinox Gold and a Director of Miedzi Copper. Previously, Mr. Koval was CEO of Anfield Gold, CEO of Luminex Resources, a partner in Lumina Capital, LP, CEO of Northern Peru Copper Corp, VP of Corporate Development for Lumina Copper, President of Pincock, Allen & Holt and held management positions with Golder Associates, BHP/Utah International, Inco, Meridian Minerals and Inspiration Consolidated Copper. Mr. Koval holds a BSc. in Geology from the University of Missouri.
What is your rationale for taking part in 121 Mining Investment?
Increasing investor awareness and increase market liquidity.
What recent news would you like to highlight to investors attending?
Pre-Feasibility results from April 2023.
US$300M Wheaton Precious Metals Financing from May 2023.
Drill results from the infill program in January 2024.
What are your key goals for the next 3, 6 and 12 months?
12 Months:
Complete Feasibility Study and negotiate terms for the exploitation IPA.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Increasing valuation multiples back to historical norms to allow for continuation of work with less dilution.
What do you think makes your company such a compelling investment?
There are very few projects with this scale, infrastructure and desirable metal mix available in the world today. The project is in an improving jurisdiction where mines are getting built. The company trades at too steep a discount to western peers.
What are the top 3 key investor takeaways?
A large scale gold and copper asset that will be a mine.
The PFS substantially de-risked the project and allowed for work on permitting and negotiating an exploitation agreement.
This is a unique asset held by an undervalued gold developer.