Luminex Resources

Primary ticker: TSXV:LR
Stage of development: Exploration, Development
Commodity: Gold, Copper
Project to promote: Condor
Project location: Ecuador
Company presentation: Click here

Live financials

Cash: USD$8.4M

Major shareholders:
Ross Beaty – 19.9%
Michel Deller – 8.6%
Route One – 8.5%
Management and Board – 6.7%
Other US Funds – 6.2%
Management ownership – 27%

Luminex is drilling and advancing its 90% owned Au-Cu Condor project, which has a 6.3Moz gold equivalent resource. The Company also has two separate partnerships with BHP and Anglo American on base metal properties. The partners are earning in on different properties and in aggregate have commitments of ~US$100M between 2018 and 2025.

Management Profile

Marshall Koval, CEO of Lumina & Luminex

Experienced mining executive who has worked at all of the Lumina Group’s companies since the early 2000’s. Mr. Koval holds a BSc. in Geology from the University of Missouri and is a registered professional geologist. He is currently also on the board of Equinox Gold.

Scott Hicks, VP Corp. Dev. of Lumina & Luminex

10 years of investment banking experience at BMO and RBC. Has been with the Lumina Group since 2017. He is also the CEO of Strategic Resources.


What is your rationale for attending 121 Mining Investment?

Acquiring new shareholders and updating existing ones.

What recent news would you like to highlight to investors attending?

Our maiden Camp Zone resource at our Condor project as well as recent drill results and future exploration programs.

What are your key goals for the next 3, 6 and 12 months?

3 Months:
Look to connect the Camp Zone with our existing Soledad deposit.

6 Months:
Continued drilling success and moving Condor towards a PEA.

12 Months:
Having our partners, BHP and Anglo American commence drilling.

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Current valuations for developers as well as valuations in Ecuador. We hope to continue educating people on Ecuador and the benefits of working there.

What do you think makes your company such a compelling investment?

Large existing resource base, with huge exploration potential and two world class major copper partners.

Analyst Insight – provided by Independent Investment Research

Luminex Resources is a TSX-V-listed precious and base metals exploration and development company, focused on the Condor Au-Cu project located in SE Ecuador, 30 km south of Fruta del Norte. The company also has two separate earn-in agreements with BHP and Anglo American on its Tarqui, and Pegasus A&B concessions in Ecuador. Luminex also holds several other early-stage exploration concessions in Ecuador.

The company’s flagship project is its 90%-owned Condor gold-copper project. The Cordillera del Cóndor region in southeast Ecuador, where the namesake Condor Project is located, has received considerable attention following the discovery and definition of both the Fruta del Norte gold deposit by Aurelian Resources in 2006, now owned by Lundin Gold, and the Mirador Cu-Au deposits by Ecuacorriente in 2003. Fruta del Norte is located 31km north of the Condor project whereas Mirador lies 55km to the north. The Condor Project concessions surround the Jerusalem project owned by Core Gold.

With its established trend of paired porphyry Cu deposits, epithermal deposits and prolific skarn mineralization at Nambija, the Cordillera del Cóndor now constitutes a mature metallogenic district with highly significant exploration upside.

Condor is a highly mineralized project with approximately 120,000 metres of drilling as of Q1 2020 across all deposits. Luminex has recently discovered a new high-grade area called the Camp Deposit that will help unlock the 1.7 million ounces of gold at the northern epithermal deposits.

During March 2020, Luminex announced a maiden Camp Deposit Inferred Mineral Resource Estimate that comprises of 0.9 Million ounces of gold, as well as an updated Condor Mineral Resource Estimate. The initial Camp deposit resource contains 864,000 ounces of gold at a grade of 2.26 g/t, within 1,126,000 contained ounces gold-equivalent at a gold-equivalent grade of 2.95 g/t. The Camp deposit remains open along strike and at depth

Condor now hosts an indicated mineral resource containing 1.6 million gold ounces and an inferred mineral resource containing 3.6 million gold ounces.

The company also has two separate partnerships with BHP and Anglo American on base metal properties. The partners are earning in on different properties and in aggregate have commitments of ~US$100M between 2018 and 2025.