Latest news with #LuminaGold
Globe and Mail
02-06-2025
- Business
- Globe and Mail
Lumina Gold Announces US$6.0 Million Wheaton Precious Draw
VANCOUVER, BC , Dec. 2, 2024 /CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) (the "Company" or "Lumina") is pleased to announce that under the previously announced US$300 million precious metals purchase agreement (the "PMPA") with Wheaton Precious Metals International Ltd., a wholly owned subsidiary of Wheaton Precious Metals Corp., the Company has drawn an additional installment of US$6.0 million . The Company has now drawn US$44.9 million and can draw up to an additional US$3.1 million for specific pre-construction capital items. Investor Relations The Company is also pleased to announce that it has retained Oak Hill Financial Inc. ("Oak Hill") to provide investor relations services at a rate of C$10,000 per month for an initial three-month term beginning in January 2025 , then continuing month to month at the Company's election. Oak Hill will help Lumina to effectively communicate its latest corporate milestones with potential new investors, and further engage with the investment community on behalf of the Company. Oak Hill is an arms-length party to the Company and does not currently hold any interest in the securities of the Company (either directly or indirectly) nor does it hold any rights or options to acquire such an interest. Oak Hill is a leading Canadian investor marketing and distribution and corporate advisory firm, based in Ontario , focused on IIROC retail brokerage networks, servicing both asset managers and public companies. Oak Hill's experienced team of former asset management wholesalers, research analysts and capital market professionals specialize in building credibility for their clients to a network of over 10,000 Canadian IIROC retail brokers and over 300 North American funds. About Lumina Gold Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador . In 2023, the Company completed a Pre-Feasibility Study for Cangrejos, which is the largest primary gold deposit in Ecuador . Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects. Follow us on: Twitter, Linkedin or Facebook. Further details are available on the Company's website at To receive future news releases please sign up at LUMINA GOLD CORP. Marshall Koval , President & CEO, Director Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Cautionary Note Regarding Forward-Looking Information Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the Company's ability to draw up to an additional US$3.1 million for specific pre-construction capital items, the Company's engagement of Oak Hill and the services to be provided . Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about: the Company's ability to meet its obligations under the PMPA; general business and economic conditions; the prices of gold and copper; and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive. Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Australian
08-05-2025
- Business
- The Australian
CEL secures protection for El Guayabo
Special Report: Challenger Gold has secured a great deal of certainty for its investment into the El Guayabo project after reaching an investment protection agreement with the Ecuadorian government. Challenger Gold secures El Guayabo certainty with Ecuador investment protection agreement Initial eight-year IPA covers $75m worth of investment from initial acquisition in 2019 to any spending to the end of 2027 El Guayabo shares the same geology as Lumina Gold's nearby 20.5Moz Cangrejos project The project is just 6km from Lumina Gold's 20.5Moz Cangrejos project that secured a $300m streaming deal with Wheaton Precious Metals in 2023. It also shares the same geology, surface footprint, mineralisation style and similar grades as Cangrejos with both deposits interpreted as being part of the same system that is split by a tenement boundary. Adding further interest, Lumina is being acquired by China's CMOC Group for C$581m ($650m), highlighting the potential value of Challenger Gold's (ASX:CEL) El Guayabo project. Under the investment protection agreement, the government has granted the company legal protections including stability of the regulatory framework, resolution of disputes through international arbitration, and protection of the company's investment. The IPA covers US$75m of investment encompassing its initial acquisition of El Guayabo in 2019 through to expenditure incurred until the end of 2027. It has an initial term of eight years and is renewable. This comes on the back of the company upgrading resources in Ecuador by 100% to 9.1Moz silver equivalent in April 2025, making it one of the larger, undeveloped gold resources in South America. The El Guayabo project in Ecuador. Pic: Challenger Gold 'The completion of the Investment Protection Agreement is a significant development for the project,' managing director Kris Knauer said. 'The IPA provides certainty with respect to the legal framework governing the project, including stable mining regulations and fiscal terms, and security of title and investment for the term of the agreement. 'Additionally, it provides protection from all forms of confiscation and a mechanism for international arbitration should there be any disputes related to the project. 'The IPA is also timely given recent corporate action in Ecuador as we take steps to monetise our Ecuador assets following the significant resource upgrade from 4.5 million ounce to 9.1 million ounce.' Investment Protection Agreement The IPA provides regulatory stability and protection from changes to the current legal framework. It means the legal framework at the time of execution will continue to apply if the terms are more favourable to the project owner than any potential new framework. The agreement also guarantees rights including non-discriminatory treatment, property protection and legal certainty. Should any disputes arise in relation to the project, both parties will undergo international arbitration in London under the rules of the International Chamber of Commerce. Ecuadorian projects CEL holds 100% of El Guayabo and half of Colorado V, which sit 35km from a deepwater port with existing power, water and road access and are located on granted mining leases. The current 9.1Moz resource is based on drilling at five of the 15 regionally significant gold-copper in soil anomalies located across the project. All 13 soil anomalies drilled by the company have returned significant mineralisation. Monetisation options being considered include a TSX-listing of the Ecuador assets, an outright sale to generate cash for development of the Hualilan development in Argentina or a strategic partnership/farm-in with a major mining company. Listen: Kris Knauer chats with Barry FitzGerald In a previous instalment of the Explorers Podcast, host Barry FitzGerald spoke with CEL managing director Kris Knauer, about the company's progress at Hualilán in Argentina, which is fast approaching mining and toll milling readiness. This article was developed in collaboration with Challenger Gold, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Reuters
22-04-2025
- Business
- Reuters
Shares of China's CMOC jump after announcing acquisition of Lumina Gold
BEIJING, April 22 (Reuters) - Shares of China's CMOC Group ( opens new tab, jumped on Tuesday, after the miner said it would acquire Canada-listed Lumina Gold (LUM.V), opens new tab for C$581 million ($420.7 million) in an all-cash deal. The acquisition will enable CMOC gain access to the flagship asset of Lumina Gold's Cangrejos gold project, opens new tab, with total mineral reserves, opens new tab of 659 million tons, located in Ecuador's El Oro province, the largest primary gold deposit in the south American country. CMOC's Shanghai-listed shares jumped more than 4%, while its Hong Kong shares rose over 8%. Shares of Lumina Gold soared by 29%. The acquisition comes at a time when gold prices have staged a rally to multiple historical highs this year, fueled by safe-heaven demand amid uncertainties around the U.S. tariff impact and lingering geopolitical conflicts. CMOC, headquarted in Luoyang city in central China's Henan province, reported an annual increase of 64% in net profit for 2024 in March, aided by a ramp-up in copper and cobalt output. The company also has assets of molybdenum, tungsten, niobium and phosphate fertilizer. ($1 = 1.3811 Canadian dollars)
