April 21, 2025 — CMOC Group is pleased to announce that, following approval by its Investment Committee, the company will acquire all issued and outstanding common shares of Lumina Gold Corp. (TSXV: LUM), a Canadian listed company. The transaction, valued at approximately C$581 million ($419 million), will be executed through one of CMOC’s overseas entities as an all-cash offer.

Headquartered in Vancouver, Lumina Gold is a precious and base metals exploration company listed on the TSX Venture Exchange. It holds a 100% interest in the Cangrejos gold-copper project located in El Oro Province, southwest Ecuador.

As the centerpiece of the transaction, Cangrejos is a major primary gold-copper project in Ecuador. A 2023 pre-feasibility study highlights:

· Measured and indicated resources: 1.376 billion tonnes at 0.46 g/t gold, totaling 638 tonnes of gold.

· Proven and probable reserves: 659 million tonnes at 0.55 g/t gold, equating to 359 tonnes of gold.

· Mine life: Estimated at 26 years.

Characterized as a large-scale porphyry deposit, Cangrejos features low stripping ratios, favorable open-pit mining conditions, and strong existing infrastructure including access to power, water, roads, and ports. Continued exploration is underway both within the current concession and at depth.

The agreed acquisition price of C$1.27 per share represents a 41% premium to Lumina’s closing share price on April 17, 2025. Additionally, CMOC has entered into a subscription agreement with Lumina to issue $20 million in convertible bonds to support the future operational needs of the Cangrejos project.  

The two parties began in-depth discussions in the second half of last year and, after prolonged exclusive and amicable negotiations, reached the acquisition agreement. The deal has already secured voting support from 52.3% of Lumina’s shareholders and will proceed in accordance with Canadian takeover regulations.