Lumina Gold Completes Metallurgical and Resource Drilling and Commences Feasibility Study Metallurgical Testing

Recent Project Highlights:

• Completed 7,767 metres for the purpose of upgrading some of the Indicated Resource to the Measured category.
• Completed 3,065 metres of dedicated diamond drill holes for the collection of metallurgical samples and comminution testing samples.
• Samples have arrived in Peru, which allows for confirmatory and optimization metallurgical test work to begin.
• Additional samples have arrived at the material testing facility in the US for the comminution testing.
• Test work is on schedule and will support the proposed completion of the feasibility study in H1 2025.

VANCOUVER, Dec. 5, 2023 - Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) (the "Company" or "Lumina") is pleased to announce the initiation of a major work program to support the development of the Cangrejos and Gran Bestia gold-copper deposits. The key components of the program include the collection of twenty metallurgical composite samples from dedicated drill holes within the Cangrejos and Gran Bestia deposits, comminution test work, detailed mineralogy and flotation test work for gold and copper recovery estimates and providing concentrate samples for marketing studies. Test work has been awarded to C. H. Plenge & CIA S.A. ("Plenge"), an independent metallurgical laboratory based in Lima, Peru, which has previously provided metallurgical support to the Company and Metso USA.

In past metallurgical test work programs, the Cangrejos and Gran Bestia deposits demonstrated good metallurgical performance using traditional flotation processes to produce a gold-rich flotation copper concentrate that should be saleable into the copper smelting market. This upcoming program will allow some optimization of process parameters and provide significant engineering data supporting process design criteria for the feasibility study.

The Company has now completed the drilling of 3,065 metres across fourteen dedicated diamond drill holes for the collection of metallurgical samples and comminution testing samples. Lumina has also completed the drilling of 7,767 metres across ninety-one drill holes for the purpose of potentially upgrading some of the Indicated mineral resource containing 16.8 million ounces gold and 2.2 billion pounds of copper to the Measured mineral resource category.⁽¹⁾ 6,842 metres of the 8,375 metres of planned geotechnical drilling is complete and the balance is expected to conclude before the holiday break in December.

Jeffrey B. Austin, P.Eng., is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Austin has previously visited Plenge's laboratory in Lima Peru, and has reviewed, verified and approved the content of this news release.

Leo Hathaway, P.Geo., Senior Vice President of Lumina and a Qualified Person as defined by NI 43-101 has reviewed, verified, and approved the contents of this news release.

1. Details on the mineral reserves and mineral resource can be found in the NI 43-101 technical report titled 'Cangrejos Gold-Copper Project, NI 43-101 Technical Report on the Pre-feasibility Study' with an effective date of April 7, 2023. The report can be found on SEDAR or on the Company's website. The Indicated mineral resource is estimated at 1,080 million tonnes grading 0.48 grams per tonne gold and 0.09% copper.

Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and 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.

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Further details are available on the Company's website at https://luminagold.com/. To receive future news releases please sign up at https://luminagold.com/contact.

Lumina Gold Corp.

Signed: "Marshall Koval"

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

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 potential conversion of Indicated Resources to Measured Resources, future test work and future studies at Cangrejos and impact and timing of such test work and studies. 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 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.

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SOURCE Lumina Gold Corp.