Luminex Resources

Luminex Resources Corp. is a Canadian-based mineral exploration and development company with a strategic focus on acquiring and advancing gold and copper projects primarily in Ecuador. The company was established on March 16, 2018, and is headquartered in Vancouver, Canada. A significant milestone in its history was the spin-out from Lumina Gold Corp. on August 31, 2018, a move designed to unlock the value of its asset portfolio independently from Lumina Gold's flagship Cangrejos project. This reorganization transferred all of Lumina Gold's properties, except for Cangrejos, into the newly formed Luminex Resources.

A pivotal development occurred in January 2024 when Luminex was acquired by Adventus Mining Corporation in an all-stock transaction, creating a combined entity focused on copper and gold development in Ecuador. Following the merger, Adventus gained a 98.7% interest in Luminex's primary asset, the Condor gold-copper project, as well as its other exploration properties. As a result of the acquisition, Luminex shares were expected to be de-listed from the TSX Venture Exchange around January 29, 2024. The company's leadership included CEO Marshall Koval, a mining executive with over four decades of experience, and President Diego Benalcázar, a geologist with extensive experience in Latin America who formerly served as the president of the Ecuadorian Chamber of Mines.

The company's business model centers on de-risking early-stage projects to a point where they become attractive acquisition targets for larger mining companies. Luminex's primary asset is the Condor project, located in the Zamora-Chinchipe province of southeast Ecuador. This project spans a 10,000-hectare land package and holds significant indicated and inferred resources of gold and silver. The company's strategy also involves forming strategic partnerships and earn-in agreements with major global miners. For instance, Luminex established agreements with Anglo American and previously with BHP for the exploration of its copper-focused projects, such as the Pegasus and Tarqui properties. These partnerships allow for significant exploration work to be funded by partners, who in turn can earn a majority interest in the projects.

The Condor project is the cornerstone of Luminex's portfolio, with exploration efforts defining several deposits. A Preliminary Economic Assessment (PEA) for Condor North outlined a potential 12-year mine life with substantial annual production of gold and silver. The company has also been actively engaged with local communities, including reaching a mediated agreement with informal mining groups in the Condor North area to ensure the project's successful advancement. Through its acquisition by Adventus Mining, these assets are now part of a larger, more robust portfolio that includes Adventus's near-construction El Domo project, positioning the combined entity as a significant player in Ecuador's expanding mining sector.

Keywords: mineral exploration, Ecuador mining, gold exploration, copper projects, Condor project, Zamora-Chinchipe, Adventus Mining, Lumina Gold, Marshall Koval, Diego Benalcázar, earn-in agreement, Anglo American, Pegasus project, mineral resources, exploration and development, precious metals, base metals, TSXV: LR, mining partnerships, South American mining