Ecuador

Orquideas

JOGMEC Earn-in

On December 29, 2021, Luminex signed an earn-in agreement with the with Japan Oil, Gas and Metals National Corporation (“JOGMEC”) which lasted until February 18, 2024, when JOGMEC notified Luminex of its plan to withdraw from the Orquideas earn-in arrangement (See January 25, 2024 news release – link)

During 2022, Luminex and JOGMEC drilled 2,386 metres in five holes, testing a diverse set of geochemical and geophysical targets across the large Orquideas property. While the results were mixed, these holes and previous exploration drilling on the property have highlighted multiple areas warranting future exploration. JOGMEC is planning a follow-up drilling campaign in 2023. The best results from the 2022 program came from the third hole, ORQ22-03, which cut 300 metres of continuous copper and molybdenum mineralization averaging 0.17% Cu Eq. This mineralization is hosted in an alteration assemblage (phyllic) known to flank copper porphyry deposits.

Prior Luminex and First Quantum Work

• Luminex and First Quantum completed rock and soil sampling, geological mapping and radiometric test work, as well as approximately 43 km of Induced Polarization survey work between 2017 and 2018
• Luminex and First Quantum jointly drilled five holes in 2019 that did not produce significant mineralized intercepts, but hit copper-molybdenum porphyry

Location

Geology Summary

• Southern continuation of prolific Zamora Cu-Au Belt
• Structurally controlled porphyry Cu-Mo-Ag system
• 5.5 km x 2 km coincident Cu-Mo anomaly
• Mineralized outcrops assaying up to 0.9% copper and 0.66% molybdenum
• Peripheral high grade gold/base metal veins

Qualified Person

Leo Hathaway, P.Geo, a “qualified person” within the definition of that term in NI 43-101, has reviewed and approved the scientific and technical information contained on this page.