Lumina Gold received $300M streaming deal from Weed Precious Metals providing $48M ahead of construction; last $6M expected in December, funding through Q2 2025 feasibility study; from current position, company's strategy is risk-reduction through: (1) negotiating royalty terms with Ecuador government, (2) completing feasibility study, (3) pursuing permits by end of 2025/early 2026 to make project 'shovel ready.'

Lumina Gold negotiated royalty terms with Ecuador government based on price thresholds rather than flat NSR rates (historical 5-8% flat); rates were reduced to 3-8% in 2018 and now vary by commodity price; Soluna Gold negotiated most recently (~1 year ago) as reference point for discussions.

Scott Hess of Lumina Gold notes that the current conference circuit tends to attract the same institutional and investor faces repeatedly, which limits the conference's ability to attract truly new capital pools—a structural limitation of the current conference model.

Lumina Gold has not traded down this year despite weakness in gold/copper prices, and views this as 'treading water' and 'holding our own,' which while disappointing, is better than most peers.

Scott Hess (Lumina Gold) uses conferences to efficiently meet corporate development teams, brokers/banks, and investors—roughly a third each; Lumina's primary objective is selling the company to a larger producer rather than building/operating independently.