Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the “Company” or “Luminex”) is pleased to announce receiving notice from Anglo American that it is exercising the first of its options under the earn-in agreement entered into on September 21, 2018 (“Earn-In Agreement”) to earn the right to retain 51% of the joint venture company holding Pegasus A & B.
As of December 31, 2021, Anglo American had invested US$13.9 million in exploration expenditures and US$2.4 million in cash payments, for a total of US$16.3 million. Under the Earn-In Agreement the next ownership retention threshold is 51%, which occurs when Anglo American has completed an additional aggregate investment of US$25 million towards exploration expenditure by the sixth anniversary of the Earn-In Agreement and US$4.8 million of cumulative cash payments to Luminex, payable in two instalments on the fourth and fifth anniversary of the Earn-in Agreement.
Anglo American is working with local communities as part of its social engagement plan. This work includes increasing awareness of the project and advancing with social investment initiatives to identify wider economic opportunities for the communities, in support of the social license at Medusa, part of Pegasus A, to drill test multiple quality copper, gold and molybdenum targets in H2 2022.
