Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 7, 2026 10:30 PM GMT

Lumina Metals Corp | North America

Morgan Stanley & Co. LLC

Carlos De Alba

Equity Analyst

Risk Reward Update

Lumina Metals Corp (LMCU.TO, LMCU CT)

What’s Changed

Metals & Mining | Canada

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

52-Week Range

EPS

Risk Reward for Lumina Metals Corp (LMCU.TO) has been

updated

Reason for change

Updating model to incorporate 1Q26 financials.

Overweight

In-Line

C$19.00

C$9.56

C$12.84-8.39

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (C$)**

Prior EPS (C$)**

(0.16)

(0.18)

(0.17)

(0.22)

(0.29)

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

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