LUCA MINING CORP. - LUCMF STOCK NEWS

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) announced that Calu Opportunity Fund LP, a major insider, sold 5,699,975 common shares on December 31, 2024, through the TSX Venture Exchange at an average price of $0.62 per share, generating $3,533,984 in gross proceeds. Calu intends to use $2,000,000 of these proceeds to exercise 4,000,000 warrants at $0.50 per warrant.

Prior to the transaction, Calu owned 35,000,000 common shares (approximately 17.57% of outstanding shares) and 7,000,000 warrants. Following the share sale and warrant exercise, Calu will hold 33,300,025 common shares and 3,000,000 remaining warrants. The fund has not disclosed any specific plans for future transactions, stating that future decisions will depend on market conditions and investment factors.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has appointed Ramon Mendoza Reyes, P.Eng., as Chief Technical Officer (CTO) to oversee technical and growth initiatives. Mendoza brings over 35 years of senior mining industry experience, specializing in mine development, process improvements, and operations management. His previous role at First Majestic Silver Corp. included leading technical due diligence for mine acquisitions, directing exploration and development projects, and managing operations with over 4,000 employees. Notable achievements include doubling yearly metal output through acquisitions and developing the Ermitaño Mine project within five years from discovery.

Luca Mining (TSXV: LUCA) (OTCQX: LUCMF) has granted 850,000 incentive stock options to its recently hired V.P. Exploration and two other new exploration team members. The options have an exercise price of $0.54, vest over three years, and expire in five years. The grant requires TSX Venture Exchange approval.

Luca Mining reports financial results for Q3 2024, showing mixed performance during a transitional quarter. The company posted US$11.4 million EBITDA for the first nine months of 2024, a 396% increase year-over-year. Q3 net revenue reached US$18.1 million, up 60% from last year, with total nine-month revenue of US$52.6 million. Production included 11,988 oz of gold equivalent in Q3. Despite planned and unplanned mill shutdowns, Q3 generated a positive mine operating profit of US$1.7 million. The company completed a financing of C$11.3 million and continues optimization at both Campo Morado and Tahuehueto operations.

Luca Mining Corp (TSXV: LUCA) has strengthened its exploration team with three senior professionals to execute its ambitious strategy at Tahuehueto and Campo Morado mines. Paul Gray joins as VP Exploration, Gillian Kearvell as senior geological consultant, and Fernando Teliz as drill campaign manager. The exploration strategy aims to identify high-grade, near-mine mineralization, extend mine life, expand resources, and demonstrate district-scale potential. The team brings combined experience of over 100 years in mineral exploration, with particular expertise in Mexican mining regions.

Luca Mining has resumed principal repayments on its term loans with Trafigura Mexico, marking a significant milestone in its financial strategy. The company has outstanding loans totaling US$18.1 million, including a US$5.8 million non-interest-bearing convertible loan due in January 2027 and US$12.3 million in term debt scheduled for repayment by mid-2026. Principal repayments commenced in October 2024, leveraging improved cash flow from mining operations. The company aims to be debt-free by 2027, following successful debt restructuring transactions completed in January and August 2024.

Luca Mining Corp. (TSXV: LUCA) has initiated an exploration drilling campaign at the Tahuehueto gold mine in Durango State, Mexico - the first major exploration in over 10 years. The campaign plans up to 5,000 metres of diamond core drilling across 26 holes over 4-6 months. Recent mining in Level 23 yielded high-grade mineralization averaging 3.30 g/t Au over vein widths up to 20 metres. The property contains 14 additional prospective veins beyond the four currently in the resource, with over 11 km of prospective vein structures compared to 4.5 km of currently modeled mineralized veins.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has successfully implemented the first two stages of the Campo Morado Improvement Project (CMIP) and commenced Stage 3. The project, partnered with Ausenco México, aims to increase metallurgical performance, mill throughput, and operating cash flow. Key achievements include:

• 53% improvement in copper recovery compared to the same period in 2023
• 68.5% copper recovery to bulk concentrate year-to-date
• Estimated 10% increase in revenue per milled tonne

Stage 3 will focus on producing three high-quality, saleable concentrates of copper, lead, and zinc through modest plant modifications. The company expects to test the copper-lead separation process by year-end, with full project completion by Q2 2025.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has outlined planned work programs for Q4 2024 and beyond, following its $11.3 million equity financing. The company focuses on optimizing its two producing mines in Mexico:

1. Campo Morado Zinc/Gold/Copper Mine: Luca aims to increase mining rates to over 2,000 ore tonnes per day by Q4 2024, improve metallurgical recoveries, and initiate a significant drill program.

2. Tahuehueto Gold Mine: Construction is completed, with commercial production expected in Q4. A major drill campaign is also planned.

Luca will begin repaying its debt to Trafigura in October 2024, with the final payment scheduled for July 2026. The company is focused on rapid deleveraging and expects these programs to lead to a near-term valuation re-rating and highlight significant upside potential.