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LUCA OUTLINES PLANNED WORK PROGRAMS FOR Q4 2024 AND BEYOND

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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.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) ha delineato i programmi di lavoro previsti per il quarto trimestre del 2024 e oltre, a seguito di un finanziamento azionario di 11,3 milioni di dollari. L'azienda si concentra sull'ottimizzazione delle sue due miniere in produzione in Messico:

1. Miniera di Zinc/Gold/Copper Campo Morado: Luca punta ad aumentare i tassi di estrazione a oltre 2.000 tonnellate di minerale al giorno entro il quarto trimestre del 2024, migliorare i recuperi metallurgici e avviare un programma di perforazione significativo.

2. Miniera d'Oro Tahuehueto: La costruzione è completata, con produzione commerciale prevista nel quarto trimestre. È pianificata anche una grande campagna di perforazione.

Luca inizierà a rimborsare il proprio debito verso Trafigura nell'ottobre 2024, con il pagamento finale previsto per luglio 2026. L'azienda è focalizzata su un rapido deleveraging e si aspetta che questi programmi portino a una rivalutazione a breve termine e mettano in evidenza un significativo potenziale di crescita.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) ha delineado los programas de trabajo planeados para el cuarto trimestre de 2024 y más allá, tras su financiación de capital de 11.3 millones de dólares. La empresa se centra en optimizar sus dos minas en producción en México:

1. Minera de Zinc/Oro/Cobre Campo Morado: Luca tiene como objetivo aumentar las tasas de extracción a más de 2,000 toneladas de mineral por día para el cuarto trimestre de 2024, mejorar los recuperos metalúrgicos e iniciar un programa de perforación significativo.

2. Minera de Oro Tahuehueto: La construcción está completa, con producción comercial prevista para el cuarto trimestre. También se planea una campaña de perforación importante.

Luca comenzará a reembolsar su deuda a Trafigura en octubre de 2024, con el pago final programado para julio de 2026. La empresa está enfocada en un rápido desencadenamiento de la deuda y espera que estos programas conduzcan a una revaluación a corto plazo y resalten un significativo potencial de crecimiento.

루카 마이닝 코프(Luca Mining Corp.) (TSXV: LUCA) (OTCQX: LUCMF)는 1130만 달러의 주식 자금 조달 이후 2024년 4분기 및 그 이후의 계획된 작업 프로그램을 제시했습니다. 이 회사는 멕시코에 있는 두 개의 생산 광산 최적화에 주력하고 있습니다:

1. 캄포 모르라도 아연/금/구리 광산: 루카는 2024년 4분기까지 하루 2000톤 이상의 광석을 채굴할 계획이며, 금속 회수율을 개선하고 대규모 시추 프로그램을 시작할 예정입니다.

2. 타후에후에토 금광: 건설이 완료되었으며, 상업 생산이 4분기에 예상됩니다. 대규모 시추 캠페인도 계획되어 있습니다.

루카는 2024년 10월에 트라피구라에 대한 부채 상환을 시작할 예정이며, 최종 지급은 2026년 7월로 예정됩니다. 이 회사는 빠른 데레버리징에 집중하고 있으며, 이러한 프로그램이 단기적인 가치 재평가로 이어지고 잠재적인 상승 여력을 강조할 것으로 기대하고 있습니다.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) a présenté les programmes de travail prévus pour le quatrième trimestre 2024 et au-delà, suite à un financement par actions de 11,3 millions de dollars. L'entreprise se concentre sur l'optimisation de ses deux mines en production au Mexique :

1. Mine de Zinc/Or/Cuivre Campo Morado: Luca vise à augmenter les taux d'extraction à plus de 2 000 tonnes de minerai par jour d'ici le quatrième trimestre 2024, à améliorer les récupérations métallurgiques et à lancer un programme de forage significatif.

2. Mine d'Or Tahuehueto: La construction est achevée, avec une production commerciale attendue au quatrième trimestre. Une campagne de forage majeure est également prévue.

Luca commencera à rembourser sa dette à Trafigura en octobre 2024, avec le dernier paiement prévu pour juillet 2026. L'entreprise se concentre sur un désendettement rapide et s'attend à ce que ces programmes entraînent une réévaluation à court terme et mettent en évidence un potentiel de hausse significatif.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) hat die geplanten Arbeitsprogramme für das vierte Quartal 2024 und darüber hinaus skizziert, nachdem sie eine Eigenkapitalfinanzierung von 11,3 Millionen Dollar abgeschlossen hat. Das Unternehmen konzentriert sich auf die Optimierung seiner zwei produzierenden Bergwerke in Mexiko:

1. Campo Morado Zink/Gold/Copper Mine: Luca plant, die Fördermenge bis zum vierten Quartal 2024 auf über 2000 Tonnen Erz pro Tag zu steigern, die metallurgischen Rückgewinnungen zu verbessern und ein bedeutendes Bohrprogramm zu starten.

2. Tahuehueto Goldmine: Der Bau ist abgeschlossen, mit kommender kommerzieller Produktion im vierten Quartal. Eine umfangreiche Bohrkampagne ist ebenfalls geplant.

Luca wird im Oktober 2024 mit der Rückzahlung seiner Schulden an Trafigura beginnen, die letzte Zahlung ist für Juli 2026 geplant. Das Unternehmen konzentriert sich auf eine schnelle Schuldentilgung und erwartet, dass diese Programme zu einer kurzfristigen Neubewertung führen und erhebliches Aufwärtspotenzial aufzeigen.

Positive
  • Completed $11.3 million equity financing
  • Campo Morado mining rates expected to exceed 2,000 ore tonnes per day by Q4 2024
  • Ongoing improvements in metallurgical recoveries at Campo Morado
  • Initiation of first meaningful drill program at Campo Morado in over a decade
  • Tahuehueto Gold Mine construction completed, with commercial production expected in Q4
  • First significant drill campaign at Tahuehueto in over 10 years
Negative
  • Debt repayments to Trafigura starting in October 2024

VANCOUVER, BC, Oct. 1, 2024 /PRNewswire/ - Following completion of its $11.3 million equity financing, Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to provide an update on planned activities at its two producing mines in Mexico as well as a corporate update.

CEO Dan Barnholden commented, "Our primary areas of focus outlined below support our three pillars of value creation: optimization, exploration and expansion. We expect these programs to not only lead to a near term valuation re-rating but also highlight the significant upside potential of our operations and to forge a path of organic growth ahead."

The following updates to key work programs will be aimed at optimizing our asset base and aggressively exploring our under-explored property portfolio: <Listen to Dan describe these programs>

Campo Morado Zinc/Gold/Copper Mine

  • As disclosed on August 6, 2024, Luca has engaged Cominvi, SA de CV as mining contractor at Campo Morado with the objective of increasing mining performance. Ramp up is well underway and mining rates are expected to consistently exceed 2,000 ore tonnes per day by the end of Q4 2024. The increase to mining rates is expected to have a significant positive impact on financial performance. Further increases are planned in 2025 and beyond.

  • As disclosed on May 2, 2024, improvements in metallurgical recoveries have been ongoing at Campo Morado. Building on the successful outcomes from previous work, the Company continues its collaboration with Ausenco and others, focusing on enhancements at the mill to further improve recoveries.

  • As disclosed on July 31, 2024, the Company is initiating the first meaningful drill program at Campo Morado in over a decade. Drilling contractors have visited the site and are in the process of mobilizing equipment and crews. The Company expects to announce drill results on an ongoing basis commencing in mid-to-late Q4 2024.

Tahuehueto Gold Mine

  • As disclosed on July 25, 2024, construction at Tahuehueto has been completed and the Company is actively commissioning the mill and plant, with commercial production expected to be declared during Q4.

  • The Company is initiating the first meaningful drill campaign at Tahuehueto in over 10 years. Drilling contractors are in the process of mobilizing to site and with drilling to commence in early Q4. See news release dated July 31, 2024. The Company expects to announce drill results on an ongoing basis commencing in mid-to-late Q4 2024.

Balance Sheet

  • Luca will commence repayments of its debt owed to Trafigura, from cashflow, in October 2024 under the terms of the restructured debt agreement as outlined in the condensed consolidated interim financial statements for the three and six months ended June 30, 2024. Under the terms of the agreement, the final payment of the debt facility would occur in July 2026, however Luca is focused on deleveraging as quickly as possible.

About Luca Mining Corp.
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historic mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

The Campo Morado mine, is an underground operation located in Guerrero State. It produces bulk copper-lead and zinc concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries and grades, efficiencies, and cashflows.

The Tahuehueto Gold-Silver Mine is a new underground operation in Durango State. which hosts numerous producing and historic mines along its trend. The Company is commissioning the mill and with the goal to achieve commercial production by the end of the year.

On Behalf of the Board of Directors
(signed) "Dan Barnholden"
Dan Barnholden, Chief Executive Officer

For more information, please visit: www.lucamining.com 

Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Mr. Chris Richings, Vice-President Technical at Luca Mining as the Qualified Person for the Company as defined in National Instrument 43-101.

Cautionary Note Regarding Forward-Looking Statements
It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the Financings, the anticipated timing of closing thereof and the expected use of proceeds therefrom; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that all requisite approvals in respect of the Financings will be received, and all conditions precedent to completion of the Financings will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/luca-outlines-planned-work-programs-for-q4-2024-and-beyond-302263646.html

SOURCE Luca Mining Corp.

FAQ

What are Luca Mining's (LUCMF) planned mining rates for Campo Morado by Q4 2024?

Luca Mining (LUCMF) plans to increase mining rates at Campo Morado to consistently exceed 2,000 ore tonnes per day by the end of Q4 2024.

When is Luca Mining (LUCMF) expecting to declare commercial production at Tahuehueto Gold Mine?

Luca Mining (LUCMF) expects to declare commercial production at Tahuehueto Gold Mine during Q4 2024.

What is the timeline for Luca Mining's (LUCMF) debt repayment to Trafigura?

Luca Mining (LUCMF) will begin repaying its debt to Trafigura in October 2024, with the final payment scheduled for July 2026.

How much equity financing did Luca Mining (LUCMF) recently complete?

Luca Mining (LUCMF) recently completed an $11.3 million equity financing.

LUCA MINING CORP.

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