LUCA MINING CORP. - LUCMF STOCK NEWS

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) reported record financial results for Q2 2024. Net quarterly revenue reached US$18.2 million, up 49% year-over-year. Net earnings increased 217% to US$4.7 million, with EPS rising 130% to US$0.03. The company achieved positive cash flow from operations of US$739,000 and positive EBITDA of US$6.1 million.

Production totaled 13,947 troy oz of gold equivalent. All-in Sustaining Costs (AISC) were US$1,766 per AuEq oz. Tahuehueto construction was completed, with full production expected by Q4 2024. The Campo Morado Improvement Project continues to progress, focusing on increasing mill throughput and sustaining plant performance.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has clarified an Early Warning Report issued by Trafigura Beheer B.V. regarding a debt restructuring agreement. The agreement, announced in December 2023, involved converting a US$5.8 million loan into a non-interest-bearing three-year convertible debenture. The debenture, held by Trafigura's subsidiary Urion Holdings, was recently finalized after meeting certain conditions.

If fully converted, Urion would acquire approximately 22,540,457 Luca shares, representing about 11.65% of the company. Combined with existing holdings, Trafigura would indirectly own 12.48% of Luca's outstanding shares. The conversion price is based on a US$ to CAD$ rate of 1.30602 as of August 22, 2024. Luca currently benefits from the non-interest-bearing loan facility, as the debenture has not been converted.

Luca Mining Corp. (TSX-V: LUCA) (OTCQX: LUCMF) has granted 4,508,833 stock options and 800,000 Restricted Share Units (RSUs) to officers and directors. The options are exercisable at $0.55 with a five-year expiry and staged vesting. RSUs will vest on August 15, 2025. Additionally, Luca has amended its agreement with Empress Royalty Corp., revising the payment schedule for silver ounce deliveries, which recommenced on July 1, 2024. The company has also completed construction of its Tahuehueto gold and silver mine, with commercial production expected to be announced within the next quarter.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has engaged Cominvi, S.A. de C.V. to conduct core mining operations at its Campo Morado copper-zinc-gold mine in Guerrero, Mexico. This partnership aims to increase production and provide cost-effective access to newer mining equipment. Luca plans to boost mill throughput from 1,400-1,600 tonnes per day (tpd) to 2,000 tpd by year-end, with a target of 2,400 tpd in 2025. The collaboration with Cominvi, a respected mining contractor in Latin America, is expected to enhance operational flexibility and help Campo Morado meet and exceed daily production targets without significant capital expenditures.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has announced a major exploration program for its Campo Morado and Tahuehueto projects in Mexico. The company plans to drill approximately 5,000 meters at each site during Q3 and Q4 of 2024, totaling 10,000 meters. Campo Morado, a large VMS polymetallic system, has over 30 untested targets within its 121 square kilometer area. Tahuehueto, a new gold mine nearing commercial production, has significant exploration potential with less than 10% of its 75 square kilometer concession explored.

The exploration aims to test high-potential targets, explore copper and gold potential at Campo Morado, and extend mineralization at Tahuehueto. CEO Dan Barnholden stated that successful exploration could be "game-changing" for Luca, potentially elevating the company's production to 200,000 oz Au Eq.

Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has completed construction of its 100% owned Tahuehueto gold mine in Durango State, Mexico. The mine features a 1,000 tonne per day processing capacity and is expected to reach commercial production by September 2024. Currently processing 450 tpd, the company aims to increase to 800 tpd for commercial run-rate levels.

Tahuehueto is part of a prolific mining region, with only 10% of its 121 square kilometer property explored. The company has installed a third filter press for dry stack tailings, enabling increased production and reduced environmental impact. Luca Mining is targeting annual production of 50,000 oz Au Eq* and plans to commence resource drilling from underground in the coming weeks to potentially increase the mine's resources.

Luca Mining has appointed Dan Barnholden as the new CEO, effective July 15, 2024. Barnholden brings over 20 years of experience in senior mining investment banking roles. Additionally, Luca announced the issuance of 1,500,000 stock options to Barnholden, vesting in 25% increments from July 2024 to July 2025. Former interim CEO Ramon Perez will return to his role as President. Barnholden's extensive experience aims to enhance Luca's strategic initiatives and operational efficiency as the company transitions to a mid-tier diversified mining company. The options' exercise price will be based on the closing price of Luca's shares on July 12, 2024, with a five-year expiration.

Luca Mining Corp anticipates consolidated production of 60,000 to 70,000 gold equivalent ounces (AuEq) for 2024 from its Campo Morado and Tahueheuto mines. Expected revenue ranges between $90 million and $105 million. Total Cash Costs (TCC) are projected between $1,200 and $1,335 per AuEq ounce, while All-in Sustaining Costs (AISC) are forecasted between $1,320 and $1,500 per AuEq ounce.

Key 2024 milestones include throughput expansion at both mines, commercial production declaration at Tahuehueto, and starting major exploration programs. Q1 2024 saw 14.1K AuEq ounces produced, with Campo Morado and Tahuehueto operating at 55-60% and 35-40% capacity, respectively. The new mill at Tahuehueto is 97% complete with anticipated production boosts in Q3 2024. Campo Morado aims to reach 2,000 tpd in Q3, up from 1,390 tpd in Q1. Luca is focused on increasing cash flow by adding a copper concentrate at Campo Morado.

Overall, Luca remains committed to sustainable mining practices and aims to leverage high-grade gold discoveries and production growth for an appealing investment opportunity.

Luca Mining Corp. (LUCMF) announced robust financial results for Q1 2024, reporting a net income of C$7.3 million and net revenue of C$22.04 million, a 21% increase from Q4 2023.

The company produced 14,148 troy ounces of gold equivalent, including significant outputs of gold, silver, zinc, copper, and lead. Operating income reached C$4.8 million, with positive operating cash flow of C$4.04 million before working capital adjustments.

All-in sustaining costs (AISC) per gold equivalent ounce were US$1,549. Luca's two major projects, the Tahuehueto and Campo Morado mines, are progressing well, with production ramp-ups expected to decrease AISC and increase throughput. Both mines are expected to contribute positively to the company's growth and shareholder value.

The company is optimistic about maintaining this positive trajectory through the remainder of 2024, driven by rising metal prices and increased production at both mines.