Luca’S Cash Balance Surges to US$21 Million Through Warrant Exercise and Cash Flow
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
NEWS RELEASE
LUCA’S CASH BALANCE SURGES TO US$21 MILLION
THROUGH WARRANT EXERCISE AND CASH FLOW
Vancouver, B.C., April 28, 2025, Luca Mining Corp. (“Luca” or the “ Company”) (TSX-V: LUCA; OTCQX:
LUCMF; Frankfurt: Z68) is pleased to announce that Luca investors , including certain insiders, have
exercised an aggregate of 38.8 million share purchase warrants worth USD$14.0 million ( CAD$19.8
million). The Company has substantially reduced its debt by USD $8.4 million since January 1, 2025 ,
resulting in a current debt balance of USD $8.5 million . Luca’s total cash and cash equivalents balance
(including silver bullion on hand ) is currently US$ 20.6 million and growing, a s strong cash flow from
operations continues and further warrant exercises are expected.
Outstanding warrants have been reduced to the following with the total outstanding common shares of
the Company at 253.7 million:
Number of Warrants Exercise Price Expiry Date
3.67 million CAD $0.50 June 2025
0.62 million CAD $2.80 June 2025
2.86 million CAD $0.50 December 2025
8.40 million CAD $0.60 March 2026
0.68 million CAD $0.45 March 2026
16.23 million
Total Warrants Outstanding
Dan Barnholden, CEO, commented, “With the expiry and exercise of most of the warrants associated
with the recapitalization of the Company in 2023, Luca finds itself in a very strong financial position with
a modest number of dilutable securities remaining. While we have a stated goal of eliminating debt as
quickly as possible, we will also continue to fund high impact capital improvements at both of our mines,
aggressively explore our broader property packages, pursue strategic M&A activity and consider the
potential to return capital to shareholders. The improvement in our financial position over the course of
the past year is nothing short of incredible and we appreciate the ongoing support of our shareholders
as well as the excellent work conducted by our employees and various contractors.”
The number of outstanding warrants has been reduced materially, resulting in the Company being well-
funded, with a strong balance sheet. In addition, Luca expects to generate free cash flow in the range
of USD$30 million to USD$40 million in 2025, resulting in one of the best cash flow yields amongst its
peers. Luca is in a unique position to benefit from the continuing strong commodity demand cycle with
its diversified metal production profile. Along with its strong and growing cash balance, debt elimination
in 2026, and expanding production levels, the Company is set for a year of exceptional performance.
Inclusion in Solactive Index Fund
Additionally, Luca notes that the Company has met the inclusion criteria and has been added to the
Solactive Global Copper Miners Total Return Index, with an inclusion date of May 1, 2025. This index is
tracked by the Global X Copper Miners ETF (COPX). Further information is available on the respective
websites for Solactive and Global X.
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About Luca Mining Corp.
Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two
wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce
gold, copper, zinc, silver, and lead and generate strong cash flow. Both mines have considerable
development and resource upside as well as tremendous exploration potential.
The Company's Campo Morado Mine hosts VMS -style, polymetallic mineralization within a large land
package comprising 121 sq km. It is an underground operation, producing zinc, copper, gold, silver and
lead. The mine is located in Guerrero State.
The Tahuehueto Mine is a large property of over 75 sq km in Durango State. The project hosts epithermal
gold and silver vein -style mineralization. Tahuehueto is a newly constructed underground mining
operation producing primarily gold and silver. The Company has successfully commissioned its mill and is
now in commercial production.
For more information, please visit: www.lucamining.com
On Behalf of the Board of Directors
(signed) “Dan Barnholden”
Dan Barnholden, Chief Executive Officer
Contact Information:
Sophia Shane
Director of Corporate Development
+1 604 306 6867
Glen Sandwell
Corporate Communications Manager
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Cautionary Note Regarding Forward-Looking Statements
Certain statements included in this MD&A may contain forward-looking statements that relate to future
events or the Company’s future performance. All statements other than statements of historical fact are
forward-looking statements. These statements include, but are not limited to, statements concerning: the
future cash flows, profitability, financial and operating performance of the Company; estimated future
metals prices, cut -off grade s, operating costs, capital costs, commodity prices, rates of inflation,
metallurgical recoveries, amenability of ore to mining and treatment, environmental considerations and
labor availability; the estimation of reserves and resources; expected benefits and outcomes of mine
optimization activities; the realization of reserve estimates; timing of technical reports, scoping studies,
and preliminary economic assessments; expected content of scoping studies and preliminary economic
assessments; anticipated working-capital requirements; capital expenditures; costs and timing of future
exploration; requirements for additional capital; government regulation of resource operations;
environmental risks; title disputes or claims; limitation of insurance coverage; an d the maintenance of
permits, licenses and surface rights necessary for the Company’s operations.
Often, but not always, forward-looking statements can be identified by the use of words such as “plans”,
“proposes”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or
state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or
be achieved.
Forward-looking statements involve 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 statements.
Such factors include, but are not limited to: general business and economic uncertainties; exploration and
resource extraction risks; uncertainties relating to permits, licenses and surface rights; the ac tual results
of current exploration, development and mining activities; fluctuations in future metals prices; inherent
risks of operating in a foreign jurisdiction; climate -change related risks; changes in capital and operating
costs for the Company’s prop erties; foreign exchange risks; changes in mine plan and design and the
mining methods employed on the Company’s properties; labor risks; lack of access to infrastructure,
power and water; changes in labor laws; counterparty risk; volatility in the price o f the Company’s
common shares; security risks; tailings pond risks; the outcome of negotiations; conclusions of economic
evaluations and studies; future prices of natural resource based commodities; increased competition in
the natural resource industry fo r properties, equipment and qualified personnel; risks associated with
environmental compliance and permitting, including those created by changes in environmental
legislation and regulation; natural disasters; the risk of arbitrary changes in law; title risks; and the risk of
loss of key personnel.
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The forward -looking statements contained herein are based on a number of assumptions that the
Company believes are reasonable but may prove to be incorrect. These assumptions include, but are not
limited to, assumptions about: no material deterioration in general business and economic conditions;
favorable equity and debt capital markets; the ability to raise any necessary additional capital on
reasonable terms to advance the production, development and exploration of the Company’s properties
and assets; future prices of gold, silver, copper, zinc, lead and other metal prices; the timing and results
of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates;
the geology of Tahuehueto and Campo Morado being as des cribed in the respective technical report for
each property; production costs; the accuracy of budgeted exploration, development and construction
costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and
interest rates; operating conditions being favorable such that the Company is able to operate in a safe,
efficient and effective manner; work force continuing to remain healthy in the face of prevailing
epidemics, pandemics or other health risks (including COVID -19); political and regulatory stability; the
receipt of governmental, regulatory and third party approvals, licenses and permits on favorable terms;
obtaining required renewals for existing approvals, licenses and permits on favorable terms; requirements
under applicable laws; sustained labor stability; stability in financial and capital goods markets; availability
of equipment; positive relations with local groups and the Company’s ability to meet its obligations under
its agreements with such groups; and satisfying the terms and conditions of any debt obligations of the
Company.
The foregoing lists of factors and assumptions are not exhaustive. The reader should also consider
carefully the matters discussed under the heading “Risks Factors and Uncertainties” elsewhere in this
MD&A. Forward-looking statements contained herein are made as of the date hereof (or as of the date of
a document incorporated herein by reference, as applicable). No obligation is undertaken to update
publicly or otherwise revise any forward -looking statements or the foregoing lists of factors and
assumptions, whether as a result of new information, future events or results or otherwise, except as
required by law. Because forward-looking statements are inherently uncertain, readers should not place
undue reliance on them. The forward-looking statements contained herein are expressly qualified in their
entirety by this cautionary statement.
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.