LUCA Advances Study to Optimize Campo Morado and Increase GOLD and Silver Production
NEWS RELEASE
LUCA ADVANCES STUDY TO OPTIMIZE CAMPO MORADO AND INCREASE GOLD AND SILVER
PRODUCTION
Vancouver, B.C., February 18, 2026: Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX:
LUCMF; Frankfurt: Z68) is pleased to announce that the Company’s board of directors has approved a mill
optimization and expansion study and mine plan update for the Campo Morado mine (the “Campo
Morado Expansion” or “ CME”) to be prepared as a technical report in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), expected to be delivered
in the second half of 2026.
Highlights
• Ausenco PTY Ltd. (“Ausenco”), a global leader in metallurgical design, flotation and precious
metals recovery methods, has been selected as the technical third -party engineering consultant
to lead the Campo Morado Expansion
• Ausenco is designing the CME as a two-phase optimization and expansion project:
Phase 1 will consider a bulk sulphide flotation processing flowsheet with
increased grinding capacity to achieve optimal separation of sulphide minerals
and produce high-quality copper and zinc concentrates, targeting higher recovery
rates of all metals and increased mill throughput rates
Phase 2 will evaluate the recovery to doré of the gold and silver contained in a
precious metals-rich pyrite concentrate remaining after the Phase 1 optimized
flotation process
• Additional metallurgical test work to support the CME Phase 1 and Phase 2 optimization is
underway at third-party testing facilities and will be released as available
• Alongside the CME mill optimization, a life of mine plan, including the currently unmined high -
grade Reforma and El Rey deposits will be evaluated
• The CME, life of mine plan and Mineral Reserve statement will be delivered in a Technical Report
to be prepared in accordance with NI 43-101, expected to be released in the second half of 2026
• Luca is evaluating the purchase of key long-lead-time items to support the timely delivery of the
CME optimization project
Dan Barnholden, Luca’s CEO and Director, commented, “The initiation of the Campo Morado Expansion is
a significant event for Luca and our shareholders. We are targeting improved metal recoveries, particularly
for precious metals, at what we expect could be a long -lived mining operation with increased production
levels at expanded margins. Given our existing processing facilities and mining operations at Campo
Morado, we anticipate that the CME may be implemented for a capital cost reflective of the brownfield
nature of the project. We are pleased to partner with industry-leading processing and metallurgical
engineers at Ausenco as we advance and derisk this opportunity at Campo Morado.”
Campo Morado Expansion – Phase 1
Phase 1 of the CME is being considered with the goal to achieve greater consistency in operational
performance at the Campo Morado processing facilities, with improved pre-flotation, on-stream analysis
of flotation concentration, and the addition of ultra-fine grinding capacity to achieve a target grind size of
8-10 microns (from current operational levels of a target regrind size of 15 microns).
The Phase 1 flowsheet at the Campo Morado mill is expected to reconfigure the current sequential
flotation of copper and zinc concentrates to a bulk flotation of all sulphides, followed by additional
regrinding to effectively separate sulphide species prior to a sequential flotation process to produce
copper and zinc concentrates. The final tailings from this Phase 1 bulk flotation-regrinding flowsheet are
expected to be primarily a pyrite concentrate containing gold and silver.
The Company anticipates that the additional grinding capacity contemplated under the Phase 1
optimization will allow the current grinding capacity bottlenecks at the operation to be relieved . The
Company hopes that the study will prove that under this proposed flowsheet , overall mill throughput
capacity at Campo Morado could materially increase. Luca and Ausenco are evaluating various proven
grinding technologies in order to achieve targeted grind sizes under the CME, including both Glencore
Technology’s IsaMill and vertical stirred mill options. Given existing grid power and transformer capacity
at Campo Morado, the Company does not expect power costs to be a primary sensitivity under the CME
Phase 1 flowsheet.
Additional metallurgical testwork is ongoing both at Luca’s metallurgical laboratories and at independent
third-party testing facilities to support the CME Phase 1 flowsheet. It is expected that these test results
will be released in the first half of 2026.
Campo Morado Expansion – Phase 2
Following the flotation of high-quality zinc and copper concentrates under the CME Phase 1 optimization,
Ausenco will evaluate if a tailing s product containing high grades of precious metals and consisting
primarily of pyrite-associated gold and silver will be available for further processing.
Under the CME Phase 2, Ausenco will evaluate various conventional methodologies to recover gold and
silver from this high-grade pyrite concentrate to produce a gold-silver doré at the mine. Currently at the
Campo Morado operation, there is no gold leaching capacity and all precious metals produced are
contained in concentrates with no existing doré production.
As a base case, CME Phase 2 will evaluate direct conventional cyanide leaching of th is high-grade pyrite
concentrate. The Phase 2 op timization is being evaluated to include the construction of leach tanks,
counter current decantation filters, and a Merrill-Crowe process to recover gold and silver to doré.
Additional metallurgical testwork to support the CME Phase 2 , including samples from the currently
unmined high-grade Reforma and El Rey deposits at Campo Morado are being evaluated at both Luca’s
metallurgical laboratories and at independent third-party testing facilities. Metallurgical test results will
be released as they become available.
When considering the CME Phase 2 flowsheet, alternate gold recovery methods to direct cyanide leaching,
including Glencore Technology’s Albion process and Pressure Oxidation will also be evaluated under
trade-off analysis scenarios.
Figure 1 – CME Phase 1 and 2 Design Targets
Updated Campo Morado Mine Plan
In parallel with the ongoing metallurgical and engineering studies to advance the CME, Luca is working
with third-party consultants to update the Campo Morado mine plan to include , amongst other items,
updated metal prices, updated ore characterization, optimized metals recovery assumptions, and recent
drilling success at the mine. Luca expects to complete a life of mine plan and Mineral Reserve statement
in a Technical Report to be prepared in accordance with NI 43-101 in the second half of 2026.
As part of the mine plan update, all mineralized deposits at the operation will be evaluated in context of
the current metals price environment and the potential benefits of the CME. In particular, the high-grade
and unmined Reforma and El Rey deposits are expected to be included in the updated mine plan as
Mineral Reserves.
CME Execution Plan
Luca is working with Ausenco to derisk the timeline and execution of the CME optimization project. Efforts
underway to ensure delivery of the project include:
• Ongoing metallurgical testwork at independent metallurgical laboratories, including ALS
Environmental, located in Kamloops, BC
• Advanced procurement of long lead time items , including: Courier 6G SL Elemental Analyzer
(Metso), Jameson cleaner flotation cell, regrind ing mills, flotation cell mechanisms , as well as
various pumps, tanks and filters
• Delivery of the CME optimization study and mine plan
• Establishment of a technical team to execute on the CME timeline and budget
• Luca expects a significant portion of the capital for the CME Phase 1 and 2 could be funded from
cash flow from existing operations ; however, discussions with various capital providers will be
advanced to secure funding when required to execute on the CME
• Although not expected to be a critical path item for the CME, advanced permitting efforts are
underway to support required permit modifications and amendments
Figure 2 – Proposed CME Study Flowsheet
Source: Ausenco PTY Ltd.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Mr. Ramon
Mendoza Reyes, P.Eng., Chief Operating and Technical Officer at Luca Mining. Mr. Mendoza is a Qualified
Person for the Company as defined by NI 43-101.
Richard Whittering, Principal Process Engineer at Ausenco PTY Ltd., is acting as technical lead for Luca’s
third-party independent consultant for the Campo Morado Expansion study. Mr. Whittering is a Qualified
Person as defined by NI 43-101.
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 significant exploration potential.
The Company’s Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land
package comprising 121 square kilometres. 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 100 square kilometres 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. Luca has successfully commissioned
its mill and is now in commercial production at Tahuehueto.
About Ausenco
Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across
five continents to deliver services worldwide. Combining deep technical expertise with a 30 -year track
record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and
maintenance solutions to the minerals and metals and industrial sectors (www.ausenco.com).
On Behalf of the Board of Directors
(signed) “Dan Barnholden”
Dan Barnholden, Chief Executive Officer
Contact Information:
Sophia Shane
Director of Investor Relations
+1 604 306 6867
Glen Sandwell
Corporate Communications Manager
For more information, please visit: www.lucamining.com
Cautionary Note Regarding Forward-Looking Statements
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,
conditions or performance that are based on assumptions about the proposed exploration programs and
its anticipated results; the timing and costs of future activities on the Company ’s properties; success of
exploration and development; anticipated time and results of forthcoming reports on the Campo Morado
mine; capital requirements of the CME; the CME and targets, expectations and results thereof; inclusion
of the Reforma and El Rey deposits in the updated mine plan as Mineral Reserves; and benefits from
Campo Morado expansion and structure thereof . 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 the Company will be able to raise additional capital as ne cessary; the current
exploration, development, environmental and other objectives concerning the Campo Morado mine can
be achieved; that consistent and sustainable mill feed at Campo Morado mine will be achieved; the CME
will yield anticipated results; the continuity of the price of gold and other metals and economic and
political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and
other factors which may cause the actual results, performance, or achievements of th e 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.