LUCA Posts US$11.4 Million EBITDA FOR First NINE Months of 2024
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
LUCA POSTS US$11.4 MILLION EBITDA
FOR FIRST NINE MONTHS OF 2024
Vancouver, British Columbia, November 27, 2024
Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) reports its financial
results for the three months and nine months ended September 30, 2024.
Optimization and ramp up of operations at both Campo Morado and Tahuehueto continued to progress well
during the third quarter. The Company is pleased to announce highlights of this transitional quarter which will
set the stage for important catalysts ahead.
Highlights
• Despite several planned and unplanned mill shutdowns this quarter at both operations for testing and
adjustments as part of the optimization and ramp up process, Q3 generated a positive mine operating
profit of US$1.7 million and US$8.0 million over the first nine months.
• EBITDA1 was negative for Q3 coming in at (US$1.1 million). EBITDA for the nine months ended September
30, 2024, was US$11.4 million, a 396% increase over the same period last year.
• Net quarterly revenue for Q3 2024 was US$18.1 million, up 60% from the same period last year. Total net
revenue for the nine months ended September 30, 2024, was US$52.6 million.
• Mine operating cash flow before taxes was US$2.4 million in the third quarter and US$9.8 million over the
first nine months.
• Production of 11,988 o z of gold equivalent during Q3 comprising 3,604 o z gold, 158,778 oz silver,
5,876,385 lbs zinc, 1,817,924 lbs copper, and 1,141,934 lbs lead. Over the nine months ended September
30, 2024, the Company produced 40,083 oz of gold equivalent.
• The Campo Morado Improvement Project (“CMIP”) continues to make excellent progress. The aim of the
CMIP is to ensure reliable, efficient and steady plant operation for years to come. Our near-term objective
of achieving 2,000 tpd throughput is on track. Copper recoveries remain strong and are now close to 80%.
The copper-lead separation initiative is well underway. In the next few months, the mill will be producing
separate zinc, copper and bulk (lead and precious metals) concentrates which will increase the quantity
of saleable metals.
• Campo Morado recently celebrated one year of zero lost time injuries at the mine.
• Mobilization of our new mine contractor, Cominvi, S.A. de C.V., to Campo Morado is nearing completion.
Working with Cominvi will allow Luca to increase production at Campo Morado and provide cost effective
access to newer mining equipment for the Company's ongoing operations without incurring significant
capital expenditures.
• Ramp up and commissioning at the Tahuehueto gold mine is progressing well with throughputs starting
to hit objective levels of +800 tpd. The mine continues to make progress toward commercial production.
1 EBITDA is a non- IFRS Financial Measure. Please refer to the September 30, 2024, MD&A for additional information about non -IFRS
measures.
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
• An exploration drilling campaign is underway at Tahuehueto. Tahuehueto comprises a large, epithermal
gold/silver vein system and this campaign is the first significant exploration drill program on the property
in over 10 years. The Company expects the current campaign to include up to 5,000 metres o f diamond
core drilling in 26 holes from underground over the next 4 -6 months. The drill plan takes advantage of
recently developed areas to potentially extend the resource along the modeled veins.
• The Company has started to pay down its term debt through cashflow and expects to be debt free by mid-
2026.
• The Company recently closed a fully subscribed brokered private placement pursuant to the "listed issuer
financing exemption" under Part 5A of NI 45 -106 – Prospectus Exemptions resulting in the issuance and
sale of 19,000,000 units of the Company (the "LIFE Units") at a price of C$0.45 per LIFE Unit for aggregate
gross proceeds of C$8,550,000 (the "LIFE Offering"). The Company also closed a concurrent non-brokered
private placement of 6,126,167 units of the Company (the "Non-LIFE Units") at a price of C$0.45 per Non-
LIFE Unit for aggregate gross proceeds of C$2,756,775. The combined gross proceeds raised pursuant to
the Financings was C$11,306,775.
• Luca welcomed three senior professionals to the team to oversee and direct the Company’s exploration
strategy. Paul Gray will join as VP Exploration and will lead and direct all exploration activities . Gillian
Kearvell will join as senior geological consultant and will work with Paul Gray focusing on building the
Company’s resource base as well as assist in developing a long -term organic growth strategy. Fernando
Teliz will manage the drill campaigns and their execution.
Dan Barnholden, CEO stated, “We’ve had a busy quarter, and I’m pleased with the progress. The Company
completed a financing totalling C$11.3 million which is allowing us to shorten the lead time on our value
creation initiatives. Optimization at both Campo Morado and Tahuehueto continues to progress . The third
quarter was a transitional quarter where a key focus was to complete work on the mines and mills which
impacted our results, but this work is setting the stage for exciting growth ahead in Q4 and for 2025. The idea
of the optimization program is to realize the full value of our two operating mines. This initiative will maximize
efficiency, production and financial results. We expect our fourth quarter and beyond to demonstrate the results
of our optimization efforts. With optimized operations as a strong foundation, we can now begin to explore the
enormous upside that both of our project s offer. We have a clear exploration strategy of first iden tifying
additional near-mine mineralization that can be quickly added to the mine plans, leveraging extensive historical
data and generate new information through drilling and other exploration tools to extend mine life and expand
resources, and finally, d emonstrate the district -scale potential at both Tahuehueto and Campo Morado by
targeting high-impact exploration zones further from the mine sites.” <Listen to Dan explain Q3 results>
To view the full Financial Statements and Management’s Discussion & Analysis <Click Here>
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
Production and Financial Overview
CONSOLIDATED OPERATIONS
The Company operates the Campo Morado mine and Tahuehueto project. Consolidated operating results are as follows:
1. Gold equivalents are calculated using an 84.15:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0017:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q3 2024, an 81.00:1 (Ag/Au), 0.0005:1
(Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q2 2024, an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024;
85.07:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q4, 2023; 81.84:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1
(Au/Pb) ratio for Q3 2023; 81.80:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q2 2023; 83.71:1 (Ag/Au), 0.0008:1 (Au/Zn), 0.002:1
(Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2023.
2. Production costs include mining, milling, and direct overhead cost at the operation sites. See reconciliation on page 29 of the September 30, 2024, MD&A.
3. Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs. See reconciliation on page 29 of the September 30, 2024, MD&A.
4. AISC per Au/Eq oz includes mining, processing, direct overhead, corporate general and administration expenses, on-site exploration, reclamation, and sustaining
capital. See Reconciliation to IFRS on page 29 of the September 30, 2024, MD&A.
5. See "Non-IFRS Financial Measures” on page 26 of the September 30, 2024, MD&A.
6. Based on provisional sales before final price adjustments, treatment, and refining charges.
7. All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 29 of the September 30, 2024, MD&A.
8. Average tonnes milled per day assumes the actual days in the month less 2 planned monthly down days.
Three months ended
30-Sep 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar
2024 2024 2024 2023 2023 2023 2023
Production
Tonnes mined 153,010 159,096 135,262 104,326 138,123 146,428 143,668
Tonnes milled 151,221 153,676 158,424 130,210 147,732 185,953 201,237
Average tonnes milled per day (8) 1,758 1,808 1,864 1,514 1,718 2,188 2,396
Head Grade
Average gold grade (g/t) 1.63 1.84 1.70 1.40 1.81 1.23 0.89
Average silver grade (g/t) 72.22 79.46 95.71 75.63 91.95 75.30 63.37
Average zinc grade (%) 2.18 2.49 2.38 2.49 2.61 3.23 2.91
Average copper grade (%) 0.69 0.58 0.66 0.64 0.69 0.56 0.52
Average lead grade (%) 0.66 0.78 0.77 0.68 0.82 0.71 0.76
Recovery
Average gold recovery (%) 45.5 46.9 49.5 53.8 40.1 36.8 44.1
Average silver recovery (%) 45.2 48.0 42.6 49.2 38.7 39.7 45.0
Average zinc recovery (%) 80.8 81.6 81.4 84.1 78.6 80.8 79.2
Average copper recovery (%) 78.6 78.8 75.3 80.2 63.2 63.6 61.9
Average lead recovery (%) 52.3 55.8 54.0 62.6 53.5 49.2 54.5
Gold produced (oz) 3,604 4,278 4,297 3,155 3,437 2,716 2,524
Silver produced (oz) 158,778 188,267 207,505 155,763 169,163 178,583 184,617
Zinc produced (lbs) 5,876,385 6,889,575 6,763,320 6,018,969 6,675,763 10,691,403 10,218,717
Copper produced (lbs) 1,817,924 1,557,367 1,744,679 1,478,472 1,410,806 1,467,268 1,415,824
Lead produced (lbs) 1,141,934 1,471,506 1,456,297 1,230,654 1,421,212 1,436,927 1,838,152
AuEq produced (oz) 11,988 13,947 14,148 11,808 12,813 14,704 16,394
Sales
Gold sold (oz) 3,124 3,629 3,579 2,857 2,476 2,200 2,418
Silver sold (oz) 127,650 131,736 150,092 112,373 117,250 121,072 144,831
Zinc sold (lbs) 4,837,234 4,364,913 4,555,046 4,490,111 4,705,480 8,304,928 7,077,109
Copper sold (lbs) 1,366,899 1,219,655 1,170,402 1,037,905 934,124 785,772 983,699
Lead sold (lbs) 340,036 537,648 389,375 393,657 317,774 466,053 591,409
AuEq sold(oz) 9,569 10,186 10,053 8,890 8,593 10,280 11,883
Realized gold price per ounce ($)(6) 2,442.13 2,315.12 2,055.98 2,018.05 1,917.21 1,968.09 1,918.59
Realized silver price per ounce ($)(6) 29.36 28.57 22.99 23.79 23.06 23.88 22.88
Realized zinc price per pound ($) (6) 1.26 1.28 1.09 1.12 1.10 1.08 1.24
Realized copper price per pound ($)(6) 3.73 4.38 3.80 3.78 2.79 3.69 3.93
Realized lead price per pound ($)(6) 0.93 0.98 0.92 0.94 0.73 0.96 0.94
Costs
Production cost per tonne ($)(2)(5) 95 93 78 78 73 59 60
Cash cost per AuEq ounce ($)(3)(5) 1,877 1,490 1,290 1,249 1,305 1,256 1,200
AISC per AuEq ounce ($)(4)(5) 2,337 1,766 1,499 1,484 1,724 1,743 1,342
All-in cost per AuEq ($) (7)(5) 2,364 1,763 1,533 1,572 1,908 1,737 1,401
Capital expenditures
Sustaining ($) 1,837 1,641 410 151 3,369 4,650 384
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
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 in Mexico. The Company produces gold, silver, zinc, copper 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, a prolific mining region in Mexico. It
produces copper -zinc-lead concentrates with precious metals credits. It is currently undergoing an optimisation
program which is already generating significant improvements in recoveries and grades, efficienc ies, and cashflows.
The Tahuehueto Gold, Silver Mine is a new underground operation in Durango State, Mexico, within the Sierra Madre
Mineral Belt which hosts numerous producing and historic mines along its trend. The Company has completed the
installation of major equipment and is commissioning its mill capacity to 1,000 tonnes per day, with key test work and
production ramp-up underway, to achieve full production.
The Company expects its operations to start generating positive cash flow s in 2024. Luca Mining is focused on growth
with the aim of maximizing shareholder returns.
For more information, please visit: www.lucamining.com
On Behalf of the Board of Directors
(signed) “Dan Barnholden”
Dan Barnholden, CEO
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Mr. Paul Gray , Vice-President
Technical at Luca Mining as the Qualified Person for the Company as defined in National Instrument 43 -101.
Cautionary Note Regarding Production Decisions and 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 fea sibility 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).
Positive operating cash flow is defined as excluding capital, debt repayment and Trafigura financing.
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 planned program
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
to improve mining operations at Campo Morado, impact of debt reduction on the Company’s operations and timing to
be debt free; 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 incre ases; success of exploration, development and bulk sample processing activities, and
timing for processing at its own mineral proce ssing 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 a nd 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 current exploration, development, environmental and other objectives concerning the Campo Morado Mine and
the Tahuehueto Project can be achieved; that the program to improve mining operations at Campo Morado will proceed
as planned; the continuity of the price of gold, copper and other metals, economic and political conditions, and
operations; the impact of debt reduction on the Company’s operations and operating performance, and increased
financial flexibil ity resulting from such debt re duction. 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 b y 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.
For further information about Luca Mining Corp., please contact:
Sophia Shane
Director of Corporate Development
or
Glen Sandwell
Corporate Communications Manager
Tel: +1 (604) 684-8071