Luca Sets up for a Strong 2H 2024 with Production Guidance of 60,000 – 70,000 AuEq Ounces for the Full Year
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
Luca Sets up for a Strong 2H 2024 with Production Guidance
of 60,000 – 70,000 AuEq Ounces for the Full Year
Vancouver, British Columbia, June 13, 2024
Luca Mining Corp. (“Luca” or the “ Company”) ( TSX-V: LUCA ; OTCQX: LUCMF ; Frankfurt: Z68 ) is pleased to
announce its 2024 guidance and outlook for its 100% owned Campo Morado and Tahueheuto mines in Mexico. All
financial amounts are expressed in USD dollars unless otherwise indicated.
2024 Full Year Consolidated Production and Financial Guidance
• Consolidated production and sales of between 60 ,000 to 70,000 ounces gold equivalent (“AuEq”) from its
Campo Morado and soon to be commissioned Tahuehueto mine.
• Consolidated Revenue of $90 million - $105 million (C$125 million to C$145 million).
• Consolidated Total Cash Costs (“TCC”) between $1,200 and $1,335 per ounce of gold equivalent produced.
• Consolidated All- in Sustaining Costs (“AISC”) between $1, 320 and $1, 500 per ounce of gold equivalent
produced.
• 2024 near-mine and regional exploration program planned.
• Key milestones for 2024 include 1) throughput expansion at both m ills; 2) declaration of commercial
production at Tahuehueto; 3 ) addition of a separate copper concentrate at Camp o Morado; and 4)
commencement of a major exploration programs at both properties
Ramon Perez, President, stated: “As we look ahead to the rest of the year, we expect continued growth in the
Company’s cash flow . Our milestones are progressing well and are nearly complete , allowing us to fully realize
their benefits in the second half of this year and beyond. Both Campo Morado and Tahuehueto have an extensive
and highly prospective land packages offering district scale potential.”
In Q1 the Company produced 14.1K oz of gold equivalent with our Tahuehueto and Campo Morado mines operating
on average at 35- 40% and 55-60% of their potential capacities, respectively. Luca is focused on increasing the
capacity of both mines and is approaching its full production targets.
At the Tahuehueto Gold Mine, the Company is 97% complete in the construction of the new mill, which has a capacity
of 1,000 tpd. Production is currently averaging 450 tpd . The main component needed to complete construction, a
third filter press, has arrived on -site and is being installed (See Image 1). Once installed, this will allow Luca , in a
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
very short timeframe, to increase production to +800 tpd (when considering asset efficiency). Given the current spot
gold price, this achievement is timely, and the Company will see the benefits of this ramp up in Q3 and Q4 2024.
Luca also recently announced the high-grade gold zones with significant mining widths at the Tahuehueto Gold Mine.
The Company expect s to start drilling in these zones from underground soon. The investment in exploration has
excellent potential as it is located on the main Creston vein at u nderground Level 23. If successful, t his presents
opportunity for expanding resources and leveraging the processing capacity of the mill.
At Campo Morado, the Company is r amping back up to 2,000 tpd, having achieved an average throughput of
approximately 1,390 tpd in Q1 2024. Following the successful mobilization of new long hole drill and scoop trams
by external contractors (Images 2 and 3), the Company reached 1,800 tpd over the past two consecutive weeks. Luca
expect to achieve its targets in the early part of Q3.
Another key milestone objective is to increase cash flow at Campo Morado by producing three high -quality
concentrates of copper, zinc, and lead, instead of two (zinc and a bulk concentrate). The Company recently
announced successful metallurgical test work on the copper-lead separation process and is currently implementing
the flowsheet, at minimal cost . Luca expects this to be completed in Q3 , resulting in a significant improvement in
cashflows.
Amid all the developments at Luca, the Company continues to integrate responsible and sustainable mining practices
throughout its operations, demonstrating the Company’s commitment to transparency, accountability, and
adherence to the highest standards of environmental and social responsibility.
Given Luca’s track record over the past 6 to 12 months of delivery, production growth, high-grade gold discoveries
and positive cash flow, the Company continues to present a compelling equity investment opportunity.
2024 GUIDANCE
Consolidated Campo Morado Tahuehueto
Gold Production (ounces of
gold equivalent) 60,000 – 70,000 43,000 – 50,000 17,000 – 20,000
TCC ($/AuEq ounce
produced) $1,200 and $1,335 $1,175 to $1,294 $1,295 to $1,420
AISC ($/AuEq ounce
produced) $1,320 and $1,500 $1,235 to $1,420 $1,510 to $1,700
Revenue* $90 million - $105 million (C$125
million to C$145 million)
$55 million to $65
million
$35 million to $40
million
*Based on metals prices of $2,190 Au per oz, 25.90 Ag per oz, 0.95 Pb per lb, $1.20 Zn per lb and $4.10 Cu per lb.
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
Image 1 – New Tailings Filter Press being installed at
Tahuehueto
Image 2 – New Scoop Tram at Campo
Image 3 – Long Hole Drill at Campo Morado
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, 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, 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, efficiencies, 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 is completing the
installation of major equipment and commissioning its mill capacity to 1,000 tonnes per day, with key test work and
production ramp-up underway, to increase production by 2H 2024.
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) “Ramon Perez”
Ramon Perez, President and Interim CEO
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 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 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).
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 Looki ng Information includes, but is not limited to, disclosure regarding the
planned program to improve mining operations at Campo Morado; 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
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
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 current exploration, development,
environmental and other objectives concern ing 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 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.
For further information about Luca Mining Corp., please contact:
Sophia Shane
Director of Corporate Development
Mb. +1 604 306 6867
or
Glen Sandwell
Corporate Communications Manager
Tel: +1 (604) 684-8071