Luca Mining Corp. (TSX-V: LUCA; OTCQX: LUCMF; FRA: Z68) has unveiled its financial results for the third quarter and the first nine months of 2024, showcasing a significant upward trajectory in its operational performance. The Vancouver-based mining company, which operates two 100%-owned mines in Mexico, reported an impressive EBITDA of $11.4 million for the nine-month period, marking a remarkable 396% increase compared to the previous year.
Despite facing several planned and unplanned mill shutdowns during the third quarter, Luca Mining achieved a positive mine operating profit of $1.7 million for Q3 and $8.0 million over the first nine months. The company’s net revenue for Q3 reached $18.1 million, reflecting a 60% increase year-over-year, while total net revenue for the nine months was $52.6 million.
In terms of production, Luca Mining produced a total of 11,988 ounces of gold equivalent in Q3, comprising 3,604 ounces of gold, 158,778 ounces of silver, and substantial quantities of zinc, copper, and lead. Over the nine-month period, the company produced 40,083 ounces of gold equivalent, demonstrating robust operational capabilities.
The Campo Morado Improvement Project (CMIP) is progressing well, aiming to enhance plant operations to ensure long-term efficiency and reliability. The company is on track to achieve a throughput of 2,000 tonnes per day, with copper recoveries nearing 80%. Additionally, the mill is set to produce separate concentrates for zinc, copper, and bulk lead with precious metals, which is expected to boost the quantity of saleable metals.
Luca Mining has also mobilized a new mining contractor, Cominvi S.A. de C.V., which is anticipated to enhance production at Campo Morado while providing access to modern mining equipment without significant capital expenditures. This strategic partnership aligns with Luca’s goal of optimizing operations across both its mines.
At the Tahuehueto gold mine, ramp-up and commissioning efforts are yielding positive results as throughputs are approaching target levels exceeding 800 tonnes per day. The mine is progressing toward commercial production, supported by an ongoing exploration drilling campaign aimed at extending resources within its extensive epithermal gold/silver vein system.
Luca Mining has demonstrated prudent financial management by initiating debt repayment through operational cash flow and aims to be debt-free by mid-2026. The company recently completed a fully subscribed brokered private placement that raised approximately C$11.3 million, bolstering its financial position to support growth initiatives.
CEO Dan Barnholden expressed optimism regarding the company’s trajectory: “The third quarter was transitional as we focused on optimizing our operations at Campo Morado and Tahuehueto. While this impacted our immediate results, it sets the stage for exciting growth in Q4 and beyond.” He emphasized that the optimization program is designed to maximize efficiency and production while enhancing financial outcomes.
As Luca Mining enhances its operational capabilities and refines its financial strategies, the company continues to implement significant upgrades at both of its mines while pursuing a strategic exploration plan to increase resource availability.
