Welcome to our dedicated page for Luca Mining news (Ticker: LUCMF), a resource for investors and traders seeking the latest updates and insights on Luca Mining stock.
Luca Mining Corp. (OTCQX: LUCMF) generates frequent news driven by production, exploration and corporate developments at its two underground mines in Mexico’s Sierra Madre mineralized belt. Company releases highlight gold, copper, zinc, silver and lead output, along with ongoing optimization and expansion efforts at the Campo Morado polymetallic VMS mine in Guerrero State and the Tahuehueto gold‑silver mine in Durango State.
News coverage commonly includes drill results from both surface and underground programs, such as high‑grade gold‑ and silver‑enriched VMS intercepts at the Reforma and El Rey deposits at Campo Morado, and step‑out drilling along the Creston, Perdido and Santiago veins at Tahuehueto. These updates often describe near‑mine discoveries in previously unmined areas and the potential to add mineable resources close to existing infrastructure.
Investors following LUCMF can also expect operational and financial updates, including quarterly production summaries, commentary on mine optimization programs, and information about multi‑year exploration budgets and drilling plans. Corporate news items, such as equity incentive grants and strategic land acquisitions like the Humaya 3 concession around Tahuehueto, are also disclosed through regular releases.
This news page aggregates these announcements so readers can review Luca Mining’s latest drill campaigns, mine performance commentary, exploration strategy and regulatory updates in one place. For anyone tracking gold and polymetallic mining activity in Mexico’s Sierra Madre belt, the LUCMF news feed provides a detailed view of how the company is advancing its two producing mines and broader exploration portfolio.
Luca Mining reports financial results for Q3 2024, showing mixed performance during a transitional quarter. The company posted US$11.4 million EBITDA for the first nine months of 2024, a 396% increase year-over-year. Q3 net revenue reached US$18.1 million, up 60% from last year, with total nine-month revenue of US$52.6 million. Production included 11,988 oz of gold equivalent in Q3. Despite planned and unplanned mill shutdowns, Q3 generated a positive mine operating profit of US$1.7 million. The company completed a financing of C$11.3 million and continues optimization at both Campo Morado and Tahuehueto operations.
Luca Mining Corp (TSXV: LUCA) has strengthened its exploration team with three senior professionals to execute its ambitious strategy at Tahuehueto and Campo Morado mines. Paul Gray joins as VP Exploration, Gillian Kearvell as senior geological consultant, and Fernando Teliz as drill campaign manager. The exploration strategy aims to identify high-grade, near-mine mineralization, extend mine life, expand resources, and demonstrate district-scale potential. The team brings combined experience of over 100 years in mineral exploration, with particular expertise in Mexican mining regions.
Luca Mining has resumed principal repayments on its term loans with Trafigura Mexico, marking a significant milestone in its financial strategy. The company has outstanding loans totaling US$18.1 million, including a US$5.8 million non-interest-bearing convertible loan due in January 2027 and US$12.3 million in term debt scheduled for repayment by mid-2026. Principal repayments commenced in October 2024, leveraging improved cash flow from mining operations. The company aims to be debt-free by 2027, following successful debt restructuring transactions completed in January and August 2024.
Luca Mining Corp. (TSXV: LUCA) has initiated an exploration drilling campaign at the Tahuehueto gold mine in Durango State, Mexico - the first major exploration in over 10 years. The campaign plans up to 5,000 metres of diamond core drilling across 26 holes over 4-6 months. Recent mining in Level 23 yielded high-grade mineralization averaging 3.30 g/t Au over vein widths up to 20 metres. The property contains 14 additional prospective veins beyond the four currently in the resource, with over 11 km of prospective vein structures compared to 4.5 km of currently modeled mineralized veins.
Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has successfully implemented the first two stages of the Campo Morado Improvement Project (CMIP) and commenced Stage 3. The project, partnered with Ausenco México, aims to increase metallurgical performance, mill throughput, and operating cash flow. Key achievements include:
- 53% improvement in copper recovery compared to the same period in 2023
- 68.5% copper recovery to bulk concentrate year-to-date
- Estimated 10% increase in revenue per milled tonne
Stage 3 will focus on producing three high-quality, saleable concentrates of copper, lead, and zinc through modest plant modifications. The company expects to test the copper-lead separation process by year-end, with full project completion by Q2 2025.
Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has outlined planned work programs for Q4 2024 and beyond, following its $11.3 million equity financing. The company focuses on optimizing its two producing mines in Mexico:
1. Campo Morado Zinc/Gold/Copper Mine: Luca aims to increase mining rates to over 2,000 ore tonnes per day by Q4 2024, improve metallurgical recoveries, and initiate a significant drill program.
2. Tahuehueto Gold Mine: Construction is completed, with commercial production expected in Q4. A major drill campaign is also planned.
Luca will begin repaying its debt to Trafigura in October 2024, with the final payment scheduled for July 2026. The company is focused on rapid deleveraging and expects these programs to lead to a near-term valuation re-rating and highlight significant upside potential.
Luca Mining Corp. (TSX-V: LUCA; OTCQX: LUCMF) has successfully closed two private placements, raising a total of C$11,306,775. The company completed a brokered LIFE Offering of 19,000,000 units at C$0.45 per unit, generating C$8,550,000, and a concurrent non-brokered private placement of 6,126,167 units at the same price, raising an additional C$2,756,775.
Each unit consists of one common share and half a warrant, with each full warrant exercisable at C$0.60 until March 26, 2026. The proceeds will fund the Campo Morado Improvement Program, exploration drilling at Campo Morado and Tahuehueto, commissioning of the Tahuehueto mill, and general corporate purposes. Two company officers participated in the non-brokered placement, acquiring 1,030,000 units.
Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) reported record financial results for Q2 2024. Net quarterly revenue reached US$18.2 million, up 49% year-over-year. Net earnings increased 217% to US$4.7 million, with EPS rising 130% to US$0.03. The company achieved positive cash flow from operations of US$739,000 and positive EBITDA of US$6.1 million.
Production totaled 13,947 troy oz of gold equivalent. All-in Sustaining Costs (AISC) were US$1,766 per AuEq oz. Tahuehueto construction was completed, with full production expected by Q4 2024. The Campo Morado Improvement Project continues to progress, focusing on increasing mill throughput and sustaining plant performance.
Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has clarified an Early Warning Report issued by Trafigura Beheer B.V. regarding a debt restructuring agreement. The agreement, announced in December 2023, involved converting a US$5.8 million loan into a non-interest-bearing three-year convertible debenture. The debenture, held by Trafigura's subsidiary Urion Holdings, was recently finalized after meeting certain conditions.
If fully converted, Urion would acquire approximately 22,540,457 Luca shares, representing about 11.65% of the company. Combined with existing holdings, Trafigura would indirectly own 12.48% of Luca's outstanding shares. The conversion price is based on a US$ to CAD$ rate of 1.30602 as of August 22, 2024. Luca currently benefits from the non-interest-bearing loan facility, as the debenture has not been converted.
Luca Mining Corp. (TSX-V: LUCA) (OTCQX: LUCMF) has granted 4,508,833 stock options and 800,000 Restricted Share Units (RSUs) to officers and directors. The options are exercisable at $0.55 with a five-year expiry and staged vesting. RSUs will vest on August 15, 2025. Additionally, Luca has amended its agreement with Empress Royalty Corp., revising the payment schedule for silver ounce deliveries, which recommenced on July 1, 2024. The company has also completed construction of its Tahuehueto gold and silver mine, with commercial production expected to be announced within the next quarter.