Red Cloud TP $2.45 March 24, 2023
Luca Mining Corp. (TSXV:LUCA, BUY, C$2.45 target, Taylor Combaluzier), formerly Altaley Mining Corp. (TSXV:ATLY), has commenced trading under its new name and symbol on the TSXV and OTCQX exchanges, effective March 21, 2023. Additionally, it was announced the company’s President, Mr. Ralph Shearing, is scheduled to retire on March 27, 2023, but will continue on as a Director at Luca. He will be succeeded by Mr. Ramon Perez, who has over 15 years of experience in the resource sector. Mr. Perez is currently a portfolio manager at Calu Opportunity Fund, and has previously held senior roles at Candelaria Mining Corp. (TSXV:CAND, Not Rated), Silver Mountain Resources Inc. (TYXV:AGMR, Not Rated), and Carrelton Asset Management, in addition to being a consultant to Core Gold Inc., Luca is on track to ramp up its 100%-owned Tahuehueto Au project to a 500tpd operation by Q2/23 and 1,000tpd by Q4/23. It also continues to mine higher-grade copper orebodies at its 100%-owned Campo Morado polymetallic project (read more). In our view, Mr. Perez should be a good fit in the role as President given his background in corporate finance and experience in senior leadership positions. We continue to believe Luca is making steady progress on both the corporate level and operational level to becoming a profitable mining company following the comprehensive review it performed in H2/22. Read more