LUCA Reports Strong Q1 2024 Results with Net Income of $7.3M Today, Luca Mining Corp. (Ticker: LUCA.v or LUCMF for US investors) announced its financial results for the first quarter of 2024, showcasing significant growth and profitability. The Canadian mining company, which operates two 100%-owned producing mines in Mexico, reported a net income of C$7.3 million for the quarter which ended on March 31, 2024. Highlights from the quarter include:
Production Increase: Luca Mining produced a total of 14,148 troy ounces of gold equivalent, a 20% increase from the previous quarter. This includes 4,297 ounces of gold, 207,505 ounces of silver, 3,068 tonnes of zinc, 791 tonnes of copper, and 661 tonnes of lead.
Revenue Growth: The company generated total net revenue of C$22.04 million, marking a 21% increase from Q4 2023.
Operating Income: Luca achieved a milestone with C$4.8 million in operating income and C$7.3 million in net income.
Cash Flow: The company reported positive operating cash flow of C$4.04 million before working capital changes.
Ramon Perez, President of Luca Mining, expressed pride in the company's Q1 2024 achievements, highlighting the increase in revenues and the generation of positive cash flows and net income. Perez emphasized the company's strategic position with two long-life mines and rising metal prices, which are expected to drive significant shareholder value.
Lisa Dea, Chief Financial Officer, echoed this optimism, anticipating that the positive trends observed in Q1 2024 will continue throughout the year, underscoring Luca Mining's commitment to growth and value creation for shareholders.
Located in Guerrero State, Mexico, LUCA's Campo Morado mine is an underground operation producing copper-zinc-lead concentrates with precious metals credits. The mine is currently undergoing an optimization program, which has already improved recoveries, grades, efficiencies, and cash flows. The mine's all-in sustaining costs (AISC) per AuEq ounce were reported at US$1,325, with expectations for further decreases as production ramps up in the second half of 2024.
The company is focusing on increasing throughput and implementing a copper-lead separation process at the project to produce three separate concentrates: copper, zinc, and lead. This project is progressing well, with a target to reach 2,000 tpd throughput by June 2024.
Situated in Durango State, Mexico, within the prolific Sierra Madre Mineral Belt, LUCA's Tahuehueto mine is a new underground operation. The company is completing the installation of major equipment and commissioning the mill to a capacity of 1,000 tonnes per day (tpd). During Q1 2024, pre-production at Tahuehueto averaged 250 tpd, increasing to 450 tpd by the end of the quarter. Luca anticipates commissioning the mine at 800 tpd by the end of Q2 2024, with a consolidated AISC of US$1,690.
The installation of the third filter press, the final major component for Tahuehueto, is underway, with commissioning expected in Q2 2024.
Overall, Luca Mining Corp. continues to demonstrate robust financial and operational performance, underpinned by its strategic initiatives and operational improvements. With a clear focus on maximizing shareholder returns, the company is well-positioned for sustained growth and profitability in the evolving mining sector.
Full Press Release: https://lucamining.com/press-release/?qmodStoryID=4527755977412632
Posted on behalf of LUCA Mining Corp.