$7.3M Net Income - Q1 2024 Financial Results Yesterday, LUCA Mining (LUCA.v LUCMF) announced its financial results for the three months ended March 31, 2024, reporting a strong Q1 with C$7.3M of net income.
Highlights:
- Production of 14,148 tory oz of gold equivalent up 20% from Q4 2023
- Total Net Revenue of C$22.04M, a 21% increase from Q4 2023
- Milestone Achievement of Positive Operating Earnings: Generated C$4.8M in operating income and C$7.3M in net income
- Cash Flow: C$4.04M in positive operating cash flow before working capital changes
- Operating Costs: All-in sustaining costs per AuEq oz produced (AISC) was US $1,325 at Campo Morado and US$1,690 at Tahuehueto for consolidated AISC of US$1,549
- Operating costs expected to decrease as mines continue to ramp up production in 2H 2024
- Construction at Tahuehueto nearing completion
- Campo Morado Improvement Project moving forward
Ramon Perez, President stated,
"We are very proud to announce our Q1 2024 results. We have achieved a number of significant milestones that are key to our overall growth plans, including increasing revenues, and most importantly generating positive operating cash flow, before working capital changes, and positive net income. We started Q1 with pre-production at Tahuehueto averaging 250 tpd and ended Q1 with an average 450 tpd. We are now expecting to commission Tahuehueto at the end of Q2 at which point we expect to increase production to +800 tpd. At Campo Morado, the Mine Improvement Program we initiated in Q4 2023 has resulted in better recoveries which is reflected in the financial information presented. The Q1 2024 results at Campo Morado are based on an average throughput of approximately 1,390 tpd, and we are currently in the process of ramping up to our next target of 2,000 tpd as we move into June 2024.
With two long life mines, including a producing copper-zinc mine and brand new gold-silver mine, moving forward to commercial production at a time when metal prices are rising, LUCA expects to continue creating significant shareholder value, taking advantage of its unhedged gold, silver and copper production.
Tahuehueto Overview
Spanning 7,492 hectares and boasting 24k M&I ounces of gold, 9.5M M&I ounces of silver and 535k M&I ounces of AuEq, Tahuehueto covers at least 12 mineralized zones honested within a structurally controlled epithermal system that has been traced for more than 6km.
As LUCA's flagship asset, over $30M has been invested into the project between exploration, prefeasibility study and mine development.
With a goal of commencing commercial production in 2024, Tahuehueto's 100tpd processing plant is currently under construction
Anticipating Q1 2024's positive trajectory to persist throughout the second quarter and remainder of the 2024 year amid continued development at both its Tahuehueto Project and the Campo Moado Mine, LUCA has a strong path ahead.
Full News Release: https://lucamining.com/press-release/?qmodStoryID=4527755977412632
Posted on Behalf of Luca Mining Corp.