VIDEO SUMMARY: LUCA Reports Record Q2 2024 Financials In a recent video update, Luca Mining's (Ticker: LUCA.v or LUCMF for US investors) CEO, Dan Barnholden, discussed the company's strong financial performance in Q2 2024.
The mid-tier Gold Eq producer reported a record net quarterly revenue of US$18.2 million, a 49% increase compared to the same period in 2023.
LUCA achieved positive net earnings of $4.7 million, reflecting a 217% year-over-year growth.
Additionally, positive cash flow from operations was reported for the second consecutive quarter, amounting to $739,000. Adjusted EBITDA came in at $6.1 million, further highlighting operational success.
During Q2, Luca Mining produced a total of 14,000 gold equivalent ounces, including 4,278 ounces of gold, 188,000 ounces of silver, 3,252 tonnes of zinc, and 706 tonnes of copper.
Operational costs on an all-in sustaining cost (AISC) basis stood at $1,714 at the Campo Morado mine and $1,677 at the Tahuehueto mine.
Barnholden also provided updates on the company's two projects in Mexico:
-
Tahuehueto Mine: Located in Durango State, this gold and silver mine is in the ramp-up phase, with commissioning expected by Q4 2024. The mill capacity is expected to reach throughput of 1,000 tonnes per day. With this, the company expects to produce over 30,000 gold equivalent ounces in 2025.
-
Campo Morado Mine: The mine in Guerrero State is undergoing an optimization program that has led to improved recoveries and efficiencies. The company is ramping up mining rates to 2,000 tonnes per day, with an aim to produce over 70,000 gold equivalent ounces in 2025.
Luca Mining continues to focus on growth and maximizing shareholder returns, with both projects positioned to contribute significantly to future production and cash flow.
Full video here:
Posted on behalf of Luca Mining Corp.