LUCA Reports Record Financials, Advances Key Projects Luca Mining Corp. (Ticker: LUCA.v or LUCMF for US investors) has showcased impressive growth & operational success in recent months, highlighted by a record-breaking financial performance in Q2 2024.
LUCA is advancing two key projects in Mexico. The Tahuehueto mine in Durango State, which is in the ramp-up phase, is expected to commission its mill by Q4 2024. With throughput expected to reach 1,000 tonnes per day, Luca anticipates producing over 30,000 gold equivalent ounces at this project in 2025.
Meanwhile, the Campo Morado mine in Guerrero State is undergoing an optimization program that has improved recoveries and operational efficiency. Luca is ramping up mining rates to 2,000 tonnes per day at Campo Morado, targeting production over 70,000 gold equivalent ounces in 2025 at the site.
Per its recent update, mid-tier gold equivalent producer reported a quarterly net revenue of US$18.2 million, a 49% increase over the same period in 2023.
LUCA achieved net earnings of $4.7 million, reflecting a significant 217% year-over-year growth. Additionally, the company posted positive cash flow from operations of $739,000 and adjusted EBITDA of $6.1 million, marking the second consecutive quarter of positive cash flow.
During Q2 2024, Luca produced a total of 14,000 gold equivalent ounces, which included 4,278 ounces of gold, 188,000 ounces of silver, 3,252 tonnes of zinc, and 706 tonnes of copper.
Operational costs, measured on an all-in sustaining cost (AISC) basis, were $1,714 per ounce at the Campo Morado mine and $1,677 per ounce at the Tahuehueto mine.
Today, LUCA announced the successful subscription of its LIFE Offering, raising significant demand for 19 million units. In response, the company initiated a concurrent non-brokered private placement to raise an additional C$1.45 million, bringing the combined proceeds to C$10 million.
The funds will support the Campo Morado Improvement Program, exploration at Campo Morado and Tahuehueto, and the commissioning of the Tahuehueto mill.
Full press releases: https://lucamining.com/press-release
Posted on behalf of Luca Mining Corp.