Luca Mining Corp V.LUCA

Alternate Symbol(s): LUCMF

Metals & Mining Industrial Metals & Minerals

Luca Mining Corp. is a diversified Canadian mining company with two 100%-owned producing mines in Mexico. It produces gold, silver, zinc, copper and lead from these mines that each have considerable development and resource upside. Its operations include Tahuehueto and Campo Morado. Tahuehueto project is in the northwest portion of the state of Durango, about 250 kilometers (km) northwest of Durango, the state capital, and 160 km northeast of the city of Culiacan, Sinaloa. The project is located about 25 km north of the Topia polymetallic-silver mine, 40 km northwest of the La Cienega gold, silver, base metal mine, 85 km southwest of the Guanacevi silver district, 280 km southeast of the Palmarejo silver and gold mine, and 150 km northwest of the San Dimas mining district, notable for the Tayoltita silver and gold mine. Campo Morado is a polymetallic underground operation located in the state of Guerrero, Mexico. It produces copper-zinc-lead concentrates with precious metals credits.

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Luca Mining Corp > I don't get it

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Comment by lscfaon Nov 27, 2024 11:33am

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Post# 36333656

RE:RE:I don't get it

Exactly. Luca sells less than it produces because it delivers silver to Empire

okgonow wrote:

GoldfingerU3O8 wrote: They reported production of 11988 oz of Gold equivalent in Q3. With an average sales price of 2500 $ per this is nearly 30 Mio revenue. But:
They reported 18.1 Mio revenue for Q3. Where is the difference going?
In Q1 and Q2 it also happened (the sales number did not reflect the production). Is there someone who can shed a light on this please?

could be the empress' royalty payment they have to make I think they started in October

Empress is also pleased to announce that it has reached an agreement with Luca to amend (the "Amendment") the metal purchase and sale agreement entered into between Empress, Luca and certain of their affiliates on April 14, 2021 and subsequently amended on May 1, 2023 (together, the "Agreement"). This Amendment introduces a revised payment schedule designed to bring Luca fully up-to-date with its payment obligations under the Agreement, which were deferred during the commissioning of the Tahuehueto mine. Regular silver ounce deliveries as provided for under the Agreement are deemed to have recommenced effective July 1, 2024.

Key terms of the Amendment include:

The delivery by Luca to Empress of refined silver valued at US$150,000 by August 16, 2024, plus an additional US$300,000 worth of refined silver (together, the "Catch-Up Payments") no later than August 31, 2024;

Within fourteen (14) business days from the earlier of August 31, 2024 or the date on which Luca completes its next equity financing, other than through the exercise of any existing convertible securities, subject to the approval of the TSX Venture Exchange, the issuance to Empress of the equivalent of US$150,000 in common shares of Luca (the "Shares") at an issue price per Share equal to, as applicable (a) the closing price of the Shares as traded on the TSXV on August 31, 2024, or (b) the price per Share for the equity financing;

Commencing October 31, 2024, and continuing monthly in 12 equal installments, the delivery by Luca to Empress of the number of ounces of refined silver as is equal to 65,471.43 ounces of refined silver minus the Catch-Up Payments;

The recommencement of regular silver deliveries provided for under the Agreement, beginning in July 2024, except that the delivery of ounces of refined silver attributable to production for the month of July 2024 will be delivered on the earlier of (i) the completion of Luca next equity financing or (ii) the date on which refined silver attributable to production for the month of September 2024 is delivered.