LUCA Reports Financial Results, Posting US$11.4M EBITDA Today, Luca Mining (LUCA.v LUCMF) reported its financial results for the three and nine months ended September 30, 2024, posting US$11.4M in EBITDA!
Setting the stage for future growth and important catalysts ahead, optimization and ramp-up operations at Luca Mining's Campo Morado and Tahuehueto projects showed significant progress.
Highlights
- Q3 generated a positive mine operating profit of US$1.7M and US $8.0M over the first 9 months despite planned and unplanned mill shutdowns during optimization
- EBITDA for 9 months was US$11.4M, a 396% increase over the same period last year.
- Net quarterly revenue increase 60% for Q3 to US$18.1M
- Total net revenue for the 9 months was US$52.6M
- Mine operating cash flow before taxes waws US$2.4M in third quarter and US$9.8M over the first 9 months
- Production of 11,988 ounces of gold equivalent in Q3, contributing to a year-to-date total of 40,083 ounces. (3,604 oz gold, 158,778 oz silver, 5,876,385 lbs zinc, 1,817,924 lbs copper, and 1,141,934 lbs lead)
Campo Morado Highlights
- Near-term objective of achieving 2,000 tpd throughput is on track
- Successful copper recoveries nearing 80%
- Ongoing copper-lead separation initiative is well underway and will be complete in next few months which will increase the quantity of saleable metals
- Mobilization of new mine contractor, Comnivi is nearing completion which will allow Luca to increase production and provide cost effective access to newer mining equipment for the Company's ongoing operations without incurring significant capital expenditures.
Tahuehueto Highlights
- Ramp-up and commissioning is progressing well toward commercial production with throughput exceeding 800 tonnes per day
- Significant exploration drilling campaign targeting resource expansion is underway, marking the first such initiative in over a decade, expected to include up to 5,000m of diamond core drilling in 26 holes
Financially, Luca completed a $11.3 million financing, enabling the company support optimization efforts and reduce term debt with the expectation to be debt free by mid-202.
Emphasizing that optimization efforts will drive efficiency and production while positioning the company for growth in Q4 2024 and beyond, Dan Barnholden, LUCA's CEO stated:
"The third quarter was a transitional quarter where a key focus was to complete work on the mines and mills which impacted our results, but this work is setting the stage for exciting growth ahead in Q4 and for 2025. The idea of the optimization program is to realize the full value of our two operating mines. This initiative will maximize efficiency, production and financial results. We expect our fourth quarter and beyond to demonstrate the results of our optimization efforts. With optimized operations as a strong foundation, we can now begin to explore the enormous upside that both of our projects offer."
Full News Release: https://lucamining.com/press-release/?qmodStoryID=6598391845139055
Posted on Behalf of Luca Mining Corp.